Wells Fargo’s chief financial officer, Mike Santomassimo, spoke at the Barclays 24th Annual Global Financial Services Conference on September 15, 2026, presenting an update on the bank’s performance and outlook. He noted that the bank’s asset cap was removed and the final consent order lifted in March 2023, roughly 15 months prior to the conference, marking a different operating environment.
Loan growth in the first half of the year reached 12 percent year‑on‑year, exceeding the bank’s earlier mid‑single‑digit guidance. Full‑year net interest income is guided at $50 billion, including about $2 billion from the markets business. The third‑quarter net interest margin is expected to change by a decline of about one basis point to flat, an improvement from the earlier expectation of a three to four basis point decline; the second‑quarter margin fell four basis points.
Investment banking fees topped $900 million in the second quarter, up from a few hundred million before the hiring push, while venture portfolio gains were about $850 million in the first half, with third‑quarter venture gains expected to be roughly flat. The bank’s investment banking market share rose from the low 2 percent range to 4.3 percent, and its M&A league table position improved from 14th to 6th. Markets revenue and trading end fees are projected to grow in the mid‑single digits year‑on‑year.
Expense guidance for the full year is set at $55.7 billion, with a share‑repurchase pace ranging from $3 billion to $6 billion per quarter. The common equity tier 1 ratio target is 10 percent to 10.5 percent, and regulatory changes are expected to reduce risk‑weighted assets by about 7 percent.
On the consumer side, debit and credit card spending is running 3 percent to 5 percent higher year‑on‑year, and Santomassimo described the activity levels as “strong” rather than merely resilient. He also said the post‑asset‑cap environment feels “very different” after years of work to resolve consent orders.
Other highlights include a stock price of $90.29 (up $0.84 or 0.94%) and an after‑hours price of $90.48, a price‑to‑earnings ratio of 12.85, a dividend yield of 2.25% with 25% dividend growth over the last twelve months and four consecutive years of increases, a market capitalization of $268 billion, a return on common equity of 13% over the last twelve months, and a return on tangible common equity of about 17% to 18% in the second quarter compared with roughly 8% at a prior conference. The bank has hired approximately 150 senior managing directors over the past three to four years and added several hundred commercial bankers over the past couple of years, while headcount has declined for 24 straight quarters.
A new tokenized deposit product for cross‑border payments is slated to go into production next week.
