Wells Fargo (WFC) Goldman Sachs U.S. Financial Services Conference summary

Conference overview

• Attendance reached 1,000 clients, up 10% from last year, with 125 companies and nearly $6 trillion in market cap represented.

• The event featured keynotes and discussions on macroeconomic trends, strategic priorities, and industry outlooks.

Macroeconomic and consumer trends

• Consumer spending remains strong, with stable deposit and investment balances and marginally improved delinquencies.

• Spending patterns are consistent across demographics, with a persistent but stable gap between affluent and less affluent consumers.

• Middle market customers are cautious due to tariffs, focusing on cost control over growth.

• Employment and wage growth are seen as critical for future consumer stability.

• Lower rates in the coming year are expected to support increased borrowing and investment.

Strategic priorities and performance

• Return on tangible common equity (ROTCE) improved from 8% to 14-15% over six years, with a new target of 17-18%.

• Lifting of the asset cap enables more aggressive deposit and loan growth, leveling the playing field with peers.

• All business segments, except home lending, are positioned for best-in-class returns and growth.