据 CNBC 报道，富国银行（Wells Fargo）分析师预测，随着美国税收退税季节的到来，市场将迎 来"YOLO"（及时行乐/大胆投机）行情的回归。分析师 Ohsung Kwon 指出，预计到 3 月底将有约 1500 亿美元的退税资金流入市场，这可能会提振比特币和股票等风险资产。富国银行认为，高收入消费者将 把额外的储蓄重新投入股市，从而显著增强投资意愿。该行还列出了可能在退税季跑赢大盘的股票，包 括 Robinhood 和波音等。 （来源：吴说） ...

Market Overview - Stocks showed a mixed performance with the Dow Jones Industrial Average up by about 18 basis points, NASDAQ Composite increasing by approximately 0.33%, and S&P 500 rising by 0.3% [2][4] - The Russell 2000 index also climbed into positive territory, reflecting a broader market recovery [3] - The bond market remained stable, with the 30-year T-bond yield down to 4.69% and the 10-year yield around 4.06% [3] Sector Performance - Financials led the large-cap sectors, with notable gains from JP Morgan (up 1.5%), Goldman Sachs, and American Express [4][8] - The technology sector saw mixed results, with Nvidia up nearly 2% and Apple rebounding by 3.76%, while Tesla and other mega-cap tech stocks faced declines [5][6] - Defensive sectors like staples, energy, and materials experienced losses of over 1% [4] Investment Sentiment - Investor sentiment is characterized as cautious, with a significant sector rotation observed from software to hardware and safer areas like materials and energy [10][11] - Small and mid-cap stocks are expected to show greater earnings growth compared to large caps, driven by AI infrastructure and other growth areas [18] BHP Financial Results - BHP reported a 22% increase in first-half profit, with copper now accounting for over 50% of its core earnings, indicating a strategic pivot towards copper production [33][34] - The company plans to increase copper production guidance for this year and next, capitalizing on strong copper prices [36] - BHP's operational performance remains robust, with record production and shipment in iron ore alongside copper growth [36][45] Copper Market Dynamics - The demand for copper is expected to grow significantly, driven by energy transition and digitization, with projections of a 70% increase over the next 25 years [38] - Supply challenges are anticipated due to lower grades and the complexity of new projects, enhancing the demand-supply dynamics for copper [39] Gold and Byproducts - BHP's copper deposits also yield significant byproducts, including gold, which contributed around $2 billion to earnings in the last half [41] - The company is actively seeking to unlock additional value from its portfolio, including a recent $4.3 billion silver stream agreement [42] Iron Ore Negotiations - BHP is engaged in tough negotiations with China's state-owned iron ore buyer but has managed to maintain strong production and price realization [45]

Compensation Overview - The CEOs of the six largest banks on Wall Street all received total compensation exceeding $40 million in 2025, with a collective pay increase of $45.3 million to reach $258 million [1][2] - The majority of the compensation increase was attributed to stock-linked incentives rather than cash [2] Individual CEO Compensation - Morgan Stanley's CEO Ted Pick experienced the largest pay increase of 32%, bringing his total compensation to $45 million, making him the second-highest paid CEO after Goldman Sachs' David Solomon [3] - Wells Fargo's CEO Charles Scharf saw a 28% increase in compensation to $40 million, the lowest among his peers [4] - Citigroup's Jane Fraser's pay rose by 22% to $42 million, while Goldman Sachs' David Solomon's compensation increased by 21% to $47 million [6] Market Performance - Big bank stocks performed well in 2025, with increases ranging from 24% to 64%, primarily driven by rising revenues from Wall Street divisions and regulatory easing under the Trump administration [5] - The optimism for 2026 remains high among bankers regarding dealmaking, lending, and trading, despite concerns over the impact of artificial intelligence on financial services [7] Investment Banking Revenue - Investment banking revenue is currently strong, with figures reaching 70% of last year's total for the first quarter, indicating a healthy pace of activity [8]

美联储负责监管的副主席米歇尔·鲍曼概述了多项提议，包括放宽对抵押贷款服务资产的资本处理方 式，以及将贷款风险权重与贷款价值比挂钩。此举可能有利于摩根大通 （JPM） 和富国银行 （WFC） 等银行，同时给Rocket （RKT） 等非银行机构带来压力。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：张俊 SF065 美联储负责监管的副主席米歇尔·鲍曼概述了多项提议，包括放宽对抵押贷款服务资产的资本处理方 式，以及将贷款风险权重与贷款价值比挂钩。此举可能有利于摩根大通 （JPM） 和富国银行 （WFC） 等银行，同时给Rocket （RKT） 等非银行机构带来压力。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：张俊 SF065 ...

This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Bank of America agreed to pay CEO Brian Moynihan $41 million for 2025, the bank disclosed Friday. With that, a perhaps surprising trend has emerged among the six largest U.S.-based global systemically important banks: The longer a CEO has served, the lower his or her raise was in 2025, generally. Jamie Dimon, who has led JPMorgan Chase since 2006, received a 10.3% ...

Core Viewpoint - Wells Fargo has been upgraded to a Neutral rating by Baird, despite maintaining the target price at $85, as the recent stock selloff has improved its risk/reward profile [1] Financial Performance - In Q4 2025, Wells Fargo reported a 5.6% year-over-year growth in net income to $5.4 billion, up from $5.1 billion [2] - Earnings per diluted share increased by 13.3% year-over-year to $1.62, compared to $1.43 [2] - The bank's return on average equity improved by 52 basis points year-over-year to 12.3%, up from 11.7% [2] Revenue Drivers - The earnings growth was primarily driven by a 4.2% year-over-year increase in net interest income (NII) to $12.3 billion, up from $11.8 billion [3] - Loan growth was significant, with total loans increasing by 8% year-over-year to $986.2 billion, supported by a 12% increase in commercial loans to $599.9 billion [3] - Consumer loans grew only 2% year-over-year to $386.3 billion, indicating a disparity in loan growth across segments [3] Interest Margins - Net interest margins (NIM) fell by 10 basis points year-over-year to 2.60%, down from 2.70% [4] - The effective funding cost improved by 21 basis points year-over-year to 2.22%, while the earning asset yield declined by 27 basis points to 4.75% [4] Future Outlook - For 2026, management anticipates a 5.2% year-over-year growth in net interest income to $50 billion, driven by mid-single-digit loan and deposit growth [5] - The bank expects two to three rate cuts from the US Federal Reserve, which may have a slight negative impact on net interest income [5] Company Overview - Wells Fargo is a leading financial services company providing diversified banking services across various segments, including Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management [6]

Financial Performance - The company has set a financial target for 2026, with net interest income expected to be approximately $50 billion, slightly below market expectations of $50.2 billion, and expenses projected at around $55.7 billion [1] - The achievement of these targets will be closely monitored, particularly in light of net interest margin expansion and loan growth [1] Business Developments - The company plans to continue expanding its investment banking operations to increase market share, with its global M&A ranking improving from 17th in 2024 to 8th in 2025, marking its first entry into the top ten [1] - This business progress may positively impact fee income growth [1] Cost Management - The company is implementing cost-cutting measures through layoffs, branch optimization, and the application of artificial intelligence, aiming for significant expense savings [1] - By the end of 2025, the workforce is expected to be reduced to approximately 205,000 employees, with an efficiency ratio projected to improve to just over 60% [1] Regulatory Environment - In June 2025, the Federal Reserve lifted asset cap restrictions, allowing the company to expand its balance sheet and business scope, which could drive net interest income and cross-business growth [2] Executive Changes - In January 2026, the company appointed Danny McCarthy as the head of credit sales and trading to strengthen its capital markets business, which may influence business execution [3] Market Sentiment - Citigroup assigned a "neutral" rating to the company in January 2026, with a target price of $90, indicating that the valuation reflects some mid-term goals and suggesting investors remain cautious [4] - Recent stock price fluctuations, such as a 3.22% drop to $88.95 on February 11, 2026, are also noted as a point of concern [4]

Executive Compensation - Top U.S. bank executives are receiving their highest payouts since before the 2008 financial crisis, with several leaders joining the "40 million club" [2][9] - Goldman Sachs Group Inc. (GS) CEO David Solomon leads with a $47 million compensation package for 2025, a 20.5% increase from the previous year [2] - Other major institutions have also increased CEO pay, with Citigroup Inc. (C) raising Jane Fraser's pay by 22% to $42 million, Morgan Stanley (MS) CEO Ted Pick's compensation jumping 31% to $45 million, JPMorgan Chase (JPM) leader Jamie Dimon receiving $43 million, and Wells Fargo (WFC) CEO Charlie Scharf reaching $40 million [3][9] Market Outlook - Analysts at JPMorgan Chase (JPM) believe a weaker U.S. dollar will act as a catalyst for stocks, projecting a decline of approximately 3% through mid-2026 [4] - The broader market remains resilient, with the S&P 500 surpassing the 7,000 level, supported by underlying economic growth momentum and expected Federal Reserve easing [5][9] U.S. Government Actions - U.S. agencies are shifting tactics to assist Iranian civilians in evading government censorship, purchasing nearly 7,000 Starlink terminals and covertly transferring about 6,000 units into Iran [6][7][9] - This hardware-focused approach comes amid challenges in funding VPN software for millions of users, with concerns that inconsistent federal funding could lead to critical VPN services going offline [7]

Market Overview - The US stock market experienced a significant decline, with the Dow Jones Industrial Average dropping 669.42 points (1.34%) to close at 49,451.98 points, the Nasdaq Composite falling 469.32 points (2.03%) to 22,597.15 points, and the S&P 500 decreasing by 108.71 points (1.57%) to 6,832.76 points [1][2][3] Market Sentiment - Over 4,100 stocks declined, indicating widespread market panic as investors rushed to sell assets, particularly in the tech and growth sectors. The VIX index surged, reflecting heightened risk aversion [2][3] Sector Performance - The sell-off affected nearly all sectors, with notable declines in precious metals and semiconductor stocks. The precious metals sector saw significant drops, with gold futures down 3.08% and silver futures plummeting 10.62% [4][5][6][8] - The Philadelphia Semiconductor Index fell by 2.5%, with individual stocks like AEHR Test Systems down 17.58% and Intel down over 3% [8][10] Major Companies - Apple Inc. experienced a substantial drop of 5.00%, resulting in a market cap loss of over $120 billion, attributed partly to regulatory concerns [12] - Other major tech companies also faced declines, with Tesla down 1.62%, Amazon down 2.20%, and Meta Platforms down nearly 3% [12] Financial Sector - Bank stocks fell across the board, with JPMorgan Chase down over 2%, Goldman Sachs down over 4%, and Citigroup down over 5%, driven by concerns over AI disrupting traditional wealth management [13][14] Economic Indicators - Recent economic data, including a drop in initial jobless claims and lower-than-expected existing home sales, contributed to market anxiety about potential economic overheating and prolonged high interest rates [24][25][26] Global Market Impact - The sell-off in the US markets had a ripple effect on global markets, with European indices also closing lower after initially opening higher, indicating a widespread sentiment of fear [18][19][20] AI Concerns - The market's decline was exacerbated by fears regarding the disruptive impact of AI technologies on various industries, leading to significant stock price drops in sectors perceived to be at risk [21][22][30] Storage Chip Sector - In contrast to the overall market trend, storage chip stocks saw gains, with companies like SanDisk and Seagate Technology rising significantly, reflecting a belief that AI's growth will increase demand for data storage [29]

Core Viewpoint - Wells Fargo's recent earnings report shows mixed results, with adjusted earnings per share surpassing estimates but revenues falling short, indicating potential challenges ahead for the company [2][4]. Financial Performance - Fourth-quarter 2025 adjusted earnings per share were $1.76, exceeding the Zacks Consensus Estimate of $1.66, and up from $1.42 in the prior-year quarter [2]. - Net income on a GAAP basis was $5.36 billion, a 6% increase from the prior-year quarter, while total revenues were $21.29 billion, missing estimates and increasing 4.5% year over year [3][4]. - For 2025, total revenues reached $83.69 billion, which also missed estimates but represented a 2% year-over-year increase [4]. Income and Expenses - Net interest income (NII) was $12.33 billion, up 4% year over year, driven by higher loan and investment securities balances [5]. - Non-interest income grew 5% year over year to $8.96 billion, benefiting from higher asset-based fees and the absence of prior losses [6]. - Non-interest expenses decreased by 1% year over year to $13.72 billion, reflecting cost-cutting measures and efficiency initiatives [7]. Loan and Deposit Growth - Total average loans were $955.8 billion, a 3% sequential increase, while total average deposits rose to $1.37 trillion, also up 3% sequentially [8]. Credit Quality - The provision for credit losses was $1.04 billion, down 5% from the prior-year quarter, with net loan charge-offs at 0.43% of average loans, down from 0.53% [10]. - Non-performing assets increased by 7.1% year over year to $8.5 billion, indicating some deterioration in credit quality [10]. Capital and Profitability Ratios - The Tier 1 common equity ratio was 10.6%, down from 11.1% in the previous year [11]. - Return on assets was 1.02%, slightly down from 1.05% a year ago, while return on equity increased to 12.3% from 11.7% [12]. Future Outlook - For 2026, Wells Fargo expects NII to be approximately $50 billion, supported by balance-sheet growth and favorable loan and deposit mix [13]. - Non-interest expenses for 2026 are projected to be around $55.7 billion, influenced by higher compensation and technology investments [13]. - Recent estimates for the stock have shown an upward trend, with a Zacks Rank of 3 (Hold), suggesting an in-line return expected in the coming months [14][16].