U.S. consumers are showing robust financial health, with increased spending and consistent bill payments, according to Wells Fargo Chief Financial Officer Mike Santomassimo.
Speaking at an investor conference , Santomassimo highlighted the resilience of consumer activity, stating, “Despite what you may read in terms of softening, we are seeing activity levels still to be quite strong and credit performance to still be quite good on the consumer side.”
In a significant development for the bank, the Federal Reserve lifted Wells Fargo’s $1.95-trillion asset cap earlier this year, ending a seven-year restriction that had constrained the bank’s growth.
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With this limitation removed, Wells Fargo is now shifting its focus from regulatory compliance to expanding its presence in key sectors, including commercial banking, corporate investment banking, and wealth management services, Santomassimo said.
The CFO also signaled the bank’s openness to strategic acquisitions to bolster its capabilities, particularly in payments and other product areas. However, he stressed that Wells Fargo would maintain a high bar for any potential deals, ensuring they align with the bank’s long-term goals.
