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People and MarketsBank Results

Wells Fargo wholesale banking income stutters

Wells Fargo finished 2014 slightly up on 2013 with a pre-tax pre-provision profit of $35.3bn, up 1% for the full year. But its wholesale banking unit, which includes its capital markets arm, reported net income of $1.97bn, down $141m, or 7% compared to the fourth quarter of 2013.

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