This morning, Wells Fargo (WFC) reported fourth quarter earnings of $5.37 billion, or $1.00 per share, as provisions for credit losses declined by $363 million. In the report, the company noted that the mortgage market has slowed significantly, causing a 49% decline in mortgage income during the quarter. In its pipeline, the company has $25 billion in mortgage applications, but that is a $10 billion decline from the end of the previous quarter. On the news, shares of Wells Fargo were lower by 0.9% so far.
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