Bull Market for Stocks Lifts Wells Fargo’s Wealth Unit

Wells Fargo's wealth management unit reported higher net income for the fourth quarter and an increase in client assets, which received a boost from the current bull market. Net income for the wealth unit came in at $656 million, a 29% year- over-year increase. The unit benefited from higher net interest income and investment advisory fees. Wells Fargo said total client assets for the wealth unit were $2.5 trillion at the end of the quarter, an increase of 9% from the same period a year ago. ...