Business
Big Bank Earnings Fail to Impress Investors. Shares Are Falling.
Investors were selling bank stocks Tuesday morning after three of the nation’s largest banks—Citigroup, Bank of America, and Wells Fargo—reported mixed fourth-quarter earnings.
Wells Fargo and Bank of America dropped 4.7% and 4.6%, respectively. Citigroup was down 2.2%. Shares of other banks that have yet to report earnings were falling, too, and the KBW Nasdaq Bank Index was down 1.2%.
Wells Fargo’s fourth-quarter earnings of $1.62 a share missed Wall Street analyst estimates of $1.66, according to FactSet. On an adjusted basis, Wells Fargo reported EPS of $1.76, which beat analyst forecasts.
Continue Reading
