Reported about 11 hours ago
Wells Fargo surpassed Wall Street profit expectations in the fourth quarter, benefiting from a resurgence in dealmaking that boosted its investment banking sector. The bank’s CEO Charlie Scharf reported a 59% increase in investment banking fees, helped by growing corporate confidence. Despite challenges with net interest income (NII) and a decrease in loan balances, Wells Fargo projects NII to grow in 2025 due to lower deposit costs and a recovery in loan demand. The bank's stock rose significantly following the earnings announcement, reflecting positive investor sentiment.
Source: YAHOO