Wells Fargo CFO concludes media conference call

Wells Fargo CFO concludes media conference call

Wells Fargo & Co. (WFC) Chief Financial Officer Mike Santomassimo concluded a media conference call on Tuesday, July 2, 2025, following the release of the bank's second-quarter earnings report. The call provided investors and financial professionals with a detailed overview of the bank's performance and future outlook.

Santomassimo highlighted several key points during the conference call. First, he noted that Wells Fargo's net interest income (NII) for the quarter ending June 30, 2025, was $11.7 billion, matching analyst estimates. This figure represents a slight increase from the previous quarter and is in line with the bank's expectations [1]. However, the bank has revised its full-year NII guidance to reflect lower NII in its markets business, expecting 2025 NII to be roughly in line with 2024's $47.7 billion [2].

Santomassimo also discussed the bank's noninterest income, which totaled $9.11 billion for the quarter, up 4% year-over-year. This growth was driven by increased investment-banking fees, which rose by 8.6% [1]. The CFO emphasized that the bank's strong credit quality remains a key strength, with net charge-offs dropping 23% from a year earlier [1].

In response to questions about the bank's regulatory environment, Santomassimo mentioned that Wells Fargo has successfully navigated the Fed's asset cap, which was lifted in June. This regulatory relief allows the bank to expand its trading and market-making businesses, aiming to leverage these activities to drive NII [1]. The CFO also noted that the bank's capital position remains robust, with ample funds for dividends and share buybacks.

Regarding the bank's future prospects, Santomassimo expressed confidence in Wells Fargo's ability to continue growing, despite ongoing economic uncertainties. He emphasized that the bank's focus remains on expense management and investing in its core businesses, while also monitoring risks such as potential defaults and short-term funding rates.

The conference call concluded with a Q&A session, during which analysts and investors had the opportunity to ask Santomassimo about specific aspects of the bank's performance and strategy. Overall, the call provided a comprehensive overview of Wells Fargo's second-quarter results and its outlook for the remainder of 2025.

References:
[1] https://www.bloomberg.com/news/articles/2025-07-15/wells-fargo-misses-net-interest-income-estimates-cuts-guidance
[2] https://seekingalpha.com/news/4467396-wells-fargo-stock-slips-after-lower-2025-nii-guidance