**Dick Manuel:** Good morning, everyone. Thank you, Gerard, for that introduction. And thank you all for being here. My name is Dick Manuel, and I’m an equity research analyst at Columbia Threadneedle Investments. I’m happy to be joined on the stage by Mike Santomassimo, CFO of Wells Fargo. Thank you, Mike, for being here.
**Dick Manuel:** Great. So let’s just jump in on the third quarter earnings call. You increased your ROTC target from 15% to 17% and now to 18%. As part of that discussion, you wanted each of the businesses to achieve best-in-class returns.
I thought we could walk through them, starting with the Consumer Bank, where the gap of the current returns is probably greatest relative to your ambitions.
So, on consumer and small business banking, can you update us on the progress you’re making in developing more of a sales culture since the OCC lifted the consent order last year? Also, could you talk about what else you see in terms of opportunities to improve the returns?
**Michael Santomassimo, Senior EVP & CFO:** Sure. Yes, let me provide a bit of backdrop on the targets, and then I’ll come back to the business itself.
If you rewind the clock a little and look back to where we started this journey at the beginning of—end of 2020, early 2021—we were at an 8% ROTC as a company. We had set targets along the way of 10%, then 15%.
When you look at where we are year-to-date, through the third quarter, we have made solid progress…
https://seekingalpha.com/article/4839237-wells-fargo-and-company-wfc-presents-at-the-bancanalysts-association-of-boston-conference?source=feed_all_articles
Be First to Comment