Wells Fargo‘s fourth-quarter earnings easily topped Wall Street’s expectations but shares of the bank traded lower in premarket trading after initially moving higher.

Profits at the San Francisco-based bank were $5.75 billion, or $1.38 a share — well ahead of the $4.5 billion, or $1.11 a share, forecast by analysts surveyed by FactSet. Wells Fargo’s (ticker: WFC) revenue of $20.9 billion topped projections of $18.8 billion.

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