Bloomberg Talks Wells Fargo CFO Michael Santomassimo Talks Risks, Tariffs
Apr 11, 2025
Mike Santomassimo, CFO of Wells Fargo, provides insights into the bank's performance amidst economic challenges. He highlights the rising risks related to tariffs and economic uncertainty but notes consumer spending remains strong. The conversation touches on the bank's missed net interest income estimates and the need for clearer regulatory guidelines. Santomassimo also discusses how interest rates affect financial stability and the complexities of trade negotiations, shedding light on the impact of evolving policies.
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Consumer and Commercial Behavior
- Consumers are in good shape and continue to spend, showing resilience.
- Commercial customers are pausing to evaluate the impact of uncertainties on their businesses.
Factors Influencing Future Performance
- Wells Fargo maintained its full-year guidance despite uncertainties.
- Factors influencing future performance include deposit levels, loan growth, and the macro view on rates.
Risks and Uncertainty of Trade Policy
- There are risks associated with significant trade policy actions.
- Certainty around trade policy guardrails and timelines is needed for adaptation.