Wells Fargo CFO Sees Higher Q4 Loan Growth, Strong IB Pipeline
WFC sits 20% above its 52-week low of $72.775.
Summary
On the Q2 earnings call, CFO Mike Santomassimo guided for higher year-over-year average loan growth in Q4, signaling confidence in lending momentum. CEO Charlie Scharf added that a broad product set—credit cards, investments, mortgages—should lift low-cost deposits over time. The investment banking pipeline is described as quite strong, though the market balance sheet is not expected to grow at the same pace. Revenue-related expenses in the second half are now seen somewhat higher than earlier in the year. This forward-looking color adds to the Q2 beat and $3B buyback announced today.
At the time of this announcement, WFC was trading at $87.18 on NYSE in the Finance sector, with a market capitalization of approximately $266.8B. The 52-week trading range was $72.78 to $97.76. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.