Fees bolster Wells Fargo net; other U.S. banks mixed
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U.S. banks led by Wells Fargo & Co.  and U.S. Bancorp  posted mixed results on Tuesday, as higher customer fees offset rising loan losses and pressure from interest rates and mortgage lending.
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The Dow industrial average and the S&P 500 briefly turned higher as shares of JPMorgan Chase & Co  , the No. 3 U.S. bank, led a rebound in financial shares, while the Nasdaq pared losses.
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Higher customer fees offset rising loan losses and pressure from interest rates and mortgage lending.
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A lot of people got excited when Fidelity Investments said recently it was cutting fees on five index mutual funds. You heard talk about price wars with Vanguard Group, about a new ''low-cost leader&quot; in fund investing, and more.
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The pricing pressure from ETFs is good news for index investors. But don't forget the brokerage fees.
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Bank of America Corp has raised the fee it charges non-customers to withdraw cash from most of its automated teller machines to $3 from $2, a move that may prompt rivals to follow.
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Profits were buoyed by investment banking fees, but the bank said it had set aside more money for possible losses in itâs loan business, though said this wasnât due to subprime lending difficulties.
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Wachovia Corp. , the No. 4 U.S.  bank, said on Thursday that second-quarter profit rose 14  percent, helped by a sharp increase in fee income.
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Morgan Stanley  and Bear Stearns Cos. Inc. , two of Wall Street's biggest securities firms, on Tuesday said their fourth-quarter profits rose as a flurry of mergers and a year-end stock rally boosted investment banking fees.
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Wells Fargo & Co. , the fifth-largest U.S. bank, said on Tuesday second-quarter profit rose 9 percent, as growth in several fee categories offset a decline in mortgage banking income.
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Wells Fargo & Co. WFC.N, the No. 4  U.S. bank, on Tuesday said third-quarter profit rose a  lower-than-expected 12 percent after a downturn in home  mortgage lending.
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For the third time in 20 months, Bank of America Corp. has increased the fees it charges customers who overdraw accounts or bounce checks.
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Two Wall Street investment banks had  markedly different success weathering summer market turbulence  as results at Goldman Sachs Group Inc  easily exceeded  expectations while those at Bear Stearns Cos  fell far  short.
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Bank of America Corp. , the No. 3 U.S. bank, on Tuesday said fourth-quarter profit rose 41 percent, helped by growth in consumer banking fees and its purchase of FleetBoston Financial Corp.
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U.S. stocks climbed on Tuesday after  several banks, including Bank of America Corp. BAC.N, posted  increased fourth-quarter profits, while oil prices retreated  from seven-week highs, easing worries about steep energy costs.
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Wells Fargo & Co. WFC.N and U.S.  Bancorp USB.N, two of the largest U.S. banks, on Tuesday both  said third-quarter profit rose 12 percent, helped by growth in  consumer lending.
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Bank of America Corp. and other large U.S. banks on Thursday reported higher quarterly profits, as rising fees offset deteriorating credit quality.