Wells Fargo outlines 2026 growth plan after strong 2025

Transcript intelligence

What changed

Management disclosed 2026 markets net interest income expectations for the first time, highlighted closure of 13 regulatory orders since 2019, and described the Overland Advantage direct-lending partnership. The company also expects lower share repurchases in 2026 while investing in technology and growth.

Guidance delta

Management maintained its outlook, including approximately $50 billion of 2026 total net interest income, $2 billion of markets net interest income, and mid-single-digit loan and deposit growth.

Key takeaways

• Management attributed 2025 performance to broad loan and deposit growth, fee-based revenue, and expansion in markets.
• Capital returns totaled $23 billion, including an increased dividend and $18 billion of repurchases; lower buybacks are expected in 2026.
• Management reaffirmed a medium-term 17%–18% ROTCE target and highlighted progress on regulatory-order closure.
• The 2026 framework centers on net interest income, mid-single-digit loan and deposit growth, markets expansion, and expense efficiency.

Management priorities

• Refurbish the remaining 300+ branches and expand digital account opening.
• Invest in AI-driven technology and automation for expense efficiency.
• Grow the markets franchise and increase trading assets and client financing.
• Continue hiring coverage bankers and branch-based financial advisers.
• Pursue the 17%–18% ROTCE target through revenue growth, expense discipline, and capital allocation.