NEW YORK (Reuters) – Wells Fargo & Co’s Chief Financial Officer Mike Santomassimo told investors on Tuesday the bank is unlikely to release any of its cash reserves this quarter because of the “uncertainty” in the current economic environment.
“I wouldn’t expect releases at this point given the uncertainty,” Santomassimo said at conference hosted by Morgan Stanley in New York.
Santomassimo said investors should expect second quarter trading to be up over last year, while investment banking fees will be down.
(Reporting by Elizabeth Dilts Marshall, Noor Zainab Hussain and Sinead Carew)
