Wells Fargo has lifted earnings per share through tighter costs, low loan losses and share buybacks. By September 30, 2026, its capital cushion sat at the bottom of management's target range as lending grew again.
Money in a checking account does not just sit there. If you bank in the United States, your account may be at Wells Fargo, which held about $1.5 trillion of customer deposits at September 30, 2026. It lends that money to households and companies or buys bonds with it, and keeps the difference between what it earns and what it pays depositors. It also charges fees for managing wealth, issuing cards and helping companies raise money.
Borrowers pay interest. The gap between that interest and what depositors receive is the bank's biggest income stream, called net interest income. Banking for consumers and small businesses is the largest of its four businesses. What the bank keeps depends on what it pays for deposits compared with what its loans and bonds earn, its running costs, and loans that go unpaid. Much of the deposit money not lent out sits in bonds. They include $255.8 billion of bonds the bank could sell, which at September 30, 2026 were worth less than their amortized cost (purchase cost adjusted over time). When rates rise, their value falls, and owners' equity shrinks without the loss passing through profit. So tangible book value per share (owners' equity minus intangible assets, per share) shows how rates affect owners better than earnings do.
Create a free account to unlock the rest of this report and access all published research.
This report is general, non-personalized research provided solely for informational and educational purposes. It is not financial or investment advice, a personalized recommendation, an offer to the public, a solicitation, an instruction to buy, sell or hold a financial instrument, or an invitation to engage in an investment activity. ReasyPort is not an authorised or regulated investment firm and does not provide a MiFID II investment service.
This report is based on primary and public sources identified in the report, including issuer filings, annual and interim reports, regulated announcements, investor-relations materials, market data and, where relevant, institutional macroeconomic publications. Facts should be read separately from interpretations, estimates and opinions.
Text, analyses, summaries, translations and charts may be produced with the support of Artificial Intelligence and are subjected to deterministic data and consistency checks before publication. These controls reduce, but cannot eliminate, errors, omissions or incorrect interpretations. Editorial responsibility for publication remains with the producer identified above.
ReasyPort View labels, fair values, forecasts, scenarios, price references and other forward-looking statements are editorial estimates or opinions, not facts or trading instructions. They depend on the assumptions, methodology, market price and information available on the stated reference date and may change without notice. The report is not monitored or updated in real time.
Any relationship, compensation, material holding or other circumstance known to ReasyPort that could reasonably impair the objectivity of a report must be disclosed with that report. Questions, corrections and potential conflicts may be reported through the legal contact shown above.
Public and primary sources, automated extraction and data providers may contain material errors, omissions, inaccuracies, restatements or delays. Accuracy, completeness and timeliness are therefore not guaranteed, and important information should be checked against the original source before it is used.
To the maximum extent permitted by applicable law, ReasyPort, the author, the publisher and the persons involved in producing the report are not liable for losses arising from decisions made solely in reliance on this report. Nothing in this notice excludes or limits any liability that cannot lawfully be excluded or limited.
Any investment decision should be made independently, if appropriate with the support of a licensed financial adviser. Investments in financial instruments involve risks, including the possible partial or total loss of invested capital.
Research methodology, assumptions and disclosuresMeaning of ReasyPort View