WFC - One-Time Charges Concealed How Well Big Banks Did During The Last Quarter Of 2023 | Benzinga
The week ended with earnings reports from four biggest U.S. banks. JPMorgan Chase & Co (NYSE: JPM), Wells Fargo & Company (NYSE: WFC), Bank of America Corporation (NYSE: BAC) and Citigroup Inc (NYSE: C) delivered disappointing news as one-off charges melted their income but also revealed the surprising resilience of the U.S. economy during 2023.
Bank Of America Profit Fell Due To One-Off Charges
The second largest U.S. lender reported its profit dropped with its results coming short of analysts' expectations. For the quarter ended on December 31st, Bank of America reported net income of $3.1 billion, or 35 cents a share, down from last year’s comparable quarter when it earned $7.1 billion, or 85 cents a share. Excluding two charges related to replenishing a fund for bank failures and how it indexed some trades, adjusted profit amounted to 70 cents, slightly topping LSEG’s estimate of 68 cents. The impact of interest rate headwinds was only partially offset by strong organic growth and good cost management with the Bank of America reporting modest ...