WELLS FARGO & COMPANY/MN (WFC) Company Report

Wells Fargo & Company will redeem all of its Floating Rate Junior Subordinated Deferrable Interest Debentures due January 15, 2027 on January 15, 2026.
The optional prepayment price is 100% of the principal amount plus accrued and unpaid interest to, but excluding, the redemption date.
Upon redemption, a covenant restricting Wells Fargo’s ability to redeem its 3.90% Fixed Rate Reset Non-Cumulative Perpetual Class A Preferred Stock, Series BB will be released.

Dec 12, 2025, 1:00 PM

Press Release

Wells Fargo Investment Institute issues 2026 market outlook

WFC

Guidance Update

WFII forecasts 2.4% US GDP growth and 2.8% CPI inflation for 2026, with an S&P 500 target of 7,400–7,600 and federal funds rate of 3.00–3.25%
Identifies tech spending, Fed rate cuts, deregulation, and tax incentives as key tailwinds likely to shape market opportunities in 2026
Favors positioning portfolios in U.S. large- and mid-cap equities, industrial and precious metals, complemented by international equities and intermediate-maturity investment-grade bonds
Recommends diversifying through alternatives and private capital—including hedge funds, private equity secondaries, infrastructure, and small/mid-cap buyouts—while selectively exploring digital assets

Dec 10, 2025, 2:02 PM

Press Release

Wells Fargo outlines strategy at Goldman Sachs Financial Services Conference

WFC

Guidance Update

Share Buyback

Dividends

CEO Charlie Scharf highlighted resilient consumer spending with marginally improved delinquencies, strong deposit and investment balances, and a stable spending gap between affluent and less affluent segments.
With the asset cap lifted, Wells Fargo can fully compete across deposits, lending and non-balance sheet businesses, and has raised its ROTCE target to 17–18% from 14–15%.
Growth priorities include scaling the credit card business with 11 new products and leveraging branch distribution, expanding auto finance partnerships (e.g., Volkswagen/Audi), and methodical corporate & investment bank growth toward a top-five fee share.
Commercial loan growth is picking up modestly heading into 2026 as tariffs stabilize and rates potentially ease, while deposit growth will be driven by renewed consumer marketing and branch engagement.
An ongoing efficiency program has removed $15 billion of costs over five years, and AI deployment is expected to boost productivity—especially in coding, compliance and client support—funding further technology and marketing investments without expanding the expense base.

Dec 9, 2025, 1:00 PM

Transcript

Wells Fargo CEO outlines post-cap growth and capital plans

WFC

Guidance Update

Share Buyback

Post-asset cap, Wells Fargo aims to raise its ROTCE to 17–18% by investing across all segments and achieving best-in-class returns.
The bank plans to rebuild deposit market share through enhanced consumer marketing, branch initiatives, and competitive pricing, targeting growth beyond the asset-capped years.
Efficiency efforts have delivered $15 billion of gross cost savings over five years, enabling self-funded investments and AI-driven productivity gains, with ongoing headcount reductions planned.
With substantial excess capital, Wells Fargo targets a 10–10.5% CET1 ratio, has repurchased $5 billion of stock this quarter, and expects consistent dividend increases.

Dec 9, 2025, 1:00 PM

Transcript

Wells Fargo outlines 2026 strategic priorities at Goldman Sachs conference

WFC

Dividends

Share Buyback

Wells Fargo sees U.S. consumer spending remain resilient with slightly higher holiday quarter spend, marginally improved delinquencies, and stable deposit and investment balances, despite category-specific swings and persistent affluent/non-affluent divergence.
Following the lifting of its asset cap, Wells Fargo raised its ROTCE target to 17–18%, planning to compete on a level playing field across all four segments and shift non-balance sheet businesses to support growth.
The credit card franchise has been overhauled with 11 new Visa and Mastercard products and network agreement renegotiations to meet performance expectations; auto finance growth includes preferred lender deals with Volkswagen and Audi, with returns prioritized over volume.
The corporate and investment bank is being built around existing $2 trillion lending and cash management relationships, targeting top-five market share in investment banking and trading through a client-centric, flow-based strategy.
With excess capital above its 10–10.5% CET1 goal, Wells Fargo plans to grow its dividend consistently and return capital via buybacks (≈$5 billion repurchased this quarter) while focusing on high-return organic investments and selective M&A.

Dec 9, 2025, 1:00 PM

Transcript

Whitestone REIT acquires World Cup Plaza in Frisco, Texas

WFC

M&A

New Projects/Investments

Whitestone REIT (NYSE: WSR) acquired the 90,391 sqft restaurant-anchored World Cup Plaza in Frisco, TX, adjacent to Toyota Stadium (21,000 seats) undergoing a $182 million renovation and drawing 1.4 million annual visitors.
The center sits at the intersection north of State Highway 121 and the North Dallas Tollway, with traffic of approximately 135,000 vehicles per day, opposite Frisco Square’s 147-acre mixed-use development.
Developed in 2007, World Cup Plaza hosts retailers and restaurants such as Blue Goose Cantina and Wells Fargo, serving 293,951 people within a 5-mile radius with an average household income of $149,335.
Whitestone plans to leverage expected 2026 World Cup traffic and its leasing platform to drive rent growth and enhance cash flow durability in the affluent Frisco submarket.

Nov 7, 2025, 12:00 PM

Press Release

Wells Fargo raises ROTC target and outlines strategic priorities at BancAnalysts Conference

WFC

Wells Fargo raised its ROTCE target from 15% to 17%–18%, signaling ambition for best-in-class returns now that the asset cap has been lifted.
In the consumer bank, Wells Fargo has replatformed its card products with new vintages maturing, is right-sizing its mortgage business, has reduced servicing expenses by about one-third, and is rolling out branch incentives and P&L reporting—efforts that drove a pickup in direct card originations; its VW/Audi auto lending partnership became operational in May/June with strong, consistent credit performance.
The commercial bank is focused on growth, having added roughly 200 bankers across 15–20 priority markets to gain share, while the commercial investment bank will expand fee-based businesses (investment banking, markets, CRE) and protect returns through improved mix and pricing.
Wealth management attrition has stabilized and recruiting is improving across three channels: Wells Fargo Premier (affluent clients with ≥ $250K, drawing deposit and lending flows), the core private client channel (adding high-quality advisors and alternatives), and the independent channel—all aimed at boosting lending, margins, and alternative product penetration.
Wells Fargo reduced headcount to ~210K and achieved ~$15 B of gross expense saves (reinvested into the business), is deploying technology and AI to lower its efficiency ratio, and targets a CET1 ratio of 10%–10.5% (versus ~11% today) to balance client growth and capital returns amid pending regulatory relief.

Nov 6, 2025, 1:10 PM

Transcript

Wells Fargo outlines strategic reset and targets at BancAnalysts Association conference

WFC

Guidance Update

Wells Fargo has reached its 15% ROE goal following the asset cap removal and will reset longer-term targets, aiming for best-in-class returns across all segments.
Consumer banking improvements include maturing the card business, rightsizing mortgage servicing, and boosting branch productivity and sales culture, driving strong Q3 credit card originations.
In commercial banking, the focus is on market share expansion by adding roughly 200 commercial bankers across 15–20 key markets to grow the franchise despite already leading returns.
Wealth management has stabilized after past advisor attrition; growth initiatives include the affluent Premier channel, renewed recruiting in the core advisor network, and margin expansion via lending and alternatives.
The firm targets a lower efficiency ratio through technology, workforce cuts (275,000 → 210,000 employees), real estate and third-party savings, and AI automation, while maintaining a ~11% CET1 ratio with flexibility to grow and return capital.

Nov 6, 2025, 1:10 PM

Transcript

GATX reports 2025 Q3 results

WFC

Earnings

Guidance Update

M&A

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.

Oct 21, 2025, 12:30 PM

Press Release

National Fuel Gas to acquire CenterPoint’s Ohio gas utility

WFC

M&A

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.

Oct 21, 2025, 10:30 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for WELLS FARGO & COMPANY/MN.

Q3 2025

Oct 14, 2025

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Q2 2025

Jul 15, 2025

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Q1 2025

Apr 11, 2025

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View All Transcripts

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