Maybe Wells Fargo & Co. will not be one of the banks in need of more money from the federal government.
The San Francisco-based bank announced that it expects to post net income of $3 billion during the fist quarter, up from $2 billion a year ago.
Better-than-expected results from the recently acquired Wachovia Corp. and strong mortgage originations helped fuel the improved earnings, the bank said in a statement.
Investors swooned at the news, sending the bank’s stock price up more than 30% in early morning trading.