Banking, finance, and taxes
Despite Earnings Win, Wells Fargo Sinks on Investor Sentiment
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Wells Fargo & Co. (NYSE: WFC) reported its first-quarter financial results before the markets opened on Thursday. Warren Buffett’s bank said it had $0.99 in earnings per share (EPS) on $22.2 billion in revenue. The consensus estimates had called for $0.97 in EPS on revenue of $21.60 billion. In the same period of last year, it posted EPS of $1.04 and $21.28 billion in revenue.
Despite beating estimates, Wells Fargo investors seemed taken aback by these earnings after JPMorgan Chase & Co. (NYSE: JPM) wowed earlier this week, seemingly setting the bar higher for these other mega-banks.
In the first quarter, Wells Fargo had total average loans of $927.2 billion, up $64.0 billion, or 7%, from first quarter 2015. Total average deposits came in at $1.2 trillion, up $44.6 billion, or 4%, with an average deposit cost of 10 basis points.
Total loans were $947.3 billion, up $30.7 billion, or 3%, from the December 2015 quarter, including $24.9 billion from the GE Capital acquisitions.
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