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GE loan book helps Wells Fargo report first profit rise in 3 quarters

from Reuters

Wells Fargo & Co, the biggest U.S. residential mortgage lender, reported a rise in quarterly profit for the first time in three quarters recently, helped by its purchase of commercial loans from General Electric Co. The San Francisco lender has been using its hefty balance sheet to diversify its business as it braces for a rise in interest rates to cut into demand for home loans. more

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