Finance
Wells Fargo’s Investment Bankers Help Counter Rate-Hit Drop
- Investment-banking fees climb 37% to $672 million in quarter
- Net interest income slips 11%, misses analysts’ estimates
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Wells Fargo & Co. posted third-quarter profit that topped analyst expectations as a surge in investment-banking fees helped counter a dip in lending revenue as interest rates fall.
Investment-banking fees rose 37% to $672 million in the third quarter, the San Francisco-based bank said in a statement Friday. That helped buoy non-interest income, which climbed 12% to $8.7 billion in the period.