Wells Fargo and Citigroup: Peers With Their Own Repair PlansNarrow moat
Bank of America (BAC) — moat facet
Bank of America's return target sits between Citigroup's and Wells Fargo's, and above anything it earned in the past four years.
Wells Fargo and Citigroup compete with Bank of America across consumer and corporate banking, and each is running its own programme to raise returns. At its November 2025 investor day Bank of America set a medium-term ROTCE target of 16% to 18%; the comparison published alongside it was 17% to 18% for Wells Fargo, 17% over the cycle for JPMorgan, and 10% to 11% for Citigroup1.
On size, Bank of America sits between them and JPMorgan. In September 2026 Wells Fargo was worth $261.70 billion and Citigroup $226.54 billion2, against Bank of America's $391.80 billion3. On valuation, Wells Fargo traded at 11.8 times earnings and Citigroup at 14.0, against Bank of America's 12.74.
The comparison says something about the target. Bank of America is asking investors to believe it can earn what Wells Fargo is aiming for and roughly what JPMorgan earns over a cycle. Its previous plan, which ran for a decade, targeted 12% to 15%5.
These rivals matter less as takers of customers than as yardsticks. Each is under the same capital rules and fighting for the same corporate treasurers and affluent households.
The investor day targets also included growth. Bank of America aims for deposit growth of 4% or more and loan growth of 5% or more a year6, so its plan is a growth plan as well as a returns plan.
The investor-day targets are public, so the scoreboard is too. Bank of America reaching 16% for a full year before Wells Fargo reaches 17% would show it was the one executing; the reverse would say its target was the more ambitious of the two.
Targets published November 2025; H1 2026 ROTCE 16.52%.
Progress toward the 16-18% target the peers are measured against; a fall back below 15% would put Bank of America behind the Wells Fargo plan.
Source: Bank of America Q2 2026 supplemental information ↗- Third-party estimateAt its November 2025 investor day Bank of America set a medium-term ROTCE target of 16% to 18%; the comparison published alongside it was 17% to 18% for Wells Fargo, 17% over the cycle for JPMorgan, and 10% to 11% for Citigroup.Yahoo Finance (Investing.com), Bank of America investor day targets and peer comparisons. — November 2025 · publ. 5 November 2025 · source ↗
- ReportedIn September 2026 Wells Fargo was worth $261.70 billion and Citigroup $226.54 billion, against Bank of America's $391.80 billion.Bank of America market capitalisation history and related stocks - year-end values 2015-2025, and JPMorgan, Wells Fargo and Citigroup market caps. — 2015-2026 · publ. September 2026 · source ↗
- ReportedIn September 2026 Wells Fargo was worth $261.70 billion and Citigroup $226.54 billion, against Bank of America's $391.80 billion.Bank of America (BAC) market data - $56.03 at the close on 24 September 2026, market cap $391.80B, trailing P/E 12.95. — September 2026 · publ. 24 September 2026 · source ↗
- Third-party estimateOn valuation, Wells Fargo traded at 11.8 times earnings and Citigroup at 14.0, against Bank of America's 12.7.companiesmarketcap, Bank of America P/E ratio and peer P/E ratios (JPMorgan 14.5, Wells Fargo 11.8, Citigroup 14.0). — September 2026 · publ. September 2026 · source ↗
- Third-party estimateIts previous plan, which ran for a decade, targeted 12% to 15%.Yahoo Finance (Investing.com), Bank of America investor day targets and peer comparisons. — November 2025 · publ. 5 November 2025 · source ↗
- Third-party estimateBank of America aims for deposit growth of 4% or more and loan growth of 5% or more a year, so its plan is a growth plan as well as a returns plan.Yahoo Finance (Investing.com), Bank of America investor day targets and peer comparisons. — November 2025 · publ. 5 November 2025 · source ↗