Wells Fargo CEO says ‘no concerns over what we’re doing’ in trading business

Asked by an analyst about a New York Post article published yesterday that "alluded to some concerns" in Wells Fargo’s trading business, CEO Charlie Scharf responded: "We have no concerns over what we’re doing in the business. We’re not increasing risk in any meaningful way. We’ve had strong oversight in that business, and we think it continues. And we benefited from business activity, which is focused on customer flow. We have strong financial risk management in the company and have had that for a long period of time. We have strong risk management over our trading businesses and controls. And I would just be really careful to take the source that you’re taking and using that to expand into anything beyond… And as I said, we feel really good about the progress that we’re making, and we feel good about the performance of the company. And I think it’s that — that stands on its own."