# Wells Fargo & Company/Mn Moat

Status: published. Policy: company-analysis-1.

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.

- [https://www.sec.gov/Archives/edgar/data/72971/000007297126000133/wfc-20251231_d2.htm](https://www.sec.gov/Archives/edgar/data/72971/000007297126000133/wfc-20251231_d2.htm) · 2026-02-24
- [https://www.sec.gov/Archives/edgar/data/72971/000007297126000302/wfc-20260630.htm](https://www.sec.gov/Archives/edgar/data/72971/000007297126000302/wfc-20260630.htm) · 2026-07-28
- [https://www.sec.gov/Archives/edgar/data/72971/000007297126000200/wfc-20260318.htm](https://www.sec.gov/Archives/edgar/data/72971/000007297126000200/wfc-20260318.htm) · 2026-03-18
- [https://www.sec.gov/Archives/edgar/data/72971/000007297125000066/wfc-20241231.htm](https://www.sec.gov/Archives/edgar/data/72971/000007297125000066/wfc-20241231.htm) · 2025-02-25
- [https://www.sec.gov/Archives/edgar/data/72971/000007297124000064/wfc-20231231.htm](https://www.sec.gov/Archives/edgar/data/72971/000007297124000064/wfc-20231231.htm) · 2024-02-20
- [https://www.sec.gov/Archives/edgar/data/72971/000007297126000217/wfc-20260331.htm](https://www.sec.gov/Archives/edgar/data/72971/000007297126000217/wfc-20260331.htm) · 2026-04-29

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