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Oct 13 - Wells Fargo on Friday beat analysts' estimates for third-quarter profit as it benefited from customers paying more interest and raised its annual forecast for future income from interest payments.
Rival banking giant JPMorgan Chase on Friday posted a rise in third-quarter profit as higher interest rates boosted its income from loans. The bank posted a decline in total deposits to $1.34 trillion from $1.41 trillion a year earlier. As interest rates rose, some customers have moved their cash into money market funds in search of higher yields.
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