Wells Fargo sees FY25 net interest income ‘roughly in line’ with FY24

Says looking to maintain risk and control infrastructure; grow revenue through scale of franchise and breadth and quality of products and capabilities; continue to execute on efficiency initiatives; invest in higher returning businesses like Credit Card, Wealth Management, CIB; focus on capital optimization and managing CET1 ratio down to 10-10.5%. Expects 2025 net interest income to be roughly in line with 2024 NII of $47.7B, unchanged from prior guidance; Expect 4Q25 net interest income to be ~$12.4B-$12.5B; Net interest income performance will ultimately be determined by a variety of factors, many of which are uncertain, including the absolute level of rates and the shape of the yield curve; deposit balances, mix and pricing; and loan demand. Expects 2025 noninterest expense to be ~$54.6B, up from prior guidance of ~$54.2B, and includes: Higher severance expense of ~$200M; Higher revenue-related compensation expense of ~$200M, predominantly in WIM, driven by strong market performance in the second half of 2025; Expect 4Q25 noninterest expense to be ~$13.5B.