Wells Fargo Stock After Hours on December 9, 2025: AI Job Cuts, Legal Settlements and Key Levels to Watch Before the December 10 Open

Wells Fargo & Company (NYSE: WFC) heads into the Wednesday, December 10, 2025 session with its share price hovering just below record highs, but sentiment slightly bruised after fresh headlines about future job cuts, AI-driven efficiency and new legal settlements.

Here’s a concise but detailed look at how the stock traded after the bell on December 9, what changed in the news cycle, and what traders and longer-term investors should be watching before the U.S. market opens on December 10.

How Wells Fargo Stock Traded on December 9, 2025

Regular session

On Tuesday, December 9, 2025, Wells Fargo stock closed at $88.89, down 1.3% on the day. The shares traded in a relatively tight intraday range, with a high near $90.25 and a low around $88.78, on volume of roughly 16.8 million shares, which was notably above the 50‑day average of about 14.7 million shares. ^[1]

That close leaves WFC only about 2.4% below its recent 52‑week high of $91.11, set on December 5, and near the very top of its 52‑week range of roughly $58.4–$91.1. ^[2]

Zacks’ recap of the session highlights that Wells Fargo’s –1.3% move lagged the S&P 500’s –0.09% and the Dow’s –0.38%, while the tech‑heavy Nasdaq Managed a small gain. ^[3] MarketWatch similarly flagged WFC as underperforming peers like U.S. Bancorp, which posted modest gains even as WFC’s trading volume spiked above trend. ^[4]

After-hours on December 9

After the closing bell, Wells Fargo’s stock was remarkably calm:

MarketWatch’s after‑hours tape still showed WFC at $88.89 just before 5:00 p.m. ET, unchanged versus the regular close.
After‑hours volume was modest, at around 296,000 shares, indicating no major post‑bell reaction despite active news flow around the broader banking sector. ^[5]

Early pre‑market indications

Pre‑market indications heading into the December 10 open have been similarly muted. One pre‑market data provider (MarketChameleon) showed the last pre‑market trade around $89.39, with roughly 13,000 shares changing hands — almost exactly in line with WFC’s recent 30‑day average pre‑market volume of about 14,000 shares. ^[6]

Taken together, that’s a picture of a stock digesting news rather than panicking: slightly weaker on Tuesday, but with no obvious overnight capitulation.

Why Wells Fargo Fell on Tuesday: Sector Jitters and Conference Comments

WFC’s decline did not come on stock‑specific bad news alone; it unfolded in a day when the banking sector was under pressure.

Sector overhang: JPMorgan’s expense shock

At the same Goldman Sachs financial services conference where Wells Fargo presented, JPMorgan Chase told investors that it expects expenses to surge to about $105 billion in 2026, well above Street forecasts. That revelation knocked JPMorgan’s stock down roughly 4.7%, its biggest drop in months, and raised the prospect that other banks may also boost spending on AI, marketing, branches and talent. ^[7]

That sector‑wide worry over higher future costs weighed on bank stocks generally — a backdrop that helps explain WFC’s underperformance even without a single “smoking gun” headline.

Wells Fargo’s own message: job cuts and AI

Wells Fargo did add its own twist to the story. At the conference, CEO Charlie Scharf signaled that:

The bank expects more job cuts heading into 2026,
It has already baked higher severance costs into fourth‑quarter 2025, and
The rollout of generative AI tools is boosting developer productivity by 30–35%, allowing more work with the same number of engineers. ^[8]

Scharf emphasized that AI won’t completely replace humans, but will change how people work and allow Wells to become more efficient over time; workforce reductions are part of a longer‑running cost‑cutting program rather than a one‑off tech purge. ^[9]

A broader Reuters piece on U.S. banks underscored the same theme: AI is boosting productivity at major lenders like JPMorgan, Wells Fargo, Citi and PNC, but also raising uncomfortable questions about long‑term job losses in the sector. ^[10]

For investors, this creates a mixed narrative:

Positive: AI‑driven efficiency and headcount reductions should help support margins and returns.
Negative: Higher near‑term severance, morale risk and political scrutiny over job cuts in a still‑uneven economy.

On Tuesday, the market seemed to focus more on the cost and risk side of that story, nudging WFC lower after a strong run.

Fundamentals: Earnings Momentum and Return Targets

Under the surface, Wells Fargo’s fundamental trend remains solid, which helps explain why analysts haven’t turned bearish despite the stock’s sharp rally in 2025.

Q3 2025: solid beat and revenue growth

On October 14, 2025, Wells Fargo reported third‑quarter 2025 results that:

Delivered net income of about $5.6 billion,
Translated into earnings per share (EPS) of $1.66, up about 9% year over year, and
Came on revenue of roughly $21.4 billion, up 5% versus Q3 2024 and ahead of consensus estimates. ^[11]

Earnings were driven by:

Net interest income (NII) of roughly $12.0 billion, up about 2% year‑on‑year, helped by asset repricing and higher loan and securities balances.
Noninterest income of about $9.5 billion, up 9%, with strength in investment advisory fees, brokerage commissions and markets revenue. ^[12]

Credit quality remained manageable; non‑performing assets fell modestly, while charge‑off metrics stayed within normal ranges for a late‑cycle environment. ^[13]

Efficiency, ROTCE and capital returns

Management has been laser‑focused on efficiency and returns:

Since 2019, Wells Fargo has trimmed noninterest expense from about $58.2 billion to $54.6 billion by 2024, and cut headcount by roughly 24%, to around 211,000 employees by Q3 2025. ^[14]
The bank is targeting a return on tangible common equity (ROTCE) of 17–18% over the medium term, up from around 15% in 2025 year‑to‑date and far above the single‑digit returns it posted earlier in the decade. ^[15]
A Q3‑focused summary of the company’s results notes that Wells Fargo has also been an active buyer of its own stock, repurchasing about 74.6 million shares (roughly $6.1 billion) of common stock in the third quarter alone. ^[16]

From a valuation standpoint, Zacks data show that WFC trades on a forward P/E of roughly 14.3, a discount to the ~17.7 average for its investment‑banking peers, with a PEG ratio under 1 (~0.92 versus an industry average around 1.13). ^[17]

That combination — improving returns, a cleaner balance sheet and a still‑reasonable multiple — is a key pillar of the bull case heading into Wednesday’s session.

Legal and Regulatory Overhangs: Slowly Clearing

One big reason Wells Fargo still attracts a valuation discount is, of course, its legacy misconduct. But there has been real progress in 2025, including on December 9 itself.

Asset cap removed

In a pivotal June 2025 decision, the Federal Reserve lifted Wells Fargo’s $1.95 trillion asset cap, a punitive growth restriction imposed in 2018 after the fake‑accounts scandal. ^[18]

The removal:

Allows Wells Fargo to expand its balance sheet again, particularly in credit cards, wealth management and commercial banking.
Eliminates a major regulatory overhang, which had constrained strategy and capital allocation for seven years. ^[19]

Analysts quoted by Reuters described the decision as a “major shift” that offers both reputational relief and new growth options.

Fresh settlement progress on December 9

On December 9, Bloomberg Law reported that an $84 million class settlement over how Wells Fargo handled stock dividends in its 401(k) plan has received preliminary court approval. The deal could benefit roughly 425,000 plan participants and is scheduled for a fairness hearing in March 2026. ^[20]

Separately, data and analysis from Intrinio note that in early December 2025 the bank agreed to a roughly $33 million global settlement (pending court approval) to resolve consolidated lawsuits that alleged it facilitated misleading subscription schemes, even as it continues to deny wrongdoing. At the same time, Wells Fargo issued new senior unsecured notes, highlighting that it is still actively managing legal tail risks and funding. ^[21]

Regulators have also wound down some individual enforcement cases:

In October, the Office of the Comptroller of the Currency (OCC) dropped its last pending case against a former Wells Fargo risk officer tied to the sales‑practices scandal, without imposing a previously threatened $10 million fine. ^[22]

Each of these steps chops away at the legal overhang, strengthening the argument from bullish analysts that Wells Fargo is now far closer to a “normal” large U.S. bank.

Street View: Analyst Ratings and Price Targets Going Into the Open

So how does Wall Street see WFC after Tuesday’s pullback and ahead of Wednesday’s open?

Consensus price targets and ratings

A recent synthesis of analyst data published via Intellectia/Simply Wall St shows: ^[23]

An average 12‑month price target around $94.23 for WFC,
A range from roughly $86.50 on the low end to $110 at the high end, and
A “Moderate Buy” consensus, with about 11 Buy ratings, 5 Holds and no Sells.

DefenseWorld and MarketBeat summaries of broker research show similar — though slightly lower — consensus targets in the high‑$80s to around $90, still implying modest upside from Tuesday’s close. ^[24]

On the fresh‑rating side:

Truist Financial reiterated a Buy rating on Wells Fargo on November 12 (no target disclosed).
Barclays reiterated its Buy rating on November 3 with a $94 price target, anchoring the stock’s potential somewhat above current consensus. ^[25]

Technical and quant views

Technical and quant‑focused services also skew positive:

A TipRanks review from November 12 found WFC up more than 25% year‑to‑date, supported by strong earnings, with the stock trading above its 20‑ and 50‑day EMAs and showing a positive Rate of Change (ROC) reading. Their proprietary technical tool flagged WFC as a “Strong Buy” on technical grounds. ^[26]
A Barchart column recently highlighted that Wells Fargo has been outperforming the S&P 500 in 2025, reflecting renewed investor appetite for bank stocks as rates remain higher for longer. ^[27]

And on December 9 itself, a technical note from Economies.com described WFC as: ^[28]

Moving in a medium‑term ascending trend,
Trading above its 50‑day simple moving average,
But showing an overbought RSI, suggesting a pause.

Their roadmap called for a bullish intraday bias, with:

Support around $84.85, and
A potential upside target near $95.80,
as long as that support held.

Those levels are likely to be on many traders’ screens into Wednesday’s open.

Strategic Moves: Netflix Mega-Loan and Digital Payments

Beyond pure earnings and regulation, Wells Fargo has rolled out a few strategic and brand‑building moves that will color investor sentiment going into the next session.

Netflix–Warner mega‑loan

Over the weekend, the Financial Times and Bloomberg reported that Wells Fargo is leading a $59 billion bridge loan to help Netflix fund its planned $83 billion acquisition of Warner Bros Discovery — the largest such financing the bank has ever led. ^[29]

This matters because:

It underscores Wells Fargo’s re‑emergence in big‑ticket investment banking after the asset cap was lifted.
Successful execution could support fee income and cross‑sell opportunities.
It signals to the market that the bank is no longer on the sidelines of major corporate finance deals.

Consumer insights: holiday money is going digital

On December 9, Wells Fargo also released a holiday gifting survey showing that:

Younger generations (Gen Z and Millennials) are much more likely than older cohorts to give and prefer digital cash gifts and tips,
Nearly half of respondents prefer receiving cash or checks, with a growing chunk favoring digital payments, and
The median holiday tip for service workers is about $50. ^[30]

While this doesn’t move the stock on its own, it reinforces the bank’s position in digital payments, P2P transfers and everyday money movement — product areas that can deepen customer relationships and fee streams over time.

Key Things to Watch Before the December 10, 2025 Open

Putting it all together, here’s what traders and investors should have on their radar before the bell rings on Wednesday:

1. Market reaction to AI and job‑cut guidance

Will investors view Scharf’s comments about further job cuts and AI roll‑out as disciplined cost control that supports ROTCE and margins?
Or will markets instead focus on the potential for higher near‑term severance, employee backlash and political scrutiny? ^[31]

Expect commentary on financial TV and social media to frame this as a case study in AI‑driven restructuring at a major U.S. bank.

2. Sector sentiment after JPMorgan’s expense surprise

JPMorgan’s expense guidance shock rattled bank stocks on Tuesday. If investors start to assume similar cost creep across the sector, WFC could see multiple compression even if its own fundamentals remain strong. ^[32]
Conversely, if Wells can differentiate its cost narrative — emphasizing structural savings achieved since 2019 — it may outperform peers.

3. Support and resistance levels

From a trading standpoint, watch:

Support zone: The mid‑$80s, especially the $84–85 region highlighted by technical analysts, which also aligns with prior consolidation. ^[33]
Resistance: The low $90s, including the recent 52‑week high at $91.11, and the mid‑$90s area around Economies.com’s technical target near $95.8.

If pre‑market strength pushes WFC back toward $90+, traders will be watching to see whether sellers fade the rally or the stock can re‑test highs on solid volume.

4. Legal and regulatory clean‑up

Confirmation of the $84 million 401(k) settlement and the separate $33 million global settlement will be watched as signs that Wells Fargo is continuing to close the book on legacy issues. ^[34]
Any further word from regulators or courts could shift perceived risk and influence how much of a discount investors demand versus peers.

5. Earnings expectations and 2026 outlook

Zacks’ models still call for the next quarterly EPS around $1.66 and full‑year 2025 EPS of about $6.28, with revenue near $84 billion. ^[35]
The Street will parse every new comment about 2026 net interest income, non‑interest expense and ROTCE to see whether those forecasts still look conservative, especially after JPMorgan’s more aggressive spending plans.

6. Analyst and media narrative

Recent Buy reiterations from Truist and Barclays, along with a Moderate Buy consensus and average price targets in the mid‑$90s, should provide a soft floor for sentiment, but leaves less room for upside surprises if the macro narrative deteriorates. ^[36]
Media coverage of AI‑related layoffs at banks could easily spill over into broader political and social debate, a variable that bank investors increasingly have to factor into risk assessments. ^[37]

Bottom Line

Heading into the December 10, 2025 open, Wells Fargo stock sits at a tricky intersection:

Price: Just a few percent below all‑time highs and near the top of its 52‑week range. ^[38]
Fundamentals: Strong Q3 results, improving efficiency and ambitious ROTCE targets. ^[39]
Narrative: A bank that has largely escaped its asset cap, is clearing legacy legal issues, and is leaning into AI and big-ticket dealmaking — but now must convince investors that the benefits outweigh the risks of higher expenses and workforce reductions. ^[40]

For short‑term traders, the focus before the bell will be on how the stock reacts around support in the mid‑$80s and resistance in the low $90s, and whether fresh commentary on AI, costs and regulation shifts the immediate risk‑reward. For longer‑term investors, the bigger question is whether Wells Fargo’s post‑scandal, post‑asset‑cap era can sustain mid‑teens (or better) returns on capital without running back into the cultural and compliance problems that created this decade‑long reset in the first place.

Either way, December 10’s open is less about a single datapoint and more about how the market prices this evolving story of “old‑school bank meets new‑school AI and regulation.”