The mortgage business is a top source of revenue for banks, and mega bank Wells Fargo is no exception.
Wells Fargo ($40.55 -0.7%) CEO and President John Stumpf presented at the Sanford C. Bernstein Strategic Decisions Conference on Wednesday discussing the overall health of the bank.
Stumpf said the culture of our company and the way we do business is about serving customers. “We work together. And if it’s not mortgage – its mortgage today, it might be credit card tomorrow.”
“It might not be an even tradeoff and might not be a quarter-by-quarter tradeoff, but if we provide great services and products, the rest seems to take care of itself,” he added.
However, Wells Fargo may adapt for the customer, but the bank’s revenue tells a slightly different story.
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