research report · WFC

Wells Fargo & Company

Johannes Vermeer, Woman Holding a Balance, c. 1664, detail · National Gallery of Art

Viridis’s deep research report, written Nov 1, 2026 from its quarterly report (10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026). Written and checked with Anthropic’s Claude models.

your email, no card; what you get

business trajectory

Improving

better on balance: sales, margins, cash or competitive position

financial resilience

Strong

can meet its obligations and fund its plan for two years with money it can count on, with room

Judgments of the business from its filings, not of its shares: no valuation, no advice.

bottom line

Wells Fargo's business improved again in the third quarter of 2026, though more slowly than the 13% rise in diluted earnings per share (EPS) to $1.87 suggests. Profit before taxes and credit costs rose 7% on fee growth and an 8% smaller workforce. Pre-tax income, however, rose only 3%, and a lower tax rate and a 5% smaller share count supplied the rest. Interest income outside the trading business grew 2% against 11% loan growth. Higher interest rates, among other factors, left the core capital ratio at 10.03%: the bottom of management's 10%–10.5% target, but well above the 8.50% requirement.

what changed this quarter

  • Results: revenue was $21.87B (+2%). Net interest income was $12.52B (+5%), noninterest income $9.35B (−1%) and net income $5.95B (+6%).
  • Costs: expense was $13.74B (−1%) and headcount 194,369 (−8%).
  • Guidance: 2026 net interest income of "+/- $50 billion" and expense of about $55.7B were kept. A fourth-quarter net interest income figure of about $13B was added.
  • Capital: CET1 fell to 10.03% from 10.26%. Unrealized losses held in equity widened to $16.5B from $8.3B. Buybacks were $2.5B, and the dividend rose to $0.50 from $0.45.
  • Events:
  • $1.75B of Series HH preferred stock was issued in August.
  • $6B of senior notes was issued on September 24.
  • S&P upgraded the parent to A- on September 29.
  • COO Scott Powell becomes Chief Risk Officer on January 15, 2027.

in the full report

Its findings, each with the evidence, the strongest counterpoint and what would prove it wrong:

  • Operating profit is improving, but taxes and buybacks inflate the per-share pace
  • Core interest income lags the balance sheet
  • Rising rates, not losses, have pinned capital at the floor of the target
  • Credit losses are low, but commercial warning signs worsened as reserves thinned

Then its finances, the quality of its earnings, its management, the case for and against, and what to watch, its claims cited to the filings and checked against them.

read it whole

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