Wells Fargo reported mixed Q2 2024 results, with net income slightly decreasing to $4.91 billion from $4.94 billion YoY, while diluted EPS rose to $1.33 from $1.25. Revenue increased to $20.69 billion, up from $20.53 billion in Q2 2023. Net interest income declined to $11.92 billion, offset by a rise in noninterest income to $8.77 billion.The bank's capital position remained strong with a Common Equity Tier 1 ratio of 11.01% under the Standardized Approach. Total assets stood at $1.94 trillion, with loans at $917.91 billion and deposits at $1.37 trillion. Wells Fargo continued its share repurchase program, buying back 100,539,202 shares in Q2 2024.Notable items included the adoption of ASU 2023-02, redemption of Preferred Stock Series R and S, and issuance of $2.0 billion Preferred Stock Series FF. The bank began securitizing credit card loans in Q1 2024 and expensed an additional $52 million for FDIC special assessment in Q2. Regulatory requirements and cash restrictions were also outlined, reflecting the bank's compliance with financial regulations.

Wells Fargo reported mixed Q2 2024 results, with net income slightly decreasing to $4.91 billion from $4.94 billion YoY, while diluted EPS rose to $1.33 from $1.25. Revenue increased to $20.69 billion, up from $20.53 billion in Q2 2023. Net interest income declined to $11.92 billion, offset by a rise in noninterest income to $8.77 billion.The bank's capital position remained strong with a Common Equity Tier 1 ratio of 11.01% under the Standardized Approach. Total assets stood at $1.94 trillion, with loans at $917.91 billion and deposits at $1.37 trillion. Wells Fargo continued its share repurchase program, buying back 100,539,202 shares in Q2 2024.Notable items included the adoption of ASU 2023-02, redemption of Preferred Stock Series R and S, and issuance of $2.0 billion Preferred Stock Series FF. The bank began securitizing credit card loans in Q1 2024 and expensed an additional $52 million for FDIC special assessment in Q2. Regulatory requirements and cash restrictions were also outlined, reflecting the bank's compliance with financial regulations.