Charlie Scharf

The US economy is extremely strong with decent loan demand, well-controlled delinquencies, growing consumer spend, and businesses in strong financial shape. A healthy economy drives bank profitability, and Wells Fargo is 95% focused on the US, so its success is tied to the US customer and business.

Wells Fargo's regulatory constraints (asset cap) have been lifted, allowing the bank to grow. The company has focused on fee-based businesses during the constraint period and now has four big lines of business (consumer, wealth management, commercial, corporate investment bank) with strong returns and growth prospects.