Wells Fargo & Company (WFC) Management Presents at Morgan Stanley US Financials, Payments & CRE Conference (Transcript)

Wells Fargo & Company (NYSE:WFC) Morgan Stanley US Financials, Payments & CRE Conference June 14, 2022 8:45 AM ET

Company Participants

Mike Santomassimo - Chief Financial Officer

Conference Call Participants

Betsy Graseck - Morgan Stanley

Betsy Graseck

All right. Thanks everybody for joining us this morning. We are delighted to have with us today Mike Santomassimo, CFO of Wells Fargo. Thanks so much, Mike.

Mike Santomassimo

Yes. Thanks for having me. Great to be in person.

Question-and-Answer Session

Q - Betsy Graseck

So we had a couple of themes we wanted to address, no surprise, loan growth, credit, deposits, the usual aspects. But I thought, I'd kick off by just asking a few questions on loan growth. To follow up on what Charlie was mentioning last week, we suggested that loan growth is decelerating a bit in 2Q. And wanted to understand what you're seeing on the ground, what's driving that and where the opportunities are.

Mike Santomassimo

Yes. And thanks, again, for having us. Look, I think, we are seeing just a continuation of what we've seen for the last couple of quarters. So we haven't seen that deceleration yet, but we would expect at some point that might happen.

And really, it's been pretty broad-based. I think almost every category or major category of loans is growing, except for maybe auto, but I think that's a -- that appears to be an industry-wide phenomenon at least, if you believe the Fed data.

And so, when you look across the commercial bank, we're seeing some increased line utilization, still not quite back to pre-pandemic, but a little bit more each quarter. So that's good. We're seeing some clients invest, so that's requiring some more cash. Some were on the sidelines on investing.

And so, it is a little bit of