NEW YORK, June 13 (Reuters) - Wells Fargo & Co (WFC.N) expects an upside in net interest income going ahead, Chief Financial Officer Mike Santomassimo said on Tuesday.
The bank had earlier issued guidance for a 10% higher net interest income this year, more than the full-year 2022 level of $45 billion.
The lender expects losses in office loans, which have seen some pressure as property values have declined and more borrowers are defaulting on their loans.
In the January-March quarter, the bank had reported a $643 million increase in the allowance for credit losses, including for loans on commercial real estate, credit cards and cars.
Regulators have also ordered it to improve governance and oversight, which has curtailed balance sheet growth and increased regulatory expenses.
Persons:
Mike Santomassimo, Santomassimo, Nupur Anand, Saeed Azhar, Jason Neely, Jonathan Oatis
Organizations:
YORK, Fargo & Co, U.S, Regulators, Thomson
Locations:
San Francisco, New York