Investing.com — U.S. consumers are increasing their spending and maintaining timely bill payments, indicating strong financial health, Wells Fargo Chief Financial Officer Mike Santomassimo said Tuesday.
“Despite what you may read in terms of softening, we are seeing activity levels still to be quite strong and credit performance to still be quite good on the consumer side,” Santomassimo told investors at a conference.
The Federal Reserve lifted Wells Fargo’s seven-year $1.95-trillion asset cap earlier this year, removing growth limitations that had been imposed on the bank.
With these restrictions now removed, Wells Fargo is pivoting from regulatory compliance issues toward expanding its market share in commercial banking, corporate investment banking, and wealth management services, according to Santomassimo.
The CFO noted that Wells Fargo might consider acquisitions to enhance its capabilities in payments or other product areas, though he emphasized that the bank would set a high standard for such opportunities.
