Wells Fargo Warns of Significant Net Interest Income Fall, Books Another $2.9 Billion in Charges

Wells Fargo reported better than expected fourth quarter earnings before the bell Friday. Earnings per share were $1.29, adjusted vs. $1.17 expected and revenue was $20.48 billion vs. $20.30 billion expected. Wells Fargo posted net income for the quarter was $3.45 billion, or 86 cents per share, up slightly from $3.16 billion, or 75 cents a share, a year ago. Wells Fargo shares however fell Friday over 3% after the bank warned that net interest income for 2024 could come … Continue reading “Wells Fargo Warns of Significant Net Interest Income Fall, Books Another $2.9 Billion in Charges”

Wells Fargo Earnings with Improving Wealth Management and Higher Net Interest Income

Wells Fargo reported better than expected third quarter earnings before the bell Friday. Wells Fargo reported earnings of $1.48 a share, compared with the $1.24 analysts surveyed by FactSet were expecting. Revenue jumped 7% year over year to $20.86 billion, ahead of analysts’ expectation of $20.09 billion. Of note was the Wealth and Investment Management segment, which includes the brokerage and private-banking businesses saw revenue was up 1% from a year ago to $3.7 billion in the third quarter. Wells … Continue reading “Wells Fargo Earnings with Improving Wealth Management and Higher Net Interest Income”

Wells Fargo Earnings Stabilizing with Higher Net Interest Income on Higher Rates

Wells Fargo reported better than expected second quarter earnings before the bell Friday. Wells Fargo reported its net income $1.25 a share on revenue of $20.5 billion, ahead of analysts expecting $1.16 a share on revenue of $20.1 billion. Net interest income of $13.2 billion came in well above Wall Street estimates of $12.8 billion. Wells Fargo cautioned on commercial real estate and higher credit card loans increasing its allowance for possible credit losses by $949 million in the quarter. … Continue reading “Wells Fargo Earnings Stabilizing with Higher Net Interest Income on Higher Rates”

Big Banks Kick Off Second Quarter Earnings Season with Citigroup, JPMorgan, State Street and Wells Fargo

America’s big money center banks kick of second quarter earnings next week. Core commercial and consumer banking franchises are expected to show improved profitability. However, there is continued weakness in investment banking and concerns are rising over the banking sector’s exposure to commercial real estate, asset quality is being scrutinized in earnings. Signs of asset quality deterioration are a risk. JPMorgan Chase (JPM), Citigroup (C), BlackRock (BLK), State Street (SST) and Wells Fargo (WFC) reporting Q2 results on Friday July … Continue reading “Big Banks Kick Off Second Quarter Earnings Season with Citigroup, JPMorgan, State Street and Wells Fargo”

What to Expect from Wells Fargo Earnings as Net Interest Margin Contracts

Wells Fargo report second quarter earnings before the bell Friday along with three of the largest U.S. lenders, JPMorgan Chase (JPM), Citigroup (C) and State Street (SST). Wall Street expects Wells Fargo earnings will show an overall revenue decline for the bank. A rise in net interest income to be hurt by weakness in lower loan origination and softer trading gains. Wells Fargo continues to be hurt by a variety of legacy regulatory and legal settlements. Wells Fargo Earnings Preview … Continue reading “What to Expect from Wells Fargo Earnings as Net Interest Margin Contracts”

The Beat Goes On; America’s 23 Biggest Banks Pass Federal Reserve Stress Tests

The Federal Reserve on Wednesday announced the 23 largest US lenders had passed the Central Banks Stress Tests. The banks showed they can withstand a severe global recession and turmoil in real estate markets. The Fed released the hypothetical scenarios for its annual bank stress tests back in March before the New York and California regional bank turmoil. The 23 banks were tested against a severe global recession with heightened stress in both commercial and residential real estate markets, as … Continue reading “The Beat Goes On; America’s 23 Biggest Banks Pass Federal Reserve Stress Tests”

Wells Fargo Earnings Higher with Net Interest Income Up 45% on Higher Rates

Wells Fargo reported better than expected first quarter earnings before the bell Friday. Wells Fargo reported its net income rose by more than 30% to nearly $5 billion in the first quarter from a year ago as the bank benefited from higher interest rates, despite building up loan loss reserves $1.2 billion after reducing its provisions by $787 million a year ago. The bank said its net interest income increased 45% on the back of soaring interest rates and Revenue … Continue reading “Wells Fargo Earnings Higher with Net Interest Income Up 45% on Higher Rates”

Big Banks Kick Off First Quarter Earnings Season with Citigroup, JPMorgan, PNC and Wells Fargo

America’s big money center banks kick of first quarter earnings next week. There will be extra attention on them with the recent banking turmoil. Guidance will be keenly watched for from the money center banks. Concerns are rising over the banking sector’s exposure to commercial real estate. JPMorgan Chase (JPM), Citigroup (C), PNC Financial Services Group, Inc. (PNC) and Wells Fargo (WFC) reporting Q1 results on Friday. We got a preview from JPMorgan CEO Dimon saying that banking system is … Continue reading “Big Banks Kick Off First Quarter Earnings Season with Citigroup, JPMorgan, PNC and Wells Fargo”

What to Expect from Wells Fargo Earnings Amid Bank Fallout

Wells Fargo report first quarter earnings before the bell Friday along with three of the largest U.S. lenders, JPMorgan Chase (JPM), Citigroup (C) and PNC. Wall Street expects Wells Fargo earnings will jump 28.% as they were relatively shielded from the banking panic. That said, Wells Fargo continues to be hurt by a variety of legacy regulatory and legal settlements. WFC last quarter set aside another $957 million in provisions for potential credit losses, after reducing its provisions by $452 … Continue reading “What to Expect from Wells Fargo Earnings Amid Bank Fallout”

Federal Reserve Hypotheticals For 2023 Bank Stress Tests have Unemployment at 10%

The Federal Reserve on Thursday released the hypothetical scenarios for its annual bank stress tests. This year, 23 banks will be tested against a severe global recession with heightened stress in both commercial and residential real estate markets, as well as in corporate debt markets. Last year the Fed found all 34 large banks tested remained well above their risk-based minimum capital requirements, and the Fed announced no restrictions relating to dividends and buybacks. These test results will be keenly … Continue reading “Federal Reserve Hypotheticals For 2023 Bank Stress Tests have Unemployment at 10%”