(SyndicateMyNews) - Shares of Wells Fargo & Co. (NYSE: WFC) soared in pre-market trading Thursday, rising nearly 34% after the bank announced that it expects 1st quarter earnings of 55 cents a share over a consensus of 22 cents.

Shares of Wells Fargo closed Wednesday at $14.89 but with just minutes to go before the opening bell in New York the bank's stock climbed to $19.95 for a gain of $5.06, or 33.98% at 9:24AM ET Thursday.

Wells Fargo projected a record $3 billion in first-quarter profit following the buyout of Wachovia Bank which the Westcoast lender had to fight to acquire when the FDIC had been working closed door deals to break up Wachovia and sell a portion of it to Citibank. Wells' lawyers stepped up and forced the government into selling Wachovia outright, which at the time was a far better deal for shareholders and taxpayers alike.

The Westcoast lender lept into the national banking scene with the Wachovia acquisition and brought with it its savvy lending style that's apparently paying off far more than the street expected.

Wells Fargo had garnered $25 billion in TARP funds, but despite the dividends on Preferred stock, estimates that it will earn 55 cents per share in the first-quarter. The news brought hope for the banking sector with global financial stocks rising as a result.

What the street isn't aware of is what will come in the second-quarter as Wells Fargo moved to ax policies of fee-waving at all of its branch bank locations. Fee waiving was pulled by corporate for all but branch managers and even then, limitations were set. In the past, a customer could get a fee waived for obtaining cashier checks, an overdraft or for ordering counter checks. But with the belt-tightening move the bank is looking to add to the cumulative bottom line and most likely will up second-quarter earnings estimates as a result.

The Obama adminstration has criticized lenders for not doing enough to lend in their local communities, yet Wells Fargo forecast a 16% increase in revenue in the first quarter, or $20 billion.

The bank's branch-oriented customer marketing tactics appear to be paying off as Bank of America customers worry about the strength of their bank to support their credit needs after the highly touted problems Bank of America faced following the acquisition of troubled Countrywide and Merrill Lynch.

Future growth in revenue in the second-quarter could surpass the street's consensus of competitors like Citigroup (NYSE: C) and Bank of America (NYSE: BAC) continue to be viewed with skepticism by commercial depositors and borrowers alike.

None the less, Bank of America shares rose 14% and Citigroup climbed nearly 7.8% on the heels of Wells Fargo's forecast.

Meanwhile in the UK, the Bank of England voted to hold its bank rate at 0.5% and commited to move forward with a 75 billion pound asset purchase program.