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Reserve release provides windfall for Wells Fargo

The American consumer banking giant notched $5.1bn in profits in the last three months, up nearly $2bn from the same period last year

The release of a wave of reserves set aside to deal with a rise in souring loans boosted third quarter profits at US bank Wells Fargo.

The American consumer banking giant notched $5.1bn in profits in the last three months, up nearly $2bn from the same period last year.

More to follow.