Core Viewpoint - Wells Fargo (WFC.US) has updated its mid-term profitability targets following the removal of asset caps by regulators, leading to a significant increase in its stock price, which rose by 7.1%, marking the largest single-day gain since November 6 of the previous year [1][2]. Group 1: Stock Performance - Wells Fargo's stock price surged by 7.1%, the highest single-day increase since November 6, 2022, when Donald Trump was elected, which led to expectations of relaxed regulations and economic boosts [1]. - The bank's stock performance over the past month has only been surpassed by Comerica, which is experiencing gains due to acquisition news [1]. Group 2: Financial Metrics - The bank has raised its tangible common equity return (ROTCE) target from 15% to a range of 17%-18%, indicating improved efficiency in generating shareholder returns [1]. - Wells Fargo's total assets surpassed $2 trillion for the first time as of September, following the Federal Reserve's lifting of a regulatory penalty that previously capped its assets at $1.95 trillion [2]. Group 3: Share Buyback Plans - The Chief Financial Officer of Wells Fargo, Mike Santomassimo, stated that the bank plans to repurchase an amount of stock in the last three months of the year that is roughly equivalent to the $6.1 billion of common stock repurchased in the third quarter [2].