Wells Fargo CFO Mike Santomassimo, Speaking At Barclays 22nd Annual Global Financial Services Conference; Said Consumers And Commercial Clients Are Doing Pretty Well; Low-income Consumers Continue To Have Rising Loan Delinquencies
Portfolio Pulse from Benzinga Newsdesk
Wells Fargo's CFO, Mike Santomassimo, reported at the Barclays Global Financial Services Conference that both consumers and commercial clients are performing well. However, there is a rise in loan delinquencies among low-income consumers.
September 10, 2024 | 11:44 am
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Wells Fargo's CFO highlighted strong performance among consumers and commercial clients, but noted rising loan delinquencies among low-income consumers, which could impact the bank's credit quality and revenue.
The statement from Wells Fargo's CFO indicates a mixed outlook. While overall client performance is strong, rising delinquencies among low-income consumers could pose a risk to credit quality and future revenues. This balanced view suggests a neutral short-term impact on WFC's stock price.
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