Summary by Futu AI
Wells Fargo delivered solid financial results for Q3 2024, posting a net income of $5.1 billion ($1.42 per diluted share) on revenue of $20.4 billion. The bank's performance was underpinned by net interest income of $11.7 billion and noninterest income of $8.7 billion, while maintaining robust total loans of $909.7 billion and deposits of $1.35 trillion.The bank demonstrated strong capital management through its share repurchase program, buying back approximately 62 million shares at prices ranging from $55.03 to $57.73 per share. The remaining share repurchase authorization stands at $11.274 billion, stemming from the $30 billion program announced in July 2023.Wells Fargo maintained its "well-capitalized" status under FDIC requirements while operating under regulatory frameworks including FRB's capital planning requirements and CCAR. The bank's liquidity position remained strong, with $193 million in non-U.S. central bank reserves and $985 million in segregated brokerage customer funds, reflecting continued operational stability and regulatory compliance focus.
