2024-06-11 10:31:07 ET
Wells Fargo & Company (WFC)
US Financials, Payments & CRE Conference
June 11, 2024 08:00 AM ET
Company Participants
Michael Santomassimo - CFO
Conference Call Participants
Presentation
Unidentified Analyst
All right, we are ready to kick-off on day two, at least, I'm ready to kick-off. I know there was a session before me. We are delighted to have with us today, Mike Santomassimo, Chief Financial Officer of Wells Fargo. Mike, so thankful that you were able to come back to our conference this year.
Michael Santomassimo
Yeah. Thanks for having me.
Unidentified Analyst
All right. My pleasure. The way we see it, there's three main levers for EPS. One is that you are an asset-sensitive beneficiary. So, higher for longer, I would think is good. You've got expense ratio improvement on the horizon and capital deployment opportunities. So, I did want to tick through those three key themes and then get into some more details.
Michael Santomassimo
Great.
Question-and-Answer Session
Q - Unidentified Analyst
So, let's talk a little bit about higher for longer. I know today is Fed Day, very exciting. Another day, another new rate curve, and I guess the question we had is, how are you thinking about your NII outlook of down 7% to 9% year-on-year now that the forward curve has only one rate cut in 2024?
Michael Santomassimo
Yeah. So again, thanks for having us, always good to come and talk to everybody. Look, I think rates obviously have been pretty -- the expectations around rates have been pretty volatile now for, I don't know, I feel like I keep saying that year-after-year, but -- and so, in isolation, obviously, rates staying higher for longer is positive, but there are a whole lot of other factors you need to think about as you look at the overall picture for NII....
Read the full article on Seeking Alpha
For further details see:
Wells Fargo & Company (WFC) US Financials, Payments & CRE Conference (Transcript)