Man coming out of Wells Fargo branch
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Wells Fargo benefits from 'old-fashioned' banking

When Wells Fargo and JP Morgan Chase announce their results on Friday, it is expected to highlight the new direction US banking seems to be taking.

San Francisco-based bank Wells Fargo is reaping the benefits of its traditional savings and loan business model.

Meanwhile JP Morgan Chase - still the biggest of the investment giants - has had to cut both staff numbers and its profit estimates over the past year.

Caroline Hepker reports from New York.

  • 13 Apr 2012