Wells Fargo profit rises 11 percent as costs fall

Tue Jan 14, 2014 8:10am EST

Jan 14 (Reuters) - Wells Fargo & Co, the biggest U.S. mortgage lender, reported an 11 percent rise in fourth-quarter profit, helped by the elimination of thousands of jobs in its home-loan business in the second half of the year.

Net income applicable to common shareholders rose to $5.37 billion, or $1.00 per share, from $4.86 billion, or 91 cents per share, a year earlier, the fourth-biggest U.S. bank said on Tuesday. (Reporting by Anil D'Silva in Bangalore and Peter Rudegeair in New York; Editing by Ted Kerr and Saumyadeb Chakrabarty)

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