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Wells Fargo & Company (WFC) UBS Financial Services Conference 2026 February 10, 2026 8:50 AM EST
Company Participants
Michael Santomassimo – Senior EVP & CFO
Conference Call Participants
L. Erika Penala – UBS Investment Bank, Research Division
Presentation
L. Erika Penala
UBS Investment Bank, Research Division
All right, everybody. Welcome again back into the room. So we have up next in — a big day for banks, the Senior Executive Vice President and CFO of Wells Fargo, Mike Santomassimo. Mike, welcome.
Michael Santomassimo
Senior EVP & CFO
Great. Thanks for having me.
Question-and-Answer Session
L. Erika Penala
UBS Investment Bank, Research Division
Absolutely. So maybe we’ll just kick off at the top of the house. Again, we find ourselves in a cross current of geopolitical uncertainty, tariff policy, but at the same time, it feels like corporates are feeling good to start the year, deregulation across sectors, potential for lower rates. So maybe let’s start with how your consumer, corporate, institutional and wealth clients are considering these factors as they think about activity levels in ’26?
Michael Santomassimo
Senior EVP & CFO
Yes. No, look, I think as you look at the start of the year, and it’s really been a continuation of what we’ve seen now for a number of quarters. Activity levels are really good. Spend on the consumer side is up year-on-year every week, consistent in terms of the percentage increase that we’re seeing. Categories move around all the time. But overall, like that spend across debit, credit, very, very consistent, which I think supports this really strong growth that we’re seeing overall in the economy.
Credit performance is still very good. We’re not seeing signs of any systemic deterioration at all, across the consumer or the commercial portfolios. And so overall, delinquencies are great. Performance is great. Spend is really good. So it
