WELLS FARGO & COMPANY/MN
For the period ended Sep 30, 2026. Filed Oct 28, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 28, 2026
WFC$83.94-1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-28.
0000072971-26-000302
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Financial Review)Current report: 10-Q
Period ended 2026-09-30; filed 2026-10-28.
0000072971-26-000327
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Financial Review)The baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 545 previous paragraphs and 551 current paragraphs.
390 unchanged; 102 reworded; 40 added; 35 removed; 18 previous and 19 current paragraphs rearranged.
Tables are not compared: 103 previous and 102 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (40)
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Recent Developments
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Capital Matters
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On September 30, 2026, the Federal Reserve Board (FRB) issued rules that make changes to its supervisory stress testing framework and stress capital buffer (SCB) requirements to
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enhance transparency and reduce volatility in capital requirements. The rules, among other things, establish an annual process for public input on stress test scenarios and material model changes and move the effective date of the SCB requirement from October 1 to January 1, beginning with the SCB effective on January 1, 2028. The SCB effective on January 1, 2028, will be based on the results of the 2027 supervisory stress test. Beginning with the SCB effective on January 1, 2029, the FRB will calculate the SCB based on the average decrease in a bank holding company’s (BHC) risk-based capital ratios under the severely adverse scenario in the FRB’s prior two annual supervisory stress tests, plus four quarters of planned common stock dividends.
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•total revenue increased due to higher net interest income, partially offset by lower noninterest income;
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•noninterest expense decreased due to lower personnel expense, partially offset by higher technology, telecommunications and equipment expense;
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Net gains from trading activities decreased driven by lower revenue across most fixed income, currencies, and commodities (FICC) products, partially offset by higher revenue in equities.
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Net gains from equity securities decreased reflecting lower results from our venture capital investments, including lower unrealized and realized gains, partially offset by lower impairment losses.
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Mortgage banking decreased driven by lower servicing fees due to portfolio run-off and servicing sales, as well as favorable MSR valuation adjustments in the first nine months of 2025.
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Net gains from trading activities decreased driven by lower revenue across most FICC products, partially offset by higher revenue in equities.
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Personnel expense decreased due to:
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•lower severance expense; and
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•the impact of efficiency initiatives;
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Other expense decreased reflecting lower lease expense due to the sale of our rail car leasing business in first quarter 2026.
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•lower operating costs;
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•the impact of efficiency initiatives;
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•higher occupancy expense.
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•higher revenue-related compensation expense;
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•higher occupancy expense;
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Total loans (average) increased due to:
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•higher deposit-related fees and higher investment banking and markets fees, partially offset by lower revenue from equity investments.
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Provision for credit losses increased reflecting an increase in the allowance for commercial and industrial loans due to loan growth.
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Provision for credit losses increased reflecting an increase in the allowance for commercial and industrial loans due to loan growth.
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Total loans (average and period-end)increased driven by higher client activity and growth from both new and existing customers.
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•higher investment banking fees reflecting higher investment grade Debt Capital Markets, Equity Capital Markets, and M&A advisory fees, partially offset by lower leveraged finance revenue;
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•lower net gains from trading activities driven bylower revenue across most FICC products, partially offset by higher revenue in equities.
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Provision for credit losses increased reflecting loan growth.
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lower interest rates; and
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•higher investment banking fees reflecting higher Equity Capital Markets and investment grade Debt Capital Markets fees;
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•lower net gains from trading activities driven bylower revenue across most FICC products, partially offset by higher revenue in equities; and
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•higher net interest income driven by higher deposit and loan balances, as well as lower deposit costs.
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•lower net gains from equity securities reflecting lower unrealized and realized gains on equity securities from our venture capital investments, partially offset by lower impairment losses on equity securities; and
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•lower personnel expense reflecting lower severance expense; and
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•lower lease expense due to the sale of our rail car leasing business in first quarter 2026.
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•lower lease expense due to the sale of our rail car leasing business in first quarter 2026;
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•lower personnel expense reflecting lower severance expense; and
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On September 29, 2026, S&P Global Ratings (S&P) upgraded the long-term credit rating of Wells Fargo & Company to A- from BBB+ and revised its ratings outlook to stable from positive. S&P also affirmed the short-term credit rating of Wells Fargo & Company and the long and short-term credit ratings of Wells Fargo Bank, N.A.
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Beginning with the SCB effective on January 1, 2029, the FRB will calculate the SCB based on the average decrease in a BHC’s risk-based capital ratios under the severely adverse scenario in the FRB’s prior two annual supervisory stress tests, plus four quarters of planned common stock dividends.
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(2)Includes impacts to CET1 from the add-back of changes in accumulated other comprehensive income related to cash flow hedges and deductions for certain deferred tax assets. For additional information on accumulated other comprehensive income, see Note 20 (Other Comprehensive Income) to Financial Statements in this Report.
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In August 2026, we issued our Preferred Stock, Series HH. For additional information, see Note 8 (Preferred Stock and Common Stock) to Financial Statements in this Report.
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Commissions and brokerage services fees increased driven by higher brokerage transaction activity.
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Investment banking fees increased due to higher debt and equity underwriting fees.
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Commissions and brokerage services fees increased driven by higher brokerage transaction activity.
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Other income decreased driven by:
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•a $297 million decrease in lease income due to the sale of our rail car leasing business in first quarter 2026;
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Other expense decreased reflecting:
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•a $93 million and $180 million decrease in lease expense in the second quarter and first half of 2026, respectively, due to the sale of our rail car leasing business in first quarter 2026; and
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•lower operating losses.
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•higher advertising and promotion expense;
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•higher revenue-related compensation expense; and
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•higher advertising and promotion expense;
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•higher revenue-related compensation expense; and
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Provision for credit losses increased reflecting a higher allowance for commercial and industrial loans driven by higher loan balances, as well as a release in the allowance for commercial and industrial loans in second quarter 2025.
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•the impact of the transfer of certain business customers to the Consumer Banking and Lending operating segment in third quarter 2025; and
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Total loans (average and period-end)increased driven by higher client activity, partially offset by the impact of the transfer of certain business customers to the Consumer Banking and Lending operating segment in third quarter 2025.
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•lower noninterest-bearing deposits; and
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•the impact of the transfer of certain business customers to the Consumer Banking and Lending operating segment in third quarter 2025.
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•higher investment banking fees driven by higher debt and equity underwriting fees.
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Provision for credit losses decreased reflecting lower net charge-offs and a lower allowance for commercial real estate loans.
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compensation expense; and
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Provision for credit losses decreased reflecting a lower allowance for commercial real estate loans, partially offset by loan growth.
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•higher personnel expense driven by higher revenue-related compensation expense; and
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Second quarter and first half of 2026 vs. second quarter and
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first half of 2025
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agreements; and
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•higher trading assets driven by growth across nearly all asset classes.
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•higher net interest income driven by lower deposit pricing and higher deposit and loan balances.
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•a $93 million decrease in lease expense due to the sale of our rail car leasing business in first quarter 2026.
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•a $180 million decrease in lease expense due to the sale of our rail car leasing business in first quarter 2026; and
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Second quarter and first half of 2026 vs. second quarter and
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first half of 2025
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Credit Card. The decrease in the outstanding balance at June 30, 2026, compared with December 31, 2025, was due to lower purchase volume as well as paydowns.
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On May 6, 2026, Fitch Ratings affirmed Wells Fargo & Company's ratings and maintained the stable outlook.
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On July 28, 2026, the Board approved an increase to the Company’s third quarter 2026 common stock dividend to $0.50 per share.
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Forward-Looking Statements(continued)
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Wells Fargo & Company is a leading financial services company that has approximately $2.3 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and
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Wells Fargo & Company is a leading financial services company that has approximately $2.3 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management. Wells Fargo ranked No. 38 on Fortune’s 2026 rankings of America’s largest corporations. We ranked fourth in assets and fifth in the market value of our common stock among all U.S. banks at September 30, 2026.
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•average loans increased due to growth in our commercial and industrial portfolio; and
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•average loans increased due to growth in our commercial and industrial and auto portfolios; and
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In second quarter 2026, we generated $6.4 billion of net income and diluted earnings per common share (EPS) of $2.00, compared with $5.5 billion of net income and diluted EPS of $1.60 in the same period a year ago. In the first half of 2026, we generated $11.7 billion of net income and diluted EPS of $3.60, compared with $10.4 billion of net income and diluted EPS of $2.98 in the same period a year ago. Financial performance for the second quarter and first half of 2026, compared with the same periods a year ago, included the following:
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In the first nine months of 2026, we generated $17.6 billion of net income and diluted EPS of $5.47, compared with $16.0 billion of net income and diluted EPS of $4.64 in the same period a year ago. Financial performance for the first nine months of 2026, compared with the first nine months of 2025, included the following:
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•total revenue increased due to higher noninterest income and higher net interest income;
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•total revenue increased due to higher net interest income and higher noninterest income;
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•noninterest expense increased due to higher technology, telecommunications and equipment expense, advertising and promotion expense, and personnel expense, partially offset by lower other noninterest expense;
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•noninterest expense increased due to higher technology, telecommunications and equipment expense and advertising and promotion expense, partially offset by lower other noninterest expense;
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We maintained a strong capital and liquidity position in the first half of 2026, which included the following:
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We maintained a strong capital and liquidity position in the first nine months of 2026, which included the following:
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•our Common Equity Tier 1 (CET1) ratio was 10.26% under the Standardized Approach (our binding framework), which continued to exceed the regulatory minimum and buffers of 8.50%;
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•our Common Equity Tier 1 (CET1) ratio was 10.03% under the Standardized Approach (our binding framework), which continued to exceed the regulatory minimum and buffers of 8.50%;
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•our total loss absorbing capacity (TLAC) as a percentage of total risk-weighted assets was 22.81%, compared with the regulatory minimum of 21.50%; and
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•our total loss absorbing capacity (TLAC) as a percentage of total risk-weighted assets was 22.99%, compared with the regulatory minimum of 21.50%; and
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•our liquidity coverage ratio (LCR) was 119%, which continued to exceed the regulatory minimum of 100%.
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•our liquidity coverage ratio (LCR) was 122%, which continued to exceed the regulatory minimum of 100%.
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•The allowance for credit losses (ACL) for loans of $14.4 billion at June 30, 2026, increased $70 million from December 31, 2025.
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•The allowance for credit losses (ACL) for loans of $14.5 billion at September 30, 2026, increased $121 million from December 31, 2025, driven by higher loan balances for commercial and industrial and auto loans, partially offset by improved credit performance in commercial real estate loans. The allowance coverage for total loans was 1.38% at September 30, 2026, compared with 1.45% at December 31, 2025.
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•Our provision for credit losses for loans was $2.1 billion in the first half of 2026, compared with $1.9 billion in the same period a year ago, and included an increase in the allowance reflecting a higher allowance for commercial and industrial and auto loans driven by higher loan balances, partially offset by a lower allowance for commercial real estate loans.
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•Our provision for credit losses for loans was $3.1 billion in the first nine months of 2026, compared with $2.6 billion in the same period a year ago, and included an increase in the allowance reflecting a higher allowance for commercial and industrial and auto loans driven by higher loan balances, partially offset by a lower allowance for commercial real estate loans.
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•Commercial portfolio net loan charge-offs were $156 million, or 10 basis points of average commercial loans, in second quarter 2026, compared with net loan charge-offs of $247 million, or 18 basis points, in the same period a year ago, driven by lower losses in our commercial and industrial and commercial real estate portfolios.
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•Commercial portfolio net loan charge-offs were $281 million, or 18 basis points of average commercial loans, in third quarter 2026, compared with net loan charge-offs of $250 million, or 18 basis points, in the same period a year ago, driven by higher losses in our commercial and industrial portfolio.
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•Consumer portfolio net loan charge-offs were $720 million, or 74 basis points of average consumer loans, in second quarter 2026, compared with net loan charge-offs of $750 million, or 81 basis points, in the same period a year ago, due to lower losses in our credit card and other consumer portfolios, partially offset by higher losses in our auto portfolio.
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•Consumer portfolio net loan charge-offs were $702 million, or 70 basis points of average consumer loans, in third quarter 2026, compared with net loan charge-offs of $692 million, or 73 basis points, in the same period a year ago, due to higher losses in our auto portfolio, partially offset by lower losses in our credit card and other consumer portfolios.
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•Nonperforming assets (NPAs) of $7.9 billion at June 30, 2026, decreased $559 million from December 31, 2025, driven by lower commercial real estate nonaccrual loans. NPAs represented 0.77% of total loans at June 30, 2026.
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•Nonperforming assets (NPAs) of $7.4 billion at September 30, 2026, decreased $1.1 billion from December 31, 2025, driven by lower commercial real estate nonaccrual loans. NPAs represented 0.70% of total loans at September 30, 2026.
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Wells Fargo net income for second quarter 2026 was $6.4 billion ($2.00 diluted EPS), compared with $5.5 billion ($1.60 diluted EPS) in the same period a year ago. Net income increased in second quarter 2026, compared with the same period a year ago, predominantly due to a $1.2 billion increase in noninterest income and a $609 million increase in net interest income, partially offset by a $486 million increase in income tax expense and a $282 million increase in noninterest expense.
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Wells Fargo net income for third quarter 2026 was $6.0 billion ($1.87 diluted EPS), compared with $5.6 billion ($1.66 diluted EPS) in the same period a year ago. Net income increased in third quarter 2026, compared with the same period a year ago, predominantly due to a $567 million increase in net interest income, partially offset by a $348 million increase in provision for credit losses.
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Wells Fargo net income for the first half of 2026 was $11.7 billion ($3.60 diluted EPS), compared with $10.4 billion ($2.98 diluted EPS) in the same period a year ago. Net income increased in the first half of 2026, compared with the same period a year ago, predominantly due to a $1.9 billion increase in noninterest income and a $1.2 billion increase in net interest income, partially offset by a $721 million increase in noninterest expense and a $655 million increase in income tax expense.
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Wells Fargo net income for the first nine months of 2026 was $17.6 billion ($5.47 diluted EPS), compared with $16.0 billion ($4.64 diluted EPS) in the same period a year ago. Net income increased in the first nine months of 2026, compared with the same period a year ago, predominantly due to a $1.8 billion increase in net interest income and a $1.8 billion increase in noninterest income, partially offset by a $618 million increase in noninterest expense and a $516 million increase in income tax expense.
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Banking Markets (Markets) business, as well as higher interest-bearing commercial deposits, partially offset by the impact of lower interest rates on floating rate assets and lower noninterest-bearing deposits.
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Net interest income increased in third quarter 2026, compared with the same period a year ago, driven by higher loan and investment securities balances, lower funding costs and balance sheet growth in our Corporate and Investment Banking Markets (Markets) business, and fixed rate asset repricing, partially offset by the impact of lower interest rates on floating rate assets, higher deposit costs reflecting growth in interest-bearing commercial deposits, and a modest decline in noninterest-bearing deposits.
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Net interest income increased in both the second quarter and first half of 2026, compared with the same periods a year ago, driven by lower average deposit costs, higher loan and investment securities balances, the impact of lower interest rates and balance sheet growth in our Corporate and Investment
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Net interest income increased in the first nine months of 2026, compared with the same period a year ago, driven by lower average deposit costs, higher loan and investment securities balances, lower funding costs and balance sheet growth in our Markets business, and fixed rate asset repricing, partially offset by the impact of lower interest rates on floating rate assets, as well as growth in higher cost deposit products.
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Net interest margin decreased in both the second quarter and first half of 2026, compared with the same periods a year ago, driven by growth in lower-yielding assets in our Markets business as well as growth in interest-bearing deposits.
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Net interest margin decreased in both the third quarter and first nine months of 2026, compared with the same periods a year ago, driven by growth in lower-yielding assets in our Markets business as well as growth in interest-bearing deposits.
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(2)Includes taxable-equivalent adjustments of $75 million and $77 million for the quarters ended June 30, 2026 and 2025, respectively, and $147 million and $154 million for the first half of 2026 and 2025, respectively, predominantly related to tax-exempt income on certain loans and securities.
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(2)Includes taxable-equivalent adjustments of $74 million and $75 million for the quarters ended September 30, 2026 and 2025, respectively, and $221 million and $229 million for the first nine months of 2026 and 2025, respectively, predominantly related to tax-exempt income on certain loans and securities.
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Mortgage banking decreased driven by lower servicing fees due to portfolio run-off and servicing sales, as well as favorable mortgage servicing rights (MSR) valuation adjustments in the first half of 2025, including for higher expected escrow balances.
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Mortgage banking decreased driven by lower servicing fees due to portfolio run-off and servicing sales, as well as favorable mortgage servicing rights (MSR) valuation adjustments in third quarter 2025.
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Deposit-related fees increased driven by higher consumer account deposit service charges due to account repricing.
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Deposit-related fees increased driven by higher consumer account deposit service charges due to account repricing, as well as higher commercial account deposit service charges.
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Net gains (losses) from equity securities increased reflecting improved results from our venture capital investments, including higher realized and unrealized gains, partially offset by higher impairment losses.
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Net gains (losses) from equity securities increased reflecting improved results from our venture capital investments, including higher unrealized and realized gains, partially offset by higher impairment losses.
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•a $148 million decrease in lease income due to the sale of our rail car leasing business in first quarter 2026.
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•lower lease income due to the sale of our rail car leasing business in first quarter 2026;
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•a $263 million gain on the sale of the non-agency portion of our commercial mortgage third-party servicing business in first quarter 2025; and
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•a gain on the sale of the non-agency portion of our commercial mortgage third-party servicing business in first quarter 2025; and
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•a $253 million gain associated with our merchant services joint venture acquisition in second quarter 2025.
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•a gain associated with our merchant services joint venture acquisition in second quarter 2025.
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Personnel expense increased due to higher revenue-related compensation expense driven by higher fees in our Wealth and Investment Management business, partially offset by the impact of efficiency initiatives.
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•higher revenue-related compensation expense driven by higher fees in our Wealth and Investment Management business.
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Technology, telecommunications and equipment expense increaseddue to higher software expense, as well as higher hardware expense and higher expense for the amortization of internally developed software.
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Technology, telecommunications and equipment expense increaseddue to higher software expense, as well as higher depreciation expense, higher hardware expense, and higher expense for the amortization of internally developed software.
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The effective income tax rate increased in the second quarter and first half of 2026, compared with the same periods a year ago, driven by higher pre-tax income and lower discrete tax benefits related to the resolution of prior period tax matters.
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The effective income tax rate decreased in third quarter 2026, compared with the same period a year ago, driven by higher discrete tax benefits related to the resolution of prior period tax matters. The effective income tax rate increased in the first nine months of 2026, compared with the same period a year ago, driven by higher pre-tax income.
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•higher net interest income reflecting wider deposit spreads and higher deposit and loan balances, including the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025; and
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•higher net interest income reflecting wider deposit spreads and higher deposit and loan balances; and
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•lower mortgage banking income driven by lower servicing fees due to portfolio run-off and servicing sales, as well as favorable MSR valuation adjustments in the first half of 2025 including adjustments for higher expected escrow balances.
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•lower mortgage banking income driven by lower servicing fees due to portfolio run-off and servicing sales, as well as favorable MSR valuation adjustments in the first nine months of 2025.
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Total deposits (average and period-end)increased reflecting growth in consumer checking and savings deposits, as well as the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025.
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Total deposits (average and period-end)increased reflecting growth in consumer checking and savings deposits.
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•higher net interest income reflecting higher loan and interest-bearing deposit balances, partially offset by the impact of lower interest rates, lower noninterest-bearing deposits, and the impact of the transfer of certain business customers to the Consumer Banking and Lending operating segment in third quarter 2025.
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•higher net interest income reflecting higher loan and interest-bearing deposit balances, partially offset by the impact of lower interest rates and lower noninterest-bearing deposits.
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Total deposits (average and period-end) increased driven by additions of interest-bearing deposits from new and existing customers.
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Total deposits (average and period-end)increased driven by additions of interest-bearing deposits from both new and existing customers.
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•higher professional and outside services expense on higher volume-related expenses;
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•higher professional and outside services expense due to increased customer activity driving volume-related expenses;
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•higher net interest income driven by higher interest-bearing deposit and loan balances, partially offset by the impact of lower interest rates; and
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•higher net interest income driven by higher interest-bearing deposit and loan balances, partially offset by the impact of
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•a $263 million gain on the sale ofthe non-agency portion ofour commercial mortgage third-party servicing business in first quarter 2025.
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•a gain on the sale ofthe non-agency portion ofour commercial mortgage third-party servicing business in first quarter 2025.
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•higher professional and outside services expense on higher volume-related expenses;
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•higher professional and outside services expense due to increased customer activity driving volume-related expenses;
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Total loans (average and period-end)increased driven by higher commercial and industrial loans reflecting increased demand in fund finance and corporate loans in our Banking business and higher loan volume in our Markets business.
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Total loans (average and period-end)increased driven by higher commercial and industrial loans reflecting increased demand in corporate and fund finance loans in our Banking business and higher loan volume in our Markets business.
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Total trading-related assets (average and period-end) increased reflecting:
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Total trading-related assets (average and period-end) increased reflecting an increased volume of securities purchased under resale agreements.
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For additional information about capital planning, see the “Capital Management – Capital Planning and Stress Testing” section in this Report.
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In third quarter 2026, we generated $6.0 billion of net income and diluted earnings per common share (EPS) of $1.87, compared with $5.6 billion of net income and diluted EPS of $1.66 in the same period a year ago. Financial performance for third quarter 2026, compared with third quarter 2025, included the following:
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•average loans increased due to growth in our commercial and industrial and auto portfolios; and
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•average deposits increased driven by growth in interest-bearing deposits.
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Other income decreased driven by lower lease income due to the sale of our rail car leasing business in first quarter 2026.
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•higher net interest income reflecting wider deposit spreads and higher deposit and loan balances;
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•higher advertising and promotion expense; and
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•an increase in loan balances in our Auto business driven by higher origination volumes reflecting growth across the portfolio, including the impact of a financing partnership launched in second quarter 2025; and
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•an increase in loan balances in our Credit Card business due to higher purchase volumes;
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•a decline in loan balances in our Home Lending business reflecting paydowns of legacy residential mortgage loans.
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Total deposits (average)increased reflecting growth in consumer checking and savings deposits.
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•higher net interest income reflecting higher loan and deposit balances; and
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Noninterest expense decreased driven by lower operating losses and the impact of efficiency initiatives.
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Noninterest expense decreased driven by lower operating losses and the impact of efficiency initiatives.
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•a gain associated with our merchant services joint venture acquisition in second quarter 2025;
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Generally, the primary source of repayment for our commercial and industrial loans and lease financing portfolio is the operating cash flows of customers, with the collateral securing this
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Credit Card. The outstanding balance at September 30, 2026, was stable compared with December 31, 2025.
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Securities-based loans, including margin loans and securities-based credit lines, are originated by the WIM operating segment
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For additional information on commercial nonaccrual loans, see the “Risk Management – Credit Risk Management – Commercial
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Investment Banking, and Wealth and Investment Management. Wells Fargo ranked No. 38 on Fortune’s 2026 rankings of America’s largest corporations. We ranked fourth in assets and fifth in the market value of our common stock among all U.S. banks at June 30, 2026.
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•The allowance coverage for total loans was 1.40% at June 30, 2026, compared with 1.45% at December 31, 2025, reflecting a decrease in the allowance for our commercial real estate portfolio driven by improved credit performance.
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Net gains from equity securities increased reflecting improved results from our venture capital investments, including higher realized and unrealized gains, partially offset by higher impairment losses.
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Net gains (losses) from debt securities increased driven by the impact of a repositioning of our investment securities portfolio in first quarter 2025.
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For additional information on other expense, see Note 17 (Revenue and Expenses) to Financial Statements in this Report.
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Provision for credit losses reflected a higher change in allowance for credit card and auto loans driven by higher loan balances, offset by lower net charge-offs on credit card and personal loans.
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•the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025;
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•higher net interest income reflecting wider deposit spreads and higher deposit and loan balances, including the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025;
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•the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025;
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Total deposits (average and period-end)increased driven by:
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•higher personnel expense driven by higher revenue-related
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•higher investment banking fees driven by higher equity and debt underwriting fees;
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•an increased volume of securities purchased under resale
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offices, and digitally through WellsTrade® and Intuitive Investor®.
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•higher net gains from equity securities reflecting improved results from our venture capital investments, including higher realized and unrealized gains, partially offset by higher impairment losses.
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media and the equipment, machinery, and parts manufacturing industries.
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Loans to our largest industry category, financials except banks, are generally secured and have features to help manage credit
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Short-term funding, which generally matures in less than 30 days, includes federal funds purchased and securities loaned or