(MT Newswires) -- Mike Santomassimo, Wells Fargo's chief financial officer, shares Wells Fargp's financial forecasts for the year ahead. He points to an expected contraction in net interest income (NII) of around 9% for 2024. NII is the difference between interest earned on loans and investments and interest paid to depositors or on other forms of debt. Santomassimo also commented on the dynamics of lending. After a cautious period in 2023, marked by economic uncertainty, it expects businesses to be more inclined to invest and seek credit during 2024. Finally, Wells Fargo plans to reduce its expenses by one billion dollars in 2024, in particular by reducing its workforce.

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