Wells Fargo posted higher fourth-quarter profit compared to a year ago, helped by higher interest rates and cost-cutting. However, shares fell 1% as net interest income guidance for 2024 was lower. Revenue came in at $20.48 billion, beating estimates and up 2% year-over-year. Net income was $3.45 billion or 86 cents per share. Earnings were lowered by $1.9 billion in charges, including an FDIC assessment and severance expenses, but benefited from a $621 million tax gain. Wells Fargo stock is flat year-to-date after rising over 19% in 2023 as interest rates surged and then retreated from October highs.