What's interesting here is that the earnings disappointment is not generally from charges associated with mortgages like WFC and others (USB has a small and relatively low risk portfolio). USB's problem is that the miss is coming from increasing operating expenses. They're already the cheapest place going (poor facilities, low wages, 1% merit increases, aging technology infrastructure). Don't see any way they're going to be able to reverse this trend. They have years of deferred maintenance and expense that is coming home to roost. Oh well, they'll just have to invent some new fees to try to offset it.