Wells Fargo CFO not anticipating ‘significant additional capital needs’

Wells Fargo CFO Michael Santomassimo said on the company’s Q1 call: "We’ve got plenty of capital to deal with whatever comes out of [the stress tests]. And as we said, over time, we’ll get closer to 100 basis points or so above the — above the 9.2%. And so I think there’s plenty of capacity to deal with whatever comes and continue to return money back to shareholders, as Charlie said… All I was trying to say is we have a lot of flexibility to deal with things that come our way. And so we’re not anticipating significant additional capital needs. We’re not anticipating that any potential downturn could create additional capital needs inside of the business. All we’re saying is that if any of those things were to happen, we have the flexibility to deal with that, both because of the amount of earnings that we have as well as the existing excess capital that we have. So you’ll add those — you take that, you say, we bought all those things happened while we bought $4 billion of stock back this quarter. So we feel we’ll be able to continue to return capital and still maintain a very conservative position."