Wells Fargo CEO Charlie Scharf expressed concerns about loan demand not being strong but highlighted the U.S. consumer's overall strength. Scharf mentioned the bank's credit quality remains very good, yet growth in trading and corporate deposits is hindered by the asset cap. He also noted that the credit card business is not yet significantly contributing to profits, and the mortgage business is a drag on the company. Scharf mentioned feeling positive about reserve levels for office real estate. The asset cap is limiting Wells Fargo's ability to expand its trading business and take on more corporate deposits, areas where growth could occur if the cap is lifted. The bank is strategically expanding in investment banking. The CEO emphasized the need for better expense management at the bank.
Wells Fargo CEO says corporate business, trading held back by asset cap https://t.co/q7zXIpas5B https://t.co/SmERm8PB2a
Wells Fargo’s CEO Wants Bank to Manage Its Expenses Better https://t.co/J9ciWYwqm9
🔵 WELLS FARGO CEO SAYS CORPORATE BUSINESS, TRADING HELD BACK BY ASSET CAP Full Story → https://t.co/TA6v17AUS9 Wells Fargo CEO Charlie Scharf said on Wednesday that the asset cap imposed on the bank by regulators is curtailing its ability to take in more corporate deposits… https://t.co/fVZMBZvWqb
Wells Fargo Chief Executive Officer Charlie Scharf said his bank is expanding in investment banking in a “very, very targeted way” https://t.co/zLjptJQUyd
$WFC | Wells Fargo CEO Charlie Scharf said that the asset cap on the bank is curtailing its ability to grow its trading business and take on more corporate deposits. Scharf added that these are areas where the bank could grow if the asset cap is lifted. The bank currently…
⚠️ WELLS FARGO CEO SAYS OUR MORTGAGE BUSINESS IS A DRAG ON THE COMPANY
⚠️ WELLS FARGO CEO SAYS WE FEEL GOOD ABOUT RESERVE LEVELS FOR OFFICE REAL ESTATE
⚠️ WELLS FARGO SAYS CREDIT QUALITY CONTINUES TO REMAIN "VERY, VERY GOOD"
⚠️ WELLS FARGO CEO SAYS WE HAVE HELD BACK OUR ABILITY TO GROW TRADING AND TAKE MORE CORPORATE DEPOSITS DUE TO THE ASSET CAP
⚠️ WELLS FARGO CEO SAYS WE SEE OURSELVES CLOSING CONSENT ORDERS, BUT NOT DECLARING VICTORY
⚠️ WELLS FARGO CEO SAYS THE BANK IS STILL A COUPLE OF YEARS AWAY FROM SAYING THAT THE CREDIT CARD BUSINESS IS MEANINGFULLY CONTRIBUTING TO ITS PROFITS
⚠️ WELLS FARGO CEO CHARLIE SCHARF SAYS LOAN DEMAND IS NOT PARTICULARLY STRONG **WELLS FARGO CEO SAYS THE U.S. CONSUMER IS GENERALLY STRONG