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Wednesday P.M. Report

Wells Fargo posts $3B profit in 4Q, McGladrey to sponsor PGA tournament, and Supervalu to consolidate 5 procurement offices.

Wells Fargo posts $3B profit in Q4: Wells Fargo & Co. swung to a profit of $2.82 billion in the fourth quarter of 2009, beating Wall Street expectations. After paying preferred dividends, Wells Fargo had earnings of $394 million, or 8 cents per share. Read full story 

RSM McGladrey to sponsor PGA tournament: The first McGladrey Classic will be held Oct. 7-10 at the Sea Island Resort on Georgia’s southern coast. The event is part of a three-year sponsorship agreement. Minneapolis-based RSM McGladrey provides accounting, tax and business consulting services. Read full story

Supervalu to consolidate Albertsons procurement: Supervalu Inc. plans to consolidate its five Albertsons meat and grocery procurement offices in the western United States into one regional department in Fullerton, Calif., the company confirmed today. Read full story