Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 1, 2023.
Brendan Mcdermid | Reuters
Earnings from America’s biggest banks are in, and they were messy.
Investors had to look past billions of dollars in special payments to replenish the government’s deposit backstop after the fallout from last year’s Silicon Valley Bank failure. Management teams were also trying to forecast the moving target of how many Federal Reserve interest rate cuts to expect this year.
Here’s how our financial names, Morgan Stanley and Wells Fargo, stacked up against their peers.