New York, January 29, 2026, 21:33 EST — Market closed.
Shares of Wells Fargo & Company (WFC) jumped 2.9%, closing Thursday at $90.64, close to the day’s peak. The stock hovered near that mark in late trading, with volume exceeding 21 million shares.
The move is crucial now as banks trade daily on the rate narrative, with profits hinging on “net interest income”—the gap between what lenders earn on loans and pay on deposits. The Federal Reserve kept its benchmark rate steady this week, holding it at 3.50%-3.75%. Michael Pearce of Oxford Economics described the statement as signaling “an extended pause,” but added, “We still expect cuts in June and September.” (Reuters)
Investors face new political uncertainty on Friday as President Donald Trump plans to name his pick to replace Fed Chair Jerome Powell. Markets see this announcement as a key variable that could shift rate expectations. (Reuters)
Wells Fargo led the pack among major banks on Thursday. JPMorgan Chase climbed 1.8%, Bank of America edged up 2.4%, and Citigroup was up 0.9%. The Financial Select Sector SPDR Fund (XLF) rose roughly 1.1%.
Bank strength was a highlight amid a mixed session for equities. The Dow managed a modest gain, but the S&P 500 and Nasdaq slipped, weighed down by mega-cap tech earnings that stoked concerns about steep AI investments. John Praveen of Paleo Leon summed it up: “There are all sorts of storm clouds in the background.” (Reuters)
After the bell, Wells Fargo revealed a $40 million pay package for CEO Charles Scharf in 2025. That includes a $2.5 million base salary plus $37.5 million in variable compensation, split between cash and long-term equity awards. The board highlighted key targets like closing seven regulatory consent orders, the Fed lifting the bank’s asset cap, and hitting $21.3 billion in net income. They also aim to return roughly $23 billion to shareholders, with $18 billion earmarked for share buybacks. Additionally, the bank set a medium-term return-on-tangible-common-equity goal of 17% to 18%, focusing on profitability after stripping out goodwill and intangibles. (SEC)
Reuters said Scharf’s 2025 pay jumped 28% from $31.2 million the year before, as the board highlighted strides in compliance and better earnings and revenue. (Reuters)
As proxy season heats up, new governance developments are hitting investor radars. Wells Fargo’s wealth and investment management arm rolled out its own internal proxy voting service, ended its partnership with proxy adviser ISS, and deepened ties with Broadridge Financial Solutions. Reuters noted this unit oversees roughly $2.5 trillion in client assets. (Reuters)
The next move for bank stocks might hinge more on Washington than earnings reports. Congress must pass a funding bill by January 30, but Reuters says the U.S. employment report for January, set for release next Friday, could be postponed if lawmakers can’t prevent another government shutdown. (Reuters)
Traders will be watching Wells Fargo closely to see if Thursday’s gains stick around into Friday, as Treasury yields and rate forecasts adjust following the Fed’s decision and the White House’s choice for Fed chair.
Wells Fargo is set to release its first-quarter 2026 earnings on April 14, 2026. (Wellsfargo)
