Q1 2024 Wells Fargo & Co Earnings Call Transcript
Key Points
- Solid financial results reflect progress in improving and diversifying financial performance and strength in the U.S. economy.
- Investments across the franchise contributed to higher revenue with an increase in noninterest income offsetting a decline in net interest income.
- Wealth and Investment Management business benefited from higher equity markets.
- Continued execution on efficiency initiatives, including reducing headcount, which has declined every quarter since Q3 2020.
- Strong capital position with a commitment to returning excess capital to shareholders, including repurchasing more common stock in 2024 than in 2023.
- Net charge-offs were higher than a year ago, although stable from the fourth quarter.
- Average commercial and consumer loans were both down from the fourth quarter due to higher rates impacting demand and a strategic reduction in exposure in certain portfolios.
- Increase in expenses from a year ago driven by higher operating losses, FDIC special assessment, and increased technology and equipment expense.
- Consumer delinquencies continue as forecasted, with certain commercial office properties showing weakness.
- Regulatory pressures remain high with the risk of further regulatory actions until all risk and control work is complete and validated by regulators.
Welcome, and thank you for joining the Wells Fargo First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note that today's call is being recorded.
I would now like to turn the call over to John Campbell, Director of Investor Relations. Sir, you may begin the conference.
Good morning. Thank you for joining our call today where our CEO, Charlie Scharf; and our CFO, Mike Santomassimo, will discuss first quarter results and answer your questions. This call is being recorded. Before we get started, I would like to remind you that our first quarter earnings materials, including the release, financial supplement and presentation deck are available on our website at wellsfargo.com.
I'd also like to caution you that we may make forward-looking statements during today's call that are subject to risks and uncertainties. Factors that may cause actual results to differ materially from expectations are detailed in our SEC filings, including the Form 8-K filed today
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