From CNBC:

Wells Fargo ATM’s in New York City – Three Wells Fargo ATM’s are now available on 14th street, New York City.
Wells Fargo shares fall despite profit rise – Despite a rise in fourth-quarter profit from a year ago, Wells Fargo’s shares fell as the bank benefited from higher interest rates and cost-cutting efforts.
Revenue and stock fall – Wells Fargo stock fell 1% before the bell, with total revenue at $20.48 billion for the period, a 2% increase from the fourth quarter of 2022’s $20.3 billion.
Income and charges – The bank posted net income of $3.45 billion, or 86 cents per share, slightly up from a year ago. Earnings were impacted by a $1.9 billion charge from FDIC and severance expenses and a $621 million tax benefit.
CEO’s comments and provisions for credit losses – CEO Charlie Scharf stated that the improved results were due to the strong economic environment and higher interest rates. Provisions for credit losses rose 34% to $1.28 billion from $957 million a year ago, while allowances for credit losses rose for credit card and commercial real estate loans.
Stock performance – Wells Fargo shares are virtually flat this year after a 19% rally in 2023. Interest rates surged during the period, with the 10-year Treasury yield topping the 5% threshold before finishing below 3.9%.
Keep checking for updates – This story is developing, stay tuned for more updates regarding Wells Fargo’s performance.



Read more: Wells Fargo (WFC) earnings 4Q 2023