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Wells Fargo CFO says there will be stress as economy slows

Wednesday, September 14, 2022
Wells Fargo CFO says there will be stress as economy slows © Reuters. FILE PHOTO: A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith
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NEW YORK (Reuters) - Wells Fargo (NYSE:WFC) & Co is seeing loan growth moderating after strong growth so far this year and witnessing downward pressure on mortgage revenue as consumers feel the effect of higher interest rates, its chief financial officer said on Tuesday.

"There will be stress right as the economy slows. So that's going to come in terms of some of these portfolios, it's just so far it is weathering quite well," said Mike Santomassimo at the Barclays (LON:BARC) investor conference.

Hopes of a landing soft enough to avoid recession is waning as the US central bank remains steadfast in its decision to keep raising rates until data shows a pullback in consumer prices.

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EUR/USD

0.9882

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    EUR/USD 0.9882 ↑ Buy  
    GBP/USD 1.1416 ↑ Buy  
    USD/JPY 144.57 ↑ Sell  
    AUD/USD 0.6530 ↑ Sell  
    USD/CAD 1.3586 ↑ Buy  
    EUR/JPY 142.87 ↑ Sell  
    EUR/CHF 0.9768 Neutral  
    Gold 1,718.60 Neutral  
    Silver 21.047 Neutral  
    Copper 3.4758 ↑ Sell  
    Crude Oil WTI 83.98 Buy  
    Brent Oil 89.35 Neutral  
    Natural Gas 6.481 ↑ Buy  
    US Coffee C 215.55 ↑ Sell  
    Euro Stoxx 50 3,413.95 ↑ Buy  
    S&P 500 3,678.43 ↑ Sell  
    DAX 12,425.88 ↑ Buy  
    FTSE 100 6,978.00 ↑ Buy  
    Hang Seng 17,079.51 ↑ Buy  
    Small Cap 2000 1,709.05 Buy  
    IBEX 35 7,600.21 ↑ Buy  
    BASF 41.693 ↑ Buy  
    Bayer 48.33 ↑ Sell  
    Allianz 163.28 ↑ Buy  
    Adidas 122.62 Neutral  
    Lufthansa 5.812 ↑ Buy  
    Siemens AG 103.08 Buy  
    Deutsche Bank AG 7.758 Neutral  
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