Wells Fargo & Firm (WFC) UBS Monetary Providers Convention 2026 February 10, 2026 8:50 AM EST
Firm Contributors
Michael Santomassimo – Senior EVP & CFO
Convention Name Contributors
L. Erika Penala – UBS Funding Financial institution, Analysis Division
Presentation
L. Erika Penala
UBS Funding Financial institution, Analysis Division
All proper, all people. Welcome once more again into the room. So we now have up subsequent in — an enormous day for banks, the Senior Govt Vice President and CFO of Wells Fargo, Mike Santomassimo. Mike, welcome.
Michael Santomassimo
Senior EVP & CFO
Nice. Thanks for having me.
Query-and-Reply Session
L. Erika Penala
UBS Funding Financial institution, Analysis Division
Completely. So perhaps we’ll simply kick off on the high of the home. Once more, we discover ourselves in a cross present of geopolitical uncertainty, tariff coverage, however on the similar time, it looks like corporates are feeling good to start out the yr, deregulation throughout sectors, potential for decrease charges. So perhaps let’s begin with how your client, company, institutional and wealth shoppers are contemplating these elements as they give thought to exercise ranges in ’26?
Michael Santomassimo
Senior EVP & CFO
Sure. No, look, I feel as you look in the beginning of the yr, and it is actually been a continuation of what we have seen now for plenty of quarters. Exercise ranges are actually good. Spend on the buyer aspect is up year-on-year each week, constant when it comes to the share enhance that we’re seeing. Classes transfer round on a regular basis. However total, like that spend throughout debit, credit score, very, very constant, which I feel helps this actually sturdy progress that we’re seeing total within the financial system.
Credit score efficiency remains to be excellent. We’re not seeing indicators of any systemic deterioration in any respect, throughout the buyer or the business portfolios. And so total, delinquencies are nice. Efficiency is nice. Spend is basically good. So it