Wells Fargo CFO predicts increase in net interest income.
Wells Fargo CFO, Mike Santomassimo, expects an upside in net interest income going ahead, despite losses in office loans. The bank had earlier issued guidance for a 10% higher net interest income this year, more than the full-year 2022 level of $45 billion. The San Francisco-based bank also warned that there could be some onetime expenses by the end of the year in terms of severance. Regulators have prohibited the fourth-largest U.S. bank from increasing its assets after a series of scandals over how it treated customers, which has curtailed balance sheet growth and increased regulatory expenses.