Wells Fargo profit jumps

Bank sets record in fourth quarter

Posted: January 12, 2013 at 2:14 a.m.

Wells Fargo & Co. said it funded $125 billion in mortgages in the fourth quarter, down from the third quarter’s $139 billion.

Wells Fargo, the country’s biggest mortgage lender, reported record earnings for the fourth quarter on Friday, beating analysts’ expectations for both profit and revenue. The bank made more loans, gained deposits and enjoyed above-average returns from the investments made by its privateequity business.

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Business, Pages 27 on 01/12/2013