Wells Fargo (WFC) reported net income of $5.61 billion, up from year-earlier profit of $5.09 billion. For the year, the 4th largest bank by assets reported net income of $21.88 billion, its 5th consecutive year of profit growth and its 4th of record earnings.
Wells Fargo benefited from improving economy with higher commercial and consumer loans in most segments.
As largest U.S. mortgage lender, Wells Fargo is viewed as a bellwether for the U.S. housing market. That means its profit growth is no small feat, given that the mortgage-refinancing boom that helped Wells Fargo and others drum up business for years began to fizzle last summer when interest rates started moving higher.
|J.P. Morgan CEO Jamie Dimon leaves from|
the U.S. Justice Department - businessinsider.com
J.P. Morgan (JPM) earned $5.3 billion, or $1.30 per share, in the final three months of 2013. Revenue fell 1% to $24.1 billion. (see table above) Revenue in its mortgage banking business fell during the fourth quarter as loan volume dropped.
Net income from J.P. Morgan's corporate and investment banking activities downed 57% from a year ago. The business unit reported a $1.5 billion loss on a credit adjustment tied to certain derivatives and over-the-counter securities.