Wells Fargo reboot should put smaller US banks on guard

Wall Street earnings highlight volatility’s impact, benefiting trading desks like JPMorgan and Citigroup, while Wells Fargo, heavily reliant on traditional banking, lowered its interest income target amid muted loan growth. With regulatory restrictions lifted, CEO Charlie Scharf may focus on expanding deposits and lending to enhance revenue, as investors show optimism in Wells Fargo’s stock performance.