Wells Fargo: End of asset cap is not a “light-switch moment”
By: John Reosti | Published: 2025-06-10 20:00:00 | Source: www.nationalmortgagenews.com
Regulators decision to lift Wells Fargo’s asset cap after seven years leaves the San Francisco-based bank better positioned for growth but won’t result in significant near-term gains, CFO Michael Santomassimo said.
Eric Thayer/Bloomberg
Wells Fargo has more flexibility, and its bankers can go about their business in a more “front-footed” fashion, now the Federal Reserve has lifted the asset cap that long constrained the $1.9 trillion-asset company’s growth, according to Chief Financial Officer Michael Santomassimo.
The results of that more assertive posture should include stronger growth and an improved return on tangible common equity, Santomassimo said Tuesday at Morgan Stanley’s U.S. Financials Conference in New York. But he was quick to add the rewards would accrue over time,…
