Profit From Wealth, Investment Management Rose At Wells Fargo In Q3

Eliane Chavagnon

15 October 2015

Net income at the wealth and investment management arm of rose by 10 per cent from the third quarter of 2014 to reach $606 million at end-September of this year.

WIM – previously reported as wealth, brokerage and retirement – net income is also up by $20 million, or 3 per cent, on the prior quarter.

Revenue of $3.9 billion at this business unit increased by $73 million, or 2 per cent, from a year ago, but is down by 2 per cent on the previous quarter.

Wealth management client assets of $218 billion were down 1 per cent year-on-year.

WIM serves clients through Wells Fargo Advisors, The Private Bank, Abbot Downing (UHNW), Wells Fargo Institutional Retirement and Trust, and Wells Fargo Asset Management.

Wells Fargo & Company reported net income of $5.8 billion ($1.05 per diluted common share) for Q3 2015, up slightly from $5.7 billion ($1.02 per share) for Q3 2014, and $5.7 billion ($1.03 per share) for Q2 2015.

Revenue of $21.9 billion was up 3 per cent.