Wells Fargo & Company/Mn
Wells Fargo & Company/Mn (WFC) Economic Moat Analysis—
Competitive advantages, dated evidence and erosion risks.
Uncertain economic moat
Wells Fargo demonstrates realized deposit-account repricing, growing deposits and improved earnings, but the supplied passages do not establish durable switching costs, a relative funding-cost advantage or another structural moat. These are insufficient grounds for either a positive moat verdict or a finding of no moat. Pricing power is demonstrated locally, with mixed broader margin evidence. The March 2026 proxy reports termination of all outstanding consent orders, superseding the February disclosure of remaining consent-order provisions; digital competition and funding-mix changes remain erosion risks.
Changes since the previous analysis
- Retain the previous uncertain moat verdict: operating progress and repricing still do not establish a durable structural advantage.
- Update regulatory chronology: the March 18, 2026 proxy reports all outstanding consent orders terminated, superseding the February 24, 2026 disclosure of remaining provisions. This does not establish termination of every other regulatory agreement or action.
- Add bank-specific capital, liquidity, earnings and capital-allocation assessments using recent filed operating disclosures.
Evidence limitations
- All evidence is supplied issuer disclosure. Reported results and contractual practices support numerical assessments, while promotional claims of unique advantages or exceptional leadership do not establish exceptional durability.
- Competition passages identify generic categories rather than named competitive comparisons. Companies mentioned in executive biographies and payment litigation do not establish competitor coverage.
- Relative deposit costs, customer-level attrition, switching expenses, deposit concentration and uninsured funding shares are absent. Aggregate deposit growth can coexist with customer departures.
- The tentative relationship-pricing thesis would be undermined by repeated fee reversals, checking-account contraction after repricing, sustained deposit outflows or higher funding costs that erase the observed spread benefit. None of those outcomes is established here.
- Digital substitution and competitors' possible cost advantages are disclosed erosion risks, not proof of realized competitive defeat.
- The excerpts omit quantitative interest-rate scenario results, consolidated nonperforming-loan and charge-off ratios, and detailed liquidity composition.
- Actual management ownership balances and full special-award vesting terms are absent. Proposed LTIP share additions and hypothetical dilution are not treated as adopted awards or realized issuance.
- Financial assessments use filings dated February through July 2026, each within 550 days of October 18, 2026. Supplied dates retain their filed dateKind; no retrieval date is treated as publication.
Financial indicators to test against the thesis
Calculated from annual filings. Missing data remains unavailable. Detailed financial charts remain in the other topics.
| Period | Gross margin | Operating margin | ROIC | FCF margin |
|---|---|---|---|---|
| 2021 | — | — | — | — |
| 2022 | — | — | — | — |
| 2023 | — | — | — | — |
| 2024 | — | — | — | — |
| 2025 | — | — | — | — |
Pricing power56
- Pricing outcomes
Higher consumer service charges explicitly resulted from account repricing, with higher commercial deposit charges also reported. Lower deposit costs and wider consumer deposit spreads provide additional observed pricing evidence. The strength is local rather than proof of company-wide durable pricing power; advisory-fee growth partly reflects market valuations.
- Customer demand
Consumer deposits grew alongside account repricing, and checking-account growth and affluent balances improved. These are indirect repeat-demand indicators, not measured retention of repriced customers; interest-bearing growth and noninterest-bearing decline complicate the assessment.
- Margin resilience
Wider consumer deposit spreads and higher net interest income coexist with a first-quarter consolidated net interest margin decline caused by asset and funding mix. Earnings improved, but those outcomes do not isolate pricing from volume, mix or market rates.
- Pricing freedom
Implemented account repricing demonstrates practical discretion over some fees. The excerpts do not establish broad contractual rights to reset prices, notice requirements or freedom from constraints across lending, deposits and servicing.
Management56
- Capital discipline
First-half 2026 repurchases and dividends totaled $10.4 billion against $11.7 billion of net income while disclosed capital ratios exceeded requirements. However, approximately $23 billion of 2025 distributions exceeded $21.3 billion of annual net income, and rapid balance-sheet expansion and commitments limit a stronger discipline conclusion.
- Incentive alignment
Existing multi-year equity, ownership requirements, clawbacks and outstanding ROTCE/TSR-linked awards support alignment. The approved approximately $60 million special CEO award and removal of preset compensation targets introduce discretion. Actual ownership compliance and ultimate performance-award payouts are not supplied.
- Execution
Asset-cap removal, subsequently reported closure of outstanding consent orders, higher first-half earnings and deposit growth demonstrate execution. Assessment uses operating and regulatory outcomes rather than the board's praise; the record does not establish exceptional sustained execution.
- Governance
Independent committees and a lead independent director provide documented oversight, and consent-order closure indicates remediation. Combining CEO and chairman roles and the earlier governance-related consent-order history leave mixed evidence of sustained oversight effectiveness.
Sources and methodology
Current publication · Updated 18/10/2026 · Version 4
AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 18/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · — · Account repricing and deposit growth demonstrate commercial capability but do not identify a protected structural mechanism or relative funding-cost advantage.
durability · — · The supplied periods do not establish persistence of an identified structural advantage across competitive or interest-rate cycles.
customer dependency · — · Checking and deposit growth support demand, but switching friction, essential customer dependence and customer-level persistence remain unestablished.
erosion resilience · — · Regulatory remediation is demonstrated progress, but resilience of a structural moat against digital substitution and funding competition cannot be established.
Pricing power56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 3/4 · Higher consumer service charges explicitly resulted from account repricing, with higher commercial deposit charges also reported. Lower deposit costs and wider consumer deposit spreads provide additional observed pricing evidence. The strength is local rather than proof of company-wide durable pricing power; advisory-fee growth partly reflects market valuations.
retention · 2/4 · Consumer deposits grew alongside account repricing, and checking-account growth and affluent balances improved. These are indirect repeat-demand indicators, not measured retention of repriced customers; interest-bearing growth and noninterest-bearing decline complicate the assessment.
margin resilience · 2/4 · Wider consumer deposit spreads and higher net interest income coexist with a first-quarter consolidated net interest margin decline caused by asset and funding mix. Earnings improved, but those outcomes do not isolate pricing from volume, mix or market rates.
contractual freedom · 2/4 · Implemented account repricing demonstrates practical discretion over some fees. The excerpts do not establish broad contractual rights to reset prices, notice requirements or freedom from constraints across lending, deposits and servicing.
Predictability86
Financial-sector stability over five consecutive reported annual periods: equal weights for nondeclining revenue frequency, revenue-growth volatility (5–40pp), positive consolidated earnings frequency, and net-income/revenue margin volatility (3–20pp). Uses reported accounting scope; not industrial FCF or a growth forecast.
- Nondeclining revenue years (%)
- 50.00
- Revenue growth volatility (pp)
- 6.49
- positiveEarningsShare
- 100.00
- netMarginStdDev
- 3.21
Financial strength63
Qualitative bank assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.
capital adequacy · 3/4 · At June 2026, binding Standardized Approach CET1 was 10.26% versus an 8.50% minimum including buffers; TLAC was 22.81% of risk-weighted assets versus 21.50% required. These demonstrate current regulatory capacity, without establishing exceptional stress durability or satisfying undisclosed ratios by inference.
liquidity funding · 2/4 · LCR of 119% exceeded the 100% requirement and consumer deposits grew. Growth favored interest-bearing funding, with first-quarter noninterest-bearing deposits declining. Missing concentration, uninsured-deposit and liquidity-composition data limit the assessment.
asset liability risk · 2/4 · Lower consumer charge-offs and a lower commercial real estate allowance are favorable, while higher consumer balances increased allowance needs. Disclosed sensitivity expects lower net interest income when rates fall, and trading-related assets expanded rapidly. Quantified scenario losses and comprehensive asset-quality ratios are absent.
earnings resilience · 3/4 · Fiscal 2025 net income of $21.3 billion was followed by first-half 2026 net income of $11.7 billion versus $10.4 billion a year earlier, despite higher expenses. This demonstrates earnings capacity over the disclosed periods, without proving resilience through a severe credit cycle.
Capital allocation63
Qualitative bank assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.
capital efficiency · 3/4 · First-half consolidated common ROE improved to 13.63% from 12.15%; reconciled non-GAAP ROTCE improved to 16.10% from 14.41%. These are demonstrated returns within their disclosed accounting scopes, not evidence of a moat or exceptional durability.
distributions and buffers · 2/4 · First-half 2026 buybacks of $7.1 billion plus $3.3 billion of dividends were below $11.7 billion of net income, with capital above disclosed requirements. Approximately $23 billion of 2025 distributions exceeded annual net income of $21.3 billion. The combined record supports a mixed assessment rather than exceptional buffer stewardship.
dilution and cost · 3/4 · Reported common shares declined from 3,220.4 million to 3,028.5 million year over year. First-half repurchases substantially exceeded $875 million of issuance, substantially all connected to employee compensation and benefits. Net dilution was controlled, although repurchases consumed $7.1 billion and issuance value is not a substitute for total compensation expense.
investment discipline · 2/4 · The merchant-services acquisition contributed higher card fees, and earnings rose alongside increased technology and marketing spending. However, acquisition returns and incremental investment paybacks are not quantified; rapid trading-asset expansion and $7.9 billion of unfunded tax-credit commitments create material demands on capital.
Management56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · First-half 2026 repurchases and dividends totaled $10.4 billion against $11.7 billion of net income while disclosed capital ratios exceeded requirements. However, approximately $23 billion of 2025 distributions exceeded $21.3 billion of annual net income, and rapid balance-sheet expansion and commitments limit a stronger discipline conclusion.
incentive alignment · 2/4 · Existing multi-year equity, ownership requirements, clawbacks and outstanding ROTCE/TSR-linked awards support alignment. The approved approximately $60 million special CEO award and removal of preset compensation targets introduce discretion. Actual ownership compliance and ultimate performance-award payouts are not supplied.
execution · 3/4 · Asset-cap removal, subsequently reported closure of outstanding consent orders, higher first-half earnings and deposit growth demonstrate execution. Assessment uses operating and regulatory outcomes rather than the board's praise; the record does not establish exceptional sustained execution.
governance · 2/4 · Independent committees and a lead independent director provide documented oversight, and consent-order closure indicates remediation. Combining CEO and chairman roles and the earlier governance-related consent-order history leave mixed evidence of sustained oversight effectiveness.
Evidence
Many of these competitors enjoy fewer regulatory constraints and some may have lower cost structures.
Competition: competitors' regulatory constraints and cost structures · Filed 24/02/2026
The financial services industry is also becoming more competitive as further technological advances and the expansion of a digital economy have enabled non-depository institutions to offer products and services traditionally offered by banks and have enabled financial institutions, technology companies, and others to deliver electronic and internet-based financial solutions, including electronic securities trading, lending, savings, and payment solutions.
Competition: digital financial services · Filed 24/02/2026
Additionally, digital assets and alternative payment methods, such as cryptocurrencies, stablecoins, and tokens, as well as distributed ledger-based payment, clearing, and settlement processes have the potential to reduce reliance on traditional depository institutions and other financial intermediaries, could lead to a reduction in deposits at banks, and could lead to changes in how financial services are accessed, offered, and delivered.
Competition: potential deposit disintermediation · Filed 24/02/2026
On June 3, 2025, the Company confirmed that the FRB had removed the Company’s limitation on growth in total assets imposed in 3 the consent order.
Regulatory actions: June 2025 removal of asset-growth limitation · Filed 24/02/2026
The remaining provisions of the consent order are still in place.
Regulatory actions: remaining consent-order provisions at February filing · Filed 24/02/2026
Under CEO Charlie Scharf’s leadership, the Company has reached key regulatory milestones, including the termination of all outstanding consent orders and the removal of the asset cap that had been in place since 2018.
Proxy shareholder letter: reported termination of all outstanding consent orders · Filed 18/03/2026
In the first half of 2026, we generated $11.7 billion of net income and diluted EPS of $3.60, compared with $10.4 billion of net income and diluted EPS of $2.98 in the same period a year ago.
Financial overview: first-half net income and diluted EPS · Filed 28/07/2026
Capital and Liquidity We maintained a strong capital and liquidity position in the first half of 2026, which included the following: •our Common Equity Tier 1 (CET1) ratio was 10.26% under the Standardized Approach (our binding framework), which continued to exceed the regulatory minimum and buffers of 8.50%; •our total loss absorbing capacity (TLAC) as a percentage of total risk-weighted assets was 22.81%, compared with the regulatory minimum of 21.50%; and •our liquidity coverage ratio (LCR) was 119%, which continued to exceed the regulatory minimum of 100%.
Capital and Liquidity: CET1, TLAC and LCR with applicable requirements · Filed 28/07/2026
first half of 2025 Revenue increased driven by: •higher net interest income reflecting wider deposit spreads and higher deposit and loan balances, including the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025; •higher deposit-related fees driven by higher volume and higher consumer account deposit service charges driven by account repricing; and •higher card fees driven by higher revenue following our merchant services joint venture acquisition in April 2025; partially offset by: •lower mortgage banking income driven by lower servicing fees due to portfolio run-off and servicing sales, as well as favorable MSR valuation adjustments in the first half of 2025 including adjustments for higher expected escrow balances.
Consumer Banking and Lending: deposit spreads, account repricing and acquisition-related fees · Filed 28/07/2026
Wells Fargo & Company 13 Earnings Performance (continued) Table 6b: Consumer Banking and Lending – Balance Sheet Quarter ended June 30, Six months ended June 30, ($ in millions) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Selected Balance Sheet Data (average) Loans by Line of Business: Consumer, Small and Business Banking $ 17,892 9,513 8,379 88 % $ 17,647 9,481 8,166 86 % Credit Card 52,655 49,947 2,708 5 52,847 50,028 2,819 6 Home Lending 197,949 203,556 (5,607) (3) 198,219 204,526 (6,307) (3) Auto 55,701 42,366 13,335 31 54,143 42,432 11,711 28 Personal Lending 13,631 13,651 (20) — 13,698 13,776 (78) (1) Total loans $ 337,828 319,033 18,795 6 $ 336,554 320,243 16,311 5 Total deposits 828,363 805,537 22,826 3 822,524 802,725 19,799 2 Allocated capital (1) 33,000 45,500 (12,500) (27) 33,000 45,500 (12,500) (27) Selected Balance Sheet Data (period-end) Loans by Line of Business: Consumer, Small and Business Banking $ 18,197 9,696 8,501 88 Credit Card 53,334 50,084 3,250 6 Home Lending 198,187 203,062 (4,875) (2) Auto 57,391 43,373 14,018 32 Personal Lending 13,830 13,790 40 — Total loans $ 340,939 320,005 20,934 7 Total deposits 832,165 806,572 25,593 3 (1)In first quarter 2026, we updated our assumptions and methodologies used to allocate capital as part of our periodic assessments.
Table 6b: consumer loans, deposits and capital-allocation methodology · Filed 28/07/2026
Provision for credit losses increased reflecting a higher change in allowance for auto and credit card loans driven by higher loan balances, partially offset by lower net charge-offs on credit card and personal loans.
Consumer Banking and Lending: provisions and charge-off direction · Filed 28/07/2026
Provision for credit losses decreased reflecting a lower allowance for commercial real estate loans, partially offset by loan growth.
Corporate and Investment Banking: commercial real estate allowance · Filed 28/07/2026
Table 33: Tangible Common Equity Balance at period-end Average balance Period ended Quarter ended Six months ended (in millions, except ratios) Jun 30, 2026 Mar 31, 2026 Jun 30, 2025 Jun 30, 2026 Mar 31, 2026 Jun 30, 2025 Jun 30, 2026 Jun 30, 2025 Total equity $ 182,323 180,313 182,954 181,910 183,693 183,268 182,797 183,312 Adjustments: Preferred stock (15,348) (15,348) (16,608) (15,348) (16,333) (18,278) (15,838) (18,442) Additional paid-in capital on preferred stock 139 139 141 139 140 143 140 144 Noncontrolling interests (2,133) (1,916) (1,843) (1,972) (1,915) (1,818) (1,944) (1,856) Total common stockholders’ equity (A) 164,981 163,188 164,644 164,729 165,585 163,315 165,155 163,158 Adjustments: Goodwill (24,963) (24,965) (25,071) (24,966) (24,967) (25,070) (24,966) (25,102) Certain identifiable intangible assets (other than MSRs) (732) (765) (902) (748) (788) (863) (768) (468) Goodwill and other intangibles on venture capital investments in consolidated portfolio companies (included in other assets) (648) (705) (674) (704) (705) (674) (705) (704) Applicable deferred taxes related to goodwill and other intangible assets (1) 1,065 1,064 1,060 1,065 1,063 989 1,064 647 Tangible common equity (B) $ 139,703 137,817 139,057 139,376 140,188 137,697 139,780 137,531 Common shares outstanding (C) 3,028.5 3,064.3 3,220.4 N/A N/A N/A N/A N/A Net income applicable to common stock (D) N/A N/A N/A $ 6,160 5,000 5,214 $ 11,160 9,830 Book value per common share (A)/(C) $ 54.48 53.25 51.13 N/A N/A N/A N/A N/A Tangible book value per common share (B)/(C) 46.13 44.98 43.18 N/A N/A N/A N/A N/A Return on average common stockholders’ equity (ROE) (D)/(A) N/A N/A N/A 15.00 % 12.25 12.81 13.63 % 12.15 Return on average tangible common equity (ROTCE) (D)/(B) N/A N/A N/A 17.73 14.47 15.19 16.10 14.41 (1)Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.
Table 33: common equity, outstanding shares, ROE and reconciled ROTCE · Filed 28/07/2026
Deposit-related fees increased driven by higher consumer account deposit service charges due to account repricing, as well as higher commercial account deposit service charges.
Noninterest income: realized consumer and commercial deposit service charges · Filed 28/07/2026
Investment advisory and other asset-based fees increased driven by higher asset-based fees reflecting higher market valuations.
Noninterest income: advisory-fee growth attributable to market valuations · Filed 28/07/2026
Our interest rate sensitivity indicates that we would expect to benefit from higher interest rates as our assets would reprice faster and to a greater degree than our liabilities, while in the case of lower interest rates, our assets would reprice downward and to a greater degree than our liabilities resulting in lower net interest income.
Asset/liability management: modeled directional interest-rate exposure · Filed 28/07/2026
During the first half of 2026, we issued $875 million of common stock, substantially all of which was issued in connection with employee compensation and benefits, and we repurchased 84 million shares of common stock at a cost of $7.1 billion.
Capital management: actual common-stock issuance and repurchases · Filed 28/07/2026
We paid $3.3 billion of common and preferred stock dividends during the first half of 2026.
Capital management: actual common and preferred dividends · Filed 28/07/2026
•average deposits increased driven by growth in interest-bearing deposits, partially offset by a decline in noninterest-bearing deposits.
First-quarter overview: deposit growth and noninterest-bearing deposit decline · Filed 29/04/2026
Net interest income increased in first quarter 2026, compared with the same period a year ago, driven by lower deposit costs, higher loan and investment securities balances, improved results in our Corporate and Investment Banking Markets (Markets) business, and fixed rate asset repricing, partially offset by the impact of lower interest rates on floating rate assets and deposit mix changes.
Net interest income: lower deposit costs and offsetting rate and mix effects · Filed 29/04/2026
Net interest margin decreased in first quarter 2026, compared with the same period a year ago, driven by growth in lower-yielding assets in our Markets business as well as growth in interest-bearing deposits and other short-term borrowings.
Net interest margin: realized decline and balance-sheet mix · Filed 29/04/2026
What We Do Incentive compensation is variable and “at-risk”; long-term equity compensation covers multi-year vesting periods Focus on risk management and risk outcomes Overall performance is evaluated through a rigorous performance assessment framework Engage an independent compensation consultant Strong and independent Board oversight through the Board’s HRC Recoupment policies provide for clawback and forfeiture of compensation in appropriate circumstances, including misconduct and risk management failures Stock Ownership Policy includes minimum ownership requirements, a compliance period to reach requirement, and additional holding requirements that extend one year after retirement Year-round engagement with shareholders on executive compensation and governance issues What We Don’t Do No payment of dividends prior to vesting No pledging of Company securities by directors or executive officers under the Board’s Corporate Governance Guidelines No executive employment agreements No tax gross-ups for NEOs No repricing of stock options without shareholder approval No hedging of Company securities by directors, executive officers, or other employees under our Code of Conduct No excessive perquisites for executive officers 2026 Proxy Statement 47 Table of Contents Executive Compensation CEO Special Award Granted to Charles W.
Executive Compensation: existing risk, ownership, vesting and clawback practices · Filed 18/03/2026
However, because the applicable performance period for each of these awards has not yet been completed, the actual number of 2024 and 2025 PSAs earned will depend on our Company’s level of ROTCE performance and TSR performance over the performance period for each award including reduction for NOL, forfeiture provisions, and compliance with covenants.
Executive Compensation: outstanding performance awards and uncompleted performance periods · Filed 18/03/2026
In addition, following the termination of the asset cap in 2025, the independent directors approved a special equity award with a total grant-date value of approximately $60 million to promote retention and recognize our CEO’s leadership in driving Wells Fargo’s transformation and creating significant shareholder value.
Executive Compensation: approved special CEO equity award · Filed 18/03/2026
Compensation Governance In 2025, the HRC eliminated pre-set total compensation targets for our NEOs while leaving unchanged its rigorous, holistic, principles-based evaluation of individual, Company-wide, and, when relevant, business unit performance against pre-established financial and non-financial goals, in an effort to maintain alignment with business priorities and shareholder interests; additional details are provided in the Compensation Discussion and Analysis.
Compensation Governance: elimination of preset total compensation targets · Filed 18/03/2026
I am also pleased to share that in 2025, following ongoing discussion and review, the Board’s independent directors appointed Charlie as Chairman of the Board, and I was named Lead Independent Director.
Board leadership: appointment of CEO as chairman and lead independent director · Filed 18/03/2026
2026 Proxy Statement 105 Table of Contents Shareholder Proposals In addition, each of our Board’s committees (including those committees not required by rules or regulations) is led by, and composed entirely of, independent directors.
Governance: independent board committees · Filed 18/03/2026
8 Wells Fargo & Company Noninterest Expense Table 4: Noninterest Expense Quarter ended Jun 30, Six months ended Jun 30, ($ in millions) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Personnel $ 8,851 8,709 142 2 % $ 18,444 18,183 261 1 % Technology, telecommunications and equipment 1,457 1,287 170 13 2,854 2,510 344 14 Occupancy 803 766 37 5 1,581 1,527 54 4 Professional and outside services 1,109 1,089 20 2 2,175 2,127 48 2 Advertising and promotion 361 266 95 36 730 447 283 63 Other 1,080 1,262 (182) (14) 2,207 2,476 (269) (11) Total $ 13,661 13,379 282 2 $ 27,991 27,270 721 3 Second quarter and first half of 2026 vs.
Table 4: actual personnel, technology, advertising and total expenses · Filed 28/07/2026
Our maximum exposure to loss for tax credit VIEs at June 30, 2026, and December 31, 2025, was $31.2 billion and $31.1 billion, respectively.
Tax-credit investments: maximum exposure to loss · Filed 28/07/2026
Our maximum exposure to loss included total unfunded equity and lending commitments of $7.9 billion and $7.8 billion at June 30, 2026, and December 31, 2025, respectively.
Tax-credit investments: unfunded equity and lending commitments · Filed 28/07/2026
We continued to operate with significant excess capital while returning $23 billion to shareholders through $18 billion in common stock repurchases and increasing our dividend per common share by 13% in 2025.
2025 performance discussion: actual shareholder distributions · Filed 18/03/2026
We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending Commercial Banking Corporate and Investment Banking Wealth and Investment Management For fiscal year 2025, our business and key financial results included: approximately $2.1 trillion in assets as of December 31, 2025 approximately 205,000 active employees as of December 31, 2025 $83.7B $54.8B $28.9B1 $21.3B $6.26 Revenue Noninterest Expense Pre-Tax Pre-Provision Profit Net Income Diluted Earnings Per Common Share (EPS) 12.4%2 14.6%3 10.6%4 66%5 ~$23B Return on Equity (ROE) Return on Tangible Common Equity (ROTCE) Common Equity Tier 1 (CET1) Ratio Efficiency Ratio capital distributed to shareholders 1.Refer to Other Financial Information, page 133, Note 1 for a further discussion of Pre-Tax Pre-Provision Profit.
Proxy summary: fiscal 2025 earnings, capital and returns · Filed 18/03/2026
Table 6f: Corporate and Investment Banking – Balance Sheet Quarter ended June 30, Six months ended June 30, ($ in millions) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Selected Balance Sheet Data (average) Loans: Commercial and industrial $ 278,389 202,473 75,916 37 % $ 270,330 197,590 72,740 37 % Commercial real estate 80,984 83,413 (2,429) (3) 80,561 84,020 (3,459) (4) Total loans $ 359,373 285,886 73,487 26 $ 350,891 281,610 69,281 25 Loans by Line of Business: Banking $ 124,981 88,994 35,987 40 $ 121,381 87,768 33,613 38 Commercial Real Estate 123,146 117,917 5,229 4 121,309 117,619 3,690 3 Markets 111,246 78,975 32,271 41 108,201 76,223 31,978 42 Total loans $ 359,373 285,886 73,487 26 $ 350,891 281,610 69,281 25 Trading-related assets: Trading assets, excluding derivative assets $ 204,106 158,449 45,657 29 $ 204,875 158,996 45,879 29 Derivative assets 26,518 23,404 3,114 13 24,458 21,556 2,902 13 Securities borrowed or purchased under resale agreements 170,853 101,894 68,959 68 170,364 99,546 70,818 71 Total trading-related assets $ 401,477 283,747 117,730 41 $ 399,697 280,098 119,599 43 Total assets 825,944 641,499 184,445 29 814,025 626,352 187,673 30 Total deposits 234,762 202,420 32,342 16 224,610 203,163 21,447 11 Allocated capital (1) 46,500 44,000 2,500 6 46,500 44,000 2,500 6 Selected Balance Sheet Data (period-end) Loans: Commercial and industrial $ 275,653 208,161 67,492 32 Commercial real estate 80,099 82,417 (2,318) (3) Total loans $ 355,752 290,578 65,174 22 Loans by Line of Business: Banking $ 120,812 90,999 29,813 33 Commercial Real Estate 123,316 117,233 6,083 5 Markets 111,624 82,346 29,278 36 Total loans $ 355,752 290,578 65,174 22 Trading-related assets: Trading assets, excluding derivative assets $ 217,646 168,029 49,617 30 Derivative assets 25,759 24,700 1,059 4 Securities borrowed or purchased under resale agreements 201,312 100,268 101,044 101 Total trading-related assets $ 444,717 292,997 151,720 52 Total assets 862,472 658,029 204,443 31 Total deposits 250,097 208,048 42,049 20 (1)In first quarter 2026, we updated our assumptions and methodologies used to allocate capital as part of our periodic assessments.
Table 6f: growth in investment-banking loans and trading-related assets · Filed 28/07/2026
Net checking account growth was stronger and deposits and investment balances in our affluent offering – Wells Fargo Premier® – grew 14% from the prior year.
2025 business performance: checking-account growth and affluent balances · Filed 18/03/2026
Publication history
| Version | Updated | Competitive advantage |
|---|---|---|
| 4 | 18/10/2026 | uncertain |
| 3 | 18/10/2026 | uncertain |
| 2 | 18/10/2026 | uncertain |
| 1 | 18/10/2026 | Unavailable |
Sources
Research methodology and limitations · What is an economic moat?