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Wells Fargo & Co said it expects to post a $3 billion first-quarter profit, sending its shares soaring, lifting a wide range of stocks, and providing a welcome jolt to the troubled banking sector.

Wells Fargo & Co said on Thursday it expects to report net income of about $3 billion for the first quarter.

Stocks opened sharply higher on Thursday, sending the S&P 500 up more than 2 percent, as surprisingly upbeat preliminary quarterly results from Wells Fargo fueled hopes that stabilization may be returning in the banking sector.

Wells Fargo said the asset management unit Evergreen Investments which it inherited when it bought Wachovia Corp was not for sale, even as it scales back Wachovia's investment banking operation, the NY Post reported citing sources.

Stock index futures pointed to a higher open on Thursday after Wells Fargo gave preliminary first-quarter results that were stronger than expected.

Wells Fargo said the asset management unit Evergreen Investments which it inherited when it bought Wachovia Corp was not for sale, even as it scales back Wachovia's investment banking operation, the NY Post reported citing sources.

Wells Fargo said the asset management unit Evergreen Investments which it inherited when it bought Wachovia Corp was not for sale, even as it scales back Wachovia's investment banking operation, the NY Post reported citing sources.

Stock index futures pointed to a higher open on Thursday after Wells Fargo gave first quarter guidance and a New York Times report the U.S. banking industry seems to be in better shape than many people thought.

Banks and cellphone companies have a long way to go to persuade U.S. consumers to use their cellphones for banking, as many worry about security and extra fees and others are not even aware they can.

Banks and cell phone companies have a long way to go to persuade U.S. consumers to use their cell phones for banking, as many worry about security and extra fees and others are not even aware they can.

Shares of Bank of America, Citigroup, Wells Fargo declines Shares of the largest banks in United States tumbled on Wall Street after Calyon analyst Mike Mayo downgraded the stocks with an underperform rating.

President Barack Obama won support from top bankers on Friday for his efforts to rid financial institutions of bad debts, but differences remained over broader U.S. plans for the financial industry.

Goldman Sachs Group Inc hopes to pay back the $10 billion it took from the U.S. government's $700 billion Troubled Asset Relief Program within a month, The New York Times said on Tuesday, citing people involved in the process.

A federal judge has transferred Citigroup Inc's $60 billion lawsuit against Wells Fargo & Co over the acquisition of Wachovia Corp back to the New York state court where it began, citing a lack of jurisdiction.

Wells Fargo & Co's chairman lambasted the U.S. government for imposing new curbs on lenders that receive federal bailout money, and called the federal plan to subject big banks to stress tests asinine.

Bank stocks rose Monday on optimism that efforts to revive economies worldwide will bolster results.

Shares of Wells Fargo rose 15.8 percent on Monday after billionaire investor Warren Buffett made positive comments about the California-based bank.

Wells Fargo & Co shares as much as 24.3 percent after the billionaire investor Warren Buffett said the fourth-largest U.S. bank will emerge better than ever from the nation's credit crisis.

Wells Fargo & Co shares as much as 24.3 percent after the billionaire investor Warren Buffett said the fourth-largest U.S. bank will emerge better than ever from the nation's credit crisis.

Wells Fargo & Co slashed its dividend 85 percent on Friday, a widely expected move that the fourth-largest U.S. bank said will save $5 billion a year.

On March 5, America saw its stocks plummet to their lowest levels in more than 12 years as one of the world's most well known banks, and an icon of American manufacturing traded like money on monopoly board game.

Wells Fargo & co. will cut its stock dividend by 85 percent to retain an additional $5 billion in common equity this year as a precaution about possible worsening in the credit cycle, the company said.

Stocks rose on Friday as a climb in commodity prices sent shares of natural resource companies higher and a dividend cut at Wells Fargo lifted banks, offsetting more bleak news about the labor market.

Stocks rose at the open on Friday as a climb in commodity prices sent shares of natural resource companies higher, offsetting more bleak news about the labor market.

Wells Fargo & Co cut its dividend 85 percent on Friday , a widely expected move that the fourth-largest U.S. bank said will save $5 billion a year.

Stocks extended their slide to 12-year lows on Thursday as General Motors' warning of possible bankruptcy and concerns about the fate of the banking system sped investors' flight from riskier assets.

The U.S. government will boost its equity stake in Citigroup Inc to as much as 36 percent, bolstering the bank's capital base in the latest emergency effort to save the banking giant.

The U.S. government will boost its equity stake in Citigroup Inc to as much as 36 percent, bolstering the bank's capital base in the latest emergency effort to save the ailing banking giant.

The U.S. government will boost its equity stake in Citigroup Inc to as much as 36 percent, bolstering the bank's capital base in the latest emergency effort to save the ailing banking giant.