Wells Fargo Stock (WFC) Near Record Highs: Latest News, AI Job Cuts, Buybacks and 2026 Forecast

Wells Fargo & Company’s stock has surged into record territory heading into year‑end 2025, powered by the removal of its Federal Reserve asset cap, a massive new share buyback plan and an aggressive push into artificial intelligence — even as fresh regulatory scrutiny and legal settlements keep risks in focus.

This article reviews the key news, forecasts and analyses on Wells Fargo stock from November 21, 2025 through December 11, 2025, and explains what they could mean for investors watching WFC into 2026.

WFC performance since 21 November: rally near all‑time highs

As of the close on December 10, 2025, Wells Fargo (NYSE: WFC) finished at $90.68, just shy of its 52‑week high of $91.11, giving the bank a market capitalization of roughly $289 billion. ^[1]

Over the last year, recent analysis pegs WFC’s share price gain at about 26–27% year‑to‑date and over the past 12 months, substantially outperforming the broader market and many large banks. ^[2]

Technical research from StockInvest.us highlights that: ^[3]

The stock has risen in 7 of the last 10 trading days,
It’s up over 6% in the past two weeks,
It has delivered a 9%+ gain since November 21, 2025, and
It now sits in what their models classify as a “Strong Buy” technical configuration over the next three months.

From a pure price‑action perspective, the November–December move has been driven less by any single earnings surprise and more by a cluster of positive structural and sentiment catalysts: asset‑cap relief, capital‑return announcements, AI efficiency plans and a constructive 2026 macro outlook from the bank’s own investment arm.

November 21: asset‑cap era declared “behind it”

The November 21 date is important because it marks the publication of a fresh Morningstar analyst report titled “With Its Asset Cap Debacle Behind It, Wells Fargo Looks Ahead to a Brighter Future.” ^[4]

Key themes from Morningstar’s coverage and related notes through 2025:

The Federal Reserve lifted Wells Fargo’s long‑standing asset cap in early June 2025, a restriction originally imposed after its fake‑accounts scandal. Morningstar previously called the removal a “material positive” for the bank’s long‑term value. ^[5]
The November 21 report frames Wells as moving from repair mode to growth and optimization mode, with an emphasis on loan growth, fee income and efficiency rather than just damage control. ^[6]

In other words, by November 21, 2025, a major independent research house effectively stamped the regulatory chapter of the asset‑cap saga as largely closed — a narrative that underpins much of the bullish commentary that followed in late November and early December.

Capital returns: $40 billion buyback and a higher dividend

A huge new repurchase authorization

A widely cited Simply Wall St analysis from December 4 digs into a major capital‑return milestone: a new $40 billion share‑repurchase authorization that Wells Fargo announced after the asset cap was lifted. ^[7]

That piece argues that the combination of:

The removal of the Fed’s roughly $1.95 trillion asset cap, and
A $40 billion buyback program

signals that Wells Fargo is repositioning itself for balance‑sheet growth and sustained capital returns at the same time. In their model, that capital strategy supports a fair‑value estimate around $93–111 per share by 2028, implying modest upside from current levels based on their revenue and earnings trajectory. ^[8]

Separate news coverage of CEO Charlie Scharf’s remarks at the Goldman Sachs U.S. Financial Services Conference on December 9 indicates that Wells Fargo repurchased approximately $5 billion of stock in the most recent quarter and intends to continue buybacks, subject to returns and regulatory capital needs. ^[9]

Dividend growth and yield

On the income side, Wells Fargo’s quarterly dividend was raised from $0.40 to $0.45 per share during 2025. Dividend records show: ^[10]

$0.40 per share paid in March and June 2025
$0.45 per share paid in September and December 1, 2025 (for shareholders of record as of November 7)

At a share price around $90–91, that translates into a forward dividend yield near 2%, in line with large‑cap U.S. banks. Combined with buybacks, Wells is clearly signaling an intent to return a significant portion of earnings to shareholders while still rebuilding and growing its balance sheet.

AI, efficiency and job cuts: the 2026 transformation plan

One of the most consequential late‑2025 storylines for WFC is its push to reshape the workforce around artificial intelligence and automation.

Zacks: AI rollout with more cuts in 2026

A December 10 Zacks Equity Research blog, “WFC to Reshape Its Workforce for AI Era, Signals More Job Cuts in 2026,” summarizes remarks by CEO Charlie Scharf at the Goldman Sachs 2025 conference: ^[11]

Wells Fargo expects higher severance costs in Q4 2025 and further workforce reductions in 2026.
AI is described as “extremely significant” for both efficiency and its eventual impact on headcount.
The bank plans a gradual AI rollout over 2026, expanding beyond that timeframe as systems mature.
Scharf noted that generative AI tools have already boosted productivity among the bank’s engineers by roughly 30–35%, a tangible early win.

The same analysis points out that Wells Fargo has already cut its workforce from about 268,500 employees in December 2020 to around 210,800 by September 30, 2025, while shrinking its branch network by about 2% year‑on‑year to 4,108 locations. All of this feeds into a multi‑year program targeting $15 billion in gross expense reductions by the end of 2025, with AI expected to drive further savings beyond that. ^[12]

Zacks: WFC as an AI‑efficiency play vs JPMorgan

In a separate December 11 piece comparing JPMorgan and Wells Fargo, Zacks argues that WFC may be the more compelling AI‑efficiency play: ^[13]

JPMorgan is using AI to fuel growth across businesses.
Wells Fargo is using AI primarily to drive cost discipline and higher returns on equity, while funding tech innovation from existing savings instead of expanding its expense base.
Zacks notes that WFC trades at a discount to the broader banking industry’s 12‑month forward P/E, and currently carries a Zacks Rank #2 (Buy).

The message from these articles: Wells Fargo’s AI story is less about flashy new products and more about margin enhancement and operating leverage, albeit at the cost of continued headcount reductions.

Legal and regulatory overhangs: debanking probe and $84M 401(k) settlement

The bullish structural story has not erased Wells Fargo’s regulatory shadow.

OCC “debanking” report

On December 10, the U.S. Office of the Comptroller of the Currency (OCC) released a report stating that the nine largest U.S. banks, including Wells Fargo, had in the past imposed restrictions or higher scrutiny on certain “controversial” industries — such as oil & gas, crypto, tobacco and firearms — in what critics call “debanking.” ^[14]

While the report did not detail specific misconduct at individual banks, it signaled that the OCC may make referrals to the Department of Justice if it finds unlawful discrimination or denial of services. For Wells Fargo investors, this adds another layer of regulatory risk, even as prior scandals have slowly receded.

$84 million 401(k) stock‑dividend settlement

On December 9, Bloomberg Law reported that an $84 million class‑action settlement tied to Wells Fargo’s 401(k) plan received preliminary court approval. ^[15]

Key details:

The deal covers about 425,000 participants who held Wells Fargo stock in their 401(k) accounts between September 2016 and December 2022.
The lawsuit alleged that Wells Fargo and its trustee misused hundreds of millions of dollars in dividend income generated by preferred stock held in the plan, using it to cover employer contributions instead of crediting it fully to workers’ accounts. ^[16]
The settlement follows a U.S. Department of Labor probe that previously led to more than $131.8 million in restitution and a ~$13 million penalty, as well as business limitations on the trustee. ^[17]
A fairness hearing is scheduled for March 17, 2026.

While the settlement helps clear one more legacy issue, it reinforces the narrative that litigation and compliance costs remain part of the Wells Fargo story, even in a more constructive regulatory environment post‑asset‑cap.

Wall Street’s view: price targets and ratings since late November

Consensus targets: modest upside, clustered in the $90s

Across the Street, most analysts now see Wells Fargo as fairly valued to modestly undervalued at current prices, with target ranges tightly clustered in the low‑ to high‑$90s.

Recent data points include:

MarketBeat aggregates 18–19 analyst 12‑month targets with an average around $90–90.5 per share, a high near $100 and a low around $73–74. With the stock trading just above $90, that implies slight downside on average, but with several bullish outliers. ^[18]
TickerNerd, summarizing 35 Wall Street analysts, cites a median target of $94.50, with a range of $83 to $101, and describes that as the consensus 2026‑oriented outlook. ^[19]
Several major firms raised their targets following strong Q3 2025 earnings in October:
- TD Cowen: Hold, target raised from $90 to $93. ^[20]
- Barclays: Overweight, target around $94. ^[21]
- Evercore ISI: Outperform, target raised from $94 to $98–101 in recent months. ^[22]
- Morgan Stanley and Keefe, Bruyette & Woods also nudged targets into the mid‑ to high‑$90s after the Q3 beat. ^[23]
On December 9, Piper Sandler lifted its WFC target from $93 to $100 while maintaining an Overweight rating, citing improved returns and capital flexibility. ^[24]

Meanwhile, Zacks’ December 5 note “Is Wells Fargo (WFC) a Buy as Wall Street Analysts Look Optimistic?” points to an average brokerage recommendation (ABR) that falls in buy territory, reinforcing the idea that Street sentiment is more bullish than not. ^[25]

Retail‑oriented analysis: undervalued or fully priced?

Retail‑facing platforms show a more divided picture:

The Simply Wall St valuation deep dive on December 10 concludes that Wells Fargo is “undervalued” by about 19.6%, using an excess‑returns model that yields an intrinsic value around $110.58 per share versus a market price in the low‑90s. It also notes WFC trades on roughly 13.97x earnings, above the U.S. banks’ industry average near 11.65x but below what their framework deems a fair multiple of 15.57x. ^[26]
The same article showcases community “narratives” with fair‑value estimates ranging from roughly $74.70 (bear case) to $93.71 (bull case), illustrating how sensitive valuation is to assumptions about revenue growth and long‑term margins. ^[27]
Quantitative site PandaForecast is more cautious, modeling a target price in the mid‑$80s (around $86.4) for WFC with pessimistic/optimistic bands of roughly $83–90, and calling for a mild downtrend into late 2025 before stabilization. ^[28]

The bottom line: institutional targets cluster in the $90s, with a handful above $100, while fundamental and quant models range from the mid‑70s to low‑110s. That wide spread reflects both WFC’s improving fundamentals and lingering uncertainty about the ultimate payoff from its transformation and AI strategy.

Technical picture: trend, support and risk levels

Technical analysis from StockInvest.us (updated December 10) paints a strongly positive near‑term backdrop: ^[29]

WFC has broken above a short‑term rising trend channel, signaling an acceleration in its uptrend.
There are buy signals from both short‑ and long‑term moving averages, plus a bullish 3‑month MACD.
The stock is expected to trade in an intra‑day range of roughly ±2.2%, with a modeled swing between about $89.7 and $91.7 for the next session.
Key support levels sit near $86.04, then $84.66–84.56, where prior trading volume is concentrated. A decisive break below those zones would be a technical warning sign.

The service has upgraded its technical view of Wells Fargo to a “Strong Buy” candidate over the next three months, but also notes “medium” daily volatility (around 2%) and suggests a notional stop‑loss just below $87 for short‑term traders. ^[30]

For long‑term investors, the implication is that pullbacks toward the mid‑80s could represent more favorable risk‑reward entry points within an otherwise bullish trend — assuming fundamentals remain intact.

Macro backdrop: Wells Fargo’s own 2026 market forecast

Wells Fargo is not just a bank; through Wells Fargo Investment Institute (WFII) it is also a major macro forecaster. On December 10, WFII released its “2026 Outlook: Trendlines over headlines” report and companion press release. ^[31]

Key forecasts:

U.S. GDP growth: target 2.4% in 2026
U.S. CPI inflation: target 2.8%
Federal funds rate: forecast range 3.00%–3.25% for 2026
S&P 500 price target: 7,400–7,600 by the end of 2026, implying another double‑digit gain from current levels

WFII argues that technology spending (especially AI), tax incentives for capital investment, deregulation and lower borrowing costs should collectively underpin economic and earnings growth, even if volatility persists. It favors: ^[32]

U.S. large‑ and mid‑cap equities
Industrial and precious metals
A full international equity allocation
Intermediate‑term, investment‑grade fixed income

For Wells Fargo’s own stock, this house view is significant: it implies a macro environment of decent growth and gently lower rates — a scenario that tends to be mixed but ultimately constructive for large banks, with net interest margins under some pressure but loan growth, fee income and credit quality offsetting.

Key opportunities and risks for WFC into 2026

Opportunities

Freed from the asset cap
With the Fed’s asset cap removed, Wells Fargo has regained the ability to grow its balance sheet, add assets and compete more aggressively in areas like corporate loans, mortgages and investment banking, all while still paying out capital. ^[33]
Massive capital‑return program
The $40B buyback and an increased dividend provide a powerful EPS and total‑return tailwind, especially if buybacks occur when the stock trades below long‑run fair value. ^[34]
AI‑driven efficiency gains
Early evidence of 30–35% productivity improvements for engineers suggests AI could meaningfully improve efficiency metrics, potentially lifting return on equity toward or above peers over time. ^[35]
Constructive Street sentiment
A cluster of Buy and Overweight ratings, rising price targets, and a Zacks Rank #2 (Buy) create a supportive sentiment backdrop, particularly if earnings keep surprising on the upside. ^[36]

Risks

Execution risk on AI and restructuring
Large‑scale workforce reductions and operating model changes can invite operational disruptions, cultural friction and political scrutiny, especially when tied to AI. Persistent headlines around job cuts may also weigh on brand perception. ^[37]
Regulatory and legal hangover
The OCC’s “debanking” review and the ongoing 401(k) litigation underscore that Wells Fargo remains under a regulatory microscope, and future actions could still result in fines, restrictions or mandated changes to business practices. ^[38]
Valuation compression if rates or credit turn
If the interest‑rate path or credit quality in consumer and commercial portfolios disappoints, earnings estimates could be revised downward. With the stock already near record highs and trading above industry P/E averages, multiple compression is a real risk if the narrative shifts. ^[39]
Macro uncertainty despite bullish house view
WFII’s optimistic 2026 outlook is contingent on moderate inflation, orderly rate cuts and healthy consumer spending, including a boost from larger tax refunds. A weaker economy, slower loan growth or unexpected policy shifts could undercut that scenario. ^[40]

What to watch next

For readers tracking Wells Fargo stock after November 21, 2025, the following catalysts will be important into early 2026:

Q4 2025 earnings (expected January 21, 2026) — focus points will include net interest income guidance, fee‑income trends, expense progress versus the $15B gross‑savings plan, and any updated comments on AI spending, headcount and branch strategy. ^[41]
Further details on AI deployment — including use cases beyond engineering, impacts on customer service, risk management and compliance, and any associated regulatory commentary. ^[42]
Updates on the 401(k) settlement and other consent orders — especially the March 2026 fairness hearing and any remaining regulatory actions still in progress. ^[43]
Macro data vs WFII’s forecast — inflation, jobs and rate‑cut timing will determine how accurate Wells Fargo’s own 2026 outlook proves to be and, by extension, how supportive the environment is for big‑bank earnings. ^[44]

Bottom line

Since November 21, 2025, the Wells Fargo stock story has evolved from “regulatory recovery” to a more complex mix of:

Post‑asset‑cap growth capacity,
An ambitious $40B buyback and rising dividend,
A high‑stakes AI‑driven restructuring with more job cuts ahead,
Incremental legal and regulatory clean‑up, and
A relatively optimistic 2026 market outlook from the bank’s own strategists.

At current prices near record highs, WFC is no longer the deeply discounted turnaround play it once was, but many analysts and fundamental models still see some upside, particularly if AI‑driven efficiency gains and balance‑sheet growth materialize without new regulatory shocks.