Wells Fargo posts $2 billion profit in the third quarter as layoffs begin

Wells Fargo returned to profitability in the third quarter, posting net income of $2 billion for the third quarter as management begins to restructure the bank and cut billions in expenses.It’s a rapid reversal from the second quarter, when the bank lost $2.4 billion, which was its first recorded quarterly loss since the financial crisis. The return to profit, though, was not as sharp as Wall Street analysts anticipated, and shares fell 4.5% in early trading.Overall revenue at the San Francisco-based bank fell to $18.9 billion from $22 billion in the second quarter, according to its Wednesday …

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