Nov 05, 2021 / 01:40PM GMT
Jonathan Ashe - Wellington Management Company LLP - Equity Analyst
All right. Good morning. We're going to start here with the next session. I'm Jon Ashe from Wellington Management. I'll do open up with a quick trivia. Can you name an executive who, in 2020, joined a financial services company to lead a unit of 50,000 people in the middle of a raging pandemic? So the answer is our next speaker.
At $210 billion in assets, Wells Fargo is the third largest bank in the U.S. by market cap with almost $2 trillion in assets and with offices in 80% of the U.S. states. The stock currently trades at 1.4x tangible book, 13.7x '22 earnings with a 1.5% dividend yield.
Of the 15 largest banks in the U.S. by market cap, Wells Fargo is the second best performer in terms of stock price appreciation over the past year at plus 135%. That was before yesterday, so it's 132%, trailing only Silicon Valley.
Representing Wells Fargo today is Mike Weinbach, Senior EVP and CEO of Consumer Lending and a member of the operating committee. Mike leads 50,000 team members who work within home lending, auto,
Wells Fargo & Co at BancAnalysts Association of Boston Conference Transcript
Nov 05, 2021
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