Beats on revenue and profit didn’t do much to impress investors because forecasts for some key metrics came in worse than expected, and all of the lenders put aside more money to cover loans that might go bad. In most cases, the sums were more than analysts had reckoned.
higher-than-expected fourth-quarter expenses, even after the firm warned of a hefty loss tied to a regulatory sanction last month. The firm spent $16.2 billion in the last three months of the year, exceeding analyst estimates. “Though the quarter was significantly impacted by previously disclosed operating losses, our underlying performance reflected the progress we are making to improve returns,” CEO Charlie Scharf said in a statement. “Rising interest rates drove strong net interest income growth, credit losses have continued to increase slowly but credit quality remained strong, and we continue to make progress on our efficiency initiatives.
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