NEW YORK (Standard&Poor's) July 13, 2012--Standard&Poor's Ratings Services today said its ratings on Wells Fargo&Co. (WFC; A+/Negative/A-1) are unaffected by the company's good second-quarter results. WFC generated $7.1 billion in pretax income, up 16.8% year over year. Second-quarter results benefited from good mortgage performance, which we expect to continue into the third quarter, and a $400 million reserve release, which is the same as last quarter. The reserve release in the second quarter was higher than our expectations. Pretax preprovision earnings totaled $8.9 billion in the second quarter--up from $7.9 billion in second-quarter 2011. We believe expense reduction is on track. The efficiency ratio was 58.2% in the quarter, compared with 61.2% in the
