Latest news with #MikeSantomassimo
Yahoo
15-07-2025
- Business
- Yahoo
Wells Fargo CFO Says Consumers, Businesses in Good Shape
Wells Fargo CFO Mike Santomassimo discusses the bank's second-quarter earnings report and lowered full-year forecast for net interest income on "Bloomberg The Close." Sign in to access your portfolio
Yahoo
14-06-2025
- Business
- Yahoo
Wells Fargo & Company (WFC) Warns of Soft or Falling Consumer Loan Growth this Year
Wells Fargo & Company (NYSE:WFC) is one of the best Goldman Sachs bank stocks. On June 10, Wells Fargo Chief Financial Officer Mike Santomassimo commented that the American consumer loan growth will potentially be tepid for the rest of 2025 and could likely decline. On the commercial side, growth is harder to forecast due to ongoing uncertainty around US tariffs. This comes shortly after the Federal Reserve lifted a $1.95 trillion asset cap that had restricted WFC for seven years following its fake accounts scandal. With that cap now removed, CEO Charlie Scharf says Wells Fargo is focused on expanding across credit cards, investment banking, and wealth management. Industry leaders like JPMorgan's Jamie Dimon praised WFC's progress and called the lengthy penalty 'grossly unfair'. Rob Wilson / Santomassimo added that investment banking is starting to pick up, with the firm now landing deals it would not have been part of before. Even though dealmaking has been slow amid economic uncertainty, banks remain optimistic. Wells Fargo & Company (NYSE:WFC) is a US financial services company providing banking, lending, investment, and wealth management services. While we acknowledge the potential of WFC as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and . Disclosure. None. Sign in to access your portfolio
Yahoo
14-06-2025
- Business
- Yahoo
Wells Fargo & Company (WFC) Warns of Soft or Falling Consumer Loan Growth this Year
Wells Fargo & Company (NYSE:WFC) is one of the best Goldman Sachs bank stocks. On June 10, Wells Fargo Chief Financial Officer Mike Santomassimo commented that the American consumer loan growth will potentially be tepid for the rest of 2025 and could likely decline. On the commercial side, growth is harder to forecast due to ongoing uncertainty around US tariffs. This comes shortly after the Federal Reserve lifted a $1.95 trillion asset cap that had restricted WFC for seven years following its fake accounts scandal. With that cap now removed, CEO Charlie Scharf says Wells Fargo is focused on expanding across credit cards, investment banking, and wealth management. Industry leaders like JPMorgan's Jamie Dimon praised WFC's progress and called the lengthy penalty 'grossly unfair'. Rob Wilson / Santomassimo added that investment banking is starting to pick up, with the firm now landing deals it would not have been part of before. Even though dealmaking has been slow amid economic uncertainty, banks remain optimistic. Wells Fargo & Company (NYSE:WFC) is a US financial services company providing banking, lending, investment, and wealth management services. While we acknowledge the potential of WFC as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and . Disclosure. None.
Yahoo
11-06-2025
- Business
- Yahoo
Wells Fargo CFO says trading to be bigger driver of NII
Wells Fargo (WFC) CFO Mike Santomassimo, at the Morgan Stanley US Financials, Payments & CRE Conference 2025, says it is 'hard to get too excited' on loan growth changes. The CFO says the bank is not seeing any deterioration in the consumer portfolios and wouldn't expect too much commercial loan growth for the rest of the year. The executive adds that Wells is seeing a lot of green shoots in the deal business. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See Insiders' Hot Stocks on TipRanks >> Read More on WFC: Disclaimer & DisclosureReport an Issue Wells Fargo management to meet virtually with Truist Wells Fargo Predicts Double-Digit Upside for Shopify Stock Wells Fargo considering using balance sheet for direct lending, WSJ reports Senator Warren calls lifting Wells Fargo asset cap 'grave mistake' Trump says Fed 'must now' lower rates after ADP payrolls report: Morning Buzz
Reuters
10-06-2025
- Business
- Reuters
Wells Fargo says consumer loan growth to stay muted or drop this year
NEW YORK, June 10 (Reuters) - Wells Fargo's (WFC.N), opens new tab Chief Financial Officer Mike Santomassimo said consumer loan growth is likely to remain muted for the rest of the year and could potentially slide. "I wouldn't expect large growth on the consumer side in any way, potentially even a net decline," Santomassimo told investors at a conference on Tuesday. It was a bit more difficult to predict growth in commercial loans, given uncertainty over U.S. tariff policies. The CFO spoke days after the Federal Reserve released Wells Fargo from a seven-year, $1.95 trillion cap on its assets imposed as a punishment in the wake of the bank's fake accounts scandal. The lender plans to focus on growing most of its businesses, including credit cards, investment banking, wealth management and commercial banking, CEO Charlie Scharf told Reuters in an interview last week. It is also seeing signs of improvement in dealmaking, Santomassimo said. "We are starting to see a little bit of share growth" in investment banking, he said. "We are certainly seeing lots of green shoots in terms of deals that we just wouldn't have been a part of earlier." Dealmaking has slowed this year as U.S. President Donald Trump's tariff and fiscal policies roiled markets, fueling economic uncertainty. Still, bank executives have expressed optimism about a resurgence. Citigroup's (C.N), opens new tab head of banking Vis Raghavan told the same conference that discussions for mergers and acquisitions continue to be "super active."
