Wells Fargo CFO Michael Santomassimo on Q4 earnings: Fundamentals looked 'quite good'

Summary

Wells Fargo CFO Michael Santomassimo joins CNBC's Money Movers after the bank missed Q4 earnings and revenue estimates, though the stock remains up sharply over the past year. He argues the underlying business had a strong 2025, with the asset cap lifted and broad loan, card, and investment-banking fee growth. Santomassimo also points to solid consumer activity and credit performance, and says market-share gains will come from steady execution rather than a near-term sugar high. He adds that deregulation has not led Wells Fargo to revisit previously exited businesses, as the company is now simplified and has the capabilities it needs.

• Wells Fargo missed Q4 earnings and revenue estimates, and shares moved lower.
• CFO says 2025 underlying performance was strong, with regulatory issues past and asset cap lifted.
• Growth highlighted: credit card accounts +20%, commercial loans +12%, auto loans +19%, investment banking fees +12%.
• Consumer activity and credit performance described as solid across the portfolio.
• CFO expects market-share gains through steady execution and a more level playing field.
• Deregulation has not prompted a second look at previously retrenched businesses; company has exited 13 businesses and rightsized mortgage.
• Wells Fargo is focused on growing core franchises rather than a near-term sugar high.