Wells Fargo & Company

Headline performance & returns (all-around strength) - EPS: $1.87, +13% YoY (third quarter). - ROTCE: 16.3% in the quarter (up from 14.7% in first 9 months of 2025; 16.2% for the same period this year). - Revenue: +2% YoY, with growth across segments; headcount continued to decline (-2% QoQ, -8% YoY), while expenses were down modestly.

Growth highlights by business (and what’s driving it) - Wealth & Investment Management (WIM): +12% revenue; client assets +11% YoY to $2.5T. - Commercial Banking: +6% revenue; avg loans +10% YoY, avg deposits +16% YoY, and gross fees +25% YoY (more cross-selling of markets/investment banking). - Consumer Banking & Lending: +5% revenue with strong primary checking momentum (14th consecutive quarter of YoY growth), and business banking expansion (over 130 business bankers added in the past year). - Corporate & Investment Banking: +3% revenue; equities markets strong (+21% YoY); M&A revenue +30% YoY and ECM +33% YoY, IG underwriting +33% YoY.

Net interest income (NII) outlook + markets nuance (forecast) - Full-year 2026 NII guidance: $50B ± (plus/minus); Q4 NII expected ~ $13B and NIM stable vs Q3. - Management expects NII growth to accelerate in Q4 vs prior quarters due to: - Loan + deposit growth step-up - fixed-rate asset repricing - higher investment securities balances - Markets caveat (important “good/bad” split): - Markets revenue down modestly YoY and Markets NII expected slightly below $2B in Q4 (~$1.8B) due to liability sensitivity in higher rates. - Offsetting factor: markets noninterest income should compensate. - Reason for weaker late-quarter markets: sharp rate moves in late September reduced client activity and fixed-income valuations.