News Briefs (2022-10-15)

Wells Fargo profit falls
US lender Wells Fargo & Co on Friday reported a decline in profit for the third quarter as the bank set aside more money in preparation for a hit from a potential economic slowdown. The fourth-largest US lender reported a profit of $3.53 billion, or 85 cents per share, for the quarter ended Sept. 30, compared with $5.12 billion, or $1.17 per share, a year earlier. — Reuters

Citigroup logs 25pc slump in Q3 profit
Citigroup Inc, an American multinational investment bank, reported a 25 per cent drop in third-quarter profit on Friday as its investment banking business struggled to cope with a slump in dealmaking. The weaker economic picture prompted Citi to add $370 million to reserves this quarter. That compares with a release of $1.16 billion from its reserve a year earlier. Net profit was $3.5 billion, or $1.63 per share, in the three months ended Sept. 30, compared with $4.6 billion, or $2.15 per share, a year earlier. — Reuters

Asia-Pacific shares gain
Shares in the Asia-Pacific jumped on Friday, taking the lead from Wall Street overnight as investors shook off a strong inflation report. The Nikkei 225 in Japan was 3.25 per cent higher at 27,090.76, while the Topix gained 2.35 per cent to 1,898.19. The Hang Seng index in Hong Kong was 1.93 per cent higher in the final hour of trade after climbing 3.9 per cent earlier in the session, and the Hang Seng Tech index was up 2.16 per cent. In mainland China, the Shanghai Composite was up 1.84 per cent at 3,071.99 and the Shenzhen Component rose 2.81 per cent to 11,121.72. — CNBC