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Wells Fargo Tops Profit Estimates, Raises Return Target

Wells Fargo targets a 17%-18% return on tangible common equity after the Federal Reserve ended a $1.95 trillion asset cap tied to a fake accounts scandal, CEO Scharf said.

  • Wells Fargo beat Wall Street profit estimates for the third quarter and raised its target for return on tangible common equity to 17%-18% after regulators lifted a $1.95 trillion asset cap imposed on the bank.
  • Wells Fargo reported a net income of $5.59 billion for the third quarter, surpassing last year's $5.11 billion.
  • Investment banking fees increased by 25% to $840 million, supported by major deals like Union Pacific's $85 billion acquisition of Norfolk Southern.
  • CEO Charlie Scharf noted that despite economic uncertainty, Wells Fargo has seen strong credit performance and resilience in the U.S. economy.
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Wells Fargo tops profit estimates, raises return target after asset cap lifted

Wells Fargo raised its closely watched profitability target after regulators removed an asset cap on the bank, paving the way for it to pursue growth.

·United States
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Bloomberg broke the news in United States on Tuesday, October 14, 2025.
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