Wells FargoNarrow moat

WFC — overall economic moat

Investment snapshot
Narrow moat↗ WideningConfidenceMediumValuationFair
Strongest advantageA deposit franchise that cost about 1.52% in 2025, below JPMorgan's 1.80% and Bank of America's 1.74%, and held through seven years of an asset cap
Greatest threatWhere the freedom goes: most post-cap growth went to trading and corporate loans, with the margin down from 2.68% to 2.43% and CET1 down from 11.1% to 10.3%
Key metricReturn on tangible common equity (17.7% in Q2 2026) against the 17-18% target and a 10% cost of equity
Verdict: Wells Fargo's deposits passed the hardest test a bank franchise can face: a scandal, a growth ban and seven lost years, after which they were still cheaper than JPMorgan's. The bank on top of them is costlier than its rivals and has spent much of its new freedom on trading and corporate lending, where the deposits help least. At about 12 times earnings and 1.8 times tangible book, the shares price a bank that has not yet shown a full year at its 17% return target; if it does, the discount to its peers looks like memory rather than analysis.
📈 WFC valuation, revenue & earnings — P/E, P/S, revenue, EPS →

Wells Fargo is a bank that gathers deposits from American households and businesses at a low cost and lends and invests them at a higher one, and for seven years it was forbidden to do more of it. It is a Delaware financial holding company and bank holding company1 headquartered in San Francisco, operating mainly through Wells Fargo Bank, N.A. It had about 205,000 active employees at the end of 20252.

Total revenue ($bn)86.1201588.4201786.8201974.3202074.4202282.3202483.72025SEC EDGAR company facts and Forms 10-K; 2019-2022 as restated
A decade without growth.

The bank earned total revenue of $83,699 million in 2025: net interest income of $47,484 million and noninterest income of $36,215 million3. Net income was $21,338 million and diluted earnings per share $6.264.

The revenue comes from four businesses. Consumer Banking and Lending produced $37,362 million, Corporate and Investment Banking $19,232 million, Wealth and Investment Management $16,328 million and Commercial Banking $11,978 million5. The largest fee line is investment advisory and other asset-based fees, $10,498 million6.

The company goes back to 1852 and to Henry Wells and William Fargo7; the modern bank is the product of the 1998 merger with Norwest and the purchase of Wachovia for about $14.8 billion in stock in 20088.

The recent history is dominated by one event. After employees opened millions of accounts customers had not authorised9, the Federal Reserve capped the bank's total assets at their level at the end of 2017, $1,951,757 million1011. The cap was lifted on 3 June 202512. By June 2026 total assets were $2,282,201 million13.

Through all of it, the deposits stayed cheap. The bank paid about 1.52% on its deposits in 202514, less than JPMorgan's 1.80%15. Its return on tangible common equity was 14.6%16, held down by an efficiency ratio of 66%17.

In the second quarter of 2026 revenue rose 9% to $22,622 million and earnings per share were $2.0018. The shares closed at $82.97 on 25 September 2026, a market value of $250.90 billion19.

The balance sheet is mostly customers' money. Total assets were $2,148,631 million at the end of 2025, loans $986,167 million and deposits $1,426,207 million20. Common stockholders' equity was $164.7 billion21, which is why a modest return on assets becomes a respectable return on equity: return on assets was 1.07% in 2025 and return on equity 12.4%22. The bank is owned mostly by index and fund managers; Vanguard held 10.43% of the shares, BlackRock 8.61% and FMR 6.40% in February 202623.

The market has not yet paid for the freedom. At $82.97 the shares traded at 12.06 times trailing earnings and 11.19 times forward earnings24, and at 1.52 times book and 1.79 times tangible book25. At the end of June 2025, just after the cap was lifted, the market value held by non-affiliates was about $257.3 billion at a price of $80.1226.

The verdict is a wide deposit franchise inside a bank that is only now free to use it. The number to watch is the consumer bank's share of segment revenue, about 44% in 202527; if the growth after the cap kept flowing to the investment bank instead, the moat would be a smaller part of the company every year.

The number that tests this moat
Reported
Revenue, and where it comes from
$83.7bn in 2025: NII $47.5bn, fees $36.2bn; Consumer Banking and Lending $37.4bn, CIB $19.2bn, Wealth $16.3bn, Commercial $12.0bn

Net of interest expense. Watch the consumer bank, where the deposit moat lives, at about 44% of segment revenue.

Source: Wells Fargo Annual Report, FY2025 ↗
Moat scorecardHow ratings work →
Switching costs7/10
Network effects3/10
Pricing power5/10
Hard to replicate8/10
Disruption resistance6/10
Overall durability7/10

Switching costs are real: the checking account carries salaries and bills, and the depositors stayed through a scandal and a seven-year asset cap. Replication is very hard, because a national deposit franchise takes decades and a charter. Network effects are small. Pricing power is middling: deposits are cheap, but loans and trading are priced by the market. Disruption resistance is moderate: the bank names artificial intelligence and digital assets as risks. Durability sits at the top of the narrow band because the deposit moat is wide and the returns on it have only just begun to reflect it.

Dig deeper
DIG DEEPER 01
The Revenue Lines
Wells Fargo's consumer bank produces 44% of segment revenue; the investment bank is taking the growth.
DIG DEEPER 02
The Moat
Wells Fargo's deposits passed a seven-year stress test and cost less than JPMorgan's; the bank on top of them is only now learning to earn what they…
DIG DEEPER 03
Competitors
None of Wells Fargo's rivals has taken its depositors; they compete for everything built on top of them, and there Wells Fargo is behind.
DIG DEEPER 04
Major Clients
Wells Fargo has no customer it needs to name, and more than half its deposits come from households.
✦ Future bets — beyond today's moat
✦ FUTURE BET 01
The Future Bets
Wells Fargo's future bets are about earning more on the deposits it already has, not about finding new ones.
⚠ Threats to the moat
⚠ THREAT 01
The Regulators Have Not Left
Wells Fargo's asset cap is gone, but the order that imposed it and a 2024 money-laundering agreement are still open.
⚠ THREAT 02
Paid by the Rate Cycle
Wells Fargo's cheap deposits are worth most when rates are high, and the bank's own estimate says a 1-point cut costs $1.9 billion a year.
◆ What the market may be missing
◆ THE VARIANT VIEW
What the Market Isn't Pricing In
Wells Fargo has the cheapest deposits of the three largest banks and the lowest multiple, and the discount looks more like memory than analysis.
◆ THE VARIANT VIEW
Inside the Latest Quarter (Q2 2026)
Wells Fargo's second quarter of 2026 showed a bank growing freely for the first time in seven years, with some help from venture gains.
References
  1. ReportedIt is a Delaware financial holding company and bank holding company headquartered in San Francisco, operating mainly through Wells Fargo Bank, N.A. It had about 205,000 active employees at the end of 2025.
    Wells Fargo Form 10-K for fiscal 2025 - cover page and Item 1 business: legal form, employees, open regulatory actions. — FY2025 · publ. 24 February 2026 · source ↗
  2. ReportedIt is a Delaware financial holding company and bank holding company headquartered in San Francisco, operating mainly through Wells Fargo Bank, N.A. It had about 205,000 active employees at the end of 2025.
    Wells Fargo Form 10-K for fiscal 2025 - cover page and Item 1 business: legal form, employees, open regulatory actions. — FY2025 · publ. 24 February 2026 · source ↗
  3. ReportedThe bank earned total revenue of $83,699 million in 2025: net interest income of $47,484 million and noninterest income of $36,215 million.
    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 ↗
  4. ReportedNet income was $21,338 million and diluted earnings per share $6.26.
    Wells Fargo 2025 Annual Report to Shareholders (financial statements, MD&A and segment note), part of the Form 10-K for fiscal 2025 - financial highlights, income statement, capital, share repurchases and ratios. — FY2025 · publ. 24 February 2026 · source ↗
  5. ReportedConsumer Banking and Lending produced $37,362 million, Corporate and Investment Banking $19,232 million, Wealth and Investment Management $16,328 million and Commercial Banking $11,978 million.
    Wells Fargo 2025 Annual Report to Shareholders (financial statements, MD&A and segment note), part of the Form 10-K for fiscal 2025 - operating segment note and segment tables (Table 19.1, revenue by line of business, selected metrics). — FY2025 · publ. 24 February 2026 · source ↗
  6. ReportedThe largest fee line is investment advisory and other asset-based fees, $10,498 million.
    Wells Fargo 2025 Annual Report to Shareholders (financial statements, MD&A and segment note), part of the Form 10-K for fiscal 2025 - operating segment note and segment tables (Table 19.1, revenue by line of business, selected metrics). — FY2025 · publ. 24 February 2026 · source ↗
  7. Third-party estimateThe company goes back to 1852 and to Henry Wells and William Fargo; the modern bank is the product of the 1998 merger with Norwest and the purchase of Wachovia for about $14.8 billion in stock in 2008.
    Wikipedia, Wells Fargo - corporate history (founding, the Norwest merger and the Wachovia acquisition). — History · publ. 2026 · source ↗
  8. Third-party estimateThe company goes back to 1852 and to Henry Wells and William Fargo; the modern bank is the product of the 1998 merger with Norwest and the purchase of Wachovia for about $14.8 billion in stock in 2008.
    Wikipedia, Wells Fargo - corporate history (founding, the Norwest merger and the Wachovia acquisition). — History · publ. 2026 · source ↗
  9. ReportedAfter employees opened millions of accounts customers had not authorised, the Federal Reserve capped the bank's total assets at their level at the end of 2017, $1,951,757 million.
    Consumer Financial Protection Bureau press release, 8 September 2016 - $100 million fine for opening unauthorized accounts; OCC and Los Angeles penalties. — September 2016 · publ. 8 September 2016 · source ↗
  10. ReportedAfter employees opened millions of accounts customers had not authorised, the Federal Reserve capped the bank's total assets at their level at the end of 2017, $1,951,757 million.
    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 ↗
  11. ReportedAfter employees opened millions of accounts customers had not authorised, the Federal Reserve capped the bank's total assets at their level at the end of 2017, $1,951,757 million.
    Federal Reserve press release, 2 February 2018 - enforcement action restricting Wells Fargo's growth and requiring board changes. — February 2018 · publ. 2 February 2018 · source ↗
  12. ReportedThe cap was lifted on 3 June 2025.
    Federal Reserve press release, 3 June 2025 - Wells Fargo no longer subject to the asset growth restriction. — June 2025 · publ. 3 June 2025 · source ↗
  13. ReportedBy June 2026 total assets were $2,282,201 million.
    Wells Fargo Form 10-Q for the quarter ended 30 June 2026 - balance sheet, capital requirements, interest rate sensitivity, segment assets, headcount and legal actions. — Q2 2026 · publ. 28 July 2026 · source ↗
  14. Moat Explorer calcThe bank paid about 1.52% on its deposits in 2025, less than JPMorgan's 1.80%.
    Moat Explorer calculation from Wells Fargo's reported figures ($ 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.
  15. ReportedThe bank paid about 1.52% on its deposits in 2025, less than JPMorgan's 1.80%.
    JPMorgan Chase Form 10-K for fiscal 2025 - deposits, cost of total deposits, ROTCE, overhead ratio and CET1. — FY2025 · publ. February 2026 · source ↗
  16. ReportedIts return on tangible common equity was 14.6%, held down by an efficiency ratio of 66%.
    Wells Fargo 2025 Annual Report to Shareholders (financial statements, MD&A and segment note), part of the Form 10-K for fiscal 2025 - operating segment note and segment tables (Table 19.1, revenue by line of business, selected metrics). — FY2025 · publ. 24 February 2026 · source ↗
  17. ReportedIts return on tangible common equity was 14.6%, held down by an efficiency ratio of 66%.
    Wells Fargo 2025 Annual Report to Shareholders (financial statements, MD&A and segment note), part of the Form 10-K for fiscal 2025 - operating segment note and segment tables (Table 19.1, revenue by line of business, selected metrics). — FY2025 · publ. 24 February 2026 · source ↗
  18. ReportedIn the second quarter of 2026 revenue rose 9% to $22,622 million and earnings per share were $2.00.
    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 ↗
  19. ReportedThe shares closed at $82.97 on 25 September 2026, a market value of $250.90 billion.
    Wells Fargo (WFC) market data - $82.97 at the close on 25 September 2026, market value $250.90B, trailing P/E 12.06, forward P/E 11.19. — September 2026 · publ. 25 September 2026 · source ↗
  20. ReportedTotal assets were $2,148,631 million at the end of 2025, loans $986,167 million and deposits $1,426,207 million.
    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 ↗
  21. ReportedCommon stockholders' equity was $164.7 billion, which is why a modest return on assets becomes a respectable return on equity: return on assets was 1.07% in 2025 and return on equity 12.4%.
    Wells Fargo fourth-quarter 2025 earnings release, Form 8-K exhibit 99.1 - full-year 2025 results, net interest margin, severance, the $15 billion of gross expense reductions and the new 17-18% ROTCE target. — Q4 2025 · publ. 14 January 2026 · source ↗
  22. ReportedCommon stockholders' equity was $164.7 billion, which is why a modest return on assets becomes a respectable return on equity: return on assets was 1.07% in 2025 and return on equity 12.4%.
    Wells Fargo 2025 Annual Report to Shareholders (financial statements, MD&A and segment note), part of the Form 10-K for fiscal 2025 - financial highlights, income statement, capital, share repurchases and ratios. — FY2025 · publ. 24 February 2026 · source ↗
  23. ReportedThe bank is owned mostly by index and fund managers; Vanguard held 10.43% of the shares, BlackRock 8.61% and FMR 6.40% in February 2026.
    Wells Fargo 2026 proxy statement (DEF 14A) - the chief executive's tenure and special award, and the termination of 14 consent orders. — 2026 · publ. 18 March 2026 · source ↗
  24. ReportedAt $82.97 the shares traded at 12.06 times trailing earnings and 11.19 times forward earnings, and at 1.52 times book and 1.79 times tangible book.
    Wells Fargo (WFC) market data - $82.97 at the close on 25 September 2026, market value $250.90B, trailing P/E 12.06, forward P/E 11.19. — September 2026 · publ. 25 September 2026 · source ↗
  25. ReportedAt $82.97 the shares traded at 12.06 times trailing earnings and 11.19 times forward earnings, and at 1.52 times book and 1.79 times tangible book.
    Wells Fargo (WFC) statistics - price to book 1.52, price to tangible book 1.79. — September 2026 · publ. 25 September 2026 · source ↗
  26. ReportedAt the end of June 2025, just after the cap was lifted, the market value held by non-affiliates was about $257.3 billion at a price of $80.12.
    Wells Fargo Form 10-K for fiscal 2025 - cover page and Item 1 business: legal form, employees, open regulatory actions. — FY2025 · publ. 24 February 2026 · source ↗
  27. Moat Explorer calcThe number to watch is the consumer bank's share of segment revenue, about 44% in 2025; if the growth after the cap kept flowing to the investment bank instead, the moat would be a smaller part of the company every year.
    Moat Explorer calculation from Wells Fargo's reported figures ($ 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) - segment shares, margins and growth. — 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.
Sources
Generated September 28, 2026