Wachovia Deal Yielded $21 Billion Profit: Wells Fargo CFO

Wells Fargo bank
Paul Sakuma
Wells Fargo bank

The country’s largest home lender, Wells Fargo & Co., has realized $21 billion of profit since it merged with Wachovia two years ago, its CFO Howard Atkins, told CNBC Wednesday.

“We get improved cross-sell now in the region where Wachovia’s branches are,” added Atkins.

“We getting good business between the investment capabilities of Wachovia and our commercial base in the west. Pretty much wherever we look these companies have come together smoothly.”

Wells Fargo , which has stores in 39 states and Washington, D.C. and is a total mortgage producer, has decided against halting home foreclosures, as some banks have done, while they sort out paperwork to attempt to make sure that foreclosures they initiated were valid.

Instead, CEO John Stumpf said that the bank is reviewing foreclosures in 23 states to give borrowers “further assurance” of the soundness of Wells Fargo policies and working practices.