Key Highlights
- Okay, Wells Fargo, which we own for the Charitable Trust, reported a top and bottom-line miss.
- While sales were up 4.5% year-over-year, and earnings grew by 13%, they still came in light, as did net interest income.
- It was disappointing.
- That said, a big chunk of that earnings shortfall came from higher severance expense… Wells Fargo, by the way, laid off a lot of people to cut costs.
- When you drill down, the business is doing pretty well, just not quite as well as Wall Street, and I were hoping… Efficiency ratio, a key measure of cost, fell from 68% to 64%.