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Wells Fargo CFO Admits Uncertainty over Housing Market Recovery

Wells Fargo CFO Admits Uncertainty over Housing Market Recovery

The chief financial officer of Wells Fargo, the largest originator of home loans in the country, told CNBC during a recent interview that he is not certain whether or not the improving housing market has bottomed out yet.

CFO Timothy Sloan would not agree with JPMorgan Chase CEO Jamie Dimon, who previously told the news source that the low point had been reached, but the finance chief admitted "I hope that is the case."

"Your guess is as good as mine in terms of where the markets are going to go," Sloan said during the interview. "We just want to make sure the right people are in front of our clients to give real value to them...We need to be able to demonstrate that we can deliver for our customers and shareholders in any kind of market."

The finance chief's comments come as Wells Fargo recently reported fourth-quarter net gains of $430 million from its trading activities, compared to a loss of $442 million in the third quarter, The New York Times reports.

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