Wells Fargo reports big profit in Q4, BofA had big loss
Wells Fargo reported a better-than-expected profit for the fourth quarter today, bucking a trend of losses among the nation's largest banks. WFAE's Julie Rose reports: Wells Fargo says it earned nearly $3 billion in the last three months of 2009, while Bank of America says it lost more than $5 billion. Bank of America CEO Brian Moynihan says customers continue to default on credit card and home loans. "Our clients continue to be very cautious and we're not yet seeing the typical level of business activity for recovery," said Moynihan in a call with investors this morning. Moynihan says another reason for Bank of America's 60-cent-per share loss in the fourth quarter was the one-time charge the bank swallowed in repaying its federal TARP loan. Wells Fargo, on the other hand, surprised analysts by earning 8 cents per share for the same quarter. The bank says risky loans it acquired in a merger with Wachovia are performing better than expected.