Wells Fargo CFO on the environment for the IPOs
About Michael Santomassimo
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.