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Wells Fargo CFO says there will be stress as economy slows

09/13/2022 | 09:27am EST
FILE PHOTO: A Wells Fargo logo is seen in New York City

NEW YORK (Reuters) - Wells Fargo & Co is seeing loan growth moderating after strong growth so far this year and witnessing downward pressure on mortgage revenue as consumers feel the effect of higher interest rates, its chief financial officer said on Tuesday.

"There will be stress right as the economy slows. So that's going to come in terms of some of these portfolios, it's just so far it is weathering quite well," said Mike Santomassimo at the Barclays investor conference.

Hopes of a landing soft enough to avoid recession is waning as the US central bank remains steadfast in its decision to keep raising rates until data shows a pullback in consumer prices.

(Reporting by Saeed Azhar, Lananh Nguyen and Mehnaz Yasmin)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC -0.34% 156.28 Delayed Quote.-16.14%
STEADFAST GROUP LIMITED 1.50% 5.4 Delayed Quote.1.33%
WELLS FARGO & COMPANY -3.42% 44.38 Delayed Quote.-4.25%
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