NEW YORK (Standard&Poor's) Oct. 20, 2010--Standard&Poor's Ratings Services said today that the relatively good quarterly results reported by Well Fargo&Co. (WFC; AA-/Negative/A-1+) will not affect its ratings on the company. WFC generated $5.2 billion in pre-tax income compared with $4.7 billion in the previous quarter. This number was assisted by a $650 million reserve release. Pre-tax pre-provision earnings were essentially flat from last quarter. In other items, revenues were down by $380 million in relation to Regulation E and related overdraft policy changes and there was $476 million in further Wachovia merger integration costs. Average loans were down 1.7% in the quarter, consistent with industry trends, and period end core deposits were up 1.3%.
