Wells Fargo announced its Q3 2024 financial results, reporting a net income of $5.114 billion and diluted earnings per share of $1.42. The bank's revenue reached $20.366 billion, with net interest income at $11.690 billion and noninterest income at $8.676 billion. All regulatory capital ratios exceeded required minimum levels, with the Common Equity Tier 1 capital ratio at 11.34% (Standardized) and 12.70% (Advanced).The bank remains subject to the Federal Reserve Board's capital plan rule and Comprehensive Capital Analysis and Review. Wells Fargo Bank, N.A. is considered well-capitalized under the Federal Deposit Insurance Act. The parent company's ability to make capital distributions is subject to regulatory requirements. Additionally, the bank reported $193 million reserved for non-U.S. central banks and $985 million segregated for brokerage customers...Show More

Wells Fargo announced its Q3 2024 financial results, reporting a net income of $5.114 billion and diluted earnings per share of $1.42. The bank's revenue reached $20.366 billion, with net interest income at $11.690 billion and noninterest income at $8.676 billion. All regulatory capital ratios exceeded required minimum levels, with the Common Equity Tier 1 capital ratio at 11.34% (Standardized) and 12.70% (Advanced).The bank remains subject to the Federal Reserve Board's capital plan rule and Comprehensive Capital Analysis and Review. Wells Fargo Bank, N.A. is considered well-capitalized under the Federal Deposit Insurance Act. The parent company's ability to make capital distributions is subject to regulatory requirements. Additionally, the bank reported $193 million reserved for non-U.S. central banks and $985 million segregated for brokerage customers under federal regulations.Notable financial events include a $63 million reversal of FDIC assessment expense in Q3 2024 and $273 million additional FDIC assessment expense in the first 9 months of 2024. The bank repurchased 61,995,046 shares in Q3 2024 under a $30 billion authorization. Wells Fargo also disclosed limited consumer banking activity related to accounts associated with the Government of Iran, demonstrating its commitment to regulatory compliance and transparency.