The largest bank in terms of market capitalization continues to demonstrate that there is immense value to be extracted from plain-vanilla "traditional" banking services of loans and deposits.
The undisputed leader of the country's mortgage market tightened its grip on the housing industry, which has shown signs of opening up this quarter. The quarter also saw Wells Fargo finalize the acquisition of BNP Paribas's North American energy lending unit and a subscription finance loan portfolio from WestLB.
We have revised our
At the same time, the fee income generated by the bank by servicing mortgages for others is also on the rise along with the actual size of the servicing portfolio. This is evident from the fact that the total mortgage banking fee income for Wells Fargo has almost doubled from $1.6 billion in the second quarter of 2011 to $2.9 billion in the seconc quarter of 2012.
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