Wells Fargo & Company (WFC) Presents at Barclays 24th Annual Global Financial Services Conference Transcript
Wells Fargo’s chief financial officer, Mike Santomassimo, joined the Barclays 24th Annual Global Financial Services Conference on September 15, 2026 at 8:15 a.m. EDT, representing the bank in a session that opened with a brief introduction from the host.
Economic Outlook and Uncertainty
The moderator opened the dialogue by noting, “Right along. Very pleased to have Wells Fargo once again at this conference. Representing the company, Mike Santomassimo, Chief Financial Officer. Mike, thanks for joining us this morning.” He then asked Santomassimo to set the stage, saying, “Maybe the best place to start, just big picture, U.S. economy has been resilient. Obviously, uncertainties. Fed, I’m told it’s going to hike tomorrow, geopolitical backdrop, who knows, AI build‑out impacting things. Just maybe just talk to how your customer base, consumer commercial is holding up in this environment. What are you watching most closely from a macro perspective as we look to the remainder of the year?”
Consumer Strength
Santomassimo responded, “Yes. No, despite all the noise that’s out there, it’s been quite good in short. And I think — when you look at the consumer side, I stopped using this word resilient because it’s just strong.” He emphasized that activity levels have remained robust for an extended period and that the bank observes weekly year‑on‑year growth in both debit and credit card spend.
Spending Patterns
He added that spending categories shift when oil or gas prices rise, but the impact is modest, accounting for roughly “3% to 5% of spend depending on who you are.” Despite these fluctuations, overall consumer expenditure stays “quite strong across the board, and it’s just not been changing really at all.” The CFO highlighted that the consistency in spending is paired with solid credit performance.
Credit Health
Santomassimo noted that debt‑to‑income ratios remain healthy across the client base, stating, “So debt‑to‑income levels are quite good overall across the client base. We’re not seeing changes in” the credit profile. This observation suggests that, even amid potential rate hikes and geopolitical uncertainty, Wells Fargo’s borrowers are maintaining manageable leverage.
Looking Ahead
The conversation concluded with the CFO indicating that the bank will continue to monitor macroeconomic signals, including the Federal Reserve’s upcoming policy decision and the evolving geopolitical landscape, while keeping an eye on AI‑driven changes that could affect both consumer and commercial segments. His remarks underscored a cautious optimism that the firm’s strong consumer spending and sound credit metrics will help navigate the remainder of the year.
Overall, the session painted a picture of a U.S. economy that, despite headline noise, is delivering steady consumer activity and healthy credit conditions for Wells Fargo’s broad customer base.
Source: seekingalpha.com · 2026-09-15