Financial Data and Key Metrics Changes - The company's net income increased to $21.3 billion, with diluted earnings per share growing 17% year-over-year [4] - In Q4, earnings were $5.4 billion, up 6% from the previous year, with diluted earnings per share at $1.62, a 13% increase year-over-year [18] - Net interest income increased by $381 million, or 3%, from Q3, driven by higher Markets NII [20] - Non-interest income rose by $419 million, or 5%, from a year ago [25] - Non-interest expense declined by $174 million from a year ago [26] Business Line Data and Key Metrics Changes - Consumer Banking and Lending revenue increased by 9% year-over-year, driven by lower deposit pricing and higher loan balances [29] - Credit card revenue grew by 7% year-over-year due to higher loan balances and an increase in card fees [29] - Auto revenue increased by 7% year-over-year, with auto originations more than doubling from a year ago [29] - Commercial banking revenue decreased by 3% year-over-year, while Corporate Investment Banking revenue declined by 4% [30][31] - Wealth and Investment Management revenue increased by 10% year-over-year, driven by growth in asset-based fees [32] Market Data and Key Metrics Changes - The company experienced broad-based loan growth, with average loans increasing by $49.4 billion, or 5%, from a year ago [21] - Average deposits increased by $23.9 billion from a year ago, with growth in consumer and commercial deposits [24] - The company grew its share in M&A, increasing its announced U.S. M&A ranking to eighth in 2025, up from twelfth in 2024 [14] Company Strategy and Development Direction - The removal of the asset cap by the Federal Reserve was a pivotal moment for the company, allowing for balance sheet growth [8] - The company aims to achieve a medium-term ROTCE target of 17%-18% [16] - Continued focus on efficiency and expense management, with a goal of optimizing capital levels [7][16] - The company is committed to organic growth opportunities and maintaining a disciplined approach to capital management [7][55] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the economy and customers, while closely monitoring portfolios for signs of weakness [6] - The company expects net interest income to be approximately $50 billion in 2026, with loan and deposit growth anticipated [33] - Management highlighted the importance of maintaining expense discipline and realizing benefits from investments to drive stronger revenue growth [16] Other Important Information - The company returned $23 billion of excess capital to shareholders, including a 13% increase in common stock dividends and $18 billion in stock repurchases [7] - The company has reduced headcount by over 25% since Q2 2020, achieving positive operating leverage [5] Q&A Session Summary Question: Thoughts on NII, particularly ex-markets - Management noted that NII growth is expected to be flat due to rate cuts, but loan growth will improve results later in the year [42][43] Question: Increased volume around credit card rate caps - Management acknowledged the focus on affordability and the need for careful consideration of responses to potential regulatory changes [46][47] Question: Balancing growth of lower NIM assets with buyback opportunities - Management indicated that they can support both loan growth and stock buybacks, emphasizing the flexibility provided by the removal of the asset cap [50][55] Question: M&A strategy - Management feels no pressure to pursue M&A, focusing instead on organic growth opportunities, but remains open to strategic acquisitions that enhance value [67] Question: Non-performing assets increase - Management clarified that the increase in non-performing assets is not systemic and is driven by individual borrower issues [76][77]

Financial Data and Key Metrics Changes - The company's net income increased to $21.3 billion, with diluted earnings per share growing 17% year-over-year [4] - Fee-based revenue rose 5% from the previous year, driven by broad-based growth in both consumer and commercial businesses [4] - The company's assets grew 11% year-over-year, supported by loan growth and higher trading assets [5] - Net charge-offs declined 16% from a year ago, indicating strong credit performance [5] - The return on tangible common equity (ROTCE) increased to 15%, up from 8% in Q4 2020, with a medium-term target of 17%-18% [14][16] Business Line Data and Key Metrics Changes - The credit card business saw a 21% increase in new accounts and a 6% rise in credit card balances [8] - The auto lending segment returned to growth with a 19% increase in loan balances [9] - Home lending revenue declined 6% due to lower loan balances, while personal lending revenue also decreased [28] - Consumer small and business banking revenue increased 9%, driven by lower deposit pricing and higher loan balances [28] - Commercial banking revenue decreased 3% year-over-year, while corporate investment banking revenue declined 4% [29][30] Market Data and Key Metrics Changes - Average loans grew 5% year-over-year, with significant contributions from commercial and industrial loans [19] - Average deposits increased by $23.9 billion from a year ago, with a 29 basis point reduction in average deposit costs [23] - Non-interest income rose 5% year-over-year, with notable growth in investment advisory fees and brokerage commissions [24] Company Strategy and Development Direction - The removal of the asset cap by the Federal Reserve is seen as a pivotal moment for the company, allowing for balance sheet growth and improved returns [6][7] - The company aims to optimize capital levels while focusing on organic growth opportunities [6] - There is a commitment to maintaining expense discipline and realizing benefits from investments to drive stronger revenue growth [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the economy and customers, while closely monitoring portfolios for signs of weakness [5] - The company expects net interest income to be approximately $50 billion in 2026, with growth driven by loan and deposit increases [33][35] - Management highlighted the importance of efficiency initiatives and investments in technology to support future growth [39][40] Other Important Information - The company returned $23 billion of excess capital to shareholders in 2025, including a 13% increase in the common stock dividend and $18 billion in stock repurchases [6] - The company has reduced headcount by over 25% since Q2 2020, indicating a focus on operational efficiency [5] Q&A Session Summary Question: Thoughts on NII, particularly excluding markets - Management indicated that NII growth is expected to be flat due to rate outlook, but loan growth will improve results later in the year [43][45] Question: Increased volume around credit card rate caps - Management acknowledged the importance of affordability and is monitoring the situation closely, but it is too early to determine the impact on growth [47][48] Question: Balancing growth of lower NIM assets with buyback opportunities - Management stated that they can support both loan growth and stock buybacks, emphasizing the flexibility gained from the removal of the asset cap [51][56] Question: M&A strategy - Management feels no pressure to pursue M&A, focusing instead on organic growth opportunities, but remains open to strategic acquisitions that enhance value [68][69] Question: Impact of markets NII growth on trading fees - Management confirmed that growth in markets NII may partially offset trading fees, but overall revenue in the markets business is expected to increase [72][73]

Core Viewpoint - Wells Fargo's CEO Charles Scharf emphasized that the company does not feel pressured to pursue mergers and acquisitions (M&A), citing confidence in the quality of its franchises and existing opportunities [1] Group 1: Company Strategy - The company has focused on cutting expenses and removing regulatory restrictions to enhance growth potential [1] - The Federal Reserve lifted an asset cap on Wells Fargo in June, which had been in place for seven years following a fake account scandal [1]

富国银行(WFC.US)跌近5%，报88.98美元。消息面上，富国银行第四季净利润同比增长5%至53.6亿美 元，每股盈利1.62美元，低过预期的1.67美元；营收同比增长4%至212.9亿美元，亦低于预期。期内净 利息收入同比增长4%，达到123亿美元，低于预期的124.6亿美元。该行预期今年净利息收入约500亿美 元，低于预期的503.3亿美元。(格隆汇) ...

Investors were selling bank stocks Tuesday morning after three of the nation's largest banks—Citigroup, Bank of America, and Wells Fargo—reported mixed fourth-quarter earnings. Wells Fargo and Bank of America dropped 4.7% and 4.6%, respectively. Citigroup was down 2.2%. Shares of other banks that have yet to report earnings were falling, too, and the KBW Nasdaq Bank Index was down 1.2%. Wells Fargo's fourth-quarter earnings of $1.62 a share missed Wall Street analyst estimates of $1.66, according to FactSet ...

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NEW YORK (AP) — Setting aside their current fight with the White House, things are looking good on Wall Street. The latest trio of big banks reported their results Wednesday — Bank of America, Citigroup and Wells Fargo — and while each of them do different flavors of banking the theme is the same: profits are up, dealmaking is healthy, and the consumer is doing just fine. “While any number of risks continue, we are bullish on the U.S. economy in 2026,” said Brian Moynihan, CEO and chairman of Bank of Am ...

Financial Performance - Net income for 4Q25 was $5.4 billion, or $1.62 per diluted share, including $612 million in severance expense[5] - Excluding severance expense, net income was $5.8 billion, or $1.76 per diluted share[7] - Revenue reached $21.3 billion, a 4% increase[7] - Noninterest income was $9.0 billion, up 5%[4] - Noninterest expense was $13.7 billion, down 1%[4] - Pre-tax pre-provision profit was $7.6 billion, up 17%[4] Balance Sheet and Capital - Average loans totaled $955.8 billion, up 5%[4] - Average deposits reached $1.4 trillion, up 2%[4] - Common Equity Tier 1 (CET1) capital was $137.3 billion[4] - CET1 ratio stood at 10.6%[4] - Liquidity coverage ratio (LCR) was 119%[4] - Total Loss Absorbing Capacity (TLAC) ratio was 23.2%[4]

Group 1 - Pinduoduo's stock fell by 1.4%, while Fortinet's stock dropped by 2.8% due to a government directive for domestic companies to cease using security software related to the US and Israel [1] - Wells Fargo's stock declined by 2.7% as net interest income (NII) impacted Q4 revenue, and layoffs pressured annual profits [1] - Rivian's stock decreased by 3.3% following a recall of over 19,000 electric vehicles in the US [1] Group 2 - Netflix's stock rose by 1.4% as the company considers a cash-only acquisition of Warner Bros. Discovery [1] - Trip.com Group's stock plummeted by 17.1% as market regulators launched an investigation into the travel website [1]

Group 1: Industry Overview - Large U.S. banks had a strong performance in 2025, benefiting from high interest rates, rising asset prices, and consumer spending, leading to increased profits and stock prices [1] - Political risks, such as President Trump's proposal to cap credit card interest rates, are creating uncertainty for 2026, but current shareholders are enjoying the benefits [2] Group 2: Wells Fargo - Wells Fargo reported a net income of $5.4 billion, or $1.62 per share, representing a 13% increase year-over-year, with revenue rising by 4% [4] - The removal of the Federal Reserve's asset cap and lifting of consent orders allows Wells Fargo to grow its balance sheet without regulatory constraints, indicating a positive outlook for future growth [4][5] - The bank returned $23 billion to shareholders in 2025 through dividends and buybacks, reflecting confidence in its recovery and growth strategy [4] Group 3: Bank of America - Bank of America reported a net income of $7.6 billion, an 18% increase from the previous year, with revenue climbing 7% to over $28 billion [5] - The bank's credit quality remained strong, with net charge-offs decreasing and credit card losses normalizing, while expenses increased slightly [6] - Bank of America experienced a significant 23% increase in equities trading, contributing to its overall strong performance [6]