As the Dow
If you're looking for the numbers, Citi reported pre-provision fourth-quarter revenue of $17.2 billion, resulting in earnings of $1.16 billion, or $0.38 a share. Wells hit $20.6 billion in pre-provision revenue, resulting in $4.1 billion in profit, or $0.73 a share.
While Citigroup disappointed due largely to its investment banking performance (Dow component JPMorgan
The silver lining in Citi's report was the improvement in loan performance. This echoes JPMorgan's results last week. Wells' performance makes sense in this context. It focuses on retail and commercial banking (i.e., lending) rather than investment banking.
Although each was up in early going, all of this spells bad news for Dow component Bank of America
So, it's a good day for Wells, a bad day for Citi on the big-bank front. If you're looking for a quality smaller bank, I detail a stock that's flying under the radar in our brand-new free report: "The Stocks Only the Smartest Investors Are Buying." I invite you to take a free copy to find out the name of the company I believe Warren Buffett would be interested in if he could still invest in small companies.Anand Chokkavelu owns shares of Bank of America, JPMorgan, Wells Fargo, and Citigroup. He also owns warrants in JPMorgan, Wells Fargo, and Citigroup, and long-dated options in Bank of America. The Motley Fool owns shares of Citigroup, Bank of America, Wells Fargo, and JPMorgan Chase. The Fool owns shares of and has created a covered strangle position on Wells Fargo. Motley Fool newsletter services have recommended buying shares of The Goldman Sachs Group. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.