Three Years at $1.35 TrillionWide moat

Wells Fargo (WFC) — moat facet

Wells Fargo's depositors sat through seven years of scandal and a growth ban without leaving, and the balances started rising within a year of the ban ending.

Under the asset cap Wells Fargo could not take on much more money, and its deposits show exactly that. Average deposits were $1,346,282 million in 2023, $1,345,915 million in 2024 and $1,347,245 million in 20251. For three years the average stayed within a range of about $1.3 billion on a base of $1.35 trillion2.

Average deposits ($bn)1,34620231,34620241,34720251,332Q2 20251,415Q1 20261,466Q2 2026Wells Fargo Form 10-K FY2025; Q2 2026 earnings release
Three flat years, then the line moved.

A flat line can mean two things: customers who cannot be won, or a bank that is not allowed to take them. The second is the right reading here. Within a month of the Federal Reserve removing the cap on 3 June 20253, deposits began to grow. Average deposits were $1,331.7 billion in the second quarter of 2025, $1,415.0 billion in the first quarter of 2026 and $1,465.6 billion in the second quarter, up 10% in a year4.

The flatness also tells us the customers stayed. Through a scandal that cost the bank billions and a regulator that forbade it to grow, it did not lose its depositors. Period-end deposits were $1,335,991 million at the end of 20175 and $1,371,804 million at the end of 20246.

The segments filled up at different speeds after the cap. In the year to the second quarter of 2026 average deposits rose 16% in Corporate and Investment Banking, 10% in Wealth and Investment Management, 6% in Commercial Banking and 3% in Consumer Banking and Lending7. The fastest growth came from the customers least loyal to a rate.

Loans grew faster than deposits once the cap was gone. Average loans were $1,026.5 billion in the second quarter of 2026, up 12%8, about 70% of average deposits9. A bank lending out seventy cents of each deposit dollar still has room to lend more.

What deserves watching is the kind of deposit that arrives now. The growth after the cap came in the second quarter of 2026 with a deposit cost 8 basis points above the first quarter, which the bank attributes to "higher interest-bearing deposit balances"10. The test is whether average deposits keep growing faster than the deposit cost; growth that came only with a rising rate would be growth any bank could buy.

Moat trajectory: Widening

Average deposits flat at $1.346tn in 2023-2025, then $1,465.6bn in Q2 2026.

The number that tests this moat
Reported
Average deposits, latest quarter
$1,465.6bn, +10% year on year (Q2 2026)

Growth now that the cap is gone; a stall while rivals grew would mean the franchise had weakened under the order.

Source: Wells Fargo Q2 2026 earnings release ↗
⚠ Threats to the moat
⚠ THREAT 01
The New Money Pays Interest
Wells Fargo's post-cap deposit growth is coming in the interest-bearing kind, not the free kind.
References
  1. ReportedAverage deposits were $1,346,282 million in 2023, $1,345,915 million in 2024 and $1,347,245 million in 2025.
    Wells Fargo 2025 Annual Report to Shareholders (financial statements, MD&A and segment note), part of the Form 10-K for fiscal 2025 - average balance sheet, deposits, net interest income and securities. — FY2025 · publ. 24 February 2026 · source ↗
  2. Moat Explorer calcFor three years the average stayed within a range of about $1.3 billion on a base of $1.35 trillion.
    Moat Explorer calculation from Wells Fargo's reported figures ($ millions unless stated). Deposits: cost of total deposits = interest on interest-bearing deposits / (average interest-bearing + average noninterest-bearing deposits): 2020 2,804 / 1,376,011 = 0.20%; 2021 388 / 1,437,812 = 0.03%; 2022 2,349 / 1,424,269 = 0.16%; 2023 16,503 / 1,346,282 = 1.23%; 2024 24,282 / 1,345,915 = 1.80%; 2025 20,449 / (987,198 + 360,047 = 1,347,245) = 1.52%. Bank of America 2025: 34,513 / (1,469,705 + 514,477 = 1,984,182) = 1.74%. Gap to JPMorgan 1.80% - 1.52% = 0.28 points x 1,347,245 = about 3,772 (about $3.8 billion); gap to Bank of America 1.74% - 1.52% = 0.22 points. Noninterest-bearing share of average deposits: 2020 412,669 / 1,376,011 = 30.0%; 2021 499,644 / 1,437,812 = 34.8%; 2022 505,770 / 1,424,269 = 35.5%; 2023 399,737 / 1,346,282 = 29.7%; 2024 352,379 / 1,345,915 = 26.2%; 2025 360,047 / 1,347,245 = 26.7%. Average deposits 2023-2025 range 1,345,915 to 1,347,245 = 1,330 (about $1.3 billion). Period-end deposits 1,371,804 / 1,335,991 - 1 = 2.7% (Dec 2017 to Dec 2024); Dec 2025 to Jun 2026 1,501,405 - 1,426,207 = 75,198 (about $75 billion). Consumer Banking and Lending share of average deposits Q2 2026 828.4 / 1,465.6 = 57%. Held-to-maturity: Dec 2024 carrying 234,948 - fair value 193,779 = 41,169 unrealised loss; June 2026 loss 32,408 / common equity 165,000 = 19.6%. Balance sheet: total assets 2,282,201 / 1,951,757 - 1 = 16.9% above the 2017 cap level; 2,282,201 - 1,929,845 = 352,356 (about $352 billion); 2,282,201 / 1,929,845 - 1 = 18.3% (about 18%). CIB total assets 862,472 / 597,278 - 1 = 44%. Average loans Q2 2026 1,026.5 - 916.7 = 109.8; CIB 359.4 - 285.9 = 73.5; 73.5 / 109.8 = 67% (about two-thirds). CIB share of average loans 359.4 / 1,026.5 = 35.0% (Q2 2026); 285.9 / 916.7 = 31.2% (Q2 2025). Trading-related assets 401.5 / 283.7 - 1 = 41.5%; Markets loans 111.2 / 79.0 - 1 = 40.8%; CIB average loans 359.4 / 285.9 - 1 = 25.7%. Tangible common equity / total assets: Dec 2024 135.6 / 1,929.8 = 7.0%; June 2026 139.7 / 2,282.2 = 6.1%. Branches 4,079 - 5,032 = -953; 4,079 / 5,032 - 1 = -19%. Mobile active customers 33.7 / 29.9 - 1 = 13%. Headcount 197,466 / 212,804 - 1 = -7%. Personnel expense 36,281 / noninterest expense 54,842 = 66% (about two-thirds). Efficiency gap to JPMorgan (66% - 52%) x 83,699 = about 11,718 (about $11.7 billion). JPMorgan deposits 2,559,320 / 1,426,207 - 1 = 79%; market value 911.91 / 250.90 = 3.6 times. Capital: CET1 headroom 10.3% - 8.5% = 1.8 points. Returned 2025 (17.7 billion buybacks + 6.5 billion dividends - 1.053 billion preferred dividends) / 20.285 billion net income to common = 114%. Average diluted shares 3,242.3 / 5,108.3 - 1 = -36.5% (2016 to 2025). EPS 6.26 / 4.12 - 1 = 52%. Revenue 83,699 / 86,057 - 1 = -2.7% (2015 to 2025). Trailing twelve months to June 2026: revenue 21,436 + 21,292 + 21,446 + 22,622 = 86,796; net income 5,589 + 5,361 + 5,253 + 6,407 = 22,610; EPS 1.66 + 1.62 + 1.60 + 2.00 = 6.88. First half 2026: net income 5,253 + 6,407 = 11,660; net interest income 12,096 + 12,317 = 24,413; noninterest expense 14,330 + 13,661 = 27,991, about 50.3% of the ~55,700 guidance. Market value 250.90 / 298.75 - 1 = -16% (end 2017 to Sept 2026). Segments (2025): revenue 37,362 + 11,978 + 19,232 + 16,328 = 84,900; plus Corporate 747, less Reconciling Items 1,948 = 83,699. Shares of segment revenue: Consumer Banking and Lending 37,362 / 84,900 = 44%; Commercial Banking 11,978 / 84,900 = 14%; CIB 19,232 / 84,900 = 23%; Wealth and Investment Management 16,328 / 84,900 = 19%. Shares of company net income 21,338: Consumer Banking and Lending 7,865 = 37%; CIB 7,283 = 34%; Commercial Banking 4,184 = 20%; Wealth and Investment Management 2,119 = 10%. CIB share of segment net income 7,283 / (7,865 + 4,184 + 7,283 + 2,119 = 21,451) = 34%; of total revenue 19,232 / 83,699 = 23%. Wealth net income / revenue 2,119 / 16,328 = 13%. Commercial Banking net income 4,184 / 5,104 - 1 = -18%. CIB Banking 2,522 + 2,507 + 2,008 = 7,037. Investment banking 2,008 / 1,404 - 1 = 43%. Credit card revenue 6,375 / 5,809 - 1 = 10%; Auto 1,016 / 1,464 - 1 = -31%. Advisory assets 1,127 / 891 - 1 = 26%. Consumer Banking and Lending share of Q2 2026 revenue 10,288 / 22,622 = 45%. Consumer Banking and Lending provision 3,362 / total provision 3,658 = 92%. Markets loans 111.2 - 79.0 = 32.2; 32.2 / 73.5 = 44% of the CIB loan increase. Investment banking share of CIB revenue 1,404 / 19,191 = 7% (2023); 2,008 / 19,232 = 10% (2025). Debit plus credit card purchase volume 530.5 + 186.0 = 716.5 billion. More deposits: noninterest-bearing deposits 505,770 - 360,047 = 145,723 (about $146 billion, 2022 to 2025); average deposits 1,424,269 - 1,347,245 = 77,024 (about $77 billion). Interest on interest-bearing deposits 24,282 - 20,449 = 3,833 (about $3.8 billion). Bank of America 2024 all-in deposit cost 38,442 / 1,924,106 = 2.00%. JPMorgan average deposits 2,506,565 / 1,347,245 = 1.9 times. Average loans to average deposits Q2 2026 1,026.5 / 1,465.6 = 70%. Bank of America deposits 2,018,729 / 1,426,207 - 1 = 42%. Held-to-maturity share of total assets 198,573 / 2,282,201 = 8.7% (June 2026); 208,023 / 2,148,631 = 9.7% (Dec 2025). More balance sheet and valuation: branches closed 5,032 - 4,777 = 255 (2021); 4,598 - 4,311 = 287 (2023); 4,177 - 4,090 = 87 (2025); 4,090 - 4,079 = 11 (H1 2026); 4,311 - 4,079 = 232 (end 2023 to June 2026). Second half 2025 assets 2,148,631 - 1,981,269 = 167,362 (about $167 billion). Market value 233.86 / 298.75 - 1 = -22% (end 2017 to end 2024); Bank of America 394.32 / 250.90 - 1 = 57%; market value over trailing net income 250.90 / 22.61 = 11.1 times. Risk-weighted assets 137.7 / 0.103 = about 1,337 billion (about $1.34 trillion). Total equity 182,323 / 2,282,201 = 8.0%. 2016 penalties 100 + 35 + 50 = 185 million. Commercial Banking net interest income 7,902 / 11,978 = 66%. Consumer Banking and Lending deposit surplus 779,994 - 322,052 = 457,942 (about $458 billion) - deposits, deposit cost and the securities book. — Length additions: held-to-maturity Dec 2025 208,023 - 175,797 = 32,226; carrying value 208,023 - 198,573 = 9,450 (about $9.5 billion in six months). Interest on interest-bearing deposits 16,503 / 2,349 = 7.0 (about seven times). Consumer Banking and Lending net interest income 29,183 / 37,362 = 78%. Average deposits per branch 1,437,812 / 4,777 = 301 (2021); 1,347,245 / 4,090 = 329 (2025). Deposits Dec 2024 to Jun 2026 1,501,405 - 1,371,804 = 129,601 (about $130 billion). TLAC cushion 23.22 - 21.50 = 1.72 points; 22.81 - 21.50 = 1.31 points. CIB assets 862,472 / 2,282,201 = 38%; CIB period-end assets 787,751 / 597,278 - 1 = 32%. CIB investment banking 1,814 / 1,404 - 1 = 29%; 2,008 / 1,814 - 1 = 11%; Q2 2026 628 / 5,425 = 12%. CIB revenue per dollar of expense 19,232 / 9,436 = 2.04; Consumer Banking and Lending 37,362 / 23,515 = 1.59. CRE 5,083 / 19,232 = 26%. Q2 2026 expense 13,661 / 13,379 - 1 = 2.1%; revenue 22,622 / 20,822 - 1 = 8.6%. Headcount 205 - 197 = 8 thousand. Average assets per employee 1,933.4 / 212,804 = $9.1 million (Q2 2025); 2,227.9 / 197,466 = $11.3 million (Q2 2026), +24%. Personnel expense per employee 36,281 / 205,000 = 0.177 ($177,000). Efficiency gap to Bank of America (66% - 61.65%) x 83,699 = 3,641 (about $3.6 billion). Risk-weighted assets about 1,340 billion x 1% = about $13 billion per point; 9.80% - 8.50% = 1.30 points x 1,340 = about $17 billion. Stockholders equity 180,190 / 206,936 - 1 = -12.9%. Charge-offs 876 x 4 = 3,504 (about $3.5 billion); 14,129 / 139,700 = 10.1%. JPMorgan cost of total deposits 2024 2.08% against Wells Fargo 1.80%. ROTCE H1 2026 16.1% - 14.4% = 1.7 points. Target 17.5% x 139.7 = 24.4 billion; 24.4 / 20.285 = 1.20. Net income 6,407 x 4 = 25,628 (about $25.6 billion). H1 2026 expense 27,991 / 55,700 = 50.3%; net interest income 24,413 / 50,000 = 48.8%. Credit card revenue 6,375 / 5,908 - 1 = 7.9%; Auto 1,016 / 1,464 - 1 = -30.6%. Home Lending 3,364 / 37,362 = 9.0%; originations 26.3 / 986.2 = 2.7%. Buybacks 22.7 billion / 79.80 = 284 million shares; 284 / 3,085.6 = 9.2%. Tangible book 1 / 1.79 = 0.56. Dividend 0.50 x 4 x 3.02 billion = 6.04 (about $6.0 billion). Accounts 16 million / 32.8 million = 49%. Remediation 236 / 160,700 = 0.15%. Advisory assets 1,127 / 2,509 = 45%. Investment banking fees 3,027 / 83,699 = 3.6%. Advisory fees 10,498 / 36,215 = 29%. Branches 4,090 - 4,079 = 11. Buyback runway 22.7 / 17.7 = 1.3 years (about fifteen months); 22.7 / (7 x 2) = 1.6 years. Deposits 1,347,245 / 1,376,011 - 1 = -2.1%. Q2 2026 consumer bank share 10,288 / 22,622 = 45%. Card fees 4,589 / mortgage banking 1,152 = 4.0. 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Wells Fargo's annual reports, Forms 10-Q, earnings releases and presentations, JPMorgan's and Bank of America's Forms 10-K and market data; operands shown in the source line.
  3. ReportedWithin a month of the Federal Reserve removing the cap on 3 June 2025, deposits began to grow.
    Federal Reserve press release, 3 June 2025 - Wells Fargo no longer subject to the asset growth restriction. — June 2025 · publ. 3 June 2025 · source ↗
  4. ReportedAverage deposits were $1,331.7 billion in the second quarter of 2025, $1,415.0 billion in the first quarter of 2026 and $1,465.6 billion in the second quarter, up 10% in a year.
    Wells Fargo second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - consolidated results, credit quality, capital and the chief executive's comments. — Q2 2026 · publ. 14 July 2026 · source ↗
  5. ReportedPeriod-end deposits were $1,335,991 million at the end of 2017 and $1,371,804 million at the end of 2024.
    Wells Fargo 2017 Annual Report, Form 10-K Exhibit 13 - total assets of $1,951,757 million at 31 December 2017, the asset cap and how it is measured, net income and ROTCE for 2015-2017. — FY2017 · publ. February 2018 · source ↗
  6. ReportedPeriod-end deposits were $1,335,991 million at the end of 2017 and $1,371,804 million at the end of 2024.
    Wells Fargo 2025 Annual Report to Shareholders (financial statements, MD&A and segment note), part of the Form 10-K for fiscal 2025 - average balance sheet, deposits, net interest income and securities. — FY2025 · publ. 24 February 2026 · source ↗
  7. ReportedIn the year to the second quarter of 2026 average deposits rose 16% in Corporate and Investment Banking, 10% in Wealth and Investment Management, 6% in Commercial Banking and 3% in Consumer Banking and Lending.
    Wells Fargo second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - segment results and business descriptions. — Q2 2026 · publ. 14 July 2026 · source ↗
  8. ReportedAverage loans were $1,026.5 billion in the second quarter of 2026, up 12%, about 70% of average deposits.
    Wells Fargo second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - consolidated results, credit quality, capital and the chief executive's comments. — Q2 2026 · publ. 14 July 2026 · source ↗
  9. Moat Explorer calcAverage loans were $1,026.5 billion in the second quarter of 2026, up 12%, about 70% of average deposits.
    Moat Explorer calculation from Wells Fargo's reported figures ($ millions unless stated). Deposits: cost of total deposits = interest on interest-bearing deposits / (average interest-bearing + average noninterest-bearing deposits): 2020 2,804 / 1,376,011 = 0.20%; 2021 388 / 1,437,812 = 0.03%; 2022 2,349 / 1,424,269 = 0.16%; 2023 16,503 / 1,346,282 = 1.23%; 2024 24,282 / 1,345,915 = 1.80%; 2025 20,449 / (987,198 + 360,047 = 1,347,245) = 1.52%. Bank of America 2025: 34,513 / (1,469,705 + 514,477 = 1,984,182) = 1.74%. Gap to JPMorgan 1.80% - 1.52% = 0.28 points x 1,347,245 = about 3,772 (about $3.8 billion); gap to Bank of America 1.74% - 1.52% = 0.22 points. Noninterest-bearing share of average deposits: 2020 412,669 / 1,376,011 = 30.0%; 2021 499,644 / 1,437,812 = 34.8%; 2022 505,770 / 1,424,269 = 35.5%; 2023 399,737 / 1,346,282 = 29.7%; 2024 352,379 / 1,345,915 = 26.2%; 2025 360,047 / 1,347,245 = 26.7%. Average deposits 2023-2025 range 1,345,915 to 1,347,245 = 1,330 (about $1.3 billion). Period-end deposits 1,371,804 / 1,335,991 - 1 = 2.7% (Dec 2017 to Dec 2024); Dec 2025 to Jun 2026 1,501,405 - 1,426,207 = 75,198 (about $75 billion). Consumer Banking and Lending share of average deposits Q2 2026 828.4 / 1,465.6 = 57%. Held-to-maturity: Dec 2024 carrying 234,948 - fair value 193,779 = 41,169 unrealised loss; June 2026 loss 32,408 / common equity 165,000 = 19.6%. Balance sheet: total assets 2,282,201 / 1,951,757 - 1 = 16.9% above the 2017 cap level; 2,282,201 - 1,929,845 = 352,356 (about $352 billion); 2,282,201 / 1,929,845 - 1 = 18.3% (about 18%). CIB total assets 862,472 / 597,278 - 1 = 44%. Average loans Q2 2026 1,026.5 - 916.7 = 109.8; CIB 359.4 - 285.9 = 73.5; 73.5 / 109.8 = 67% (about two-thirds). CIB share of average loans 359.4 / 1,026.5 = 35.0% (Q2 2026); 285.9 / 916.7 = 31.2% (Q2 2025). Trading-related assets 401.5 / 283.7 - 1 = 41.5%; Markets loans 111.2 / 79.0 - 1 = 40.8%; CIB average loans 359.4 / 285.9 - 1 = 25.7%. Tangible common equity / total assets: Dec 2024 135.6 / 1,929.8 = 7.0%; June 2026 139.7 / 2,282.2 = 6.1%. Branches 4,079 - 5,032 = -953; 4,079 / 5,032 - 1 = -19%. Mobile active customers 33.7 / 29.9 - 1 = 13%. Headcount 197,466 / 212,804 - 1 = -7%. Personnel expense 36,281 / noninterest expense 54,842 = 66% (about two-thirds). Efficiency gap to JPMorgan (66% - 52%) x 83,699 = about 11,718 (about $11.7 billion). JPMorgan deposits 2,559,320 / 1,426,207 - 1 = 79%; market value 911.91 / 250.90 = 3.6 times. Capital: CET1 headroom 10.3% - 8.5% = 1.8 points. Returned 2025 (17.7 billion buybacks + 6.5 billion dividends - 1.053 billion preferred dividends) / 20.285 billion net income to common = 114%. Average diluted shares 3,242.3 / 5,108.3 - 1 = -36.5% (2016 to 2025). EPS 6.26 / 4.12 - 1 = 52%. Revenue 83,699 / 86,057 - 1 = -2.7% (2015 to 2025). Trailing twelve months to June 2026: revenue 21,436 + 21,292 + 21,446 + 22,622 = 86,796; net income 5,589 + 5,361 + 5,253 + 6,407 = 22,610; EPS 1.66 + 1.62 + 1.60 + 2.00 = 6.88. First half 2026: net income 5,253 + 6,407 = 11,660; net interest income 12,096 + 12,317 = 24,413; noninterest expense 14,330 + 13,661 = 27,991, about 50.3% of the ~55,700 guidance. Market value 250.90 / 298.75 - 1 = -16% (end 2017 to Sept 2026). Segments (2025): revenue 37,362 + 11,978 + 19,232 + 16,328 = 84,900; plus Corporate 747, less Reconciling Items 1,948 = 83,699. Shares of segment revenue: Consumer Banking and Lending 37,362 / 84,900 = 44%; Commercial Banking 11,978 / 84,900 = 14%; CIB 19,232 / 84,900 = 23%; Wealth and Investment Management 16,328 / 84,900 = 19%. Shares of company net income 21,338: Consumer Banking and Lending 7,865 = 37%; CIB 7,283 = 34%; Commercial Banking 4,184 = 20%; Wealth and Investment Management 2,119 = 10%. CIB share of segment net income 7,283 / (7,865 + 4,184 + 7,283 + 2,119 = 21,451) = 34%; of total revenue 19,232 / 83,699 = 23%. Wealth net income / revenue 2,119 / 16,328 = 13%. Commercial Banking net income 4,184 / 5,104 - 1 = -18%. CIB Banking 2,522 + 2,507 + 2,008 = 7,037. Investment banking 2,008 / 1,404 - 1 = 43%. Credit card revenue 6,375 / 5,809 - 1 = 10%; Auto 1,016 / 1,464 - 1 = -31%. Advisory assets 1,127 / 891 - 1 = 26%. Consumer Banking and Lending share of Q2 2026 revenue 10,288 / 22,622 = 45%. Consumer Banking and Lending provision 3,362 / total provision 3,658 = 92%. Markets loans 111.2 - 79.0 = 32.2; 32.2 / 73.5 = 44% of the CIB loan increase. Investment banking share of CIB revenue 1,404 / 19,191 = 7% (2023); 2,008 / 19,232 = 10% (2025). Debit plus credit card purchase volume 530.5 + 186.0 = 716.5 billion. More deposits: noninterest-bearing deposits 505,770 - 360,047 = 145,723 (about $146 billion, 2022 to 2025); average deposits 1,424,269 - 1,347,245 = 77,024 (about $77 billion). Interest on interest-bearing deposits 24,282 - 20,449 = 3,833 (about $3.8 billion). Bank of America 2024 all-in deposit cost 38,442 / 1,924,106 = 2.00%. JPMorgan average deposits 2,506,565 / 1,347,245 = 1.9 times. Average loans to average deposits Q2 2026 1,026.5 / 1,465.6 = 70%. Bank of America deposits 2,018,729 / 1,426,207 - 1 = 42%. Held-to-maturity share of total assets 198,573 / 2,282,201 = 8.7% (June 2026); 208,023 / 2,148,631 = 9.7% (Dec 2025). More balance sheet and valuation: branches closed 5,032 - 4,777 = 255 (2021); 4,598 - 4,311 = 287 (2023); 4,177 - 4,090 = 87 (2025); 4,090 - 4,079 = 11 (H1 2026); 4,311 - 4,079 = 232 (end 2023 to June 2026). Second half 2025 assets 2,148,631 - 1,981,269 = 167,362 (about $167 billion). Market value 233.86 / 298.75 - 1 = -22% (end 2017 to end 2024); Bank of America 394.32 / 250.90 - 1 = 57%; market value over trailing net income 250.90 / 22.61 = 11.1 times. Risk-weighted assets 137.7 / 0.103 = about 1,337 billion (about $1.34 trillion). Total equity 182,323 / 2,282,201 = 8.0%. 2016 penalties 100 + 35 + 50 = 185 million. Commercial Banking net interest income 7,902 / 11,978 = 66%. Consumer Banking and Lending deposit surplus 779,994 - 322,052 = 457,942 (about $458 billion) - deposits, deposit cost and the securities book. — Length additions: held-to-maturity Dec 2025 208,023 - 175,797 = 32,226; carrying value 208,023 - 198,573 = 9,450 (about $9.5 billion in six months). Interest on interest-bearing deposits 16,503 / 2,349 = 7.0 (about seven times). Consumer Banking and Lending net interest income 29,183 / 37,362 = 78%. Average deposits per branch 1,437,812 / 4,777 = 301 (2021); 1,347,245 / 4,090 = 329 (2025). Deposits Dec 2024 to Jun 2026 1,501,405 - 1,371,804 = 129,601 (about $130 billion). TLAC cushion 23.22 - 21.50 = 1.72 points; 22.81 - 21.50 = 1.31 points. CIB assets 862,472 / 2,282,201 = 38%; CIB period-end assets 787,751 / 597,278 - 1 = 32%. CIB investment banking 1,814 / 1,404 - 1 = 29%; 2,008 / 1,814 - 1 = 11%; Q2 2026 628 / 5,425 = 12%. CIB revenue per dollar of expense 19,232 / 9,436 = 2.04; Consumer Banking and Lending 37,362 / 23,515 = 1.59. CRE 5,083 / 19,232 = 26%. Q2 2026 expense 13,661 / 13,379 - 1 = 2.1%; revenue 22,622 / 20,822 - 1 = 8.6%. Headcount 205 - 197 = 8 thousand. Average assets per employee 1,933.4 / 212,804 = $9.1 million (Q2 2025); 2,227.9 / 197,466 = $11.3 million (Q2 2026), +24%. Personnel expense per employee 36,281 / 205,000 = 0.177 ($177,000). Efficiency gap to Bank of America (66% - 61.65%) x 83,699 = 3,641 (about $3.6 billion). Risk-weighted assets about 1,340 billion x 1% = about $13 billion per point; 9.80% - 8.50% = 1.30 points x 1,340 = about $17 billion. Stockholders equity 180,190 / 206,936 - 1 = -12.9%. Charge-offs 876 x 4 = 3,504 (about $3.5 billion); 14,129 / 139,700 = 10.1%. JPMorgan cost of total deposits 2024 2.08% against Wells Fargo 1.80%. ROTCE H1 2026 16.1% - 14.4% = 1.7 points. Target 17.5% x 139.7 = 24.4 billion; 24.4 / 20.285 = 1.20. Net income 6,407 x 4 = 25,628 (about $25.6 billion). H1 2026 expense 27,991 / 55,700 = 50.3%; net interest income 24,413 / 50,000 = 48.8%. Credit card revenue 6,375 / 5,908 - 1 = 7.9%; Auto 1,016 / 1,464 - 1 = -30.6%. Home Lending 3,364 / 37,362 = 9.0%; originations 26.3 / 986.2 = 2.7%. Buybacks 22.7 billion / 79.80 = 284 million shares; 284 / 3,085.6 = 9.2%. Tangible book 1 / 1.79 = 0.56. Dividend 0.50 x 4 x 3.02 billion = 6.04 (about $6.0 billion). Accounts 16 million / 32.8 million = 49%. Remediation 236 / 160,700 = 0.15%. Advisory assets 1,127 / 2,509 = 45%. Investment banking fees 3,027 / 83,699 = 3.6%. Advisory fees 10,498 / 36,215 = 29%. Branches 4,090 - 4,079 = 11. Buyback runway 22.7 / 17.7 = 1.3 years (about fifteen months); 22.7 / (7 x 2) = 1.6 years. Deposits 1,347,245 / 1,376,011 - 1 = -2.1%. Q2 2026 consumer bank share 10,288 / 22,622 = 45%. Card fees 4,589 / mortgage banking 1,152 = 4.0. 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Wells Fargo's annual reports, Forms 10-Q, earnings releases and presentations, JPMorgan's and Bank of America's Forms 10-K and market data; operands shown in the source line.
  10. ReportedThe growth after the cap came in the second quarter of 2026 with a deposit cost 8 basis points above the first quarter, which the bank attributes to "higher interest-bearing deposit balances".
    Wells Fargo second-quarter 2026 earnings presentation, Form 8-K exhibit 99.3 - segment returns, deposit cost, market shares and the 2026 outlook - the 2026 outlook, deposit cost and loan yield. — Q2 2026 · publ. 14 July 2026 · source ↗
Sources
Generated September 28, 2026