Wells Fargo & Company

Headline results / profitability momentum - EPS: $1.87 (+13% YoY); ROTCE ~16.3% this quarter (up from 14.7% in the first 9 months of 2025; 16.2% for the same period this year). - Revenue: +2% YoY, with growth across all operating segments (partly offset by venture capital and prior lease sale effects). - Expenses modestly down: noninterest expense declined YoY; efficiency ratio 63% (improved 2 pts YoY).

Revenue drivers (what’s working) + what’s dragging - Wealth & Investment Management revenue +12%, and client assets +11% YoY to ~$2.5T (a key business engine). - Commercial Banking revenue +6% and loan/deposit growth strong: avg loans +10% YoY and avg deposits +16% YoY; gross fees +25% YoY. - Consumer Banking & Lending revenue +5% with continued account momentum: 14th consecutive quarter of YoY growth in primary checking; Premier client assets +10%; new accounts >660,000 in Q3. - CIB revenue +3%; strong investment banking: M&A +30%, ECM +33%, IG underwriting +33%. - Negative/surprises inside revenue: Markets NII was only slightly down YoY, but total Markets revenue lagged expectations late in the quarter due to sharp rate moves and reduced client activity; also lower lease income (rail car leasing sold in Q1) and lower VC-related gains contributed to revenue softness at the margin.

Net interest income (NII): guidance and “what to watch” - Q3 NII: +$567M (+5% YoY), +2% QoQ, with NIM stable vs Q2 (and NIM ex-markets up slightly). - Q4 NII outlook: company expects full-year 2026 NII of $50B ± with Q4 NII ~ $13B. - Markets vs non-markets dynamic (important nuance): - Management said markets NII may be slightly below ~$2B (call it ~$1.8B) due to liability sensitivity in a higher-rate environment. - They expect offset via markets noninterest income, while non-markets NII benefits from loan/deposit growth and repricing/fixed-asset benefits.