Wells Fargo profit jumps in first quarter
NEW YORK — Wells Fargo, the nation’s biggest mortgage lender, said its first-quarter profit surged 23 per cent after it cut expenses.
The lower expenses helped the bank overcome a slight decline in revenue.
Net income rose to $4.93 billion from $4.02 billion a year earlier. On a per-share basis, earnings were 92 cents, beating the 89 cents forecast by Wall Street. Revenue fell 2 percent to $21.3 billion and missed expectations.
The bank’s non-interest expenses fell $593 million, or 4.6 percent, to $12.4 billion. Wells says expenses will fall further from first quarter levels in the coming three months.
Wells Fargo was little known outside the Western U.S. before scooping up a teetering Wachovia in the depths of the financial crisis in 2008 and has turned a profit every quarter since 2009.
The Federal Reserve said last month that Wells Fargo passed its annual checkup, a “stress test” to measure how a bank would fare in a severe recession.
Open house scheduled for Richmond Hill chamber
Richmond Hill — The Richmond Hill/Bryan County Chamber of Commerce will hold an open house to showcase the organization’s newly renovated space on Tuesday, April 16, from 9 a.m. to 5 p.m. with a brief presentation at 10 a.m.
Light refreshments will be served.
The chamber bought the unit at 2591 Highway 17 South in the Crossroads Center, suite 100, in 2006 and had it renovated in early 2013 to accommodate the organization’s growth and expanded needs.
Chris Sheppard, executive director of the Richmond Hill Convention & Visitors Bureau, also is located in the office.
For more information,go to www.RHBCchamber.org or contact Brianne M. Yontz at 912-756-3444 or byontz@rhbcchamber.org.
SCAD furniture design students display work
Students and alumni from the Savannah College of Art and Design furniture design department are getting international exposure this week with their work being shown at the Salone Internazionale del Mobile’s SaloneSatellite in Milan, Italy.
SCAD is the only university from the United States invited to participate in this year’s event, which began Tuesday and runs through Sunday.
“As an invitation-only event, the SaloneSatellite represents the ‘best of the best’ in terms of fresh, innovative design,” said George Perez, program coordinator and professor in the SCAD furniture design department. “It’s truly an unparalleled opportunity for our designers to be recognized by global leaders in the design community, and a big stepping stone for their professional careers.”
The SCAD work on display includes eight finely handcrafted pieces ranging from lamps to benches to stools, plus four large, highly detailed digital images.
