These days, the Wells Fargo stagecoach is pulling into town with slumping revenue but rising profits.
San Francisco-based Wells got a big boost from its $12.67 billion purchase of its struggling rival Wachovia Bank in January 2009. Still, the banking behemoth must scout for new customers or find ways to hawk additional products to them, even with $81.84 billion in revenue and $15.18 billion in profit for the 12 months that ended in September.
Much of the bank’s success in its efforts depends on the Bay Area economy, which has evolved into a tale of three metro areas. The South Bay is surging and is a California pacesetter for jobs. The East Bay has produced feeble employment gains.
