Wells Fargo Chairman Dick Kovacevich and CEO John Stumpf told an analyst that they expect their community bank rivals to suffer more than the bigger banks from problems with commercial real estate loans.

The San Francisco company’s top brass told RBC analyst Joe Morford that they expect Wells Fargo will benefit from its customer relationships and underwriting standards as the financial health of borrowers for commercial mortgages deteriorates, according to a research report that Morford shared with clients Friday.

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Wells Fargo Expects Community Banks to Suffer More with Commercial Mortgages