Wells Fargo Chief Financial Officer Mike Santomassimo speaks with Bloomberg&#x27;s Romaine Bostick and Katie Greifeld about beating second quarter estimates. Santomassimo says the pipelines are quite healthy and you&#x27;re seeing deals now that might not have been possible a couple years ago.<br>See omnystudio.com/listener for privacy information.

 Wells Fargo CFO Mike Santomassimo Talks Earnings

Bloomberg Talks

[SPEAKER_02] Audio Studios, podcasts, radio news. Let's also talk a little bit about Wells Fargo,

[SPEAKER_00] one of the big banks reporting today, taking a look at their shares actually down slightly today, even though when you take a look at non-interest income, a big recovery there. We've been following that story, that measure hitting $10.3 billion in the most recent quarter reported. That is a four year high. It's ahead of analysts' expectations, but not giving much of a lift to the stock today because the focus really seems to be around margin, that NIM measure, which is coming under some

[SPEAKER_03] pressure, Romaine. All right. Well, let's talk about that pressure. Mike Santomassimo joins us right now, the CFO over at Wells Fargo. And obviously on the surface, Mike, obviously a lot of progress in the quarter, a lot of progress over the last couple of years. But when we talk about average loan growth growing in that 12% range year over year, but net interest income only up 5%, I know you've said in the past that this is temporary, but how long should investors expect that disparity?

[SPEAKER_01] Well, thanks. Thanks for having me, Romain. And when you look at the backdrop of the quarter, it was actually a really good quarter and broad-based revenue growth across every single business. And we can sort of dig into aspects of it, but really good performance across every one of them. And on net interest income, it's progressing exactly as we thought it would, right? So our full year net interest income guidance is still $50 billion. That's where we said at the beginning of the year.

Wells Fargo CFO Mike Santomassimo Talks Earnings

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Wells Fargo CFO Mike Santomassimo Talks Earnings

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.