New York, Feb 10, 2026, 12:25 (EST) — Regular session
- Wells Fargo slipped roughly 2% by midday, having previously hit a session peak close to $95.
- The CFO expects loan growth in 2026 to rely more on credit cards and auto lending, with the mortgage side leveling off.
- Investors eye upcoming U.S. jobs figures slated for Feb. 11, with CPI data following on Feb. 13. Wells Fargo’s Q1 results hit April 14.
Wells Fargo & Co dropped roughly 2% to $92.69 by the close on Tuesday. Shares had touched $94.98 earlier in the day before sliding to $92.27 at their lowest in regular trading.
The drop followed comments from Chief Financial Officer Mike Santomassimo, who told the UBS Financial Services Conference the bank still sees loan growth this year, with credit cards and auto lending driving gains as mortgages steady. “On the card side, we’re seeing good growth there,” Santomassimo said. Reuters
The growth narrative has real weight for Wells Fargo, which is working to move past its penalty era. Last June, the Federal Reserve dropped the asset cap that had been in place since the fake-accounts scandal, a major brake on the bank’s balance sheet ambitions. That restriction’s gone now.
Santomassimo pointed to solid debit and credit card spending early this year. He didn’t see any broad signs of credit weakening. “Credit performance is still very good,” he said.
Wells Fargo lagged more than the Financial Select Sector SPDR fund, which dipped roughly 0.2%. Bank of America dropped close to 0.7%, Citigroup gave up about 1.3%. JPMorgan barely moved.
Pressure from the broader market was clear. Both the S&P 500 and Nasdaq slipped, with participants weighing retail sales figures and eyeing the next round of economic data. “It’s really the retail sales data that’s come out below expectations,” said Charlie Ripley, vice president of portfolio management at Allianz Investment Management. Reuters
Interest rates could be the next major driver for banks. With the U.S. January jobs data due Wednesday and January CPI following on Friday, traders are on alert. Both releases have potential to shift expectations for Fed policy—directly impacting net interest income, the difference between what banks make on loans and what they shell out for deposits.
Santomassimo highlighted the ongoing strength of preferred financing deals with Volkswagen and Audi in the U.S., saying, “We’re really liking the momentum that we have there.” The pace, he noted, hasn’t slowed. Investing.com South Africa
Still, if inflation comes in hotter or the jobs numbers stumble, Treasury yields could snap higher, dragging bank shares along for the ride. A shift in consumer credit trends—cards and autos in particular—would put Wells Fargo’s loan growth strategy to the test, with investors on edge for any negative surprises.
Next up for Wells Fargo: first-quarter earnings on April 14. Investors want a read on loan growth, credit quality, and any signs that mortgage declines have leveled off.
