Core Viewpoint - Wells Fargo is experiencing positive early results following the removal of the asset cap imposed by the Federal Reserve in 2018, which has allowed the bank to grow its balance sheet and improve its risk and control initiatives, positioning it for stronger growth and returns [2][6]. Group 1: Financial Performance - The bank's assets grew by 11% year-over-year, driven by broad-based loan growth and increased trading assets [3]. - In the consumer business, Wells Fargo reported a 21% increase in new credit card accounts and a 6% rise in credit card balances in 2025, while maintaining credit standards [3]. - The auto business saw a 19% growth in loan balances in 2025 compared to the previous year [4]. Group 2: Customer Growth and Digital Initiatives - Wells Fargo experienced stronger growth in net checking accounts in 2025 compared to 2024, attributed to digital account openings, increased marketing, and branch refurbishments [4]. - In 2025, 50% of consumer checking accounts were opened digitally, and mobile active customers grew by 1.4 million, a 4% increase from the previous year [4]. Group 3: Commercial Banking and Investment Banking - The commercial bank saw early gains with the addition of 185 coverage bankers over the past two years, leading to improvements in new client acquisitions, loans, and deposits [5]. - The investment banking and markets business achieved a 25% growth in fees from commercial banking clients in 2025 [5]. - Wells Fargo improved its U.S. M&A ranking from twelfth in 2024 to eighth in 2025, entering 2026 with a significantly larger deal pipeline than in the past five years [6].