Breaking: Wells Fargo projects record $3 billion 1Q profit

[RB TexLa]

NEW YORK – Wells Fargo says it expects to report record earnings for the first quarter, easily surpassing analysts' estimates.

The news is helping send stock futures higher.

The San Francisco-based bank, which has received billions of dollars in government funds, says it expects to earn $3 billion, or 55 cents per share, for the quarter ended March 31. Analysts polled by Thomson Reuters, on average, forecast earnings of 23 cents per share.

Wells Fargo had earned $2 billion during the first quarter last year.

Charge-offs are expected to total $3.3 billion for the first quarter, compared with a combined $6.1 billion between Wells Fargo and Wachovia during the fourth quarter. Wells Fargo completed its acquisition of Wachovia Jan 1.


http://news.yahoo.com/s/ap/20090409/ap_on_bi_ge/wells_fargo_outlook_1

[MrBC]

1. Fargo Didn't Want TARP Money

And they even tried to return the TARP money but they were denied by the Treasury. http://wallstnation.com/TARP_10152008.html

Look at the bright side...You can TAX profit, but not bailout money.

[Nickster]

2. So have the mark to market accounting changes taken effect already?

[Statistical]

3. Stock up 30% pre-market.

I bought a lot of WFC. Never thought it would go up like that.

Compared to the rest of the big banks WFC is well run (I know that isn't saying much :evilgrin: )

I expect if economy improves (or stops deteriating in Q3-Q4 WFC will pay back its TARP funds in full.
They never wanted the funds but Treasury wanted ALL major banks to take them otherwise it would be obvious which banks are in trouble.
Only major con for WFC is I think they overpaid for Wachovia but time will tell.

[RB TexLa]

4. I think they overpaid for Wachovia as well, but it wasn't an amount of capital out the door that

will have any long term effect on them.