• Wells Fargo reported a $2.55 billion loss for the fourth quarter; it also said recently acquired Wachovia lost $11 billion during the period. [BN, WSJ]
Steve Schwarzman says it's a "wonderful time" for the industry, despite the fact his net worth has dropped by $7 billion in recent months. [BN]
Andrew Cuomo has subpoenaed former Merrill chief John Thain. [WSJ]
• Wall Street bonuses dropped 44% in 2008. [BN]
• Bank of America's board of directors is now feeling the heat. [NYT]
• It was Tim Geithner who convinced Citi to scrap plans to buy a new jet. [FT]
• Lunch with T. Boone Pickens: now up for auction on Ebay. [DB]