Stock Market News
Wells Fargo CFO says bank unlikely to release reserves amid ‘uncertainty’
2022.06.14 16:55
FILE PHOTO: A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo/File Photo
NEW YORK (Reuters) – Wells Fargo (NYSE:WFC) & Co’s Chief Financial Officer Mike Santomassimo told investors on Tuesday the bank is unlikely to release any of its cash reserves this quarter because of the “uncertainty” in the current economic environment.
“I wouldn’t expect releases at this point given the uncertainty,” Santomassimo said at conference hosted by Morgan Stanley (NYSE:MS) in New York.
Santomassimo said investors should expect second quarter trading to be up over last year, while investment banking fees will be down.
