Lucas – Some Financial News – 11 October 2013

Wells Fargo Quarterly Earnings Jump 13%

Wells Fargo, the nation’s largest home lender, reported a 13 percent jump in third-quarter profit on Friday even as a slowdown in the mortgage market muted the bank’s growth.

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JPMorgan Swings to Loss

JPMorgan Chase reported a third-quarter net loss on Friday of $380 million, or 17 cents a share, as regulatory and legal woes dragged down the bank’s results. Excluding the one-time costs, JPMorgan’s earnings were $1.42 a share, or $5.8 billion, beating analysts’ expectations of $4.65 billion, or $1.21 a share. The bank’s earnings were weighed down by a legal expense of $9.2 billion.

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