Forward look: Wells Fargo is projecting $50 billion in 2026 net interest income, a 5% increase over the 2025 result. Expert quote: “The cash flow, the spending levels, the credit performance has all been quite good so far.” — Chief Financial Officer Mike Santomassimo, commenting on Wells’ consumer results Supporting data: Wells’ total assets reached […]
Strong consumer results push Wells Fargo profits higher Read More »
Key Insight: Wells Fargo has tapped its head of consumer and small-business banking, Saul Van Beurden, to lead its expanding efforts in artificial intelligence. Supporting Data: Just in the past year, Wells Fargo has trained over 90,000 employees to use new AI tools, according to CEO Charlie Scharf. Expert Quote: The new appointment is “a
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Bottom line: Wells Fargo’s third quarter profit jumped 9%, eclipsing analysts’ expectations by a wide margin. Expert quote: “Wages have kept up with inflation for many folks, and we continue to see unemployment be quite low historically,” Chief Financial Officer Mike Santomassimo said. Forward look: Wells Fargo increased its target for return on tangible common
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`UPDATE: This story now includes commentary from Wells Fargo executives and analysts. The regulatory shackles are off at Wells Fargo, but that new reality doesn’t necessarily mean that rapid growth is in the offing. Though the bank’s assets climbed above their longtime $1.95 trillion limit during the second quarter, Wells continues to be constrained by
Wells Fargo’s asset cap is gone, but loan demand stays tepid Read More »
A plaintiff in California is claiming that Xactus and Equifax did not conduct a “reasonable” investigation into claims of identity theft, which harmed her credit and violated the Fair Credit Reporting Act. The suit was filed in late May in the Superior Court of San Bernardino County, California, by plaintiff Junnan Guo, who is representing
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Regulators decision to lift Wells Fargo’s asset cap after seven years leaves the San Francisco-based bank better positioned for growth but won’t result in significant near-term gains, CFO Michael Santomassimo said.Eric Thayer/Bloomberg Wells Fargo has more flexibility, and its bankers can go about their business in a more “front-footed” fashion, now the Federal Reserve has
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This story has been updated with an analyst’s comments. Wells Fargo has finally broken free from the regulatory shackles that have constricted its growth for more than seven years. The Federal Reserve announced Tuesday that it has lifted the $1.95 trillion asset cap it imposed on Wells in 2018. The cap’s termination is a watershed
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A North Carolina resident claims Wells Fargo denied her government-mandated COVID-19 loss mitigation options, which resulted in the forced short-sale of her house.The plaintiff, Marian Elgin, lost her job in 2020 due to the pandemic and applied for CARES Act forbearance, but was denied by the bank, litigation filed in a federal court in California
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