Wells Fargo reported a
65% year-on-year net income increase in the fourth quarter of 2011
in its wealth, brokerage and retirement (WB&R)
division.
WB&R net income,
which includes its private banking division, stood at $325m in the
fourth quarter, up from $197m in the past quarter of
2010.
Go deeper with GlobalData
This represented a 12%
increase from the third quarter of last year when the division
pulled in $291m in net income.
Modest revenue
growth
Total revenue for Wells
Fargo’s WB&R unit was $3.1bn for the last quarter of 2011. This
was a 6% increase from the $2.9bn it posted on 30 September but
only a 0.8% increase from the fourth quarter of 2010.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataHowever, revenue was
down 5% when deferred compensation and a $153m gain on the sale of
Wells Fargo’s H.D. Vest business were excluded.
Wells Fargo said this
was due to lower asset-based fees, reduced brokerage transaction
revenue and lower securities gains in the brokerage
business.
Relaunched
UHNWIs service
In November 2011, PBI
reported that Wells Fargo was reshaping its ultra high net worth
offering with a new service, Abbot Downing, aimed at families with
$50m or more in assets, to be launched in April 2012.
Wells Fargo’s wealth
management division has $198bn in assets under management, down 2%
from 2010.
