"Wells Fargo's Fourth-Quarter Profit Soars on Cost Cuts and Interest Rates"

Wells Fargo's fourth-quarter profit rose, with revenue reaching $20.48 billion, slightly exceeding expectations. However, the bank warned of a potential significant decrease in net interest income for 2024. The increase in profit was attributed to higher interest rates and cost-cutting measures, but was offset by charges from an FDIC special assessment and severance expenses. The bank also reported a decline in net interest income and an increase in provisions for credit losses. CEO Charlie Scharf expressed confidence in the bank's future performance, despite sensitivity to interest rates and the U.S. economy.