Net interest income rose 4% but missed expectations.
Wells Fargo forecasts $50 billion interest income for 2026, below average analyst estimate.
Net income of $1.62 per share up from year ago, missed expectations.
Bank recorded $612 million in severance expenses for job cuts.
https://www.reuters.com/business/finance/wells-fargo-profit-climbs-rising-interest-income-2026-01-14/
The best part of this:
The share price is down 3% on expectations misses of 1% (net interest income) and 0.5% (forecast net interest income) despite the restrictions on growth being removed for a full quarter and a 3% miss on EPS.
They're laying the blame on severance costs, which are larger than the quarterly miss, which makes it look like an excuse rather than a legitimate reason. The truth is, this reflects an executive plan that failed to generate growth. We need a visionary CEO, not a hatchet man.
@a1
Yeah, like we all read the email yesterday.
A day late there speedy