SKN | Wells Fargo Reaches A- Credit Rating as Risk Management Overhaul Gains Recognition

Key Takeaways:

• S&P Global Ratings upgraded Wells Fargo’s issuer credit rating to A- from BBB+, while maintaining a stable outlook.
• The upgrade reflects the bank’s progress in risk management, corporate culture and oversight, alongside improving profitability.
• Wells Fargo has terminated 14 consent orders since 2019, while the Federal Reserve removed its asset cap in June 2025.
• The bank is using its greater balance-sheet flexibility to deepen client relationships and broaden revenue sources.

Wells Fargo & Co. is receiving formal credit recognition for the operational and governance transformation undertaken in recent years. S&P Global Ratings raised the bank’s issuer credit rating to A- from BBB+, while maintaining a stable outlook. The agency also affirmed Wells Fargo’s short-term issuer credit rating at A-2 and the A+/A-1 ratings assigned to several core operating subsidiaries.

Risk Management Becomes a Credit Strength

The upgrade centers on Wells Fargo’s progress in risk management, culture and oversight. For the bank, the significance extends beyond the rating itself: stronger controls and governance are increasingly being reflected in the way external credit analysts assess its overall financial profile.

Since 2019, Wells Fargo has terminated 14 consent orders, marking substantial progress in addressing regulatory deficiencies. The Federal Reserve removed the asset cap that had constrained the bank’s balance-sheet growth for nearly seven years in June 2025, while another consent order was terminated in March 2026.

According to the assessment provided by S&P, Wells Fargo currently has no outstanding consent orders, although a formal agreement with the Office of the Comptroller of the Currency concerning financial-crime risk management and anti-money-laundering controls remains in place. S&P expects the bank to continue progressing toward resolution of that matter.

From Regulatory Remediation to Commercial Expansion

The removal of the asset cap has allowed Wells Fargo to expand its businesses and deepen relationships with existing clients. The bank has particularly increased activity across credit cards, auto lending, commercial loans and capital markets.

That shift matters strategically because it gives Wells Fargo greater scope to convert its broad customer base into deeper and more diversified financial relationships. Capital markets expansion also provides an additional revenue channel, although the bank’s capital markets revenues remain below those of global systemically important banking peers.

What the Upgrade Means for Wells Fargo

For Wells Fargo, the A- rating represents more than an improvement in credit standing. It provides external validation that risk remediation is increasingly transitioning into a broader business-strength narrative. Stronger oversight, greater balance-sheet flexibility and deeper client engagement are now operating together rather than as separate recovery initiatives.

For sophisticated clients and global wealth holders, the development is relevant because the quality of a bank’s governance and risk infrastructure is fundamental to long-term financial relationships. Wells Fargo’s next phase will therefore depend on maintaining the progress already recognized by S&P while resolving remaining regulatory requirements and translating balance-sheet capacity into sustainable, diversified growth.

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