Wells Fargo downplays credit risk, eyes growth

Profitability target: Scharf speaks to the Economic Club of New York. The Wells Fargo CEO supports semi-annual reporting and says cuts are part of economic risk management and that there are no cracks in the banking system. — Reuters

NEW YORK: Credit among consumers and businesses remains strong, despite recent concerns about loan losses that have weighed on bank stocks, Wells Fargo chief executive officer (CEO) Charlie Scharf says.

“We don’t see cracks in the banking system,” Scharf told the Economic Club of New York, calling credit “exceptionally good” and saying he did not expect conditions to deteriorate.