Here are 1-3 brief analogies to describe Wells Fargo:

• The Walmart of banking.
• Similar to Bank of America or JPMorgan Chase.
• A Starbucks for your everyday financial needs.

Consumer Banking and Lending

• Checking & Savings Accounts: Deposit products enabling individuals to manage their money, save, and make transactions.
• Credit Cards: Revolving credit lines for consumer purchases, offering various rewards and benefits.
• Mortgage Loans: Financing provided to individuals for the purchase or refinancing of residential real estate.
• Auto Loans: Loans offered to consumers for buying new or used vehicles.
• Personal Loans: Unsecured or secured loans for various individual needs such as debt consolidation or home improvements.

Commercial Banking

• Business Accounts & Loans: Deposit, lending, and treasury management solutions tailored for small and medium-sized businesses.
• Commercial Real Estate Financing: Loans and services for the acquisition, development, and refinancing of commercial properties.

Corporate & Investment Banking

• Corporate Lending: Large-scale credit facilities, term loans, and revolvers provided to major corporations.
• Investment Banking Advisory: Services including mergers & acquisitions advisory, and underwriting of equity and debt securities.
• Treasury Management & Payment Solutions: Comprehensive cash management, payment processing, and liquidity services for corporate clients.

Wealth & Investment Management

• Wealth Management & Advisory: Holistic financial planning, private banking, and investment advice for affluent individuals and families.
• Asset Management: Management of investment portfolios and funds for institutional clients and high-net-worth individuals.
• Brokerage Services: Securities trading and investment guidance provided to individual and institutional investors.

Wells Fargo & Company (WFC) is a diversified financial services company. While it serves a wide range of clients, including corporations, a significant portion of its business is directed towards individuals and small businesses through its extensive retail banking network and consumer lending products. Therefore, it primarily sells to individuals and various categories of businesses, rather than having a few major customer companies in the traditional sense of a supplier-customer relationship.

Based on this, the major categories of customers that Wells Fargo serves include:

• Individual Consumers: This category encompasses a broad base of personal banking customers who utilize services such as checking accounts, savings accounts, credit cards, mortgages, auto loans, and personal loans.
• Small and Medium-Sized Businesses (SMBs): Wells Fargo provides a comprehensive suite of services to SMBs, including business banking accounts, credit lines, commercial loans, treasury management, and payment solutions.
• Large Corporations and Institutional Clients: This segment includes major corporations, financial institutions, government entities, and high-net-worth individuals and families who rely on Wells Fargo for commercial lending, investment banking, capital markets services, asset management, and wealth management solutions.

• IBM (IBM)
• Microsoft (MSFT)
• Amazon Web Services (AMZN)
• Visa (V)
• Mastercard (MA)

Charles W. Scharf, Chief Executive Officer and President

Charles W. Scharf has served as Chief Executive Officer and President of Wells Fargo & Company since October 2019, and became Chairman of the Board of Directors in October 2025. With over 30 years of experience in leadership roles within the banking and payments industries, he previously served as chief executive officer of Bank of New York Mellon from July 2017 to September 2019, and as chairman of its board from January 2018 to September 2019. Prior to that, he was chief executive officer and a director of Visa Inc. from November 2012 to December 2016. Scharf’s career also includes roles as a managing director of One Equity Partners at JPMorgan Chase & Co., chief executive officer of Retail Financial Services at JPMorgan Chase, and chief executive officer of the retail division of Bank One Corp. He held chief financial officer positions at Bank One Corp., the Global Corporate and Investment Bank division of Citigroup, and Salomon Smith Barney. He is an independent director on the Microsoft board of directors.

Michael P. Santomassimo, Chief Financial Officer

Mike Santomassimo is the Chief Financial Officer of Wells Fargo, a position he assumed in October 2020. He is responsible for all of the company's financial management functions, including accounting and control, financial planning and analysis, treasury, and tax, and also oversees investment portfolios, corporate development, and investor relations. Prior to joining Wells Fargo, Santomassimo served as CFO at BNY Mellon from 2018, where he was also responsible for regulatory relations, enterprise resiliency, and third-party governance. Before BNY Mellon, he spent 11 years at JPMorgan Chase in various finance leadership roles, including CFO for Banking (covering investment banking and treasury services), and CFO of JPMorgan's securities services and U.S. private banking businesses. He began his career at Smith Barney, holding roles such as co-head of the strategy and finance team for the brokerage division.

Scott E. Powell, Chief Operating Officer

Scott Powell has served as the Chief Operating Officer of Wells Fargo since December 2019, where he oversees regulatory execution and relations, enterprise shared services, and a range of operational functions. Before joining Wells Fargo, Powell was the CEO of Santander Holdings USA, Inc., and CEO of Santander Consumer USA Holdings Inc., a publicly traded consumer finance company. His extensive career also includes various senior roles at JPMorgan Chase, such as head of consumer banking, lending operations, consumer risk management, and CEO of consumer banking and retail investments. He also served as CEO of consumer lending at Bank One and spent 14 years in risk management roles at Citi.

Saul Van Beurden, CEO of Consumer, Small & Business Banking

Saul Van Beurden is the CEO of Consumer, Small & Business Banking at Wells Fargo, a role he assumed in May 2023. In this position, he is responsible for serving consumer, small, and business banking customers across digital channels, retail branches, ATMs, and customer service centers. Van Beurden joined Wells Fargo in 2019 as the head of Technology, leading the global team of information technology and security professionals. Prior to his time at Wells Fargo, he was the chief information officer for the consumer and community banking division at JPMorgan Chase and held senior leadership positions at ING Group.

Kyle G. Hranicky, CEO of Commercial Banking

Kyle Hranicky is the CEO of Commercial Banking at Wells Fargo, overseeing teams that provide financial products and services to private and public companies, including lending, leasing, investment banking, and treasury management. He began his current role in September 2021. Hranicky has a long tenure with Wells Fargo, having joined the company in 1995 as a commercial banking analyst. His previous roles within the company include manager in the loan syndications group, head of the energy group, head of corporate banking, and head of middle-market banking.

The clear emerging threat to Wells Fargo, echoing the disruptive patterns seen with previous industry shifts, is the growing ecosystem of embedded finance and specialized fintechs that disintermediate traditional banking relationships at the point of need or sale. This includes, but is not limited to:

• Buy Now, Pay Later (BNPL) providers: Companies like Affirm, Klarna, and Afterpay have rapidly captured a significant share of point-of-sale consumer credit, directly competing with and often replacing traditional credit cards and small personal loans offered by banks. This shifts the credit decision and financing away from the bank and into the merchant or platform's ecosystem.
• Non-bank platforms offering integrated financial services: E-commerce giants (e.g., Shopify Capital offering loans to merchants) and other non-financial companies are increasingly embedding payments, lending, and even basic banking services directly into their core platforms. This allows consumers and businesses to access financial products seamlessly within their primary engagement channels, circumventing traditional bank branches and even many standalone banking apps. This threatens banks' direct customer relationships, data ownership, and their role as the primary financial intermediary.

This trend represents a fundamental shift in how financial services are delivered and consumed, moving them from distinct banking entities to integrated features within broader commercial or lifestyle platforms, potentially eroding Wells Fargo's traditional customer base and revenue streams.

Addressable Markets for Wells Fargo's Main Products and Services

• Retail Banking (U.S.): The United States retail banking market is valued at approximately USD 0.87 trillion in 2025 and is projected to reach USD 1.08 trillion by 2030, demonstrating a compound annual growth rate (CAGR) of 4.22% during that period.
• Mortgage (U.S.): The U.S. home loan market was valued at USD 2.29 trillion in 2025 and is forecasted to grow to USD 3.02 trillion by 2030, with a CAGR of 5.63%. The U.S. purchase-mortgage market alone was valued at USD 1,145.4 billion in 2024 and is projected to grow at a CAGR of 6.3%.
• Commercial Banking (U.S.): The U.S. commercial banking market size is estimated at USD 732.5 billion in 2025 and is expected to reach USD 915.45 billion by 2030, with a CAGR of 4.56%.
• Wealth & Investment Management (U.S.): The U.S. wealth management market had assets under management (AUM) of USD 64.4 trillion in 2024 and is expected to reach USD 87.35 trillion by 2028.

• Removal of the Asset Cap: The lifting of the Federal Reserve's asset cap is a significant driver, allowing Wells Fargo to aggressively grow its balance sheet, including deposits, loans, and trading assets. This regulatory change is anticipated to lead to higher revenue and earnings growth.
• Strategic Focus on U.S. Market and Core Businesses: Wells Fargo is concentrating on its U.S. operations, with over 95% of its revenue expected to be U.S.-based by 2024. The company aims to be a leading U.S. consumer and small business bank and wealth manager, with its Community Banking segment projected to be the largest and fastest-growing revenue contributor.
• Diversification of Revenue Streams and Growth in Fee-Based Income: The bank is actively working to diversify its revenue sources by increasing fee income. This includes growth in areas such as card fees, investment banking fees, and markets revenue. Notably, investment banking fees saw a substantial year-over-year increase in the third quarter of 2025.
• Loan and Deposit Growth: The removal of regulatory constraints enables Wells Fargo to pursue robust loan and deposit growth. The company reported its strongest linked-quarter loan growth in over three years and a significant increase in new credit card accounts in Q3 2025. Analysts also foresee modest growth in net interest income, supported by stabilized funding costs and improved lending activity.
• Efficiency Initiatives and Operational Leverage: Wells Fargo's ongoing efficiency initiatives, including significant expense reductions, are expected to create operational leverage. While primarily cost-focused, these efforts free up resources for investment in growth areas and contribute to higher profitability per unit of equity, indirectly bolstering revenue capacity.

Share Repurchases

• Wells Fargo authorized a new $40 billion common stock repurchase program in April 2025, to take effect upon the completion of the current program.
• The company repurchased $19.448 billion in shares in 2024, $11.851 billion in 2023, and $6.033 billion in 2022.
• In 2024, Wells Fargo returned $25 billion of capital to shareholders, including share repurchases, and has reduced its average common shares outstanding by 22% since 2019.

Share Issuance

• Wells Fargo issued $2,012.5 million in "Non-Cumulative Perpetual Preferred Series Z" in January 2020.
• The company issued $1,170 million in "Non-Cumulative Perpetual Preferred Series AA" in October 2020.

Outbound Investments

• In 2021, Wells Fargo sold its asset management division (Wells Fargo Asset Management) to private equity firms GTCR and Reverence Capital Partners for $2.1 billion.
• In November 2025, Wells Fargo partnered with Enlight Renewable Energy, providing tax equity financing of $131 million, expected to increase to nearly $150 million, for the Quail Ranch solar and storage project in New Mexico.
• The company made equity investments in 11 African-American Minority Depository Institutions (MDIs), as part of a pledge to invest up to $50 million in Black-owned banks, with some investments announced in April 2021.

Capital Expenditures

• Wells Fargo has focused investments on its risk and control infrastructure, providing updated capabilities to customers, and supporting employees and communities.
• Since 2019, the company has increased spending on technology and made significant investments to expand its businesses.