U.S. consumers continue to spend actively and keep up with their payments, reflecting robust 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 during a conference.
Earlier this year, the Federal Reserve lifted Wells Fargo’s seven-year $1.95-trillion asset cap, eliminating growth restrictions that had constrained the bank.
With those limitations removed, Wells Fargo is shifting its focus from regulatory compliance toward expanding market share across commercial banking, corporate investment banking, and wealth management, Santomassimo explained.
The CFO also mentioned that the bank might pursue acquisitions to strengthen its offerings in payments or other areas, while stressing that Wells Fargo will maintain strict criteria for any potential deals.
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