Net income at Wells Fargo’s wealth, brokerage and retirement division fell to $291 million for the three months to 30 September, from $333 in the prior quarter. On a year-over-year basis, net income at the segment rose by $35 million.

Revenue for the three months at the wealth, brokerage and retirement unit was $2.9 billion, down by 6 per cent on a consecutive basis. Wells Fargo said this was due “primarily” to losses on deferred compensation plan investments (offset in expense), as well as a fall in securities gains in the brokerage business and lower brokerage transaction revenue. Revenue had also dropped on a yearly basis by 1 per cent.

Non-interest expense at the division fell slightly on a quarterly basis, to $2.4 billion, from $2.5 billion in the prior quarter. Provision for credit losses also dropped, from $61 million in the second quarter, to $48 million in the third.

Overall, the New York-listed bank reported net income of $4.1 billion, up by 21 per cent from the third quarter in 2010, and up by 3 per cent from the second quarter 2011. This was achieved on revenue of $19.6 billion.