Wells Fargo CEO Scharf Sees More ‘Volatility and Uncertainty’

Wells Fargo, the third-largest U.S. bank by assets, reported profit that rose from a year earlier, but Charlie Scharf, the lender’s chief executive, said in a statement alongside earnings Friday that he was positioning for an economic slowdown and more market turbulence as trade tensions unsettle markets.

“We expect continued volatility and uncertainty and are prepared for a slower economic environment in 2025, but the actual outcome will be dependent on the results and timing of the policy changes,” Scharf said.