UPDATE: Wells Fargo Posts Higher Q4 Profit

Wells Fargo & Co WFC reported a 10% rise in its fourth-quarter profit. Wells Fargo's quarterly profit surged to $5.6 billion, or $1.00 per share. Its revenue dropped to $20.7 billion versus $21.9 billion. However, analysts were estimating earnings of $0.98 per share on revenue of $20.69 billion. Wells Fargo's residential mortgage originations declined to $50 billion, from $80 billion in the third quarter of 2013. Wells Fargo shares fell 0.29% to $45.43 in pre-market trading.