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14:00
Jul 14 ◎

WFC FY2026 Q2 Watch

Wells Fargo & Company (WFC) FY2026 Q2 Earnings Call

VWAGY WFC ▾

Charlie Scharf

Wells Fargo's auto loan growth is being aided by being the preferred financing provider for VW and Audi in the US, indicating a strong partnership for loan originations.

"in part due to becoming the preferred financing provider for Volkswagen and Audi vehicles in the U.S."

VWAGY WATCH

Charlie Scharf

Management is confident in achieving its 17-18% ROTCE target in a reasonable timeframe, driven by broad-based growth, improving credit, and continued efficiency gains, while noting the environment is strong but not without risks.

"assuming favorable conditions continue to exist, we remain confident that our favorable trends will allow us to achieve this goal in a reasonable timeframe and then reset the bar higher for the future."

WFC WATCH

HIGH

14:00
Apr 14 ◎

WFC FY2026 Q1 Watch

Wells Fargo & Company (WFC) FY2026 Q1 Earnings Call

VWAGY WFC WMT DG TGT ▾

Charlie Scharf

WFC's doubling of auto originations is partly driven by its preferred-financing role for VW/Audi in the U.S., a read-through for VW group's U.S. retail financing and sales momentum.

"Originations more than doubled from a year ago, benefiting from being the preferred financing provider for Volkswagen and Audi vehicles in the United States"

VWAGY WATCH

Mike Santamassimo

Management sees upside to loan growth, maintained the ~$50B NII guide, and described broad-based momentum while emphasizing confidence in the path to 17-18% ROTCE.

"Average loans grew 4% in the first quarter from the beginning of the year, and if demand remained strong, average loan growth could be higher than the mid-single digits increase we had previously assumed."

WFC WATCH

Charlie Scharf

Wells Fargo expects the oil-price shock to hit consumer spending with a lag, forecasting lower spend across other categories in H2 2026, with the effect sharper for low-income households. — Discount and mass retailers with high low-income customer exposure face a second-half 2026 demand drag once consumers re-budget for energy costs.

"We have seen historically that it often takes consumers several months to reduce their spend levels on other categories to adjust for higher oil prices."

WMT WATCH DG WATCH TGT WATCH

Mike Santamassimo

Wells Fargo's deep dive on its $210B non-bank financials book shows private-credit exposure is overwhelmingly first-lien secured with sub-60% advance rates, implying roughly 40% collateral loss absorption before any bank loss. — Bank appetite for private-credit fund leverage is structurally supported by strong collateral cushions, a positive for the funding and leverage capacity of large private-credit managers.

"The weighted average effective advance rate is less than 60%, which means that, on average, the portfolio of loans in the facility, not individual loans, would absorb approximately 40% loss before we would recognize a loss."

BX WATCH KKR WATCH ARES WATCH

Charlie Scharf

Wells Fargo entered Q2 with a strong investment banking pipeline driven by M&A and equity capital markets, while noting IPO activity was delayed by volatility. — A leading bank's pipeline is a signal that the industry-wide M&A and ECM fee wallet remains firm once volatility subsides, benefiting the large investment-bank franchise fees.

"we entered the second quarter with a strong pipeline driven by M&A and equity capital markets."

GS WATCH MS WATCH

HIGH

15:00
Jan 14 ◎

WFC FY2025 Q4 Watch

Wells Fargo & Company (WFC) FY2025 Q4 Earnings Call

VWAGY V MA WFC ▾

Charlie Sharp

Wells Fargo's auto lending growth is partly driven by the VW/Audi partnership, indicating stronger origination volumes for VW's US captive finance channel.

"including benefiting from becoming the preferred financing provider for Volkswagen and Audi brands in the United States in the spring of last year."

VWAGY WATCH

Charlie Sharp

WFC's credit card growth is increasingly reliant on new product vintages, with ~50% of balances now from products launched post-2021, yet initial vintages are only beginning to become profitable. — As WFC scales card issuance, it will likely lean on Visa/Mastercard networks, potentially boosting their payment volumes but also signaling intensifying competition in consumer lending.

"After two to three years of absorbing the upfront costs of our new products, we are beginning to see the early vintages contributing to profitability."

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Charlie Sharp

Wells Fargo's guidance is constructive, with strong loan/deposit growth, rising ROTCE target of 17-18%, and positive operating leverage, supported by investments in markets, cards, and commercial banking.

"Our strong financial results reflected the significant momentum we're building across the company. Our net income increased to $21.3 billion and our diluted earnings per share grew 17% from a year ago."

WFC WATCH

HIGH

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