Wells Fargo CFO predicts stress amid economic slowdown

14 September 2022 78
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According to the statement from Wells Fargo & Co CFO, the company is noticing moderation in loan growth and a decline in mortgage income due to the influence of higher interest rates on consumers.

 

Mike Santomassimo said stress would arise right as the economy slows down.

 

Hopes of avoiding a recession are fading, as the U.S. Fed is not going to change its decision to increase interest rates until data shows declining consumer prices.

 

As Santomassimo noted, the Bank is currently reporting a rise in net interest income due to higher interest rates. "We still feel really comfortable about the 20% increase on a full-year basis," he added.

Although the bank has seen 5% loan growth this year, it is going through moderation from the second quarter.

 

 

Source: Reuters.com

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