Wells Fargo said Wednesday that it had net income of $3.4 billion, or $0.61 per share, in the fourth quarter of 2010 vs. $2.8 billion, or $0.08 per share, a year ago.
(Earnings per share for the fourth quarter of 2009 were reduced by $0.47 for the combined dividends and deemed dividend upon redemption and full repayment of TARP preferred stock, according to the company.)
Wells' quarterly earnings performance met analysts' expectations, as did its revenue: Sales were $21.5 billion, down from $22.7 billion in the same period of 2009 but up from $20.9 billion in the third quarter of 2010.
"In 2010, Wells Fargo saw solid growth in a variety of businesses, with record net income for the full year as well as the fourth quarter," said Chairman and CEO John Stumpf, in a press release.
Its shares were trading down, along with the broader markets, about 2% to $31.75 mid-day Wednesday.
Financial Advisors, Retail
In terms of its advisor headcount, released separately from its earnings report, Wells Fargo says it has 15,188 financial advisors – an increase of 100 from the previous quarter and an addition of 227 from the same year-ago quarter. This keeps it in the No. 3 slot, behind Morgan Stanley with about 18,100 FAs and Merrill Lynch with roughly 15,300.
Its FAs have$1.2 trillion in assets under management, up from $1.1 trillion in the third quarter of 2010.
The unit also has 4,386 licensed bankers, down nearly 200 from the third quarter.
