Wells Fargo announced a collaboration with the National Center for the Middle Market (NCMM) at The Ohio State University Max M. Fisher College of Business. Wells Fargo’s Commercial Banking group will provide the NCMM with insights into the banking needs of middle market companies, helping guide research reports, including their flagship Middle Market Indicator. The collaboration will also support special research projects and work on Wells Fargo’s middle market-focused thought leadership.

The NCMM is the leading source of knowledge, leadership, and innovative research on the middle market economy, providing critical data analysis, insights, and perspectives for companies, policymakers, and other key stakeholders, to help accelerate growth, increase competitiveness, and create jobs in this sector.

“We are excited to work with the NCMM and share their data and insights with our clients as they seek to build and grow their businesses,” said John Manning, head of Market Coverage for Wells Fargo Commercial Banking. “They have been focused on understanding middle market companies for 14 years, and combined with our expertise with these companies, we believe collaborating with the NCMM will help us provide additional insights to support growth in this important segment of the U.S. economy,” added Manning.

Middle market companies – generally defined as companies with annual revenues between $10 million and $1 billion – account for roughly one-third of total employment and GDP in the U.S. and generate more than $10 trillion in annual revenue.i

“Middle market businesses play a key role in driving innovation and job creation and are the backbone of local communities across the country,” said Doug Farren, managing director of the NCMM. “Wells Fargo brings decades of middle market banking experience to this collaboration. We look forward to working together to gain an even better understanding of the opportunities and challenges in this segment to support future growth,” added Farren.

NCMM Middle Market Indicator (MMI)

On July 30, the NCMM released its 2025 Mid-Year Middle Market Indicator report. Key findings from the report include:

• Revenue growth rates for middle market companies remain strong but are weaker than at any time since the pandemic.
• Firms indicate a reduced need for hiring new workers, but workforce reductions are not yet evident.
• Confidence in the U.S. economy is significantly lower than it was in December, largely due to increased uncertainty.
• Inflation, economic uncertainty, and the impact of trade policy are the key challenges leaders face.

The MMI, which was created in 2012, surveys 1,000 executives (CEOs, CFOs and other financial decision makers) from the middle market to examine topics related to business capabilities, performance, growth drivers and economic outlook, among other topics. The MMI survey is conducted in June and December each year. It is weighted to accurately reflect the size, industry-wide and geographic distribution of this sector, which includes companies ranging from $10 million to $1 billion in annual revenue. The survey is conducted by RTi Research on behalf of the National Center for the Middle Market.