Wells Fargo posts strong second quarter profit despite loan losses
Wells Fargo earnings after preferred dividends totaled 2.58 billion or 57 cents per share, above the 34 cent forecast, with revenue of 22.5 billion. The bank raised loan loss reserves, recorded a 5.1 billion provision, and noted ongoing mortgage-related pressures as rivals also anticipate further losses.
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Morgan Stanley posts second quarter loss amid charges and gains
Morgan Stanley says it lost more than 1.2 billion in the quarter ended June 30 after charges to cover real estate investments and bailout repayments. Net loss 1.26 billion dollars or 1.10 per share, as underwriting and fixed income trading revenue rise to offset some costs.
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Chrysler offers 4500 cash and financing to match clunker incentive
Chrysler Group LLC announces 4500 cash toward new vehicle purchases and zero percent financing for six years on most 2009 Chrysler Dodge or Jeep models to align with the government cash for clunkers program. The offer runs through August 31 and applies even without a trade in.
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