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Wells Fargo vs. PNC Financial: Which Stock Offers Better Upside Now?

Wells Fargo & Company WFC and The PNC Financial Services Group, Inc. PNC are two prominent U.S. banking institutions offering a broad range of financial services to consumers, businesses and institutional clients. Both banks benefit from diversified business models spanning retail and commercial banking, lending, wealth management and capital markets-related services. However, differences in their scale, geographic footprint, business mix and growth strategies could influence their financial performance and long-term prospects.

Against this backdrop, investors naturally ask: Which bank, WFC or PNC, is better positioned for growth and offers greater upside potential? Let us take a closer look at their fundamentals to find out.

The Case for WFC

Wells Fargo has been expanding across multiple business lines since the Fed lifted the asset cap that had limited its growth since 2018. With this, the company can boost deposits, grow its loan portfolio and broaden its securities holdings, supporting NII growth in the future. Management expects NII to be $50 billion in 2026, up from $47.5 billion in 2025, driven by balance-sheet growth, a favorable loan and deposit mix, and continued fixed-asset repricing.

Wells Fargo’s multi-year simplification strategy is another key growth driver. Under CEO Charlie Scharf, who has led the bank since 2019, the bank has been exiting non-core and lower-return businesses to focus resources on higher-return areas. As part of this effort, WFC sold its rail lease portfolio to a joint venture between GATX Corporation and Brookfield Infrastructure Partners in January 2026. These divestitures are helping streamline operations and improve capital efficiency, while allowing WFC to concentrate on its core businesses.

The company has been taking a strategic approach to its branch network and total headcount, reducing branch count 1.3% year over year to 4,079 and headcount 7.2% to nearly 197,500. Although non-interest expenses increased 2.6% year over year in the first half, continued branch optimization, workforce reductions and technology investments are expected to generate furtherefficiencies. Together, these initiatives are supporting profitability, with return on tangible common equity (ROTCE) reaching 17.7% in the second quarter of 2026, within management’s sustainable medium-term target of 17%-18%.

The Case for PNC

Similar to WFC, PNC Financialis also benefiting from favorable NII trends, supported by solid commercial loan growth and a favorable deposit mix. The bank’s NII increased 14.7% year over year in the first half of 2026, as these factors helped to offset lower loan yields. Continued repricing of fixed-rate assets, robust loan growth and stabilizing funding costs are expected to support spread income. Reflecting this momentum, management raised its 2026 NII growth guidance to 15-15.5% from its previous expectation of 14.5%.

Further, the bank is set to expand its branch network across the United States. PNC plans to invest nearly $2 billion to open more than 300 branches across nearly 20 markets and renovate its branch network by 2029, and hire more than 2,000 employees to support growth and customer service efforts by 2030. By broadening its reach in high-growth regions, the company aims to establish itself as a leading financial institution that effectively serves the diverse needs of consumers and businesses of all sizes.

PNC is pursuing an expansion-led strategy through acquisitions, partnerships and branch investments. The FirstBank acquisition has significantly strengthened its presence in Colorado and Arizona, while earlier acquisitions, including Linga and Aqueduct Capital Group, along with partnerships with Plaid and TCW, have broadened PNC’s capabilities in payments, fund placement, data sharing and private credit.

However, this expansion is also increasing the bank’s cost base. Its non-interest expenses increased 16.1% year over year in the first half of 2026, due to investments in technology, branch expansion and client infrastructure. Management expects adjusted non-interest expenses to rise 8.5% year over year in 2026. Although these investments are intended to support long-term expansion, elevated expenses and FirstBank integration costs could weigh on near-term profitability.

How Do Estimates Compare for WFC & PNC?

The Zacks Consensus Estimate for WFC’s 2026 and 2027 revenues suggests year-over-year increases of 5.9% and 5.0%, respectively. Meanwhile, the consensus estimate for earnings implies growth of 15.4% in 2026 and 9.5% in 2027. Over the past month, earnings estimates for both 2026 and 2027 have been revised upward.