Wells Fargo & Company (WFC) reported second-quarter earnings on July 14, 2026, showing a 17% year-over-year increase in net income, reaching $6.4 billion, with earnings per share (EPS) at $2.00. Total revenue rose 9% to $22.62 billion, surpassing the Zacks Consensus Estimate of $21.8 billion. Average loans increased 12%, while average deposits grew 10%, highlighting strong growth across all operating segments despite pressure on net interest margins.
Chairman and CEO Charlie Scharf emphasized that the margin pressure is a strategic decision to focus on lower-spread, profitable businesses, indicating that loan, deposit, and fee growth are key to achieving medium-term profitability goals. Investment banking fees reached a record $900 million in the quarter, demonstrating a positive trajectory following multiyear investments in the company’s capabilities.
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