Wells Fargo reports record quarterly profit of 3 billion dollars

Wells Fargo reports record quarterly profit of 3 billion dollars San Francisco  - Wells Fargo, one of the United States' leading banks, on Thursday reported a record first quarter profit of 3 billion dollars, surpassing analysts' expectations.

In the final quarter of 2008, the bank reported a loss of 2.3 billion dollars, and was among the US banks to receive aid from the government in the fallout from the world financial crisis.

By the start of the US administration of President Barack Obama, 235 billion dollars had been spent on stabilizing the US finance system and loosening credit, including 25 billion given to Wells Fargo. The government received bank shares as collateral.(dpa)

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