Wells Fargo CFO sees stronger economy, upgrades loan growth outlook
Mike Santomassimo says net interest margin could beat guidance this quarter and full-year loan growth should top earlier targets
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Chart: WFC, one-minute prices, three sessions
Wells Fargo's chief financial officer, Mike Santomassimo, said the US economy is holding up well and the bank now expects loan growth in 2026 to come in better than it had guided.
Santomassimo said net interest margin could also beat guidance in the third quarter. He added that delinquency trends have shown no change, a sign that credit quality across the bank's loan book remains stable.
He said middle-market customers continue to act cautiously, even as broader economic activity stays firm. Santomassimo said the bank expects conditions to stay healthy through the rest of this year and into early next year.
The comments point to earnings that could come in ahead of Wells Fargo's own targets, with steadier margins and stronger lending volumes than previously flagged. That upside sits alongside continued caution from middle-market borrowers, a reminder that the recovery is not even across the bank's customer base.