Wells Fargo & Company

Strong profitability + returns, broad-based growth - EPS: $1.87 in Q3 (+13% YoY). - ROTCE: 16.3% this quarter (up from 14.7% during first 9 months of 2025; 16.2% during same 2025/26 YTD window). - Revenue: +2% YoY, with growth in every operating segment. - Expenses: Flat-to-down tone—noninterest expense declined YoY and efficiency ratio improved to 63% (-2 pts YoY), despite +15% revenue-related expenses offset by -4% nonrevenue-related expenses.

Balance sheet momentum: loans + deposits up double digits - Average loans: +11% YoY (Q3), driven by commercial & industrial demand and consumer growth (auto, securities-based lending, credit cards). - Average deposits: +11% YoY, up 1% QoQ (seasonality noted in Q2→Q3). - Credit cards / auto / checking growth highlights (customer acquisition): - >660,000 new accounts opened in Q3. - Credit cards opening +61% YoY, auto originations +15% YoY, auto avg balances +31% YoY. - Primary checking accounts: 14th consecutive quarter of YoY growth (driven by branch + digital activity and marketing investments).

Net interest income (NII) outlook maintained; Q4 NII supports full-year $50B - Full-year 2026 NII forecast: $50B ± (plus or minus). - Q4 NII expected: ~$13B. - NIM: expected to be stable vs Q3; NII growth pace increases in Q4 driven by: - Loan/deposit growth benefits, fixed-rate asset repricing, and higher investment securities balances. - Markets NII clarification (important nuance): - Bank is asset-sensitive outside markets, so higher rates help NII ex-markets. - Markets is liability-sensitive, so markets NII may be slightly below $2B (~$1.8B) in Q4, offset by non-markets NII and markets noninterest income.