Latest news with #Santomassimo
Yahoo
13-04-2025
- Business
- Yahoo
Risk Is Rising, Says Wells Fargo CFO
Wells Fargo CFO Mike Santomassimo says risk is rising because of President Donald Trump's tariffs and the uncertainty around his policies. But Santomassimo says consumers are still spending. The bank's first-quarter net interest income missed analyst estimates. Santomassimo speaks on "Bloomberg The Close."
Bloomberg
11-04-2025
- Business
- Bloomberg
Risk Is Rising, Says Wells Fargo CFO
Wells Fargo CFO Mike Santomassimo says risk is rising because of President Donald Trump's tariffs and the uncertainty around his policies. But Santomassimo says consumers are still spending. The bank's first-quarter net interest income missed analyst estimates. Santomassimo speaks on "Bloomberg The Close." (Source: Bloomberg)
Reuters
11-02-2025
- Business
- Reuters
Wells Fargo CFO says five consent orders are remaining
NEW YORK, Feb 11 (Reuters) - A top Wells Fargo (WFC.N), opens new tab executive said on Tuesday that the bank has five consent orders remaining to resolve issues related to its lending and sales practices, and he added the recent termination of three regulatory punishments shows that the bank has been making progress. "We're committed and we're very confident in our ability to close this out (consent orders)," Chief Financial Officer Mike Santomassimo told the UBS financial services conference in Miami. "We are working with the right sense of urgency around it." Earlier this month, the Federal Reserve said it had terminated a pair of enforcement actions imposed on the bank in 2011. These enforcement actions were related to deficient practices in mortgage servicing and foreclosures by the bank, and mortgage lending at a former subsidiary. In January, the Consumer Financial Protection Bureau closed a 2022 order against the bank over its alleged mishandling of auto loans and mortgages. The Fed had imposed an unprecedented $1.95 trillion asset cap on the lender in 2018, limiting its growth until its issues are addressed. Analysts have said the recent developments suggest the bank is on the right path to get its asset cap removed in 2025. The asset cap is seen as one of the toughest punishments U.S. regulators can put in place, and its removal requires a vote by the Fed's Board of Governors. Santomassimo also said that there is still optimism that the new Trump administration will be "pro-growth," echoing comments made by peer banks, including Goldman Sachs CEO David Solomon earlier on Tuesday. He added that the bank expects the U.S. Federal Reserve's stress testing, which impacts the regulatory capital that lenders are required to maintain, to also change in the coming months under the new administration. Wells Fargo also expects the Basel III Endgame implementation to be more constructive now, he said. "The industry still thinks we should try to finalize Basel III, I think that puts some certainty around how we should manage the balance sheet and it will be a good thing if we can get that finalized." Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.
