BofA and Wells Fargo Top Estimates with Upgraded 2026 Interest Income Guidance

Key Facts

Reflecting the continued resilience of the U.S. banking sector, Bank of America and Wells Fargo reported Q2 earnings that exceeded analyst expectations while providing a robust outlook for future growth. Bank of America posted earnings per share of $1.21, topping the $1.12 consensus, and signaled confidence by projecting 2026 net interest income (NII) growth at the upper end of its 6% to 8% range. Furthermore, the bank is targeting 300 to 400 basis points of operating leverage, underscoring a strategic focus on cost efficiency relative to revenue growth.

This robust performance aligns with the general trend on Wall Street, where major banks have capitalized on market fluctuations and rising investment banking fees. Among peers, JPMorgan (JPM) stood at $334.53 per market data (close July 13, 2026), while Citigroup (C) settled at $140.79 (close July 10, 2026). The upgraded NII guidance is particularly significant as it suggests that the banks expect to maintain strong margins despite evolving monetary conditions and shifting yield curves.

Regarding price action, BAC shares closed at $59.5 and WFC at $87.7 (close July 13, 2026), with investors now pivoting focus toward the execution of the newly announced operating leverage targets. Looking ahead, market participants will closely monitor the upcoming FOMC minutes for interest rate cues. With corporate deal-making activity showing signs of recovery, these macroeconomic catalysts will remain the primary drivers for banking stocks in the near term.