1257 ET - Wells Fargo customers and corporate clients are taking a wait-and-see approach to the economy, and are relatively confident about the long term despite current uncertainty, Truist analyst John McDonald says. Customers see deregulation, tax reform and trade changes as relative positives to growth in the long term, McDonald says. They're also positioned well heading into a volatile period, with strong credit performance over the past few quarters, management said during a call about the bank's first-quarter earnings. Wells Fargo is maintaining reserves assuming a 5.8% weighted average unemployment rate with significant weighting to downside scenarios. (katherine.hamilton@wsj.com)
(END) Dow Jones Newswires
April 11, 2025 12:57 ET (16:57 GMT)
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