Friday, October 12, 2012


“We’ve now achieved six consecutive quarters of record net income and [earnings per share],” John Stumpf, Wells chairman and chief executive, said. “Core loans grew by $11.9bn and we saw continued strength in our mortgage and deposit businesses."
While a surge in mortgage refinancings, spurred by a government programme and the Federal Reserve’s low interest rates, helped boost revenues in the quarter, Wells is still contending with the downside of lower rates, which eat into its ability to generate profits. The bank’s net income margin – a measure of its ability to make money on loans – fell 18 basis points in the period to 3.66 per cent.

Our government continues to help the big banks versus the American public.  And low rates, people like us that have been creamed and now have bad credit CAN'T take advantage of the low rates.

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