# Wells Fargo's margin finally beats the bar

> A small net interest margin win, a Berenberg upgrade for Lilly's spending spree, and a Fed meeting hanging over it all.
- Title: Wells Fargo's margin finally beats the bar · CNBC | Shortify
- Summary: A small net interest margin win, a Berenberg upgrade for Lilly's spending spree, and a Fed meeting hanging over it all. Wells Fargo cleared a low bar on…
- Keywords: banking, pharma, federal reserve, obesity drugs, markets, business, finance, Wells, Fargo's, margin, finally, beats
- Source: CNBC — https://cnbc.com/2026/09/15/wells-fargo-sees-improvement-in-a-key-metric-plus-lilly-gets-praise-beyond-glp-1s.html
- Author: Jeff Marks,Kevin Stankiewicz
- Published: 2026-09-15T19:03:53+00:00
- Read time: 2 min
- Topics: banking, pharma, federal reserve, obesity drugs, markets, business, finance
## Oil and yields squeeze stocks
West Texas Intermediate crude jumped about 5% Tuesday to $106 a barrel on Middle East uncertainty. The inflation worry pushed the 10-year Treasury yield to its highest level since 2007.
## A rate decision lands Wednesday
The Fed wraps its two-day September meeting Wednesday afternoon. The market is priced for a 25 basis point hike.
## Wells Fargo's margin holds up
CFO Michal Santomassimo said quarter-to-date net interest margin is flat to one basis point below the 2.43% Q2 rate. Guidance had called for a 3 to 4 basis point decline.
## Why a tiny beat matters
NIM is the spread between what a bank earns on loans and pays on deposits. Wells Fargo has missed on it in nine of the past ten quarters, so even flat counts as progress.

> The bank's NIM has missed in nine of the past 10 quarters.
## The better yardstick is fees
Non-interest income is the truer read on Charlie Scharf's turnaround, but the market still grades banks on rate-driven metrics. So a slight Q3 beat on NIM is worth taking.
## Lilly upgraded on more than obesity
Berenberg moved Eli Lilly to buy from hold, arguing the market underrates what this year's acquisition spree could add beyond GLP-1s.

> Many of the resulting new pipeline entrants have multibillion-dollar sales potential and offer important diversification optionality.
## Sixty billion in deals
Lilly has committed roughly $60 billion across more than 25 deals in 2026, with room to spend more. AtaiBeckley in psychedelics cost $2.8 billion up front; Centessa in sleep disorders cost $6.3 billion.
## Obesity is still the thesis
Zepbound and the daily pill Foundayo are on the market, with retatrutide and eloralintide in late-stage work. Leerink expects eloralintide-plus-Zepbound data on Sept. 30 and calls it mega-blockbuster potential.
## Don't over-read the dot plot
The Fed also releases updated projections showing where each official sees rates through 2028. Those expectations shift as data arrives, so treat the dots as a snapshot, not a promise.
## Key takeaway

Wells Fargo cleared a low bar on margin after missing nine of ten quarters, and Lilly's $60 billion deal run is worth more than the market is pricing.