WFCNP - Wells Fargo & Company (WFC) Bernstein's 40th Annual Strategic Decisions Conference (Transcript)
2024-05-29 11:17:06 ET
Wells Fargo & Company (WFC)
Bernstein's 40th Annual Strategic Decisions Conference Call
May 29, 2024, 08:00 AM ET
Company Participants
Charlie Scharf - Chief Executive Officer
Conference Call Participants
John McDonald - Bernstein
Presentation
John McDonald
Okay, great. Welcome, everyone, to the Strategic Decisions Conference. Very happy to have everyone here and happy to have Charlie Scharf from Wells Fargo back with us again this year. Charlie, thanks for joining.
Charlie Scharf
It's great to be here, John. Thanks for having us.
Question-and-Answer Session
Q - John McDonald
So, to start with, we'd start off talking about deposits, loans, a little bit of NII. So, obviously, it seems like higher rates are going to be here for longer than most of us anticipated at the beginning of the year. How do you think that's going to impact trends on the deposit side, not just pricing, but mix shift and overall customer behavior?
Charlie Scharf
Sure. I mean, as you know, listen, we've been in this environment of rising rates and now the thought of higher longer for some time. And so, we've seen a lot of movement, a lot of migration. As we've talked about a little bit, there is clearly some moderation as those who are most active rate seekers have been doing that for a while. But we would expect some of that to continue as people continue to see the opportunities to move rates -- move their money to higher-rate products.
We're focused on building true operational deposits, whether it's on the corporate side or on the consumer side. And so, we've got this period of time where rates higher for longer will persist and rates will come down and that will have the movement. The issue for us over a period of time is we're doing all the things that we can to build the core deposits, which is the real value of the franchise. And so, we can talk more about the things we're doing in the consumer bank, but that's what's going to drive deposit balances over the longer term for sure....
Wells Fargo & Company (WFC) Bernstein's 40th Annual Strategic Decisions Conference (Transcript)