### Summary ConclusionWells Fargo's Q3 2026 results exceeded expectations, driven primarily by broad-based business growth, higher profitability, and stronger returns. EPS grew 13% year-over-year to $1.87, and ROTCE improved to 16.3%.

### Key Data- EPS: $1.87, +13% YoY - Average loans and deposits: both +11% - Net interest income: +5%

### Business ProgressBusiness growth was broad-based this quarter: Wealth & Investment Management revenue +12%, Commercial Banking +6%, Consumer Banking & Lending +5%, and Corporate & Investment Banking +3%. Investment banking performed strongly, with M&A revenue +30%, and both ECM and investment-grade underwriting fees +33%. The consumer business continued to expand, with over 660,000 new credit card accounts opened and auto loans +15%. The company launched tokenized deposits and AI tools to enhance efficiency and customer experience, with its AI maturity ranking rising to 5th globally.

### Guidance & OutlookManagement maintained its 2026 NII guidance of $50 billion, with Q4 NII expected at approximately $13 billion and NIM stable. Expense guidance remained at $55.7 billion, though revenue-related costs were slightly above expectations, offset by efficiency improvements. No upward or downward revision was made to the full-year guidance.

### Risk/Highlight SignalsPositive signals: Management expressed confidence in business growth and return improvement, emphasizing that "the trajectory is sustainable and targets should be higher." Negative signals: The report noted that inflation, high interest rates, geopolitical conflicts, and the AI investment cycle could pose risks, though the current economy shows greater resilience.