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In late February 2026, Wells Fargo announced a series of new fixed-rate note offerings across maturities out to 2046, filed a US$3.41 billion employee stock ownership plan-related common stock shelf registration, and moved to redeem all remaining Series BB preferred shares on March 16, 2026.
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These capital moves arrive just as the Federal Reserve has terminated its 2018 consent order against Wells Fargo, leaving the bank without outstanding Fed enforcement actions for the first time in 15 years and giving investors fresh context for how it chooses to fund and refine its capital structure.
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With the Fed’s 2018 consent order now terminated, we’ll examine how this regulatory clean slate could influence Wells Fargo’s investment narrative.
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To own Wells Fargo today, you need to believe it can convert its large, diversified banking franchise into steady earnings while keeping risks in lending, regulation and technology in check. The Fed’s termination of the 2018 consent order removes a headline regulatory overhang but does not materially change the near term focus on margin pressure as a key catalyst or on competitive and digital execution risks that could weigh on profitability if they intensify.
The late February 2026 mix of new fixed rate note offerings out to 2046, an employee stock ownership plan related US$3.41 billion common stock shelf, and the planned redemption of remaining Series BB preferred shares gives investors a fresh look at how Wells Fargo is funding itself and fine tuning its capital stack right as regulatory scrutiny eases, which may influence how quickly it can reinvest in growth versus maintaining buffers.
But even with this cleaner regulatory backdrop, investors should still be aware of how intensifying competition and limited spread widening could pressure Wells Fargo’s net interest margins and…
Read the full narrative on Wells Fargo (it’s free!)
Wells Fargo’s narrative projects $90.6 billion revenue and $22.1 billion earnings by 2028.
Uncover how Wells Fargo’s forecasts yield a $101.65 fair value, a 26% upside to its current price.
Seven members of the Simply Wall St Community see fair value for Wells Fargo between about US$74.70 and US$128.55, underscoring how far apart views can be. Set these against the recent end of the Fed consent order and the still present risk that competition and deposit costs could squeeze net interest margins, and it becomes clear why you may want to compare several independent perspectives before deciding how this stock fits your portfolio.