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- **Record Q3 Performance**: $5.6B net income (+9% YoY), EPS $1.66, with 5% revenue growth driven by fee-based revenue and loan growth.
- **Strategic Ambition**: Targets 17-18% ROTCE over medium term, positioning as top U.S. consumer and wealth manager with excess capital ($30B) to fuel growth.
- **Balance Sheet Expansion**: Assets exceed $2T, trading-related assets up 50% YoY, consumer checking growth reaccelerated after 10 quarters of decline.
- **Credit Resilience**: Net charge-offs down 9bps YoY, allowance reduction reflects improving credit quality.
- **Capital Efficiency**: Repurchased $6.1B in Q3, maintaining 11% CET1 ratio despite $30B excess capital, positioning for further ROTCE expansion.

**【CEO Summary Section】**
- **Strong Q3 Results**: Revenue grew 5% YoY, driven by net interest income and fee-based revenue. Net income and EPS both increased YoY. 
- **Strategic Progress**: Lifting of asset cap enables broader growth. Investment banking fees up 25% YoY, loan growth accelerated, and credit performance improved. 
- **Future Targets**: Aims for 17-18% ROTCE over medium term, targeting top U.S. consumer, small business, and wealth management positions. 
- **Capital Management**: Raised dividend, repurchased $6.1B in Q3, maintaining CET1 ratio at 11% despite excess capital of $30B.

**【CFO Financial Commentary】**
- **Q3 Financials**: Net income $5.6B (+9% YoY), EPS $1.66. Noninterest income up 9% YoY, driven by wealth management and investment banking. 
- **Expense Management**: Total expenses up 6% YoY due to severance ($296M) and revenue-related comp. Headcount reduced 24% since 2020. 
- **Balance Sheet Growth**: Assets >$2T for first time. Trading-related assets up 50% YoY. Consumer checking growth reaccelerated, credit card originations +49% QoQ. 
- **Credit Quality**: Net charge-offs down 9bps YoY. Allowance for credit losses reduced $257M QoQ. 
- **Capital Return**: Repurchased $6.1B in Q3, expects similar pace in Q4. Dividend payout ratio ~30%.

**【Q&A Highlights】**
- **ROTCE Target Timing**: Medium-term (not next year), dependent on macro and regulatory factors. 
- **Loan Growth Momentum**: C&I, auto, and credit card leading. Consumer loans grew QoQ for first time in 10 quarters. 
- **Credit Card Strategy**: Accepts short-term drag for long-term returns. 900K new card accounts in Q3 (+49% YoY). 
- **Wealth Management Margin**: Aims to improve via increased lending penetration and adviser productivity. 
- **Regulatory Capital**: CET1 target 10-10.5%, may lower further if rules change. 
- **M&A Outlook**: Open to inorganic growth but focused on organic opportunities first.

Wells Fargo & Company (WFC) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

WFC

WFC fundamentals

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