Wells Fargo, a global financial services firm, has reported its second quarter results. The banks diluted earnings per common share was $0.57 for second quarter 2009 compared with $0.56 for first quarter 2009 and $0.53 for second
quarter 2008.
Wells Fargo net income was a $3.17 billion for second quarter 2009 and $6.22 billion for the first six months of 2009, up 66% from last year.
John Stumpf, president and CEO of Wells Fargo, said: “Our revenue rose 28 percent (annualized) from first quarter as we set new cross-sell records and gained even more market share. At legacy Wells Fargo, 41 percent of our retail households have a cross-sell ratio over six, and one out of every four retail households now have at least eight products with us. Our Wachovia team members also contributed to our results this quarter and the first half of the year, generating 39 percent of consolidated second quarter revenue.”
“Our top priority is to integrate Wachovia into Wells Fargo as smoothly and efficiently as possible to benefit our 70 million customers. The Wells Fargo-Wachovia integration is on track. In November, Colorado will become our first community banking state to convert Wachovia’s financial centers to Wells Fargo systems, brand and sales processes – a conversion process that will continue deliberately and thoughtfully, region by region and state by state, throughout next year and into 2011,” he added.
