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Wells Fargo Profits Despite Losses
Wells Fargo is among the nation’s top 10 money-making banks for the most recent quarter. The success comes amid ongoing investigations and branch closings.
Together, the top 10 banks made $30 billion last quarter, just short of the record set in the second quarter of 2007, according to data compiled by Bloomberg. And share prices of Wells Fargo hit record highs this year.
Wells Fargo also leads the nation in reach, with approximately 6,000 branch locations. But that is changing as the bank is closing branches in Arizona and other states after federal investigations into the fraudulent opening of customer accounts caused executive firings and regulatory fines near $200 million.
Wells Fargo has closed seven branches in Arizona so far. Approximately 200 branches are set to close nationwide, including more in Arizona.