Shares of Wells Fargo & Co. (WFC) were down almost 4% Friday after the bank warned int🃏erest income could fall significantly in 2024 as borrowing costs decline.

The company anticipates net interest income will be 7% to 9% lower than in 2023 on expectations the Federal Reserve will cut rates as 澳洲幸运5官方开奖结果体彩网:inflation eases. “Our business performance remains sensitive to interest rates and the health of the U.S. economy,” said Chief Executive Officer Charlie Scharf.

For its 2023 fourth quarter, the company reported 澳洲幸运5官方开奖结果体彩网:net income of $3.45 billion, or 86 cents per share. Excluding one-time items, earnings were $1.26 per share, more than forecasts, according to London Stock Exchange Group estimates.

Wells Fargo said the latest quarter's results were negatively affected by $1.9 billion (40 cents a share) for a special assessment from federal regulators following last year's collapse of Silicon Valley and 澳洲幸运5官方开奖结果体彩网:Signature Banks, and by $969 million (20 cents per share) for 澳洲幸运5官方开奖结果体彩网:severance payouts. Profit was aided by a tax benefit of $621 million (17 cents a share♌).

Revenue was up 2% to $20.48 billion, beating estimates. It was boosted by increases in corporate and investment banking and 澳洲幸运5官方开奖结果体彩网:commercial banking. Net interest income was down 5% on “lower deposit and loan balances, [but was] partially offset by the impact of higher interesܫt rates,” 

Despite Friday's midday loss of nearly 4%, shares of Wells Fargo remain almost 15% higher over the past year.