Wells Fargo (WFC) official guidance

We had only modest net gains from equity securities in the third quarter, and we currently expect them to remain low in the fourth quarter.

Given we are modestly asset sensitive, we expect fourth quarter net interest income, excluding markets, to benefit from the higher interest rate environment.

However, in markets which is liability sensitive, some of these benefits would be offset since markets net interest income is negatively impacted by higher rates.

We still expect net interest income for full year 2026 to be $50 billion plus or minus.

Fourth quarter net interest income is expected to be approximately $13 billion, and the net interest margin is expected to be stable from the third quarter.

Fourth quarter net interest income is expected to be approximately $13 billion, and the net interest margin is expected to be stable from the third quarter.

Turning to expenses, we continue to expect 2026 non-interest expense to be approximately $55.7 billion.

While full year revenue-related expenses are expected to be approximately $400 million above our original expectations, driven by strong business growth in equity markets, our ongoing focus on improving efficiency is generating more savings across the company, allowing us to offset the higher revenue-related expense.

As we previously announced, we expect to increase our third-quarter common stock dividend by 11% to $0.50 per share, subject to approval by our board of directors at its meeting later this month.

We still expect net interest income, excluding markets, to be approximately $48 billion for the full year.

As of now, we still expect markets NII to be approximately $2 billion in 2026.

Year-over-year average loan growth in the fourth quarter will likely be higher than the mid-single-digit increase we assumed in our outlook back in January.

We expect modest net interest margin compression in the third quarter, broadly in line with second quarter's decline from the first quarter, before stabilizing in the fourth quarter.

We had originally assumed some growth in non-interest-bearing deposits, but we now expect them to be relatively stable, which is a negative versus our original expectation.

We will continue to focus on optimizing our capital levels as we manage to a CET1 ratio of approximately 10%-10.5%.

Average deposits are also expected to grow mid-single digits over this period, with growth in all of our operating segments, with stronger growth in interest-bearing versus non-interest-bearing deposits.

We expect our FDIC assessment expense to increase by approximately $400 million in 2026, driven by expected deposit growth and the absence of the approximately $200 million special assessment credit that reduced FDIC expense in the Q4.

We expect approximately $2.4 billion of gross expense reductions in 2026 due to efficiency initiatives.

We currently expect net interest income excluding markets to decline in the Q1 due to the impact of two fewer days.

And as a reminder, the Q1 personnel expenses are seasonally higher and are expected to be approximately $700 million.