Wells Fargo Shares Surge 7% As Bank Lifts Profitability Target After Fed Cap Ends

Benzinga

Wells Fargo shares jumped 7.1% after regulators lifted its asset cap, allowing growth beyond $2T. The bank raised its profitability target to 17–18% ROE and plans continued buybacks after $6.1B in repurchases this year.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02Wells Fargo shares surged after the bank raised its mid-term profitability target

00:06following the removal of its regulatory asset cap, according to Bloomberg.

00:10Shares rose 7.1% Tuesday, marking their biggest gain since Trump's 2024 election win,

00:15boosting financial stocks.

00:17Lender boosted its target for return on tangible common equity to 17% to 18% from 15%, signaling

00:23confidence in growth now that its balance sheet can expand beyond $2 trillion.

00:27Lender made Wells Fargo the day's top performer in the KBW Bank Index.

00:32Analysts calling the move front-footed.

00:34CFO Mike Santone-Rosso said the bank will repurchase a similar volume of shares this quarter as last

00:40after buying back $6.1 billion through September.

00:43For all things money, visit Benzinga.com.

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