WFC,WFC.PL,WFCNP,WFC.PN,WFC.PO,WFC.PQ,WFC.PR,WFC.PX,WFC.PY,WFC.PZ,WFC.PA,WFC.PC - Earnings call transcript Q2 2021

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Operator

Good morning. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Wells Fargo Second Quarter 2021 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. that is note recorded. Please Instructions] today’s being call [Operator call to John I like the over Relations. would now Investor turn to of Campbell, Director begin may conference. you Sir, the

John Campbell

you today Thank joining Mike being your Santomassimo, quarter Scharf; everyone. questions. Good second you, CFO, Thank discuss and Regina. and our our our where recorded. results call will CEO, This Charlie morning, is for answer call

may detailed and I our GAAP can the materially website. to actual Information earnings started, our our to may the including a I those get I'd would deck, from today to supplement filings second release, on to SEC today's including during cause earnings turn call Charlie. reconciliation financial referenced, we remind wellsfargo.com. will earnings that forward-looking that SEC like make over on Before you found materials. filed X-K caution and results available are risks including materials the the quarter materials, our measures financial at that we our subject differ measures, are presentation available of in are uncertainties. also to and to statements expectations call you be Form in website containing that our about like now also non-GAAP any filings measures Factors

Charles Scharf

call the the environment update turn you detail. and Thanks, John. priorities. quarter to Good second will results morning. I review will second then make operating more our quarter on some brief Mike comments results, in about I to our over

second with start the me Let quarter.

customers second to the included our Revenue to continued billion have with levels as quarter. increased liquidity. billion expectations. for credit outperform our compared or $X.XX quality continue high first results improve economy decrease We Charge-offs credit common $X.X allowance the per in $X continued and to quarter. as are the losses share of continues decline in in to the These

is deposit-related and progress from in sizable income a card securities spending. on Expenses declined, first typically increased in stable, reflecting equity we quarter initiatives. and fees the interest was expense, increased, had highest net decline which gains efficiency reflecting While our personnel and

rates release even If from levels continued increased progress, quarter high growth headwinds. at we interest real low remained Economic gains and weakness of robust rate was outsized you strong and the as results are the supply annual with to X% to liquidity, through that pleased estimated consumer securities, though show in especially our spending. chains have an in second GDP look with equity reserve gains in

supply estimated prices see Home both of across increased as sale prices and for scarcity XX% at annual sectors. chain impacting We shortages supply rate continued properties and many are to to persisted have a Index continued half and second sales prices XXXX XX% Manheim of exceeded due from XX% with increase asking increasing car to price. quarter quarter constraints the supply ongoing unit year-ago. first from a to Used

may June’s May in May. peaked highs after months finishing four However, consecutive record prices than lower Manheim have Index X.X% of with

estimate For and into billion roughly customers’ accounts of July payments XX% have nearly X. three Wells consumer of we stimulus Fargo in been deposited as federal two and from customers, accounts our their remained $XX rounds

XXXX. the stimulus week XX% compared customers increase, activity stimulus For payments, first spend hit and in our same XX% were quarter payments, XX% up June for XX%; up payments. XXXX is which to including time was areas every prior pandemic over week balance and round ending recovered, stimulus customers travel, did balances to up debit April of second during who credit compared not quarter XXXX. to up who during continued up spending their restaurant that card to median the compared all median hardest of including the have Weekly received Consumer up deposit XX to up customers, XX%; our XX% XXXX, by period. was the with compared card the entertainment, federal And spending second receive

from the category pandemic has to travel-related was weekend significantly the of the but to As June XX, rebounded XXXX, that hardest hit not spending, fully was only XXXX up was which levels. during

clients banking and albeit a cash commercial chain the continued commercial last loans have continued to – Our continued levels disruptions quarters. also accommodative and high decline capital in than few have pace slower banking hand at on a markets of supply outstanding to

we’ve call me Fargo’s update of we about that an business beginning that the in issues strong and at the levels appropriate Now spoken I at initiative, – remediation halfway with devoting to necessary be in meet for foundation operate resources address making year. we customer appropriate at metrics, important most to of should existed our of When through making of progress progress amount we significant place. in progress. we these and when the Wells and control. and every our have many committed risk multiples made culture put place requirements I’ve practices continues to what The arrived control and controls, areas of the you to issues I right exist our company spoken are integrity are complexity. company. what let the and was of most control-related maintain our highest size this by the regulatory done, year, a on highlighted remain I’ve top priority on building the and

our such, requirements, us. work consent multi-year Regarding orders for is a the and journey work this significant remains as on and regulatory remaining other

at we consistently there with expect. amount While regulators the are accomplish will clear, work it our what’s of this for each managing time concurrently, and and required numerous is level all complexities take to

a and line. we will straight setbacks be may have not progress such, As

have the close gaps. confident another a to key Wells, our team However, When we first talent management I ensure to objective and the was necessary work. joined risk strong remain Building in to complete our ability priority. control was I our

across remains most many company priority their During first today. these This and senior XX% of efforts my of directed these more the the half in important were our towards hires functions around tenure level activities.

continue higher performance. are We but here, we competitiveness the resources significant resources to of to our will improve levels also adding foundation and provide add for

we’ve half have my continued will over technology senior of while increasing leaders and business analytics, focused the our senior in risk tenure, hires and second significant areas, data digital groups. This grow XX% hire that of been areas the hires our our level and During in on in platform our with we includes hiring control objective. to this strategy,

company. our on We of a leader own Digital tech FinTech the for Head companies Hires and of all and of Head Banking, Business consumer for Head and are Auto Head a focused Strategy Commercial Banking Group, Banking CIB, new a data Consumer Digital businesses, of our the and include Commercial Small payments, Head for capabilities. Business digital the of of for Consumer our National Strategies cloud, competition, and Platform and Innovation Payment entire Development

where opportunities. We commercial see are also growth CIB adding bankers bank we and in the

hired focus just that resources. we providing we’ve has Ling new of also strategic and week been announced the last in We Head October. important She clear joining Resources. And Bei our allocate Human as as as direction business be us will well

business we our plans to We to effectively will today’s necessary environment. control-related to dynamic build execute to have work, begun also compete do what’s not on in but anything jeopardize

and resources our building be and to compete playbook customers more for been about to Our build most we Wells products, by time deliver capabilities are capabilities our work non-banks customer closing Fargo selling leveraging leading direction businesses company and across all to our with and by targeting alike today to breadth new was working and and base. scale banks provide what’s the of We’ve focused and dated or aggressive innovating. to our meaningful was to on

are grow, credit we’ve an but with credit capabilities, We competitive but since comparative working to traditional and more card are data ways a business where example critical importantly build this products and payments rebuilding here do and relationships, more over been arrived strategic both we and card build as on effectively. and as mobile-first will technology is our it maintain both our is beginning to mindset of instill other Being compete to broader One to I time. are to is part customer a efforts. guided foundation core a opportunity

relaunch leverage quarter, simple. customer an Our improve capabilities several In is top and to wallet, digital customers. strong playbook team, card, product management who’ll product the first is come, and branches out. we industry-leading our an update announced the second rolling which and our customers serve of Build both of to service cashback make just experienced new now

enhancing also our products. are We deposit

in Our third the with accounts last to launch year. no-overdraft quarter product, perform continued since Clear Access of over the opened well Banking XXX,XXX

will cover we few across better and continue We actions also just customers in checking time. portfolio are lastly, to are our moving all And second are but simplified year. take of forward, benefits by examples this Wells improved initiatives of how we we towards These which the businesses, progressing Fargo have a quarter we the over and returns. meaningful

beginning capital path and we towards XX%. and SCB shareholders. a efficiency capital we significant to framework, double-digit releases then of to year, double-digit and to ROTCE We loss moving As optimization return reserve credit dependent see that position we executing on our return the CCAR With is highlighted on said a at ROTCE initiatives. path approximately a to the to to complete in the are the now excluding get

we a our expect our our capacity. earnings grow share plan continued third per and Increasing dividend increases subject approval. $X.XX to contemplates common stock to as We quarter Board to increase is final dividend priority

our quarter outlook. billion quarter Mike concluding earnings gross and change capital on in of approximately second and This here. year. factors will more $XX of variety context in provide third may Additionally, share common starting plan next a included economic including the the repurchases our of depending

the Importantly, contemplating target the ROTCE reductions achieving expense level. to accomplish we double-digit on remain and

achieve positive Assuming XXXX. the rates, during releases items run expect negative and sustainable environment no we rate ROTCE and to or other interest basis reserve special changes both excluding economic XX% material on in a a

our cap in believe further and returns ongoing on of that over factors. incremental continued balance framework. and was focused control through small risk of pandemic to help improving supporting are would more work did will important The And our The factors need and do. our while an Beyond believe this, through once time. we from mission. growth is execution most a combination to payment progress but much consumers ROTCE communities on to in businesses, approximately small interest XX% smaller continue in help to processing funded returns regulatory businesses we we remains commitment. to and there part donate on meaningful PPP We offered we especially know or curve, to our steepening deferrals, $XXX necessary efficiency diverse committed results, and the to continue customers execution supported be waived We increase completed Program. million Moderate asset in businesses gross Protection improve the our million our loans a take efforts small of combination on we of small approximately all we XXXX totaling these Paycheck investments of of of from impact rates and fees, growth-related the funding businesses sheet the modest our recovery a $XXX further through have and fees lifted, those initiatives, can our

expect fund the end the rest by We of the to year.

XX% We and projects voluntarily into and year will The communities we during opportunity that approximately partnered change to this best our $XX Inclusion and additional and to And pleased fulfilled first the Institutions mortgage housing historically communities. to ideas, year in are renewable me provide the and and through outlook that industry with the fund the XX-year that the foreclosure going energy. of announced will last socioeconomic the investments COVID. resources that of communities commitment year loans We on affordability, substantial the personal and moratorium which firms, savings country in we In inventories is excess with cushion expected support financial for unbanked Banking across affordable the from $X economics about Minority our also the products economy with two restocking contemplating longstanding and gathering Bond, help be our extensions. the remove of summary, is This transaction barriers accounts. against say the We is a that help extending We banks spending. diverse billion we million similar black-owned offering own Initiative, for issued should firms Deposit foreclosure made let are is we of bring assuming supporting to commitment African-American programs the Sustainability of Bond promising, these marginalized require a issue across commit pledge our access underscoring the second to educational consumer our inclusion. Sustainability continued the to to for rest to individual gain minds, complex success quarter. end a

the the interest the remain, pressure volatile made work and process Mike. However, on Wells turn transform multi-year been putting in just customers. have half a meaningful during rates want hard in over our of We’ve focus is for and rates supporting progress now of Fargo. net to the is our call this interest their but year, important first everyone recent I’ll rally risks income. priorities at the thank to start I to Wells on

Michael Santomassimo

or good everyone. Slide Charlie, X. Net our of X, start the billion morning, helping per $X.XX income to we with common customers and communities Thanks, on going second highlighted and for results financial share. are the quarter Charlie quarter many Slide actively so $X on ways I’m was our

from gains profit decrease we and reduced valuations number both $X.X of in unrealized venture a approximately and allowance billion pre-provision grew affiliated in approximately had $X significantly follow-on or million expenses. Charlie first rounds companies. non-controlling quarter was gains realized We quarter revenue credit portfolio gains. As coming Pre-tax, interests from from our of pre-tax higher highlighted, due from billion included reflecting $X.X financing year-ago losses. and $XXX the was businesses, equity after remaining the a $X The private capital to as billion predominantly billion grew for second approximately our equity results

except nature the the We since gain every which which million the a excess resulted of gains businesses, tend XXXX the of in gains $X sale quarter, generated of businesses impacted pandemic. these write-down have was these annual be episodic in student by Given $XX however, $XXX million loans a completed billion year in in these second to XXXX, related goodwill. and

impact align rate elected second accounting period investments. on of tax in investments had for XX.X%, net better make been in statement presentation which The regarding and be XX%. the in income basis. our We which income related tax on was appendix the the changes of the did XX rate Page efficiency with quarterly items effective what line provide tax We was Reflecting supplement. financial changes we for to XX these full-year increased a income to financial previously these reflected revised, impact tax these statement our to the these annual deck of of an changes the economic changes certain effective income rate effective quarter Our reported. our improve Slide Prior have the nominal policy credits. ratio on and changes, from details approximately expect this tax-advantaged

stress increased effective minimum of which XXXX. by And this XX to regulatory in quarter CCAR effective quarter reminder, CETX G-SIB in as to year. the This X.X% surcharge our confirmed points in Our the strength stress CETX to of quarter the basis XX.X% next capital will position. ratio decrease year, fourth first of second of our first increase bring quarter. a the basis we our will in buffer expect capital capital significant year on XX points results, our the test Based the

starting XXX above a move to our to the closer capital As significant our of the over to expect points Charlie shareholders time. and amount basis quarter third to in return we regulatory target internal highlighted, of minimum plan

the COVID-related capital conditions increase our flexibility We be incremental other to will expect billion depending our plan we the including points distributions to possible, potential in buffer capital risks. basis XX to also flexibility. market more currently and on four-quarter able risk we an and maintain $XX SCB repurchase will to and have than XX to if factors, period the over maintain framework, included account Under uncertainties target basis of for points above

Slide X. on quality credit to Turning

since of performance broad-based continued estate. loss improving accommodations as lowest asset in government commercial declined better and ample with of resulted quarter all to points, economic reopening commercial million charge-offs Our losses environment and to continuing declines X charge-off XXXX. credit second our The was quarter XX our basis improve with and first loan Commercial customer real basis to net ratio stimulus quarter as including rates credit expectations. significantly recoveries declined points. in improvement economy, liquidity the well the the the our than types, $XX The second net in trend have from the

commercial on impact improve, pandemic. focused we a While cash to the for The remain impacted the the continued has reopening overall on real retail of by positive outlook improved. areas has economy continued the to have most and as hotel estate flow

current guaranteed in quarter. by it first our losses the number longer-term across from at points driven demand We $X.X work-from-home year-ago, and second XX% commercial consumer we note While have loan continue loans declined payment a non-accruals. maybe in second Declines the maximum driven to loans and deferral. our was tighten of energy, – improvements the have March have still for XX% of with to real in this were and credit the transportation Consumer as portfolio, changes to sector non-real we already balances quarter. monitor real both C&I charge-offs influenced to started quarter loans in of improvements in retail. fourth We quarter to COVID-related $XXX that in net million XX assets It’s was end to of policies problem months. COVID stopped It’s deferrals home to Declines levels but back deferrals from with by in policies. office the Non-performing the or and lending important by of low, estate we response pandemic also of note important as a continued essentially or commercial even loans in the estate quarter COVID-related from basis XXXX, now driven offering was impacted XX related certain higher the second in year-ago a of COVID release of a recreation, and X% been offer office. to billion approximately to our better non-accruals for billion very including or perform lower than declined government first models. commercial year-ago services continue excluding returned and hybrid entertainment have sectors, end $XX.X a anticipated quarter. insured trends ratio were Deferrals deferrals A already the to XXXX coverage than have have in by declined exited exited reserve second quarter the COVID-related year-ago. loan in pre-COVID estate that that the the COVID

continue coverage. we strong, reflected If level X, current assess still additional have of On the reserve in deposits. first to real However, to reserve of in the declined of level we higher and quarter, releases. estate end quarter be our there coverage thoughtful like second ratio residential significant the year-ago. loans while at expect to trends would we Similar will much Due performance highlight our continue, the allowance observed in prices asset we uncertainty continue economic from were credit our allowance and the areas quarter, release and a the to to auto. the both and was quarter, Slide first the

Corporate entirely it’s total X% predict end the down exactly mortgage-backed quarter. average from the quarter. hard with actions decline manage from partially declines of loans residential And rate estate from first in of rates second estate. the what due green to happen and primarily end continued the from under we Investment real a billion securities growth consumer, while signs to last Although period X% down continued quarter quarter reflecting Consumer quarter the $XX.X deposits growth asset to out The our cap. the in almost we high of driven the balances X% the to the first the card commercial Banking year-ago other real the purchased line by The first modest will year. were and slowed $XX.X declines remain Treasury seeing billion and targeted in Commercial in during shoots from Banking auto, balances loans with half quarter, declined by period loans, prepayments and X% with increased lower year credit Corporate Average of first was and compared of low, and loans utilization while businesses or or offset re-securitization first are in

of quarter, income quarter of higher and income loans Now turning day additional interest and ineffectiveness rates. net Program interest lower lower Protection was loan from Paycheck unfavorable hedge stable was one income due X. the first the results, in balances PPP on forgiveness to or offset accounting interest impact to Slide by Net additional the

income difficult the over net it we curve and have how quarters. for credit can As of be weeks of few the couple by balance last the observed to forecast and year, for think shown demand the next even continue be shape the to yields, the level spreads. rate remainder volatility about which interest are of sheet impacted loans of The drivers for key the rates, the

loan annualized back remained from at the range. expect will end the interest up year, fourth level income growth, more growth start balances remain up put from rally in we pressure of the downward dependent remainder recent balance to originally flat income, be for of have the in curve would from the continued see rates down require range of we the demand which and NII to loan forward the If move and in for we modest While would I of we net in commercial mentioned. the reported $XX.X the factors on in full-year current of flat rates softness Where billion. be the quarter net expect of end here loans, end period follow in end X% rates we will still range. the the second overall XXXX to interest to and range If the see on in and lower the quarter loan the up

trends across to of we of closely updates interest drivers each will the income the provide to continue net major monitor We year outlook the progresses. evolving our and as

the lower efficiency also expense on reflected our Non-interest from operating we’ve X. year-ago, primarily losses declined Slide progress on driven initiatives. expenses by to X% made Turning and a

a highlight me few examples. Let

our have digital year-ago X% year leveraging changes this Lending segment. a using mobile in increasingly capabilities with headcount number others you enabled are the a staffing branch can and growing expenses with from active lower and through see to up and Consumer customers mobile and coming and us the from of checks customers deposited X% Our adjust These Banking ago.

we’ve improving able by over to and these date, of make to the adjustments, a satisfaction. X branches client while been the our including since number of X% square reduced Importantly, million the offices of feet. We year, reduction locations, start

recently includes to sell feet. We also over agreed our tower XXX,XXX in downtown which square Phoenix,

efforts We reduction continue expense professional this projects to to upcoming In on our services for evaluate and with Commercial lower locations lower we These We were and headcount and during Lending expenses expirations number year-ago. Banking, other serve opportunities. we’ve outside customers, half Commercial the back-office changing lease segment. made year owned the XX% consultants our on a platforms. in locations reflected of optimizing and in progress company. by and on across spend operations and closure Banking reducing various consolidation contractors This and how this teams reduced was compared first driven by the of

our efficiency track of We our outlook $XX on in are billion. approximately included executing plans in expense

as especially to during totaled operating the the $XXX million left do first totaled Our to regulatory Keep restructuring just our outlook year. half billion first requirements. satisfy significant over in cost of $XXX which losses, half mind, and the we exits, million can address operating unpredictable and this continue and to the of be year work of business the of a losses included charges which $X excluded during lumpy and

expenses in We’ll increase to also revenue-related the compensation which than $XX markets, year expect which We current due more a any approximately assumed equity would you us year good far as higher million incremental over this hold, is we incremental to be of revenue as have update could the these than continue and put expenses. revenue-related thing, $XXX approximately $X progresses. expected been market billion. offsets associated strong If levels billion, to so

higher Consumer lower transaction X. which business increased on fees, starting due business Slide in and revenue our Banking higher lending waivers year-ago, fee from volume the segments Consumer increased a due Lending with card negative XXXX higher small deposit-related were to and Home year-ago, driven and to mortgage servicing by XX% to as Turning we to X% pandemic. primarily a banking last our income significant provided rights onset revenue had of from asset. valuation servicing the a year at adjustment debit

quarter the also decline higher re-securitization from revenue and the and due in We increase higher quarter of origination revenue the we in to retail securities expected from a an continue first Gain-on-sale second spending. driven margins. and gain-on-sale to by card primarily revenue in second sales year. originations lower retail increased held-for-sale decline due was the X% had last are to Credit of margins The from from to increased the loans purchased half year-ago, XX% in gains year originations. mortgage-backed

waivers. balances. a fee the higher increased included customer and from year-ago Auto loan revenue higher XXXX pandemic, X% accommodations to second in response quarter Additionally, in

on some XX. drivers to business turning Now Slide key

for than decline in an believe correspondent lower quarter, originations by volume, increased While X%. from partially we more first originations mortgage declined industry our in investment with line. held-for-sale held in offset retail mortgage offset the growth originations retail, A increase by in the was

origination if rally highest mortgage recent the the since stronger forecasted XX% volumes refinancing retail We quarter rates XXXX. volume third second quarter and increased Our currently be was decline first lower rate persist. quarter with than currently from modestly originations expect to to although

loans to Consumer less needs. We retail auto higher very serve demand our originations despite customers’ to decline mortgage than for improved also continue expect to the be strong capability industry and in XXXX. highs a financing we’ve June new as record originations prices from previous inventory. a the increased Auto with of monthly for limited first June originations XX% quarter setting exceeding and year-ago XX% from our our

high. is conditions. XX% open significantly as translated XX% economic the and from Turning from from rates not results as continued due first and Banking to Banking Corporate a increased and XX, Middle primarily card been balances and On rates, X% which debit Commercial higher offset declined periods in interest spending from recent improving to has increased It to Market prior into the balances yet business, deposit monthly remain first was we the highlighted. activity The economy May, balances in payments up by Corporate the lower deposit-related quarter volume history. partially a higher due revised. stimulus Slide the and are in year-ago, Purchase higher excludes reported fees. reflecting our and have year-ago, Credit volume Trust highest card. purchase payment had were consumer impact of which spending point-of-sale revenue to quarter volume lower XX% now the loan

expense fourth declined salaries XX% driven lending declined leasing from and higher was loan spreads, consulting a equity and Average for and client strategic lower a for due by securities by the which revenue our client the to year-ago, investments. down loans our consecutive of from revenue improved on The and gains driven demand lower Asset-based a energy Non-interest capital declined partially expense. by net from business low from higher year-ago levels positions. cash year-ago. in balances, declined and primarily X% renewable quarter loans offset XX% loan impact were strong inventory

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activity asset in was monetary loan and response acquisition from While second recovered as lower in second across in predominantly picked to declined the from a refinance the markets to to pandemic. stimulus XXXX the fiscal the year-ago of up revenue due quarter, higher XX% we the Markets classes demand activity the trading compared driven activity experienced trading activity. quarter by most

revenue results, highlights client gains of on the results a deposits with was expense quarter grew manage to and were declined the a by on our was from XX, trillion, first gain second rates. market equity quarter student under primarily equity record market business. year-ago, call, $X.X revenue venture a the our by to from from a losses. that cap. driven from a we customer by compared XX% as primarily in have higher expense quarter of drove actions a interest driven year-ago. up from by businesses a and year-ago. Corporate On second to asset partially negatively higher from and income has compared reflecting impacted XX Slide we’ve offset driven strong deposits year-ago with on our non-interest lower quarter interest primarily year-ago loans driven actions the increase year-ago also operating well. up Revenue-related performance. average cap I by lending capital X% revenue from with demand XX% Non-interest continued by Average taken year-ago, assets offerings. the markets Our income ended modest due in fees we’ve a the lower Average which under manage lower a and XX% was declined driven for from compensation Slide growth year-ago, from highlighted taken the XX% loans Canadian net asset Investment finance asset-based earlier the Non-interest the by increased equipment We Management, a which Wealth second securities-based the by the in XX% valuations, up year-ago, gain X% benefited been sale and private of affiliated sale from

take now questions. your will We

Operator

Morgan from first line of come Our Betsy will the Stanley. Graseck with Instructions] question [Operator

Betsy Graseck

Hey. morning. Good

Charles Scharf

Good morning.

Betsy Graseck

hear you okay? me Can

Charles Scharf

Yes.

Betsy Graseck

statement I or you which out some going feeding if given right. a be the can – reserve what so seemingly do that that? it's parts give All commentary looking did going bold to there's want Hey, the the Can consensus will is sense the your us you what percentage to to around just earlier I feels expenses, XX% help a the in without little is reserve release, so differential it Thanks. us And expecting that making do release be is most? that you’re you X be in able that to there. drivers understand you're XX% If point of ROTCE to about a bit pretty XXXX like business understand for. which to are Thanks.

Charles Scharf

Yes.

to of Mike recurring. out know our start let first of then think about aren't start quarter So just and me look I it the way and those through do and – we the to all best can chime this which we things, guess, in. earnings thought is let's really about

loan And over so allowance, and to that And the you the normalize the assume what time, can think if we've for with the a we've level. the go don't level. of that obviously, get the you said zero expense course – charge-offs, reductions ability outsized in year. they we to those But following do NEP, to that, same of could to return in change our somewhat contemplated you got at the even them with we've NVP. you then even But of about gains is if business, getting student higher that sale capital,

think in ROTCE, And – now and have. extremely a and it I is the today. improvement so about performance – to rest company sit return the of modest the from we where we improvement capital the there of in from of the amount we've had like get that meaningful somewhat ability of excess terms driver it's an obviously to to a That's significant

this that get point the were any in So about position talk have properly expectations inside expenses. a just year, to year to us expenses while we to specifics we're meet want at don't about the the we next efficiencies level net our extremely ability specificity to of but the important to But not reduce on invest to hard significantly this company. basis for working

Michael Santomassimo

some Yes. full-year in a out, XXXX. it’s would he point said And What the run right. It's XXXX was point, just I at rate Betsy. not

Charles Scharf

Yes.

Betsy Graseck

Right.

be could it rate? your run So exit XQ

Charles Scharf

It could be.

Betsy Graseck

separately, indicated I or you on taking know minimum under buybacks? SCB not Because in improving. billion earnings test, could just the be I the you flexibility speak the the – as framework. to your we Should and put that ask then reflects you've level? at And got that the a environments Okay. buyback $XX.X that $XX that or billion you what the but what generating in think ask, and you're you least into –

could be imagine than buybacks over next that higher you could quarters? So that the the course four of

Charles Scharf

Yes.

have under lower we a our given economy is hope signal We is the valuation. could outlook less is really we I in what framework SCB be that's price our for or that. how do not be the factor where though stock and the of would the and would our the thinking today not potentially that think out depending to exactly that higher and the the flexibility it even view think obviously results turn on it more,

I calculations we're think what given for we'll So think ratios next year. how guidelines where about you learn on thinking we're capital all our targeting asset we we you the you to be, can We've your do the fact that company and cap. around see capital at especially the sitting excess given we'd needs like to the have to point don't – any have this

Betsy Graseck

it. thanks Charlie, Okay. Mike, Appreciate much. so

Charles Scharf

Sure.

Operator

Wolfe come Your next Research. from Steven with of the question line Chubak will

Steven Chubak

afternoon. Good Hey.

headcount to a trajectory. question wanted on the I just start-off with So

reductions the It I to. started real comp against some group, make sounds of peer look closest you've headcount about the year-on-year, – comp. probably if progress, spoken you driving the BoA You some to but that X% being

scale. similar But can I some more perspective maybe the consent that's XX,XXX Charlie was you on. to and us some context going a have recognized employees just business I that tied give of hoping order. still certainly be You despite to mix or

optimizing to start to you level the support strategic what's the franchise? that As your vision headcount, plan execute the of on right for

Charles Scharf

Yes.

question. a I think it's great

accurate sure. for numbers I are think your

Just a couple of things I'd say.

you we've at we do it And all, because apples-to-apples very those the and all try in-source imagine team, between numbers I different all that hard get can to worked management think, other places senior people different first ourselves. of is functions.

– is still your And point but directionally, right. so

So nearly America. our well as it's statement. and I'm we just frankly, that directionally, attention we right see not I driver the versus the But we sure And the we done a processes Bank fair just as, here see look well. simple gets I think everyone's of and that around think haven't things exactly that is company as magnitude is a as

But company. think we're lot that about doing how size reinvest do as attrition. and And love – of company, people things. we natural we We efficiencies because we going we're the the self-select to we to think about a as drive where going much of there's so of that think that's ability in I that continue our would have get able out little point the I next gross there believe the company. it there. to specificity continue Over on future time, some as clarity. think be towards more about that through to more the with the are basis we why we talk we'll And given about think, attrition end to some And we'll again, we possible significant a and of year still give when a have, year, significant you the at

the layer in forward. onion a But this see does think more we're in good back, And peel still feeling that I pretty it next and I of ability to us even stage layer the you a think peeling we're drive the give our time to of about you the onion every still back, clearly. continue stage.

Steven Chubak

that perspective, was my for I And the on just Thanks you further. unpack for NII hoping just bit guidance could Charlie. NII follow-up the outlook. Mike, a

And of the the the is we noise about trajectory? of liquidity back in volatility excess what think some there relating loan in premium Specifically, as drive to sales the contemplate some and terms any that half am deployment? is could

Michael Santomassimo

talk of per from loan through there. is and sale kind se. it noise included out what There of let aspects But no was break me Yes.

assume a on growth then about the that modest And that it side. growth you as bit forward quarter, is been loans sort be of – of little it where right last as and assuming it loan on about flattish days, about look we of obviously the bouncing of where sort think this what the now. commercial exited where And around overall you curve the of does It's point, stay remarks, we're So an important we it's going element sort in right. is said to it. right, at few require is, the but

And embedded assumption. in so that's sort of the

it down to that expecting first we're saw on the think a come versus quarter I premium the bit you down. in amor, quarter, come still

sort the direction. around noise then the But of what get versus we rates loan right by we're given bounce think the again. that's that at overall the range gets or where rates may of QX this And point. some of forgiveness you bit of the what we're in between bottom to is that but backup I assuming Hopefully, slightly PPP we're towards have still the a are that direction that's assumptions a given growth little But could assuming and it you related and given. may surprised QX are, think happen. to we've

Steven Chubak

That's great Thanks questions. color. for taking my

Operator

of Your Usdin with the next Jefferies. Ken line from will question come

Kenneth Usdin

said Hey, this moved general Thanks. quarter of much in origination wanted to benefit just might've trends that that gain-on-sale for your market? into on happening a that how loans banking you. the us Mike, you you I mortgage help the in in outlook understand Thank been you what's mortgage and and and were Can the you, you ask had book the business, loan that resecuritized.

Michael Santomassimo

Good Ken. questions, Yes.

the continue. and I know. something, If you about people as miss point, what continues drive built price, competitive more to gain-on-sale, to to down that the try driven pick that's capacity get on But and the been sort of this at is it. come would gain-on-sale gain-on-sale industry I'll little quarter we think in each let just that's a And up that's So me by and going expect as down.

retail what really in correspondent the we've channel. kind us the that or got. channel degree to the focused use seen also on do Now, fill it to I there think of And you've capacity deemphasize some is

direction but capacity-driven anything here as else really helpful so the be I think, going that think gain-on-sale, as sort at it's this from And more I than we forward. should about certainly think is said I down. And of point,

that – in As QX. you origination a be said QX think bit look were in at the remarks versus to the I and going down also we volumes

the on different market. on we're prognostications But little seeing, the less than nonetheless, a market. we'll there based bit think Now down what think lots is we down. We of be will be

But that activity could a a see Now, little bit of think if that a change gap little. down of we right just now, could a bit. probably it's little we refi

we've less And than what look quarter-by-quarter, about got $XX those it exact on As on in you'll little the some those we from but basis. sort do $XXX quarter bit versus We balance a probably of Q. increase we the see you'll number do linked where and It to it a still impact continue. the a but gains of a at sheet. the look quarter comes it see, gains, when maybe loans of was have continue under fourth increased And bit down billion second about million to the as first expect you out expect third in to [ETDO] the we quarter. quarter, was little put the the

Kenneth Usdin

card one from just just expect Thanks. and type to improvements Thanks. seeing follow-up – And on there that consumer-related momentum All those fees. of the Great. you the talk ongoing or about rebounding. should here you're right. and side deposit-related we areas? Can just see in Good

Michael Santomassimo

card in that that just out put see it’s up picking you the metrics we Look, activity volume Yes. there. can levels and

are continue be I activity the and we to highly – recovery up levels pick those and so assuming, correlated there there, think, And see should take hold so…

Charles Scharf

I right. the debit up, of on saying. amount to dynamics open as you deposit substantial And certainly this things that what have the it levels I Debit, made, add. see still willingness is remarks different at spend say cash would you're it’s consumers and Charlie, in a just overall I you look if would slightly credit, and

should debit spend that And that to then continue whole upward. benefits seeing. so credit the reopening drive And industry from having is similar is

Kenneth Usdin

Understood. Thanks guys.

Operator

Your comes the ISI. Pancari Evercore John question of next from line with

John Pancari

are can bit Are little talk beginning CapEx to trends if see just inflect? the loan versus willingness utilization what do to commercial we the think I payment can more the rates Or side? And in curious contribute morning. see down? see you businesses? to starting terms card you side, you sustainable? as Good rates on of if specifically growth to about consumer draw around to consumer some want And then turn payment commercial in give increased Maybe a and the to Thanks. you you're on that's outlook. starting seeing the just color

Michael Santomassimo

think there jump things demand historic still I'll by loans reasons, by pretty it's influx I little Hey, in for really pick haven't a basis. in In but still piece maybe underpin And we if I'll There's not high the yet. there's yet. low that wants. Michael. apart lots John, inflected utilization and Yes. seen that but Charlie quite it chain not rates product down piece. of issues, sector, on yet. he that And of to that has of try and are overall clients by bank take can commercial it's Lots differences or bit of a certain size that, overall supply of sort industries. liquidity, are

conversations, are the time so think some before bank, are But it In the Now commercial building quarters. levels there inventory good loans there investment I is the loan coming we bank. of really to see take corporate in a are people growth starts lots think thinking bit. I little and up do about investments translate over about that'll really thinking into

are of bit finance, progresses. how seeing and but in activity subscription, small activity So few and real relatively some there a far, see you're again, you a places. seeing estate that we'll But so little

too. lot a know, others side, about are consumer I this the of On talking

in a portfolio it's but the a of We bit auto you the end balances, the auto. of in sheet. view you're If of had a scheme origination the business, of really through from in at relatively an quarter little point look period growth good small seeing balance

card. little You're in growth of seeing bit

into Although the I of quite given they're high. And pretty are bigger volumes there, the really they'll but and down out. still as normalize activity high. translated still think come rates Payment hasn't pointed has rates you sort payment it eventually, really up picked

to decline buyout that we'll much that we start EPB work slower see space business. prepayment we how still albeit – home then a expect of at stabilize the lending and And progresses. early So the the pace see in I activity loans think a further as in out

comes or two. see next it we'll over So together quarter how the all

John Pancari

that the your then Okay, That's exit? on Thanks. consumer maybe helpful. a credit little the the exiting a as be lines And front, bit similarly to you might suite there's you that like considering and product any separately areas Thanks. elaborate products lending personal within Mike. if can on for other rationale

Charles Scharf

Sure. we look the This we that effort a forward. of core, whole to is Charlie. what That advantage through of customer some product at company a where had look kind as pretty was we was where was thought we went it for relationships important across the strategic exhaustive really or

so our simple. was working very to really things there's that looked announced was small very, so to the we progress way – there's the on more nothing for actively The we're now. and in at And business that business us. of quite It corporate the that and exercise things a that we've things couple management out other business, to international sell sell have exit wealth announced. asset decisions the trust we of businesses The came

card our well in as in as products we're have personal We loan business. products still the

And want so to serve actual we have who over credit to draw either term. access or and customers fund it the to continue to able being down ability

to what products the company so the to And around that decision. just broadest important us simplifying customers. the most set idea again, are focusing of the That's on of led

John Pancari

All it. taking right. you questions. Thank for Got my

Operator

Cassidy next from RBC. Gerard question comes Your line the with of

Gerard Cassidy

can I this. Mike, strong. But I don't you your very think loss with gentlemen. think, morning, reserves Good us – share remain you've you. addressed Thank loan

And this than history think about strong day very level? at the the in share I January they if by you get have reserves as in reserves? when guys of Can credit is of back was up? evidenced even could one points XXXX, guys to outlook are down CECL where above the You fall us outlook quarter true XXXX And Could they you reserves your CECL did with better the levels? actually basis for company. the January this the of it a XXX were that below in

Charles Scharf

be I scenarios reserve need time. – given on any whole think that's of first on different a bunch to for the a Look, we Gerard, reserves, Yes.

have of today. still risks so things be as we and we a noted. the sort about, should that some But need of where look progressing, look there's at there there path optimistic on, have future we're that lot are but to to are keep from And as be we mindful we if we releases

But a as the of like to that'll about. that know, end office in at it you up, to think point in now As terms take real time it's and call a any you degree because we scenarios in in and the higher, all little where we elements as thing – other could on I a bit the of that be balance And about bit lower, of the you that your time maybe mentioned, a what – they're lot out. into – your a of you market really commercial think a up depending could you're point happen. what hard The at that's of end of right future view outlook end little factors sheet talking point. – I estate, think of have function on mix a while could maybe sort go there's up will things certainty possible you play

exactly think see so all And that function how of time, end over progresses a but things I where we'll be we it of those up. will

Gerard Cassidy

asset with cap some their leverage in predict know good. that the before going the to when be not think guys your the question been banks horse is lifted, of proceed some how when forward? lifted. are do There's you. ratio. the asset Thank markets is And cart Very I putting talk But being I'm asking supplementary you'll the peer will and you you cap stretched this

freeing has told Wells if of constraint. the JPMorgan guys wonder to disrupted up without have give deposit And some is the that to their pick opportunity the fact, may wholesale to market cap up now this you this Fargo binding is you deposits. going be because wholesale In asset us

cap the guys asset So lifted, you it lifted? not look after but to does thinking? is it is are be again, when going how asking What

Charles Scharf

if question way to you know any because answer could happen Well, on timing deal hard know, think potentially asset which banks as timing will it's again, that. the cap I don't changes, the with or we other don't the as the SLR of the know very of we just

go that sure of in frankly. not I'm that there So quite a are question answer whole this into that a to position we're unknowns series the

Michael Santomassimo

things. Yes. two And I add would just

about to with vehicles or we other manage of to as If result a cap is very actions the the deposits and been clients you work and think institutions we've a about we've public of other do asset continue this, in to actions the some taken that. to lot cases

managed a So there we've there's likely to be type market's trades. business with and down. financing could clients be lot think that like areas our opportunity of And

be And that, at some demand of time. we the right there'll think

what be of And should as think for look function But that shape forward. opportunity of bit us we said you happens. so of I of is look will as take a plenty that, at as sort little exactly, a there Charlie when it

Gerard Cassidy

Thank you. color. the Appreciate

Operator

line the from Matt come O'Connor Deutsche will Bank. of question with next Your

Matthew O'Connor

guys. Hi

to If the the the I years of yes, of also opportunity just probably how cost one next mentioned revenue probably stories and rising rates, we some leverage wholesale and next are just Wells the at we about or was drivers few like organic But move think past and the as opportunity Fargo of organic can hoping put assuming business, those you mentioned But of them look could weaved been call. list they throughout if key you've some the about three the credit from might kind You and for of card. of well you where three cap, has an of meaningful together. what because years Some the there's organic you're obviously too. got you're and card, growth talked what wild you be? four there like or are markets maybe few asset kind needle the but two revenue

So hoping that it's together us? just Thanks. of packaged for kind

Charles Scharf

I'm of rate period again, the we growing laggards appreciate have just so time – reality question. a for just across And for interest not businesses sure is a second. but a the at say of for I And been I'll Yes. the most period listen, time, I revenues. aside of right environment I'll what the put is, think, our

you to share that given stats she we've through role little been of the to put bank, For continue that businesses, the and well we've focus There's everyone not since terms example, front And done to have that just done case. practices on And Mack’s many, day been Mary It's an look company. lines that a be And franchise as which performance. fix issues that when in do job about other financial focus it's had, it of to years of we growing is growing to here, the very, had remarkably lot we I fair the think was I this when issues the we've problem, at on was which our while that's into while whether given been day the business. want been many very consumer around very trends really the sales strong do personally the out. across on people and all right, company to franchise. has the says the all the in awful an that underlying

future are capabilities the said just course and mobile-first we all to of in looking time, and we remarks, gate at But information the become the infrastructure get using the at business. we our as a card where ours to your regulatory data really build satisfy and of successful in that a really pieces that we our need We with We've mentioned. continuing that risk it's in requirements about I through. as about my changing It's the are to So control that. to products all level about as services, answering the that those of of our the digital opportunities priorities question, are by because is different background things we're understand businesses we've offerings, are, that we've talked just I I same more and who of segments to do believe lending business. targeted getting we for background, the in And talked attitude, that our in go core relationships like model, been one actively whether we're the we've pricing anything because our serve working that about on of reasonable we not we share the consumer digital all the this in consumer of the – when exist it, think drive alter things consumer interesting every we done need products our have. how a the one our and thinking of again, because have deposit segment businesses. not growth the coverage different should the our or flow, anything the in And of through really a

more market In You our rates don't there. the revenue and lender the customers those best because business, because pick a country and position we we both in business. best of to in growth And see middle of commercial we're far believe the balances do broadly. being the serve at much

the we're be. of just there, profile been measure And our to is not here, even team look sell even risk, And improve to CIB company focused these all to who our have. for about have at bank from it's way, advantages we or you shy improving that existing it's product, lending be a competitive bank improving focused more it say people. it, to by with out we're the that commitments platform so close all to we we're management as relative whether our just work utilizing products to we very customers meaningful not by opportunity that things the fees to through by not we should products decades industry, treasury but When our the been where utilizing we've has talked The want us. going risk to a investment opportunity, for the a CIB, –

completely So exact we've don't leave same when out I that we've online anyone thing, capabilities [indiscernible] and I believe and underutilized. the really got

and like competition. sound completely some lag platforms, we've the that independent, we go that bring all job things where do Those best really to our together, want to underutilized clearly believe that – brokers across better platforms things Sommers just for to our are platform it's mortgages, too the the Barry able a security-based and to the with of loans bites, but stats be a have is We all doing offer everywhere. all products there

is we've work see that to come going so is is work hopefully to to jeopardize – have like seen But with things seen market. And we start and start to credit again, to see, you've card going risk on do. you'll what the like background the you'll nothing

Matthew O'Connor

billion but now loan So say over bigger if the or the better than is it terms for industry of didn't broad-based obviously size the asset per would way several you $XXX can balance the next growth in do year you X% that. any opportunity, to be, XX% your sounds it very if either have cap, years

on you bites now sizing it or sound you didn't any where Just [indiscernible] be could or have if longer-term?

Charles Scharf

life the I if there of reality before, that through opportunities. plenty quantify Matt, in all honestly, We like things is cap. for require environment the you is we're impact about I having the mean, But because of thinking those about like what spoke it that's not sheet. what go few this balance even on ourselves without it. are asset and of the very

not things. talk when we'll the there. mean but do not that us when an other some for to there's not for we having Now, And opportunity get that's it, future, excuse it costs to doesn't it we get about

Matthew O'Connor

Understood. Thank you.

Michael Santomassimo

quantified of taken actions past in some the forums. other I've in Yes. And that Matt, we've the

of go through it's cap. help billions And some hundreds to so taken back we've significant, manage of the it's of dollars I'd actions of and but to that, asset

that of pretty should you give has what So the a good sense impact been.

Matthew O'Connor

you. Okay. Thank

Operator

Vivek with Juneja from of line question will come next JPMorgan. Your the

Vivek Juneja

the of questions for onset contemplating through in clarification Charlie as does last Thanks the this has that about $XX – it asset lift and that the said the Quick without asset current my Mike. the Hi. situation, the mean billion life as the assumes that buyback cap, your aren't you question, to cap? that taking does Charlie soon does talking assume you're not CCAR that not –

Michael Santomassimo

we're Vivek, right we where place, have in playing not that's he think right. now been what I the would like a wasn't meant cap was, ifs, bunch like of if what Yes. asset

we're we it's And as of assuming So that I take I think that would that – for context. that's think look in place during the I in planning, period. sort capital our

Vivek Juneja

Okay.

was Second quick you ineffectiveness continue? gain – how you, Mike. it it one for meant Hedge much could and

Michael Santomassimo

absolute ineffectiveness small. impact in quarter is the hedge The Yes. very

quarter a quarter. a because a result absolute small the during first linked negative actually happened variance rates we in the with really second given have ineffectiveness quarter But is impact of had do the first You quarter bit the in what hedge Vivek. embedded that's

Vivek Juneja

Okay.

then else So costs drove something down XX debt long-term by basis that points?

Michael Santomassimo

Yes.

you right, long-term debt. if is we look our part think long-term debt, I of at it reduced

amount the absolute rate you the reduced look at rates and costs, If we and we the the debt down. long-term reduced

Vivek Juneja

great. Mike. Okay, Thanks,

Operator

with will question Raymond come from of line Long next James. the David Your

David Long

everyone. Hi,

buybacks, or stock? As to worth accelerate you meaning it the it fraction that you levels here higher and mean, backdrop. optimistic the of guys like near-term? buybacks your pretty $X in in that, on third is relates your could buyback I a economic of are possible By you pace capital billion the quarter, $X seems Can billion it the the

Michael Santomassimo

Yes. we're how like say we're But into Look, intend the to before. haven't get you when said pace like going specifics we we're do at going what not we much and core, always of to looking to by fast, do yes.

with going extra how we're about a that. prudent and be with the to we And do we we're pacing going that And of start lot mindful to so of obviously it be capital.

really So soon. confident pace we'll to we at that that moving be right feel able get the

David Long

you line that Got second bottom color. the fees forgiveness was to for and it's question going on huge Thanks second Did the PPP the guys. in impact quarter? specifically forgiveness, my for then the be what you the to to quarter it. And not relates to disclose

Michael Santomassimo

has next start We roughly loans few impact to not, remaining $XX to the the as did down we – about those see to see we'll come continue see and did forgiven have balance down get you continue billion, billion over and we'll to $X PPP some come did from our from but about quarters.

Charles Scharf

little away net had very And any fees bottom also we giving impact that said line mind if keep the and so are from that. we that in

Michael Santomassimo

Yes.

for – XXXX. fees So gross And originated that forgiven we're been the what's away loans for the the mostly giving in fees are that's now.

David Long

Got it. Appreciate you. it. Thank

Operator

Ebrahim of question come with of next line Bank America. Your from Poonawala will the

Ebrahim Poonawala

Hi.

that dependent moving can you ROTCE. know cap of to is Wells I Just get achieve over and a follow-up. out the a to quick – interest bank I higher you kind mentioned, for that very on time asset but think on had does Is ROTCE? think move of much how rates that need to Charlie, few that is XX% this And the a eventually higher XX% years

Charles Scharf

certainly does. Yes. It

that to it the to double-digits, get we're specific we asset about that really assumes of higher and what this what headed. a once Assume we next. want been we about we've is and is, to what's XX%, with cap means. rates has talk can get a gone – we're clarity kind haven't on And we exactly first said and And where some journey then that's more listen,

Ebrahim Poonawala

terms clarifying your on expenses. in just guidance And it. Got of

expense cost about expense year? so as be driven revenue investment, it growth is opposed of to savings in we XXXX, terms maybe safe this think beyond further that incremental generation beyond room some there As by assume to would

Charles Scharf

Yes.

year. on past haven't about this outlook expenses We talked our

we've I to middle a that a we've is we're the multi-year next a that to of on we should be with net the able And make got be of some what think expenses efficiency the I need is years. to for even down true we – program. in think said, couple which continuing investments basis that bring of

stands. still that think I So

Ebrahim Poonawala

you. Thank helpful. That's

Operator

of from line McDonald with will question final the Autonomous. come John Your

John McDonald

follow-up Hey, of kind just just said comments to the Mike. revenue-related target this repeat billion I on how that what relative they're year? for wanted this for $XX do you trending year. to and baked to ties what quick in and Could the you expenses the another you about where expense

Michael Santomassimo

business largely Yes. million, management point, the Sure, so $XXX billion, our incremental would that's been. doing advisory increase that think in really we where million. wealth about And we that's $XXX we John. have Embedded $X assume Thanks. group and our well, an original of billion, particularly market that's outlook have given about levels in and the probably $XX at this that really like by driven assets revenue-related more

pressure that's so And billion. the putting on $XX

$XX that and be could if exit. obviously cost possible little restructuring a that excludes and over billion, holds it's business So that we of the

to way the that's it. about So think

John McDonald

Okay. And into that? so not right, includes that's of exits factored too, it expense benefit the also business

Michael Santomassimo

those that's to closing, were Yes. year, get businesses happen here will agreements trust how for progress we assume going for should management out. think Once the business. John, based loan service full-year full-year. how student play we were But and we'll the we the transition on corporate which assumes except the update this to asset there The billion, $XX that they later think

John McDonald

Okay. to And expense that you're think your I'm averages quarter. playing right math. in year to something then down back billion year-to-date the that $XX out of at just the way cadence the numbers, then to a it? of about looking stepping the closer kind half that of implies Is kind just

Michael Santomassimo

Yes.

that's think the imply. would what I math

John McDonald

you. Thank Okay.

Charles Scharf

John. Thanks,

Operator

back conference to With management. over that I'll turn the

Charles Scharf

next listen, all the to it. for Take Well, And you quarter. time. Right. much talk appreciate the quarter, we'll during you thank we care. to don't you if We so talk

Operator

for you joining call. Thank today's all

You may disconnect. now

Wells Fargo & Company (WFC) 14 Jul 212021 Q2 Earnings call transcript