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Wells Fargo Q2 Income Rises 18%, Meets Estimates

The bank settled mortgage discrimination claims with regulators


Wells Fargo (NYSE:WFC) said this morning that its net income jumped 18% to $4.4 billion during the second quarter, compared to $3.7 billion last year. EPS came in at 82 cents, which matched Wall Street’s forecast for the bank, the Associated Press noted.

Revenue for the quarter was $21.3 billion, which also met predictions. Shares of Wells Fargo rose more than 2% in Friday morning trading.

Despite its good numbers, Well Fargo continues to reduce internal costs. The bank has trimmed its workforce by 10% since 2010.

Wells Fargo has emerged as one of the country’s largest banks and has expanded its share of the mortgage market, even as other banks fled mortgages in the wake of the real estate bubble’s collapse. Its share of the mortgage market is now 34%, three times higher than nearest rival JPMorgan Chase (NYSE:JPM).

Yesterday, the bank announced that it had agreed to a $175 million settlement with the Department of Justice over allegations that it discriminated against Hispanic and African-American mortgage holders.

Article printed from InvestorPlace Media,

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