Wells Fargo Soars: Q3 Earnings Beat Estimates and Asset Cap Lift Fuels Rally
Wells Fargo posted Q3 net income of $5.59 billion, or $1.66 per share, beating estimates. The Federal Reserve lifted the bank’s $1.95 trillion asset cap in June, allowing new growth initiatives. Shares climbed 2% on the results, near 52-week highs. Non-interest fee revenue rose 25% to $840 million, driven by investment banking.