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Wells Fargo posts fair Q1 profits as net income falls

The U.S. bank Wells Fargo today reported [PDF] fair quarterly earnings for Q1 2010.

The financial intermediary reported net income for the period of $2.5-billion ($0.45 per share), down significantly from $3.05-billion ($0.56 per share) in Q1 2009.

Total revenue in the quarter was $21.5-billion.

The decline in revenue comes as other U.S. financial intermediaries reported strong quarterly profits, including Morgan Stanley, Citigroup, Goldman Sachs, among other financial intermediaries in the country.

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