eClosing

Wells Fargo: Earnings Drop as More Borrowers Miss Payments (Update 1) 

(Update 1: corrects for Wells Fargo still being in wholesale, but ‘pulling back’ significantly from the channel.) Wells Fargo reported its fourth quarter earnings today, and said that earnings fell 38 percent as the bank saw credit quality deterioriate. Net income fell to to $1.36 billion during the fourth quarter, or 41 cents a share, from $2.18 billion, or 64 cents, in the year-ago period.