Instead of falling three to four basis points, he now sees it slipping by only about one basis point, or potentially coming in flat. He attributed the shift to reinvesting the securities portfolio at higher yields and earning more from the bank's lending books. He made the comments Tuesday at a Barclays conference.
Santomassimo said year-over-year gains are anticipated for markets revenue as well as investment-banking fees, with growth around the middle single digits as a percentage. The bank has been working to build selected businesses after the Federal Reserve lifted its asset cap last year.
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At 9:07 a.m. in New York on Tuesday, Wells Fargo's stock was up about 1.4% in premarket activity. That follows a rough session for big-bank peers after Bank of America CEO Brian Moynihan said the firm's trading revenue will be "relatively flat" versus last year's third quarter, a surprise after the industry's strong trading in the first half.
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