Wells Fargo Earnings Miss on Mortgage Rate Rise, Ending 17-Quarter Run

``Wells Fargo & Co. (WFC), the world's most valuable bank, said profit increased 3.8 percent on lower credit costs even as the lender's per-share earnings failed to top the preceding quarter's for the first time since 2009... Chief Executive Officer John Stumpf, 60, has sought to counter a drop in mortgage revenue as higher interest rates crimp new home loans. He's expanded in businesses including credit-card and auto lending, investment banking and retail wealth management to help cover the shortfall.''