Wells Fargo CEO Says Tariffs Slowed Investment Activity -- Market Talk

Dow Jones12-10

1209 ET - Companies have pivoted to focusing on costs and margins rather than investing for growth as they adapt to the impact of tariffs, Wells Fargo CEO Charles Scharf says at the Goldman Sachs Financial Service Conference. "They're encouraged long term by what tariffs will mean for them to be able to be competitive. But it has created pressure for them in the shorter term," Scharf says of his commercial customers, adding that some firms are rolling back hiring and investment in inventories. Once there's more certainty around tariffs and companies are able to adjust their profitability models to adjust for a higher cost of goods sold, there may be more investment and lending activity in the new year, he adds. (elias.schisgall@wsj.com)

(END) Dow Jones Newswires

December 09, 2025 12:10 ET (17:10 GMT)

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But it has created pressure for them in the shorter term,\" Scharf says of his commercial customers, adding that some firms are rolling back hiring and investment in inventories. Once there's more certainty around tariffs and companies are able to adjust their profitability models to adjust for a higher cost of goods sold, there may be more investment and lending activity in the new year, he adds. 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But it has created pressure for them in the shorter term,\" Scharf says of his commercial customers, adding that some firms are rolling back hiring and investment in inventories. Once there's more certainty around tariffs and companies are able to adjust their profitability models to adjust for a higher cost of goods sold, there may be more investment and lending activity in the new year, he adds. 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But it has created pressure for them in the shorter term,\" Scharf says of his commercial customers, adding that some firms are rolling back hiring and investment in inventories. Once there's more certainty around tariffs and companies are able to adjust their profitability models to adjust for a higher cost of goods sold, there may be more investment and lending activity in the new year, he adds. 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