Wells Slides After Another Dismal Quarter With Misses Across The Board

And visually:

On the corporate and investment banking side, total revenues were down 7% YoY and 6% from 3Q20, with markets revenue down 26% from 3Q20 on lower trading volumes across FICC and Equities, as well as lower Credit Adjustment and Other revenue

Banking revenue down 13% YoY primarily due to lower Treasury Management and Payments revenue predominantly driven by the impact of lower interest rates and lower deposit balances, and up 4% from 3Q20 on higher Investment Banking revenue driven by higher advisory fees and equities origination

Commercial Real Estate revenue up 15% from 3Q20 on higher CMBS volumes and improved gain on sale margins, as well as an increase in low-income housing tax credit income

There was no good news looking ahead either with the bank expecting 2021 net interest income to be flat to down 4% from the annualized 4Q20 level of $36.8 billion. The expectations "reflect the announced sale of our student loan portfolio which accounts for approximately 1% of the decline. Expectations influenced by interest rate environment that remains below levels at which the majority of the portfolio was originated. Expectations assume the asset cap will remain in place for 2021."

As a result of these ugly results, the stock is not happy, sliding over 2%.

Full results below (pdf link)

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