Corporate and Investment Banking drove significant balance sheet and revenue expansion: C&I loans grew 32% YoY to $275.7 billion (period-end), trading-related assets rose 31% to $444.7 billion (driven by securities purchased under resale agreements up 101% to $201.3 billion), and investment banking fees increased 35% to $948 million in Q2 on higher debt and equity underwriting. Markets segment loans grew 36% YoY to $111.6 billion.
Credit quality improved meaningfully: nonperforming assets declined $559 million from December 2025 to $7.9 billion (0.77% of loans), nonaccrual loans fell to 0.74% from 0.83%, commercial net charge-offs dropped to 10 bps (from 18 bps a year ago), and consumer net charge-offs eased to 74 bps (from 81 bps). The allowance for credit losses on loans was $14.4 billion (1.40% of loans), with the CRE allowance declining on improved credit performance.
The rail car leasing business sale closed in January 2026 (Q1), removing $1.0 billion in finance leases and $4.3 billion in operating leases from the balance sheet; Q2 2026 results reflect a $148 million reduction in lease income and a $93 million reduction in lease expense versus the prior-year quarter. Separately, a financing partnership launched in Q2 2025 continued to drive auto loan growth, with Q2 originations of $9.7 billion (up 41% YoY) and auto loan balances up 32% to $56.9 billion.
Wealth and Investment Management advisory assets reached $1,224.9 billion company-wide (up $183 billion YoY), with Q2 net inflows of $4.6 billion reversing a prior-year outflow, aided by a $101.0 billion market impact. Total WIM client assets were $2,409 billion. The segment's return on allocated capital rose to 32.4% from 25.0% a year earlier. Company-wide headcount declined to 197,466 from 212,804 a year prior.
Capital return accelerated in H1 2026: the company repurchased 84 million shares for $7.1 billion and paid $3.3 billion in dividends, leaving $22.7 billion of remaining capacity under the $40 billion buyback authorization (announced April 2025). On July 28, 2026, the Board approved a Q3 dividend increase to $0.50 per share (from $0.45). In March 2026, regulators proposed a final Basel III rule that would replace the current Standardized and Advanced capital approaches with a new Expanded Risk-Based Approach; Wells Fargo's G-SIB surcharge remained at 1.50% for 2026.
(Filed on April 29, 2026)
+6.4%
—
$33.5B
On March 5, 2026, the FRB terminated the consent order entered into on February 2, 2018, which had required the Board to enhance governance oversight and the Company to improve its compliance and operational risk management program. In March 2026, federal banking regulators also issued a proposed rule to implement final Basel III components (replacing the current Advanced and Standardized approaches with an Expanded Risk-Based Approach), and the OCC rescinded its recovery planning guidelines.
In January 2026, Wells Fargo closed the sale of its rail car leasing business, which included $1.0 billion in finance leases and $4.3 billion in operating leases. The divestiture reduced lease income to $83 million (vs. $233 million in Q1 2025) and lowered related lease and other expenses. In Q1 2026, the Company also restructured its segments by moving revenue, noninterest expense, loans, and deposits associated with wealth management and financial planning clients in consumer bank branches from Wealth and Investment Management into Consumer, Small and Business Banking, with prior periods revised.
Commercial and industrial loan growth was a primary balance-sheet driver: period-end C&I loans reached $481.9 billion (up from $452.1 billion at year-end 2025), with Corporate and Investment Banking C&I average loans up 36% year-over-year and CIB trading-related assets up 29% year-over-year. Commercial net charge-offs rose to 24 bps of average commercial loans (vs. 16 bps a year earlier), driven by higher C&I losses, while CRE criticized loans declined to $12.9 billion from $13.4 billion. Nonaccrual loans totaled $8.5 billion (0.83% of total loans); NPAs were $8.8 billion (0.86% of loans).
During Q1 2026, the Company repurchased 46.3 million shares of common stock at a cost of $4.0 billion (weighted-average price ~$86/share), paid $1.6 billion in total dividends, issued $767 million of common stock (predominantly for employee compensation), redeemed Preferred Stock Series BB, and issued $2.25 billion of Preferred Stock Series GG. Remaining Board buyback authority was approximately $25.8 billion. Headcount declined to 201,000 at quarter-end (from 205,200 at year-end and 215,400 a year earlier).
Revised leverage requirements effective January 1, 2026 altered the Company's SLR requirement to include a supplementary leverage buffer equal to half of the method-one G-SIB surcharge. At March 31, 2026, the SLR was 5.85% (vs. 6.23% at year-end) and the Tier 1 leverage ratio was 7.03% (vs. 7.48%). CET1 under the binding Standardized Approach was 10.29% (minimum 8.50%), TLAC ratio was 22.98% (minimum 21.50%), and LCR was 120% (minimum 100%).
(Filed on February 24, 2026)
+4.5%
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$39.2B
Q4 2025 share repurchases: 58.2 million common shares repurchased in October (26.4M at a weighted-average price of $85.75) and November (31.8M at $86.00); no shares were repurchased in December. All repurchases were under a $40 billion board authorization announced April 29, 2025; approximately $29.8 billion of that authorization remained as of quarter-end.
Q4 2025 leadership and organizational changes: Charles Scharf assumed the Chairman title in addition to his existing CEO and President roles (October 2025). In November 2025, Kleber Santos (previously CEO of Consumer Lending) and Saul Van Beurden (previously CEO of Consumer, Small and Business Banking) were appointed Co-CEOs of Consumer Banking and Lending; Van Beurden was additionally designated Head of Artificial Intelligence.
Year-end (December 31, 2025) scale and workforce [annual context, not Q4-only]: Total assets of approximately $2.1 trillion, loans of $986.2 billion, deposits of $1.4 trillion, and stockholders' equity of $181.1 billion, making Wells Fargo the fourth-largest U.S. bank holding company by assets. Wells Fargo Bank, N.A. held $1.8 trillion in assets (85% of the Company). The Company employed approximately 205,000 active employees, 76% U.S.-based.
Regulatory status (annual context): The FRB confirmed on June 3, 2025 that it had removed the Company's limitation on growth in total assets under the 2018 consent order; the remaining consent-order provisions on governance oversight, compliance, and operational risk management remain in place. The September 2024 OCC formal agreement requiring enhanced AML and sanctions risk management at Wells Fargo Bank, N.A. also remains ongoing.
Q4 2025 regulatory developments affecting operations: In October 2025, a federal court stayed the CFPB's Section 1033 consumer-data-sharing rule compliance deadline pending the CFPB's reassessment of the rule. Also in October 2025, the OCC proposed a rule that would rescind its recovery planning guidelines for large national banks.
(Filed on October 31, 2025)
+5.3%
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$34.8B
In Q3 2025, Wells Fargo prospectively transferred approximately $8 billion of loans and $6 billion of deposits related to certain business customers from the Commercial Banking segment to Consumer, Small and Business Banking within Consumer Banking and Lending, a reorganization that affected both segments' reported balances and results.
Credit quality improved year-over-year: total commercial net charge-offs fell to 18 bps of average commercial loans (vs. 24 bps in Q3 2024), driven by lower CRE losses from office property; consumer NCOs declined to 73 bps (vs. 83 bps); the ACL for loans decreased $325 million from December 2024 to $14.3 billion; and criticized CRE mortgage loans fell to $14.3 billion from $17.8 billion, with the filing noting continued close monitoring of office given weakened demand.
CIB Markets expanded materially: period-end trading-related assets grew 41% year-over-year to $345.8 billion (average up 31%), and CIB commercial and industrial loans rose 22% at period-end to $224.5 billion, driven by originations and draws on existing facilities exceeding payoffs; reverse repurchase agreements/securities borrowed grew 56% at period-end reflecting increased client-driven activity.
Divestitures progressed: the non-agency portion of the commercial mortgage third-party servicing business was sold in Q1 2025 (generating a $263 million gain and reducing goodwill by $101 million), and in May 2025 the company announced an agreement to sell the assets of its rail car leasing business, with related lease financing balances and operating lease assets transferred to held-for-sale status.
Wealth and Investment Management advisory assets grew 11% year-over-year to $1,104 billion and total client assets rose 8% to $2,473 billion at September 30, 2025, with higher asset-based fees reflecting higher market valuations; digital active customers increased to 37.0 million and mobile active customers to 32.5 million.
Subsequent to quarter-end, in October 2025, the company entered agreements, subject to court approval, to resolve its 401(k) plan ERISA litigation for $84 million, a securities fraud class action related to diversity hiring practices for $85 million, and pending shareholder derivative lawsuits covering both hiring practices and home mortgage discrimination allegations.
