Wells Fargo projects record $3 billion 1Q profit - KWWL - Eastern Iowa Breaking News, Weather, Closings

Wells Fargo projects record $3 billion 1Q profit

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DES MOINES (AP)--Wells Fargo says it expects to report record earnings for the first quarter, easily surpassing analysts' estimates.

The news is helping send stock futures higher.

The San Francisco-based bank, which has received billions of dollars in government funds, says it expects to earn $3 billion, or 55 cents per share, for the quarter ended March 31. Analysts polled by Thomson Reuters, on average, forecast earnings of 23 cents per share.

Wells Fargo had earned $2 billion during the first quarter last year.

Charge-offs are expected to total $3.3 billion for the first quarter, compared with a combined $6.1 billion between Wells Fargo and Wachovia during the fourth quarter. Wells Fargo completed its acquisition of Wachovia Jan 1.

Wells Fargo employs about 12,900 people in Iowa, most of them in the Des Moines area.

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