Wells Fargo beats both the top and bottom line

Wells Fargo also beating on the top and bottom line here and the bottom line coming in at about $1.20 per share. That compares to estimates of $1.11 per share on the top line. Wells reporting 20.9 billion, up about 1% compared to 20.2 billion that analysts were expecting and that was an expectation for a decline. They eked out a small increase in revenue. Now here’s what I think the market will be focused on. You see shares down 3% today, net interest income. Guidance there actually unchanged compared to prior guidance. It was expected to be 7 to 9% lower than the full year 2023 level. $2.4 billion. So Wells not updating its guidance and this goes to what we were talking about earlier in the hour about how a higher for longer interest rate may benefit certain firms. Well as was certainly on the list of firms that could benefit from that environment, but they are not updating guidance at this time. Other highlights here, investment banking fees up 92% year over year to 301 million, Provision for credit losses A slight beat there coming in at 938 million comprising one point. 2 billion in net charge offs, 219,000,000 decrease in the allowance for credit losses and it’s also worth noting that these results and those from the other banks we are expecting to see an additional FDIC special assessment charge. Remember this is in addition to the 1 from 4 Q because the FDIC raised its estimate for the amount they needed to cover the hole left behind from some of the bank failures of last year. For Wells Fargo in particular that amounted to about $0.06 per share in an additional expense which is already reflected in the dollar twenty per share. I told you guys about back over to you.