Whew! This will considered excellent news today because not only is it a profit, but it's a very significant profit. Wells Fargo still has plenty of loans out there that are causing some concern but on the surface this is the kind of news that many are desperate to hear.
Wells Fargo surprised investors by saying it expects to report record earnings of $3 billion for the first quarter, easily surpassing analysts' estimates.
The San Francisco-based bank, which has received billions of dollars in government funds, said it expects to earn 55 cents a share for the quarter ended March 31. Analysts polled by Thomson Reuters, on average, forecast earnings of 23 cents per share.
