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Charlie Scharf didn’t really want to run Wells Fargo. He wanted to run JPMorgan Chase. (In fairness, who does, and who wouldn’t?) But, having found himself in the former situation rather than the latter, he decided to turn the former into the latter. And just look how far he’s come:

The San Francisco-based bank said Friday that it made $5.75 billion in the fourth quarter, up from $3.09 billion a year earlier. Per-share profit totaled $1.38, above analyst estimates of $1.11…. The year-ago results were hurt by a restructuring charge and charges tied to customer remediation for its fake-accounts scandal.

See? Just stop shooting yourself in the foot or whatever other body part isn’t already pouring blood or turning gangrenous (at least, most of the time), and who wouldn’t want to run Wells Fargo?

Well, actually, Jamie Dimon, now that you mention it.

Fourth-quarter profit fell 14% at JPMorgan Chase & Co. and 26% at Citigroup Inc., ending what had been a streak of big gains for most of 2021. Revenue didn’t budge much, but expenses rose…. “With all respect to the fact that people are suffering in Covid and all that, the fact is, in spite of Omicron, in spite of supply chains, 2021 was one of the best growth years ever,” JPMorgan Chief Executive Jamie Dimon told analysts. “And 2022 looks like it will [be] actually pretty good.”

For her part, Jane Fraser is having too much fun running Citi’s garage sale to wish she were anywhere else.

Citigroup Inc. agreed to sell its consumer-banking franchises in Indonesia, Malaysia, Thailand and Vietnam to United Overseas Bank Ltd. , advancing its strategy to exit most of its retail operations in Asia and free up resources to deploy in wealth management and in serving corporate customers…. Citigroup in December agreed to sell its consumer-banking business in the Philippines to a local lender, and earlier reached a similar deal in Australia. It has opted to wind down its operations in South Korea.

Pandemic Profits Begin to Ebb at America’s Biggest Banks [WSJ]
Wells Fargo’s Quarterly Profit Soars 86% [WSJ]
Citigroup Exits More Asian Consumer-Banking Operations With $3.7 Billion Deal [WSJ]

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