Record Q.1 Profit at Wells Fargo

Wells Fargo said Thursday it expects to "record" first quarter profit of "approximately three billion dollars," thanks to a better than expected performance by its new unit Wachovia.

Wells profit was also better than analysts expected, translating to about 55 cents per share, versus expectations of 23 cents per share.

The markets were lifted by the news, with shares in Wells Fargo jumping by about 30 percent.

San Francisco based Wells last October won a battle with Citi to acquire Wachovia Corp. of Charlotte, N.C. The combined entity has $1.3 trillion in assets and a coast-to-coast branch franchise.