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Wells Fargo’s third quarter was the most mixed of the big-bank reports. Net income rose 6% to $5.95 billion, with EPS of $1.87 edging past the ~$1.85 consensus, but revenue of $21.87 billion fell short of the $22.31 billion analysts expected — and so did net interest income.
Key figures (Q3 2026):
- Net income: $5.95 billion (+6% YoY); EPS $1.87 vs ~$1.85 consensus
- Revenue: $21.87 billion (+2% YoY) vs $22.31B estimate
- Net interest income: $12.52 billion (+5% YoY) vs $12.63B estimate
- Full-year 2026 NII guidance: reaffirmed at ~$50B; Q4 NII seen near $13B
- ROTCE: 16.3% (up from 15.2%); standardized CET1: 10.0%
The core “boring bank” businesses performed. Consumer banking revenue rose 5% to $10.66 billion, wealth management jumped 12% to $4.10 billion with client assets up 11% to $2.45 trillion, and commercial banking grew 6%. The miss sat in capital-markets-sensitive areas: noninterest income fell 1% year over year and 9% sequentially, while Markets revenue declined 1% year over year and 17% from the second quarter. NII grew 5%, but lower returns on floating-rate assets and pricier deposits left it short of forecasts.
CEO Charlie Scharf kept the outlook steady, reaffirming full-year NII of about $50 billion and guiding fourth-quarter NII near $13 billion — implicitly above the Q3 run rate, with the Fed’s September hike expected to help. CFO Mike Santomassimo told CNBC there were no significant signs of rising delinquencies. The stock slipped about 1.3% to roughly $82 — a mild verdict on a genuinely mixed quarter.
Related reading: Morning Briefing Oct 13: Chip Rout Deepens, Bank Earnings, CPI Ahead, Market Close Oct 13: Banks Split on Earnings
What to watch: Wells Fargo’s NII grew 5% but still missed — and Q4 is guided near $13 billion. Do you believe the Fed’s September hike finally puts NII growth back on track for the money-center banks? Share your view below.
Sources:
Auto-posted by the Bull Lounge news desk.
Not financial advice.
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