Wells Fargo & Company is a diversified financial services company that provides a wide range of banking, investment, and financial products and services to individuals, businesses, and institutions . The company operates through four main segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management . These segments offer various financial solutions, including checking and savings accounts, loans, credit and debit cards, investment banking, and wealth management services .
- Consumer Banking and Lending - Offers financial products and services such as checking and savings accounts, credit and debit cards, and various types of loans to consumers and small businesses with annual sales up to $10 million .
- Corporate and Investment Banking - Delivers capital markets, banking, and financial products and services to corporate, commercial real estate, government, and institutional clients globally, including corporate banking, investment banking, and trading services .
- Wealth and Investment Management - Provides personalized wealth management, brokerage, financial planning, and private banking services to affluent clients .
- Commercial Banking - Provides financial solutions to private, family-owned, and certain public companies, including banking and credit products, secured lending, and treasury management .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Barry Sommers Executive | SEVP and CEO of Wealth & Investment Management | None | Barry Sommers has been with WFC since June 2020, leading Wealth & Investment Management. | |
Bei Ling Executive | SEVP and Head of Human Resources | None | Bei Ling is the Head of Human Resources at WFC. | |
Charles W. Scharf Executive | CEO and President | Board Member at Microsoft Corporation | Charles W. Scharf has been CEO and President of WFC since October 2019, focusing on risk management and digital transformation. | |
Derek A. Flowers Executive | SEVP and Chief Risk Officer | None | Derek A. Flowers has been with WFC for 25 years, serving as Chief Risk Officer since January 2022. | |
Ellen R. Patterson Executive | SEVP and General Counsel | None | Ellen R. Patterson is the General Counsel of WFC. | |
Fernando Rivas Executive | CEO of Corporate & Investment Banking | None | Fernando Rivas became the sole CEO of Corporate & Investment Banking in January 2025. | |
Kleber R. Santos Executive | SEVP and CEO of Consumer Lending | None | Kleber R. Santos is the CEO of Consumer Lending at WFC. | |
Kristy Fercho Executive | SEVP, Head of Diverse Segments, Representation & Inclusion | None | Kristy Fercho joined WFC in July 2020, previously leading Home Lending. | |
Kyle G. Hranicky Executive | SEVP and CEO of Commercial Banking | None | Kyle G. Hranicky is the CEO of Commercial Banking at WFC. | |
Michael P. Santomassimo Executive | SEVP and Chief Financial Officer | None | Michael P. Santomassimo is the CFO of WFC. | |
Muneera S. Carr Executive | EVP, Chief Accounting Officer, and Controller | None | Muneera S. Carr joined WFC in March 2020, previously serving as EVP and Controller. | |
Saul Van Beurden Executive | SEVP and CEO of Consumer & Small Business Banking | None | Saul Van Beurden became CEO of Consumer & Small Business Banking in May 2023, previously Head of Technology. | |
Scott E. Powell Executive | SEVP and Chief Operating Officer | None | Scott E. Powell is the COO of WFC. | |
Tracy Kerrins Executive | SEVP and Head of Technology | None | Tracy M. Kerrins is the Head of Technology at WFC. | |
William M. Daley Executive | Vice Chairman of Public Affairs | None | William M. Daley has been with WFC since November 2019, focusing on public affairs. | |
CeCelia G. Morken Board | Director | Board Member at Alteryx, Inc., Genpact Ltd | CeCelia G. Morken has been a director at WFC since April 2022, with roles in audit and compensation committees. | |
Maria R. Morris Board | Director | Director at S&P Global Inc., The Allstate Corporation | Maria R. Morris has been a director at WFC since January 2018, with experience in strategic planning and risk management. | |
Ronald L. Sargent Board | Director | Board Member at Five Below, Inc., Lead Director at The Kroger Co. | Ronald L. Sargent has been a director at WFC since February 2017, with a background in retail leadership and governance. | |
Suzanne M. Vautrinot Board | Director | President of Kilovolt Consulting, Inc., Board Member at CSX Corporation, Ecolab Inc., Parsons Corporation | Suzanne M. Vautrinot has been a director at WFC since February 2015, with a focus on cybersecurity and risk management. | |
Theodore F. Craver Jr. Board | Director | Independent Lead Director at Duke Energy Corporation | Theodore F. Craver Jr. has been a director at WFC since January 2018, with extensive experience in risk management and corporate governance. | |
Wayne M. Hewett Board | Director | Senior Advisor at Permira, Board Chair at Cambrex Corporation, Quotient Sciences | Wayne M. Hewett has been a director at WFC since January 2019, with expertise in risk management and strategic operations. |
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Given that the asset cap has constrained your ability to grow in areas like wholesale deposits and market financing, how will its removal specifically impact your growth strategy, and what steps are you taking now to prepare for this transition?
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With the recent OCC consent order related to anti-money laundering and KYC compliance disclosed in your 10-Q, how do you plan to address these issues without significantly increasing expenses, and what measures are you implementing to prevent future compliance lapses?
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Your trading gains have exceeded $1 billion per quarter, but given the inherent volatility in market conditions, what strategies are you employing to ensure the sustainability of these revenues, and what key risks could impact future performance in this area?
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The securities repositioning had minimal impact on net interest income in the third quarter but is expected to contribute more in the fourth quarter; can you quantify the anticipated benefit to net interest income from this action, and how does this align with your broader interest rate risk management strategy?
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You've repurchased $15.5 billion in shares year-to-date and remain well above regulatory capital minimums; how are you balancing capital returns with potential economic uncertainties, and should we expect the current pace of buybacks to continue in the coming quarters?
Research analysts who have asked questions during WELLS FARGO & COMPANY/MN earnings calls.
Betsy Graseck
Morgan Stanley
5 questions for WFC
Ebrahim Poonawala
Bank of America Securities
5 questions for WFC
Erika Najarian
UBS
5 questions for WFC
Gerard Cassidy
RBC Capital Markets
5 questions for WFC
John Pancari
Evercore ISI
5 questions for WFC
John McDonald
Truist Securities
3 questions for WFC
Matthew O'Connor
Deutsche Bank
3 questions for WFC
Christopher McGratty
Keefe, Bruyette & Woods
2 questions for WFC
David Long
Raymond James Financial, Inc.
2 questions for WFC
Ken Usdin
Autonomous Research
2 questions for WFC
Matt O'Connor
Deutsche Bank
2 questions for WFC
Robert Siefers
Piper Sandler & Co.
2 questions for WFC
R. Scott Siefers
Piper Sandler Companies
2 questions for WFC
Saul Martinez
HSBC
2 questions for WFC
Kenneth Usdin
Jefferies
1 question for WFC
Steven Chubak
Wolfe Research
1 question for WFC
Vivek Juneja
JPMorgan Chase & Co.
1 question for WFC
Recent press releases and 8-K filings for WFC.
- GATX posted Q3 net income of $82.2 million, or $2.25 per diluted share, down from $89.0 million, or $2.43 per share, in Q3 2024.
- Year to date, net income was $236.3 million (or $6.46 per diluted share), up from $207.7 million (or $5.68 per share) in the prior year period.
- Rail North America fleet utilization was 98.9% at quarter end, with a 22.8% renewal lease rate increase and an 87.1% renewal success rate in Q3 2025.
- The company reiterated full-year 2025 EPS guidance of $8.50–$8.90 and remains on track to close the acquisition of Wells Fargo’s rail operating lease assets in Q1 2026.
- National Fuel Gas Company entered into a definitive agreement to acquire CenterPoint Energy’s Ohio natural gas utility for $2.62 billion (cash-free, debt-free), representing ~1.6× estimated 2026 rate base of $1.6 billion.
- The deal will double National Fuel’s regulated gas utility rate base to ~$3.2 billion and add ~335,000 customers across 5,900 miles of pipeline in Ohio, bringing total customers to ~1.1 million in New York, Pennsylvania, and Ohio.
- Financing includes a fully committed bridge facility, a $1.2 billion promissory note at 6.5% interest, and planned permanent financing of $300–400 million in equity plus debt and free cash flow to maintain investment grade.
- Closing is expected in Q4 2026, subject to Ohio PUC approval, HSR review, and other customary conditions.
- Wells Fargo delivered net income of $5.6 billion, or $1.66 per diluted common share in Q3 2025, driving a 12.8% ROE and 15.2% ROTCE on an efficiency ratio of 65%.
- Total revenue rose 5% year-over-year to $21.4 billion, with net interest income of $12.0 billion (+2%) and noninterest income of $9.5 billion (+9%).
- Average loans totaled $928.7 billion (+2% YoY) and average deposits were $1.34 trillion, supporting a net interest margin of 2.61%.
- Capital strength remained solid with a CET1 ratio of 11.0%, LCR of 121%, and TLAC at 24.6%; the bank repurchased $6.1 billion of stock and raised its quarterly dividend to $0.45 per share.
- Wells Fargo earned $5.6 billion net income in Q3 2025, up 9% YoY, with EPS of $1.66 and ROTCE of 15.2%.
- Revenue rose 5% YoY driven by net interest income growth and fee-based revenue, including a 25% increase in investment banking fees.
- Average loans grew by $18.4 billion YoY, marking the strongest quarterly loan growth in over three years, while average deposits declined by $1.8 billion due to reduced corporate treasury balances.
- Following the lifting of the asset cap, total assets exceeded $2 trillion for the first time, and trading-related assets in Corporate & Investment Banking rose 50% since end-2023.
- The bank repurchased $6.1 billion of common stock, raised its dividend, and ended the quarter with over $30 billion of capital above regulatory minimums, targeting a medium-term ROTCE of 17–18%.
- Wells Fargo’s Q3 2025 net income was $5.6 billion with EPS of $1.66, surpassing Wall Street expectations.
- The Federal Reserve’s June removal of the $1.95 trillion asset cap drove a 2% increase in net interest income and a 9% rise in noninterest income.
- Noninterest expenses rose 6% due to higher severance and technology costs, though efficiency initiatives and improved credit performance underpinned profitability.
- The bank raised its medium-term ROTCE target to 17–18% (from 15%), underscoring confidence in its growth trajectory.
- Wells Fargo posted Q3 2025 net income of $5.589 billion, or $1.66 per diluted share, up from $5.114 billion, $1.42 in Q3 2024.
- Total revenue reached $21.436 billion, with noninterest expense of $13.846 billion and a provision for credit losses of $1.681 billion.
- Average loans grew to $928.7 billion (+2% year-over-year) and average deposits were $1.3399 trillion.
- Key performance metrics included ROE of 12.8%, ROTCE of 15.2%, and a CET1 ratio of 11.0%.
- In Q3, the bank repurchased 74.6 million shares for $6.1 billion.
- Wells Fargo analyst Timur Braziler downgraded Western Alliance Bancorporation from “Equal-Weight” to Underweight and raised the price target to $90.00 from $85.00, reflecting caution amid higher valuation.
- He also downgraded Bank of N.T. Butterfield from Overweight to “Equal-Weight” and lowered its price target to $50.00 from $54.00, citing concerns over potential interest rate cuts and an inflated balance sheet.
- Bank of N.T. Butterfield operates in Bermuda, the Cayman Islands, and the UK, providing retail and corporate banking and wealth management, with 3-year revenue growth of 8.4% and a strong net margin.
- Other analysts remain optimistic on Western Alliance, with TD Cowen initiating a Buy rating (PT $118.00), Citigroup Buy (PT $104.00), and Piper Sandler Overweight (PT $105.00).
- On September 15, 2025, Wells Fargo & Company issued $1.5 billion of Series Y senior redeemable fixed-to-floating notes due September 15, 2029, with an initial fixed rate of 4.078% and thereafter Compounded SOFR + 0.88%.
- Concurrently, it issued $750 million of Series Y senior redeemable floating-rate notes due September 15, 2029, at Compounded SOFR + 0.88%.
- It also issued $1.75 billion of Series Y senior redeemable fixed-to-floating notes due September 15, 2036, with an initial fixed rate of 4.892% and thereafter Compounded SOFR + 1.34%.
- This Form 8-K files the note forms (Exhibits 4.1–4.3) and the legal opinion of Faegre Drinker Biddle & Reath LLP (Exhibit 5.1) in connection with the issuances.
- Wells Fargo & Company filed an 8-K on August 28, 2025 to announce the establishment of the Medium-Term Note Program, Series Y and Subordinated Medium-Term Note Program, Series Z.
- The Company filed the Distribution Agreement dated August 28, 2025 as Exhibit 1.1, detailing terms for issuance and sale of the Notes through appointed agents (including Wells Fargo Securities, LLC).
- Series Y Notes will be issued under the senior indenture dated February 21, 2017, and Series Z Notes under the subordinated indenture dated February 23, 2017, pursuant to the Form S-3 shelf registration (No. 333-287868).
- The report was signed by Bryant Owens, Senior Vice President and Assistant Treasurer of Wells Fargo & Company.
- Federal Reserve Chair Powell is expected to refrain from pre-committing to a September rate move to keep the committee’s options open amid mixed data and member disagreements
- Wells Fargo’s base case remains a September rate cut followed by two more 25 basis point cuts before year-end, contingent on continued labor market softening
- Powell may use his Jackson Hole speech to unveil policy framework changes, reverting to symmetric inflation targeting around 2% and emphasizing employment deviations in both directions
- The Fed is likely to downplay balance sheet normalization as a policy tool, quietly allowing assets to mature and roll off without making it a focal point