Uh Oh … 🔥 🔥 🔥
Is this already 2008 ? Or is this totally different this time ?
What kind of year will 2023 be? pic.twitter.com/iPM4IX5cut
— Wall Street Silver (@WallStreetSilv) January 13, 2023
Yikes. That's not a good sign at all for $BAC https://t.co/CFwOFxtmQt
— Markets & Mayhem (@Mayhem4Markets) January 13, 2023
Analysts remain VERY optimistic for #earnings despite falling #inflation which will reduce earnings.
h/t @thedailyshot pic.twitter.com/wbLHpFkJYv— Lance Roberts (@LanceRoberts) January 13, 2023
Wells Fargo Profit Falls 50% On Higher Reserves, Costs
(Reuters) -Wells Fargo & Co on Friday reported a 50% decline in profit for the fourth quarter as the bank racked up more than $3 billion in costs related to a fake accounts scandal and boosted loan loss reserves for a potential economic slowdown. Provision for credit losses was $957 million in the quarter, compared with a $452 million release a year earlier.
Goldman Sachs Lost $3 Billion on Consumer Lending Push: WSJ
Goldman Sachs Group Inc. said a big chunk of its consumer lending business lost slightly more than $3 billion since 2020, revealing for the first time the costly toll of the Wall Street giant’s Main Street push. Ahead of fourth-quarter earnings, scheduled to publish next week, Goldman released financial information that reflects its new reporting structure.
BlackRock Profit Falls 23%: WSJ
The money-management firm’s assets under management increased to $8.6 trillion after three quarters of declines.
Global PC shipments fell 28.5% y/y in Q4, marking largest quarterly decline since Gartner began tracking market in mid-1990s.
— Jonesy (@HedgeyeDJ) January 12, 2023