Wells Fargo & Company

Strong Q3 profitability + improving returns (good) - EPS: $1.87, +13% YoY - ROTCE: 16.3% this quarter (vs 14.7% in first 9 months of 2025; also up from earlier periods), still on path toward ~17%–18% target - Revenue: +2% YoY, with growth across segments - Expenses: Noninterest expense down YoY; efficiency ratio improved to 63% (-2 pts YoY)

Revenue growth mixed by transitory items; investment banking and equities strong (good + surprising mix) - Segment revenue growth: Wealth/Investment Mgmt +12%, Commercial Banking +6%, Consumer Banking & Lending +5%, Corporate & Investment Banking +3% - Markets: Equities +21% YoY, but total markets revenue relatively stable/down modestly YoY due to late-quarter slowdown (rate moves pressured fixed income valuations and client activity) - Headwinds from expected items: lower venture capital gains (volatile quarter-to-quarter) and lower lease income after the rail car leasing sale (Q1) - Investment banking momentum (within CIB Banking): M&A +30% YoY, ECM +33%, investment-grade underwriting +33%

Balance sheet momentum + net interest income outlook reiterated (good + key forecast) - Loans & deposits: average loans +11% YoY and average deposits +11% YoY (both also up broadly across commercial + consumer) - Net interest income (NII) Q4 and full-year outlook (forecast): - Full-year 2026 NII: $50B ± (unchanged from prior framing) - Q4 NII: about $13B - NIM: expected stable vs Q3 - Management expects Q4 NII growth to accelerate vs earlier quarters (loan/deposit growth + higher yields/repricing benefits)