These two megabanks are both in turnaround mode.

Better Buy: Wells Fargo or Citigroup?

Mortgage applications volume fell by the most in a month in the last week of January despite easing rates, according to Mortgage Bankers Association report.

Mortgage applications decreased over the last week

SAN FRANCISCO--( BUSINESS WIRE )--Wells Fargo & Company (NYSE: WFC) today updated its expected earnings release dates and conference call information for the first, second, third and fourth quarters of 2023 and announced its expected earnings release dates and conference call information for the first, second, third and fourth quarters of 2024. For each of the earnings dates below, financial results will be released at approximately 7 a.m. Eastern time, and the live conference call will be at 10 a.m. Eastern time. Confirmation of these calls, as well as details on how to listen, will be provided before the scheduled release dates.

Wells Fargo Updates 2023 Earnings Release Date Information and Announces 2024 Dates

Charles Scharf was eligible for his full target pay of $27 million but turned down a raise.

Wells Fargo Chief Made $24.5 Million Last Year

The macroeconomic environment in the banking segment is deteriorating as the number of overdue loans is growing, forcing banks to increase reserves and negatively affects their profit. In addition to the loan portfolio, financial conditions in general have had a negative impact on banks' balance sheets. Debt instruments are depreciating and there is cash outflow from funds.

Top 5 Banks Under Risk

Companies in Cramer's list include Wells Fargo, Raytheon Technologies, Delta Air Lines, J.B. Hunt and Boeing.

Jim Cramer picks his standout stocks in 4 bull market industries

Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. The Consumer Banking and Lending segment offers diversified financial products and services for consumers and small businesses. Its financial products and services include checking and savings accounts, and credit and debit cards, as well as home, auto, personal, and small business lending services. The Commercial Banking segment provides financial solutions to private, family owned, and certain public companies. Its products and services include banking and credit products across various industry sectors and municipalities, secured lending and lease products, and treasury management services. The Corporate and Investment Banking segment offers a suite of capital markets, banking, and financial products and services to corporate, commercial real estate, government, and institutional clients. Its products and services comprise corporate banking, investment banking, treasury management, commercial real estate lending and servicing, equity, and fixed income solutions, as well as sales, trading, and research capabilities services. The Wealth and Investment Management segment provides personalized wealth management, brokerage, financial planning, lending, private banking, and trust and fiduciary products and services to affluent, high-net worth, and ultra-high-net worth clients. It also operates through financial advisors. Wells Fargo & Company was founded in 1852 and is headquartered in San Francisco, California.