Wells Fargo (WFC) investor relations material

Macroeconomic and customer trends

• Consumer spending remains strong, with consistent year-on-year growth in debit and credit card activity and stable debt-to-income and delinquency trends.

• Commercial banking clients are cautious but healthy, with good liquidity and no systemic credit issues, supporting a constructive outlook for the rest of the year and into early next year.

• Economic growth is expected at 2%-2.5% for the year, with low unemployment and wages keeping pace with inflation.

Growth and investment opportunities

• Removal of the asset cap and consent orders has created a different environment, enabling renewed focus on growth and investment.

• Growth is evident across investment banking, wealth management, card, and consumer banking, with strong balance sheet expansion and core checking account growth.

• Early innings of organic growth are underway, with significant opportunity remaining across all business lines.

Loan and deposit trends

• Loan growth was 12% in the first half, driven by card, auto, and commercial portfolios, but is expected to moderate in the second half.

• Deposit growth is led by interest-bearing accounts, especially in commercial banking, with non-interest-bearing growth expected to follow over time.

• Deposit costs are rising due to the mix shift, but this is seen as positive for long-term franchise value.