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WELLS FARGO & COMPANY/MN0000072971falseNYSE00000729712025-01-152025-01-150000072971us-gaap:CommonStockMember2025-01-152025-01-150000072971wfc:A7.5NonCumulativePerpetualConvertibleClassAPreferredStockSeriesLMember2025-01-152025-01-150000072971wfc:NonCumulativePerpetualClassAPreferredStockSeriesYMember2025-01-152025-01-150000072971wfc:NonCumulativePerpetualClassAPreferredStockSeriesZMember2025-01-152025-01-150000072971wfc:NonCumulativePerpetualClassAPreferredStockSeriesAAMember2025-01-152025-01-150000072971wfc:NonCumulativePerpetualClassAPreferredStockSeriesCCMember2025-01-152025-01-150000072971wfc:NonCumulativePerpetualClassAPreferredStockSeriesDDMember2025-01-152025-01-150000072971wfc:GuaranteeofMediumTermNotesSeriesAdueOctober302028ofWellsFargoFinanceLLCMember2025-01-152025-01-15


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): January 15, 2025

WELLS FARGO & COMPANY
(Exact name of registrant as specified in its charter)
Delaware   001-02979   No. 41-0449260
(State or Other Jurisdiction
of Incorporation)
  (Commission File
Number)
  (IRS Employer
Identification No.)
            
333 Market Street, San Francisco, California 94105
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: 1-415-371-2921


    Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
    ☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    ☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    ☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    ☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Each Exchange
on Which Registered
Common Stock, par value $1-2/3
WFC
New York Stock
Exchange
(NYSE)
7.5% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L
WFC.PRL
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Y
WFC.PRY
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Z
WFC.PRZ
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series AA
WFC.PRA
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series CC
WFC.PRC
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series DD
WFC.PRD
NYSE
Guarantee of Medium-Term Notes, Series A, due October 30, 2028 of Wells Fargo Finance LLC
WFC/28A
NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b‑2).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o On January 15, 2025, Wells Fargo & Company (the “Company”) issued a news release regarding its results of operations and financial condition for the quarter ended December 31, 2024, and posted on its website its 4Q24 Quarterly Supplement, which contains certain additional information about the Company’s financial results for the quarter ended December 31, 2024.



Item 2.02    Results of Operations and Financial Condition.

The news release is included as Exhibit 99.1 and the 4Q24 Quarterly Supplement is included as Exhibit 99.2 to this report, and each is incorporated by reference into this Item 2.02. The information included in Exhibit 99.1 and Exhibit 99.2 is considered to be “filed” for purposes of Section 18 under the Securities Exchange Act of 1934.


Item 7.01 Regulation FD Disclosure.

On January 15, 2025, the Company intends to host a live conference call that will also be available by webcast to discuss the Company’s fourth quarter 2024 financial results and other matters relating to the Company. In connection therewith, the Company has posted on its website presentation materials containing certain historical and forward-looking information relating to the Company. The presentation materials are included as Exhibit 99.3 to this report and are incorporated by reference into this Item 7.01. Except for the “2025 net interest income expectation” portion on page 18 of the presentation materials, which portion shall be considered “filed,” the rest of Exhibit 99.3 shall not be considered “filed” for purposes of Section 18 under the Securities Exchange Act of 1934 and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933.


Item 9.01    Financial Statements and Exhibits.

(d)    Exhibits
    
Exhibit No. Description Location
Filed herewith
Filed herewith
Furnished herewith, except for
the “2025 net interest income
expectation” portion on
page 18, which portion is
deemed filed herewith
104 Cover Page Interactive Data File
Embedded within the Inline XBRL document




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Dated: January 15, 2025 WELLS FARGO & COMPANY
By:  /s/ MUNEERA S. CARR
Muneera S. Carr
Executive Vice President,
Chief Accounting Officer and Controller



EX-99.1 2 wfc4qer01-15x25ex991xrelea.htm EXHIBIT 99.1 Document
Exhibit 99.1                                            
erwellsfargoimagea06a.jpg
News Release | January 15, 2025
Wells Fargo Reports Fourth Quarter 2024 Net Income of $5.1 billion, or $1.43 per Diluted Share
Full Year 2024 Net Income of $19.7 billion, or $5.37 per Diluted Share

Company-wide Financial Summary
Quarter ended
Dec 31,
2024
Dec 31,
2023
Selected Income Statement Data
($ in millions except per share amounts)
Total revenue $ 20,378 20,478 
Noninterest expense 13,900 15,786 
Provision for credit losses1
1,095 1,282 
Net income 5,079 3,446 
Diluted earnings per common share 1.43 0.86 
Selected Balance Sheet Data
($ in billions)
Average loans $ 906.4 938.0 
Average deposits 1,353.8 1,340.9 
CET12
11.1  % 11.4 
Performance Metrics
ROE3
11.7  % 7.6 
ROTCE4
13.9 9.0 
Operating Segments and Other Highlights
Quarter ended Dec 31, 2024
% Change from
($ in billions) Dec 31,
2024
Sep 30,
2024
Dec 31,
2023
Average loans
Consumer Banking and Lending $ 321.4  (1) % (4)
Commercial Banking 221.8  —  (1)
Corporate and Investment Banking 274.0  —  (6)
Wealth and Investment Management 83.6 
Average deposits
Consumer Banking and Lending 773.6  —  (1)
Commercial Banking 184.3  13 
Corporate and Investment Banking 205.1  18 
Wealth and Investment Management 118.3  10  16 
Capital
◦Repurchased 57.8 million shares, or $4.0 billion, of common stock in fourth quarter 2024
Fourth quarter 2024 results included:
◦$863 million, or $0.26 per share, of discrete tax benefits related to the resolution of prior period matters
◦$(647) million, or $(0.15) per share, of severance expense
◦$(448) million, or $(0.10) per share, of net losses on debt securities related to a repositioning of the investment portfolio
Chief Executive Officer Charlie Scharf commented, “Let me start by acknowledging the unbelievable devastation from the Los Angeles wildfires. Our hearts go out to everyone who has been impacted including both our customers and employees, and we are committed to providing support to these communities.
Turning to Wells Fargo’s performance, our solid performance this quarter caps a year of significant progress for Wells Fargo. Our earnings profile continues to improve, we are seeing the benefit from investments we are making to increase our growth and improve how we serve our customers and communities, we maintained a strong balance sheet, we returned approximately $25 billion of capital to shareholders, and we made significant progress on our risk and control work.
Our diluted earnings per share increased 11% from a year ago and benefited from decisions we made to exit or scale back certain businesses, decrease our reliance on net interest income by growing fee-based revenues, increase investments in our core businesses, and consistently look to increase efficiencies across the company. Strong fee-based revenue growth, up 15% from a year ago, largely offset the expected decline in net interest income. Expenses declined from a year ago, and credit trends remained relatively stable. We maintained significant excess capital with an 11.1% CET1 ratio at year end while we repurchased approximately $20 billion of common stock during the year, up 64% from a year ago, and increased our common stock dividend per share by 15%. Average common shares outstanding decreased 21% since the fourth quarter of 2019.”
 “I’m proud of the clear progress we’ve made on our risk and control agenda. The OCC terminated a consent order it issued in 2016 regarding sales practices, an important milestone for Wells Fargo. Our operational risk and compliance infrastructure is greatly changed from when I arrived and while we are not done, I’m confident that we will successfully complete the work required in our consent orders and embed an operational risk and compliance mindset into our culture,” Scharf added.
 “I’m excited about the opportunities ahead as we’ve seen improved results and increased market share in many of the businesses that we believe will drive higher growth and returns over time. For example, our credit card business continues to generate strong growth while maintaining a strong credit profile. After several years of minimal growth, we grew net checking accounts more meaningfully in 2024. We also grew mobile active customers by 1.5 million in 2024. For our affluent clients, we are starting to see some early benefits from the enhancements we have been making to our Wells Fargo Premier offerings, including higher deposit and investment balances. Fees and market share from investment banking and trading activities have been growing and our revenues in both trading and investment banking grew by double-digits in 2024, reflecting the investments we have been making in talent and technology,” Scharf continued.
“I believe we are still in the early stages of seeing the benefits of the momentum we are building, and our financial performance should continue to benefit from the work we are doing to transform the company. I want to thank everyone who works at Wells Fargo for their hard work over the past year and for what they do every single day to support our customers, clients, and communities.” Scharf concluded.
Endnotes are presented on page 9.


Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Annual Report on Form 10-K for the year ended December 31, 2024, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.
Selected Company-wide Financial Information
Quarter ended Dec 31, 2024
% Change from
Year ended
Dec 31,
2024
Sep 30,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Dec 31,
2024
Dec 31,
2023
Earnings ($ in millions except per share amounts)
Net interest income $ 11,836  11,690  12,771  % (7) $ 47,676  52,375 
Noninterest income 8,542  8,676  7,707  (2) 11  34,620  30,222 
Total revenue 20,378  20,366  20,478  —  —  82,296  82,597 
Net charge-offs 1,188  1,111  1,258  (6) 4,759  3,450 
Change in the allowance for credit losses (93) (46) 24  NM NM (425) 1,949 
Provision for credit losses1
1,095  1,065  1,282  (15) 4,334  5,399 
Noninterest expense 13,900  13,067  15,786  (12) 54,598  55,562 
Income tax expense (benefit) 120  1,064  (100) (89) NM 3,399  2,607 
Wells Fargo net income $ 5,079  5,114  3,446  (1) 47  $ 19,722  19,142 
Diluted earnings per common share 1.43  1.42  0.86  66  5.37  4.83 
 
 Balance Sheet Data (average) ($ in billions)
Loans $ 906.4  910.3  938.0  —  (3) $ 915.4  943.9 
Deposits 1,353.8  1,341.7  1,340.9  1,345.9  1,346.3 
Assets 1,918.5  1,916.6  1,907.5  —  1,916.7  1,885.5 
Financial Ratios
Return on assets (ROA) 1.05  % 1.06  0.72  1.03  % 1.02 
Return on equity (ROE) 11.7  11.7  7.6  11.4  11.0 
Return on average tangible common equity (ROTCE)2
13.9  13.9  9.0  13.4  13.1 
Efficiency ratio3
68  64  77  66  67 
Net interest margin on a taxable-equivalent basis 2.70  2.67  2.92  2.73  3.06 
NM – Not meaningful
Fourth Quarter 2024 vs. Fourth Quarter 2023
◦Net interest income decreased 7%, driven by deposit mix and pricing changes, the impact of lower rates on floating rate assets, and lower loan balances, partially offset by lower market funding
◦Noninterest income increased 11%, driven by improved results from our venture capital investments, an increase in asset-based fees in Wealth and Investment Management on higher market valuations, and higher investment banking fees, as well as increases in most other fee categories, partially offset by net losses on debt securities related to a repositioning of the investment portfolio and lower net gains from trading in our Markets business
◦Noninterest expense decreased 12%, driven by lower Federal Deposit Insurance Corporation (FDIC) assessments, as fourth quarter 2023 included a $1.9 billion FDIC special assessment, as well as lower severance expense and the impact of efficiency initiatives. These decreases were partially offset by higher revenue-related compensation expense predominantly in Wealth and Investment Management, an increase in benefits expense, and higher technology and equipment expense
◦Provision for credit losses in fourth quarter 2024 included a decrease in the allowance for credit losses, reflecting lower allowances across most loan portfolios, partially offset by a higher allowance for credit card loans driven by an increase in balances
◦Income tax expense in fourth quarter 2024 included $863 million of discrete tax benefits related to the resolution of
prior period matters

Endnotes are presented on page 9.
2


Selected Company-wide Capital and Liquidity Information
Quarter ended
($ in billions) Dec 31,
2024
Sep 30,
2024
Dec 31,
2023
Capital:
Total equity $ 181.1  185.0  187.4 
Common stockholders’ equity 160.7  164.8  166.4 
Tangible common equity1
135.6  139.7  141.2 
Common Equity Tier 1 (CET1) ratio2
11.1  % 11.3  11.4 
Total loss absorbing capacity (TLAC) ratio3
24.8  25.3  25.0 
Supplementary Leverage Ratio (SLR)4
6.7  6.9  7.1 
Liquidity:
Liquidity Coverage Ratio (LCR)5
125  % 127  125 


Selected Company-wide Loan Credit Information
Quarter ended
($ in millions) Dec 31,
2024
Sep 30,
2024
Dec 31,
2023
Net loan charge-offs $ 1,211  1,111  1,252 
Net loan charge-offs as a % of average total loans (annualized) 0.53  % 0.49  0.53 
Total nonaccrual loans $ 7,730  8,172  8,256 
As a % of total loans 0.85  % 0.90  0.88 
Total nonperforming assets $ 7,936  8,384  8,443 
As a % of total loans 0.87  % 0.92  0.90 
Allowance for credit losses for loans $ 14,636  14,739  15,088 
As a % of total loans 1.60  % 1.62  1.61 
Fourth Quarter 2024 vs. Third Quarter 2024
◦Commercial net loan charge-offs as a percentage of average loans were 0.30% (annualized), up from 0.24%, driven by higher commercial real estate net loan charge-offs, predominantly in the office portfolio. The consumer net loan charge-off rate increased to 0.85% (annualized), up from 0.83%, due to higher net loan charge-offs in the credit card portfolio
◦Nonperforming assets were down $448 million, or 5%, driven by lower commercial real estate nonaccrual loans, predominantly in the office portfolio, including paydowns and net loan charge-offs, as well as lower residential mortgage nonaccrual loans
Endnotes are presented on page 9.
3


Operating Segment Performance

Consumer Banking and Lending offers diversified financial products and services for consumers and small businesses with annual sales generally up to $10 million. These financial products and services include checking and savings accounts, credit and debit cards, as well as home, auto, personal, and small business lending.
Selected Financial Information
Quarter ended  Dec 31, 2024
% Change from
Dec 31,
2024
Sep 30,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Earnings (in millions)
Consumer, Small and Business Banking
$ 6,067  6,222  6,554  (2) % (7)
Consumer Lending:
Home Lending 854  842  839 
Credit Card
1,489  1,471  1,449 
Auto 263  273  334  (4) (21)
Personal Lending 307  316  343  (3) (10)
Total revenue 8,980  9,124  9,519  (2) (6)
Provision for credit losses 911  930  790  (2) 15 
Noninterest expense 5,925  5,624  6,046  (2)
Net income $ 1,602  1,924  2,011  (17) (20)
Average balances (in billions)
Loans $ 321.4  323.6  333.5  (1) (4)
Deposits 773.6  773.6  779.5  —  (1)
Fourth Quarter 2024 vs. Fourth Quarter 2023
◦Revenue decreased 6%
▪Consumer, Small and Business Banking was down 7% driven by lower net interest income reflecting the impact of customer migration to higher yielding deposit products including promotional savings and time deposit accounts
▪Home Lending was up 2% reflecting higher mortgage banking fees, partially offset by lower net interest income on lower loan balances
▪Credit Card was up 3% reflecting higher loan balances and higher card fees driven by the impact of higher point of sale volume
▪Auto was down 21% due to lower loan balances and loan spread compression
▪Personal Lending was down 10% driven by lower loan balances and loan spread compression
◦Noninterest expense was down 2% reflecting lower operating costs and severance expense, as well as the impact of efficiency initiatives, partially offset by higher operating losses Commercial Banking provides financial solutions to private, family owned and certain public companies.
4


Products and services include banking and credit products across multiple industry sectors and municipalities, secured lending and lease products, and treasury management.
Selected Financial Information
Quarter ended  Dec 31, 2024
% Change from
Dec 31,
2024
Sep 30,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Earnings (in millions)
Middle Market Banking
$ 2,144  2,187  2,196  (2) % (2)
Asset-Based Lending and Leasing
1,027  1,146  1,172  (10) (12)
Total revenue 3,171  3,333  3,368  (5) (6)
Provision for credit losses 33  85  40  (61) (18)
Noninterest expense 1,525  1,480  1,630  (6)
Net income $ 1,203  1,318  1,273  (9) (5)
Average balances (in billions)
Loans $ 221.8  222.1  223.3  —  (1)
Deposits 184.3  173.2  163.3  13 
Fourth Quarter 2024 vs. Fourth Quarter 2023
◦Revenue decreased 6%
▪Middle Market Banking was down 2% driven by lower net interest income reflecting higher deposit costs, partially offset by higher treasury management fees
▪Asset-Based Lending and Leasing was down 12% on lower net interest income and lease income, partially offset by improved results from equity investments
◦Noninterest expense decreased 6% reflecting lower severance expense and operating losses, as well as the impact of efficiency initiatives, partially offset by higher operating costs Corporate and Investment Banking delivers a suite of capital markets, banking and financial products and services to corporate, commercial real estate, government and institutional clients globally.
5


Products and services include corporate banking, investment banking, treasury management, commercial real estate lending and servicing, equity and fixed income solutions, as well as sales, trading, and research capabilities.
Selected Financial Information
Quarter ended  Dec 31, 2024
% Change from
Dec 31,
2024
Sep 30,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Earnings (in millions)
Banking:
Lending $ 691  698  774  (1) % (11)
Treasury Management and Payments 644  695  742  (7) (13)
Investment Banking 491  419  383  17  28 
Total Banking 1,826  1,812  1,899  (4)
Commercial Real Estate 1,274  1,364  1,291  (7) (1)
Markets:
Fixed Income, Currencies, and Commodities (FICC) 1,179  1,327  1,122  (11)
Equities 385  396  457  (3) (16)
Credit Adjustment (CVA/DVA/FVA) and Other (71) 31  (8) NM NM
Total Markets 1,493  1,754  1,571  (15) (5)
Other 20  (19) (26) 205  177 
Total revenue 4,613  4,911  4,735  (6) (3)
Provision for credit losses 205  26  498  688  (59)
Noninterest expense 2,300  2,229  2,132 
Net income $ 1,580  1,992  1,582  (21) — 
Average balances (in billions)
Loans $ 274.0  275.2  290.1  —  (6)
Deposits 205.1  194.3  173.1  18 
NM – Not meaningful
Fourth Quarter 2024 vs. Fourth Quarter 2023
◦Revenue decreased 3%
▪Banking was down 4% driven by higher deposit costs and lower loan balances, partially offset by higher investment banking revenue on increased activity in equity and debt capital markets and higher advisory fees
▪Commercial Real Estate was down 1% and included the impact of lower loan balances, partially offset by higher capital markets revenue
▪Markets was down 5% driven by lower revenue in equities and municipals, partially offset by higher revenue in most other FICC products. In fourth quarter 2024, we implemented a change to incorporate funding valuation adjustments (FVA) for our derivatives, which resulted in a loss of $85 million
◦Noninterest expense increased 8% driven by higher operating costs and incentive compensation expense, partially offset by the impact of efficiency initiatives Wealth and Investment Management provides personalized wealth management, brokerage, financial planning, lending, private banking, trust and fiduciary products and services to affluent, high-net worth and ultra-high-net worth clients.
6


We operate through financial advisors in our brokerage and wealth offices, consumer bank branches, independent offices, and digitally through WellsTrade® and Intuitive Investor®.
Selected Financial Information
Quarter ended  Dec 31, 2024
% Change from
Dec 31,
2024
Sep 30,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Earnings (in millions)
Net interest income $ 856  842  906  % (6)
Noninterest income 3,102  3,036  2,754  13 
Total revenue 3,958  3,878  3,660 
Provision for credit losses (27) 16  (19) NM (42)
Noninterest expense 3,307  3,154  3,023 
Net income $ 508  529  491  (4)
Total client assets (in billions)
2,293  2,294  2,084  —  10 
Average balances (in billions)
Loans $ 83.6  82.8  82.2 
Deposits 118.3  108.0  102.1  10  16 
NM – Not meaningful
Fourth Quarter 2024 vs. Fourth Quarter 2023
◦Revenue increased 8%
▪Net interest income was down 6% driven by higher deposit costs including the impact of increased pricing on sweep deposits in advisory brokerage accounts, partially offset by higher deposit balances
▪Noninterest income was up 13% on higher asset-based fees driven by an increase in market valuations
◦Noninterest expense increased 9% due to higher revenue-related compensation expense, partially offset by the impact of efficiency initiatives Corporate includes corporate treasury and enterprise functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and venture capital and private equity investments.
7


Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company as well as results for previously divested businesses.
Selected Financial Information
Quarter ended  Dec 31, 2024
% Change from
Dec 31,
2024
Sep 30,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Earnings (in millions)
Net interest income $ (264) (415) (544) 36  % 51 
Noninterest income 368  78  284  372  30 
Total revenue 104  (337) (260) 131  140 
Provision for credit losses (27) (27) NM — 
Noninterest expense 843  580  2,955  45  (71)
Net income (loss)
$ 186  (649) (1,911) 129  110 
NM – Not meaningful
Fourth Quarter 2024 vs. Fourth Quarter 2023
◦Revenue increased reflecting improved results from our venture capital investments and net interest income improvement due to lower crediting rates paid to our operating segments, partially offset by net losses on debt securities related to a repositioning of the investment portfolio
◦Noninterest expense decreased reflecting lower FDIC assessments, as fourth quarter 2023 included a $1.9 billion FDIC special assessment


8


Endnotes

Page 1 – Company-wide Financial Summary
1.Includes provision for credit losses for loans, debt securities, and other financial assets.
2.Represents our Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach, which is our binding CET1 ratio. See table on page 28 of the 4Q24 Quarterly Supplement for more information on CET1. CET1 for December 31, 2024, is a preliminary estimate.
3.Return on equity (ROE) represents Wells Fargo net income applicable to common stock divided by average common stockholders’ equity.
4.Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 26-27 of the 4Q24 Quarterly Supplement.

Page 2 – Selected Company-wide Financial Information
1.Includes provision for credit losses for loans, debt securities, and other financial assets.
2.Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 26-27 of the 4Q24 Quarterly Supplement.
3.The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).

Page 3 – Selected Company-wide Capital and Liquidity Information
1.Tangible common equity is a non-GAAP financial measure. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 26-27 of the 4Q24 Quarterly Supplement.
2.Represents our CET1 ratio calculated under the Standardized Approach, which is our binding CET1 ratio. See table on page 28 of the 4Q24 Quarterly Supplement for more information on CET1. CET1 for December 31, 2024, is a preliminary estimate.
3.Represents TLAC divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC for December 31, 2024, is a preliminary estimate.
4.SLR for December 31, 2024, is a preliminary estimate.
5.Represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. LCR for December 31, 2024, is a preliminary estimate.


Conference Call
The Company will host a live conference call on Wednesday, January 15, at 10:00 a.m. ET. You may listen to the call by dialing 1-888-673-9782 (U.S. and Canada) or 312-470-7126 (International/U.S. Toll) and enter passcode: 1612595#. The call will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and
https://metroconnectionsevents.com/wf4Qearnings0125/landing.

A replay of the conference call will be available from approximately 1:00 p.m. ET on Wednesday, January 15 through
Wednesday, January 29. Please dial 1-866-360-7722 (U.S. and Canada) or 203-369-0174 (International/U.S. Toll) and enter passcode: 7483#. The replay will also be available online at This document contains forward-looking statements.
https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and
https://metroconnectionsevents.com/wf4Qearnings0125/landing.
9


Forward-Looking Statements
In addition, we may make forward-looking statements in our other documents filed or furnished with the Securities and Exchange Commission, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company or any of its businesses, including our outlook for future growth; (ii) our expectations regarding noninterest expense and our efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses, our allowance for credit losses, and the economic scenarios considered to develop the allowance; (iv) our expectations regarding net interest income and net interest margin; (v) loan growth or the reduction or mitigation of risk in our loan portfolios; (vi) future capital or liquidity levels, ratios or targets; (vii) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (viii) future common stock dividends, common share repurchases and other uses of capital; (ix) our targeted range for return on assets, return on equity, and return on tangible common equity; (x) expectations regarding our effective income tax rate; (xi) the outcome of contingencies, such as legal actions; (xii) environmental, social and governance related goals or commitments; and (xiii) the Company’s plans, objectives and strategies.
Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: 
•current and future economic and market conditions, including the effects of declines in housing prices, high unemployment rates, declines in commercial real estate prices, U.S. fiscal debt, budget and tax matters, geopolitical matters, and any slowdown in global economic growth;
•our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms;
•current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including rules and regulations relating to bank products and financial services;
•our ability to realize any efficiency ratio or expense target as part of our expense management initiatives, including as a result of business and economic cyclicality, seasonality, changes in our business composition and operating environment, growth in our businesses and/or acquisitions, and unexpected expenses relating to, among other things, litigation and regulatory matters;
•the effect of the current interest rate environment or changes in interest rates or in the level or composition of our assets or liabilities on our net interest income and net interest margin;
•significant turbulence or a disruption in the capital or financial markets, which could result in, among other things, a reduction in the availability of funding or increased funding costs, a reduction in our ability to sell or securitize loans, and declines in asset values and/or recognition of impairment of securities held in our debt securities and equity securities portfolios;
•the effect of a fall in stock market prices on our investment banking business and our fee income from our brokerage and wealth management businesses;
•negative effects from instances where customers may have experienced financial harm, including on our legal, operational and compliance costs, our ability to engage in certain business activities or offer certain products or services, our ability to keep and attract customers, our ability to attract and retain qualified employees, and our reputation;
•regulatory matters, including the failure to resolve outstanding matters on a timely basis and the potential impact of new matters, litigation, or other legal actions, which may result in, among other things, additional costs, fines, penalties, restrictions on our business activities, reputational harm, or other adverse consequences;
•a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks;
•the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin;
•fiscal and monetary policies of the Federal Reserve Board;
10


•changes to tax laws, regulations, and guidance as well as the effect of discrete items on our effective income tax rate;
•our ability to develop and execute effective business plans and strategies; and
•the other risk factors and uncertainties described under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023.
In addition to the above factors, we also caution that the amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of the Company, the impact to our balance sheet of expected customer activity, our capital requirements and long-term targeted capital structure, the results of supervisory stress tests, market conditions (including the trading price of our stock), regulatory and legal considerations, including regulatory requirements under the Federal Reserve Board’s capital plan rule, and other factors deemed relevant by the Company, and may be subject to regulatory approval or conditions.
For additional information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov1.
Any forward-looking statement made by us speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Forward-looking Non-GAAP Financial Measures. From time to time management may discuss forward-looking non-GAAP financial measures, such as forward-looking estimates or targets for return on average tangible common equity. We are unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant to future results.
1 We do not control this website. Wells Fargo has provided this link for your convenience, but does not endorse and is not responsible for the content, links, privacy policy, or security policy of this website.
11


About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 34 on Fortune’s 2024 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy.


Contact Information
Media
Beth Richek, 980-308-1568
beth.richek@wellsfargo.com
or
Investor Relations
John M. Campbell, 415-396-0523
john.m.campbell@wellsfargo.com

# # #


12
EX-99.2 3 wfc4qer01-15x25ex992xsuppl.htm EXHIBIT 99.2 Document
Exhibit 99.2                                                                
erwellsfargoimagea061.jpg









4Q24 Quarterly Supplement



Wells Fargo & Company and Subsidiaries
QUARTERLY FINANCIAL DATA
TABLE OF CONTENTS
Page
Consolidated Results
Average Balances and Interest Rates (Taxable-Equivalent Basis)
Reportable Operating Segment Results
Combined Segment Results
Consumer Banking and Lending
Commercial Banking
Corporate and Investment Banking
Wealth and Investment Management
Corporate
Credit-Related Information
Consolidated Loans Outstanding – Period-End Balances, Average Balances, and Average Interest Rates
Net Loan Charge-offs
Changes in Allowance for Credit Losses for Loans
Allocation of the Allowance for Credit Losses for Loans
Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)
Commercial and Industrial Loans and Lease Financing by Industry
Commercial Real Estate Loans by Property Type
Trading Activities
Net Interest Income and Net Gains from Trading Activities
Equity
Tangible Common Equity
Risk-Based Capital Ratios Under Basel III
Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Annual Report on Form 10-K for the year ended December 31, 2024, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.




Wells Fargo & Company and Subsidiaries
SUMMARY FINANCIAL DATA
Quarter ended Dec 31, 2024
% Change from
Year ended
(in millions, except ratios and per share amounts) Dec 31,
2024
Sep 30,
2024
Jun 30,
2024
Mar 31,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Dec 31,
2024
Dec 31,
2023
%
Change
Selected Income Statement Data
Total revenue $ 20,378  20,366  20,689  20,863  20,478  —  % —  $ 82,296  82,597  —  %
Noninterest expense 13,900  13,067  13,293  14,338  15,786  (12) 54,598  55,562  (2)
Pre-tax pre-provision profit (PTPP) (1) 6,478  7,299  7,396  6,525  4,692  (11) 38  27,698  27,035 
Provision for credit losses (2) 1,095  1,065  1,236  938  1,282  (15) 4,334  5,399  (20)
Wells Fargo net income 5,079  5,114  4,910  4,619  3,446  (1) 47  19,722  19,142  3
Wells Fargo net income applicable to common stock 4,801  4,852  4,640  4,313  3,160  (1) 52  18,606  17,982  3
Common Share Data
Diluted earnings per common share 1.43  1.42  1.33  1.20  0.86  66  5.37  4.83  11
Dividends declared per common share
0.40  0.40  0.35  0.35  0.35  —  14  1.50  1.30  15 
Common shares outstanding 3,288.9  3,345.5  3,402.7  3,501.7  3,598.9  (2) (9)
Average common shares outstanding 3,312.8  3,384.8  3,448.3  3,560.1  3,620.9  (2) (9) 3,426.1  3,688.3  (7)
Diluted average common shares outstanding 3,360.7  3,425.1  3,486.2  3,600.1  3,657.0  (2) (8) 3,467.6  3,720.4  (7)
Book value per common share (3) $ 48.85  49.26  47.01  46.40  46.25  (1)
Tangible book value per common share (3)(4)
41.24  41.76  39.57  39.17  39.23  (1)
Selected Equity Data (period-end)
Total equity 181,066  185,011  178,148  182,674  187,443  (2) (3)
Common stockholders' equity 160,656  164,801  159,963  162,481  166,444  (3) (3)
Tangible common equity (4)
135,628  139,711  134,660  137,163  141,193  (3) (4)
Performance Ratios
Return on average assets (ROA) (5) 1.05  % 1.06  1.03  0.97  0.72  1.03  % 1.02 
Return on average equity (ROE) (6) 11.7  11.7  11.5  10.5  7.6  11.4  11.0 
Return on average tangible common equity (ROTCE) (4)
13.9  13.9  13.7  12.3  9.0  13.4  13.1 
Efficiency ratio (7)
68  64  64  69  77  66  67 
Net interest margin on a taxable-equivalent basis 2.70  2.67  2.75  2.81  2.92  2.73  3.06 
Average deposit cost 1.73  1.91  1.84  1.74  1.58  1.80  1.23 
(1)Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.
(2)Includes provision for credit losses for loans, debt securities, and other financial assets.
(3)Book value per common share is common stockholders' equity divided by common shares outstanding. Tangible book value per common share is tangible common equity divided by common shares outstanding.
(4)Tangible common equity, tangible book value per common share, and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 26 and 27.
(5)Represents Wells Fargo net income divided by average assets.
(6)Represents Wells Fargo net income applicable to common stock divided by average common stockholders’ equity.
(7)The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).
-3-



Wells Fargo & Company and Subsidiaries
SUMMARY FINANCIAL DATA (continued)
Quarter ended Dec 31, 2024
% Change from
Year ended
($ in millions, unless otherwise noted) Dec 31,
2024
Sep 30,
2024
Jun 30,
2024
Mar 31,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Dec 31,
2024
Dec 31,
2023
%
Change
Selected Balance Sheet Data (average)
Loans $ 906,353  910,255  916,977  928,075  938,041  —  % (3) $ 915,376  943,916  (3) %
Assets 1,918,536  1,916,612  1,914,647  1,916,974  1,907,535  —  1,916,697  1,885,475 
Deposits 1,353,836  1,341,680  1,346,478  1,341,628  1,340,916  1,345,915  1,346,282  — 
Selected Balance Sheet Data (period-end)
Debt securities 519,131  529,832  520,254  506,280  490,458  (2)
Loans 912,745  909,711  917,907  922,784  936,682  —  (3)
Allowance for credit losses for loans 14,636  14,739  14,789  14,862  15,088  (1) (3)
Equity securities 60,644  59,771  60,763  59,556  57,336 
Assets 1,929,845  1,922,125  1,940,073  1,959,153  1,932,468  —  — 
Deposits 1,371,804  1,349,646  1,365,894  1,383,147  1,358,173 
Headcount (#) (period-end) 217,502  220,167  222,544  224,824  225,869  (1) (4)
Capital and other metrics (1)
Risk-based capital ratios and components (2):
Standardized Approach:
Common Equity Tier 1 (CET1) 11.1  % 11.3  11.0  11.2  11.4 
Tier 1 capital 12.6  12.8  12.3  12.7  13.0 
Total capital 15.2  15.5  15.0  15.4  15.7 
Risk-weighted assets (RWAs) (in billions) $ 1,215.8  1,219.9  1,219.5  1,221.6  1,231.7  —  (1)
Advanced Approach:
Common Equity Tier 1 (CET1) 12.4  % 12.7  12.3  12.4  12.6 
Tier 1 capital 14.1  14.4  13.8  14.1  14.3 
Total capital 16.1  16.4  15.8  16.2  16.4 
Risk-weighted assets (RWAs) (in billions) $ 1,085.5  1,089.3  1,093.0  1,099.6  1,114.3  —  (3)
Tier 1 leverage ratio
8.1  % 8.3  8.0  8.2  8.5 
Supplementary Leverage Ratio (SLR)
6.7  6.9  6.7  6.9  7.1 
Total Loss Absorbing Capacity (TLAC) Ratio (3)
24.8  25.3  24.8  25.1  25.0 
Liquidity Coverage Ratio (LCR) (4)
125  127  124  126  125 
(1)Ratios and metrics for December 31, 2024, are preliminary estimates.
(2)See the table on page 28 for more information on CET1, tier 1 capital, and total capital.
(3)Represents TLAC divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches.
(4)Represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule.
-4-



Wells Fargo & Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
 
Quarter ended Dec 31, 2024
% Change from
Year ended
(in millions, except per share amounts) Dec 31,
2024
Sep 30,
2024
Jun 30,
2024
Mar 31,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Dec 31,
2024
Dec 31,
2023
%
Change
Interest income $ 22,055  22,998  22,884  22,840  22,839  (4) % (3) $ 90,777  85,118  %
Interest expense 10,219  11,308  10,961  10,613  10,068  (10) 43,101  32,743  32 
Net interest income 11,836  11,690  11,923  12,227  12,771  (7) 47,676  52,375  (9)
Noninterest income
Deposit-related fees 1,237  1,299  1,249  1,230  1,202  (5) 5,015  4,694 
Lending-related fees 388  376  369  367  366  1,500  1,446 
Investment advisory and other asset-based fees 2,566  2,463  2,415  2,331  2,169  18  9,775  8,670  13 
Commissions and brokerage services fees 635  646  614  626  619  (2) 2,521  2,375 
Investment banking fees 725  672  641  627  455  59  2,665  1,649  62 
Card fees 1,084  1,096  1,101  1,061  1,027  (1) 4,342  4,256 
Mortgage banking 294  280  243  230  202  46  1,047  829  26 
Net gains from trading activities 950  1,438  1,442  1,454  1,070  (34) (11) 5,284  4,799  10 
Net gains (losses) from debt securities (448) (447) —  (25) —  NM (920) 10  NM
Net gains (losses) from equity securities 715  257  80  18  35  178  NM 1,070  (441) 343
Lease income 241  277  292  421  292  (13) (17) 1,231  1,237  — 
Other 155  319  320  296  270  (51) (43) 1,090  698  56 
Total noninterest income 8,542  8,676  8,766  8,636  7,707  (2) 11  34,620  30,222  15 
Total revenue 20,378  20,366  20,689  20,863  20,478  —  —  82,296  82,597  — 
Provision for credit losses (1) 1,095  1,065  1,236  938  1,282  (15) 4,334  5,399  (20)
Noninterest expense
Personnel 9,071  8,591  8,575  9,492  9,181  (1) 35,729  35,829  — 
Technology, telecommunications and equipment 1,282  1,142  1,106  1,053  1,076  12  19  4,583  3,920  17 
Occupancy 789  786  763  714  740  —  3,052  2,884 
Operating losses 338  293  493  633  355  15  (5) 1,757  1,183  49 
Professional and outside services 1,237  1,130  1,139  1,101  1,242  —  4,607  5,085  (9)
Leases (2) 158  152  159  164  168  (6) 633  697  (9)
Advertising and promotion 243  205  224  197  259  19  (6) 869  812 
Other 782  768  834  984  2,765  (72) 3,368  5,152  (35)
Total noninterest expense 13,900  13,067  13,293  14,338  15,786  (12) 54,598  55,562  (2)
Income before income tax expense (benefit)
5,383  6,234  6,160  5,587  3,410  (14) 58  23,364  21,636 
Income tax expense (benefit) 120  1,064  1,251  964  (100) (89) NM 3,399  2,607  30 
Net income before noncontrolling interests 5,263  5,170  4,909  4,623  3,510  50  19,965  19,029 
Less: Net income (loss) from noncontrolling interests
184  56  (1) 64  229 188  243  (113) 315
Wells Fargo net income $ 5,079  5,114  4,910  4,619  3,446  (1) % 47  $ 19,722  19,142  %
Less: Preferred stock dividends and other 278  262  270  306  286  (3) 1,116  1,160  (4)
Wells Fargo net income applicable to common stock $ 4,801  4,852  4,640  4,313  3,160  (1) % 52  $ 18,606  17,982  %
Per share information
Earnings per common share $ 1.45  1.43  1.35  1.21  0.87  % 67  $ 5.43  4.88  11  %
Diluted earnings per common share 1.43  1.42  1.33  1.20  0.86  66  5.37  4.83  11 
NM – Not meaningful
(1)Includes provision for credit losses for loans, debt securities, and other financial assets.
(2)Represents expenses for assets we lease to customers.
-5-



Wells Fargo & Company and Subsidiaries
CONSOLIDATED BALANCE SHEET
Dec 31, 2024
% Change from
(in millions) Dec 31,
2024
Sep 30,
2024
Jun 30,
2024
Mar 31,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Assets
Cash and due from banks $ 37,080  33,530  32,701  30,180  33,026  11  % 12 
Interest-earning deposits with banks 166,281  152,016  199,322  239,467  204,193  (19)
Federal funds sold and securities purchased under resale agreements 105,330  105,390  82,259  68,751  80,456  —  31 
Debt securities:
Trading, at fair value 121,205  120,677  120,766  109,324  97,302  —  25 
Available-for-sale, at fair value 162,978  166,004  148,752  138,245  130,448  (2) 25 
Held-to-maturity, at amortized cost 234,948  243,151  250,736  258,711  262,708  (3) (11)
Loans held for sale 6,260  7,275  7,312  5,473  4,936  (14) 27 
Loans 912,745  909,711  917,907  922,784  936,682  —  (3)
Allowance for loan losses (14,183) (14,330) (14,360) (14,421) (14,606)
Net loans 898,562  895,381  903,547  908,363  922,076  —  (3)
Mortgage servicing rights 7,779  7,493  8,027  8,248  8,508  (9)
Premises and equipment, net 10,297  9,955  9,648  9,426  9,266  11 
Goodwill 25,167  25,173  25,172  25,173  25,175  —  — 
Derivative assets 20,012  17,721  18,721  17,653  18,223  13  10 
Equity securities 60,644  59,771  60,763  59,556  57,336 
Other assets 73,302  78,588  72,347  80,583  78,815  (7) (7)
Total assets $ 1,929,845  1,922,125  1,940,073  1,959,153  1,932,468  —  — 
Liabilities
Noninterest-bearing deposits $ 383,616  370,005  348,525  356,162  360,279 
Interest-bearing deposits 988,188  979,641  1,017,369  1,026,985  997,894  (1)
Total deposits 1,371,804  1,349,646  1,365,894  1,383,147  1,358,173 
Short-term borrowings (1) 108,806  111,894  118,834  109,014  89,559  (3) 21 
Derivative liabilities 16,335  11,390  16,237  17,116  18,495  43  (12)
Accrued expenses and other liabilities 78,756  82,169  81,824  79,438  71,210  (4) 11 
Long-term debt (2) 173,078  182,015  179,136  187,764  207,588  (5) (17)
Total liabilities 1,748,779  1,737,114  1,761,925  1,776,479  1,745,025  — 
Equity
Wells Fargo stockholders’ equity:
Preferred stock 18,608  18,608  16,608  18,608  19,448  —  (4)
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares
9,136  9,136  9,136  9,136  9,136  —  — 
Additional paid-in capital 60,817  60,623  60,373  60,131  60,555  —  — 
Retained earnings 214,198  210,749  207,281  203,870  201,136 
Accumulated other comprehensive loss (12,176) (8,372) (12,721) (12,546) (11,580) (45) (5)
Treasury stock (3) (111,463) (107,479) (104,247) (98,256) (92,960) (4) (20)
Total Wells Fargo stockholders’ equity 179,120  183,265  176,430  180,943  185,735  (2) (4)
Noncontrolling interests 1,946  1,746  1,718  1,731  1,708  11  14 
Total equity 181,066  185,011  178,148  182,674  187,443  (2) (3)
Total liabilities and equity $ 1,929,845  1,922,125  1,940,073  1,959,153  1,932,468  —  — 
(1)Includes $1.0 billion, $1.0 billion, $1.0 billion, $8.0 billion, and $0.0 billion of Federal Home Loan Bank (FHLB) advances at December 31, September 30, June 30, and March 31, 2024, and December 31, 2023, respectively.
(2)Includes $3.0 billion, $6.0 billion, $11.0 billion, $20.0 billion, and $38.0 billion of FHLB advances at December 31, September 30, June 30, and March 31, 2024, and December 31, 2023, respectively.
(3)Number of shares of treasury stock were 2,192,867,645, 2,136,319,281, 2,079,100,421, 1,980,132,879, and 1,882,948,892 at December 31, September 30, June 30, and March 31, 2024, and December 31, 2023, respectively.
-6-



Wells Fargo & Company and Subsidiaries
AVERAGE BALANCES AND INTEREST RATES (TAXABLE-EQUIVALENT BASIS) (1)
Quarter ended Dec 31, 2024
% Change from
Year ended %
Change
 ($ in millions) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023
Average Balances
Assets
Interest-earning deposits with banks $ 171,100  182,219  196,436  207,568  193,647  (6) % (12) $ 189,261  149,401  27  %
Federal funds sold and securities purchased under resale agreements 93,294  81,549  71,769  69,719  72,626  14  28  79,128  69,878  13 
Trading debt securities 127,639  125,083  120,590  112,170  109,340  17  121,398  104,588  16 
Available-for-sale debt securities 168,511  160,729  150,024  139,986  136,389  24  154,866  142,743 
Held-to-maturity debt securities 242,961  250,010  258,631  264,755  268,905  (3) (10) 254,048  275,441  (8)
Loans held for sale 7,210  7,032  7,091  5,835  4,990  44  6,794  5,762  18 
Loans 906,353  910,255  916,977  928,075  938,041  —  (3) 915,376  943,916  (3)
Equity securities 29,211  27,480  26,332  21,350  22,198  32  26,105  25,920 
Other interest-earning assets 10,079  9,711  8,128  8,940  8,861  14  9,219  9,638  (4)
Total interest-earning assets 1,756,358  1,754,068  1,755,978  1,758,398  1,754,997  —  —  1,756,195  1,727,287 
Total noninterest-earning assets
162,178  162,544  158,669  158,576  152,538  —  160,502  158,188 
Total assets $ 1,918,536  1,916,612  1,914,647  1,916,974  1,907,535  —  $ 1,916,697  1,885,475 
Liabilities
Interest-bearing deposits $ 984,438  986,206  1,006,806  996,874  974,890  —  $ 993,536  946,545 
Short-term borrowings 109,178  109,902  106,685  94,988  92,032  (1) 19  105,212  81,033  30 
Long-term debt 175,414  183,586  182,201  197,116  196,213  (4) (11) 184,551  180,464 
Other interest-bearing liabilities 36,245  34,735  34,613  32,821  31,342  16  34,608  32,950 
Total interest-bearing liabilities 1,305,275  1,314,429  1,330,305  1,321,799  1,294,477  (1) 1,317,907  1,240,992 
Noninterest-bearing deposits
369,398  355,474  339,672  344,754  366,026  352,379  399,737  (12)
Other noninterest-bearing liabilities 60,930  62,341  63,118  63,752  61,179  (2) —  62,532  59,886 
Total liabilities 1,735,603  1,732,244  1,733,095  1,730,305  1,721,682  —  1,732,818  1,700,615 
Total equity 182,933  184,368  181,552  186,669  185,853  (1) (2) 183,879  184,860  (1)
 Total liabilities and equity $ 1,918,536  1,916,612  1,914,647  1,916,974  1,907,535  —  $ 1,916,697  1,885,475 
Average Interest Rates
Interest-earning assets
Interest-earning deposits with banks 4.36  % 4.95  5.05  4.99  4.98  4.85  % 4.67 
Federal funds sold and securities purchased under resale agreements 4.66  5.24  5.27  5.28  5.30  5.08  4.83 
Trading debt securities 4.16  4.25  4.14  4.08  3.82  4.16  3.64 
Available-for-sale debt securities 4.45  4.33  4.21  3.99  3.87  4.26  3.76 
Held-to-maturity debt securities 2.51  2.57  2.64  2.70  2.69  2.61  2.63 
Loans held for sale 6.38  7.33  7.53  7.82  6.75  7.23  6.29 
Loans 6.16  6.41  6.40  6.38  6.35  6.34  6.07 
Equity securities 2.40  2.26  2.99  2.82  2.99  2.60  2.63 
Other interest-earning assets 4.73  5.12  5.42  5.14  4.99  5.08  4.80 
Total interest-earning assets 5.02  5.24  5.25  5.24  5.20  5.19  4.95 
Interest-bearing liabilities
Interest-bearing deposits 2.37  2.60  2.46  2.34  2.17  2.44  1.74 
Short-term borrowings 4.67  5.20  5.19  5.16  5.10  5.05  4.75 
Long-term debt 6.35  6.89  6.95  6.80  6.78  6.75  6.41 
Other interest-bearing liabilities 3.01  3.05  3.13  2.88  2.87  3.02  2.49 
Total interest-bearing liabilities 3.12  3.43  3.31  3.22  3.09  3.27  2.64 
Interest rate spread on a taxable-equivalent basis (2)
1.90  1.81  1.94  2.02  2.11  1.92  2.31 
Net interest margin on a taxable-equivalent basis (2)
2.70  2.67  2.75  2.81  2.92  2.73  3.06 
(1)The average balance amounts represent amortized costs. The average interest rates are based on interest income or expense amounts for the period and are annualized, if applicable. Interest rates include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(2)Includes taxable-equivalent adjustments of $78 million, $84 million, $89 million, $89 million, and $104 million for the quarters ended December 31, September 30, June 30, and March 31, 2024, and December 31, 2023, respectively, and $340 million and $420 million for the years ended December 31, 2024 and 2023, respectively, predominantly related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.
-7-



Wells Fargo & Company and Subsidiaries
COMBINED SEGMENT RESULTS (1)
Quarter ended December 31, 2024
(in millions) Consumer Banking and Lending Commercial Banking Corporate and Investment Banking Wealth and Investment Management Corporate (2) Reconciling Items (3) Consolidated
Company
Net interest income $ 7,020  2,248  2,054  856  (264) (78) 11,836 
Noninterest income 1,960  923  2,559  3,102  368  (370) 8,542 
Total revenue 8,980  3,171  4,613  3,958  104  (448) 20,378 
Provision for credit losses 911  33  205  (27) (27) —  1,095 
Noninterest expense 5,925  1,525  2,300  3,307  843  —  13,900 
Income (loss) before income tax expense (benefit) 2,144  1,613  2,108  678  (712) (448) 5,383 
Income tax expense (benefit) 542  408  528  170  (1,080) (448) 120 
Net income before noncontrolling interests 1,602  1,205  1,580  508  368  —  5,263 
Less: Net income from noncontrolling interests
—  —  —  182  —  184 
Net income $ 1,602  1,203  1,580  508  186  —  5,079 
Quarter ended September 30, 2024
Net interest income $ 7,149  2,289  1,909  842  (415) (84) 11,690 
Noninterest income 1,975  1,044  3,002  3,036  78  (459) 8,676 
Total revenue 9,124  3,333  4,911  3,878  (337) (543) 20,366 
Provision for credit losses 930  85  26  16  —  1,065 
Noninterest expense 5,624  1,480  2,229  3,154  580  —  13,067 
Income (loss) before income tax expense (benefit) 2,570  1,768  2,656  708  (925) (543) 6,234 
Income tax expense (benefit) 646  448  664  179  (330) (543) 1,064 
Net income (loss) before noncontrolling interests
1,924  1,320  1,992  529  (595) —  5,170 
Less: Net income from noncontrolling interests —  —  —  54  —  56 
Net income (loss)
$ 1,924  1,318  1,992  529  (649) —  5,114 
Quarter ended December 31, 2023
Net interest income $ 7,629  2,525  2,359  906  (544) (104) 12,771 
Noninterest income 1,890  843  2,376  2,754  284  (440) 7,707 
Total revenue 9,519  3,368  4,735  3,660  (260) (544) 20,478 
Provision for credit losses 790  40  498  (19) (27) —  1,282 
Noninterest expense 6,046  1,630  2,132  3,023  2,955  —  15,786 
Income (loss) before income tax expense (benefit) 2,683  1,698  2,105  656  (3,188) (544) 3,410 
Income tax expense (benefit) 672  423  523  165  (1,339) (544) (100)
Net income (loss) before noncontrolling interests 2,011  1,275  1,582  491  (1,849) —  3,510 
Less: Net income from noncontrolling interests —  —  —  62  —  64 
Net income (loss) $ 2,011  1,273  1,582  491  (1,911) —  3,446 
(1)The management reporting process is based on U.S. GAAP and includes specific adjustments, such as for funds transfer pricing for asset/liability management, shared revenues and expenses, and taxable-equivalent adjustments to consistently reflect income from taxable and tax-exempt sources, which allows management to assess performance across the operating segments. We define our operating segments by type of product and customer segment.
(2)All other business activities that are not included in the reportable operating segments have been included in Corporate. Corporate includes corporate treasury and enterprise functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and venture capital and private equity investments. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company as well as results for previously divested businesses.
(3)Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for affordable housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results.
-8-



Wells Fargo & Company and Subsidiaries
COMBINED SEGMENT RESULTS (continued) (1)
Year ended December 31, 2024
(in millions) Consumer Banking and Lending Commercial Banking Corporate and Investment Banking Wealth and Investment Management Corporate (2) Reconciling Items (3) Consolidated
Company
Net interest income $ 28,303  9,096  7,935  3,473  (791) (340) 47,676 
Noninterest income 7,898  3,682  11,409  11,963  1,129  (1,461) 34,620 
Total revenue 36,201  12,778  19,344  15,436  338  (1,801) 82,296 
Provision for credit losses 3,561  290  521  (22) (16) —  4,334 
Noninterest expense 23,274  6,190  9,029  12,884  3,221  —  54,598 
Income (loss) before income tax expense (benefit)
9,366  6,298  9,794  2,574  (2,867) (1,801) 23,364 
Income tax expense (benefit) 2,357  1,599  2,456  672  (1,884) (1,801) 3,399 
Net income (loss) before noncontrolling interests 7,009  4,699  7,338  1,902  (983) —  19,965 
Less: Net income from noncontrolling interests
—  10  —  —  233  —  243 
Net income (loss) $ 7,009  4,689  7,338  1,902  (1,216) —  19,722 
Year ended December 31, 2023
Net interest income $ 30,185  10,034  9,498  3,966  (888) (420) 52,375 
Noninterest income 7,734  3,415  9,693  10,725  431  (1,776) 30,222 
Total revenue 37,919  13,449  19,191  14,691  (457) (2,196) 82,597 
Provision for credit losses 3,299  75  2,007  12  —  5,399 
Noninterest expense 24,024  6,555  8,618  12,064  4,301  —  55,562 
Income (loss) before income tax expense (benefit)
10,596  6,819  8,566  2,621  (4,770) (2,196) 21,636 
Income tax expense (benefit) 2,657  1,704  2,140  657  (2,355) (2,196) 2,607 
Net income (loss) before noncontrolling interests 7,939  5,115  6,426  1,964  (2,415) —  19,029 
Less: Net income (loss) from noncontrolling interests —  11  —  —  (124) —  (113)
Net income (loss) $ 7,939  5,104  6,426  1,964  (2,291) —  19,142 
(1)The management reporting process is based on U.S. GAAP and includes specific adjustments, such as for funds transfer pricing for asset/liability management, shared revenues and expenses, and taxable-equivalent adjustments to consistently reflect income from taxable and tax-exempt sources, which allows management to assess performance across the operating segments. We define our operating segments by type of product and customer segment.
(2)All other business activities that are not included in the reportable operating segments have been included in Corporate. Corporate includes corporate treasury and enterprise functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and venture capital and private equity investments. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company as well as results for previously divested businesses.
(3)Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for affordable housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results.
-9-



Wells Fargo & Company and Subsidiaries
CONSUMER BANKING AND LENDING SEGMENT
Quarter ended Dec 31, 2024
% Change from
Year ended
($ in millions) Dec 31,
2024
Sep 30,
2024
Jun 30,
2024
Mar 31,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Dec 31,
2024
Dec 31,
2023
%
Change
Income Statement
Net interest income $ 7,020  7,149  7,024  7,110  7,629  (2) % (8) $ 28,303  30,185  (6) %
Noninterest income:
Deposit-related fees 657  710  690  677  694  (7) (5) 2,734  2,702 
Card fees 1,019  1,031  1,036  990  960  (1) 4,076  3,967 
Mortgage banking 185  137  135  193  115  35  61  650  512  27 
Other 99  97  121  121  121  (18) 438  553  (21)
Total noninterest income 1,960  1,975  1,982  1,981  1,890  (1) 7,898  7,734 
Total revenue 8,980  9,124  9,006  9,091  9,519  (2) (6) 36,201  37,919  (5)
Net charge-offs 887  871  907  881  852  3,546  2,784  27 
Change in the allowance for credit losses 24  59  25  (93) (62) (59) 139  15  515  (97)
Provision for credit losses 911  930  932  788  790  (2) 15  3,561  3,299 
Noninterest expense 5,925  5,624  5,701  6,024  6,046  (2) 23,274  24,024  (3)
Income before income tax expense 2,144  2,570  2,373  2,279  2,683  (17) (20) 9,366  10,596  (12)
Income tax expense 542  646  596  573  672  (16) (19) 2,357  2,657  (11)
Net income $ 1,602  1,924  1,777  1,706  2,011  (17) (20) $ 7,009  7,939  (12)
Revenue by Line of Business
Consumer, Small and Business Banking $ 6,067  6,222  6,129  6,092  6,554  (2) (7) $ 24,510  25,922  (5)
Consumer Lending:
Home Lending 854  842  823  864  839  3,383  3,389  — 
Credit Card 1,489  1,471  1,452  1,496  1,449  5,908  5,809 
Auto 263  273  282  300  334  (4) (21) 1,118  1,464  (24)
Personal Lending 307  316  320  339  343  (3) (10) 1,282  1,335  (4)
Total revenue $ 8,980  9,124  9,006  9,091  9,519  (2) (6) $ 36,201  37,919  (5)
Selected Balance Sheet Data (average)
Loans by Line of Business:
Consumer, Small and Business Banking $ 6,105  6,230  6,370  6,465  6,494  (2) (6) $ 6,292  6,740  (7)
Consumer Lending:
Home Lending 207,780  209,825  211,994  214,335  216,733  (1) (4) 210,972  219,601  (4)
Credit Card 50,243  49,141  47,463  46,412  45,842  10  48,322  42,894  13 
Auto 43,005  43,949  45,650  47,621  49,078  (2) (12) 45,048  51,689  (13)
Personal Lending 14,291  14,470  14,462  14,896  15,386  (1) (7) 14,529  14,996  (3)
Total loans $ 321,424  323,615  325,939  329,729  333,533  (1) (4) $ 325,163  335,920  (3)
Total deposits 773,631  773,554  778,228  773,248  779,490  —  (1) 774,660  811,091  (4)
Allocated capital 45,500  45,500  45,500  45,500  44,000  —  45,500  44,000 
Selected Balance Sheet Data (period-end)
Loans by Line of Business:
Consumer, Small and Business Banking $ 6,256  6,372  6,513  6,584  6,735  (2) (7)
Consumer Lending:
Home Lending 207,022  209,083  211,172  213,289  215,823  (1) (4)
Credit Card 50,992  49,521  48,400  46,867  46,735 
Auto 42,914  43,356  44,780  46,692  48,283  (1) (11)
Personal Lending 14,246  14,413  14,495  14,575  15,291  (1) (7)
Total loans $ 321,430  322,745  325,360  328,007  332,867  —  (3)
Total deposits 783,490  775,745  781,817  794,160  782,309  — 

-10-



Wells Fargo & Company and Subsidiaries
CONSUMER BANKING AND LENDING SEGMENT (continued)
Quarter ended Dec 31, 2024
% Change from
Year ended
($ in millions, unless otherwise noted) Dec 31,
2024
Sep 30,
2024
Jun 30,
2024
Mar 31,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Dec 31,
2024
Dec 31,
2023
%
Change
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1)
13.4  % 16.3  15.1  14.5  17.6  14.8  % 17.5 
Efficiency ratio (2) 66  62  63  66  64  64  63 
Retail bank branches (#, period-end)
4,177  4,196  4,227  4,247  4,311  —  % (3)
Digital active customers (# in millions, period-end) (3)
36.0  35.8  35.6  35.5  34.8 
Mobile active customers (# in millions, period-end) (3)
31.4  31.2  30.8  30.5  29.9 
Consumer, Small and Business Banking:
Deposit spread (4) 2.5  % 2.5  2.5  2.5  2.7  2.5  % 2.6 
Debit card purchase volume ($ in billions) (5)
$ 131.0  126.8 128.2 121.5 126.1 $ 507.5  492.8 %
Debit card purchase transactions (# in millions) (5)
2,622  2,585  2,581  2,442  2,546  10,230  10,000 
Home Lending:
Mortgage banking:
Net servicing income $ 128  114  89  91  113  12  13  $ 422  300  41 
Net gains on mortgage loan originations/sales
57  23  46  102  148 NM 228  212 
Total mortgage banking $ 185  137  135  193  115  35  61  $ 650  512  27 
Retail originations ($ in billions)
$ 5.9  5.5  5.3  3.5  4.5  31  $ 20.2  24.2  (17)
% of originations held for sale (HFS) 40.3  % 41.0  38.6  43.5  45.4  40.6  % 44.6 
Third party mortgage loans serviced ($ in billions, period-end) (6) $ 486.9  499.1  512.8  527.5  559.7  (2) (13)
Mortgage servicing rights (MSR) carrying value (period-end) 6,844  6,544 7,061 7,249 7,468 (8)
Ratio of MSR carrying value (period-end) to third party mortgage loans serviced (period-end) (6) 1.41  % 1.31  1.38  1.37  1.33 
Home lending loans 30+ days delinquency rate (period-end) (7)(8)(9) 0.29  0.30  0.33  0.30  0.32 
Credit Card:
Point of sale (POS) volume ($ in billions) $ 45.1  43.4 42.9 39.1 41.2 $ 170.5  153.1  11 
New accounts (# in thousands) 486  615 677 651 655 (21) (26) 2,429  2,566  (5)
Credit card loans 30+ days delinquency rate (period-end) (8)(9) 2.91  % 2.87  2.71  2.92  2.80 
Credit card loans 90+ days delinquency rate (period-end) (8)(9) 1.51  1.43  1.40  1.55  1.41 
Auto:
Auto originations ($ in billions) $ 5.0  4.1 3.7 4.1 3.3 22  52  $ 16.9  17.2  (2)
Auto loans 30+ days delinquency rate (period-end) (8)(9) 2.31  % 2.28  2.31  2.36  2.80 
Personal Lending:
New volume ($ in billions) $ 2.5  2.7 2.7 2.2 2.6 (7) (4) $ 10.1  11.9 (15)
NM – Not meaningful
(1)Return on allocated capital is segment net income (loss) applicable to common stock divided by segment average allocated capital. Segment net income (loss) applicable to common stock is segment net income (loss) less allocated preferred stock dividends.
(2)Efficiency ratio is segment noninterest expense divided by segment total revenue (net interest income and noninterest income).
(3)Digital and mobile active customers is the number of consumer and small business customers who have logged on via a digital or mobile device, respectively, in the prior 90 days. Digital active customers includes both online and mobile customers.
(4)Deposit spread is (i) the internal funds transfer pricing credit on segment deposits minus interest paid to customers for segment deposits, divided by (ii) average segment deposits.
(5)Debit card purchase volume and transactions reflect combined activity for both consumer and business debit card purchases.
(6)Excludes residential mortgage loans subserviced for others.
(7)Excludes residential mortgage loans insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA).
(8)Excludes loans held for sale.
(9)Delinquency balances exclude nonaccrual loans.
-11-



Wells Fargo & Company and Subsidiaries
COMMERCIAL BANKING SEGMENT
Quarter ended Dec 31, 2024
% Change from
Year ended
($ in millions) Dec 31,
2024
Sep 30,
2024
Jun 30,
2024
Mar 31,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Dec 31,
2024
Dec 31,
2023
%
Change
Income Statement
Net interest income $ 2,248  2,289  2,281  2,278  2,525  (2) % (11) $ 9,096  10,034  (9) %
Noninterest income:
Deposit-related fees 303  303  290  284  257  —  18  1,180  998  18 
Lending-related fees 140  138  139  138  138  555  531 
Lease income 124  126  133  149  155  (2) (20) 532  644  (17)
Other 356  477  279  303  293  (25) 22  1,415  1,242  14 
Total noninterest income 923  1,044  841  874  843  (12) 3,682  3,415 
Total revenue 3,171  3,333  3,122  3,152  3,368  (5) (6) 12,778  13,449  (5)
Net charge-offs 111  50  97  75  35  122  217  333  96  247 
Change in the allowance for credit losses (78) 35  (68) 68  NM NM (43) (21) NM
Provision for credit losses 33  85  29  143  40  (61) (18) 290  75  287 
Noninterest expense 1,525  1,480  1,506  1,679  1,630  (6) 6,190  6,555  (6)
Income before income tax expense 1,613  1,768  1,587  1,330  1,698  (9) (5) 6,298  6,819  (8)
Income tax expense 408  448  402  341  423  (9) (4) 1,599  1,704  (6)
Less: Net income from noncontrolling interests —  —  10  11  (9)
Net income $ 1,203  1,318  1,182  986  1,273  (9) (5) $ 4,689  5,104  (8)
Revenue by Line of Business
Middle Market Banking $ 2,144  2,187  2,153  2,078  2,196  (2) (2) $ 8,562  8,762  (2)
Asset-Based Lending and Leasing 1,027  1,146  969  1,074  1,172  (10) (12) 4,216  4,687  (10)
Total revenue $ 3,171  3,333  3,122  3,152  3,368  (5) (6) $ 12,778  13,449  (5)
Revenue by Product
Lending and leasing $ 1,291  1,293  1,308  1,309  1,337  —  (3) $ 5,201  5,314  (2)
Treasury management and payments 1,423  1,434  1,412  1,421  1,527  (1) (7) 5,690  6,214  (8)
Other 457  606  402  422  504  (25) (9) 1,887  1,921  (2)
Total revenue $ 3,171  3,333  3,122  3,152  3,368  (5) (6) $ 12,778  13,449  (5)
Selected Metrics
Return on allocated capital 17.4  % 19.2  17.3  14.3  19.0  17.1  % 19.1 
Efficiency ratio 48  44  48  53  48  48  49 
NM – Not meaningful

-12-



Wells Fargo & Company and Subsidiaries
COMMERCIAL BANKING SEGMENT (continued)
Quarter ended Dec 31, 2024
% Change from
Year ended
($ in millions) Dec 31,
2024
Sep 30,
2024
Jun 30,
2024
Mar 31,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Dec 31,
2024
Dec 31,
2023
%
Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial $ 162,060  161,967  164,027  163,273  162,877  —  % (1) $ 162,827  164,062  (1) %
Commercial real estate 44,555  44,756  44,990  45,296  45,393  —  (2) 44,898  45,705  (2)
Lease financing and other 15,180  15,393  15,406  15,352  15,062  (1) 15,332  14,335 
Total loans $ 221,795  222,116  224,423  223,921  223,332  —  (1) $ 223,057  224,102  — 
Loans by Line of Business:
Middle Market Banking $ 126,767  127,321  128,259  119,273  118,971  —  $ 125,414  120,819 
Asset-Based Lending and Leasing 95,028  94,795  96,164  104,648  104,361  —  (9) 97,643  103,283  (5)
Total loans $ 221,795  222,116  224,423  223,921  223,332  —  (1) $ 223,057  224,102  — 
Total deposits 184,293  173,158  166,892  164,027  163,299  13  172,129  165,235 
Allocated capital 26,000  26,000  26,000  26,000  25,500  —  26,000  25,500
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial $ 163,464  163,878  165,878  166,842  163,797  —  — 
Commercial real estate 44,506  44,715  44,978  45,292  45,534  —  (2)
Lease financing and other 15,348  15,406  15,617  15,526  15,443  —  (1)
Total loans $ 223,318  223,999  226,473  227,660  224,774  —  (1)
Loans by Line of Business:
Middle Market Banking
$ 126,877  127,048  129,023  120,401  118,482  — 
Asset-Based Lending and Leasing
96,441  96,951  97,450  107,259  106,292  (1) (9)
Total loans $ 223,318  223,999  226,473  227,660  224,774  —  (1)
Total deposits 188,650  178,406  168,979  168,547  162,526  16 

-13-



Wells Fargo & Company and Subsidiaries
CORPORATE AND INVESTMENT BANKING SEGMENT
Quarter ended Dec 31, 2024
% Change from
Year ended
($ in millions) Dec 31,
2024
Sep 30,
2024
Jun 30,
2024
Mar 31,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Dec 31,
2024
Dec 31,
2023
%
Change
Income Statement
Net interest income $ 2,054  1,909  1,945  2,027  2,359  % (13) $ 7,935  9,498  (16) %
Noninterest income:
Deposit-related fees 269  279  263  262  246  (4) 1,073  976  10 
Lending-related fees 221  213  205  203  199  11  842  790 
Investment banking fees 726  668  634  647  489  48  2,675  1,738  54 
Net gains from trading activities 933  1,366  1,387  1,405  1,022  (32) (9) 5,091  4,553  12 
Other 410  476  404  438  420  (14) (2) 1,728  1,636 
Total noninterest income 2,559  3,002  2,893  2,955  2,376  (15) 11,409  9,693  18 
Total revenue 4,613  4,911  4,838  4,982  4,735  (6) (3) 19,344  19,191 
Net charge-offs 214  196  303  196  376  (43) 909  581  56 
Change in the allowance for credit losses (9) (170) (18) (191) 122  95  NM (388) 1,426  NM
Provision for credit losses 205  26  285  498  688  (59) 521  2,007  (74)
Noninterest expense 2,300  2,229  2,170  2,330  2,132  9,029  8,618 
Income before income tax expense 2,108  2,656  2,383  2,647  2,105  (21) —  9,794  8,566  14 
Income tax expense 528  664  598  666  523  (20) 2,456  2,140  15 
Net income $ 1,580  1,992  1,785  1,981  1,582  (21) —  $ 7,338  6,426  14 
Revenue by Line of Business
Banking:
Lending $ 691  698  688  681  774  (1) (11) $ 2,758  2,872  (4)
Treasury Management and Payments 644  695  687  686  742  (7) (13) 2,712  3,036  (11)
Investment Banking 491  419  430  474  383  17  28  1,814  1,404  29 
Total Banking 1,826  1,812  1,805  1,841  1,899  (4) 7,284  7,312  — 
Commercial Real Estate 1,274  1,364  1,283  1,223  1,291  (7) (1) 5,144  5,311  (3)
Markets:
Fixed Income, Currencies, and Commodities (FICC) 1,179  1,327  1,228  1,359  1,122  (11) 5,093  4,688 
Equities 385  396  558  450  457  (3) (16) 1,789  1,809  (1)
Credit Adjustment (CVA/DVA/FVA) and Other (1)
(71) 31  19  (8) NM NM (14) 65  NM
Total Markets 1,493  1,754  1,793  1,828  1,571  (15) (5) 6,868  6,562 
Other 20  (19) (43) 90  (26) 205  177  48  700 
Total revenue $ 4,613  4,911  4,838  4,982  4,735  (6) (3) $ 19,344  19,191 
Selected Metrics
Return on allocated capital 13.4  % 17.1  15.4  17.2  13.4  15.7  % 13.8 
Efficiency ratio 50  45  45  47  45  47  45 
NM – Not meaningful
(1)In fourth quarter 2024, we implemented a change to incorporate funding valuation adjustments (FVA) for our derivatives, which resulted in a loss of $85 million.
-14-



Wells Fargo & Company and Subsidiaries
CORPORATE AND INVESTMENT BANKING SEGMENT (continued)
Quarter ended Dec 31, 2024
% Change from
Year ended
($ in millions) Dec 31,
2024
Sep 30,
2024
Jun 30,
2024
Mar 31,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Dec 31,
2024
Dec 31,
2023
%
Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial $ 185,677  183,255  180,789  185,432  191,014  % (3) $ 183,792  191,602  (4) %
Commercial real estate 88,285  91,963  94,998  97,811  99,077  (4) (11) 93,247  100,373  (7)
Total loans $ 273,962  275,218  275,787  283,243  290,091  —  (6) $ 277,039  291,975  (5)
Loans by Line of Business:
Banking $ 85,722  86,548  86,130  90,897  94,699  (1) (9) $ 87,318  95,783  (9)
Commercial Real Estate 119,414  124,056  128,107  131,709  133,921  (4) (11) 125,799  135,702  (7)
Markets 68,826  64,614  61,550  60,637  61,471  12  63,922  60,490 
Total loans $ 273,962  275,218  275,787  283,243  290,091  —  (6) $ 277,039  291,975  (5)
Trading-related assets:
Trading account securities $ 144,903  140,501  136,101  121,347  118,938  22  $ 135,751  118,130  15 
Reverse repurchase agreements/securities borrowed 87,517  74,041  64,896  62,856  65,678  18  33  72,374  61,510  18 
Derivative assets 20,254  19,668  18,552  17,033  19,308  18,883  18,636 
Total trading-related assets $ 252,674  234,210  219,549  201,236  203,924  24  $ 227,008  198,276  14 
Total assets 588,154  574,697  558,063  550,933  556,196  568,035  553,722 
Total deposits 205,077  194,315  187,545  183,273  173,117  18  192,592  162,062  19 
Allocated capital 44,000  44,000  44,000  44,000  44,000  —  —  44,000  44,000  — 
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial $ 192,573  183,341  181,441  178,986  189,379 
Commercial real estate 86,107  90,382  93,889  96,611  98,053  (5) (12)
Total loans $ 278,680  273,723  275,330  275,597  287,432  (3)
Loans by Line of Business:
Banking $ 86,328  88,221  84,054  86,066  93,987  (2) (8)
Commercial Real Estate 117,213  121,238  126,080  129,627  131,968  (3) (11)
Markets 75,139  64,264  65,196  59,904  61,477  17  22 
Total loans $ 278,680  273,723  275,330  275,597  287,432  (3)
Trading-related assets:
Trading account securities $ 142,727  144,148  140,928  133,079  115,562  (1) 24 
Reverse repurchase agreements/securities borrowed 96,470  83,562  70,615  62,019  63,614  15  52 
Derivative assets 21,332  17,906  19,186  17,726  18,023  19  18 
Total trading-related assets $ 260,529  245,616  230,729  212,824  197,199  32 
Total assets 597,278  583,144  565,334  553,105  547,203 
Total deposits 212,948  199,700  200,920  195,969  185,142  15 

-15-



Wells Fargo & Company and Subsidiaries
WEALTH AND INVESTMENT MANAGEMENT SEGMENT
Quarter ended Dec 31, 2024
% Change from
Year ended
($ in millions, unless otherwise noted) Dec 31,
2024
Sep 30,
2024
Jun 30,
2024
Mar 31,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Dec 31,
2024
Dec 31,
2023
%
Change
Income Statement
Net interest income $ 856  842  906  869  906  % (6) $ 3,473  3,966  (12) %
Noninterest income:
Investment advisory and other asset-based fees 2,504  2,406  2,357  2,267  2,111  19  9,534  8,446  13 
Commissions and brokerage services fees 539  548  521  545  531  (2) 2,153  2,058 
Other 59  82  74  61  112  (28) (47) 276  221  25 
Total noninterest income 3,102  3,036  2,952  2,873  2,754  13  11,963  10,725  12 
Total revenue 3,958  3,878  3,858  3,742  3,660  15,436  14,691 
Net charge-offs (1) (5) (2) —  80  NM (2) (1) (100)
Change in the allowance for credit losses (26) 21  (12) (3) (19) NM (37) (20) NM
Provision for credit losses (27) 16  (14) (19) NM (42) (22) NM
Noninterest expense 3,307  3,154  3,193  3,230  3,023  12,884  12,064 
Income before income tax expense 678  708  679  509  656  (4) 2,574  2,621  (2)
Income tax expense 170  179  195  128  165  (5) 672  657 
Net income $ 508  529  484  381  491  (4) $ 1,902  1,964  (3)
Selected Metrics
Return on allocated capital 30.2  % 31.5  29.0  22.7  30.4  28.3  % 30.7 
Efficiency ratio 84  81  83  86  83  83  82 
Client assets ($ in billions, period-end):
Advisory assets
$ 998  993 945 939 891 12 
Other brokerage assets and deposits
1,295  1,301 1,255 1,247 1,193 — 
Total client assets
$ 2,293  2,294 2,200 2,186 2,084 —  10 
Selected Balance Sheet Data (average)
Total loans $ 83,570  82,797  83,166  82,483  82,181  $ 83,005  82,755  — 
Total deposits 118,327  107,991  102,843  101,474  102,130  10  16  107,689  112,069  (4)
Allocated capital 6,500  6,500  6,500  6,500  6,250  —  6,500  6,250 
Selected Balance Sheet Data (period-end)
Total loans $ 84,340  83,023  83,338  82,999  82,555 
Total deposits 127,008  112,472  103,722  102,478  103,902  13  22 
NM – Not meaningful

-16-



Wells Fargo & Company and Subsidiaries
CORPORATE (1)
Quarter ended Dec 31, 2024
% Change from
Year ended
($ in millions) Dec 31,
2024
Sep 30,
2024
Jun 30,
2024
Mar 31,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Dec 31,
2024
Dec 31,
2023
%
Change
Income Statement
Net interest income $ (264) (415) (144) 32  (544) 36  % 51  $ (791) (888) 11  %
Noninterest income 368  78  392  291  284  372  30  1,129  431  162 
Total revenue 104  (337) 248  323  (260) 131  140  338  (457) 174 
Net charge-offs (23) (1) (2) (1) (5) NM NM (27) (10) NM
Change in the allowance for credit losses (4) —  (22) NM 82  11  22  (50)
Provision for credit losses (27) (1) (27) NM —  (16) 12  NM
Noninterest expense 843  580  723  1,075  2,955  45  (71) 3,221  4,301  (25)
Loss before income tax benefit (712) (925) (479) (751) (3,188) 23  78  (2,867) (4,770) 40 
Income tax benefit (1,080) (330) (157) (317) (1,339) NM 19  (1,884) (2,355) 20 
Less: Net income (loss) from noncontrolling interests
182  54  (4) 62  237  194  233  (124) 288 
Net income (loss) $ 186  (649) (318) (435) (1,911) 129  110  $ (1,216) (2,291) 47 
Selected Balance Sheet Data (average)
Available-for-sale debt securities $ 153,969  147,093  131,822  122,794  115,346  33  $ 138,983  123,542  12 
Held-to-maturity debt securities 235,661  242,621  251,100  257,088  261,103  (3) (10) 246,577  267,672  (8)
Equity securities 15,027  15,216  15,571  15,958  15,906  (1) (6) 15,441  15,635  (1)
Total assets 639,324  648,930  656,535  663,483  645,573  (1) (1) 652,024  619,002 
Total deposits 72,508  92,662  110,970  119,606  122,880  (22) (41) 98,845  95,825 
Selected Balance Sheet Data (period-end)
Available-for-sale debt securities $ 154,397  157,042  138,087  127,084  118,923  (2) 30 
Held-to-maturity debt securities 231,892  240,174  247,746  255,761  259,748  (3) (11)
Equity securities 15,437  14,861  15,297  15,798  15,810  (2)
Total assets 633,799  642,618  670,494  699,401  674,075  (1) (6)
Total deposits 59,708  83,323  110,456  121,993  124,294  (28) (52)
NM – Not meaningful
(1)All other business activities that are not included in the reportable operating segments have been included in Corporate. Corporate includes corporate treasury and enterprise functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and venture capital and private equity investments. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company as well as results for previously divested businesses.

-17-



Wells Fargo & Company and Subsidiaries
CONSOLIDATED LOANS OUTSTANDING – PERIOD-END BALANCES, AVERAGE BALANCES, AND AVERAGE INTEREST RATES
Quarter ended Dec 31, 2024
$ Change from
($ in millions)
Dec 31,
2024
Sep 30,
2024
Jun 30,
2024
Mar 31,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Period-End Loans
Commercial and industrial $ 381,241  372,750  374,588  372,963  380,388  8,491  853 
Commercial real estate 136,505  141,410  145,318  148,786  150,616  (4,905) (14,111)
Lease financing 16,413  16,482  16,705  16,579  16,423  (69) (10)
Total commercial 534,159  530,642  536,611  538,328  547,427  3,517  (13,268)
Residential mortgage 250,269  252,676  255,085  257,622  260,724  (2,407) (10,455)
Credit card 56,542  55,046  53,756  52,035  52,230  1,496  4,312 
Auto 42,367  42,815  44,280  46,202  47,762  (448) (5,395)
Other consumer 29,408  28,532  28,175  28,597  28,539  876  869 
Total consumer 378,586  379,069  381,296  384,456  389,255  (483) (10,669)
Total loans $ 912,745  909,711  917,907  922,784  936,682  3,034  (23,937)
Average Loans
Commercial and industrial $ 372,848  370,911  371,514  375,593  380,566  1,937  (7,718)
Commercial real estate 139,111  143,187  146,750  150,083  151,665  (4,076) (12,554)
Lease financing 16,301  16,529  16,519  16,363  16,123  (228) 178 
Total commercial 528,260  530,627  534,783  542,039  548,354  (2,367) (20,094)
Residential mortgage 251,256  253,667  256,189  259,053  261,776  (2,411) (10,520)
Credit card 55,699  54,580  52,642  51,708  51,249  1,119  4,450 
Auto 42,466  43,430  45,164  47,114  48,554  (964) (6,088)
Other consumer 28,672  27,951  28,199  28,161  28,108  721  564 
Total consumer 378,093  379,628  382,194  386,036  389,687  (1,535) (11,594)
Total loans $ 906,353  910,255  916,977  928,075  938,041  (3,902) (31,688)
Average Interest Rates
Commercial and industrial 6.73  % 7.16  7.22  7.18  7.20 
Commercial real estate 6.52  6.90  6.93  6.94  6.88 
Lease financing 5.77  5.68  5.47  5.34  5.17 
Total commercial 6.65  7.05  7.08  7.06  7.05 
Residential mortgage 3.68  3.67  3.65  3.61  3.60 
Credit card 12.53  12.73  12.75  13.14  13.03 
Auto 5.29  5.22  5.09  4.98  4.90 
Other consumer 7.97  8.56  8.56  8.62  8.68 
Total consumer 5.48  5.51  5.43  5.42  5.37 
Total loans 6.16  6.41  6.40  6.38  6.35 

-18-



Wells Fargo & Company and Subsidiaries
NET LOAN CHARGE-OFFS
Quarter ended
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Dec 31, 2024
$ Change from
($ in millions) Net loan 
charge-offs
As a % of average loans (1) Net loan 
charge-offs
As a % of average loans (1) Net loan 
charge-offs
As a % of average loans (1) Net loan 
charge-offs
As a % of average loans (1) Net loan 
charge-offs
As a % of average loans (1) Sep 30,
2024
Dec 31,
2023
By product:
Commercial and industrial $ 132  0.14  % $ 129  0.14  % $ 188  0.20  % $ 148  0.16  % $ 90  0.09  % $ 42 
Commercial real estate 261  0.74  184  0.51  271  0.74  187  0.50  377  0.99  77  (116)
Lease financing 10  0.23  10  0.25  0.21  0.13  0.14  — 
Total commercial 403  0.30  323  0.24  468  0.35  341  0.25  472  0.34  80  (69)
Residential mortgage (14) (0.02) (23) (0.04) (19) (0.03) (13) (0.02) —  (17)
Credit card 628  4.49  601  4.38  649  4.96  577  4.48  520  4.02  27  108 
Auto 82  0.77  83  0.76  79  0.70  112  0.96  130  1.06  (1) (48)
Other consumer 112  1.56  127  1.82  124  1.77  132  1.88  127  1.79  (15) (15)
Total consumer 808  0.85  788  0.83  833  0.88  808  0.84  780  0.79  20  28 
Total net loan charge-offs $ 1,211  0.53  % $ 1,111  0.49  % $ 1,301  0.57  % $ 1,149  0.50  % $ 1,252  0.53  % $ 100  (41)
By segment:
Consumer Banking and Lending $ 887  1.10  % $ 871  1.07  % $ 907  1.12  % $ 881  1.07  % $ 852  1.01  % $ 16  35 
Commercial Banking 111  0.20  50  0.09  94  0.17  75  0.13  35  0.06  61  76 
Corporate and Investing Banking 214  0.31  196  0.28  303  0.44  188  0.27  370  0.51  18  (156)
Wealth and Investment Management (1) —  (5) (0.02) (2) (0.01) 0.03  —  —  (1)
Corporate —  —  (1) (0.06) (1) (0.05) (1) (0.05) (5) (0.22)
Total net loan charge-offs $ 1,211  0.53  % $ 1,111  0.49  % $ 1,301  0.57  % $ 1,149  0.50  % $ 1,252  0.53  % $ 100  (41)
(1)Quarterly net loan charge-offs (recoveries) as a percentage of average loans are annualized.
-19-



Wells Fargo & Company and Subsidiaries
CHANGES IN ALLOWANCE FOR CREDIT LOSSES FOR LOANS
Quarter ended Dec 31, 2024
$ Change from
($ in millions) Dec 31,
2024
Sep 30,
2024
Jun 30,
2024
Mar 31,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Balance, beginning of period 14,739  14,789  14,862  15,088  15,064  (50) (325)
Provision for credit losses for loans 1,116  1,059  1,229  926  1,274  57  (158)
Net loan charge-offs:
Commercial and industrial (132) (129) (188) (148) (90) (3) (42)
Commercial real estate (261) (184) (271) (187) (377) (77) 116 
Lease financing (10) (10) (9) (6) (5) —  (5)
Total commercial (403) (323) (468) (341) (472) (80) 69 
Residential mortgage 14  23  19  13  (3) (9) 17 
Credit card (628) (601) (649) (577) (520) (27) (108)
Auto (82) (83) (79) (112) (130) 48 
Other consumer (112) (127) (124) (132) (127) 15  15 
Total consumer (808) (788) (833) (808) (780) (20) (28)
Net loan charge-offs (1,211) (1,111) (1,301) (1,149) (1,252) (100) 41 
Other (8) (1) (3) (10) (10)
Balance, end of period $ 14,636  14,739  14,789  14,862  15,088  (103) (452)
Components:
Allowance for loan losses $ 14,183  14,330  14,360  14,421  14,606  (147) (423)
Allowance for unfunded credit commitments 453  409  429  441  482  44  (29)
Allowance for credit losses for loans $ 14,636  14,739  14,789  14,862  15,088  (103) (452)
Ratio of allowance for loan losses to total net loan charge-offs (annualized) 2.95x 3.24 2.74 3.12 2.94
Allowance for loan losses as a percentage of:
Total loans 1.55  % 1.58  1.56  1.56  1.56 
Nonaccrual loans 183  175  170  179  177 
Allowance for credit losses for loans as a percentage of:
Total loans 1.60  1.62  1.61  1.61  1.61 
Nonaccrual loans 189  180  175  184  183 
-20-



Wells Fargo & Company and Subsidiaries
ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES FOR LOANS
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023
($ in millions) ACL ACL
as %
of loan
class
ACL ACL
as %
of loan
class
ACL ACL
as %
of loan
class
ACL ACL
as %
of loan
class
ACL ACL
as %
of loan
class
By product:
Commercial and industrial
$ 4,151  1.09  % $ 4,230  1.13  % $ 4,276  1.14  % $ 4,332  1.16  % $ 4,272  1.12  %
Commercial real estate 3,583  2.62  3,653  2.58  3,754  2.58  3,782  2.54  3,939  2.62 
Lease financing
212  1.29  209  1.27  206  1.23  203  1.22  201  1.22 
Total commercial
7,946  1.49  8,092  1.52  8,236  1.53  8,317  1.54  8,412  1.54 
Residential mortgage (1) 541  0.22  542  0.21  521  0.20  596  0.23  652  0.25 
Credit card 4,869  8.61  4,704  8.55  4,517  8.40  4,321  8.30  4,223  8.09 
Auto 636  1.50  726  1.70  804  1.82  894  1.93  1,042  2.18 
Other consumer 644  2.19  675  2.37  711  2.52  734  2.57  759  2.66 
Total consumer
6,690  1.77  6,647  1.75  6,553  1.72  6,545  1.70  6,676  1.72 
Total allowance for credit losses for loans $ 14,636  1.60  % $ 14,739  1.62  % $ 14,789  1.61  % $ 14,862  1.61  % $ 15,088  1.61  %
By segment:
Consumer Banking and Lending $ 7,470  2.32  % $ 7,445  2.31  % $ 7,386  2.27  % $ 7,361  2.24  % $ 7,453  2.24  %
Commercial Banking 2,364  1.06  2,443  1.09  2,408  1.06  2,472  1.09  2,406  1.07 
Corporate and Investing Banking 4,551  1.63  4,573  1.67  4,738  1.72  4,758  1.73  4,955  1.72 
Wealth and Investment Management 241  0.29  266  0.32  245  0.29  258  0.31  260  0.31 
Corporate 10  0.20  12  0.19  12  0.16  13  0.15  14  0.15 
Total allowance for credit losses for loans $ 14,636  1.60  % $ 14,739  1.62  % $ 14,789  1.61  % $ 14,862  1.61  % $ 15,088  1.61  %
(1)Includes negative allowance for expected recoveries of amounts previously charged off.
-21-



Wells Fargo & Company and Subsidiaries
NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Dec 31, 2024
$ Change from
($ in millions) Balance % of
total
loans
Balance % of
total
loans
Balance % of
total
loans
Balance % of
total
loans
Balance % of
total
loans
Sep 30,
2024
Dec 31,
2023
By product:
Nonaccrual loans:
Commercial and industrial $ 763  0.20  % $ 743  0.20  % $ 754  0.20  % $ 750  0.20  % $ 662  0.17  % $ 20  101 
Commercial real estate 3,771  2.76  4,115  2.91  4,321  2.97  3,913  2.63  4,188  2.78  (344) (417)
Lease financing 84  0.51  94  0.57  86  0.51  76  0.46  64  0.39  (10) 20 
Total commercial 4,618  0.86  4,952  0.93  5,161  0.96  4,739  0.88  4,914  0.90  (334) (296)
Residential mortgage (1) 2,991  1.20  3,086  1.22  3,135  1.23  3,193  1.24  3,192  1.22  (95) (201)
Auto 89  0.21  99  0.23  103  0.23  109  0.24  115  0.24  (10) (26)
Other consumer 32  0.11  35  0.12  35  0.12  34  0.12  35  0.12  (3) (3)
Total consumer 3,112  0.82  3,220  0.85  3,273  0.86  3,336  0.87  3,342  0.86  (108) (230)
Total nonaccrual loans 7,730  0.85  8,172  0.90  8,434  0.92  8,075  0.88  8,256  0.88  (442) (526)
Foreclosed assets 206  212  216  165  187  (6) 19 
Total nonperforming assets $ 7,936  0.87  % $ 8,384  0.92  % $ 8,650  0.94  % $ 8,240  0.89  % $ 8,443  0.90  % $ (448) (507)
By segment:
Consumer Banking and Lending $ 3,029  0.94  % $ 3,144  0.97  % $ 3,194  0.98  % $ 3,240  0.99  % $ 3,273  0.98  % $ (115) (244)
Commercial Banking 1,173  0.53  1,120  0.50  980  0.43  932  0.41  1,012  0.45  53  161 
Corporate and Investing Banking 3,508  1.26  3,912  1.43  4,265  1.55  3,831  1.39  3,935  1.37  (404) (427)
Wealth and Investment Management 226  0.27  208  0.25  211  0.25  237  0.29  223  0.27  18 
Corporate —  —  —  —  —  —  —  —  —  —  —  — 
Total nonperforming assets $ 7,936  0.87  % $ 8,384  0.92  % $ 8,650  0.94  % $ 8,240  0.89  % $ 8,443  0.90  % $ (448) (507)
(1)Residential mortgage loans are not placed on nonaccrual status when they are insured or guaranteed by U.S. government agencies, such as the FHA or the VA.

-22-




Wells Fargo & Company and Subsidiaries
COMMERCIAL AND INDUSTRIAL LOANS AND LEASE FINANCING BY INDUSTRY
Dec 31, 2024 Sep 30, 2024 Dec 31, 2023
($ in millions) Nonaccrual
loans
Loans outstanding balance % of
total
loans
Total commitments (1) Nonaccrual
loans
Loans outstanding balance % of
total
loans
Total commitments (1) Nonaccrual
loans
Loans outstanding balance % of
total
loans
Total commitments (1)
Financials except banks $ 24  156,831  17  % $ 254,276  $ 53  146,597  16  % $ 240,418  $ 146,635  16  % $ 234,513 
Technology, telecom and media 106  23,590  3 61,813  155  23,907  3 60,300  60  25,460  3 59,216 
Real estate and construction 92  24,839  3 52,741  91  25,082  3 53,248  55  24,987  3 54,345 
Equipment, machinery and parts manufacturing 35  25,135  3 51,150  33  25,931  3 49,762  37  24,785  3 48,265 
Retail 91  17,709  2 43,374  50  19,964  2 45,313  72  19,596  2 48,829 
Materials and commodities 100  13,624  1 37,365  31  14,019  2 36,518  112  14,235  2 37,758 
Food and beverage manufacturing 16,665  2 35,079  16  16,501  2 35,207  15  16,047  2 33,957 
Health care and pharmaceuticals 27  13,620  1 30,726  28  14,394  2 29,669  26  14,863  2 30,386 
Auto related 16,507  2 30,537  16,741  2 30,944  15,203  2 28,795 
Oil, gas and pipelines 10,503  1 30,486  10,042  1 30,129  10,730  1 32,544 
Commercial services 78  11,152  1 26,968  35  10,774  1 27,501  37  11,095  1 26,025 
Utilities —  6,641  * 24,735  6,518  * 24,169  8,325  * 25,710 
Diversified or miscellaneous 9,115  * 22,847  62  8,857  * 22,268  67  8,284  * 22,877 
Entertainment and recreation 53  12,672  1 19,691  24  12,227  1 18,940  18  13,968  1 20,250 
Transportation services 154  9,560  1 16,477  168  9,230  1 15,907  134  9,277  * 16,750 
Insurance and fiduciaries 4,368  * 15,753  5,154  * 16,314  4,715  * 15,724 
Government and education 29  5,897  * 11,711  42  5,291  * 11,371  26  5,603  * 11,552 
Agribusiness 13  6,349  * 11,225  14  6,115  * 11,209  31  6,466  * 12,080 
Banks —  7,772  * 8,701  8,620  * 9,663  —  11,820  1 12,981 
Other 14  5,105  * 12,687  19  3,268  * 10,921  15  4,717  * 12,297 
Total $ 847  397,654  44  % $ 798,342  $ 837  389,232  43  % $ 779,771  $ 726  396,811  42  % $ 784,854 
*Less than 1%.
(1)Total commitments consists of loans outstanding plus unfunded credit commitments, excluding issued letters of credit and discretionary amounts where our approval or consent is required prior to any loan funding or commitment increase.

-23-




Wells Fargo & Company and Subsidiaries
COMMERCIAL REAL ESTATE LOANS BY PROPERTY TYPE (1)
Dec 31, 2024 Sep 30, 2024 Dec 31, 2023
($ in millions) Nonaccrual
loans
Loans outstanding balance % of
total
loans
Total commitments (2) Nonaccrual
loans
Loans outstanding balance % of
total
loans
Total commitments (2) Nonaccrual
loans
Loans outstanding balance % of
total
loans
Total commitments (2)
Apartments $ 85  39,758  % $ 44,783  $ 27  41,349  % $ 47,382  $ 56  42,585  % $ 51,749 
Office 3,136  27,380  3 28,768  3,529  28,996  30,563  3,357  31,526  34,295 
Industrial/warehouse 74  24,038  3 26,178  52  24,603  26,816  28  25,413  28,493 
Hotel/motel 190  11,506  1 12,015  213  11,465  11,885  171  12,725  13,612 
Retail (excluding shopping center) 161  11,345  1 11,951  94  11,376  12,125  272  11,670  12,338 
Shopping center 93  8,113  * 8,571  164  8,585  * 9,117  183  8,745  * 9,356 
Institutional 12  5,186  * 5,524  13  5,393  * 5,812  81  5,986  * 6,568 
Mixed use properties 18  2,316  * 2,427  18  2,575  * 2,737  32  3,511  * 3,763 
Mobile home park —  2,273  * 2,376  —  2,192  * 2,351  —  2,119  * 2,332 
Storage facility —  2,088  * 2,240  —  2,197  * 2,363  —  2,782  * 3,002 
Other 2,502  * 4,177  2,679  * 4,459  3,554  * 5,959 
Total
$ 3,771  136,505  15  % $ 149,010  $ 4,115  141,410  16  % $ 155,610  $ 4,188  150,616  16  % $ 171,467 
*Less than 1%.
(1)Our commercial real estate (CRE) loan portfolio is comprised of CRE mortgage and CRE construction loans.
(2)Total commitments consists of loans outstanding plus unfunded credit commitments, excluding issued letters of credit.
-24-




Wells Fargo & Company and Subsidiaries
NET INTEREST INCOME AND NET GAINS FROM TRADING ACTIVITIES
Quarter ended Dec 31, 2024
% Change from
Year ended
($ in millions)
Dec 31,
2024
Sep 30,
2024
Jun 30,
2024
Mar 31,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Dec 31,
2024
Dec 31,
2023
%
Change
Interest income $ 1,476  1,453  1,369  1,243  1,149  % 28  $ 5,541  4,229  31  %
Interest expense 270  211  212  181  176  28  53  874  643  36 
Total net interest income 1,206  1,242  1,157  1,062  973  (3) 24  4,667  3,586  30 
Net gains from trading activities 950  1,438  1,442  1,454  1,070  (34) (11) 5,284  4,799  10 
Total trading-related net interest and noninterest income $ 2,156  2,680  2,599  2,516  2,043  (20) $ 9,951  8,385  19


-25-




Wells Fargo & Company and Subsidiaries
TANGIBLE COMMON EQUITY

We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than MSRs) and goodwill and other intangibles on investments in consolidated portfolio companies, net of applicable deferred taxes. The ratios are (i) tangible book value per common share, which represents tangible common equity divided by common shares outstanding; and (ii) return on average tangible common equity (ROTCE), which represents our annualized earnings as a percentage of tangible common equity. The methodology of determining tangible common equity may differ among companies. Management believes that tangible book value per common share and return on average tangible common equity, which utilize tangible common equity, are useful financial measures because they enable management, investors, and others to assess the Company’s use of equity.

The tables below provide a reconciliation of these non-GAAP financial measures to GAAP financial measures.
Dec 31, 2024
% Change from
($ in millions)
Dec 31,
2024
Sep 30,
2024
Jun 30,
2024
Mar 31,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Tangible book value per common share:
Total equity 181,066  185,011  178,148  182,674  187,443  (2) % (3)
Adjustments:
Preferred stock
(18,608) (18,608) (16,608) (18,608) (19,448) — 
Additional paid-in capital on preferred stock
144  144  141  146  157  —  (8)
Noncontrolling interests (1,946) (1,746) (1,718) (1,731) (1,708) (11) (14)
Total common stockholders' equity (A) 160,656  164,801  159,963  162,481  166,444  (3) (3)
Adjustments:
Goodwill (25,167) (25,173) (25,172) (25,173) (25,175) —  — 
Certain identifiable intangible assets (other than MSRs) (73) (85) (96) (107) (118) 14  38 
Goodwill and other intangibles on investments in consolidated portfolio companies (included in
other assets) (1)
(735) (772) (968) (965) (878) 16 
Applicable deferred taxes related to goodwill and other intangible assets (2)
947  940  933  927  920 
Tangible common equity (B) $ 135,628  139,711  134,660  137,163  141,193  (3) (4)
Common shares outstanding (C) 3,288.9  3,345.5  3,402.7  3,501.7  3,598.9  (2) (9)
Book value per common share (A)/(C) 48.85  49.26  47.01  46.40  46.25  (1)
Tangible book value per common share (B)/(C) 41.24  41.76  39.57  39.17  39.23  (1)
(1)In third quarter 2023, we sold investments in certain private equity funds. As a result, we have removed the related goodwill and other intangible assets on private equity investments in consolidated portfolio companies.
(2)Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.
-26-




Wells Fargo & Company and Subsidiaries
TANGIBLE COMMON EQUITY (continued)
Quarter ended Dec 31, 2024
% Change from
Year ended
($ in millions)
Dec 31,
2024
Sep 30,
2024
Jun 30,
2024
Mar 31,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Dec 31,
2024
Dec 31,
2023
%
Change
Return on average tangible common equity:
Net income applicable to common stock (A) $ 4,801  4,852  4,640  4,313  3,160  (1) % 52  $ 18,606  17,982  %
Average total equity 182,933  184,368  181,552  186,669  185,853  (1) (2) 183,879  184,860  (1)
Adjustments:
Preferred stock
(18,608) (18,129) (18,300) (19,291) (19,448) (3) (18,581) (19,698)
Additional paid-in capital on preferred stock
144  143  145  155  157  (8) 147  168  (13)
Noncontrolling interests (1,803) (1,748) (1,743) (1,710) (1,664) (3) (8) (1,751) (1,844)
Average common stockholders’ equity (B) 162,666  164,634  161,654  165,823  164,898  (1) (1) 163,694  163,486  — 
Adjustments:
Goodwill (25,170) (25,172) (25,172) (25,174) (25,173) —  —  (25,172) (25,173) — 
Certain identifiable intangible assets (other than MSRs)
(78) (89) (101) (112) (124) 12  37  (95) (136) 30 
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (1)
(772) (965) (965) (879) (878) 20  12  (895) (2,083) 57 
Applicable deferred taxes related to goodwill and other intangible assets (2)
945  938  931  924  918  935  906 
Average tangible common equity (C) $ 137,591  139,346  136,347  140,582  139,641  (1) (1) $ 138,467  137,000 
Return on average common stockholders’ equity (ROE) (annualized) (A)/(B) 11.7  % 11.7  11.5  10.5  7.6  11.4  % 11.0  %
Return on average tangible common equity (ROTCE) (annualized) (A)/(C) 13.9  13.9  13.7  12.3  9.0  13.4  13.1 
(1)In third quarter 2023, we sold investments in certain private equity funds. As a result, we have removed the related goodwill and other intangible assets on private equity investments in consolidated portfolio companies.
(2)Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.
-27-




Wells Fargo & Company and Subsidiaries
RISK-BASED CAPITAL RATIOS UNDER BASEL III (1)

Estimated
($ in billions)
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023
Total equity
181.1  185.0  178.1  182.7  187.4 
Adjustments:
Preferred stock
(18.6) (18.6) (16.6) (18.6) (19.4)
Additional paid-in capital on preferred stock
0.1  0.1  0.2  0.1  0.1 
Noncontrolling interests (1.9) (1.7) (1.7) (1.7) (1.7)
Total common stockholders' equity 160.7  164.8  160.0  162.5  166.4 
Adjustments:
Goodwill (25.2) (25.2) (25.2) (25.2) (25.2)
Certain identifiable intangible assets (other than MSRs) (0.1) (0.1) (0.1) (0.1) (0.1)
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)
(0.7) (0.8) (1.0) (1.0) (0.9)
Applicable deferred taxes related to goodwill and other intangible assets (2)
0.9  0.9  0.9  0.9  0.9 
Other (3)
(1.0) (1.3) (0.4) (0.4) (0.3)
Common Equity Tier 1 under the Standardized and Advanced Approaches (A) 134.6  138.3  134.2  136.7  140.8 
Preferred stock
18.6  18.6  16.6  18.6  19.4 
Additional paid-in capital on preferred stock
(0.1) (0.1) (0.2) (0.1) (0.1)
Other (0.2) (0.2) (0.1) (0.3) (0.3)
Total Tier 1 capital under the Standardized and Advanced Approaches (B) 152.9  156.6  150.5  154.9  159.8 
Long-term debt and other instruments qualifying as Tier 2 17.6  17.7  18.3  19.0  19.0 
Qualifying allowance for credit losses (4)
14.5  14.6  14.7  14.7  14.9 
Other (0.3) (0.4) (0.3) (0.5) (0.6)
Total Tier 2 capital under the Standardized Approach
(C)
31.8  31.9  32.7  33.2  33.3 
Total qualifying capital under the Standardized Approach
(B)+(C)
$ 184.7  188.5  183.2  188.1  193.1 
Long-term debt and other instruments qualifying as Tier 2 17.6  17.7  18.3  19.0  19.0 
Qualifying allowance for credit losses (4)
4.3  4.3  4.4  4.4  4.5 
Other (0.3) (0.4) (0.3) (0.5) (0.6)
Total Tier 2 capital under the Advanced Approach (D) 21.6  21.6  22.4  22.9  22.9 
Total qualifying capital under the Advanced Approach
(B)+(D)
$ 174.5  178.2  172.9  177.8  182.7 
Total risk-weighted assets (RWAs) under the Standardized Approach
(E) $ 1,215.8  1,219.9  1,219.5  1,221.6  1,231.7 
Total RWAs under the Advanced Approach
(F) $ 1,085.5  1,089.3  1,093.0  1,099.6  1,114.3 
Ratios under the Standardized Approach:
Common Equity Tier 1 (A)/(E) 11.1  % 11.3  11.0  11.2  11.4 
Tier 1 capital (B)/(E) 12.6  12.8  12.3  12.7  13.0 
Total capital
(B)+(C)/(E)
15.2  15.5  15.0  15.4  15.7 
Ratios under the Advanced Approach:
Common Equity Tier 1 (A)/(F) 12.4  % 12.7  12.3  12.4  12.6 
Tier 1 capital (B)/(F) 14.1  14.4  13.8  14.1  14.3 
Total capital
(B)+(D)/(F)
16.1  16.4  15.8  16.2  16.4 
(1)The Basel III capital rules provide for two capital frameworks (the Standardized Approach and the Advanced Approach applicable to certain institutions), and we must calculate our CET1, Tier 1 and total capital ratios under both approaches.
(2)Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.
(3)Includes a $60 million increase for each period in 2024 and a $120 million increase for each period in 2023 related to a current expected credit loss accounting standard (CECL) transition provision. In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out period in which the benefit is reduced by 25% in year one, 50% in year two and 75% in year three.
(4)Differences between the approaches are driven by the qualifying amounts of ACL includable in Tier 2 capital. Under the Advanced Approach, eligible credit reserves represented by the amount of qualifying ACL in excess of expected credit losses (using regulatory definitions) is limited to 0.60% of Advanced credit RWAs, whereas the Standardized Approach includes ACL in Tier 2 capital up to 1.25% of Standardized credit RWAs. Under both approaches, any excess ACL is deducted from the respective total RWAs.
-28-

EX-99.3 4 ex993-wellsfargo4q24pres.htm EXHIBIT 99.3 ex993-wellsfargo4q24pres
© 2025 Wells Fargo Bank, N.A. All rights reserved. 4Q24 Financial Results January 15, 2025 Exhibit 99.3


 
24Q24 Financial Results 4Q24 results Financial Results ROE: 11.7% ROTCE: 13.9%1 Efficiency ratio: 68%2 Credit Quality Capital and Liquidity CET1 ratio: 11.1%6 LCR: 125%7 TLAC ratio: 24.8%8 • Provision for credit losses5 of $1.1 billion – Total net loan charge-offs of $1.2 billion, down $41 million, with net loan charge-offs of 0.53% of average loans (annualized) – Allowance for credit losses for loans of $14.6 billion, down 3% • Common Equity Tier 1 (CET1) capital6 of $134.6 billion • CET1 ratio6 of 11.1% under the Standardized Approach • Liquidity coverage ratio (LCR)7 of 125% • Net income of $5.1 billion, or $1.43 per diluted common share, included: • Revenue of $20.4 billion, down slightly – Net interest income of $11.8 billion, down 7% – Noninterest income of $8.5 billion, up 11% • Noninterest expense of $13.9 billion, down 12% • Pre-tax pre-provision profit3 of $6.5 billion, up 38% • Effective income tax rate of 2.3%4 and included $863 million of discrete tax benefits • Average loans of $906.4 billion, down 3% • Average deposits of $1.4 trillion, up 1% Comparisons in the bullet points are for 4Q24 versus 4Q23, unless otherwise noted. Endnotes are presented starting on page 21. ($ in millions, except EPS) Pre-tax Income EPS Discrete tax benefits related to the resolution of prior period matters $863 $0.26 Severance expense (647) (0.15) Net losses on debt securities related to a repositioning of the investment portfolio (448) (0.10)


 
34Q24 Financial Results 4Q24 earnings Quarter ended $ Change from Year ended $ Change from $ in millions, except per share data 4Q24 3Q24 4Q23 3Q24 4Q23 2024 2023 2023 Net interest income $11,836 11,690 12,771 $146 (935) $47,676 52,375 ($4,699) Noninterest income 8,542 8,676 7,707 (134) 835 34,620 30,222 4,398 Total revenue 20,378 20,366 20,478 12 (100) 82,296 82,597 (301) Net charge-offs 1,188 1,111 1,258 77 (70) 4,759 3,450 1,309 Change in the allowance for credit losses (93) (46) 24 (47) (117) (425) 1,949 (2,374) Provision for credit losses1 1,095 1,065 1,282 30 (187) 4,334 5,399 (1,065) Noninterest expense 13,900 13,067 15,786 833 (1,886) 54,598 55,562 (964) Pre-tax income 5,383 6,234 3,410 (851) 1,973 23,364 21,636 1,728 Income tax expense (benefit)2 120 1,064 (100) (944) 220 3,399 2,607 792 Effective income tax rate (%) 2.3 % 17.2 (3.0) (1,491) bps 530 14.7 % 12.0 270 bps Net income $5,079 5,114 3,446 ($35) 1,633 $19,722 19,142 $580 Diluted earnings per common share $1.43 1.42 0.86 $0.01 0.57 $5.37 4.83 $0.54 Diluted average common shares (# mm) 3,360.7 3,425.1 3,657.0 (64) (296) 3,467.6 3,720.4 (253) Return on equity (ROE) 11.7 % 11.7 7.6 2 bps 414 11.4 % 11.0 37 bps Return on average tangible common equity (ROTCE)3 13.9 13.9 9.0 3 490 13.4 13.1 31 Efficiency ratio 68 64 77 405 (888) 66 67 (93) Endnotes are presented starting on page 21.


 
44Q24 Financial Results Net Interest Income ($ in millions) 12,771 12,227 11,923 11,690 11,836 Net Interest Margin (NIM) on a taxable-equivalent basis 4Q23 1Q24 2Q24 3Q24 4Q24 2.70% Net interest income • Net interest income down $935 million, or 7%, from 4Q23 driven by deposit mix and pricing changes, the impact of lower rates on floating rate assets, and lower loan balances, partially offset by lower market funding • Net interest income up $146 million, or 1%, from 3Q24 driven by higher customer deposit balances and lower market funding, partially offset by the impact of lower rates on floating rate assets, as well as changes in deposit mix 2.92% 2.81% 2.75% 2.67% 1 Endnotes are presented starting on page 21.


 
54Q24 Financial Results Loans and deposits • Average loans down $31.6 billion, or 3%, year-over-year (YoY); down $3.9 billion from 3Q24 as declines in commercial real estate and residential mortgage loans were partially offset by higher commercial and industrial loans and credit card loans • Total average loan yield of 6.16%, down 19 bps YoY and down 25 bps from 3Q24 reflecting the impact of lower interest rates • Period-end loans of $912.7 billion, down $24.0 billion, or 3%, YoY and up $3.0 billion from 3Q24 • Average deposits up $12.9 billion, or 1%, YoY and up $12.1 billion, or 1%, from 3Q24 as growth in customer deposits was partially offset by a reduction in higher cost CDs issued by Corporate Treasury • Period-end deposits up $13.6 billion, or 1%, YoY and up $22.2 billion, or 2%, from 3Q24 Average Loans Outstanding ($ in billions) 938.0 928.1 917.0 910.3 906.4 548.3 542.1 534.8 530.6 528.3 389.7 386.0 382.2 379.7 378.1 Total Average Loan Yield Consumer Loans Commercial Loans 4Q23 1Q24 2Q24 3Q24 4Q24 6.35% 6.38% 6.40% 6.41% 6.16% Period-End Deposits ($ in billions) 4Q24 vs 3Q24 vs 4Q23 Consumer Banking and Lending $ 783.5 1 % — % Commercial Banking 188.7 6 16 Corporate and Investment Banking 212.9 7 15 Wealth and Investment Management 127.0 13 22 Corporate 59.7 (28) (52) Total deposits $ 1,371.8 2 % 1 % Average deposit cost 1.73 % (0.18) 0.15 1,340.9 1,341.6 1,346.5 1,341.7 1,353.8 779.5 773.2 778.2 773.6 773.6 163.3 164.0 166.9 173.2 184.3 173.1 183.3 187.5 194.3 205.1 102.1 101.5 102.8 108.0 118.3 122.9 119.6 111.1 92.6 72.5 Corporate Wealth and Investment Management Corporate and Investment Banking Commercial Banking Consumer Banking and Lending 4Q23 1Q24 2Q24 3Q24 4Q24 Period-End Loans Outstanding ($ in billions) 4Q24 vs 3Q24 vs 4Q23 Commercial $ 534.1 1 % (2) % Consumer 378.6 — (3) Total loans $ 912.7 — % (3) % Average Deposits ($ in billions)


 
64Q24 Financial Results Noninterest Income ($ in millions) 7,707 8,636 8,766 8,676 8,542 799 940 935 686 957 1,027 1,061 1,101 1,096 1,084 455 627 641 672 725 1,070 1,454 1,442 1,438 950 1,568 1,597 1,618 1,675 1,625 2,788 2,957 3,029 3,109 3,201 Investment advisory fees and brokerage commissions Deposit and lending-related fees Net gains from trading activities Investment banking fees Card fees All other 4Q23 1Q24 2Q24 3Q24 4Q24 • Noninterest income increased $835 million, or 11%, from 4Q23 – Investment advisory fees and brokerage commissions1 up $413 million, or 15%, driven by higher asset-based fees reflecting higher market valuations – Deposit and lending-related fees up $57 million, or 4%, on higher deposit- related fees including higher treasury management fees, as well as higher commercial lending-related fees – Net gains from trading activities down $120 million, or 11%, and included an $(85) million impact from the 4Q24 change to incorporate funding valuation adjustments (FVA) on derivatives – Investment banking fees up $270 million, or 59%, on increased activity in equity and debt capital markets and higher advisory fees – Card fees up $57 million, or 6%, and included higher debit and credit card interchange income on higher point of sale transactions and volume – All other2 up $158 million and included improved results from our venture capital investments, partially offset by higher net losses on debt securities related to a repositioning of the investment portfolio • Noninterest income down $134 million, or 2%, from 3Q24 – Investment advisory fees and brokerage commissions1 up $92 million, or 3%, driven by higher asset-based fees reflecting higher market valuations – Net gains from trading activities down $488 million, or 34%, reflecting seasonality, a decline in customer activity in rates from a strong 3Q24, and an $(85) million impact from the 4Q24 change to incorporate FVA on derivatives – Investment banking fees up $53 million, or 8%, on higher advisory fee income and increased activity in equity capital markets – All other2 up $271 million and included improved results from our venture capital investments Noninterest income 2 1 Endnotes are presented starting on page 21.


 
74Q24 Financial Results 15,786 14,338 13,293 13,067 13,900 4,319 3,929 4,173 4,246 4,521 8,056 9,492 8,575 8,591 8,424 1,931 Operating Losses FDIC Special Assessment Personnel Expense Non-personnel Expense 4Q23 1Q24 2Q24 3Q24 4Q24 Noninterest expense • Noninterest expense down $1.9 billion from 4Q23 – FDIC special assessment2 down $2.0 billion – Personnel expense down $110 million on lower severance expense and the impact of efficiency initiatives, partially offset by higher revenue-related compensation expense and higher benefits expense – Non-personnel expense up $202 million, or 5%, and included higher technology and equipment expense, partially offset by the impact of efficiency initiatives • Noninterest expense up $833 million, or 6%, from 3Q24 – Personnel expense up $480 million and included severance expense of $647 million, partially offset by lower incentive compensation – Non-personnel expense up $275 million, or 6%, and included higher technology and equipment expense, as well as higher professional and outside services expense Noninterest Expense ($ in millions) Headcount (Period-end, '000s) 4Q23 1Q24 2Q24 3Q24 4Q24 226 225 223 220 218 293493 633 355 1,1251 Endnotes are presented starting on page 21. (63) 1 52 1 338 (30) 284 6471


 
84Q24 Financial Results 1,282 938 1,236 1,065 1,095 1,252 1,149 1,301 1,111 1,211 Provision for Credit Losses Net Loan Charge-offs Net Loan Charge-off Ratio 4Q23 1Q24 2Q24 3Q24 4Q24 Credit quality: net loan charge-offs • Commercial net loan charge-offs up $80 million to 30 bps of average loans (annualized) reflecting a $77 million increase in commercial real estate (CRE) net loan charge-offs – CRE net loan charge-offs of $261 million, or 74 bps of average loans (annualized) predominantly driven by CRE office net loan charge-offs • Consumer net loan charge-offs up $20 million to 85 bps of average loans (annualized) on a $27 million increase in credit card net loan charge-offs • Nonperforming assets of $7.9 billion, down $448 million, or 5%, predominantly driven by lower CRE nonaccrual loans and lower residential mortgage nonaccrual loans – CRE nonaccrual loans of $3.8 billion, down $344 million, or 8%, and included a $393 million decrease in CRE office nonaccruals including paydowns and net loan charge-offs Provision for Credit Losses1 and Net Loan Charge-offs ($ in millions) Comparisons in the bullet points are for 4Q24 versus 3Q24. Endnotes are presented starting on page 21. 0.53% 0.50% 0.49% 0.57% 1 0.53%


 
94Q24 Financial Results Credit quality: allowance for credit losses for loans Allowance for Credit Losses for Loans ($ in millions) • Allowance for credit losses for loans (ACL) down $103 million as modest ACL declines across most asset classes were partially offset by a higher ACL for credit card loans on higher loan balances – Allowance coverage for total loans down 1 bp from 4Q23 and down 2 bps from 3Q24 • CRE Office ACL of $2.3 billion, down $135 million – CRE Office ACL as a % of loans of 8.3%, flat with 8.3% ◦ Corporate and Investment Banking (CIB) CRE Office ACL as a % of loans of 12.0%, up from 11.4% 15,088 14,862 14,789 14,739 14,636 8,412 8,317 8,236 8,092 7,946 6,676 6,545 6,553 6,647 6,690 Commercial Consumer Allowance coverage for total loans 4Q23 1Q24 2Q24 3Q24 4Q24 1.61%1.61% 1.61% 1.62% 1.60% 1 CRE Allowance for Credit Losses (ACL) and Nonaccrual Loans, as of 12/31/24 ($ in millions) Allowance for Credit Losses Loans Outstanding ACL as a % of Loans Nonaccrual Loans CIB CRE Office $ 2,066 17,285 12.0% $ 2,920 All other CRE Office 219 10,095 2.2 216 Total CRE Office 2,285 27,380 8.3 3,136 All other CRE 1,298 109,125 1.2 635 Total CRE $ 3,583 136,505 2.6% $ 3,771 Comparisons in the bullet points are for 4Q24 versus 3Q24, unless otherwise noted.


 
104Q24 Financial Results Capital and liquidity Capital Position • Common Equity Tier 1 (CET1) ratio1 of 11.1% at December 31, 2024 • CET1 ratio down 30 bps from 4Q23 and down 20 bps from 3Q24 – A decrease in accumulated other comprehensive income reflecting higher interest rates and wider spreads on mortgage-backed securities had a (26) bps impact on the CET1 ratio versus 3Q24 Capital Return • $4.0 billion in gross common stock repurchases, or 57.8 million shares, in 4Q24; period-end common shares outstanding down 310.0 million, or 9%, from 4Q23 • 4Q24 common stock dividend of $0.40 per share with $1.3 billion in common stock dividends paid Total Loss Absorbing Capacity (TLAC) • As of December 31, 2024, our TLAC as a percentage of total risk-weighted assets3 was 24.8% compared with the required minimum of 21.5% Liquidity Position • Strong liquidity position with a 4Q24 LCR4 of 125% which remained above our regulatory minimum of 100% 11.4% 11.2% 11.0% 11.3% 11.1% 4Q23 1Q24 2Q24 3Q24 4Q24 Estimated 9.8% Regulatory Minimum and Buffers2 Common Equity Tier 1 Ratio under the Standardized Approach1 Endnotes are presented starting on page 21.


 
114Q24 Financial Results • Total revenue down 6% YoY and down 2% from 3Q24 – CSBB down 7% YoY driven by lower net interest income reflecting the impact of customer migration to higher yielding deposit products; down 2% from 3Q24 on lower net interest income and lower deposit-related fees – Credit Card up 3% YoY reflecting higher loan balances and higher card fees driven by the impact of higher point of sale volume – Auto down 21% YoY and down 4% from 3Q24 driven by lower loan balances and loan spread compression – Personal Lending down 10% YoY driven by lower loan balances and loan spread compression • Noninterest expense down 2% YoY reflecting lower operating costs and severance expense, as well as the impact of efficiency initiatives, partially offset by higher operating losses; up 5% from 3Q24 driven by higher operating costs, operating losses, and severance expense Consumer Banking and Lending (CBL) Summary Financials $ in millions (mm) 4Q24 vs. 3Q24 vs. 4Q23 Revenue by line of business: Consumer, Small and Business Banking (CSBB) $6,067 ($155) (487) Consumer Lending: Home Lending 854 12 15 Credit Card 1,489 18 40 Auto 263 (10) (71) Personal Lending 307 (9) (36) Total revenue 8,980 (144) (539) Provision for credit losses 911 (19) 121 Noninterest expense 5,925 301 (121) Pre-tax income 2,144 (426) (539) Net income $1,602 ($322) (409) Selected Metrics 4Q24 3Q24 4Q23 Return on allocated capital1 13.4 % 16.3 17.6 Efficiency ratio2 66 62 64 Retail bank branches # 4,177 4,196 4,311 Digital (online and mobile) active customers3 (mm) 36.0 35.8 34.8 Mobile active customers3 (mm) 31.4 31.2 29.9 Average Balances $ in billions 4Q24 3Q24 4Q23 Loans $321.4 323.6 333.5 Deposits 773.6 773.6 779.5 Endnotes are presented starting on page 21.


 
124Q24 Financial Results Consumer Banking and Lending Retail Mortgage Loan Originations ($ in billions) Auto Loan Originations ($ in billions) Credit Card Point of Sale (POS) Volume ($ in billions) Debit Card Purchase Volume and Transactions1 4.5 3.5 5.3 5.5 5.9 Refinances as a % of Retail Originations 4Q23 1Q24 2Q24 3Q24 4Q24 126.1 121.5 128.2 126.8 131.0 Purchase Volume ($ in billions) Purchase Transactions (billions) 4Q23 1Q24 2Q24 3Q24 4Q24 3.3 4.1 3.7 4.1 5.0 4Q23 1Q24 2Q24 3Q24 4Q24 41.2 39.1 42.9 43.4 45.1 4Q23 1Q24 2Q24 3Q24 4Q24 2.5 2.4 2.6 2.6 2.6 24% 18% 13% 20% 27% Endnotes are presented starting on page 21.


 
134Q24 Financial Results Commercial Banking (CB) • Total revenue down 6% YoY and down 5% from 3Q24 – Middle Market Banking revenue down 2% YoY driven by lower net interest income reflecting the impact of higher deposit costs, partially offset by higher treasury management fees; down 2% from 3Q24 on lower net interest income – Asset-Based Lending and Leasing revenue down 12% YoY on lower net interest income and lease income, partially offset by improved results from equity investments; down 10% from 3Q24 and included lower revenue from equity investments • Noninterest expense down 6% YoY on lower severance expense and operating losses, as well as the impact of efficiency initiatives, partially offset by higher operating costs; up 3% from 3Q24 and included higher severance expense and higher professional and outside services expense Summary Financials $ in millions 4Q24 vs. 3Q24 vs. 4Q23 Revenue by line of business: Middle Market Banking $2,144 ($43) (52) Asset-Based Lending and Leasing 1,027 (119) (145) Total revenue 3,171 (162) (197) Provision for credit losses 33 (52) (7) Noninterest expense 1,525 45 (105) Pre-tax income 1,613 (155) (85) Net income $1,203 ($115) (70) Selected Metrics 4Q24 3Q24 4Q23 Return on allocated capital 17.4 % 19.2 19.0 Efficiency ratio 48 44 48 Average loans by line of business ($ in billions) Middle Market Banking $126.8 127.3 119.0 Asset-Based Lending and Leasing 95.0 94.8 104.4 Total loans $221.8 222.1 223.4 Average deposits 184.3 173.2 163.3


 
144Q24 Financial Results Corporate and Investment Banking (CIB) • Total revenue down 3% YoY and down 6% from 3Q24 – Banking revenue down 4% YoY driven by higher deposit costs and lower loan balances, partially offset by higher investment banking revenue on increased activity in equity and debt capital markets and higher advisory fees – Commercial Real Estate revenue down 7% from 3Q24 driven by lower capital markets revenue, lower revenue in our low-income housing business, and lower loan balances – Markets revenue down 5% YoY on lower revenue in equities and municipals, partially offset by higher revenue in most other FICC products; down 15% from 3Q24 reflecting seasonally lower trading activity across most asset classes. 4Q24 results included a loss of $85 million from the implementation of a change to incorporate funding valuation adjustments (FVA) on derivatives • Noninterest expense up 8% YoY driven by higher operating costs and incentive compensation, partially offset by the impact of efficiency initiatives; up 3% from 3Q24 driven by higher severance expense Summary Financials $ in millions 4Q24 vs. 3Q24 vs. 4Q23 Revenue by line of business: Banking: Lending $691 ($7) (83) Treasury Management and Payments 644 (51) (98) Investment Banking 491 72 108 Total Banking 1,826 14 (73) Commercial Real Estate 1,274 (90) (17) Markets: Fixed Income, Currencies and Commodities (FICC) 1,179 (148) 57 Equities 385 (11) (72) Credit Adjustment (CVA/DVA/FVA) and Other (71) (102) (63) Total Markets 1,493 (261) (78) Other 20 39 46 Total revenue 4,613 (298) (122) Provision for credit losses 205 179 (293) Noninterest expense 2,300 71 168 Pre-tax income 2,108 (548) 3 Net income $1,580 ($412) (2) Selected Metrics 4Q24 3Q24 4Q23 Return on allocated capital 13.4 % 17.1 13.4 Efficiency ratio 50 45 45 Average Balances ($ in billions) Loans by line of business 4Q24 3Q24 4Q23 Banking $85.7 86.5 94.7 Commercial Real Estate 119.5 124.1 133.9 Markets 68.8 64.6 61.5 Total loans $274.0 275.2 290.1 Deposits 205.1 194.3 173.1 Trading-related assets 252.7 234.2 203.9


 
154Q24 Financial Results Wealth and Investment Management (WIM) Summary Financials $ in millions 4Q24 vs. 3Q24 vs. 4Q23 Net interest income $856 $14 (50) Noninterest income 3,102 66 348 Total revenue 3,958 80 298 Provision for credit losses (27) (43) (8) Noninterest expense 3,307 153 284 Pre-tax income 678 (30) 22 Net income $508 ($21) 17 Selected Metrics ($ in billions) 4Q24 3Q24 4Q23 Return on allocated capital 30.2 % 31.5 30.4 Efficiency ratio 84 81 83 Average loans $83.6 82.8 82.2 Average deposits 118.3 108.0 102.1 Client assets Advisory assets 998 993 891 Other brokerage assets and deposits 1,295 1,301 1,193 Total client assets $2,293 2,294 2,084 • Total revenue up 8% YoY and up 2% from 3Q24 – Net interest income down 6% YoY driven by higher deposit costs including the impact of increased pricing on sweep deposits in advisory brokerage accounts, partially offset by higher deposit balances; up 2% from 3Q24 driven by higher deposit and loan balances – Noninterest income up 13% YoY and up 2% from 3Q24 on higher asset- based fees driven by an increase in market valuations • Noninterest expense up 9% YoY as higher revenue-related compensation was partially offset by the impact of efficiency initiatives; up 5% from 3Q24 driven by higher revenue-related compensation and severance expense


 
164Q24 Financial Results Corporate • Revenue increased YoY reflecting improved results from our venture capital investments and net interest income improvement due to lower crediting rates paid to our operating segments, partially offset by net losses on debt securities related to a repositioning of the investment portfolio • Noninterest expense down YoY reflecting lower FDIC assessments, as 4Q23 included a $1.9 billion FDIC special assessment; up from 3Q24 driven by higher severance expense Summary Financials $ in millions 4Q24 vs. 3Q24 vs. 4Q23 Net interest income ($264) $151 280 Noninterest income 368 290 84 Total revenue 104 441 364 Provision for credit losses (27) (35) — Noninterest expense 843 263 (2,112) Pre-tax loss (712) 213 2,476 Income tax benefit (1,080) (750) 259 Less: Net income from noncontrolling interests 182 128 120 Net income $186 $835 2,097


 
174Q24 Financial Results Outlook Expect 2025 net interest income to be ~1% to 3% higher than in 2024 Net Interest Income Noninterest Expense Expect 2025 noninterest expense to be ~$54.2 billion • Includes ~$600 million of higher expected revenue-related expense in Wealth and Investment Management Return on Tangible Common Equity (ROTCE) 1 We have made significant progress improving our returns and still believe we have an achievable path to a sustainable ROTCE of 15% • 2024 ROE of 11.4% and 2024 ROTCE of 13.4%1 Endnotes are presented starting on page 21.


 
184Q24 Financial Results • 2025 net interest income is expected to be ~1 to 3% higher than 2024 net interest income of $47.7 billion. Key assumptions include: – Average loans (4Q25 vs. 4Q24) expected to grow modestly on anticipated growth in CIB Markets and Banking, as well as anticipated growth in auto and credit card – Average deposits in all operating segments (CBL, CB, CIB and WIM) expected to grow modestly, which should allow for a reduction in higher-cost market funding – Reinvestment of securities run-off into higher-yielding assets – Benefit of the investment portfolio repositioning that occurred in the second half of 2024 – Higher trading-related NII (largely offset by lower trading-related noninterest income) – Expectations assume the asset cap will remain in place for 2025 • Net interest income performance will ultimately be determined by a variety of factors, many of which are uncertain, including the absolute level of rates and the shape of the yield curve; deposit balances, mix and pricing; and loan demand $47.7 $47.0 GAAP Full Year 2024 4Q24 Annualized Full Year 2025 ~3-5% higher than 4Q24 annualized1 2025 net interest income expectation 2025 Net Interest Income (NII) Expectation ($ in billions) 1 Forward Rate Curve as of 1/8/25 Average rates 1Q25 2Q25 3Q25 4Q25 Fed Funds 4.31 % 4.18 4.03 3.94 10-year Treasury 4.72 4.74 4.77 4.80 Expect 2025 NII to be ~1 to 3% higher than 2024 Endnotes are presented starting on page 21.


 
194Q24 Financial Results $54.6 (0.7) (0.5) 0.6 0.2 $54.2 2024 Expense 2025 Outlook 0.9 0.9 0.8 Efficiency initiatives Incremental technology expense Incremental other investments Other including expected merit increases 2025 Expense Expectation 2025 expense expectation Building the right risk and control infrastructure to strengthen our Company remains our top priority ($ in billions) Expected net other expense change details ~ • 2025 expense expectations – ~$1.1 billion of operating losses – Lower severance expense – Higher revenue-related expense in Wealth and Investment Management (assumes modestly higher equity markets) • Efficiency initiatives include: – Technology driven efficiencies, including streamlining operations through modern data platforms and tools and increasing automation – Delivering integrated digital solutions and enhancing our digital infrastructure – Operational efficiencies from business optimization, process improvement, and process automation – Continue to see more opportunities past 2025 • Incremental technology expense includes investments in infrastructure and business capabilities • Incremental other investments include targeted hiring in Corporate and Investment Banking and Commercial Banking, as well as higher advertising and promotion expense – For additional detail on investments, see page 20 • Other includes expected merit increases and performance-based discretionary compensation • As previously disclosed, we have outstanding litigation, regulatory, and customer remediation matters that could impact operating losses Expected higher revenue- related expense Expected lower operating losses Expected lower severance expense Expected net other expense change $(2.4)


 
204Q24 Financial Results Areas of focus for 2025 investments Consumer Lending • Continue to invest in core card capabilities that improve the customer experience • Continue modernization of auto loan servicing systems • Improve pricing models, enhance credit decisioning and strengthen fraud capabilities • Improve Home Lending sales and fulfillment efficiency with enhanced digital capabilities Corporate and Investment Banking • Hiring in priority sectors and products within investment banking and capital markets to support growth initiatives • Continue investment in electronic trading, market driven modeling enhancements, and new product capabilities • Enhance risk management capabilities and capital decision making across lines of business, in line with expected higher institutional client volumes Commercial Banking • Improve lending systems and architecture through platform modernization • Continue to enhance Vantage℠ , including modernizing experience across payments, FX, liquidity, and lending • Modernize and improve core payment platforms to meet clients’ expanding needs • Continue to build out coverage in under-penetrated markets and key industries • Continue to enhance new sales enablement and client insights capabilities to improve prospect prioritization and relationship planning Wealth and Investment Management • Continue modernization of Advisor GatewaySM , to enable advisors to better serve clients across all channels • Continue investment in the client digital experience for opening accounts and moving money • Broaden unified managed account platform to better enable advisors to model and move assets across investment strategies and transact digitally for alternative investments • Build out a best-in-class independent channel offering that provides the full suite of Wells Fargo products and tools • Continue to build our risk and control infrastructure and remediate regulatory issues • Enhance automated monitoring and response tools for cyber threats • Continue transition of applications to public/private cloud to increase scalability and improve speed to market • Begin migration into new data centers • Continue research and investment in use cases for automation through generative artificial intelligence • Invest in data platforms to drive more insights • Continue modernization and consolidation of office real estate Firmwide / Risk & Control Consumer, Small and Business Banking • Modernization of our core banking platform • Continue investment in digital product offerings, including further enhancements to Wells Fargo Mobile® app, digital account opening, FargoTM, Zelle®, and PazeSM • Scale marketing efforts to drive customer acquisition and organic growth • Invest in Wells Fargo Premier® by hiring additional bankers and financial advisors • Continue efforts to refurbish, optimize, and strategically position physical branch network


 
214Q24 Financial Results Endnotes Page 2 – 4Q24 results 1. Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 23. 2. The efficiency ratio is noninterest expense divided by total revenue. 3. Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company's ability to generate capital to cover credit losses through a credit cycle. 4. In first quarter 2024, we adopted a new accounting standard to use the proportional amortization method for renewable energy tax credit investments. Under the proportional amortization method, the amortization of the investments and the related tax impacts are both recognized in income tax expense. Previously, we recognized the amortization of the investments in other noninterest income and the related tax impacts were recognized in income tax expense. 5. Includes provision for credit losses for loans, debt securities, and other financial assets. 6. The Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach is our binding CET1 ratio. See page 24 for additional information regarding CET1 capital and ratios. CET1 is a preliminary estimate. 7. Liquidity coverage ratio (LCR) represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. LCR is a preliminary estimate. 8. Represents total loss absorbing capacity (TLAC) divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC is a preliminary estimate. Page 3 – 4Q24 earnings 1. Includes provision for credit losses for loans, debt securities, and other financial assets. 2. In first quarter 2024, we adopted a new accounting standard to use the proportional amortization method for renewable energy tax credit investments. Under the proportional amortization method, the amortization of the investments and the related tax impacts are both recognized in income tax expense. Previously, we recognized the amortization of the investments in other noninterest income and the related tax impacts were recognized in income tax expense. 3. Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 23. Page 4 – Net interest income 1. Includes taxable-equivalent adjustments predominantly related to tax-exempt income on certain loans and securities. Page 6 – Noninterest income 1. Investment advisory fees and brokerage commissions includes investment advisory and other asset-based fees and commissions and brokerage services fees. 2. All other includes mortgage banking, net gains (losses) from debt securities, net gains (losses) from equity securities, lease income, and other. Page 7 – Noninterest expense 1. 4Q23 total personnel expense of $9.2 billion included $1.1 billion of severance expense. 4Q24 total personnel expense of $9.1 billion included $647 million of severance expense. 2. Federal Deposit Insurance Corporation (FDIC) special assessment expense reflects updates provided by the FDIC on losses to the deposit insurance fund.


 
224Q24 Financial Results Page 8 – Credit quality: net loan charge-offs 1. Includes provision for credit losses for loans, debt securities, and other financial assets. Page 10 – Capital and liquidity 1. The Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach is our binding CET1 ratio. See page 24 for additional information regarding CET1 capital and ratios. 4Q24 CET1 is a preliminary estimate. 2. Includes a 4.50% minimum requirement, a stress capital buffer of 3.80%, and a G-SIB capital surcharge of 1.50%. 3. Represents total loss absorbing capacity (TLAC) divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC is a preliminary estimate. 4. Liquidity coverage ratio (LCR) represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. 4Q24 LCR is a preliminary estimate. Page 11 – Consumer Banking and Lending 1. Return on allocated capital is segment net income (loss) applicable to common stock divided by segment average allocated capital. Segment net income (loss) applicable to common stock is segment net income (loss) less allocated preferred stock dividends. 2. Efficiency ratio is segment noninterest expense divided by segment total revenue. 3. Digital and mobile active customers is the number of consumer and small business customers who have logged on via a digital or mobile device, respectively, in the prior 90 days. Page 12 – Consumer Banking and Lending 1. Debit card purchase volume and transactions reflect combined activity for both consumer and business debit card purchases. Page 17 – Outlook 1. Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 23. Page 18 – 2025 net interest income expectation 1. 4Q24 annualized net interest income of $47.0 billion reflects 2025 day count. Endnotes (continued)


 
234Q24 Financial Results Tangible Common Equity Wells Fargo & Company and Subsidiaries TANGIBLE COMMON EQUITY We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than MSRs) and goodwill and other intangibles on investments in consolidated portfolio companies, net of applicable deferred taxes. One of these ratios is return on average tangible common equity (ROTCE), which represents our annualized earnings as a percentage of tangible common equity. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity, which utilizes tangible common equity, is a useful financial measure because it enables management, investors, and others to assess the Company’s use of equity. The table below provides a reconciliation of this non-GAAP financial measure to GAAP financial measures. Quarter ended Year ended ($ in millions) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023 Return on average tangible common equity: Net income applicable to common stock (A) $ 4,801 4,852 4,640 4,313 3,160 $ 18,606 17,982 Average total equity 182,933 184,368 181,552 186,669 185,853 183,879 184,860 Adjustments: Preferred stock (18,608) (18,129) (18,300) (19,291) (19,448) (18,581) (19,698) Additional paid-in capital on preferred stock 144 143 145 155 157 147 168 Noncontrolling interests (1,803) (1,748) (1,743) (1,710) (1,664) (1,751) (1,844) Average common stockholders’ equity (B) 162,666 164,634 161,654 165,823 164,898 163,694 163,486 Adjustments: Goodwill (25,170) (25,172) (25,172) (25,174) (25,173) (25,172) (25,173) Certain identifiable intangible assets (other than MSRs) (78) (89) (101) (112) (124) (95) (136) Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)1 (772) (965) (965) (879) (878) (895) (2,083) Applicable deferred taxes related to goodwill and other intangible assets2 945 938 931 924 918 935 906 Average tangible common equity (C) $ 137,591 139,346 136,347 140,582 139,641 $ 138,467 137,000 Return on average common stockholders’ equity (ROE) (annualized) (A)/(B) 11.7 % 11.7 11.5 10.5 7.6 11.4 % 11.0 Return on average tangible common equity (ROTCE) (annualized) (A)/(C) 13.9 13.9 13.7 12.3 9.0 13.4 13.1 1. In third quarter 2023, we sold investments in certain private equity funds. As a result, we have removed the related goodwill and other intangible assets on private equity investments in consolidated portfolio companies. 2. Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.


 
244Q24 Financial Results 1. The Basel III capital rules provide for two capital frameworks (the Standardized Approach and the Advanced Approach applicable to certain institutions), and we must calculate our CET1, Tier 1 and total capital ratios under both approaches. 2. Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end. 3. Includes a $60 million increase for each period in 2024 and a $120 million increase for each period in 2023 related to a current expected credit loss accounting standard (CECL) transition provision. In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out period in which the benefit is reduced by 25% in year one, 50% in year two and 75% in year three. Common Equity Tier 1 under Basel III Wells Fargo & Company and Subsidiaries RISK-BASED CAPITAL RATIOS UNDER BASEL III1 Estimated ($ in billions) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Total equity $ 181.1 185.0 178.1 182.7 187.4 Adjustments: Preferred stock (18.6) (18.6) (16.6) (18.6) (19.4) Additional paid-in capital on preferred stock 0.1 0.1 0.2 0.1 0.1 Noncontrolling interests (1.9) (1.7) (1.7) (1.7) (1.7) Total common stockholders' equity 160.7 164.8 160.0 162.5 166.4 Adjustments: Goodwill (25.2) (25.2) (25.2) (25.2) (25.2) Certain identifiable intangible assets (other than MSRs) (0.1) (0.1) (0.1) (0.1) (0.1) Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (0.7) (0.8) (1.0) (1.0) (0.9) Applicable deferred taxes related to goodwill and other intangible assets2 0.9 0.9 0.9 0.9 0.9 Other3 (1.0) (1.3) (0.4) (0.4) (0.3) Common Equity Tier 1 (A) $ 134.6 138.3 134.2 136.7 140.8 Total risk-weighted assets (RWAs) under the Standardized Approach (B) 1,215.8 1,219.9 1,219.5 1,221.6 1,231.7 Total RWAs under the Advanced Approach (C) 1,085.5 1,089.3 1,093.0 1,099.6 1,114.3 Common Equity Tier 1 to total RWAs under the Standardized Approach (A)/(B) 11.1 11.3 11.0 11.2 11.4 Common Equity Tier 1 to total RWAs under the Advanced Approach (A)/(C) 12.4 12.7 12.3 12.4 12.6


 
254Q24 Financial Results Disclaimer and forward-looking statements Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Annual Report on Form 10-K for the year ended December 31, 2024, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information. This document contains forward-looking statements. In addition, we may make forward-looking statements in our other documents filed or furnished with the Securities and Exchange Commission, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company or any of its businesses, including our outlook for future growth; (ii) our expectations regarding noninterest expense and our efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses, our allowance for credit losses, and the economic scenarios considered to develop the allowance; (iv) our expectations regarding net interest income and net interest margin; (v) loan growth or the reduction or mitigation of risk in our loan portfolios; (vi) future capital or liquidity levels, ratios or targets; (vii) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (viii) future common stock dividends, common share repurchases and other uses of capital; (ix) our targeted range for return on assets, return on equity, and return on tangible common equity; (x) expectations regarding our effective income tax rate; (xi) the outcome of contingencies, such as legal actions; (xii) environmental, social and governance related goals or commitments; and (xiii) the Company’s plans, objectives and strategies. Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Investors are urged to not unduly rely on forward-looking statements as actual results may differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For additional information about factors that could cause actual results to differ materially from our expectations, refer to the “Forward-Looking Statements” discussion in Wells Fargo’s press release announcing our fourth quarter 2024 results and in our most recent Quarterly Report on Form 10-Q, as well as to Wells Fargo’s other reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023.