Wells Fargo (WFC) The BancAnalysts Association of Boston Conference summary

Strategic targets and business performance

• Raised ROTCE target to 17–18% after reaching prior 15% goal, aiming for best-in-class returns across all segments.

• Consumer banking focus includes maturing the card business, right-sizing mortgage operations, and improving branch productivity.

• Commercial bank growth driven by expanding presence in 15–20 key markets and hiring hundreds of new bankers.

• Commercial investment bank targets fee-based growth, especially in investment banking, while maintaining strong returns.

• Wealth business recovering from past attrition, with renewed advisor recruitment and focus on affluent and independent channels.

Operational improvements and efficiency

• Ongoing expense discipline with efficiency gains targeted across all areas, leveraging technology and automation.

• Workforce reduced from 275,000 to 210,000 over five years, generating $15 billion in gross savings, much of which is reinvested.

• Efficiency ratio expected to trend lower, approaching best-in-class as returns improve.

• Real estate footprint being reduced, with some properties for sale.

Capital management and regulatory outlook

• CET1 ratio target set at 10–10.5%, with current levels around 11%, providing flexibility for growth and shareholder returns.

• Share buybacks remain a priority, with $12 billion repurchased so far this year.

• Capital rules and stress testing changes expected to be clarified in the coming year, influencing future capital targets.

• Optimism about regulatory changes aligning with business model and risk profile.