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>> WELLS FARGO Latest News

SEP 13, 2013 - Yahoo! News

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Banks to get third-quarter profit boost from dipping into reserves

By Peter Rudegeair and Carrick Mollenkamp (Reuters) - Top U.S. banks will get billions of dollars of extra profit this quarter from the money they set aside in tougher times to cover bad loans. Banks including JPMorgan Chase & Co, Wells Fargo & Co and Bank of America Corp said this week that more borrowers are paying their loans on time, which allows the lenders to keep less money on hand to cover loan losses. Dipping into the money they had previously set aside - known as "releasing reserves" - is entirely legal, and banks have been doing it for some time. ...

Tags: Banks to get third-quarter profit boost from dipping into reserves,  Wells Fargo Latest News