Compass Point Sees Potential Increase in Provision Expenses for Wells Fargo (WFC) - Cuts PT to $54

Wells Fargo (WFC) Estimates, PT Trimmed at Piper Jaffray on Increased Provisions

January 19, 2016 7:31 AM EST

While many other analysts are rushing out to defend Wells Fargo (NYSE: WFC), Piper Jaffray analyst, Kevin Barker, stands out with a contrarian call, reiterating his Neutral rating, cutting his price target and stating that consensus needs to come down.

The decline in forward... More

Citigroup, Wells Fargo gird for loan losses as oil price dives

January 15, 2016 3:36 PM EST

By Sweta Singh and Sruthi Shankar

(Reuters) - U.S. banks stockpiled their defenses against rising loan losses on Friday as oil prices dived below $30 a barrel and global equity markets fell sharply.

Wells Fargo & Co (NYSE: WFC) raised provisions against soured assets by more than 70 percent, nearly half of them for oil and gas loans, to ensure it is covered should prices stay at current levels for the rest of the year. The move helped drive a dip in fourth-quarter net profit.

The San Francisco-based bank,... More

Wells Fargo CFO says he can imagine oil price not improving - Bloomberg

January 15, 2016 10:36 AM EST

Wells Fargo (NYSE: WFC) CFO says he can imagine oil price not improving - Bloomberg

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Lower legal bill boosts Citi profit but core revenue weak

January 15, 2016 8:16 AM EST

By Sweta Singh and David Henry

(Reuters) - Citigroup Inc (NYSE: C) reported a massive jump in quarterly profit as a sharp drop in legal costs and gains from the disposal of unwanted assets masked weak revenue from its core business.

Shares of Citi, which was displaced by Wells Fargo & Co (NYSE: WFC) as the No.3 U.S. bank by assets, fell as much as 7.2 percent to a near three-year low of $42.11 on Friday.

U.S. banks struggled to grow their revenue last year,... More

Wells Fargo (WFC) Tops Q4 EPS by 1c

January 15, 2016 8:01 AM EST

Wells Fargo (NYSE: WFC) reported Q4 EPS of $1.03, $0.01 better than the analyst estimate of $1.02. Revenue was $21.6 billion versus the consensus of $21.8 billion.

Net income of $5.7 billion, stable compared with fourth quarter 2014Diluted EPS of $1.03, up 1 percentRevenue of $21.6 billion, up 1 percentPre-tax pre-provision profit1 of $9.2 billion, up 4 percentROA of 1.27 percent and ROE of 12.23 percentTotal average loans of $912.3 billion, up $62.9 billion, or 7 percentTotal average deposits of $1.2 trillion, up $67.0... More