Wells Fargo mpany : Returns to Profitability as Pandemic Hit Subsides

By Ben Eisen

Wells Fargo & Co. said Wednesday that its third-quarter profit fell 56%.

The San Francisco-based lender said it made $2.04 billion in the third quarter, down from a profit of $4.61 billion a year earlier. Per-share earnings were 42 cents. Analysts polled by FactSet had expected 44 cents.

Still, the results were an improvement from the second quarter, when the bank lost $2.38 billion as it set aside money for potential bad loans.

Write to Ben Eisen at [email protected]

(END) Dow Jones Newswires

10-14-20 0822ET

Stockmarkets and cryptocurrency quotes, Stockmarkets Insights