Overview

• Wells Fargo reported Q3 net income of $5.6 billion, or $1.66 per share, beating the $1.55 consensus estimate.
• The bank cut its credit-loss provision to $681 million from $1.07 billion a year earlier, citing improving credit performance and rising card spending.
• Following the Fed’s June suspension of its $1.95 trillion asset cap, Wells Fargo raised its medium-term ROTCE goal to 17%–18% from a prior 15% as fee income strengthened, including investment-banking fees up 25% to $840 million and advisory/brokerage fees up 6% to $3.31 billion.
• Johnson & Johnson posted Q3 net income of $5.15 billion, or $2.12 per share, a 91.2% year-over-year increase, on revenue of $24 billion up 6.8%.
• Innovative Medicines generated $15.5 billion and MedTech $8.4 billion in sales, with CEO Joaquin Duato crediting portfolio depth and pipeline progress for the gains.