Wells Fargo Slides as Low Rates Squeeze Third Qtr Margin
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Wells Fargo & Co., the most valuable U.S. bank and largest mortgage lender, slid in New York trading after a record third-quarter profit was marred by narrower profit margins.
The bank fell 2.6 percent to $34.25 at 4 p.m. While record-low rates spurred homeowners to refinance, boosting the mortgage unit, that also curtailed interest income from the bank’s loans and other investments.