By PYMNTS | October 13, 2026
Wells Fargo is devoting “significant management time and resources” to building artificial intelligence (AI) capabilities and driving value across its operations, Chairman and CEO Charlie Scharf said Tuesday (Oct. 13) during a third quarter earnings call.
The bank is using AI and, in some cases, autonomous agents to write code faster, launch marketing campaigns faster, close previously unknown cyber vulnerabilities, improve and simplify risk management processes, help customers complete common banking tasks, and accelerate response times for underwriting decisions and customer complaints.
“We’re excited by the opportunities AI presents for our clients and our company, and we’re taking a disciplined approach to managing risk,” Scharf said.
Scharf spotlighted Wells Fargo’s investments in technology platforms that helped drive growth in its Wealth and Investment Management business in the third quarter.
“We identified this as a significant opportunity several years ago and have since enhanced our products and processes to better serve clients and scale the portfolio,” Scharf said. “We have made significant investments in our technology platforms and expanded investment capabilities to provide advisors with a stronger platform to serve clients.”
Wells Fargo’s investments in its Wealth and Investment Management business include new portfolio analysis and client proposal tools that leverage Aladdin wealth technology from BlackRock, as well as an AI-powered tool that streamlines financial advisors’ routine work and helps them access information to serve clients, Scharf said.
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During the third quarter, the bank’s Wealth and Investment Management Business saw year-over-year growth of 11% in client assets, which topped $2.7 trillion, and 16% in average loan balances, according to a Tuesday press release.
“This is the first of several capabilities planned as part of our broader AI strategy in Wealth and Investment Management,” Scharf said.
Scharf also highlighted newly launched initiatives around tokenized deposits and stablecoins.
PYMNTS reported in August that Wells Fargo was getting ready to launch tokenized deposits for corporate and commercial customers, enabling corporate treasurers to get the speed and programmability associated with stablecoins without moving their cash outside the banking system.
“Last month, we launched tokenized deposits on our proprietary blockchain platform, providing corporate and commercial clients with a new way to move money more efficiently,” Scharf said Tuesday. “As we expand the platform, clients will be able to move funds 24 hours a day, seven days a week, across accounts and borders, without changing how they bank with us.”
PYMNTS reported Sept. 1 that Wells Fargo is among 21 financial institutions that plan to establish a new company dedicated to issuing stablecoins.
Scharf said during Tuesday’s call that the company’s product will support wholesale, institutional and retail use cases and will improve cross-border payments and digital asset settlements.
“Use cases in the U.S. for stablecoins remain unclear, but we’re building solutions to be prepared as opportunities potentially unfold,” Scharf said.