Pressure, Pushin' Down On Me ...2Q Call Takes

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Pressure, Pushin' Down On Me ...2Q Call Takes

Flash Note Financials | Large-Cap Banks

July 14, 2026

Wells Fargo & Company John Pancari Girard Sweeney 212 497 0861 646 551 8503

WFC | $87.67 john.pancari@evercoreisi.com girard.sweeney@evercoreisi.com

Outperform | Target Price/Base Case: $95.00 Russ Anderson

Company Update 212-497-0887

Russ.Anderson@evercoreisi.com

Solid 2Q & intact 2026 guide overshadowed by expected NIM pressure and implication for 2027. WFC's 2Q results came in

ahead of expectations driven by solid equity investment gains and other fee areas, as well as lower LLP. 2Q NII and expenses also

were generally in line. However, this was overshadowed by mgmt's outlook (per call) for incremental NIM pressure in 3Q, followed

by stabilization in 4Q – which did not compare well to our NIM expectation (up 4 bps by YE26) or Street (stable thru YE). And

despite WFC's intact FY26 NII outlook, the implication adds risk to 2027 NII forecasts - and accordingly drove a pullback in the

shares today. Mgmt emphasized confidence in NIM inflection and upside to NII thereafter as mix headwinds abate and fixed asset

repricing lends support. However, we expect WFC's NII trajectory could become a show-me for some given the N/T NIM pressure

and macro uncertainty.

N/T NIM compression expected; stabilization in 4Q. Mgmt reiterated FY26 NII guidance of +/- $50B, split into ~$48B NII ex-

markets and ~$2B markets-related NII. That said, mgmt now expects further NIM compression in 3Q consistent with the decline

recognized in 2Q (down 4 bps LQ), implying ~2.39% and below EVR and consensus coming into the print (2.44-2.46% range).

WFC expects NIM to hold stable in 4Q, and sees room for margin expansion over a longer horizon. WFC downplayed that NIM