Bank on JPMorgan, Not Wells – Wall Street Journal

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Fourth-quarter results for two of America’s largest banks highlight JPMorgan Chase’s resilience and Wells Fargo’s continued befuddlement.

One-time accounting adjustments due to the new tax law obscured the picture somewhat. JPMorgan took a $2.4 billion write-down, while Wells Fargo booked a one-time $3.4 billion tax gain. But it isn’t hard to look past these one-off items to underlying business trends, which were mostly positive at JPMorgan but not at Wells.

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