Wells Fargo Posts a Record Profit for 2013 of $21.9 Billion

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Shares of Wells Fargo are slipping, despite reporting better-than-expected fourth-quarter earnings that helped the company end last year as the most profitable bank in the U.S. Wells Fargo reported earnings of $5.6 billion, or $1 a share, on revenue of $20.7 billion, beating analyst estimates compiled by Bloomberg on both earnings and revenue. The results were boosted by expense reductions, loan growth and rising fee income. The bank was also able to post a record profit for 2013 of $21.9 billion, a 16% rise from the year before, that beat the profits of even JPMorgan, which is America's largest bank by assets.

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