Senior EVP & CFO, Wells Fargo
Search every verified Michael Santomassimo interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Michael Santomassimo, Wells Fargo's CFO, has described the bank's underlying performance in 2025 as "quite good" in a January 2026 interview, citing growth in credit card accounts, commercial loans, auto loans, and investment banking fees following the removal of the asset cap. He stated that the company is focused on "constant execution over a long period of time" to grow its franchises. In earlier appearances throughout 2024 and 2025, Santomassimo noted that the bank was "near the trough" on net interest income and that the consumer and commercial customers were entering an uncertain economic environment in "really good shape." He attributed a reduction in net interest income guidance in mid-2025 to higher activity in the markets business, which was offset by fee income, and said the change was "not a big change relative to how much revenue we expect to earn." Santomassimo has also discussed the bank's progress on regulatory issues, stating in 2024 that finishing that work was the "top priority" and that a consent order related to sales practices had been terminated. He has emphasized that the bank is not "chasing growth by taking more risk" and that loan growth has been weaker than expected, with the company maintaining consistent underwriting standards. Regarding commercial real estate, he said in 2023 that the story would "play out over an extended time period" and that the bank had increased its allowance for credit losses in that business.
“We are often asked about the timing of achieving this goal and I know you all understand that interest rates, markets, and credit impact us and are hard to predict, making it difficult to give a definitive answer. But assuming favorable conditions continue to exist, we remain confident that our favorable trends will al...”
“Well, strong environments like this don't last forever, and we see large amounts of capital being deployed by both banks and non-banks across a broad range of risk assets. Often when times like this continue, leverage and risks develop that are sometimes hard to see.”
“We expect modest net interest margin compression in the third quarter, broadly in line second quarter's decline from the first quarter before stabilizing in the fourth quarter.”
“We are maintaining our guidance of 50 billion plus or minus of net interest income for the full year. And similar to last year, we expect stronger growth in the second half the year compared to the first half.”
“We expect modest net interest margin compression in the third quarter, broadly in line second quarter's decline from the first quarter before stabilizing in the fourth quarter.”
“We are maintaining our guidance of 50 billion plus or minus of net interest income for the full year. And similar to last year, we expect stronger growth in the second half the year compared to the first half. We still expect net interest income excluding markets to be approximately 48 billion for the full year.”
“I think there's definitely good momentum across the investment banking business, and IPOs and equity capital markets is one of them. The sentiment around IPOs can come and go pretty quickly, but you've certainly seen some momentum given some of the performance of some of the IPOs that have come out most recently.”
“As the market continues to do well and volatility in the equity markets is pretty much under control, those are good conditions for people to come to the market through an IPO. Hopefully that'll stay the case, but as we know, sometimes that can change pretty quickly.”
“If you look at the quarter again, it was a good quarter in the sense of showing more progress on a lot of the investments we're making. You saw revenue growth in the quarter, good expense control, stock buybacks returning more capital to shareholders, an increase in the dividend, and good credit performance. By and lar...”
“We brought net interest income down a little bit from what we talked about in April and largely offset it in fees, because we're seeing more activity in places like commodities and rates in some of our markets businesses than what we had assumed.”
“When you look at what's happening with rates and the change in rates year to date and the change in expectations that we've seen, that really hasn't impacted net interest income much at all. The underlying trends driving net interest income are pretty stable.”
“We're starting to see a little bit of loan growth, maybe not as much as everyone hopes, but we're starting to see it. Deposit trends have been pretty stable, and deposit costs came down in the quarter again versus the first quarter.”
“In the consumer side of the portfolio, we're still seeing mortgages come down just a little bit quarter on quarter. We expect to see some growth in the credit card business as we go into the second half of the year, some of that just seasonal patterns that happen every year.”
“We did see a little bit of growth in our auto portfolio as well in the quarter, so hopefully that will continue as we look in the next couple of quarters.”
“On the commercial side is where we saw the more meaningful growth in the quarter. It was pretty widespread across our corporate investment banking clients this quarter, which is good. It wasn't over concentrated in one area.”
Wells Fargo & Company Q2 2026 Earnings Conference Call. Twitter - https://x.com/i101yt If you find our work useful, please ...
Wells Fargo Chief Financial Officer Mike Santomassimo speaks with Bloomberg's Romaine Bostick and Katie Greifeld about beating second quarter estimates. Santomassimo says the pipelines are quite healthy and you're seeing deals now that might not have been possible a couple years ago. See omnystudio.com/listener (https://omnystudio.com/listener) for privacy information. Bloomberg Talks curates top interviews from around Bloomberg News. Hear conversations with the biggest names in finance, politics and entertainment. On Bloomberg Talks, we round up interviews with Fortune 500 CEOs, government…
07/14/2026 Q&A: 29:42 Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. The company's financial products and services includes checking and savings accounts, and credit and debit cards, as well as home, auto, personal, and small business lending services. It also provides personalized we…
Wells Fargo CFO Mike Santomassimo discusses the bank's second-quarter earnings and the outlook for M&A on "Bloomberg The Close." -------- More on Bloomberg Television and Markets Like this video? Subscribe and turn on notifications so you don't miss any videos from Bloomberg Markets & Finance: https://tinyurl.com/ysu5b8a9 Visit http://www.bloomberg.com for business news & analysis, up-to-the-minute market data, features, profiles and more. Connect with Bloomberg Television on: X: / bloombergtv Facebook: / bloombergtelevision Instagram: / bloombergtv Connect with B…
Michael Santomassimo, Wells Fargo CFO, joins 'Money Movers' to discuss the bank's earnings, growth areas, and more.
Wells Fargo CFO Michael Santomassimo said Tuesday there's "good momentum across the investment banking business," ...
Michael Santomassimo, Wells Fargo CFO, joins 'Money Movers' to discuss the company's earnings, the change in interest rates ...Joining us here straight off the earnings call and first on CNBC, Wells Fargo CFO Michael Santomassimo. Mike, it's great to have ...
Wells Fargo CFO Michael Santomassimo said Tuesday that the company delivered a solid quarter marked by revenue growth, ...
Aired Sep 10, 2024 7:28 AM EDT Wells Fargo & Company, a financial services company, provides diversified banking, investment ...
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