Wells Fargo Auto and Card Growth Fuel Consumer Segment Revenue
Dow Jones
4 hours ago
Wells Fargo's Consumer Banking and Lending revenue rose 5% year over year to $10.7 billion in 3Q, led by auto and credit card lending. Auto revenue jumped 33% on higher loan balances and wider spreads, with average auto loans up 31% to $58.8 billion. The bank added roughly 660,000 new credit card accounts in the quarter, and average credit card loans grew 5% to $53.9 billion. Home Lending revenue fell 15% on lower mortgage servicing income and declining loan balances, partially offsetting gains elsewhere in the consumer segment.
This article was automatically created using artificial-intelligence technology and reviewed by Dow Jones Newswires editors.
At the request of the copyright holder, you need to log in to view this content
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.