Wells Fargo & Company

Strong earnings momentum & improving returns (good): - EPS: $1.87, +13% YoY. - ROTCE: 16.3% this quarter (vs 14.7% during first 9 months of 2025; 16.2% during same period this year). - Revenue: +2% YoY, with growth across segments, partially offset by non-recurring items (see below). - Efficiency: noninterest expense down $103M YoY; efficiency ratio 63% (-2 pp YoY).

Revenue growth mix: broad-based, but some expected headwinds (good + bad): - Revenue drivers (all growth rates vs prior year): Wealth & Investment Mgmt +12%, Commercial Banking +6%, Consumer Banking & Lending +5%, Corporate & Investment Banking +3%. - Markets equities strength: equities revenue +21% YoY (but see late-quarter slowdown under risks). - Expected negatives: - Lower venture capital revenue (volatility; “as expected” lower in the quarter). - Lower lease income after sale of rail car leasing business in Q1.

Balance sheet & margins: loan/deposit growth powering NII outlook (good with some nuance): - Loans: average loans +11% YoY (up $105B), driven by commercial/industrial and consumer (auto, securities-based lending, credit cards). - Deposits: average deposits +11% YoY (up $143B); +1% QoQ, with seasonal effects in consumer. - NII in Q3: +$567M (+5% YoY); NIM stable QoQ. - Q4 NII forecast & split (investor-relevant): - Full-year NII forecast (2026): $50B ±$ (still unchanged conceptually). - Q4 NII expected ~ $13B. - Guidance commentary suggests markets NII slightly below ~$2B (≈$1.8B), with offset expected via non-markets NII as rate benefits flow through more strongly outside markets.