Wells Fargo’s market value has tumbled over $27B in the past year, with the bank’s market cap sinking to $253.23B from $280.66B last April.
The world’s largest commercial lender has faced headwinds from global market turmoil, which has meant over 60% cuts to profits from private equity giants to Goldman Sachs.
Wells Fargo filed a less-than-impressive 99 cent Q1 earnings per share, a 5.1% decline year-over-year, despite relatively low exposure to risky investment banking and trading businesses.
Poor earnings aren't the only trouble Wells Fargo shares with Goldman Sachs—both have recently forked over billions to the Feds for their roles in sketchy lending practices in the run-up to the financial crisis.
The bank’s troubles haven't slowed it—Wells Fargo originated a multibillion-dollar loan for Blackstone’s $5.3B Stuy Town buy, and is about to move its HQ to the largest mixed-use project in US history, Hudson Yards.
