WFC Wells Fargo (WFC) Q4 FY24 earnings call
Wells Fargo delivered solid Q4 FY24 results, capping a year of significant progress in risk and control work, strategic investments, and capital returns. The company's earnings profile continues to improve, driven by strong fee-based revenue growth and disciplined expense management, largely offsetting expected NII declines. Management remains confident in its path to a 15% ROTCE, leveraging growth in credit card, wealth management, and investment banking, while navigating ongoing commercial real estate office portfolio weakness and maintaining flexibility for continued investments.
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WFC operating KPIs by quarter
| KPI | This call Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|---|---|
| Common equity tier 1 ratio (CET1) | 11.1%Our capital position remains strong, and our CET1 ratio of 11.1% continued to be well above our CET1 regulatory minimum plus buffers of 9.8%.Source: earnings call transcript | 11.1%Our capital position remains strong, with our CET1 ratio stable at 11.1%, well above our CET1 regulatory minimum plus buffers of 9.8%.Source: earnings call transcript | 11.1%We maintained our strong capital position with our CET1 ratio at 11.1%, well above our current CET1 regulatory minimum plus buffers of 9.7%.Source: earnings call transcript | 11%We maintained our strong capital position with our CET1 ratio at 11%, well above our new CET1 regulatory minimum plus buffers of 8.5%, which became effective in the fourth quarter.Source: earnings call transcript | 10.6%Our capital levels remained strong with our CET1 ratio at 10.6%, down from the third quarter but well above our CET1 regulatory minimum plus buffers of 8.5%.Source: earnings call transcript | 10.3%Our capital levels remained strong with our CET1 ratio of 10.3%, within our stated 10% to 10.5% target range and well above our CET1 regulatory minimum plus buffers of 8.5%.Source: earnings call transcript | 10.3%Our capital levels remained strong with our CET1 ratio at 10.3% within our stated 10% to 10.5% target range and well above our CET1 regulatory minimum plus buffers at 8.5%.Source: earnings call transcript | 10%Our capital levels remained strong with our CET1 ratio at 10%, well above our CET1 regulatory minimum plus buffers of 8.5%.Source: earnings call transcript | -0.3 pt |
| Employees | — | — | 212K+I know this call is for investors, but I want to once again thank the over 212,000 employees at Wells Fargo who all contributed in one way or another to this milestone.Source: earnings call transcript | ~211KOur head count has declined from a peak of approximately 276,000 in second quarter 2020 to approximately 211,000 in the third quarter 2025, down 24%, with head count reductions every quarter for 5 years.Source: earnings call transcript | — | — | 197KAnd in the second quarter, our headcount was 197,000, down 79,000 from 6 years ago, 15,000 from last year and 3,500 from last quarter.Source: earnings call transcript | — | — |
| Return on tangible common equity (ROTCE) | — | — | 15%And the only thing I'll just make sure we're clear on is, yes, we had 15% ROTCE in the quarter, but we also recognize that we had the gain in our Merchant Services business.Source: earnings call transcript | 15.2%These efforts helped improve our return on tangible common equity to 15.2% in the third quarter.Source: earnings call transcript | — | — | 17.7%Our continued focus on improving returns was evident with ROTCE increasing from 15.2% a year ago to 17.7% in the second quarter and 16.1% in the first half of 2026.Source: earnings call transcript | 16.3%Our ROTCE increased from 14.7% during the first 9 months of 2025 to 16.2% during the same period this year and 16.3% this quarter.Source: earnings call transcript | -1.4 pt |
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