From: https://seekingalpha.com/article/4470462-wells-fargo-pick-competitor-instead
Summary:
- After reporting terrible results in fiscal 2020 – and clearly lagging competitors – Wells Fargo reported solid results in the third quarter of fiscal 2021.
- The company reported negative provision for credit losses in the last three quarters, which contributed also to earnings per share in a meaningful way.
- But compared to U.S. and Canadian competitors, Wells Fargo is lagging in almost every metric – revenue growth, EPS growth, average loans, or average deposits.
- And especially when also considering valuations, there is hardly a reason to invest in Wells Fargo instead of JPMorgan Chase or the leading Big Five Canadian banks.