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Wells Fargo's Buffett Business Drives Wall Street Ascendance

Overall, Wells Fargo's wealth, brokerage and retirement businesses reported second-quarter earnings of $434 million, up 29% from the first quarter. Total revenue rose 2% to $3.3 billion, the company said.

The rising investment banking and wealth management revenue helped Wells Fargo to significantly beat expectations and grow its earnings for a fourteenth straight quarter.

The San Francisco-based lender reported better-than-expected earnings of $5.5 billion, on revenue of $21.4 billion, beating estimates of $5 billion and $21.2 billion respectively.

First-quarter earnings of 98 cents a share surpassed the consensus estimate of 93 cents, according to analyst forecasts compiled by Bloomberg.

Consensus was that the lender could see a slight sequential drop-off in earnings for the first time since the worst of the financial crisis, as a 2012 mortgage refinancing boom petered out and interest rates surged at the end of the quarter.

"Wells Fargo achieved outstanding results for the second quarter, with our diluted EPS growing for the 14th consecutive quarter and our returns on assets and equity increasing from second quarter 2012 and first quarter 2013," CEO John Stumpf said in a press release.

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-- Written by Antoine Gara in New York

-- Written by Antoine Gara in New York
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