Wells goes through quarter on earnings call

|About: Wells Fargo & Co. (WFC)|By:, SA News Editor

Overall traffic to branches was strong in Q1 despite the brutal winter weather (JPM's CFO notably blamed the weather for having a role in its weak Q), says Wells Fargo (WFC +2%) CFO Tim Sloan on the earnings call (his last as CFO). The refinance boom now a bust, Sloan expects a strong purchase market to drive originations growth in Q2. Also commenting on housing/mortgages, CEO John Stumpf notes the number of those buying homes for cash is up.

As for acquisitions, management says Wells is in a position to do a big one, but is going to be picky.

Wells sits alone among the TBTF banks in the green in morning action. XLF -0.5%, KBE -0.35%

Earnings call presentation

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