First-quarter profit for Wells Fargo & Co., the biggest U.S. mortgage lender, surged 14 percent in the latest quarter as the bank continued to trim its losses on soured loans. Net income after dividends on preferred stock rose to $5.6 billion in the January-March period from $4.9 billion a year earlier, the bank reported Friday. On a per-share basis, earnings were $1.05, well above the 97 cents forecast by Wall Street analysts.
JPMorgan earnings down 20 percent
JPMorgan Chase, the nation’s biggest bank by assets, said Friday its first-quarter earnings fell 20 percent, driven by a decline in investment banking and mortgage lending. The bank reported net income of $4.9 billion, after stripping out payments to preferred stockholders, down from $6.1 billion in the same period a year earlier. On a per-share basis, the earnings amounted to $1.28, below estimates of analysts.
Subway says chemical will be out of bread by next week
Subway says an ingredient dubbed the “yoga mat” chemical will be out of its bread by next week. Subway has suffered from an onslaught of bad publicity since a food blogger petitioned the chain to remove the ingredient, azodicarbonamide, which is approved by the Food and Drug Administration for use as a bleaching agent and dough conditioner. It can be found in a variety of products, including those served at McDonald’s and Starbucks and breads sold in supermarkets. But the petition gained attention after it noted the chemical was also used to make yoga mats.