(Reuters) – Wells Fargo & Co on Thursday said the bank’s ultimate goal to reach a 15% return on tangible equity may be more achievable as rates grow, even if a $1.95 trillion asset cap which has hindered its growth since 2018 remains in place.
The bank had said previously that it would need the asset cap to be lifted in order to achieve that goal.
“The question will be where rates go and then what impact that has on the economy and the environment we’re in,” Chief Financial Officer Mike Santomassimo said at a conference hosted by Credit Suisse.
“We said a year ago we would need that lifted to get there. But rates have changed. We feel really confident that the business we have should be able to get there.”
(Reporting by Noor Zainab Hussain in Bengaluru and Elizabeth Dilts Marshall in New York; Editing by Nick Zieminski)
