Wells Fargo (NYSE:WFC) Chief Financial Officer Mike Santomassimo said the lender still expects to post full-year 2025 net interest income roughly in line with 2024’s $47.7B, which compares with the $47.8B Visible Alpha estimate.
The maintained guide was previously lowered from a ~1%-3% expected increase, driven by lower NII in Wells Fargo’s (NYSE:WFC) markets business.
The lender’s trading arm is set to become a greater contributor to overall NII, and lower interest rates will also prove beneficial, Santomassimo noted at an investor conference
Also holding steady is deposit levels and mix, he said. “We’re not seeing big changes in trend there at all. “We’re not pricing pressure on the consumer side.”
Despite renewed fears of an economic downturn, “we are seeing activity levels still to be quite strong and credit performance to still be quite good on the consumer side,” Santomassimo said.
Wells Fargo (WFC) is no longer bound by the $1.95T asset cap the Federal Reserve imposed year ago, freeing the bank to expand again, the finance chief said.
With the restriction gone, the bank is turning its attention away from regulatory cleanup and toward building out its investment banking and wealth management businesses, he added.
WFC shares gained 2.7% in late morning trading, hovering near intraday highs.