Technology investment continues to be a priority for Wells Fargo amid growing digital adoption.

As demand for digital banking capabilities expands, Wells Fargo is taking notice, President and Chief Executive Charles Scharf said during the bank’s first-quarter earnings call today.

Despite its conservative investment strategy, the $1.9 trillion Wells is refurbishing more than 4,000 of its physical branches while enhancing the account-opening experience in both its digital and branch channels, Scharf said.

“We’re spending money on technology, we’re taking share, we’re building out broader corporate and institutional relationships,” he said.

Technology, telecommunications and equipment spend in Q1 was $1.2 billion, a 16% hike from Q1 2024.

The bank in February announced a partnership with digital banking service provider Q2 to enhance its customer relationship services team through data-driven insights.

Wells reported $13.9 billion in noninterest expense during the first quarter, down 3% from Q1 2024. Wells attributed the year-over-year reduction to lower FDIC assessment costs and the bank’s efficiency efforts, but said the reduction was partly offset by higher tech spend.

Wells is cautious about its tech deployment, taking a “technology agnostic” approach focused on return on investment and solving problems, Hemal Nagarsheth, head of strategy for banking, lending and trust at Wells Fargo’s Wealth and Investment Management segment, said last month during Bank Automation Summit 2025.

BY THE NUMBERS: Wells in Q1 reported:

• Revenue of $20.1 billion, down 1.5% QoQ and 3% YoY;
• Active digital users of 36.7 million, up 2% sequentially and up 3% YoY;
• Active mobile users of 31.8 million, up 1% QoQ and up 4% YoY;
• Headcount of 215,367, compared with a headcount of 217,502 in Q4 2024 and a headcount of 224,824 in Q1 2024 – the 19th consecutive quarter of headcount reduction; and
• Efficiency ratio of 69, compared with an efficiency ratio of 68 in Q4 2024 and an efficiency ratio of 69 in Q1 2024.

Despite economic uncertainty, Wells’ expense outlook for 2025 remains unchanged from the $54.2 billion projected by the bank in January, CEO Scharf said.

Shares of Wells Fargo (NYSE: WFC) were up 1% from market open to $62.47 as of market close today. Wells Fargo has a market capitalization of $204 billion.