Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. The company's financial products and services includes checking and savings accounts, and credit and debit cards, as well as home, auto, personal, and small business lending services. It also provides personalized wealth management, brokerage, financial planning, lending, private banking, trust and fiduciary products and services; and financial solutions to private, family owned and public companies through products and services including banking and credit products across multiple industry sectors and municipalities, secured lending and lease products, and treasury management. In addition, it offers a suite of capital markets, banking, and financial products and services, such as corporate banking, investment banking, treasury management, commercial real estate lending and servicing, equity, and fixed income solutions, as well as sales, trading, and research capabilities services to corporate, commercial real estate, government, and institutional clients. Wells Fargo & Company was founded in 1852 and is headquartered in San Francisco, California.
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Wells Fargo Hits 17.7% ROTCE in Q2 2026
Wells Fargo's return on tangible common equity reached 17.7% in the second quarter of 2026, up from 15.2% a year earlier and 14.5% in the first quarter, bringing the bank within its 17% to 18% target range. The improvement follows the Federal Reserve's removal of its asset cap in June 2025 and the closure of the final outstanding consent order in early 2026, allowing the bank to expand deposits, loans, and securities holdings. Wells Fargo has also generated roughly $15 billion of gross expense savings from 2021 through 2025, while its branch count declined 1.3% year over year to 4,079 and headcount fell 7.2% to nearly 197,500 in the second quarter of 2026. The bank sold its rail lease portfolio to a joint venture of GATX Corporation and Brookfield Infrastructure Partners in January 2026 as part of a strategic exit from non-core businesses. Shares of Wells Fargo have gained 4% in the past year, and the Zacks Consensus Estimate for 2026 and 2027 earnings implies year-over-year rallies of 15.5% and 9.5%, respectively.
Bessent confirms plan to proceed with bond auctions as scheduled
US Treasury Secretary Scott Bessent confirmed that the Treasury will proceed with bond auctions as originally planned, avoiding any additional signals about changes to debt management strategy, following reports that it may draw funds from the Treasury General Account, or TGA, to buy back older bonds with high yields. Bessent told reporters that the Treasury has not bought a single bond and that no changes will be made before the next quarterly debt management announcement in early November. Earlier, CNBC reported, citing senior Treasury sources, that the department may use funds from the TGA, which had a balance of 935 billion dollars as of August 20, to buy back bonds instead of issuing additional short-term Treasury bills. Last week, the Treasury announced an expansion of its buyback program for 10- to 20-year and 20- to 30-year bonds from 2 billion dollars to 4 billion dollars per operation between September 9 and November 4, after the 30-year bond yield surged to 5.34 percent, its highest level in nearly 20 years. Analysts at Morgan Stanley estimate that the Treasury may have surplus cash of around 80 billion to 200 billion dollars available to increase bond buybacks, while Goldman Sachs, Wells Fargo, and other financial institutions view the measure as likely to ease pressure on yields only modestly, with new macroeconomic factors needed to help push bond yields lower.
Wells Fargo and Citigroup could buy a big regional bank
Wells Fargo and Citigroup have room under the national deposits cap to acquire a large regional bank, and five lenders fit the bill. The nation's third- and fourth-largest banks are the only megabanks not barred from such a deal, since JPMorgan Chase and Bank of America already exceed the 10% national deposit threshold. Analysts and bankers say the regulatory window is the most open since the financial crisis, and Wells Fargo CEO Charlie Scharf has signaled openness to a transformative deal, while Citigroup CEO Jane Fraser has emphasized organic growth. The five potential targets are Fifth Third, Huntington, Citizens, KeyCorp, and Regions, with Zions a specific fit for Wells Fargo and First Horizon for Citigroup. However, North America bank merger value fell by more than half to $30.1 billion in the first six months of 2026 compared to the year-earlier period, according to EY data, as rising profits and share prices make sellers reluctant.
US Housing Affordability Worsens for First Time Since 2023
A key measure of US housing affordability worsened for the first time in almost three years, as higher borrowing costs soaked up a bigger chunk of earnings for new homebuyers. Monthly payments on a median-priced $410,700 home accounted for 34% of a typical family's income in the second quarter of this year, according to data published Thursday by the National Association of Home Builders and Wells Fargo. That's up from 32% in the first quarter, and it reverses part of the most recent improvement recorded since early 2025. Thirty-year mortgage rates climbed steeply in the period, as the US war with Iran drove borrowing costs higher across the economy, and they're now close to a one-year high at around 6.8%. A 2% increase in median new-home prices during the quarter added to the squeeze, the builders association said. The NAHB data is based on a median family income of about $107,000; households earning half of that amount had to spend 67% of their earnings to cover the same new home's mortgage costs.
Wells Fargo cuts 2026 gold target to $4,900-$5,100
Wells Fargo Investment Institute lowered its 2026 gold price target to $4,900 to $5,100 an ounce from the previous range of $5,300 to $5,500, marking the third revision this year. Its 2027 target also dropped to $5,400 to $5,600 from $5,800 to $6,000, with both ranges coming down by $400 at each end. The bank had raised its 2026 target to $6,100 to $6,300 in February, when gold was trading near $4,961, but the Federal Reserve turned hawkish, the dollar strengthened, and Treasury yields stayed elevated. Spot gold was trading around $4,397 an ounce on Aug. 18, and the new 2026 range implies 11% to 16% upside from that level, while the 2027 target implies 23% to 27% upside. Wells Fargo still expects gold to go higher, but the timeline and ceiling have been pushed out.
Wells Fargo has lifted its inflation forecasts for 2026 and 2027 and now expects the Federal Reserve to raise rates by a quarter point before the year is out. The bank's investment institute previously expected the Fed to remain on hold this year and in 2027, according to Reuters. Costlier energy, new tariffs, and supply chains that still do not run smoothly are behind the change. The bank's own June targets had inflation ending this year at 3.4%, easing again in 2027, while expecting the Fed funds rate to remain at 3.50% to 3.75%. Wells Fargo economists now see the path going flat after cheaper energy brings most of the relief next year, with everyday services staying in demand and huge spending on artificial intelligence pushing up what companies pay for workers, materials, and building work.
Citigroup reported second-quarter revenues of $24.79 billion, up 14.3% year over year and 4.5% above analyst expectations, making it the best performer among seven diversified banks tracked. Wells Fargo posted revenues of $22.7 billion, up 8.6% and beating estimates by 3.9%, while U.S. Bancorp reported $7.76 billion, up 9.9% and exceeding estimates by 2.1%. PNC Financial Services Group delivered $6.68 billion, up 17.5% and surpassing estimates by 3.8%, and Truist Financial recorded $5.31 billion, up 5.1% and beating estimates by 1.5%. As a group, the seven banks beat consensus revenue estimates by 4.6%, and their shares are up 3% on average since reporting.
Wells Fargo Declares Dividends on Six Preferred Stock Series
Wells Fargo & Company announced dividends on six series of preferred stock. A quarterly cash dividend of $18.75 per share was declared on its 7.50% noncumulative perpetual convertible class A preferred stock, Series L, with a liquidation preference of $1,000 per share. Dividends were also declared on five other series: $351.56 per share on Series Y, $296.88 on Series Z, $293.75 on Series AA, $273.44 on Series CC, and $265.63 on Series DD, each with a $25,000 liquidation preference and corresponding depositary share payments. All dividends are payable on September 15, 2026, to holders of record as of August 31, 2026.
Wells Fargo shares have gained 20.5% over the past three months, outpacing the industry's 16.1% growth. The Federal Reserve lifted the asset cap imposed in 2018 following the fake account scandal, allowing the bank to expand deposits, loans, and securities holdings. Average loans increased 10.8% year over year to $1.01 trillion, while average deposits rose 7.9% to $1.44 trillion in the first half of 2026. Management expects 2026 net interest income of approximately $50 billion, up from $47.5 billion in 2025, and a medium-term return on tangible common equity target of 17-18%. Wells Fargo raised its quarterly dividend by 11% in July 2026 to 50 cents per share and had approximately $22.7 billion remaining for common stock repurchases as of June 30, 2026.
Wells Fargo Q2 Earnings Beat on NII and Fee Income Growth
Wells Fargo reported second-quarter 2026 adjusted earnings per share of $1.96, surpassing the Zacks Consensus Estimate of $1.73 and up from $1.54 a year earlier. Total revenues rose 8.6% to $22.62 billion, driven by a 5.2% increase in net interest income to $12.32 billion and a 13.1% jump in non-interest income to $10.31 billion. The provision for credit losses fell 9.1% to $914 million, while average loans and deposits grew sequentially by 3.1% and 3.6% respectively. For 2026, the company expects net interest income of approximately $50 billion and non-interest expenses of around $55.7 billion. Shares have added about 1.6% since the report, underperforming the S&P 500.
AMD launches debt offering to raise up to $5 billion
Advanced Micro Devices launched a four-part debt offering that could raise between $4 billion and $5 billion, according to terms reviewed by Reuters. The senior unsecured notes are due in 2029, 2031, 2033 and 2036, with initial price discussions set at about 70 basis points over U.S. Treasuries for the 3-year notes, 90 basis points for the 5-year tranche, 100 basis points for the 7-year notes and 115 basis points for the 10-year debt. AMD said it intends to use the proceeds for general corporate purposes, which may include repaying debt. Bank of America, JPMorgan, Barclays and Wells Fargo are leading the debt sale, with the bonds expected to settle on August 17.
Bank stocks are rallying as investors rotate out of high-flying artificial intelligence names and into financials. The KBW Bank Index has gained 18% this year, beating the S&P 500's 13% advance, and is on track to outperform the broader market for a third straight year, its longest streak since 2003. Analysts including Wells Fargo's Mike Mayo and Fundstrat's Mark Newton see further upside, citing banks' role in funding the AI buildout, a steepening Treasury curve, and strong second-quarter earnings. The index trades at 12.8 times earnings, below its long-term average, though its price-to-tangible-book ratio of 2.4 is the highest since early 2008. Investors added $3.4 billion to the State Street Financial Select Sector ETF in July, the most since 2024.
Wells Fargo Launches Tokenized Deposits for Corporate Clients
Wells Fargo & Company has launched tokenized deposits for corporate and commercial clients, enabling around-the-clock, blockchain-based settlement within the insured banking system. The move was announced alongside a series of callable, unsecured senior notes across maturities from 2029 to 2051 and new perpetual, non-cumulative depositary shares. The tokenized deposit initiative is seen as reinforcing the bank's technology and digital investment narrative, potentially supporting fee-based services. Wells Fargo's narrative projects $94.8 billion revenue and $24.0 billion earnings by 2029, requiring 5.3% yearly revenue growth and a $3.3 billion earnings increase from $20.7 billion today.
Owlet Inc Reports Record Q2 Revenue of $33.9 Million and Strategic AI Expansion
Owlet Inc reported record second-quarter total revenue of $33.9 million, up 29.9% year-over-year, with gross margin expanding to 54% excluding a tariff refund. Adjusted EBITDA excluding the tariff refund reached a record $2.9 million, while subscription revenue grew to a record $3.2 million with 130,000 paying subscribers and 36% DreamSock penetration in the US. International revenue surged 214% year-over-year, marking the highest international revenue quarter in company history, and the company secured a new $25 million credit facility with Wells Fargo that significantly reduces its interest rate margin by at least 525 basis points. However, Prime Day units sold fell 8% year-over-year due to aggressive competitor discounting, and third-quarter revenue is expected to decline sequentially and versus the prior year amid challenging comparisons and cautious consumer spending signals. The company also highlighted its AI parenting Copilot feature, which 85% of parents engage with daily, and plans to expand telehealth tiers within its Owlet 360 subscription service.
Wells Fargo unveils tokenized deposits for 24/7 corporate settlement
Wells Fargo announced on August 4 a blockchain-based tokenized deposits program that lets corporate and commercial clients settle funds 24/7/365 within the insured banking system, starting with a dollar-to-pound exchange this fall and expanding through 2027. The move follows a quarter in which diluted EPS rose 25% to $2.00, total revenue reached $22.6 billion, and investment banking fees topped $900 million. CEO Charlie Scharf cautioned that strong environments do not last forever, while CFO Mike Santomassimo noted noninterest-bearing deposits are now expected to stay roughly flat, a negative for the net interest income outlook. Venture capital gains added $847 million to noninterest income, and credit card vintages from 2025 and 2026 are still absorbing upfront costs. Shares traded at a forward P/E of 38.61 as of August 11, with hedge fund ownership rising to 82 funds and short interest at 1.68% of the float.
Argus Upgrades Sandisk to Buy After Strong Q4 Results
Argus upgraded Sandisk stock to buy from hold, citing a $500 drop in the share price since initiating coverage and strong financial results. Sandisk reported better-than-expected fourth-quarter 2026 revenue of $8.97 billion and adjusted earnings per share of $39.25, surpassing analyst estimates of $8.4 billion and $34.51. Following the earnings, Wells Fargo cut its price target to $1,400 from $1,620, while RBC Capital raised its target to $1,300 from $1,000. Shares rose 3.3% as of 12:22 p.m. ET, retreating from an earlier gain of 5.4%.
The Clearing House Plans Shared Tokenized Deposit Network for 2027
The Clearing House announced a consortium of 25 major financial institutions, including JPMorgan, Bank of America, Citigroup, and Wells Fargo, will launch a shared tokenized deposit network in the first half of 2027. The network aims to protect up to $6.6 trillion in deposits from the $263 billion stablecoin market by enabling round-the-clock movement of tokenized deposits between member banks. It will integrate with existing CHIPS and RTP rails, with CHIPS having settled an average of $2 trillion per day in 2025. The initiative comes as the GENIUS Act, effective January 18, 2027, prohibits stablecoin interest, pushing banks to offer a compliant, interest-bearing alternative. CEO David Watson described tokenized deposits as an evolution of commercial bank money, though past consortium failures like we.trade and Marco Polo highlight the challenge of aligning competing institutions.
Wells Fargo to Launch Tokenized Deposit Platform in Fall 2026
Wells Fargo announced a proprietary tokenized deposit platform set to launch in Fall 2026 for select corporate and commercial clients, initially enabling around-the-clock USD-GBP cross-border payments. The platform introduces programmable payments via smart contracts, allowing corporate treasurers to set conditions like delivery-versus-payment triggers, and routes funds through tokenized deposits that carry the same FDIC insurance and regulatory protections as existing deposits. Simultaneously, Wells Fargo is co-building a shared interbank network through The Clearing House with JPMorgan, Bank of America, Citi, and 11 other banks, targeting the first half of 2027, to address the current lack of interbank settlement for tokenized deposits on private blockchains. The dual-track strategy hedges against the risk of deposit disintermediation from stablecoins, which a Treasury TBAC report estimated could put $6.6 trillion in deposits at risk, while tokenized deposits retain structural advantages under the GENIUS Act, including FDIC insurance and the ability to pay interest. CFO Mike Santomassimo stated the move enables clients to move money with greater ease and speed, building on the bank's established infrastructure.
Wells Fargo Stock May Be 25% Undervalued on Tokenized Deposits Launch
Wells Fargo stock may be undervalued by about 25 percent based on an Excess Returns model, with an intrinsic value estimate of roughly 118 dollars and 5 cents per share compared to a recent price around 88 dollars. The model uses a book value of 54 dollars and 43 cents per share and a stable earnings estimate of 8 dollars and 25 cents per share, based on forecasts from 17 analysts. The planned launch of blockchain-based tokenized deposits for corporate clients is a concrete growth effort, though execution risk may explain why the market has not priced the stock closer to the model's estimate. On a price-to-earnings basis, Wells Fargo trades at 12.4 times, slightly above the industry average of 12.2 times but below a fair P/E estimate of 15.1 times, consistent with the undervaluation signal. Broader checks show the stock screens as undervalued in four of six measures, presenting a mixed but positive setup.
ULA plans $500 million private bond sale to refinance debt
United Launch Alliance plans to raise approximately $500 million through a private bond placement to refinance existing debt. The rocket joint venture, owned by Boeing and Lockheed Martin, provides launch services for the US military and commercial customers including Amazon. US Bancorp, Mizuho Financial Group, and Wells Fargo are reportedly arranging the transaction. The bonds will be structured as a true private placement, sold directly to institutional investors rather than registered in public markets.
Wells Fargo CEO Says AI Will Cut Tens of Thousands More Jobs
Wells Fargo CEO Charlie Scharf said on CNBC that AI-driven automation will eliminate tens of thousands of additional positions at the bank, separate from the 79,000 headcount reduction already achieved since he took over. The bank posted second-quarter diluted earnings per share of $2.00, up 25% year over year, while headcount fell 7% to 197,000 employees. Scharf warned that AI productivity gains will hit corporate earnings quickly, but worker retraining and new job creation will lag, creating a timing mismatch that poses a macro risk. Despite the job cuts, he pointed to internal data showing credit card spend up 10%, debit card spend up 7%, and delinquencies falling, with about 70% of the spending increase coming from mass-market customers, indicating the American consumer remains strong.
Wells Fargo and Diversified Banks Stocks Report Strong Q2 Earnings
The seven diversified banks stocks tracked by this publication reported a strong second quarter, with revenues beating analysts' consensus estimates by 4.6%. Wells Fargo posted revenues of $22.7 billion, up 8.6% year on year and exceeding expectations by 3.9%, while Citigroup delivered the best performance with revenues of $24.79 billion, a 14.3% increase that beat estimates by 4.5%. U.S. Bancorp was the weakest, with revenues of $7.76 billion up 9.9% but a miss on tangible book value per share. Bank of America reported revenues of $31.78 billion, up 15% and beating estimates by 3.3%, and Truist Financial had the slowest revenue growth at 5.1% to $5.31 billion. Despite the strong results, the group's share prices have collectively declined 1.2% on average since the latest earnings.
US June Personal Spending Expected to Rise 0.3%, Core PCE Seen Up 0.2%
The US Commerce Department will release June personal consumption expenditure data on the 30th. The median market forecast calls for a 0.3% month-on-month increase, slowing from May's 0.7% gain. Personal income is expected to rise 0.3%, and the core PCE price index is projected to climb 0.2%. Wells Fargo estimates personal spending up 0.4%, personal income up 0.3%, and core PCE up 0.2% month-on-month and 3.3% year-on-year. Royal Bank of Canada expects the headline PCE index to fall 0.1% month-on-month due to lower gasoline prices, and forecasts personal spending up 0.2%, personal income up 0.4%, and core PCE up 0.2%.
BXP closes $1.2 billion construction loan for 343 Madison Avenue tower
BXP has secured a $1.2 billion construction loan for its 343 Madison Avenue development in Midtown Manhattan, a key step in the $2 billion project. The 46-storey tower will offer approximately 930,000 square feet of space with direct access to Grand Central Terminal's Madison Concourse. The loan carries a four-year initial term with a one-year extension option and an initial interest rate of Term SOFR plus 2.50%, which may reduce to 2.25% upon meeting leasing and construction targets. Wells Fargo Bank served as administrative agent, with BofA Securities, The Bank of New York Mellon, and JPMorgan Chase as joint lead arrangers. About 50% of the building is pre-leased, and completion is expected in late 2029.
Wells Fargo raises quarterly dividend 11% to 50 cents per share
Wells Fargo & Company announced its board of directors approved a quarterly common stock dividend of $0.50 per share, an increase of $0.05 per share, or 11%, from the prior quarter. The dividend is payable September 1, 2026, to stockholders of record on August 7, 2026. Wells Fargo is a leading financial services company with approximately $2.3 trillion in assets.
Wells Fargo issues new senior unsecured notes across six maturities
Wells Fargo has launched a fresh batch of fixed income offerings, issuing new senior unsecured notes with fixed coupons across 2030, 2031, 2033, 2038, 2041 and 2046 maturities. The issuance follows a period where the bank's share price delivered a 5.90% 90-day return and a 6.18% one-year total shareholder return, though the year-to-date return is down 9.34%. A widely followed narrative pegs Wells Fargo's fair value at $98.34, above the last close of $86.31, implying a 12.2% undervaluation that hinges on balance sheet expansion after the removal of the asset cap and resolution of multiple regulatory orders. Bulls also point to digital banking gains and cost efficiencies, while bears flag the recent share price pullback and ongoing cleanup efforts.
AT&T launches multi-tranche bond sale in European debt markets
AT&T has launched a five-part bond offering denominated in euros and British pounds. The telecom giant is marketing four euro-denominated notes with maturities of four, eight, 12, and 19 years, alongside a 26-year sterling-denominated bond. The offering is expected to price later today, Bloomberg reported, citing a person familiar with the matter. Barclays, Citigroup, Goldman Sachs, and Wells Fargo Securities are managing the sale.
Big Bank Earnings Show U.S. Consumers Remain Resilient
Second-quarter results from major U.S. banks indicate that consumers are weathering economic headwinds well. Bank of America reported a charge-off ratio of 0.47%, down from 0.55% a year earlier, and its non-performing loan ratio fell to 0.47% from 0.52%. Wells Fargo's net charge-off ratio dropped to 0.34% from 0.44% a year ago, while its non-performing loan ratio held at 0.77%. JPMorgan Chase saw its net charge-off ratio edge up slightly to 1.51% from 1.48% a year ago, but its credit card non-performing loan ratio improved to 1% from 1.07%. Citigroup's general-purpose card non-performing loan rate rose to 1.3% from 1.21% a year earlier, though its private-label card rate dipped to 2% from 2.08% in the prior quarter. Overall, credit metrics across these institutions suggest consumer health remains strong, though Citigroup's card trends warrant continued monitoring.
Scribe Therapeutics Soars 67% After $128.7 Million Upsized IPO
Scribe Therapeutics surged 67% on Friday after raising $128.7 million in an upsized initial public offering. The Alameda, California-based clinical-stage gene therapy developer opened at $25 per share, significantly above its $15 IPO price, after selling 8.58 million shares, up from the initially marketed 7.15 million shares at between $13 and $15 each. The first-day trading level gave the company a market value of approximately $440.3 million. Sanofi SA agreed through affiliates to purchase about $7.5 million of shares at the IPO price in a concurrent private placement, while existing backer Eli Lilly indicated interest in owning up to 11% of the company post-offering. Scribe, which is evaluating gene-editing technologies for atherosclerotic cardiovascular disease and expects initial trial data in the first half of 2027, reported a net loss of $17.4 million on collaboration revenue of $2.2 million for the three months ended March 31. Leerink Partners, Goldman Sachs, Guggenheim Securities, and Wells Fargo led the IPO.
Wells Fargo Innovation Incubator Awards $750,000 to Four Energy Pilot Projects
The Wells Fargo Innovation Incubator, a $56 million technology program funded by Wells Fargo and co-administered by the U.S. Department of Energy's National Laboratory of the Rockies, announced $750,000 in philanthropic funding for four organizations as part of its second Scalable Tech Track. The recipients are Habitat for Humanity of Greater Los Angeles, National Grid, WinnCompanies, and Tucson Electric Power, each selected for pilot projects that address affordable housing and electrical grid demands with expert support from laboratory researchers. Habitat LA will integrate three technologies to streamline planning and building for wildfire-impacted communities, while National Grid will test an automated connection study tool to speed up grid connections. WinnCompanies will implement networked building controls to lower utility costs in multifamily affordable housing, and Tucson Electric Power will partner with the City of Tucson to build a microgrid-powered cooling center using artificial intelligence tools. The pilots are set to launch within six months, and five other cohort organizations that did not receive funding will join an adoption-ready network of Energy Champions.
New York judge rejects Zelle parent's bid to dismiss fraud lawsuit
A New York state court judge has rejected Early Warning Services' motion to dismiss a lawsuit filed by the New York attorney general over allegedly enabling widespread fraud on the Zelle payment platform. Justice Phaedra Perry-Bond ruled that Attorney General Letitia James sufficiently alleged the company prioritized accessibility, convenience, consumer adoption, and market dominance at the expense of consumer safety. The lawsuit claims Zelle lacked critical safety features, allowing scammers to steal over $1 billion between 2017 and 2023. The judge also noted that Zelle continues to collect and retain fees from fraudulent transactions. Early Warning Services is owned by a group of large banks including JPMorgan Chase, Bank of America, Capital One, and Wells Fargo.
Wells Fargo Stock Trends Higher on Strong Earnings Revisions
Wells Fargo has been trending on Zacks.com's most-searched list, with shares returning 4.3% over the past month versus the S&P 500's 0.3% gain. The Zacks Consensus Estimate for current-quarter earnings stands at $1.84 per share, down 0.2% over the last 30 days, while the current fiscal year estimate of $7.24 has risen 3.7% and the next fiscal year estimate of $7.92 has increased 1.8%. The company reported revenues of $22.62 billion in its most recent quarter, an 8.6% year-over-year increase and a 3.76% surprise above the consensus estimate, with EPS of $1.96 beating by 13.29%. Wells Fargo carries a Zacks Rank #2 (Buy) and a Value Style Score of D, indicating it trades at a premium to peers.
Cramer Urges Investors to Take Profits in Tech and Rotate Into Financials and Healthcare
Jim Cramer warned investors to trim overheated tech positions and rotate into financials and healthcare during a CNBC appearance on July 21, 2026. He pointed to Micron Technology, up 758.78% over the past year, as a prime example of a parabolic move that warrants selling half, and highlighted JPMorgan Chase at 15 times earnings and Wells Fargo at 12 times earnings as attractive alternatives. Cramer also favored Eli Lilly amid Novo Nordisk weakness, citing Lilly's raised 2026 revenue guidance to $82.0-$85.0 billion and Mounjaro sales of $8.66 billion. The call emphasizes discipline in taking profits from red-hot groups and redeploying into sectors with cleaner valuations and strong earnings.
Wells Fargo appoints Tom Nicholls to lead sports investment banking
Wells Fargo has appointed Tom Nicholls as head of its Sports Investment Banking operations. Nicholls joins from PJT Partners Inc., bringing experience in sports-focused deals to the bank. The move signals an internal focus on sports-related finance and advisory work within Wells Fargo's investment banking arm. Wells Fargo shares are trading at $87.74, up 2.9% over the past week and 6.7% over the past month.
Wells Fargo reports 25% EPS growth to $2.00 on broad revenue gains
Wells Fargo reported second-quarter diluted earnings per share of $2.00, a 25% increase from the prior year, driven by broad-based revenue growth and expense discipline. Total revenue rose 9% to $22.6 billion, with all operating segments generating higher net interest and noninterest income. Net interest income increased 5% to $12.3 billion, while noninterest income jumped 13% to $10.3 billion, boosted by $847 million in venture capital equity gains and record investment banking fees exceeding $900 million. Noninterest expense edged up 2% to $13.7 billion, and headcount fell for the 24th consecutive quarter to 197,000, down 15,000 from a year ago. Average loans grew 12% to $1.03 trillion and average deposits rose 10% to $1.47 trillion. The efficiency ratio improved to 60% from 64%, and return on average tangible common equity reached 17.7%, up from 15.2%. The company maintained its full-year 2026 net interest income guidance of $50 billion, plus or minus, and reiterated its expense outlook of approximately $55.7 billion. Management announced an expected 11% increase in the third-quarter common stock dividend to $0.50 per share and returned $9.8 billion to shareholders in the first half of the year, including $7 billion in common stock repurchases.
Bernie Sanders Says Trump Lied About 10% Credit Card Rate Cap
Senator Bernie Sanders accused President Donald Trump of lying about his promise to cap credit card interest rates at 10%, pointing to major banks earning $49 billion in profit last quarter while charging 25% to 30% interest. Sanders said in a social media post that Congress must take on Wall Street's greed as working Americans struggle to pay bills. Trump announced the proposed temporary cap in January, but no nationwide limit has been implemented. Americans owed about $1.25 trillion in credit card debt as of the first quarter of 2026, and the average interest rate on accounts assessed interest stood at 22.15% in May. Sanders and Senator Josh Hawley introduced legislation in February 2025 to cap rates at 10% for five years, but the bill has not become law amid banking industry opposition.
Big banks' record Wall Street profits are increasingly tied to AI
Wall Street's five largest banks posted a record $114 billion in capital markets revenue in the first half of 2026, up 31.5% from a year earlier, driven by stock trading, dealmaking, and financing tied to the AI boom. Stock trading accounted for more than half of the increase, with Goldman Sachs contributing the largest rise of $7.1 billion after advising on SpaceX's IPO and Alphabet's equity raise. Wells Fargo analyst Mike Mayo called AI the 'No. 1 earnings driver' for big banks this year, comparing capital demands to a '100-foot wave' lifting Wall Street. Morgan Stanley estimates the broader AI build-out will amount to $10 trillion in spending over multiple years, with the cycle only 10% to 15% complete according to CEO Ted Pick. Executives cautioned that the momentum could face bumps, with JPMorgan CFO Jeremy Barnum noting it is 'a little bit hard to imagine' repeating the record trading haul.
Wells Fargo launches AI Teammate for financial advisers
Wells Fargo has launched an AI-powered chat tool called AI Teammate on its Advisor Gateway platform to support financial advisers with research, client communication, and workflow tasks. The rollout reflects the bank's focus on digital transformation within its wealth and advisory business, placing AI directly into the hands of advisers who already use the platform to manage client relationships. The move aligns with a broader industry trend of deploying AI for routine analysis and internal support rather than consumer-facing features. Adviser adoption and productivity gains could influence client retention over time.
Five Large Cap Bank Stocks Surge After Strong Q2 Earnings Beats
Five major U.S. banks reported second-quarter results on July 14, 2026, with all five beating the Zacks Consensus Estimate and posting strong revenue growth across multiple business segments. Goldman Sachs has gained 31.1% year-to-date and trades at a price-to-book ratio of 2.7, while earnings are expected to rise 17.8% in 2026 and 11.4% in 2027. Wells Fargo is down 6.1% year-to-date with a P/B of 1.6 and a dividend yield of 2.1%, the highest among the group. JPMorgan Chase hit new all-time highs with a 7.7% year-to-date gain and a P/B of 2.6, while Citigroup surged 48.7% over the past year and remains the cheapest at a P/B of 1.2, with earnings expected to jump 36.6% in 2026. Bank of America finally reached new all-time highs for the first time since the Great Recession, up 12% year-to-date with a P/B of 1.6 and expected earnings growth of 18.4% in 2026.
Wells Fargo and CodePath launch $2 million program to train Charlotte college students for tech careers
Wells Fargo and the Wells Fargo Foundation are making a $2 million philanthropic investment in national nonprofit CodePath to prepare local college students for high-demand AI and software careers in Charlotte's fast-growing tech sector. The collaboration will embed CodePath's industry-aligned courses, career services, and interview preparation into computing programs at the University of North Carolina at Charlotte and Johnson C. Smith University, serving an initial cohort of 300 students with a goal of reaching up to 2,000 students annually by 2028. Students will build skills in AI, software engineering, cybersecurity, and mobile development, and the program will create direct hiring pipelines with top Charlotte employers. Charlotte's tech sector has grown nearly twenty percent in five years, attracting major companies like Apple, Microsoft, and IBM.