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Dec 31, 2023
Wells Fargo Q4 2023 Earnings Report
Reported a net income of $3.4 billion for Q4 2023.
Key Takeaways
Wells Fargo reported a net income of $3.4 billion, or $0.86 per diluted share, for the fourth quarter of 2023. The results reflect an improved economic environment and higher interest rates, with a focus on efficiency and credit discipline.
Net income for Q4 2023 was $3.4 billion, or $0.86 per diluted share.
Total revenue for Q4 2023 reached $20.478 billion.
The company repurchased 51.7 million shares of common stock for $2.4 billion in Q4 2023.
Corporate and Investment Bank revenue grew 26% year-over-year.
Wells Fargo
Wells Fargo
Wells Fargo Revenue by Segment
Revenue by Segment
Consumer Banking & Lending Revenue
CapyFin.comCommercial Banking Revenue
CapyFin.comCorporate & Investment Banking Revenue
CapyFin.comWealth & Investment Mgmt Revenue
CapyFin.com Forward Guidance
Wells Fargo's business performance remains sensitive to interest rates and the health of the U.S. economy. The company is confident that actions being taken will drive stronger returns over the cycle and is closely monitoring credit, with modest deterioration consistent with expectations. Returning excess capital to shareholders remains a priority.
Positive Outlook
- Continued execution on strategic priorities is expected to improve growth and increase market share.
- New credit card products have driven an increase in consumer spend at a rate significantly better than the industry average.
- Investments in the Corporate and Investment Bank have resulted in revenue growth and increased market shares.
- Focused home lending strategy should produce higher returns and earnings over the next several years.
- Capital position remains strong, with a priority on returning excess capital to shareholders.
Challenges Ahead
- Business performance remains sensitive to interest rates.
- Business performance remains sensitive to the health of the U.S. economy.
- The company is closely monitoring credit, with modest deterioration.
- Lower deposit balances as customers reallocated cash into higher yielding alternatives.
- Net interest income decreased 5%, due to lower deposit and loan balances