Despite rising rates and competitive products elsewhere, such as money market funds, Wells Fargo posted strong deposit growth.
More Quotes from Mark Batty:
Clearly, Wells Fargo is one of the better-positioned banks. It is in growth markets, has strong asset quality and profitability metrics and its valuation appears reasonable.Mark Batty
About 90 percent of our revenue comes from online advertising,
Mark Batty
The bankruptcy issue is a one-time situation. Commercial and industrial loan growth was fairly strong and should be the key driver of earnings growth this year for the regional banks.
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In some markets we're seeing reasonably strong deposit growth and pretty much across the board, commercial and industrial, middle-market business loans are fairly robust. It's a sign the economy remains fairly strong.
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People are worried about possible net interest margin compression and credit quality deterioration, as well as slowing consumer loan growth.
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The numbers looked good. American Express is benefiting from the longer-term trend of consumers and small businesses switching from cash and checks to credit cards.
Mark Batty
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