Wells Fargo & Company (NYSE:WFC) Q4 2023 Earnings Conference Call January 12, 2024 10:00 AM ET

Company Participants

John Campbell – Director-Investor Relations

Charlie Scharf – Chief Executive Officer

Mike Santomassimo – Chief Financial Officer

Conference Call Participants

Steven Chubak – Wolfe Research

John McDonald – Autonomous Research

Ken Houston – Jefferies

Scott Siefers – Piper Sandler

Ebrahim Poonawala – Bank of America

Erika Najarian – UBS

John Pancari – Evercore ISI

Gerard Cassidy – RBC Capital Markets

Matt O’Connor – Deutsche Bank

Dave Rochester – Compass Point Research

Manan Gosalia – Morgan Stanley

Operator

Welcome, and thank you for joining the Wells Fargo Fourth Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Please note that today's call is being recorded.

I would now like to turn the call over to John Campbell, Director of Investor Relations. Sir, you may begin the conference.

John Campbell

Good morning. Thank you for joining our call today where our CEO, Charlie Scharf; and our CFO, Mike Santomassimo, will discuss fourth quarter results and answer your questions. This call is being recorded. Before we get started, I would like to remind you that our fourth quarter earnings materials, including the release, financial supplement and presentation deck are available on our website at wellsfargo.com.

I'd also like to caution you that we may make forward-looking statements during today's call that are subject to risks and uncertainties. Factors that may cause actual results to differ materially from expectations are detailed in our SEC filings, including the Form 8-K filed today containing our earnings materials. Information about any non-GAAP financial measures referenced, including a reconciliation of those measures to GAAP measures can also be found in our SEC filings and the earnings materials available on our website.

I will now turn the call over to Charlie.

Charlie Scharf

Thanks, John. I'll make some brief comments about our results and update you on our priorities. I'll then turn the call over to Mike to review fourth quarter results as well as our net interest income and expense expectations for 2024 before we take your questions. Let me start with some 2023 financial highlights. Although, our improved 2023 results benefited from the strong economic environment and higher interest rates, our continued focus on efficiency and strong credit discipline were important contributors as well. We grew net income and diluted earnings per share with higher revenue and lower expenses.