Public Event Detail
Wells Fargo CFO Just Confirmed $50B in NII. Here’s Why the Stock Still Looks Cheap
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Event summary
Wells Fargo's CFO, Mike Santomassimo, confirmed the bank is on track for a $50 billion Net Interest Income (NII) target for the full year, despite the stock trading 17% off its 52-week high. He highlighted strong consumer spending, better-than-modeled credit performance, and the growing profitability of the credit card business. The article argues that Wells Fargo is undervalued compared to its peers, given its unique growth drivers post-asset cap removal, including new credit card vintages, increased market activity, and investment banking expansion.