00:00It looks like a miss across the board. Let's start with a big number of net interest income.
00:04That comes in at $12.1 billion. That is a slight miss. The expectation was for just under $12.3
00:11billion. The hope was it would be a Wells Fargo, at least with their outlook, aided by a lack of
00:17Fed rate cuts. But again, net interest income coming in with a miss. The other thing we were
00:21looking from from this bank was following U.S. regulators' asset cap removal last year. Can
00:26they sustain momentum and add to some of their business? It seems that instead we have a miss
00:32on both investment banking and total average loans. First quarter investment banking fees come
00:37in at $796 million. The estimate was for far greater than that, $835 million. Total average
00:45loans, that comes in again. That's slightly higher, 996. So that is the bright spot for total
00:51average loans. Another sore spot for them is expenses. This is something Wells Fargo had
00:56missed big on last quarter and said our expenses are coming down. We're having fewer severance
01:01costs. Instead, a slight higher amount for expenses coming in at $14.3 billion. The
01:07estimate was for $14.23 billion. The other thing we're looking out for is any drop in credit
01:14quality. Their provisions for credit losses, that is also slightly higher than expected.
01:18Coming in at $1.14 billion. Again, that is only slightly higher. $1.13 billion is what
01:26we are expecting. The CEO, though, putting in the statement that credit performance remains
01:31strong despite those higher than expected numbers when it comes to credit provisions.
01:36Their headcount is down. But, John, expenses are higher and a miss on net interest income and
01:40a miss on some of the growth engines that should have been there for Wells Fargo, like investment
01:44banking.
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