Wells Fargo Expects $3 Billion Profit in First Quarter

Wells Fargo said Thursday that it is likely to report a bigger-than-expected profit of about $3 billion for the first quarter, offering an early look at its financial results ahead of the highly anticipated earnings season for the nation’s banks.

The company also said its merger with Wachovia, the troubled lender it bought late last year, has “exceeded expectations” and that its accounting markdowns are still in line with those from Dec. 31, when the deal closed.

Wall Street cheered the results, sending shares of Wells Fargo up 33 percent in premarket trading Thursday.

Read Full Article from New York Times

- Posted: 2009-04-09 08:35:08

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