Wells Fargo & Co Q4 2021 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst : Mike, my first question is for you. Could you give us a sense of what deposit growth or runoff assumption you have in your 2022 NII simulation? And similarly, what kind of deposit repricing you presume?

Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst : And just to clarify, so the betas in the last cycle, if I remember, were driven by a handful of CIB deposits, right? Clearly, that has been pushed out, given assets -- some of that has been pushed out, given asset cap restrictions. So embedded in this NII number is the experience of the last cycle that included the betas contributed by those deposits, whereas as we actually look out today, you have a much better and less rate-sensitive deposit base.

Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst : Understood. And my last question is for Charlie. I think your investors are receiving very warmly what you and Mike have said about you're trying to change how this bank is thinking by constantly identifying cost saves to fund future investments. And as we look out in what looks like a more favorable rate backdrop and revenue backdrop, from a growth perspective for banks, do you see yourself reinvesting more of the identified savings as we enter a more favorable revenue backdrop?

Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst : Got it.