Wells Fargo Plans to Close More Than 400 Branches Through 2018

The KWB Bank Index is up some 24% during that stretch.

Bank of America did particularly well because it stands to benefit more than most if interest rates pick up. As a result, the financial sector stocks are performing in the positive territory.

Wells Fargo & Company (NYSE:WFC) will report its next earnings on 13-Jan-17.

Here are Q4 2016 earnings results from three big USA banks, which are also our top stocks to watch today…

Wells Fargo (WFC) missed earnings forecasts. Wells Fargo & Co makes up approx 0.13% of North Star Asset Management Inc’s portfolio.

The San Francisco-based bank reported earnings per share (EPS) of $0.96.

Wells Fargo posted $21.9 billion in net income for 2016, down from 2015’s $22.9, with $5.3 billion in net income in Q4.

However, there were some bright spots in a quarter marked by setbacks.

As most experts don’t contribute the notions of the growth progression rates, the predictions amassed are assumed to comprise future as well as past achievements with one-year covered, and are equalled on a CAGR basis.

Earlier this week, Wells Fargo unveiled new compensation plan for bank branch employees that would eliminate incentives for opening accounts or meeting sales goals – the cross-sale model that became toxic for the bank and the catalyst for the accounts scandal.

Wells Fargo has been working to clean up the mess created by a sales scandal earlier in 2016.

New reports suggest Wells Fargo (wfcnp) knew it was under investigation for six months before the bank’s account fraud scandal became public, raising questions over whether investors and the public should have been alerted sooner.

“Our results this quarter were a strong end to another record year, reflecting our intense client focus and solid performance across our businesses”, said Jaime Dimon, Chairman and CEO of JPMorgan Chase.

Why did banks, and Bank of America in particular, perform so well in 2016? Finally comes the ratings part in which the WFC was evaluated with 16 analysts of WSJ going for Buy ratings in previous quarter, while at present 12 analysts gave Buy ratings from whole pool.

Total revenue for wealth and investment management, which has a major operation in Winston-Salem, was $4.07 billion, up from $3.95 billion a year ago.

They expect $1 EPS, down 3% or $0.03 from last year’s $1.03 per share. Excluding items, BOA earned $0.42 per share, handily beating consensus estimates of $0.38. Total mortgage production grew $4.9 billion (29 percent) to $21.9 billion. The bank aims to slash $5 billion from annual operating expenses by 2018. Full-year earnings per share dropped 13 cents to $3.99 per share.

Stocks to Watch Today: JPMorgan Chase & Co. Mortgage production rose at Bank of America and JPMorgan, while credit card revenue and demand for mobile banking continue to spike. Mercer Advisers holds 0.07% or 1,947 shares in its portfolio. “As we look ahead, I’m confident the actions we took position us for further growth and long-term value”.

Big bank shares rose following a slew of earnings reports.

Wholesale banking profit rose 4.3 percent to $2.19 billion from a year earlier, while wealth-management net income gained nearly 10 percent to $653 million.