WFC · News · 20260921N

Competition and Market Share

WELLS FARGO & COMPANY/MN · 2026-09-21 · Importance 35 · Surprise 48

Wells Fargo’s deposits in the Charlotte market declined 27% in 2026, the largest decrease among the city’s major banks. Total deposits across Charlotte’s five largest banks fell by nearly $45 billion during the year, indicating broader local market contraction. Despite Wells Fargo’s decline, the top-five bank rankings remained unchanged, while Charlotte continued to be Wells Fargo’s largest employment hub.

Key facts

• Wells Fargo pointed to a 60% jump in daily assistant users since Muse Spark integration. source
• Wells Fargo raised its price target for Meta Platforms from $640 to $796. source
• Wells Fargo maintained an Overweight rating on Meta while raising the price target to $796. source
• Wells Fargo raised its price target for Meta to $796 from $640 and cited early traction for the Muse assistant ahead of Meta Connect as the reason for the move. source
• Wells Fargo raised its price target for Meta to $796 from $640 based on Muse Spark 1.3 model and on 25 times the firm's 2027 EPS estimate according to Investing.com. source
• Wells Fargo adjusted operating income and EPS estimates for Meta due to a legal settlement and ongoing investments in AI technology. source
• Wells Fargo expects Meta Connect to highlight Muse usage statistics. source
• Wells Fargo had the largest decline in local deposits among Charlotte's major banks. source