Wells Fargo Surpasses Expectations with 13% Growth in Earnings Per Share

Wells Fargo, one of the largest banks in the United States, has reported impressive third-quarter results for 2026. According to a recent conference call transcript, the company's earnings per share grew by 13% from the same period last year, reaching $1.87.

This significant growth is attributed to broad-based expansion across all operating segments, with revenue increasing by 2% compared to the previous year. The wealth and investment management segment saw a notable 12% rise in revenues, while commercial banking grew by 6%, and consumer banking and lending experienced a 5% increase.

Charlie Scharf, CEO of Wells Fargo, highlighted the company's strong performance during the quarter, saying, "Our third-quarter results reflected broad-based growth, higher earnings, and stronger returns." He also mentioned that revenue from equities increased by 21% from the same period last year, while M&A revenues grew by a substantial 30%.

Wells Fargo's expenses declined modestly from the previous year, with non-revenue-related expenses decreasing by 4%. The company has continued to invest in efficiency and talent acquisition, resulting in a headcount decline of 2% in the quarter. This marks the seventh consecutive quarter of headcount reduction.

The bank also reported strong growth in loans and deposits throughout 2026, with both average loans and average deposits increasing by 11% from last year. Consumer primary checking accounts saw year-over-year growth for the 14th consecutive quarter, driven by improved product offerings, increased marketing efforts, and growing branch and digital activity.

Mike Santomassimo, CFO of Wells Fargo, provided further details on the company's performance during the quarter, stating that expenses declined modestly from a year ago. He also mentioned that revenue-related expenses increased by 15%, which was more than offset by a decline in non-revenue-related expenses.

The company's results demonstrate its ability to adapt to changing market conditions and maintain a strong focus on growth and efficiency. As Wells Fargo continues to navigate the ever-evolving banking landscape, these latest earnings underscore its position as a leader in the industry.