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美國
證券交易委員會
華盛頓特區20549
形式 10-Q
(Mark一)
根據1934年《證券交易法》第13或15(d)條的季度報告
截至季度 2024年9月30日
根據1934年《證券交易所法》第13或15(d)條提交的過渡報告
____________________
委員會檔案編號 001-2979
威爾斯法戈公司
(章程中規定的註冊人的確切名稱)
德拉瓦41-0449260
(註冊州)(國稅局僱主識別號)

蒙哥馬利街420號, 舊金山, 加州 94104
(主要行政辦公室地址)(郵政編碼)
註冊人的電話號碼,包括地區代碼: 1-415-371-2921
根據該法第12(b)條登記的證券:
每個班級的標題交易符號每個交易所的名稱
在哪些上註冊
普通股,面值1 -2/3美金
WFC
紐約證券
交換
(紐約證券交易所)
7.5%非累積永久可轉換A類優先股,L系列
WFC.PRL
紐約證券交易所
存托股份,每股代表Y系列非累積永久A類優先股股份的1/1000權益
WFC.PRY
紐約證券交易所
存托股份,每股代表Z系列非累積永久A類優先股股份的1/1000權益
WFC.PRZ
紐約證券交易所
存托股份,每股代表AA系列非累積永久A類優先股股份的1/1000權益
WFC.PRA
紐約證券交易所
存托股份,每股代表CC系列非累積永久A類優先股股份的1/1000權益
WFC.PRC
紐約證券交易所
存托股份,每股代表DD系列非累積永久A類優先股股份的1/1000權益
WFC.PRD
紐約證券交易所
Wells Fargo Finance LLC於2028年10月30日到期的A系列中商業本票據擔保
WFC/28 A
紐約證券交易所
通過勾選標記標明註冊人是否(1)在過去12個月內(或在註冊人被要求提交此類報告的較短期限內)提交了1934年證券交易法第13或15(d)條要求提交的所有報告,以及(2)在過去90天內是否已遵守此類提交要求。                 是的 þ   沒有
通過勾選標記檢查註冊人是否已在過去12個月內(或在註冊人被要求提交此類文件的較短期限內)以電子方式提交了根據S-t法規第405條(本章第232.405條)要求提交的所有交互數據文件。 是的 þ   沒有
通過複選標記來確定註冊人是大型加速申報人、加速申報人、非加速申報人、小型報告公司還是新興成長型公司。請參閱《交易法》第120條第2條中「大型加速申報人」、「加速申報人」、「小型報告公司」和「新興成長型公司」的定義。
             大型加速文件夾   þ                    加速的檔案管理器
            非加速歸檔                      小型上市公司 
                                        新興成長型公司  
如果是新興成長型公司,請通過勾選標記表明註冊人是否選擇不利用延長的過渡期來遵守根據《交易法》第13(a)條規定的任何新的或修訂的財務會計準則。         
通過勾選標記檢查註冊人是否是空殼公司(定義見《交易法》第120條第2款)。 是的  沒有 þ
註明截至最後可行日期發行人每類普通股的已發行股數。
流通股
2024年10月22日
普通股,面值1 -2/3美金
3,329,490,659



10-Q表
交叉參考索引
第一部分財務資料
項目1.財務報表頁面
合併收益表
綜合全面收益表
綜合資產負債表
綜合權益變動表
綜合現金流量表
財務報表附註
主要會計政策概要
交易活動
可供出售和持有至到期債務證券
股本證券
貸款和相關信用損失津貼
抵押貸款銀行活動
無形資產和其他資產
租賃活動
優先股
10 法律訴訟
11 衍生物
12 資產和負債的公允價值
13 證券化和可變利益實體
14 保證和其他承諾
15 
證券和其他抵押融資活動
16 質押資產和抵押品
17 經營分部
18 收益及開支
19 員工福利
20 每股普通股收益和股息
21 其他全面收益
22 監管資本要求和其他限制
項目2.管理層對財務狀況和經營成果的討論和分析(財務審查)
財務數據摘要
概述
盈利表現
資產負債表分析
資產負債表外安排
風險管理
資本管理
監管事項
關鍵會計政策
當前會計發展
前瞻性陳述
危險因素
首字母縮略詞詞彙
項目3.關於市場風險的定量和定性披露
項目4.控制和程式
第二部分其他信息
項目1.法律訴訟
項目1A.危險因素
項目2.股權證券的未登記銷售和收益的使用
項目5.其他信息
項目6.展品
簽名
富國銀行公司
1


財務回顧
財務數據摘要

節結束2024年9月30日
百分比變化
九個月結束
(單位:百萬美金,比率和每股金額除外)
9月30日,
2024
6月30日,
2024
9月30日,
2023
6月30日,
2024
9月30日,
2023
9月30日,
2024
9月30日,
2023
%
變化
精選利潤表數據
總收入$20,366 20,689 20,857 (2)%(2)$61,918 62,119 — %
非利息費用13,067 13,293 13,113 (2)— 40,698 39,776 
稅前撥備前利潤(PTPP)(1)
7,299 7,396 7,744 (1)(6)21,220 22,343 (5)
信用損失準備(2)
1,065 1,236 1,197 (14)(11)3,239 4,117 (21)
富國銀行淨利潤
5,114 4,910 5,767 (11)14,643 15,696 (7)
富國銀行適用於普通股的淨利潤4,852 4,640 5,450 (11)13,805 14,822 (7)
共同份額數據
每股普通股稀釋收益1.42 1.33 1.48 (4)3.94 3.96 (1)
每股普通股宣布的股息0.40 0.35 0.35 14 14 1.10 0.95 16 
已發行普通股3,345.5 3,402.7 3,637.9 (2)(8)
平均流通普通股3,384.8 3,448.3 3,648.8 (2)(7)3,464.1 3,710.9 (7)
稀釋平均流通普通股3,425.1 3,486.2 3,680.6 (2)(7)3,503.5 3,741.6 (6)
每股普通股的帳面價值(3)
$49.26 47.01 44.37 11 
每股普通股有形的帳面價值(3)(4)
41.76 39.57 37.43 12 
選定股權數據(期末)
權益總額185,011 178,148 182,373 
普通股股東權益164,801 159,963 161,424 
有形普通股(4)
139,711 134,660 136,153 
性能比
平均資產回報率(ROA)(5)
1.06 %1.03 1.21 1.02 %1.12 
平均股本回報率(ROE)(6)
11.7 11.5 13.3 11.2 12.2 
平均有形普通股回報率(ROTCE)(4)
13.9 13.7 15.9 13.3 14.6 
效率比(7)
64 64 63 66 64 
相當於應稅的淨息差2.67 2.75 3.03 2.74 3.10 
選定資產負債表數據(平均)
貸款$910,255 916,977 943,193 (1)(3)$918,406 945,896 (3)
資產1,916,612 1,914,647 1,891,883 — 1,916,079 1,878,040 
存款1,341,680 1,346,478 1,340,307 — — 1,343,256 1,348,090 — 
選定資產負債表數據(期末)
債務證券529,832 520,254 490,726 
貸款909,711 917,907 942,424 (1)(3)
貸款信用損失備抵14,739 14,789 15,064 — (2)
股本證券59,771 60,763 56,026 (2)
資產1,922,125 1,940,073 1,909,261 (1)
存款1,349,646 1,365,894 1,354,010 (1)— 
人數(#)(期末)220,167 222,544 227,363 (1)(3)
資本和其他應收帳款
基於風險的資本比率和組成部分(8):
標準化方法:
普通股權一級(CET 1)
11.34 %11.01 11.01 
1級資本12.84 12.34 12.55 
總資本15.45 15.02 15.26 
風險加權資產(RWA)(單位:十億)
$1,219.9 1,219.5 1,237.1 — (1)
高級方法:
普通股一級(CET 1)
12.70 %12.28 12.04 
1級資本14.38 13.77 13.73 
總資本16.36 15.82 15.77 
風險加權資產(RWA)(單位:十億)$1,089.3 1,093.0 1,130.8 — (4)
一級槓桿率
8.29 %7.98 8.32 
補充槓桿率(SLR)
6.92 6.67 6.93 
總損失吸收能力(TLAC)比(9)
25.29 24.78 23.98 
流動性覆蓋率(MCR)(10)
127 124 123 
(1)稅前撥備前利潤(PTPP)是總收入減去非利息費用。管理層認爲,PTPP是一項有用的財務指標,因爲它使投資者和其他人能夠評估公司在信貸週期中產生資本以彌補信貸損失的能力。
(2)包括貸款、債務證券和其他金融資產的信用損失撥備。
(3)每股普通股的賬面價值是普通股股東權益除以已發行普通股。每股普通股的有形賬面價值是有形普通股除以已發行普通股。
(4)有形普通股是一種非GAAP財務指標,代表總股本減去優先股、非控股權益、善意、某些可識別無形資產(抵押貸款服務權除外)以及對合並投資組合公司投資的善意和其他無形資產,扣除適用的遞延稅。確定有形普通股的方法因公司而異。管理層認爲,利用有形普通股的平均有形普通股回報率和每股普通股有形賬面價值是有用的財務指標,因爲它們使管理層、投資者和其他人能夠評估公司對股權的使用。有關更多信息,包括與公認會計原則(GAAP)財務措施的相應對賬,請參閱本報告中的「資本管理-有形普通股」部分。
(5)代表富國銀行淨利潤除以平均資產。
(6)代表適用於普通股的富國銀行淨利潤除以普通股股東平均權益。
(7)效率比率是非利息支出除以總收入(淨利息收入和非利息收入)。
(8)有關更多信息,請參閱本報告「資本管理」部分和財務報表註釋22(監管資本要求和其他限制)。
(9)代表TLAC除以RWA,RWA是我們的約束TLAC比率,通過使用標準化和高級方法下的RWA中較大者來確定。
(10)代表平均優質流動資產除以平均預計淨現金流出,兩者均根據MCR規則定義。
2
富國銀行&公司


本季度報告,包括財務回顧、財務報表和相關注釋,包含前瞻性陳述,其中可能包括對我們財務業績和狀況的預測、對我們運營和業務的預期以及我們對這些預測和預期的假設。不要過度依賴前瞻性陳述。由於幾個因素,實際結果可能與我們的前瞻性陳述存在重大差異。本報告中描述了可能導致我們的實際結果與前瞻性陳述存在重大差異的因素,包括截至2023年12月31日年度10-k表格年度報告的「前瞻性陳述」部分以及「風險因素」和「監管和監督」部分(2023年10-K表格)。

當我們在本報告中提到「富國銀行」、「公司」、「我們」、「我們的」或「我們」時,我們指的是富國銀行公司和子公司(合併)。當我們提到「母公司」時,我們指的是富國銀行公司。有關本報告中使用的術語的定義,請參閱「首字母縮略詞詞彙表」。

Financial Review
Overview
Wells Fargo & Company 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 and Investment Management. Wells Fargo ranked No. 34 on Fortune’s 2024 rankings of America’s largest corporations. We ranked fourth in assets and third in the market value of our common stock among all U.S. banks at September 30, 2024.
Wells Fargo’s top priority remains building a risk and control infrastructure appropriate for its size and complexity. The Company is subject to a number of consent orders and other regulatory actions, some of which are described below. These regulatory actions may require the Company, among other things, to undertake certain changes to its business, operations, products and services, and risk management practices. Addressing these regulatory actions is expected to take multiple years, and we are likely to continue to experience issues or delays along the way in satisfying their requirements. We are also likely to continue to identify more issues as we implement our risk and control infrastructure, which may result in additional regulatory actions. Regulators have indicated the potential for escalating consequences for banks that do not timely resolve open issues or have repeat issues. Furthermore, issues or delays with one regulatory action could affect our progress on others. Failure to satisfy the requirements of a regulatory action on a timely basis could result in additional fines, penalties, business restrictions, limitations on subsidiary capital distributions, increased capital or liquidity requirements, enforcement actions, and other adverse consequences, which could be significant. While we still have significant work to do and have not yet satisfied certain aspects of these regulatory actions, the Company is committed to devoting the resources necessary to operate with strong business practices and controls, maintain the highest level of integrity, and have an appropriate culture in place.

Federal Reserve Board Consent Order Regarding Governance Oversight and Compliance and Operational Risk Management
On February 2, 2018, the Company entered into a consent order with the Board of Governors of the Federal Reserve System (FRB). As required by the consent order, the Company’s Board of Directors (Board) submitted to the FRB a plan to further enhance the Board’s governance and oversight of the Company, and the Company submitted to the FRB a plan to further improve the Company’s compliance and operational risk management program. The Company continues to engage with the FRB as the
Company works to address the consent order provisions. The consent order also requires the Company, following the FRB’s acceptance and approval of the plans and the Company’s adoption and implementation of the plans, to complete an initial third-party review of the enhancements and improvements provided for in the plans. Until this third-party review is complete and the plans are adopted and implemented to the satisfaction of the FRB, the Company’s total consolidated assets as defined under the consent order will be limited to the level as of December 31, 2017. Compliance with this asset cap is measured on a two-quarter daily average basis to allow for management of temporary fluctuations. After removal of the asset cap, a second third-party review must also be conducted to assess the efficacy and sustainability of the enhancements and improvements.

Consent Orders with the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency Regarding Compliance Risk Management Program, Automobile Collateral Protection Insurance Policies, and Mortgage Interest Rate Lock Extensions
On April 20, 2018, the Company entered into consent orders with the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) to pay an aggregate of $1 billion in civil money penalties to resolve matters regarding the Company’s compliance risk management program and past practices involving certain automobile collateral protection insurance policies and certain mortgage interest rate lock extensions. As required by the consent orders, the Company submitted to the CFPB and OCC an enterprise-wide compliance risk management plan and a plan to enhance the Company’s internal audit program with respect to federal consumer financial law and the terms of the consent orders. In addition, as required by the consent orders, the Company submitted for non-objection plans to remediate customers affected by the automobile collateral protection insurance and mortgage interest rate lock matters, as well as a plan for the management of remediation activities conducted by the Company. The Company continues to work to address the provisions of the consent orders. On September 9, 2021, the OCC assessed a $250 million civil money penalty against the Company related to insufficient progress in addressing requirements under the OCC’s April 2018 consent order and loss mitigation activities in the Company’s Home Lending business. On December 20, 2022, the CFPB modified its consent order to clarify how it would terminate.


Wells Fargo & Company
3


Overview (continued)

Consent Order with the OCC Regarding Loss Mitigation Activities
On September 9, 2021, the Company entered into a consent order with the OCC requiring the Company to improve the execution, risk management, and oversight of loss mitigation activities in its Home Lending business. In addition, the consent order restricts the Company from acquiring certain third-party residential mortgage servicing and limits transfers of certain mortgage loans requiring customer remediation out of the Company’s mortgage servicing portfolio until remediation is provided.

Consent Order with the CFPB Regarding Automobile Lending, Consumer Deposit Accounts, and Mortgage Lending
On December 20, 2022, the Company entered into a consent order with the CFPB requiring the Company to provide customer remediation for multiple matters related to automobile lending, consumer deposit accounts, and mortgage lending; maintain practices designed to ensure auto lending customers receive refunds for the unused portion of certain guaranteed automobile protection agreements; comply with certain business practice requirements related to consumer deposit accounts; and pay a $1.7 billion civil penalty to the CFPB. The required actions related to many of these matters were already substantially complete at the time we entered into the consent order, and the consent order lays out a path to termination after the Company completes the remainder of the required actions.

Formal Agreement with the OCC Regarding Anti-Money Laundering and Sanctions Risk Management Practices
On September 12, 2024, the Company announced that Wells Fargo Bank, N.A. entered into a formal agreement with the OCC related to the bank’s anti-money laundering (AML) and sanctions risk management practices. The agreement’s requirements include enhancements to AML and sanctions risk management practices, obtaining the OCC’s acceptance of the bank’s program for assessing the AML and sanctions risks of new offerings, and then providing notice to the OCC before expanding certain of those offerings.

Customer Remediation Activities
Our work to build a better company has included an effort to identify areas or instances where customers may have experienced financial harm, provide remediation as appropriate, and implement additional operational and control procedures. We are working with our regulatory agencies in this effort.
We have accrued for the probable and estimable costs related to our customer remediation activities, which amounts may change based on additional facts and information, as well as ongoing reviews and communications with our regulators. We had $241 million and $819 million of accrued liabilities for customer remediation activities as of September 30, 2024, and December 31, 2023, respectively. As our ongoing reviews continue and as we continue to strengthen our risk and control infrastructure, we have identified and may in the future identify additional items or areas of potential concern. To the extent issues are identified, we will continue to assess any customer harm and provide remediation as appropriate.
Recent Developments
Federal Deposit Insurance Corporation Special Assessment
In November 2023, the Federal Deposit Insurance Corporation (FDIC) finalized a rule to recover losses to the FDIC deposit insurance fund as a result of bank failures in the first half of 2023. Under the rule, the FDIC will collect a special assessment based on an insured depository institution’s estimated amount of uninsured deposits. Upon the FDIC’s finalization of the rule, we expensed an estimated amount of our special assessment of $1.9 billion (pre-tax) in fourth quarter 2023. During 2024, the FDIC provided updates on losses to the deposit insurance fund, which resulted in a reversal of expense of $63 million (pre-tax) in third quarter 2024 and an additional expense of $273 million (pre-tax) in the first nine months of 2024 for the estimated amount of the special assessment. We expect the ultimate amount of the special assessment may continue to change as the FDIC determines the actual net losses to the deposit insurance fund.

Overdraft Fees Proposal
On January 17, 2024, the CFPB issued a proposed rule that would limit overdraft fees charged by certain banks. We expect a significant reduction to our overdraft fees, which are included in deposit-related fees, if the rule is adopted as currently proposed.

Debit Card Interchange Fees Proposal
On October 25, 2023, the FRB issued a proposed rule that would reduce the amount of debit card interchange fees received by debit card issuers. In addition, the proposed rule would allow for an update to the debit card interchange fee cap every other year based on an analysis of certain costs incurred by debit card issuers. We expect a significant reduction to our debit card interchange fees, which are included in card fees, if the rule is adopted as currently proposed.
4
Wells Fargo & Company


Financial Performance
Consolidated Financial Highlights
Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions)20242023$ Change% Change20242023$ Change% Change
Selected income statement data
Net interest income$11,69013,105(1,415)(11)%$35,84039,604(3,764)(10)%
Noninterest income8,6767,752924 12 26,07822,5153,563 16 
Total revenue20,36620,857(491)(2)61,91862,119(201)— 
Net charge-offs1,111864247 29 3,5712,1921,379 63 
Change in the allowance for credit losses(46)333(379)NM(332)1,925(2,257)NM
Provision for credit losses (1)1,0651,197(132)(11)3,2394,117(878)(21)
Noninterest expense13,06713,113(46)— 40,69839,776922 
Income tax expense1,064811253 31 3,2792,707572 21 
Wells Fargo net income5,1145,767(653)(11)14,64315,696(1,053)(7)
Wells Fargo net income applicable to common stock4,8525,450(598)(11)13,80514,822(1,017)(7)
NM – Not meaningful
(1)Includes provision for credit losses for loans, debt securities, and other financial assets.
In third quarter 2024, we generated $5.1 billion of net income and diluted earnings per common share (EPS) of $1.42, compared with $5.8 billion of net income and diluted EPS of $1.48 in the same period a year ago. Financial performance for third quarter 2024, compared with the same period a year ago, included the following:
total revenue decreased due to lower net interest income, partially offset by higher noninterest income;
provision for credit losses reflected decreases for auto loans, commercial real estate loans, and residential mortgage loans, partially offset by increases for credit card loans;
noninterest expense decreased slightly due to lower professional and outside services expense, largely offset by higher technology, telecommunications and equipment expense;
average loans decreased driven by a decline in loans in both our commercial and consumer loan portfolios; and
average deposits increased driven by growth in Corporate and Investment Banking and Commercial Banking, partially offset by reductions in Consumer Banking and Lending and Corporate.
In the first nine months of 2024, we generated $14.6 billion of net income and diluted EPS of $3.94, compared with $15.7 billion of net income and diluted EPS of $3.96 in the same period a year ago. Financial performance for the first nine months of 2024, compared with the same period a year ago, included the following:
total revenue decreased due to lower net interest income, partially offset by higher noninterest income;
provision for credit losses reflected decreases for auto loans, commercial real estate loans, and residential mortgage loans, partially offset by increases for credit card loans;
noninterest expense increased due to higher operating losses, and technology, telecommunications and equipment expense, partially offset by lower professional and outside services expense;
average loans decreased driven by a decline in loans in both our commercial and consumer loan portfolios; and
average deposits decreased driven by reductions in Consumer Banking and Lending and Wealth and Investment Management, partially offset by growth in Corporate and Investment Banking and Corporate.

Capital and Liquidity
We maintained a strong capital position in the first nine months of 2024, with total equity of $185.0 billion at September 30, 2024, compared with $187.4 billion at December 31, 2023. In addition, capital and liquidity at September 30, 2024, included the following:
our Common Equity Tier 1 (CET1) ratio was 11.34% under the Standardized Approach (our binding ratio), which continued to exceed the regulatory minimum and buffers of 8.90%. As of October 1, 2024, our stress capital buffer increased to 3.80%, resulting in a CET1 regulatory minimum and buffers of 9.80%;
our total loss absorbing capacity (TLAC) as a percentage of total risk-weighted assets was 25.29%, compared with the regulatory minimum of 21.50%; and
our liquidity coverage ratio (LCR) was 127%, which continued to exceed the regulatory minimum of 100%.
See the “Capital Management” and the “Risk Management – Asset/Liability Management – Liquidity Risk and Funding” sections in this Report for additional information regarding our capital and liquidity, including the calculation of our regulatory capital and liquidity amounts.

Credit Quality
Credit quality reflected the following:
The allowance for credit losses (ACL) for loans of $14.7 billion at September 30, 2024, decreased $349 million from December 31, 2023.
Our provision for credit losses for loans was $3.2 billion in the first nine months of 2024, compared with $4.1 billion in the same period a year ago. The ACL for loans and the provision for credit losses for loans reflected decreases for auto loans, commercial real estate loans, and residential mortgage loans, partially offset by increases for credit card loans.
The allowance coverage for total loans was 1.62% at September 30, 2024, compared with 1.61% at December 31, 2023.
Commercial portfolio net loan charge-offs were $323 million, or 24 basis points of average commercial loans, in third quarter 2024, compared with net loan charge-offs of $188 million, or 13 basis points, in the same period a year ago, primarily due to higher losses in our commercial real estate portfolio driven by the office property type.
Wells Fargo & Company
5


Overview (continued)

Consumer portfolio net loan charge-offs were $788 million, or 83 basis points of average consumer loans, in third quarter 2024, compared with net loan charge-offs of $662 million, or 67 basis points, in the same period a year ago, due to higher losses in our credit card portfolio driven by higher loan balances, partially offset by lower losses in our auto portfolio.
Nonperforming assets (NPAs) of $8.4 billion at September 30, 2024, decreased $59 million, or 1%, from
December 31, 2023, driven by a decrease in residential mortgage nonaccrual loans, partially offset by an increase in commercial and industrial nonaccrual loans. NPAs represented 0.92% of total loans at September 30, 2024.
Criticized loans in the commercial portfolio were $37.6 billion at September 30, 2024, compared with $33.0 billion at December 31, 2023, primarily driven by increases in criticized commercial and industrial loans.
Earnings Performance
Wells Fargo net income for third quarter 2024 was $5.1 billion ($1.42 diluted EPS), compared with $5.8 billion ($1.48 diluted EPS) in the same period a year ago. Net income decreased in third quarter 2024, compared with the same period a year ago, predominantly due to a $1.4 billion decrease in net interest income, partially offset by a $924 million increase in noninterest income.
Net income for the first nine months of 2024 was $14.6 billion ($3.94 diluted EPS), compared with $15.7 billion ($3.96 diluted EPS) in the same period a year ago. Net income decreased in the first nine months of 2024, compared with the same period a year ago, predominantly due to a $3.8 billion decrease in net interest income and a $922 million increase in noninterest expense, partially offset by a $3.6 billion increase in noninterest income.
Net Interest Income
Net interest income and net interest margin decreased in both the third quarter and first nine months of 2024, compared with the same periods a year ago, driven by the impact of higher interest rates on interest-bearing liabilities, including a deposit mix shift to interest-bearing deposits, as well as lower loan balances, partially offset by higher interest rates on interest-earning assets.
Table 1 presents the individual components of net interest income and net interest margin. Net interest income and net interest margin are presented on a taxable-equivalent basis in Table 1 to consistently reflect income from taxable and tax-exempt loans and debt and equity securities. The calculation for taxable-equivalent basis was based on a federal statutory tax rate of 21%.
For additional information about net interest income and net interest margin, see the “Earnings Performance – Net Interest Income” section in our 2023 Form 10-K.

6
Wells Fargo & Company


Table 1: Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis) (1)
Quarter ended September 30,
20242023
($ in millions)
Average
balance
Interest
income/
expense
Average interest
rates
Average
balance
Interest
income/
expense
Average interest
rates
Assets
Interest-earning deposits with banks$182,219 2,268 4.95 %$158,893 1,926 4.81 %
Federal funds sold and securities purchased under resale agreements81,549 1,073 5.24 68,715 888 5.13 
Debt securities:
Trading debt securities125,083 1,330 4.25 109,802 1,060 3.86 
Available-for-sale debt securities160,729 1,744 4.33 139,511 1,371 3.92 
Held-to-maturity debt securities250,010 1,610 2.57 273,948 1,822 2.65 
Total debt securities535,822 4,684 3.49 523,261 4,253 3.24 
Loans held for sale (2)7,032 129 7.33 5,437 87 6.40 
Loans:
Commercial and industrial – U.S.308,391 5,544 7.15 308,862 5,460 7.02 
Commercial and industrial – Non-U.S.62,520 1,136 7.23 73,415 1,312 7.09 
Commercial real estate mortgage120,618 2,018 6.66 129,206 2,149 6.60 
Commercial real estate construction22,569 464 8.18 24,480 498 8.07 
Lease financing16,529 235 5.68 15,564 191 4.90 
Total commercial loans530,627 9,397 7.05 551,527 9,610 6.92 
Residential mortgage – first lien243,831 2,147 3.52 252,176 2,129 3.38 
Residential mortgage – junior lien9,836 186 7.51 11,742 210 7.11 
Credit card54,580 1,747 12.73 48,889 1,612 13.08 
Auto43,430 570 5.22 51,014 615 4.78 
Other consumer27,951 601 8.56 27,845 607 8.65 
Total consumer loans379,628 5,251 5.51 391,666 5,173 5.26 
Total loans (2)910,255 14,648 6.41 943,193 14,783 6.23 
Equity securities27,480 157 2.26 25,019 153 2.42 
Other9,711 124 5.12 8,565 107 4.93 
Total interest-earning assets$1,754,068 23,083 5.24 %$1,733,083 22,197 5.09 %
Cash and due from banks27,669  27,137  
Goodwill25,172  25,174  
Other noninterest-earning assets
109,703  106,489  
Total noninterest-earning assets$162,544  158,800  
Total assets$1,916,612 23,083 1,891,883 22,197 
Liabilities
Deposits:
Demand deposits$444,440 2,837 2.54 %$414,294 1,846 1.77 %
Savings deposits353,654 1,220 1.37 366,788 725 0.78 
Time deposits168,920 2,194 5.17 153,593 1,871 4.83 
Deposits in non-U.S. offices19,192 194 4.04 18,825 166 3.51 
Total interest-bearing deposits986,206 6,445 2.60 953,500 4,608 1.92 
Short-term borrowings:
Federal funds purchased and securities sold under agreements to repurchase97,920 1,316 5.35 75,849 999 5.23 
Other short-term borrowings11,982 120 3.97 14,229 134 3.72 
Total short-term borrowings109,902 1,436 5.20 90,078 1,133 4.99 
Long-term debt183,586 3,163 6.89 181,955 3,039 6.67 
Other liabilities34,735 265 3.05 32,564 208 2.54 
Total interest-bearing liabilities$1,314,429 11,309 3.43 %$1,258,097 8,988 2.84 %
Noninterest-bearing deposits
355,474  386,807  
Other noninterest-bearing liabilities62,341  62,151  
Total noninterest-bearing liabilities$417,815  448,958 — 
Total liabilities$1,732,244 11,309 1,707,055 8,988 
Total equity184,368  184,828 — 
Total liabilities and equity$1,916,612 11,309 1,891,883 8,988 
Interest rate spread on a taxable-equivalent basis (3)1.81 %2.25 %
Net interest income and net interest margin on a taxable-equivalent basis (3)$11,774 2.67 %$13,209 3.03 %
(continued on following page)
Wells Fargo & Company
7


Earnings Performance (continued)
(continued from previous page)
Nine months ended September 30,
20242023
($ in millions)
Average 
balance 
Interest 
income/
expense 
Average interest rates
Average 
balance 
Interest 
income/ 
expense 
Average interest rates
Assets
Interest-earning deposits with banks$195,359 7,308 5.00 %$134,490 4,543 4.52 %
Federal funds sold and securities purchased under resale agreements74,372 2,929 5.26 68,951 2,404 4.66 
Debt securities:
Trading debt securities119,303 3,721 4.16 102,986 2,759 3.57 
Available-for-sale debt securities150,284 4,717 4.19 144,885 4,041 3.72 
Held-to-maturity debt securities257,770 5,099 2.64 277,644 5,431 2.61 
Total debt securities527,357 13,537 3.42 525,515 12,231 3.11 
Loans held for sale (2)6,654 376 7.54 6,022 278 6.16 
Loans:
Commercial and industrial – U.S.306,867 16,482 7.17 307,971 15,388 6.68 
Commercial and industrial – Non-U.S.65,799 3,580 7.27 74,997 3,695 6.59 
Commercial real estate mortgage123,538 6,179 6.68 130,085 6,174 6.35 
Commercial real estate construction23,123 1,421 8.21 24,383 1,404 7.70 
Lease financing16,471 679 5.50 15,138 541 4.76 
Total commercial loans535,798 28,341 7.06 552,574 27,202 6.58 
Residential mortgage – first lien245,981 6,434 3.49 253,653 6,326 3.33 
Residential mortgage – junior lien10,313 575 7.44 12,342 630 6.82 
Credit card52,982 5,104 12.87 47,175 4,563 12.93 
Auto45,229 1,725 5.10 51,979 1,815 4.67 
Other consumer28,103 1,805 8.58 28,173 1,734 8.23 
Total consumer loans382,608 15,643 5.46 393,322 15,068 5.12 
Total loans (2)918,406 43,984 6.40 945,896 42,270 5.97 
Equity securities25,063 502 2.67 27,174 517 2.54 
Other8,930 348 5.22 9,900 352 4.75 
Total interest-earning assets $1,756,141 68,984 5.24 %$1,717,948 62,595 4.87 %
Cash and due from banks27,860  27,539  
Goodwill25,173  25,174  
Other noninterest-earning assets
106,905  107,379  
Total noninterest-earning assets $159,938  160,092  
Total assets $1,916,079 68,984 1,878,040 62,595 
Liabilities
Deposits:
Demand deposits$444,847 7,539 2.26 %$416,981 4,892 1.57 %
Savings deposits352,729 3,250 1.23 385,171 2,006 0.70 
Time deposits179,604 7,043 5.24 116,102 3,856 4.44 
Deposits in non-U.S. offices19,411 573 3.95 18,739 420 3.00 
Total interest-bearing deposits996,591 18,405 2.47 936,993 11,174 1.59 
Short-term borrowings:
Federal funds purchased and securities sold under agreements to repurchase89,500 3,597 5.37 60,685 2,226 4.91 
Other short-term borrowings14,380 433 4.02 16,642 438 3.52 
Total short-term borrowings103,880 4,030 5.18 77,327 2,664 4.61 
Long-term debt187,619 9,676 6.88 175,156 8,243 6.28 
Other liabilities34,059 771 3.02 33,492 594 2.37 
Total interest-bearing liabilities$1,322,149 32,882 3.32 %$1,222,968 22,675 2.48 %
Noninterest-bearing deposits
346,665  411,097 — 
Other noninterest-bearing liabilities63,068  59,450 — 
Total noninterest-bearing liabilities $409,733  470,547 — 
Total liabilities $1,731,882 32,882 1,693,515 22,675 
Total equity184,197  184,525 — 
Total liabilities and equity $1,916,079 32,882 1,878,040 22,675 
Interest rate spread on a taxable-equivalent basis (3)1.92 %2.39 %
Net interest margin and net interest income on a taxable-equivalent basis (3)
$36,102 2.74 %$39,920 3.10 %
(1)The average balance amounts represent amortized costs, except for certain held-to-maturity (HTM) debt securities, which exclude unamortized basis adjustments related to the transfer of those securities from available-for-sale (AFS) debt securities. Amortized cost amounts exclude any unrealized gains or losses, which are included in other noninterest-earning assets and other noninterest-bearing liabilities. The average interest rates are based on interest income or expense amounts for the period and are annualized. Interest rates and amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(2)Nonaccrual loans and any related income are included in their respective loan categories.
(3)Includes taxable-equivalent adjustments of $84 million and $104 million for the quarters ended September 30, 2024 and 2023, respectively, and $262 million and $316 million for the first nine months of 2024 and 2023, respectively, predominantly related to tax-exempt income on certain loans and securities.
8
Wells Fargo & Company


Noninterest Income

Table 2: Noninterest Income
Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions)
20242023$ Change% Change20242023$ Change% Change
Deposit-related fees$1,299 1,179 120 10 %$3,778 3,492 286 %
Lending-related fees376 372 1,112 1,080 32 
Investment advisory and other asset-based fees 2,463 2,224 239 11 7,209 6,501 708 11 
Commissions and brokerage services fees 646 567 79 14 1,886 1,756 130 
Investment banking fees672 492 180 37 1,940 1,194 746 62 
Card fees1,096 1,098 (2)— 3,258 3,229 29 
Net servicing income153 80 73 91 405 292 113 39 
Net gains on mortgage loan originations/sales127 113 14 12 348 335 13 
Mortgage banking280 193 87 45 753 627 126 20 
Net gains from trading activities1,438 1,265 173 14 4,334 3,729 605 16 
Net gains (losses) from debt securities
(447)(453)NM(472)10 (482)NM
Net gains (losses) from equity securities
257 (25)282 NM355 (476)831 175 
Lease income277 291 (14)(5)990 945 45 
Other 319 90 229 254 935 428 507 118 
Total$8,676 7,752 924 12 $26,078 22,515 3,563 16 
NM – Not meaningful
Third quarter 2024 vs. third quarter 2023

Deposit-related fees increased reflecting higher treasury management fees on commercial accounts driven by increased transaction service volumes and repricing.

Investment advisory and other asset-based fees increased driven by higher asset-based fees reflecting higher market valuations.

Fees from the majority of Wealth and Investment Management (WIM) advisory assets are based on a percentage of the market value of the assets at the beginning of the quarter. For additional information on certain client investment assets, see the “Earnings Performance – Operating Segment Results – Wealth and Investment Management – WIM Advisory Assets” section in this Report.

Commissions and brokerage services fees increased driven by higher brokerage transaction activity.

Investment banking fees increased due to higher debt underwriting fees driven by increased activity, partially offset by lower advisory fee income.

Net servicing income increased driven by higher income from net hedge results related to mortgage servicing rights (MSRs) valuations.

Net gains from trading activities increased reflecting higher trading activity across most fixed income asset classes, partially offset by lower revenue in equities.

Net gains (losses) from debt securities decreased reflecting losses related to a repositioning of our investment securities portfolio.

Net gains (losses) from equity securities increased driven by higher realized gains on equity securities from our venture capital investments.

Other income increased driven by impacts related to the expanded use of the proportional amortization method of accounting for renewable energy tax credit investments as a result of our adoption in first quarter 2024 of Accounting Standards Update (ASU) 2023-02 – Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. For additional information on our adoption of ASU 2023-02, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.

First nine months of 2024 vs. first nine months of 2023

Deposit-related fees increased reflecting higher treasury management fees on commercial accounts driven by increased transaction service volumes and repricing.

Investment advisory and other asset-based fees increased driven by higher asset-based fees reflecting higher market valuations.

Commissions and brokerage services fees increased driven by higher brokerage transaction activity.

Investment banking fees increased due to increased activity across all products.

Net servicing income increased driven by higher income from net hedge results related to MSR valuations.

Net gains from trading activities increased driven by higher revenue in structured products, foreign exchange, and equities.

Net gains (losses) from debt securities decreased reflecting losses related to a repositioning of our investment securities portfolio.

Net gains (losses) from equity securities increased driven by:
higher realized gains on equity securities from our venture capital investments; and
Wells Fargo & Company
9


Earnings Performance (continued)
lower impairment of equity securities from our venture capital investments.

Other income increased driven by impacts related to the expanded use of the proportional amortization method of accounting for renewable energy tax credit investments as a result of our adoption of ASU 2023-02 in first quarter 2024.
Noninterest Expense

Table 3: Noninterest Expense
Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions)20242023$ Change% Change20242023$ Change% Change
Personnel$8,591 8,627 (36)— %$26,658 26,648 10 — %
Technology, telecommunications and equipment1,142 975 167 17 3,301 2,844 457 16 
Occupancy786 724 62 2,263 2,144 119 
Operating losses (1)
293 329 (36)(11)1,419 828 591 71 
Professional and outside services1,130 1,310 (180)(14)3,370 3,843 (473)(12)
Leases (2)
152 172 (20)(12)475 529 (54)(10)
Advertising and promotion205 215 (10)(5)626 553 73 13 
Other768 761 2,586 2,387 199 
Total$13,067 13,113 (46)— $40,698 39,776 922 
(1)Includes expenses for customer remediation activities of $22 million and $(30) million for third quarter 2024 and 2023, respectively, and $634 million and $133 million for the first nine months of 2024 and 2023, respectively.
(2)Represents expenses for assets we lease to customers.
Third quarter 2024 vs. third quarter 2023

Personnel expense decreased slightly due to the impact of efficiency initiatives and lower severance expense, largely offset by higher revenue-related compensation expense driven by higher fees in our Wealth and Investment Management business.

Technology, telecommunications and equipment expense increased due to higher expense for the amortization of internally developed software.

Operating losses decreased driven by lower expense for legal actions.
As previously disclosed, we have outstanding legal actions and customer remediation activities that could impact operating losses in the coming quarters.
For additional information on operating losses, see Note 18 (Revenue and Expenses) to Financial Statements in this Report.
Professional and outside services expense decreased driven by efficiency initiatives to reduce our spending on consultants and contractors.
First nine months of 2024 vs. first nine months of 2023

Personnel expense increased slightly due to higher revenue-related compensation expense driven by higher fees in our Wealth and Investment Management business, largely offset by the impact of efficiency initiatives and lower severance expense.

Technology, telecommunications and equipment expense increased due to higher expense for the amortization of internally developed software.

Operating losses increased driven by higher expense for legal actions and higher expense for customer remediation activities related to the further refinement of the remediation costs for historical mortgage lending and other consumer products matters. For additional information on customer remediation activities, see the “Overview” section above.
As previously disclosed, we have outstanding legal actions and customer remediation activities that could impact operating losses in the coming quarters.

Professional and outside services expense decreased driven by efficiency initiatives to reduce our spending on consultants and contractors.
Other expense increased reflecting an additional expense of $273 million for the estimated FDIC special assessment. For additional information on the FDIC’s special assessment, see Note 18 (Revenue and Expenses) to Financial Statements in this Report.


10
Wells Fargo & Company


Income Tax Expense

Table 4: Income Tax Expense
Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions)
20242023$ Change% Change20242023$ Change% Change
Income before income tax expense$6,234 6,547 (313)(5)%$17,981 18,226 (245)(1)%
Income tax expense1,064 811 253 31 3,279 2,707 572 21 
Effective income tax rate (1)17.2 %12.3 18.3 %14.7 
(1)Represents (i) Income tax expense (benefit) divided by (ii) Income (loss) before income tax expense (benefit) less Net income (loss) from noncontrolling interests.
The increase in the effective income tax rate for third quarter 2024, compared with the same period a year ago, was driven by the impacts of discrete tax benefits in third quarter 2023 and the impacts related to the adoption of ASU 2023-02 in first quarter 2024 for our renewable energy tax credit investments. The increase in the effective income tax rate for the first nine months of 2024, compared with the same period a year ago, was driven by the impacts related to the adoption of ASU 2023-02 in first quarter 2024. For additional information on our adoption of Accounting Standards Update (ASU) 2023-02 – Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.
For additional information on income taxes, see Note 23 (Income Taxes) to Financial Statements in our 2023 Form 10-K.
Wells Fargo & Company
11


Earnings Performance (continued)
Operating Segment Results
Our management reporting is organized into four reportable operating segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. All other business activities that are not included in the reportable operating segments have been included in Corporate. For additional information, see Table 5 below. We define our reportable operating segments by type of product and customer segment, and their results are based on our management reporting process. The management reporting process measures the performance of the reportable operating segments based on the Company’s management structure, and the results are regularly reviewed with our Chief Executive Officer and relevant senior management. The management reporting process is based on U.S. GAAP and includes specific adjustments, such as funds transfer pricing for asset/liability management, shared revenue and expenses, and taxable-equivalent adjustments to consistently reflect income from taxable and tax-exempt sources, which allows management to assess performance consistently across the operating segments.

Funds Transfer Pricing Corporate treasury manages a funds transfer pricing methodology that considers interest rate risk, liquidity risk, and other product characteristics. Operating segments pay a funding charge for their assets and receive a funding credit for their deposits, both of which are included in net interest income. The net impact of the funding charges or credits is recognized in corporate treasury.

Revenue and Expense Sharing When lines of business jointly serve customers, the line of business that is responsible for providing the product or service recognizes revenue or expense with a referral fee paid or an allocation of cost to the other line of
business based on established internal revenue-sharing agreements.
When a line of business uses a service provided by another line of business or enterprise function (included in Corporate), expense is generally allocated based on the cost and use of the service provided. We periodically assess and update our revenue and expense allocation methodologies.

Taxable-Equivalent Adjustments 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.

Allocated Capital Reportable operating segments are allocated capital under a risk-sensitive framework that is primarily based on aspects of our regulatory capital requirements, and the assumptions and methodologies used to allocate capital are periodically assessed and updated. Management believes that return on allocated capital is a useful financial measure because it enables management, investors, and others to assess a reportable operating segment’s use of capital.

Selected Metrics We present certain financial and nonfinancial metrics that management uses when evaluating reportable operating segment results. Management believes that these metrics are useful to investors and others to assess the performance, customer growth, and trends of reportable operating segments or lines of business.
Table 5: Management Reporting Structure
Wells Fargo & Company
Consumer Banking and Lending
Commercial Banking
Corporate and Investment Banking
Wealth and Investment Management
Corporate

• Consumer, Small and Business Banking

• Home Lending

• Credit Card

• Auto

• Personal Lending

• Middle Market Banking

• Asset-Based Lending and Leasing

• Banking

• Commercial Real Estate

• Markets

• Wells Fargo Advisors

• The Private
Bank

• Corporate Treasury

• Enterprise Functions

• Investment Portfolio

• Venture capital and private equity investments

• Non-strategic businesses
12
Wells Fargo & Company


Table 6 and the following discussion present our results by reportable operating segment. For additional information, see Note 17 (Operating Segments) to Financial Statements in this Report.

Table 6: Operating Segment Results – Highlights
(in millions) Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment ManagementCorporate (1)Reconciling Items (2)Consolidated Company
Quarter ended September 30, 2024
Net interest income$7,149 2,289 1,909 842 (415)(84)11,690 
Noninterest income1,975 1,044 3,002 3,036 78 (459)8,676 
Total revenue9,124 3,333 4,911 3,878 (337)(543)20,366 
Provision for credit losses930 85 26 16 8  1,065 
Noninterest expense5,624 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
 2   54  56 
Net income (loss)
$1,924 1,318 1,992 529 (649) 5,114 
Quarter ended September 30, 2023
Net interest income$7,633 2,519 2,319 1,007 (269)(104)13,105 
Noninterest income1,948 886 2,604 2,695 21 (402)7,752 
Total revenue9,581 3,405 4,923 3,702 (248)(506)20,857 
Provision for credit losses768 52 324 (10)63 — 1,197 
Noninterest expense5,913 1,543 2,182 3,006 469 — 13,113 
Income (loss) before income tax expense (benefit)2,900 1,810 2,417 706 (780)(506)6,547 
Income tax expense (benefit)727 453 601 177 (641)(506)811 
Net income (loss) before noncontrolling interests
2,173 1,357 1,816 529 (139)— 5,736 
Less: Net income (loss) from noncontrolling interests— — — (34)— (31)
Net income (loss)
$2,173 1,354 1,816 529 (105)— 5,767 
Nine months ended September 30, 2024
Net interest income$21,283 6,848 5,881 2,617 (527)(262)35,840 
Noninterest income5,938 2,759 8,850 8,861 761 (1,091)26,078 
Total revenue27,221 9,607 14,731 11,478 234 (1,353)61,918 
Provision for credit losses2,650 257 316 5 11  3,239 
Noninterest expense17,349 4,665 6,729 9,577 2,378  40,698 
Income (loss) before income tax expense (benefit)7,222 4,685 7,686 1,896 (2,155)(1,353)17,981 
Income tax expense (benefit)1,815 1,191 1,928 502 (804)(1,353)3,279 
Net income (loss) before noncontrolling interests5,407 3,494 5,758 1,394 (1,351) 14,702 
Less: Net income from noncontrolling interests
 8   51  59 
Net income (loss)$5,407 3,486 5,758 1,394 (1,402) 14,643 
Nine months ended September 30, 2023
Net interest income$22,556 7,509 7,139 3,060 (344)(316)39,604 
Noninterest income5,844 2,572 7,317 7,971 147 (1,336)22,515 
Total revenue28,400 10,081 14,456 11,031 (197)(1,652)62,119 
Provision for credit losses2,509 35 1,509 25 39 — 4,117 
Noninterest expense17,978 4,925 6,486 9,041 1,346 — 39,776 
Income (loss) before income tax expense (benefit)7,913 5,121 6,461 1,965 (1,582)(1,652)18,226 
Income tax expense (benefit)1,985 1,281 1,617 492 (1,016)(1,652)2,707 
Net income (loss) before noncontrolling interests5,928 3,840 4,844 1,473 (566)— 15,519 
Less: Net income (loss) from noncontrolling interests— — — (186)— (177)
Net income (loss)$5,928 3,831 4,844 1,473 (380)— 15,696 
(1)All other business activities that are not included in the reportable operating segments have been included in Corporate. For additional information, see the “Corporate” section below.
(2)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.
Wells Fargo & Company
13


Earnings Performance (continued)
Consumer Banking and Lending offers diversified financial products and services for consumers and small businesses with annual sales generally up to $10 million. These financial products and services include checking and savings accounts, credit and
debit cards, as well as home, auto, personal, and small business lending. Table 6a and Table 6b provide additional information for Consumer Banking and Lending.
Table 6a: Consumer Banking and Lending – Income Statement and Selected Metrics
Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions, unless otherwise noted)20242023$ Change% Change20242023$ Change% Change
Income Statement
Net interest income$7,149 7,633 (484)(6)%$21,283 22,556 (1,273)(6)%
Noninterest income:
Deposit-related fees710 670 40 2,077 2,008 69 
Card fees1,031 1,027 — 3,057 3,007 50 
Mortgage banking137 105 32 30 465 397 68 17 
Other97 146 (49)(34)339 432 (93)(22)
Total noninterest income1,975 1,948 27 5,938 5,844 94 
Total revenue9,124 9,581 (457)(5)27,221 28,400 (1,179)(4)
Net charge-offs871 722 149 21 2,659 1,932 727 38 
Change in the allowance for credit losses59 46 13 28 (9)577 (586)NM
Provision for credit losses930 768 162 21 2,650 2,509 141 
Noninterest expense5,624 5,913 (289)(5)17,349 17,978 (629)(3)
Income before income tax expense2,570 2,900 (330)(11)7,222 7,913 (691)(9)
Income tax expense 646 727 (81)(11)1,815 1,985 (170)(9)
Net income$1,924 2,173 (249)(11)$5,407 5,928 (521)(9)
Revenue by Line of Business
Consumer, Small and Business Banking$6,222 6,546 (324)(5)$18,443 19,368 (925)(5)
Consumer Lending:
Home Lending842 840 — 2,529 2,550 (21)(1)
Credit Card1,471 1,494 (23)(2)4,419 4,360 59 
Auto273 360 (87)(24)855 1,130 (275)(24)
Personal Lending316 341 (25)(7)975 992 (17)(2)
Total revenue$9,124 9,581 (457)(5)$27,221 28,400 (1,179)(4)
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1)
16.3 %19.1 15.3 %17.5 
Efficiency ratio (2)
62 62 64 63 
Retail bank branches (#, period-end)
4,196 4,355 (4)
Digital active customers (# in millions, period-end) (3)
35.8 34.6 
Mobile active customers (# in millions, period-end) (3)
31.2 29.6 
Consumer, Small and Business Banking:
Deposit spread (4)
2.5 %2.7 2.5 %2.6 
Debit card purchase volume ($ in billions) (5)
$126.8 124.5 2.3 $376.5 366.7 9.8 
Debit card purchase transactions (# in millions) (5)
2,585 2,550 7,608 7,454 
(continued on following page)

14
Wells Fargo & Company


(continued from previous page)

Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions, unless otherwise noted)20242023$ Change% Change20242023$ Change% Change
Home Lending:
Mortgage banking:
Net servicing income$114 41 73 178 %$294 187 107 57 %
Net gains on mortgage loan originations/sales23 64 (41)(64)171 210 (39)(19)
Total mortgage banking$137 105 32 30 $465 397 68 17 
Retail originations ($ in billions)
$5.5 6.4 (0.9)(14)$14.3 19.7 (5.4)(27)
% of originations held for sale (HFS)41.0 %40.7 40.7 %44.4 
Third-party mortgage loans serviced ($ in billions, period-end) (6)
$499.1 591.8 (92.7)(16)
Mortgage servicing rights (MSR) carrying value (period-end)6,544 8,457 (1,913)(23)
Ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end) (6)
1.31 %1.43 
Home lending loans 30+ days delinquency rate (period-end) (7)(8)(9)
0.30 0.29 
Credit Card:
Point of sale (POS) volume ($ in billions)$43.4 39.4 4.0 10 $125.4 111.9 13.5 12 
New accounts (# in thousands)
615 714 (14)1,943 1,911 
Credit card loans 30+ days delinquency rate (period-end) (8)(9)
2.87 %2.61 
Credit card loans 90+ days delinquency rate (period-end) (8)(9)
1.43 1.29 
Auto:
Auto originations ($ in billions)$4.1 4.1 — — $11.9 13.9 (2.0)(14)
Auto loans 30+ days delinquency rate (period-end) (8)(9)
2.28 %2.60 
Personal Lending:
New volume ($ in billions)$2.7 3.1 (0.4)(13)$7.6 9.3 (1.7)(18)
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 based on 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.
Third quarter 2024 vs. third quarter 2023
Revenue decreased driven by lower net interest income due to lower deposit balances and lower loan balances.

Provision for credit losses reflected an increase in the allowance for credit card loans.

Noninterest expense decreased reflecting lower operating costs and lower operating losses, as well as the impact of efficiency initiatives.
First nine months of 2024 vs. first nine months of 2023

Revenue decreased driven by lower net interest income due to lower deposit balances and lower loan balances.

Provision for credit losses reflected an increase in the allowance for credit card loans.

Noninterest expense decreased due to:
lower personnel expense and operating costs driven by the impact of efficiency initiatives;
partially offset by:
higher advertising expense due to higher marketing volume.
Wells Fargo & Company
15


Earnings Performance (continued)
Table 6b: Consumer Banking and Lending – Balance Sheet

Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions)
20242023$ Change% Change20242023$ Change% Change
Selected Balance Sheet Data (average)
Loans by Line of Business:
Consumer, Small and Business Banking$6,230 6,610 (380)(6)%$6,355 6,825 (470)(7)%
Consumer Lending:
Home Lending209,825 218,546 (8,721)(4)212,043 220,568 (8,525)(4)
Credit Card
49,141 43,541 5,600 13 47,677 41,900 5,777 14 
Auto43,949 51,578 (7,629)(15)45,733 52,569 (6,836)(13)
Personal Lending14,470 15,270 (800)(5)14,609 14,863 (254)(2)
Total loans$323,615 335,545 (11,930)(4)$326,417 336,725 (10,308)(3)
Total deposits773,554 801,061 (27,507)(3)775,005 821,741 (46,736)(6)
Allocated capital45,500 44,000 1,500 45,500 44,000 1,500 
Selected Balance Sheet Data (period-end)
Loans by Line of Business:
Consumer, Small and Business Banking$6,372 6,746 (374)(6)
Consumer Lending:
Home Lending209,083 217,955 (8,872)(4)
Credit Card
49,521 44,409 5,112 12 
Auto43,356 50,407 (7,051)(14)
Personal Lending14,413 15,439 (1,026)(7)
Total loans$322,745 334,956 (12,211)(4)  
Total deposits775,745 798,897 (23,152)(3)
Third quarter and first nine months of 2024 vs. third quarter and first nine months of 2023
Total loans (average and period-end) decreased due to:
a decline in loan balances in our Home Lending business reflecting lower loan demand due to the impact of the higher interest rate environment; and
a decline in loan balances in our Auto business as paydowns exceeded originations reflecting our actions related to credit tightening;
partially offset by:
an increase in loan balances in our Credit Card business due to higher point of sale volume driven by new account growth.
Total deposits (average and period-end) decreased driven by customer migration to higher yielding deposit products, including promotional savings and time deposit accounts.

16
Wells Fargo & Company


Commercial Banking provides financial solutions to private, family owned and certain public companies. Products and services include banking and credit products across multiple
industry sectors and municipalities, secured lending and lease products, and treasury management. Table 6c and Table 6d provide additional information for Commercial Banking.
Table 6c: Commercial Banking – Income Statement and Selected Metrics
Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions)20242023$ Change% Change20242023$ Change% Change
Income Statement
Net interest income$2,289 2,519 (230)(9)%$6,848 7,509 (661)(9)%
Noninterest income:
Deposit-related fees303 257 46 18 877 741 136 18 
Lending-related fees138 133 415 393 22 
Lease income126 153 (27)(18)408 489 (81)(17)
Other477 343 134 39 1,059 949 110 12 
Total noninterest income1,044 886 158 18 2,759 2,572 187 
Total revenue3,333 3,405 (72)(2)9,607 10,081 (474)(5)
Net charge-offs50 37 13 35 222 61 161 264 
Change in the allowance for credit losses35 15 20 133 35 (26)61 235 
Provision for credit losses85 52 33 63 257 35 222 634
Noninterest expense1,480 1,543 (63)(4)4,665 4,925 (260)(5)
Income before income tax expense1,768 1,810 (42)(2)4,685 5,121 (436)(9)
Income tax expense448 453 (5)(1)1,191 1,281 (90)(7)
Less: Net income from noncontrolling interests2 (1)(33)8 (1)(11)
Net income$1,318 1,354 (36)(3)$3,486 3,831 (345)(9)
Revenue by Line of Business
Middle Market Banking
$2,187 2,212 (25)(1)$6,418 6,566 (148)(2)
Asset-Based Lending and Leasing
1,146 1,193 (47)(4)3,189 3,515 (326)(9)
Total revenue$3,333 3,405 (72)(2)$9,607 10,081 (474)(5)
Revenue by Product
Lending and leasing$1,293 1,321 (28)(2)$3,910 3,977 (67)(2)
Treasury management and payments1,434 1,541 (107)(7)4,267 4,687 (420)(9)
Other606 543 63 12 1,430 1,417 13 
Total revenue$3,333 3,405 (72)(2)$9,607 10,081 (474)(5)
Selected Metrics
Return on allocated capital19.2 %20.2 16.9 %19.2 
Efficiency ratio44 45 49 49 
Third quarter 2024 vs. third quarter 2023
Revenue decreased driven by:
lower net interest income reflecting the impact of higher interest rates on deposit costs;
partially offset by:
higher deposit-related fees reflecting higher treasury management fees on commercial accounts driven by increased transaction service volumes and repricing; and
higher other noninterest income related to renewable energy tax credit investments.

Noninterest expense decreased due to lower personnel expense reflecting the impact of efficiency initiatives.
First nine months of 2024 vs. first nine months of 2023
Revenue decreased driven by:
lower net interest income reflecting the impact of higher interest rates on deposit costs;
partially offset by:
higher deposit-related fees reflecting higher treasury management fees on commercial accounts driven by increased transaction service volumes and repricing; and
higher other noninterest income related to renewable energy tax credit investments.

Provision for credit losses reflected an increase in net charge-offs.

Noninterest expense decreased due to lower personnel expense reflecting the impact of efficiency initiatives.
Wells Fargo & Company
17


Earnings Performance (continued)
Table 6d: Commercial Banking – Balance Sheet

Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions)
20242023$ Change% Change20242023$ Change% Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial$161,967 164,182 (2,215)(1)%$163,085 164,461 (1,376)(1)%
Commercial real estate44,756 45,716 (960)(2)45,013 45,810 (797)(2)
Lease financing and other15,393 14,518 875 15,384 14,090 1,294 
Total loans$222,116 224,416 (2,300)(1)$223,482 224,361 (879)— 
Loans by Line of Business:
Middle Market Banking
$127,321 120,509 6,812 $124,960 121,442 3,518 
Asset-Based Lending and Leasing
94,795 103,907 (9,112)(9)98,522 102,919 (4,397)(4)
Total loans$222,116 224,416 (2,300)(1)$223,482 224,361 (879)— 
Total deposits173,158 160,556 12,602 168,044 165,887 2,157 
Allocated capital26,000 25,500 500 26,000 25,500500 
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial$163,878 165,094 (1,216)(1)
Commercial real estate44,715 45,663 (948)(2)
Lease financing and other15,406 15,014 392 
Total loans$223,999 225,771 (1,772)(1)  
Loans by Line of Business:
Middle Market Banking
$127,048 119,354 7,694 
Asset-Based Lending and Leasing
96,951 106,417 (9,466)(9)
Total loans$223,999 225,771 (1,772)(1)  
Total deposits178,406 160,368 18,038 11 
Third quarter and first nine months of 2024 vs. third quarter and first nine months of 2023
Total loans (average and period-end) decreased driven by lower loan demand reflecting the impact of a higher interest rate environment, partially offset by increased client working capital needs.

Total deposits (average and period-end) increased driven by additions of deposits from new and existing customers.



18
Wells Fargo & Company


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. 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. In August 2024,
we entered into a definitive agreement to sell the non-agency third-party servicing segment of our commercial mortgage servicing business, including the related mortgage servicing rights and servicer advances. We will continue to service agency and government-sponsored enterprise loans and loans held on our balance sheet. Table 6e and Table 6f provide additional information for Corporate and Investment Banking.
Table 6e: Corporate and Investment Banking – Income Statement and Selected Metrics

Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions)20242023$ Change% Change20242023$ Change% Change
Income Statement
Net interest income$1,909 2,319 (410)(18)%$5,881 7,139 (1,258)(18)%
Noninterest income:
Deposit-related fees279 247 32 13 804 730 74 10 
Lending-related fees213 206 621 591 30 
Investment banking fees668 545 123 23 1,949 1,249 700 56 
Net gains from trading activities1,366 1,193 173 15 4,158 3,531 627 18 
Other476 413 63 15 1,318 1,216 102 
Total noninterest income3,002 2,604 398 15 8,850 7,317 1,533 21 
Total revenue4,911 4,923 (12)— 14,731 14,456 275 
Net charge-offs196 105 91 87 695 205 490 239 
Change in the allowance for credit losses(170)219 (389)NM(379)1,304 (1,683)NM
Provision for credit losses26 324 (298)(92)316 1,509 (1,193)(79)
Noninterest expense2,229 2,182 47 6,729 6,486 243 
Income before income tax expense2,656 2,417 239 10 7,686 6,461 1,225 19 
Income tax expense664 601 63 10 1,928 1,617 311 19 
Net income$1,992 1,816 176 10 $5,758 4,844 914 19 
Revenue by Line of Business
Banking:
Lending$698 721 (23)(3)$2,067 2,098 (31)(1)
Treasury Management and Payments695 747 (52)(7)2,068 2,294 (226)(10)
Investment Banking419 430 (11)(3)1,323 1,021 302 30 
Total Banking1,812 1,898 (86)(5)5,458 5,413 45 
Commercial Real Estate1,364 1,376 (12)(1)3,870 4,020 (150)(4)
Markets:
Fixed Income, Currencies, and Commodities (FICC)1,327 1,148 179 16 3,914 3,566 348 10 
Equities396 518 (122)(24)1,404 1,352 52 
Credit Adjustment (CVA/DVA) and Other31 (12)43 358 57 73 (16)(22)
Total Markets1,754 1,654 100 5,375 4,991 384 
Other(19)(5)(14)NM28 32 (4)(13)
Total revenue$4,911 4,923 (12)— $14,731 14,456 275 
Selected Metrics
Return on allocated capital17.1 %15.5 16.5 %13.9 
Efficiency ratio45 44 46 45 
NM – Not meaningful
Third quarter 2024 vs. third quarter 2023
Revenue decreased slightly, reflecting:
lower net interest income driven by higher deposit costs and lower loan balances;
partially offset by:
higher net gains from trading activities reflecting higher trading activity across most fixed income asset classes, partially offset by lower revenue in equities; and
higher investment banking fees due to higher debt underwriting fees driven by increased activity, partially offset by lower advisory fee income.

Provision for credit losses reflected a decrease in the allowance for credit losses driven by commercial real estate loans.

Noninterest expense increased driven by higher operating losses and operating costs, partially offset by the impact of efficiency initiatives.


Wells Fargo & Company
19


Earnings Performance (continued)
First nine months of 2024 vs. first nine months of 2023

Revenue increased driven by:
higher investment banking fees due to increased activity across all products; and
higher net gains from trading activities driven by higher revenue in structured products, foreign exchange, and equities;
partially offset by:
lower net interest income driven by higher deposit costs and lower loan balances.

Provision for credit losses reflected a decrease in the allowance for credit losses driven by commercial real estate loans.

Noninterest expense increased driven by higher operating costs, partially offset by the impact of efficiency initiatives.
Table 6f: Corporate and Investment Banking – Balance Sheet

Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions)
20242023$ Change% Change20242023$ Change% Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial$183,255 191,128 (7,873)(4)%$183,159 191,800 (8,641)(5)%
Commercial real estate91,963 100,523 (8,560)(9)94,913 100,810 (5,897)(6)
Total loans$275,218 291,651 (16,433)(6)$278,072 292,610 (14,538)(5)
Loans by Line of Business:
Banking$86,548 94,010 (7,462)(8)$87,854 96,148 (8,294)(9)
Commercial Real Estate124,056 135,639 (11,583)(9)127,943 136,302 (8,359)(6)
Markets64,614 62,002 2,612 62,275 60,160 2,115 
Total loans$275,218 291,651 (16,433)(6)$278,072 292,610 (14,538)(5)
Trading-related assets:
Trading account securities$140,501 122,376 18,125 15 $132,678 117,858 14,820 13 
Reverse repurchase agreements/securities borrowed74,041 62,284 11,757 19 67,289 60,105 7,184 12 
Derivative assets19,668 19,760 (92)— 18,422 18,410 12 — 
Total trading-related assets$234,210 204,420 29,790 15 $218,389 196,373 22,016 11 
Total assets574,697 559,647 15,050 561,280 552,888 8,392 
Total deposits194,315 157,212 37,103 24 188,399 158,337 30,062 19 
Allocated capital44,000 44,000 — — 44,000 44,000 — — 
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial$183,341 190,547 (7,206)(4)
Commercial real estate90,382 99,783 (9,401)(9)
Total loans$273,723 290,330 (16,607)(6)  
Loans by Line of Business:
Banking$88,221 93,723 (5,502)(6)
Commercial Real Estate121,238 133,939 (12,701)(9)
Markets64,264 62,668 1,596 
Total loans$273,723 290,330 (16,607)(6)  
Trading-related assets:
Trading account securities$144,148 120,547 23,601 20 
Reverse repurchase agreements/securities borrowed
83,562 64,240 19,322 30 
Derivative assets17,906 21,231 (3,325)(16)
Total trading-related assets$245,616 206,018 39,598 19   
Total assets583,144 557,642 25,502 
Total deposits199,700 162,776 36,924 23 
Third quarter and first nine months of 2024 vs. third quarter and first nine months of 2023
Total loans (average and period-end) decreased driven by lower commercial real estate loan origination volumes reflecting decreased demand.
Total trading-related assets (average and period-end) increased reflecting:
higher trading account securities driven by higher mortgage-backed securities; and
an increased volume of reverse repurchase agreements.
Total deposits (average and period-end) increased driven by additions of deposits from new and existing customers.

20
Wells Fargo & Company


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. We operate through financial advisors in our brokerage and wealth
offices, consumer bank branches, independent offices, and digitally through WellsTrade® and Intuitive Investor®. Table 6g and Table 6h provide additional information for Wealth and Investment Management (WIM).
Table 6g: Wealth and Investment Management

Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions, unless otherwise noted)20242023$ Change% Change20242023$ Change% Change
Income Statement
Net interest income$842 1,007 (165)(16)%$2,617 3,060 (443)(14)%
Noninterest income:
Investment advisory and other asset-based fees2,406 2,164 242 11 7,030 6,335 695 11 
Commissions and brokerage services fees 548 492 56 11 1,614 1,527 87 
Other82 39 43 110 217 109 108 99 
Total noninterest income3,036 2,695 341 13 8,861 7,971 890 11 
Total revenue3,878 3,702 176 11,478 11,031 447 
Net charge-offs(5)(6)NM(1)(1)— — 
Change in the allowance for credit losses21 (11)32 2916 26 (20)(77)
Provision for credit losses16 (10)26 2605 25 (20)(80)
Noninterest expense3,154 3,006 148 9,577 9,041 536 
Income before income tax expense708 706 — 1,896 1,965 (69)(4)
Income tax expense179 177 502 492 10 
Net income$529 529 — — $1,394 1,473 (79)(5)
Selected Metrics
Return on allocated capital31.5 %32.8 27.7 %30.8 
Efficiency ratio81 81 83 82 
Client assets ($ in billions, period-end):
Advisory assets$993 825 168 20 
Other brokerage assets and deposits1,301 1,123 178 16 
Total client assets$2,294 1,948 346 18   
Selected Balance Sheet Data (average)
Total loans$82,797 82,195 602 $82,815 82,948 (133)— 
Total deposits107,991 107,500 491 — 104,117 115,418 (11,301)(10)
Allocated capital6,500 6,250 250 6,500 6,250 250 
Selected Balance Sheet Data (period-end)
Total loans$83,023 82,331 692 
Total deposits112,472 103,255 9,217 
NM- Not meaningful
Third quarter 2024 vs. third quarter 2023
Revenue increased driven by:
higher investment advisory and other asset-based fees driven by higher asset-based fees reflecting higher market valuations; and
higher commissions and brokerage services fees driven by higher brokerage transaction activity;
partially offset by:
lower net interest income driven by higher deposit costs reflecting increased pricing on sweep deposits in advisory brokerage accounts and customers reallocating cash into higher yielding alternatives.

Noninterest expense increased reflecting:
higher personnel expense driven by higher revenue-related compensation;
partially offset by:
lower operating costs; and
the impact of efficiency initiatives.
Total deposits (period-end) increased predominantly driven by higher balances in our retail brokerage business.

First nine months of 2024 vs. first nine months of 2023
Revenue increased driven by:
higher investment advisory and other asset-based fees driven by higher asset-based fees reflecting higher market valuations; and
higher commissions and brokerage services fees driven by higher brokerage transaction activity;
partially offset by:
lower net interest income driven by lower deposit balances, customers reallocating cash into higher yielding alternatives, and higher deposit costs reflecting increased pricing on sweep deposits in advisory brokerage accounts.

Wells Fargo & Company
21


Earnings Performance (continued)
Noninterest expense increased reflecting:
higher personnel expense driven by higher revenue-related compensation; and
higher operating losses;
partially offset by:
the impact of efficiency initiatives; and
lower operating costs.

Total deposits (average) decreased driven by customer migration to higher yielding alternatives.
WIM Advisory Assets In addition to transactional accounts, WIM offers advisory account relationships to brokerage customers. Fees from advisory accounts are based on a percentage of the market value of the assets as of the beginning of the quarter, which vary across the account types based on the
distinct services provided, and are affected by investment performance as well as asset inflows and outflows. Advisory accounts include assets that are financial advisor-directed and separately managed by third-party managers as well as certain client-directed brokerage assets where we earn a fee for advisory and other services, but do not have investment discretion.
WIM also manages personal trust and other assets for high net worth clients, with fee income earned based on a percentage of the market value of these assets. Table 6h presents advisory assets activity by WIM line of business. Management believes that advisory assets is a useful metric because it allows management, investors, and others to assess how changes in asset amounts may impact the generation of certain asset-based fees.
For the third quarter of both 2024 and 2023, the average fee rate by account type ranged from 50 to 120 basis points.
Table 6h: WIM Advisory Assets
Quarter endedNine months ended
(in billions)
Balance, beginning
of period
Inflows (1)Outflows (2)Market impact (3)Balance, end of period
Balance, beginning
of period
Inflows (1)Outflows (2)Market impact (3)Balance, end of period
September 30, 2024
Client-directed (4)$196.4 9.2 (10.7)9.1 204.0 $185.3 27.2 (31.1)22.6 204.0 
Financial advisor-directed (5)291.1 12.6 (12.8)17.8 308.7 264.6 37.6 (35.3)41.8 308.7 
Separate accounts (6)210.4 9.2 (8.0)14.0 225.6 198.4 24.9 (23.9)26.2 225.6 
Mutual fund advisory (7)85.7 2.0 (3.6)4.6 88.7 83.3 6.4 (10.2)9.2 88.7 
Total Wells Fargo Advisors$783.6 33.0 (35.1)45.5 827.0 $731.6 96.1 (100.5)99.8 827.0 
The Private Bank (8) 161.5 6.7 (8.0)6.1 166.3 159.5 18.3 (25.6)14.1 166.3 
Total WIM advisory assets$945.1 39.7 (43.1)51.6 993.3 $891.1 114.4 (126.1)113.9 993.3 
September 30, 2023
Client-directed (4)$177.4 8.2 (8.3)(5.3)172.0 $165.2 24.6 (25.8)8.0 172.0 
Financial advisor-directed (5)243.7 10.0 (9.4)(4.2)240.1 222.9 28.9 (28.7)17.0 240.1 
Separate accounts (6)188.5 5.9 (6.1)(5.7)182.6 176.5 17.6 (19.0)7.5 182.6 
Mutual fund advisory (7)81.9 1.9 (3.0)(2.4)78.4 78.6 5.7 (9.2)3.3 78.4 
Total Wells Fargo Advisors$691.5 26.0 (26.8)(17.6)673.1 $643.2 76.8 (82.7)35.8 673.1 
The Private Bank (8)158.0 5.8 (8.0)(4.1)151.7 153.6 19.2 (26.2)5.1 151.7 
Total WIM advisory assets$849.5 31.8 (34.8)(21.7)824.8 $796.8 96.0 (108.9)40.9 824.8 
(1)Inflows include new advisory account assets, contributions, dividends, and interest.
(2)Outflows include closed advisory account assets, withdrawals, and client management fees.
(3)Market impact reflects gains and losses on portfolio investments.
(4)Investment advice and other services are provided to the client, but decisions are made by the client and the fees earned are based on a percentage of the advisory account assets, not the number and size of transactions executed by the client.
(5)Professionally managed portfolios with fees earned based on respective strategies and as a percentage of certain client assets.
(6)Professional advisory portfolios managed by third-party asset managers. Fees are earned based on a percentage of certain client assets.
(7)Program with portfolios constructed of load-waived, no-load, and institutional share class mutual funds. Fees are earned based on a percentage of certain client assets.
(8)Discretionary and non-discretionary portfolios held in personal trusts, investment agency, or custody accounts with fees earned based on a percentage of client assets.
22
Wells Fargo & Company


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. Table 6i and Table 6j provide additional information for Corporate.
Table 6i: Corporate – Income Statement
Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions)
20242023$ Change% Change20242023$ Change% Change
Income Statement
Net interest income$(415)(269)(146)(54)%$(527)(344)(183)(53)%
Noninterest income78 21 57 271 761 147 614 418 
Total revenue(337)(248)(89)(36)234 (197)431 219
Net charge-offs(1)(1)— — (4)(5)20 
Change in the allowance for credit losses9 64 (55)(86)15 44 (29)(66)
Provision for credit losses8 63 (55)(87)11 39 (28)(72)
Noninterest expense580 469 111 24 2,378 1,346 1,032 77 
Loss before income tax benefit
(925)(780)(145)(19)(2,155)(1,582)(573)(36)
Income tax benefit
(330)(641)311 49 (804)(1,016)212 21 
Less: Net loss from noncontrolling interests (1)
54 (34)88 259 51 (186)237 127 
Net income (loss)
$(649)(105)(544)NM$(1,402)(380)(1,022)NM
NM – Not meaningful
(1)Reflects results attributable to noncontrolling interests associated with our venture capital investments.
Third quarter 2024 vs. third quarter 2023
Revenue decreased driven by:
higher net losses from debt securities related to a repositioning of our investment securities portfolio;
partially offset by:
higher net gains from equity securities reflecting higher realized gains on equity securities from our venture capital investments.

Noninterest expense increased driven by higher operating losses due to higher expense for customer remediation activities.

First nine months of 2024 vs. first nine months of 2023

Revenue increased driven by:
higher net gains from equity securities reflecting lower impairment of equity securities and higher realized gains on equity securities from our venture capital investments;
partially offset by:
higher net losses from debt securities related to a repositioning of our investment securities portfolio.

Noninterest expense increased due to:
higher operating losses due to higher expense for customer remediation activities; and
an additional expense of $273 million for the estimated FDIC special assessment.

Corporate includes our rail car leasing business, which had long-lived operating lease assets, net of accumulated depreciation, of $4.5 billion and $4.6 billion at September 30, 2024, and December 31, 2023, respectively. We may incur impairment charges based on changing economic and market conditions affecting the long-term demand and utility of specific types of rail cars. For additional information, see the “Earnings Performance – Operating Segment Results – Corporate” section in our 2023 Form 10-K.
Wells Fargo & Company
23


Earnings Performance (continued)
Table 6j: Corporate – Balance Sheet
Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions)
20242023$ Change% Change20242023$ Change% Change
Selected Balance Sheet Data (average)
Cash and due from banks, and interest-earning deposits with banks$189,435 164,900 24,535 15 %$201,243 138,449 62,794 45 %
Available-for-sale debt securities
147,093 119,745 27,348 23 133,951 126,304 7,647 
Held-to-maturity debt securities
242,621 266,012 (23,391)(9)250,242 269,885 (19,643)(7)
Equity securities15,216 15,784 (568)(4)15,580 15,544 36 — 
Total loans6,509 9,386 (2,877)(31)7,620 9,252 (1,632)(18)
Total assets648,930 623,339 25,591 656,289 610,047 46,242 
Total deposits92,662 113,978 (21,316)(19)107,691 86,707 20,984 24 
Selected Balance Sheet Data (period-end)
Cash and due from banks, and interest-earning deposits with banks$161,402 194,653 (33,251)(17)
Available-for-sale debt securities
157,042 115,005 42,037 37 
Held-to-maturity debt securities
240,174 264,248 (24,074)(9)
Equity securities14,861 15,496 (635)(4)
Total loans6,221 9,036 (2,815)(31)
Total assets642,618 641,455 1,163 — 
Total deposits83,323 128,714 (45,391)(35)

Third quarter 2024 vs. third quarter 2023
Total assets (average) increased reflecting an increase in cash and due from banks, and interest-earning deposits with banks that are managed by corporate treasury.

Total deposits (average and period-end) decreased driven by maturities of certificates of deposits (CDs) issued by corporate treasury.
First nine months of 2024 vs. first nine months of 2023
Total assets (average) increased reflecting an increase in cash and due from banks, and interest-earning deposits with banks that are managed by corporate treasury.

Total deposits (average) increased driven by issuances of CDs by corporate treasury.
24
Wells Fargo & Company


Balance Sheet Analysis
At September 30, 2024, our assets totaled $1.92 trillion, down $10.3 billion from December 31, 2023.
The following discussion provides additional information about the major components of our consolidated balance sheet. See the “Capital Management” section in this Report for information on changes in our equity.
Available-for-Sale and Held-to-Maturity Debt Securities
Table 7: Available-for-Sale and Held-to-Maturity Debt Securities
September 30, 2024December 31, 2023
($ in millions)Amortized
cost, net (1)
Net
 unrealized gains (losses)
Fair valueWeighted
average expected maturity (yrs)
Amortized
cost, net (1)
Net
 unrealized gains (losses)
Fair valueWeighted average expected maturity (yrs)
Available-for-sale (2)$169,475 (3,471)166,004 6.2 $137,155 (6,707)130,448 4.7 
Held-to-maturity (3)243,151 (31,435)211,716 8.1 262,708 (35,392)227,316 7.6 
Total
$412,626 (34,906)377,720 
n/a
$399,863 (42,099)357,764 
n/a
(1)Represents amortized cost of the securities, net of the allowance for credit losses of $20 million and $1 million related to available-for-sale debt securities and $89 million and $93 million related to held-to-maturity debt securities at September 30, 2024, and December 31, 2023, respectively.
(2)Available-for-sale debt securities are carried on our consolidated balance sheet at fair value.
(3)Held-to-maturity debt securities are carried on our consolidated balance sheet at amortized cost, net of the allowance for credit losses.
Table 7 presents a summary of our portfolio of investments in available-for-sale (AFS) and held-to-maturity (HTM) debt securities. See Note 3 (Available-for-Sale and Held-to-Maturity Debt Securities) to Financial Statements in this Report for additional information on AFS and HTM debt securities, including a summary of debt securities by security type, contractual maturities and weighted average yields. See also the “Balance Sheet Analysis – Available-for-Sale and Held-to-Maturity Debt Securities” section in our 2023 Form 10-K for additional information on our investment management objectives and practices and the “Risk Management – Asset/Liability Management” section in this Report for information on liquidity and interest rate risk.
The amortized cost, net of the allowance for credit losses, of the total AFS and HTM debt securities portfolio increased from December 31, 2023. Purchases of AFS debt securities were partially offset by paydowns and maturities of AFS and HTM debt securities, as well as sales of AFS debt securities.
The total net unrealized losses on AFS and HTM debt securities decreased from December 31, 2023, due to changes in interest rates and the realization of losses related to a repositioning of our AFS debt securities portfolio. The repositioning included the sale of approximately $16 billion of AFS debt securities and reinvestment of the proceeds into AFS debt securities with higher yields.
At September 30, 2024, 99% of the combined AFS and HTM debt securities portfolio was rated AA- or above. Ratings are based on external ratings where available and, where not available, based on internal credit grades.
Wells Fargo & Company
25


Balance Sheet Analysis (continued)

Loan Portfolios
Table 8 provides a summary of total outstanding loans by portfolio segment. Commercial loans decreased from December 31, 2023, due to decreases in both the commercial and industrial and commercial real estate loan portfolios as paydowns exceeded originations and advances. Consumer loans
decreased from December 31, 2023, driven by decreases in the residential mortgage and auto loan portfolios as paydowns exceeded originations, partially offset by an increase in credit card loans due to higher point of sale volume driven by new account growth.
Table 8: Loan Portfolios
($ in millions)Sep 30, 2024Dec 31, 2023$ Change% Change
Commercial$530,642 547,427 (16,785)(3)%
Consumer379,069 389,255 (10,186)(3)
Total loans$909,711 936,682 (26,971)(3)
Average loan balances and a comparative detail of average loan balances is included in Table 1 under “Earnings Performance – Net Interest Income” earlier in this Report. Additional information on total loans outstanding by portfolio segment and class of financing receivable is included in the “Risk Management – Credit Risk Management” section in this Report. Period-end balances and other loan related information are in Note 5 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report.
See the “Balance Sheet Analysis – Loan Portfolios” section in our 2023 Form 10-K for additional information regarding contractual loan maturities and the distribution of loans to changes in interest rates.

Deposits
Deposits decreased from December 31, 2023, reflecting:
lower time deposits driven by maturities of CDs issued by corporate treasury;
partially offset by:
growth in commercial deposits.

Table 9 provides additional information regarding deposit balances. Certain deposit balances, including noninterest-bearing and interest-bearing demand deposits, were impacted by efforts to align legacy products with current deposit product offerings. Information regarding the impact of deposits on net interest income and a comparison of average deposit balances is provided in the “Earnings Performance – Net Interest Income” section and Table 1 earlier in this Report. Our average deposit cost in third quarter 2024 increased to 1.91%, compared with 1.58% in fourth quarter 2023.
Table 9: Deposits
($ in millions)Sep 30,
2024
% of
total
deposits
Dec 31,
2023
% of
total 
deposits 
$ Change% Change
Noninterest-bearing demand deposits$370,005 28 %$360,279 26 %$9,726 %
Interest-bearing demand deposits446,492 33 436,908 32 9,584 
Savings deposits355,446 26 349,181 26 6,265 
Time deposits158,387 12 187,989 14 (29,602)(16)
Interest-bearing deposits in non-U.S. offices19,316 1 23,816 (4,500)(19)
Total deposits$1,349,646 100 %$1,358,173 100 %$(8,527)(1)
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Wells Fargo & Company


Off-Balance Sheet Arrangements
In the ordinary course of business, we engage in financial transactions that are not recorded on our consolidated balance sheet, or may be recorded on our consolidated balance sheet in amounts that are different from the full contract or notional amount of the transaction. Our off-balance sheet arrangements include unfunded credit commitments, transactions with unconsolidated entities, guarantees, derivatives, and other commitments. These transactions are designed to (1) meet the financial needs of customers, (2) manage our credit, market or liquidity risks, and/or (3) diversify our funding sources.

Unfunded Credit Commitments
Unfunded credit commitments are legally binding agreements to lend to customers with terms covering usage of funds, contractual interest rates, expiration dates, and any required collateral. The maximum credit risk for these commitments will generally be lower than the contractual amount because these commitments may expire without being used or may be cancelled at the customer’s request. Our credit risk monitoring activities include managing the amount of commitments, both to individual customers and in total, and the size and maturity structure of these commitments. For additional information, see Note 5 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report.

Transactions with Unconsolidated Entities
In the normal course of business, we enter into various types of on- and off-balance sheet transactions with special purpose entities (SPEs), which are corporations, trusts, limited liability companies or partnerships that are established for a limited purpose. Generally, SPEs are formed in connection with securitization transactions and are considered variable interest entities (VIEs). For additional information, see Note 13 (Securitizations and Variable Interest Entities) to Financial Statements in this Report.
Guarantees and Other Commitments
Guarantees are contracts that contingently require us to make payments to a guaranteed party based on an event or a change in an underlying asset, liability, rate or index. Guarantees are generally in the form of standby and direct pay letters of credit, written options, recourse obligations, exchange and clearing house guarantees, indemnifications, and other types of similar arrangements. We also enter into other commitments such as commitments to purchase securities under resale agreements. For additional information, see Note 14 (Guarantees and Other Commitments) to Financial Statements in this Report.

Derivatives
We use derivatives to manage exposure to market risk, including interest rate risk, credit risk and foreign currency risk, and to assist customers with their risk management objectives. Derivatives are recorded on our consolidated balance sheet at fair value, and volume can be measured in terms of the notional amount, which is generally not exchanged, but is used only as the basis on which interest and other payments are determined. The notional amount is not recorded on our consolidated balance sheet and is not, when viewed in isolation, a meaningful measure of the risk profile of the instruments. For additional information, see Note 11 (Derivatives) to Financial Statements in this Report.
Wells Fargo & Company
27


Risk Management
Wells Fargo manages a variety of risks that can significantly affect our financial performance and our ability to meet the expectations of our customers, shareholders, regulators and other stakeholders.
For additional information about how we manage risk, see the “Risk Management” section in our 2023 Form 10-K. The discussion that follows supplements our discussion of the management of certain risks contained in the “Risk Management” section in our 2023 Form 10-K.

Credit Risk Management
Credit risk is the risk of loss associated with a borrower or counterparty default (failure to meet obligations in accordance with agreed upon terms). Credit risk exists with many of the Company’s assets and exposures such as debt security holdings, certain derivatives, and loans.
The Board’s Risk Committee has primary oversight responsibility for credit risk. At the management level, Corporate Credit Risk, which is part of Independent Risk Management, has oversight responsibility for credit risk. Corporate Credit Risk reports to the Chief Risk Officer and supports periodic reports related to credit risk provided to the Board’s Risk Committee.

Loan Portfolio Our loan portfolios represent the largest component of assets on our consolidated balance sheet for which we have credit risk. Table 10 presents our total loans outstanding by portfolio segment and class of financing receivable.

Table 10: Total Loans Outstanding by Portfolio Segment and Class of Financing Receivable
(in millions)
Sep 30, 2024Dec 31, 2023
Commercial and industrial$372,750 380,388 
Commercial real estate141,410 150,616 
Lease financing16,482 16,423 
Total commercial530,642 547,427 
Residential mortgage252,676 260,724 
Credit card55,046 52,230 
Auto42,815 47,762 
Other consumer28,532 28,539 
Total consumer379,069 389,255 
Total loans$909,711 936,682 
We manage our credit risk by establishing what we believe are sound credit policies for underwriting new business, while monitoring and reviewing the performance of our existing loan portfolios. We employ various credit risk management and monitoring activities to mitigate risks associated with multiple risk factors affecting loans we hold including:
Loan concentrations and related credit quality;
Counterparty credit risk;
Economic and market conditions;
Legislative or regulatory mandates;
Changes in interest rates;
Merger and acquisition activities; and
Reputation risk.
In addition, the Company will continue to integrate climate considerations into its credit risk management activities.
Our credit risk management oversight process is governed centrally, but provides for direct management and accountability by our lines of business. Our overall credit process includes comprehensive credit policies, disciplined credit underwriting, frequent and detailed risk measurement and modeling, extensive credit training programs, and a continual loan review and audit process.
A key to our credit risk management is adherence to a well-controlled underwriting process, which we believe is appropriate for the needs of our customers as well as investors who purchase the loans or securities collateralized by the loans.
Credit Quality Overview  Table 11 provides credit quality trends.
Table 11: Credit Quality Overview
($ in millions)
Sep 30, 2024Dec 31, 2023
Nonaccrual loans
Commercial loans$4,952 4,914 
Consumer loans3,220 3,342 
Total nonaccrual loans$8,172 8,256 
Nonaccrual loans as a % of total loans0.90 %0.88 
Allowance for credit losses (ACL) for loans$14,739 15,088 
ACL for loans as a % of total loans1.62 %1.61 
Quarter ended September 30,
20242023
Net loan charge-offs as a % of:
Average commercial loans0.24 %0.13 
Average consumer loans0.83 0.67 
Nine months ended September 30,
20242023
Average commercial loans0.28 %0.11 
Average consumer loans0.85 0.60 
Additional information on our loan portfolios and our credit quality trends follows.

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Wells Fargo & Company


Significant Loan Portfolio Reviews  Our credit risk monitoring process is designed to enable early identification of developing risk and to support our determination of an appropriate allowance for credit losses. The following discussion provides additional characteristics and analysis of our significant portfolios. See Note 5 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report for more analysis and credit metric information for each of the following portfolios.

COMMERCIAL AND INDUSTRIAL LOANS AND LEASE FINANCING
For purposes of portfolio risk management, we aggregate commercial and industrial loans and lease financing according to market segmentation and standard industry codes. We generally subject commercial and industrial loans and lease financing to individual risk assessment using our internal borrower and collateral quality ratings. Our ratings are aligned to regulatory definitions of pass and criticized categories with criticized segmented among special mention, substandard, doubtful, and loss categories.
Generally, the primary source of repayment for our commercial and industrial loans and lease financing portfolio is the operating cash flows of customers, with the collateral securing this portfolio representing a secondary source of repayment. The majority of this portfolio is secured by short-term assets, such as accounts receivable, inventory, and debt securities, as well as long-lived assets, such as equipment and other business assets.
We had $17.9 billion of the commercial and industrial loans and lease financing portfolio internally classified as criticized in accordance with regulatory guidance at September 30, 2024, compared with $14.6 billion at December 31, 2023. The increase was driven by the entertainment and recreation; equipment, machinery, and parts manufacturing; auto related; agribusiness; and technology, telecom and media industries.
The portfolio decreased at September 30, 2024, compared with December 31, 2023, as a result of paydowns and decreased loan draws. Table 12 provides our commercial and industrial loans and lease financing by industry. The industry categories are based on the North American Industry Classification System.
Table 12: Commercial and Industrial Loans and Lease Financing by Industry
September 30, 2024December 31, 2023
($ in millions)
Nonaccrual loans
Loans outstanding balance
% of total loans
Total commitments (1)
Nonaccrual loans
Loans outstanding balance
% of total loans
Total commitments (1)
Financials except banks$53 146,597 16 %$240,418 146,635 16 %$234,513 
Technology, telecom and media155 23,907 360,300 60 25,460 359,216 
Real estate and construction91 25,082 353,248 55 24,987 354,345 
Equipment, machinery and parts manufacturing33 25,931 349,762 37 24,785 348,265 
Retail50 19,964 245,313 72 19,596 248,829 
Materials and commodities31 14,019 236,518 112 14,235 237,758 
Food and beverage manufacturing16 16,501 235,207 15 16,047 233,957 
Auto related9 16,741 230,944 15,203 228,795 
Oil, gas and pipelines3 10,042 130,129 10,730 132,544 
Health care and pharmaceuticals28 14,394 229,669 26 14,863 230,386 
Commercial services35 10,774 127,501 37 11,095 126,025 
Utilities1 6,518 *24,169 8,325 *25,710 
Diversified or miscellaneous62 8,857 *22,268 67 8,284 *22,877 
Entertainment and recreation24 12,227 118,940 18 13,968 120,250 
Insurance and fiduciaries2 5,154 *16,314 4,715 *15,724 
Transportation services168 9,230 115,907 134 9,277 *16,750 
Government and education42 5,291 *11,371 26 5,603 *11,552 
Agribusiness14 6,115 *11,209 31 6,466 *12,080 
Banks1 8,620 *9,663 — 11,820 112,981 
Other (2)19 3,268 *10,921 15 4,717 *12,297 
Total
$837 389,232 43 %$779,771 726 396,811 42 %$784,854 
*Less than 1%.
(1)Total commitments consist 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. For additional information on issued letters of credit, see Note 14 (Guarantees and Other Commitments) to Financial Statements in this Report.
(2)No other single industry had total loans in excess of $3.2 billion and $3.0 billion at September 30, 2024, and December 31, 2023, respectively.

Wells Fargo & Company
29

Risk Management – Credit Risk Management (continued)

Table 12a provides further loan segmentation for our largest industry category, financials except banks. This category includes loans to investment firms, financial vehicles, nonbank creditors, rental and leasing companies, securities firms, and investment banks. These loans are generally secured and have features to help manage credit risk, such as structural credit enhancements,
collateral eligibility requirements, contractual re-margining of collateral supporting the loans, and loan amounts limited to a percentage of the value of the underlying assets considering underlying credit risk, asset duration, and ongoing performance.
Table 12a: Financials Except Banks Industry Category
September 30, 2024December 31, 2023
($ in millions)
Nonaccrual loans
Loans outstanding balance
% of total loans
Total commitments (1)Nonaccrual loansLoans outstanding balance% of total loansTotal commitments (1)
Asset managers and funds (2)$ 56,897 6 %$100,741 — 51,842 %$98,074 
Commercial finance (3)2 48,934 6 80,269 52,007 78,369 
Consumer finance (4)34 19,447 2 34,852 — 20,308 33,547 
Real estate finance (5)17 21,319 2 24,556 22,478 24,523 
Total$53 146,597 16 %$240,418 146,635 16 %$234,513 
(1)Total commitments consist 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. For additional information on issued letters of credit, see Note 14 (Guarantees and Other Commitments) to Financial Statements in this Report.
(2)Includes loans for subscription or capital calls and loans to prime brokerage customers and securities firms.
(3)Includes asset-based lending and leasing, including loans to special purpose entities, loans to commercial leasing entities, structured lending facilities to commercial loan managers, and also includes collateralized loan obligations (CLOs) in loan form, all of which were rated AA or above, of $4.7 billion and $7.6 billion at September 30, 2024, and December 31, 2023, respectively.
(4)Includes originators or servicers of financial assets collateralized by consumer loans such as auto loans and leases, and credit cards.
(5)Includes originators or servicers of financial assets collateralized by commercial or residential real estate loans.
Our commercial and industrial loans and lease financing portfolio included non-U.S. loans of $64.0 billion and $72.9 billion at September 30, 2024, and December 31, 2023, respectively. Significant industry concentrations of non-U.S. loans at September 30, 2024, and December 31, 2023, respectively, included:
$36.1 billion and $40.5 billion in the financials except banks industry;
$8.3 billion and $11.4 billion in the banks industry; and
$2.0 billion in the oil, gas and pipelines industry for both periods.
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Wells Fargo & Company


COMMERCIAL REAL ESTATE (CRE)  Our CRE loan portfolio is composed of CRE mortgage and CRE construction loans. The total CRE loan portfolio decreased $9.2 billion from December 31, 2023, as paydowns exceeded originations and advances. The portfolio is diversified both geographically and by property type. The largest geographic concentrations of CRE loans are in California, New York, Florida, and Texas, which represented a combined 48% of the total CRE portfolio. The largest property type concentrations are apartments at 29% and office at 21% of the portfolio. Unfunded credit commitments at September 30, 2024, and December 31, 2023, were $5.8 billion and $7.7 billion, respectively, for CRE mortgage loans and $8.4 billion and $13.2 billion, respectively, for CRE construction loans.
We generally subject CRE loans to individual risk assessment using our internal borrower and collateral quality ratings. We had
$18.6 billion of CRE mortgage loans classified as criticized at September 30, 2024, compared with $17.5 billion at December 31, 2023. We had $1.1 billion of CRE construction loans classified as criticized at September 30, 2024, compared with $830 million at December 31, 2023. The increase in criticized CRE loans was primarily driven by the apartments property type, partially offset by the institutional property type.
We continue to closely monitor the credit quality of the office property type given weakened demand for office space. Loans in California and New York represented approximately 40% of the office property type at both September 30, 2024, and December 31, 2023.
Table 13 provides our CRE loans by state and property type.

Table 13: CRE Loans by State and Property Type
September 30, 2024December 31, 2023
Real estate mortgage
Real estate construction
Total commercial real estateTotal commercial real estate
($ in millions)Nonaccrual loansLoans outstanding balanceNonaccrual loansLoans outstanding balanceNonaccrual loansLoans outstanding balanceLoans as % of total loansTotal commitments (1)Loans outstanding balanceTotal commitments (1)
By state:
California$1,170 25,791 13 3,144 1,183 28,935 3%$31,911 31,619 35,629 
New York569 13,869  2,633 569 16,502 217,497 16,575 17,930 
Florida137 8,873  2,688 137 11,561 113,045 12,492 14,577 
Texas274 9,273  1,403 274 10,676 111,870 12,033 14,224 
Georgia253 4,877  1,051 253 5,928 *6,294 6,105 6,804 
Arizona9 4,929  607 9 5,536 *6,184 5,182 5,806 
North Carolina65 3,751  1,167 65 4,918 *5,401 5,397 6,408 
Washington186 4,010  798 186 4,808 *5,356 5,247 5,994 
New Jersey64 2,751  1,770 64 4,521 *4,872 4,364 5,130 
Virginia149 3,349  841 149 4,190 *4,634 4,372 4,983 
Other (2)1,224 37,303 2 6,532 1,226 43,835 548,546 47,230 53,982 
Total$4,100 118,776 15 22,634 4,115 141,410 16%$155,610 150,616 171,467 
By property:
Apartments$27 29,374  11,975 27 41,349 5%$47,382 42,585 51,749 
Office3,516 25,946 13 3,050 3,529 28,996 330,563 31,526 34,295 
Industrial/warehouse52 21,147  3,456 52 24,603 326,816 25,413 28,493 
Retail (excl shopping center)92 11,303 2 73 94 11,376 112,125 11,670 12,338 
Hotel/motel213 10,682  783 213 11,465 111,885 12,725 13,612 
Shopping center164 8,311  274 164 8,585 *9,117 8,745 9,356 
Institutional13 4,245  1,148 13 5,393 *5,812 5,986 6,568 
Mixed use properties18 2,492  83 18 2,575 *2,737 3,511 3,763 
1-4 family structure   1,190  1,190 *2,442 1,195 2,691 
Storage facility 2,038  159  2,197 *2,363 2,782 3,002 
Other5 3,238  443 5 3,681 *4,368 4,478 5,600 
Total$4,100 118,776 15 22,634 4,115 141,410 16 %$155,610 150,616 171,467 
*    Less than 1%.
(1)Total commitments consist of loans outstanding plus unfunded credit commitments, excluding issued letters of credit. For additional information on issued letters of credit, see Note 14 (Guarantees and Other Commitments) to Financial Statements in this Report.
(2)Includes 40 states and non-U.S. loans. No state in Other had loans in excess of $4.0 billion and $4.4 billion at September 30, 2024, and December 31, 2023, respectively. Non-U.S. loans were $6.0 billion and $6.9 billion at September 30, 2024, and December 31, 2023, respectively.


Wells Fargo & Company
31

Risk Management – Credit Risk Management (continued)

NON-U.S. LOANS Our classification of non-U.S. loans is based on whether the borrower’s primary address is outside of the United States. At September 30, 2024, non-U.S. loans totaled $70.1 billion, representing approximately 8% of our total consolidated loans outstanding, compared with $80.0 billion, or approximately 9% of our total consolidated loans outstanding, at December 31, 2023. Non-U.S. loans were approximately 4% of our total consolidated assets at both September 30, 2024, and December 31, 2023.

COUNTRY RISK EXPOSURE Our country risk monitoring process incorporates centralized monitoring of economic, political, social, legal, and transfer risks in countries where we do or plan to do business, along with frequent dialogue with our customers, counterparties and regulatory agencies. We establish exposure limits for each country through a centralized oversight process based on customer needs, and through consideration of the relevant and distinct risk of each country. We monitor exposures closely and adjust our country limits in response to changing conditions. We evaluate our individual country risk exposure based on our assessment of a borrower’s ability to repay,
which gives consideration for allowable transfers of risk, such as guarantees and collateral, and may be different from the reporting based on a borrower’s primary address.
Our largest single country exposure outside the U.S. at September 30, 2024, was the United Kingdom, which totaled
$31.2 billion, or approximately 2% of our total assets, of which $6.0 billion were sovereign exposures and included deposits we have placed with the Bank of England pursuant to regulatory requirements in support of our London branch.
Table 14 provides information regarding our top 20 exposures by country (excluding the U.S.), based on our assessment of risk, which gives consideration to the country of any guarantors and/or underlying collateral. With respect to Table 14:
Lending and deposits with banks exposure includes outstanding loans, unfunded credit commitments (excluding discretionary amounts where our approval or consent is required prior to any loan funding or commitment increase), and deposits with non-U.S. banks. These balances are presented prior to the deduction of the allowance for credit losses or collateral received under the terms of the credit agreements, if any.
Securities exposure represents debt and equity securities of non-U.S. issuers. Long and short positions are netted, and net short positions are reflected as negative exposure.
Derivatives and other exposure represents foreign exchange contracts, derivative contracts, securities resale agreements, and securities lending agreements.
Table 14: Select Country Exposures
September 30, 2024

Lending and
deposits with banks (1)
Securities Derivatives and other Total exposure
(in millions)
SovereignNon-sovereignSovereignNon-sovereignSovereignNon-sovereignSovereign
Non-sovereign (2)
Total
Top 20 country exposures:
United Kingdom$5,951 21,167 — 24 4,057 5,959 25,248 31,207 
Canada15,124 803 337 192 720 1,003 16,181 17,184 
Japan8,548 891 694 268 — 82 9,242 1,241 10,483 
Luxembourg— 8,518 293 — 301 9,112 9,114 
Cayman Islands— 8,177 — — — 203 — 8,380 8,380 
Ireland— 5,320 — 178 — 180 — 5,678 5,678 
France11 4,030 39 29 73 43 4,142 4,185 
Germany— 3,465 (31)418 — 198 (31)4,081 4,050 
Bermuda— 3,691 — 20 — 58 — 3,769 3,769 
Guernsey— 2,646 — — — 11 — 2,657 2,657 
Netherlands— 2,239 — 94 — 113 — 2,446 2,446 
Switzerland— 1,889 — 60 — 443 — 2,392 2,392 
Chile— 1,587 — 16 1,605 1,606 
South Korea— 1,170 (26)436 (22)1,607 1,585 
China40 864 (145)553 78 46 (27)1,463 1,436 
Hong Kong— 406 (9)922 (8)1,332 1,324 
Jersey— 966 — 169 — 147 — 1,282 1,282 
Australia— 985 — 82 — 206 — 1,273 1,273 
Spain— 773 — 13 — 303 — 1,089 1,089 
Brazil— 929 — 31 962 967 
Total top 20 country exposures$14,558 84,837 1,291 3,953 318 7,150 16,167 95,940 112,107 
(1)Includes sovereign and non-sovereign deposits with banks of $14.5 billion and $3.5 billion, respectively.
(2)Total non-sovereign exposure consisted of $47.6 billion exposure to financial institutions and $48.3 billion to non-financial corporations at September 30, 2024.
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Wells Fargo & Company


RESIDENTIAL MORTGAGE LOANS Our residential mortgage loan portfolio is composed of 1–4 family first and junior lien mortgage loans. Residential mortgage – first lien loans represented 96% of the total residential mortgage loan portfolio at both September 30, 2024, and December 31, 2023.
The residential mortgage loan portfolio includes loans with adjustable-rate features. We monitor the risk of default as a result of interest rate increases on adjustable-rate mortgage (ARM) loans, which may be mitigated by product features that limit the amount of the increase in the contractual interest rate. The default risk of these loans is considered in our ACL for loans. ARM loans totaled $66.3 billion, or 7% of total loans, at September 30, 2024, compared with $66.7 billion, or 7% of total loans, at December 31, 2023, with an initial reset date in 2026 or later for the majority of this portfolio at September 30, 2024. We do not offer option ARM products, nor do we offer variable-rate mortgage products with fixed payment amounts, commonly referred to within the financial services industry as negative amortizing mortgage loans.
The residential mortgage – junior lien portfolio consists of residential mortgage lines of credit and loans that are subordinate in rights to an existing lien on the same property. These lines and loans may have draw periods, interest-only payments, balloon payments, adjustable rates and similar features. The outstanding balance of residential mortgage lines of credit was $13.1 billion at September 30, 2024, compared with $15.0 billion at December 31, 2023. The unfunded credit commitments for these lines of credit totaled $24.2 billion at September 30, 2024, compared with $28.6 billion at December 31, 2023. For additional information on our residential mortgage loan portfolio, see the “Risk Management – Credit Risk Management – Residential Mortgage Loans” section in our 2023 Form 10-K.
We monitor changes in real estate values and underlying economic or market conditions for the geographic areas of our
residential mortgage loan portfolio as part of our credit risk management process. Our periodic review of this portfolio includes original appraisals adjusted for the change in Home Price Index (HPI) or estimates from automated valuation models (AVMs) to support property values. For additional information about our use of appraisals and AVMs, see Note 5 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report and the “Risk Management – Credit Risk Management – Residential Mortgage Loans” section in our 2023 Form 10-K.
Part of our credit monitoring includes tracking delinquency, current Fair Isaac Corporation (FICO) credit scores and loan to collateral values (LTV) on the entire residential mortgage loan portfolio. For junior lien mortgages, LTV uses the total combined loan balance of first and junior lien mortgages (including unused line of credit amounts). For additional information regarding credit quality indicators, see Note 5 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report.
We continue to modify residential mortgage loans to assist homeowners and other borrowers experiencing financial difficulties. For additional information on loan modifications, see Note 5 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report and the “Risk Management – Credit Risk Management – Residential Mortgage Loans” section in our 2023 Form 10-K.

Residential Mortgage – First Lien Portfolio Our residential mortgage – first lien portfolio decreased $6.6 billion from
December 31, 2023, due to loan paydowns, partially offset by originations.
Table 15 shows certain delinquency and loss information for the residential mortgage – first lien portfolio and lists the top five states by outstanding balance.
Table 15: Residential Mortgage – First Lien Portfolio Performance

Outstanding balance% of total loans
% of loans 30 days
or more past due
Net loan charge-off rate quarter ended (1)
($ in millions)
Sep 30,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
California (2)$108,384 109,972 11.91 %11.74 0.41 0.36 (0.01)0.03 
New York30,890 31,322 3.40 3.34 0.79 0.79 (0.03)0.02 
Washington10,624 10,672 1.17 1.14 0.21 0.29  — 
New Jersey9,905 10,161 1.09 1.08 1.11 1.13 (0.02)(0.03)
Florida9,525 10,065 1.05 1.07 1.17 1.11 (0.04)(0.06)
Other (3)
66,581 69,893 7.32 7.46 0.91 0.82 (0.04)0.02 
Total235,909 242,085 25.94 25.83 0.65 0.61 (0.02)0.02 
Government insured/guaranteed loans (4)
7,136 7,568 0.78 0.81 
Total first lien mortgage portfolio$243,045 249,653 26.72 %26.64 
(1)Quarterly net charge-offs as a percentage of average respective loans are annualized.
(2)Our residential mortgage loans to borrowers in California are located predominantly within the larger metropolitan areas, with no single California metropolitan area consisting of more than 4% of total loans.
(3)Consists of 45 states; no state in Other had loans in excess of $7.0 billion and $7.4 billion at September 30, 2024, and December 31, 2023, respectively.
(4)Represents loans, substantially all of which were purchased from Government National Mortgage Association (GNMA) loan securitization pools, where the repayment of the loans is insured or guaranteed by U.S. government agencies, such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). For additional information on GNMA loan securitization pools, see the “Risk Management – Credit Risk Management – Mortgage Banking Activities” section in this Report.
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Risk Management – Credit Risk Management (continued)

Residential Mortgage – Junior Lien Portfolio Our residential mortgage – junior lien portfolio decreased $1.4 billion from December 31, 2023, driven by loan paydowns.
Table 16 shows certain delinquency and loss information for the residential mortgage – junior lien portfolio and lists the top five states by outstanding balance.
Table 16: Residential Mortgage – Junior Lien Portfolio Performance

Outstanding balance % of total loans
% of loans 30 days
or more past due
Net loan charge-off rate quarter ended (1)
($ in millions)
Sep 30,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
California$2,811 3,101 0.31 %0.33 1.76 1.65 (0.27)(0.16)
New Jersey955 1,114 0.10 0.12 2.66 2.81 (0.37)(0.25)
Florida765 924 0.08 0.10 2.05 2.42 (0.59)(0.71)
New York573 661 0.06 0.07 2.93 3.26 0.17 0.14 
Pennsylvania570 673 0.06 0.07 2.22 2.70 (0.24)(0.08)
Other (2)
3,957 4,598 0.43 0.49 2.09 2.05 (0.66)(0.31)
Total junior lien mortgage portfolio$9,631 11,071 1.04 %1.18 2.10 2.16 (0.44)(0.26)
(1)Quarterly net charge-offs as a percentage of average respective loans are annualized.
(2)Consists of 45 states; no state in Other had loans in excess of $550 million and $640 million at September 30, 2024, and December 31, 2023, respectively.
CREDIT CARD, AUTO, AND OTHER CONSUMER LOANS Table 17 shows the outstanding balance of our credit card, auto, and other consumer loan portfolios. For information regarding credit quality indicators for these portfolios, see Note 5 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report.
Table 17: Credit Card, Auto, and Other Consumer Loans

September 30, 2024December 31, 2023
($ in millions)Outstanding
balance
% of
total
loans
Outstanding
balance
% of
total
loans
Credit card$55,046 6.05 %$52,230 5.58 %
Auto42,815 4.71 47,762 5.10 
Other consumer (1)28,532 3.14 28,539 3.05 
Total$126,393 13.90 %$128,531 13.73 %
(1)Includes $20.3 billion and $18.3 billion at September 30, 2024, and December 31, 2023, respectively, of securities-based loans originated by the WIM operating segment.
Credit Card  The increase in the outstanding balance at September 30, 2024, compared with December 31, 2023, was due to higher point of sale volume driven by new account growth.
Auto  The decrease in the outstanding balance at September 30, 2024, compared with December 31, 2023, was due to paydowns exceeding originations reflecting our actions related to credit tightening.
Other Consumer  The outstanding balance at September 30, 2024, was stable compared with December 31, 2023.
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NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS) For information about when we generally place loans on nonaccrual status, see Note 1 (Summary of Significant
Accounting Policies) to Financial Statements in our 2023 Form 10-K. Table 18 summarizes nonperforming assets.

Table 18: Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)
($ in millions)Sep 30, 2024Dec 31, 2023
Nonaccrual loans:
Commercial and industrial$743 662 
Commercial real estate4,115 4,188 
Lease financing94 64 
Total commercial4,952 4,914 
Residential mortgage (1)3,086 3,192 
Auto99 115 
Other consumer35 35 
Total consumer3,220 3,342 
Total nonaccrual loans$8,172 8,256 
As a percentage of total loans0.90 %0.88 
Foreclosed assets:
Government insured/guaranteed (2)$2 12 
Non-government insured/guaranteed
210 175 
Total foreclosed assets
212 187 
Total nonperforming assets$8,384 8,443 
As a percentage of total loans0.92 %0.90 
(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.
(2)Consistent with regulatory reporting requirements, foreclosed real estate resulting from government insured/guaranteed loans are classified as nonperforming. Both principal and interest related to these foreclosed real estate assets are collectible because the loans were insured or guaranteed by U.S. government agencies. Receivables related to the foreclosure of certain government guaranteed real estate mortgage loans are excluded from this table and included in accounts receivable in other assets. For additional information on the classification of certain government-guaranteed mortgage loans upon foreclosure, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2023 Form 10-K.
Total nonaccrual loans decreased $84 million from December 31, 2023, driven by a decrease in residential mortgage nonaccrual loans, partially offset by an increase in commercial and industrial nonaccrual loans.
For additional information on commercial nonaccrual loans, see the “Risk Management – Credit Risk Management – Commercial and Industrial Loans and Lease Financing” and “Risk Management – Credit Risk Management – Commercial Real Estate” sections in this Report.

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Risk Management – Credit Risk Management (continued)

Table 19 provides an analysis of the changes in nonaccrual loans. Typically, changes to nonaccrual loans period-over-period represent inflows for loans that are placed on nonaccrual status in accordance with our policies, offset by reductions for loans
that are paid down, charged off, sold, foreclosed, or are no longer classified as nonaccrual as a result of continued performance and an improvement in the borrower’s financial condition and loan repayment capabilities.
Table 19: Analysis of Changes in Nonaccrual Loans
Quarter ended September 30,Nine months ended September 30,
(in millions)2024202320242023
Commercial nonaccrual loans
Balance, beginning of period$5,161 3,429 $4,914 1,823 
Inflows953 2,001 3,492 4,808 
Outflows:
Returned to accruing(233)(87)(752)(294)
Foreclosures (48)(58)(48)
Charge-offs(339)(208)(1,192)(538)
Payments, sales and other (590)(501)(1,452)(1,165)
Total outflows(1,162)(844)(3,454)(2,045)
Balance, end of period4,952 4,586 4,952 4,586 
Consumer nonaccrual loans
Balance, beginning of period3,273 3,457 3,342 3,803 
Inflows299 326 962 1,009 
Outflows:
Returned to accruing(135)(131)(456)(589)
Foreclosures(21)(26)(63)(77)
Charge-offs (15)(40)(66)(122)
Payments, sales and other (181)(170)(499)(608)
Total outflows(352)(367)(1,084)(1,396)
Balance, end of period3,220 3,416 3,220 3,416 
Total nonaccrual loans$8,172 8,002 $8,172 8,002 
We considered the risk of losses on nonaccrual loans in developing our allowance for loan losses. We believe exposure to losses on nonaccrual loans is mitigated by the following factors at September 30, 2024:
98% of total commercial nonaccrual loans were secured, predominantly by real estate.
62% of total commercial nonaccrual loans were current on interest and 54% of commercial nonaccrual loans were current on both principal and interest, but were on nonaccrual status because the full or timely collection of interest or principal had become uncertain.
99% of total consumer nonaccrual loans were secured, of which 96% were secured by real estate and 98% had an LTV ratio of 80% or less.
$453 million of the $575 million of consumer loans in bankruptcy or discharged in bankruptcy, and classified as nonaccrual, were current.

Table 20 provides a summary of foreclosed assets and an analysis of changes in foreclosed assets.

Table 20: Foreclosed Assets
(in millions)Sep 30, 2024Dec 31, 2023
Summary by loan segment
Government insured/guaranteed$2 12 
Commercial177 135 
Consumer33 40 
Total foreclosed assets
$212 187 
(in millions)Quarter ended September 30,Nine months ended September 30,
2024202320242023
Analysis of changes in foreclosed assets
Balance, beginning of period$216 133 $187 137 
Net change in government insured/guaranteed (1)
 (2)(10)(8)
Additions to foreclosed assets (2)
104 175 367 433 
Reductions from sales and write-downs(108)(129)(332)(385)
Balance, end of period$212 177 $212 177 
(1)Foreclosed government insured/guaranteed loans are temporarily transferred to and held by us as servicer, until reimbursement is received from the FHA or the VA.
(2)Includes loans moved into foreclosed assets from nonaccrual status and repossessed autos.
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NET CHARGE-OFFS Table 21 presents net loan charge-offs.

Table 21: Net Loan Charge-offs
Quarter ended September 30,Nine months ended September 30,
2024202320242023
($ in millions)Net loan
charge-
offs
% of
avg.
loans (1)
Net loan
charge-
offs
% of
avg.
loans (1)
Net loan
charge-
offs
% of
avg.
loans (1)
Net loan
charge-
offs
% of
avg.
loans (1)
Commercial and industrial$129 0.14 %$93 0.10 %$465 0.17 %$255 0.09 %
Commercial real estate184 0.51 93 0.24 642 0.59 189 0.16 
Lease financing10 0.25 0.07 25 0.19 0.06 
Total commercial323 0.24 188 0.13 1,132 0.28 451 0.11 
Residential mortgage(23)(0.04)(4)(0.01)(55)(0.03)(27)(0.01)
Credit card601 4.38 420 3.41 1,827 4.61 1,160 3.29 
Auto83 0.76 138 1.07 274 0.81 348 0.90 
Other consumer127 1.82 108 1.55 383 1.82 286 1.36 
Total consumer788 0.83 662 0.67 2,429 0.85 1,767 0.60 
Total$1,111 0.49 %$850 0.36 %$3,561 0.52 %$2,218 0.31 %
(1)Net loan charge-offs (recoveries) as a percentage of average loans are annualized.
The increase in commercial net loan charge-offs in third quarter 2024, compared with the same period a year ago, was primarily due to higher losses in our commercial real estate portfolio driven by the office property type.
The increase in consumer net loan charge-offs in third quarter 2024, compared with the same period a year ago, was due to higher losses in our credit card portfolio driven by higher loan balances, partially offset by lower losses in our auto portfolio.

ALLOWANCE FOR CREDIT LOSSES  We maintain an allowance for credit losses (ACL) for loans, which is management’s estimate of the expected lifetime credit losses in the loan portfolio and unfunded credit commitments, at the balance sheet date, excluding loans and unfunded credit commitments carried at fair value or held for sale. Additionally, we maintain an ACL for debt securities classified as either AFS or HTM, other financial assets measured at amortized cost, including deposits with banks, net investments in leases, and other off-balance sheet credit exposures.
The process for establishing the ACL for loans takes into consideration many factors, including historical and forecasted loss trends, loan-level credit quality ratings and loan grade-specific characteristics. The process involves subjective and complex judgments. In addition, we review a variety of credit metrics and trends. These credit metrics and trends, however, do not solely determine the amount of the allowance as we use several analytical tools. For additional information on our ACL, see the “Critical Accounting Policies – Allowance for Credit Losses” section and Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2023 Form 10-K. For additional information on our ACL for loans, see Note 5 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report, and for additional information on our ACL for debt securities, see Note 3 (Available-for-Sale and Held-to-Maturity Debt Securities) to Financial Statements in this Report.
Table 22 presents the allocation of the ACL for loans by loan portfolio segment and class.
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Risk Management – Credit Risk Management (continued)

Table 22: Allocation of the ACL for Loans
Sep 30, 2024Dec 31, 2023
($ in millions)ACLACL
as %
of loan
class
Loans
as %
of total
loans
ACLACL
as %
of loan
class
Loans
as %
of total
loans
Commercial and industrial$4,230 1.13 %41 $4,272 1.12 %40 
Commercial real estate3,653 2.58 16 3,939 2.62 16 
Lease financing209 1.27 2 201 1.22 
Total commercial8,092 1.52 59 8,412 1.54 58 
Residential mortgage (1)542 0.21 28 652 0.25 28 
Credit card4,704 8.55 6 4,223 8.09 
Auto726 1.70 4 1,042 2.18 
Other consumer675 2.37 3 759 2.66 
Total consumer6,647 1.75 41 6,676 1.72 42 
Total$14,739 1.62 %100 $15,088 1.61 %100 
Components:
Allowance for loan losses
$14,33014,606
Allowance for unfunded credit commitments
409482
Allowance for credit losses
$14,73915,088
Ratio of allowance for loan losses to total net loan charge-offs (2)3.24x4.21 
Ratio of allowance for loan losses to total nonaccrual loans1.75 1.77 
Allowance for loan losses as a percentage of total loans
1.58 %1.56 
(1)Includes negative allowance for expected recoveries of amounts previously charged off.
(2)Total net loan charge-offs are annualized for the quarter ended September 30, 2024.
The ratios for the allowance for loan losses and the ACL for loans presented in Table 22 may fluctuate from period to period due to such factors as the mix of loan types in the portfolio, borrower credit strength, and the value and marketability of collateral.
The ACL for loans decreased $349 million, or 2%, from December 31, 2023, reflecting decreases for auto loans, commercial real estate loans, and residential mortgage loans, partially offset by increases for credit card loans. The detail of the changes in the ACL for loans by portfolio segment (including charge-offs and recoveries by loan class) is included in Note 5 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report.
We consider multiple economic scenarios to develop our estimate of the ACL for loans, which generally include a base scenario, along with an optimistic (upside) and one or more pessimistic (downside) scenarios. We weighted the base scenario and the downside scenarios in our estimate of the ACL for loans at September 30, 2024. The base scenario assumed slowing inflation with slowing economic growth and also reflected a significant decline in commercial real estate prices and increased unemployment rates from historically low levels. The downside scenarios assumed a more substantial economic contraction due to declining property values, high inflation, and lower business and consumer confidence.
Additionally, we consider qualitative factors that represent the risk of limitations inherent in our processes and assumptions such as economic environmental factors, modeling assumptions and performance, and other subjective factors, including industry trends and emerging risk assessments.
The forecasted key economic variables used in our estimate of the ACL for loans at September 30, 2024, and June 30, 2024, are presented in Table 23.

Table 23: Forecasted Key Economic Variables
4Q 20242Q 20254Q 2025
Weighted blend of economic scenarios:
U.S. unemployment rate (1):
September 30, 20244.4 %4.9 5.7 
June 30, 20244.4 5.2 5.8 
U.S. real GDP (2):
September 30, 20240.2 (0.5)0.3 
June 30, 2024(0.4)(0.5)0.9 
Home price index (3):
September 30, 20241.2 (2.3)(4.6)
June 30, 2024(0.4)(4.0)(4.6)
Commercial real estate asset prices (3):
September 30, 2024(2.2)(8.8)(10.6)
June 30, 2024(6.7)(12.1)(9.4)
(1)Quarterly average.
(2)Percent change from the preceding period, seasonally adjusted annualized rate.
(3)Percent change year over year of national average; outlook differs by geography and property type.
Future amounts of the ACL for loans will be based on a variety of factors, including loan balance changes, portfolio credit quality and mix changes, and changes in general economic conditions and expectations (including for unemployment and real GDP), among other factors.
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We believe the ACL for loans of $14.7 billion at September 30, 2024, was appropriate to cover expected credit losses, including unfunded credit commitments, at that date. The entire allowance is available to absorb credit losses from the total loan portfolio. The ACL for loans is subject to change and reflects existing factors as of the date of determination, including economic or market conditions and ongoing internal and external examination processes. Due to the sensitivity of the ACL for loans to changes in the economic and business environment, it is possible that we will incur incremental credit losses not anticipated as of the balance sheet date. Our process for determining the ACL is discussed in the “Critical Accounting Policies – Allowance for Credit Losses” section and Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2023 Form 10-K.

MORTGAGE BANKING ACTIVITIES  We sell residential and commercial mortgage loans to various parties. In connection with our sales and securitization of residential mortgage loans, we have established a mortgage repurchase liability. For information on our repurchase liability, see the “Risk Management – Credit Risk Management – Mortgage Banking Activities” section in our 2023 Form 10-K.
In addition to servicing loans in our portfolio, we act as servicer and/or master servicer of residential and commercial mortgage loans included in government-sponsored enterprise (GSE) mortgage securitizations, GNMA-guaranteed mortgage securitizations of FHA-insured/VA-guaranteed mortgages and private label mortgage securitizations, as well as for unsecuritized loans owned by institutional investors.
As a servicer, we are required to advance certain delinquent payments of principal and interest on mortgage loans we service. The amount and timing of reimbursement for advances of delinquent payments vary by investor and the applicable servicing agreements. See Note 6 (Mortgage Banking Activities) to Financial Statements in this Report for additional information about residential and commercial servicing rights, servicer advances and servicing fees.

In accordance with applicable servicing guidelines, upon transfer as servicer, we have the option to repurchase loans from certain loan securitizations, which generally becomes exercisable based on delinquency status such as when three scheduled loan payments are past due. When we have the unilateral option to repurchase a loan, we recognize the loan and a corresponding liability on our balance sheet regardless of our intent to repurchase the loan. We may repurchase these loans for cash and as a result, our total consolidated assets do not change.
Loans repurchased from GNMA securitization pools that regain current status or are otherwise modified in accordance with applicable servicing guidelines may be included in future GNMA loan securitization pools. At September 30, 2024, and December 31, 2023, these loans, which we have repurchased or have the unilateral option to repurchase, were $7.5 billion and $7.8 billion, respectively, which included $7.1 billion and $7.4 billion, respectively, in loans held for investment, with the remainder in loans held for sale. See Note 13 (Securitizations and Variable Interest Entities) to Financial Statements in this Report for additional information about our involvement with mortgage loan securitizations.
For additional information about the risks related to our servicing activities, see the “Risk Management – Credit Risk Management – Mortgage Banking Activities” section in our 2023 Form 10-K. For additional information on mortgage banking activities, see Note 6 (Mortgage Banking Activities) to Financial Statements in this Report.
Wells Fargo & Company
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Asset/Liability Management
Asset/liability management involves measuring, monitoring and managing interest rate risk, market risk, liquidity and funding. For additional information on our oversight of asset/liability risks, see the "Risk Management – Asset/Liability Management" section in our 2023 Form 10-K.

INTEREST RATE RISK Interest rate risk is the risk that market fluctuations in interest rates, credit spreads, or foreign exchange can cause a loss of the Company’s earnings and capital stemming from mismatches in the cash flows of the Company’s assets and liabilities generally arising from customer-related lending and deposit-taking activities. We are subject to interest rate risk because:
assets and liabilities may mature or reprice at different times or by different amounts;
short-term and long-term market interest rates may change independently or with different magnitudes;
the remaining maturity for various assets or liabilities may shorten or lengthen as interest rates change; or
interest rates may also have a direct or indirect effect on loan demand, collateral values, credit losses, loan origination volume, and the fair value of financial instruments and MSRs.
We assess interest rate risk by comparing the earnings outcomes from multiple interest rate scenarios relative to our base scenario. The base scenario is a reference point used by the Company for financial planning purposes. These scenarios may differ in the direction of interest rate changes, the degree and speed of interest rate changes over time, and the projected shape of the yield curve. They also require assumptions regarding drivers of earnings and balance sheet composition such as loan originations, prepayment rates on loans and debt securities, deposit flows and mix, as well as pricing strategies. We periodically assess and enhance our scenarios and assumptions.
Table 24 presents the results of the estimated net interest income sensitivity over the next 12 months from the multiple scenarios compared with our base scenario. These hypothetical scenarios include instantaneous movements across the yield curve with both lower and higher interest rates under a parallel shift, as well as steeper and flatter non-parallel changes in the yield curve. Long-term interest rates are defined as all tenors three years and longer, and short-term interest rates are defined as all tenors less than three years. Our scenario assumptions reflected the following:
Scenarios are dynamic and reflect anticipated changes to our assets and liabilities over time.
Mortgage prepayment and origination assumptions vary across scenarios and reflect only the impact of the higher or lower interest rates.
Other macroeconomic variables that could be correlated with the changes in interest rates are held constant.
The funding forecast in our base scenario incorporates deposit mix changes and market funding levels consistent with the base interest rate trajectory. Our hypothetical scenarios incorporate deposit mix that is the same as in the base scenario. In higher interest rate scenarios, potential customer deposit activity that shifts balances into higher yielding products and/or requires additional market funding could reduce the expected benefit from higher rates. Conversely, in lower interest rate scenarios, a potential shift to a funding mix with lower yielding deposits and/or less market funding could reduce the impact of lower rates on earning assets in these scenarios.
The interest rate sensitivity of deposits as market interest rates change, referred to as deposit betas, are informed by historical behavior and expectations for near-term pricing strategies. Our actual experience may differ from expectations due to the lag or acceleration of deposit repricing, changes in consumer behavior, and other factors.
Table 24: Net Interest Income Sensitivity Over the Next 12 Months Using Instantaneous Movements
($ in billions)
Sep 30, 2024Dec 31, 2023
Parallel shift:
+100 bps shift in interest rates$0.9 1.8 
-100 bps shift in interest rates(1.5)(2.0)
-200 bps shift in interest rates(3.1)(4.3)
Steeper yield curve:
+100 bps shift in long-term interest rates1.1 1.1 
-100 bps shift in short-term interest rates(0.4)(1.0)
Flatter yield curve:
+100 bps shift in short-term interest rates(0.2)0.7 
-100 bps shift in long-term interest rates(1.1)(1.1)
The changes in our interest rate sensitivity from December 31, 2023, to September 30, 2024, reflected updates for our expected balance sheet composition. Our interest rate sensitivity indicates that we would expect to benefit from higher interest rates as our assets would reprice faster and to a greater degree than our liabilities, while in the case of lower interest rates, our assets would reprice downward and to a greater degree than our liabilities resulting in lower net interest income. The realized impact of interest rate changes may vary from our base and hypothetical scenarios for various reasons, including any deposit pricing lags.
We use interest rate derivatives and our debt securities portfolio to manage our interest rate exposures. We use derivatives for asset/liability management to (i) convert cash flows from selected assets and/or liabilities from floating-rate payments to fixed-rate payments, or vice versa, (ii) reduce accumulated other comprehensive income (AOCI) sensitivity of our AFS debt securities portfolio, and/or (iii) economically hedge our mortgage origination pipeline, funded mortgage loans, and MSRs. Derivatives used to hedge our interest rate risk exposures are presented in Note 11 (Derivatives) to Financial Statements in this Report. As interest rates increase, changes in the fair value of AFS debt securities may negatively affect AOCI, which lowers the amount of our regulatory capital. AOCI also includes unrealized gains or losses related to the transfer of debt securities from AFS to HTM, which are subsequently amortized into earnings over the life of the security with no further impact from interest rate changes. See Note 1 (Summary of Significant Accounting Policies) and Note 3 (Available-for-Sale and Held-to-Maturity Debt Securities) to Financial Statements in this Report for additional information on our debt securities portfolio.
In addition to the net interest income sensitivity above, we also measure and evaluate the economic value sensitivity (EVS) of our balance sheet. EVS is the change in the present value of the life-time cash flows of the Company’s assets and liabilities across a range of scenarios. It is based on the existing balance sheet, at a point in time, and helps indicate whether we are exposed to higher or lower interest rates. We manage EVS through a set of limits that are designed to align with our interest rate risk appetite.
Our interest rate sensitive noninterest income and expense are impacted by mortgage banking activities that may have
40
Wells Fargo & Company


sensitivity impacts that move in the opposite direction of our net interest income. See the “Risk Management – Asset/Liability Management – Mortgage Banking Interest Rate and Market Risk” section in our 2023 Form 10-K for additional information.
Interest rate sensitive noninterest income is also impacted by changes in earnings credit for noninterest-bearing deposits that reduce treasury management deposit-related service fees on commercial accounts, and by trading assets. In addition, the impact to net interest income does not include the fair value changes of trading securities, which, along with the effects of related economic hedges, are recorded in noninterest income. In addition to changes in interest rates, net interest income and noninterest income from trading securities may be impacted by the actual composition of the trading portfolio. For additional information on our trading assets and liabilities, see Note 2 (Trading Activities) to Financial Statements in this Report.

MORTGAGE BANKING INTEREST RATE AND MARKET RISK  We originate and service mortgage loans, which subjects us to various risks, including market, interest rate, credit, and liquidity risks that can be substantial. Based on market conditions and other factors, we reduce credit and liquidity risks by selling or securitizing mortgage loans. We determine whether mortgage loans will be held for investment or held for sale at the time of commitment, but may change our intent to hold loans for investment or sale as part of our corporate asset/liability management activities. We may also retain securities in our investment portfolio at the time we securitize mortgage loans.
Changes in interest rates may impact mortgage banking noninterest income, including origination and servicing fees, and the fair value of our residential MSRs, LHFS, and derivative loan commitments (interest rate “locks”) extended to mortgage applicants. Interest rate changes will generally impact our mortgage banking noninterest income on a lagging basis due to the time it takes for the market to reflect a shift in customer demand, as well as the time required for processing a new application, providing the commitment, and securitizing and selling the loan. The amount and timing of the impact will depend on the magnitude, speed and duration of the changes in interest rates. For additional information on mortgage banking, including key assumptions and the sensitivity of the fair value of MSRs, see the “Risk Management – Asset/Liability Management – Mortgage Banking Interest Rate and Market Risk” section and Note 6 (Mortgage Banking Activities), Note 14 (Derivatives), and Note 15 (Fair Values of Assets and Liabilities) to Financial Statements in our 2023 Form 10-K.
MARKET RISK Market risk is the risk of possible economic loss from adverse changes in market risk factors such as interest rates, credit spreads, foreign exchange rates, equity and commodity prices, and the risk of possible loss due to counterparty exposure. This applies to implied volatility risk, basis risk, and market liquidity risk. It includes price risk in the trading book, mortgage servicing rights, the hedge effectiveness risk associated with the mortgage book held at fair value, and impairment on private equity investments. For additional information on our oversight of market risk, see the “Risk Management – Asset/Liability Management – Market Risk” section in our 2023 Form 10-K.

MARKET RISK – TRADING ACTIVITIES  We engage in trading activities to accommodate the investment and risk management activities of our customers and to execute economic hedging to manage certain balance sheet risks. These trading activities predominantly occur within our CIB businesses. Debt and equity securities held for trading, trading loans, and trading derivatives are financial instruments used in our trading activities, and are measured at fair value through earnings. Income earned on the financial instruments used in our trading activities include net interest income, changes in fair value, and realized gains and losses. Net interest income earned from our trading activities is reflected in the interest income and interest expense components of our consolidated statement of income. Changes in fair value and realized gains and losses of the financial instruments used in our trading activities are reflected in net gains from trading activities. For additional information on the financial instruments used in our trading activities and the income from these trading activities, see Note 2 (Trading Activities) to Financial Statements in this Report.
Value-at-risk (VaR) is a statistical risk measure used to estimate the potential loss from adverse moves in the financial markets, and Trading VaR is a measure used to provide insight into the market risk exhibited by the Company’s trading positions on our consolidated balance sheet. The Company uses these VaR metrics complemented with sensitivity analysis and stress testing in measuring and monitoring market risk. Table 25 shows the Company’s Trading General VaR by risk category. For additional information on our monitoring activities, sensitivity analysis, stress testing, Trading VaR, and Trading General VaR, see the “Risk Management – Asset/Liability Management – Market Risk – Trading Activities” section in our 2023 Form 10-K.
Table 25: Trading 1-Day 99% General VaR by Risk Category

Quarter ended
September 30, 2024June 30, 2024September 30, 2023
(in millions)Period
end
AverageLowHighPeriod
end
AverageLowHighPeriod
end
AverageLowHigh
Company Trading General VaR Risk Categories
Credit$32 34 25 40 31 29 23 36 35 41 31 52 
Interest rate34 36 23 52 30 24 16 32 24 35 20 53 
Equity19 19 15 24 20 20 15 24 22 20 17 25 
Commodity2 2 2 4 11 
Foreign exchange0 0 0 1 
Diversification benefit (1)(63)(67)(59)(49)(56)(66)
Company Trading General VaR
$24 24 28 29 28 34 
(1)The period-end and average VaR was less than the sum of the VaR components described above due to portfolio diversification. The diversification effect arises because the risks are not perfectly correlated causing a portfolio of positions to usually be less risky than the sum of the risks of the positions alone. The diversification benefit is not meaningful for low and high metrics since they may occur on different days.
Wells Fargo & Company
41


Risk Management – Asset/Liability Management (continued)
MARKET RISK – EQUITY SECURITIES We are directly and indirectly affected by changes in the equity markets. We make and manage equity investments in various businesses, such as start-up companies and emerging growth companies. We also invest in funds that make similar private equity investments. For additional information, see the “Risk Management – Asset/Liability Management – Market Risk – Equity Securities” section in our 2023 Form 10-K.
As part of our business to support our customers, we trade public equities, listed/over-the-counter equity derivatives, and convertible bonds. We have parameters that govern these activities. We also have equity securities that include investments relating to our venture capital activities. For additional information, see Note 4 (Equity Securities) to Financial Statements in this Report.
Changes in equity market prices may also indirectly affect our net income by (1) the value of third-party assets under management and, hence, fee income, (2) borrowers whose ability to repay principal and/or interest may be affected by the stock market, or (3) brokerage activity, related commission income and other business activities. Each business line monitors and manages these indirect risks.

LIQUIDITY RISK AND FUNDING Liquidity risk is the risk arising from the inability of the Company to meet obligations when they come due, or roll over funds at a reasonable cost, without incurring heightened costs. In the ordinary course of business, we enter into contractual obligations that may require future cash payments, including funding for customer loan requests, customer deposit maturities and withdrawals, debt service, leases for premises and equipment, and other cash commitments. Liquidity risk also considers the stability of deposits, including the risk of losing uninsured or non-operational deposits. The objective of effective liquidity management is to be able to meet our contractual obligations and other cash commitments efficiently under both normal operating conditions and under periods of Wells Fargo-specific and/or market stress.
To help achieve this objective, the Board establishes liquidity guidelines that require sufficient asset-based liquidity to cover potential funding requirements and to avoid over-dependence on volatile, less reliable funding markets. These guidelines are
monitored on a monthly basis by the management-level Corporate Asset/Liability Committee and on a quarterly basis by the Board. These guidelines are established and monitored for both the Company and the Parent on a stand-alone basis so that the Parent is a source of strength for its banking subsidiaries. For additional information on liquidity risk and funding management, see the “Risk Management – Liquidity Risk and Funding” section in our 2023 Form 10-K.

Liquidity Standards We are subject to a rule issued by the FRB, OCC and FDIC that establishes a quantitative minimum liquidity requirement, known as the liquidity coverage ratio (LCR). The rule requires a covered banking organization to hold high-quality liquid assets (HQLA) in an amount equal to or greater than its projected net cash outflows during a 30-day stress period. Our HQLA under the rule mainly consists of central bank deposits, government debt securities, and mortgage-backed securities of federal agencies. The LCR applies to the Company and to our insured depository institutions (IDIs) with total assets of $10 billion or more. In addition, rules issued by the FRB impose enhanced liquidity risk management standards on large bank holding companies (BHCs), such as Wells Fargo.
We are also subject to a rule issued by the FRB, OCC and FDIC that establishes a stable funding requirement, known as the net stable funding ratio (NSFR), which requires a covered banking organization, such as Wells Fargo, to maintain a minimum amount of stable funding, including common equity, long-term debt and most types of deposits, in relation to its assets, derivative exposures and commitments over a one-year horizon period. The NSFR applies to the Company and to our IDIs with total assets of $10 billion or more. As of September 30, 2024, we were compliant with the NSFR requirement.

Liquidity Coverage Ratio As of September 30, 2024, the Company, Wells Fargo Bank, N.A., and Wells Fargo National Bank West exceeded the minimum LCR requirement of 100%. The LCR represents average HQLA divided by average projected net cash outflows, as each is defined under the LCR rule.
Table 26 presents the Company’s quarterly average values for the daily-calculated LCR and its components calculated pursuant to the LCR rule requirements.
Table 26: Liquidity Coverage Ratio
Average for quarter ended
(in millions, except ratio)Sep 30, 2024Jun 30, 2024Sep 30, 2023
HQLA (1):
Eligible cash$176,218190,761 154,258 
Eligible securities (2)193,282165,530 191,606 
Total HQLA369,500356,291 345,864 
Projected net cash outflows (3)290,236286,631 280,468 
LCR127 %124 123 
(1)Excludes excess HQLA at certain subsidiaries that are not transferable to other Wells Fargo entities.
(2)Net of applicable haircuts required under the LCR rule.
(3)Projected net cash outflows are calculated by applying a standardized set of outflow and inflow assumptions, defined by the LCR rule, to various exposures and liability types, such as deposits and unfunded loan commitments, which are prescribed based on a number of factors, including the type of customer and the nature of the account.
Liquidity Sources We maintain liquidity in the form of cash, interest-earning deposits with banks, and unencumbered high-quality, liquid debt securities. These assets make up our primary sources of liquidity. Our primary sources of liquidity are substantially the same in composition as HQLA under the LCR rule; however, our primary sources of liquidity will generally exceed HQLA calculated under the LCR rule due to the applicable
haircuts to HQLA and the exclusion of excess HQLA at our subsidiary IDIs required under the LCR rule. Our primary sources of liquidity are presented in Table 27 at fair value, which also includes encumbered securities that are not included as available HQLA in the calculation of the LCR.
42
Wells Fargo & Company


Table 27: Primary Sources of Liquidity

September 30, 2024December 31, 2023
(in millions)Total
Encumbered (1)
UnencumberedTotal
Encumbered (1)
Unencumbered
Interest-earning deposits with banks (2)
$150,598  150,598 203,026 — 203,026 
Debt securities of U.S. Treasury and federal agencies
31,217 1,853 29,364 47,754 9,351 38,403 
Federal agency mortgage-backed securities
290,704 15,011 275,693 237,966 28,471 209,495 
Total$472,519 16,864 455,655 488,746 37,822 450,924 
(1)Includes securities with a fair value of $443 million and $545 million at September 30, 2024, and December 31, 2023, respectively, which were purchased during the quarters ended September 30, 2024, and December 31, 2023, respectively, but settled in the subsequent period.
(2)Excludes time deposits, which are included in interest-earning deposits with banks in our consolidated balance sheet.

Our interest-earning deposits with banks are mainly on deposit with the Federal Reserve. We believe the debt securities included in Table 27 provide quick and reliable sources of liquidity through sales or by pledging to obtain financing, regardless of market conditions. Debt securities within our HTM portfolio are not intended for sale but may be pledged to obtain financing.
As of September 30, 2024, we had approximately $593.7 billion of available borrowing capacity at various Federal Home Loan Banks (FHLB) and the Federal Reserve Discount Window, based on collateral pledged. Although available, we do not view this borrowing capacity as a primary source of liquidity.
In addition, liquidity is also available through the sale or financing of other debt securities, including trading and/or AFS debt securities, as well as through the sale, securitization, or financing of loans, to the extent such debt securities and loans are not encumbered.

Funding Sources The Parent acts as a source of funding for the Company through the issuance of long-term debt and equity. WFC Holdings, LLC (the “IHC”) is an intermediate holding company and subsidiary of the Parent, which provides funding support for the ongoing operational requirements of the Parent
and certain of its direct and indirect subsidiaries. For additional information on the IHC, see the “Regulatory Matters – ‘Living Will’ Requirements and Related Matters” section in our 2023 Form 10-K. Additional subsidiary funding is provided by deposits, short-term borrowings and long-term debt.
Deposits have historically provided a sizable source of relatively low-cost funds. Loans were 67% and 69% of total deposits at September 30, 2024, and December 31, 2023, respectively.
Table 28 presents a summary of our short-term borrowings, which generally mature in less than 30 days. The balances of federal funds purchased and securities sold under agreements to repurchase may vary over time due to client activity, our own demand for financing, and our overall mix of liabilities. For additional information on the classification of our short-term borrowings, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2023 Form 10-K. We pledge certain financial instruments that we own to collateralize repurchase agreements and other securities financings, as well as borrowings from the FHLB. For additional information, see the “Pledged Assets” section of Note 16 (Pledged Assets and Collateral) to Financial Statements in this Report.
Table 28: Short-Term Borrowings
(in millions)
Sep 30, 2024Dec 31, 2023
Federal funds purchased and securities sold under agreements to repurchase$97,544 77,676 
Other short-term borrowings (1)14,350 11,883 
Total
$111,894 89,559 
(1)Includes $1.0 billion and $0 of FHLB advances at September 30, 2024, and December 31, 2023, respectively.
Wells Fargo & Company
43


Risk Management – Asset/Liability Management (continued)
We access domestic and international capital markets for long-term funding through issuances of registered debt securities, private placements, securitizations, and asset-backed secured funding. We issue long-term debt in a variety of maturities and currencies to achieve cost-efficient funding and to maintain an appropriate maturity profile. Proceeds from securities issued were used for general corporate purposes unless otherwise specified in the applicable prospectus or prospectus supplement, and we expect the proceeds from securities issued
in the future will be used for the same purposes. Depending on market conditions and our liquidity position, we may redeem or
repurchase, and subsequently retire, our outstanding debt securities in privately negotiated or open market transactions, by tender offer, or otherwise. Table 29 provides the aggregate carrying value of long-term debt maturities (based on contractual payment dates) for the remainder of 2024 and the following years thereafter, as of September 30, 2024.
Table 29: Maturity of Long-Term Debt
September 30, 2024
(in millions)
Remaining 2024
202520262027
2028
ThereafterTotal
Wells Fargo & Company (Parent Only)
Senior notes$27 12,259 24,740 8,111 20,761 68,527 134,425 
Subordinated notes— 983 2,700 2,426 — 12,195 18,304 
Junior subordinated notes— — — 364 — 836 1,200 
Total long-term debt – Parent
27 13,242 27,440 10,901 20,761 81,558 153,929 
Wells Fargo Bank, N.A. and other bank entities (Bank)
Senior notes (1)3,231 7,511 7,751 28 183 18,707 
Subordinated notes— 150 — 27 198 3,076 3,451 
Junior subordinated notes— — — 425 — — 425 
Credit card securitizations (2)
— — — 1,272 — — 1,272 
Other bank debt
55 79 53 66 66 2,618 2,937 
Total long-term debt – Bank
3,286 7,740 7,804 1,793 292 5,877 26,792 
Other consolidated subsidiaries
Senior notes36 383 221 26 623 1,294 
Total long-term debt – Other consolidated subsidiaries
36 383 221 26 623 1,294 
Total long-term debt$3,349 21,365 35,465 12,720 21,058 88,058 182,015 
(1)Includes $6.0 billion of FHLB advances.
(2)For additional information about credit card securitizations, see Note 13 (Securitizations and Variable Interest Entities) to Financial Statements in this Report.
Credit Ratings Investors in the long-term capital markets, as well as other market participants, generally will consider, among other factors, a company’s debt rating in making investment decisions. Rating agencies base their ratings on many quantitative and qualitative factors, including capital adequacy, liquidity, asset quality, business mix, the level and quality of earnings, and rating agency assumptions regarding the probability and extent of federal financial assistance or support for certain large financial institutions. Adverse changes in these factors could result in a reduction of our credit rating; however, our debt securities do not contain credit rating covenants.
There were no actions undertaken by the rating agencies with regard to our credit ratings during third quarter 2024.
See the “Risk Factors” section in our 2023 Form 10-K for additional information regarding our credit ratings and the potential impact a credit rating downgrade would have on our liquidity and operations as well as Note 11 (Derivatives) to Financial Statements in this Report for information regarding additional collateral and funding obligations required for certain derivative instruments in the event our credit ratings were to fall below investment grade.
The credit ratings of the Parent and Wells Fargo Bank, N.A., as of September 30, 2024, are presented in Table 30.
Table 30: Credit Ratings as of September 30, 2024
Wells Fargo & Company Wells Fargo Bank, N.A. 

Senior debt 
Short-term 
borrowings 
Long-term 
deposits 
Short-term 
borrowings 
Moody’sA1P-1Aa1P-1
S&P Global RatingsBBB+A-2A+A-1
Fitch RatingsA+F1AAF1+
DBRS MorningstarAA (low)R-1 (middle)AAR-1 (high)

44
Wells Fargo & Company


Capital Management
We have an active program for managing capital through a comprehensive process for assessing the Company’s overall capital adequacy. Our objective is to maintain capital at an amount commensurate with our risk profile and risk tolerance objectives, and to meet both regulatory and market expectations. We primarily fund our capital needs through the retention of earnings net of both dividends and share repurchases, as well as through the issuance of preferred stock and long- and short-term debt. For additional information about capital planning, see the “Capital Planning and Stress Testing” section below.

Regulatory Capital Requirements
The Company and each of our IDIs are subject to various regulatory capital adequacy requirements administered by the FRB and the OCC. Risk-based capital rules establish risk-adjusted ratios relating regulatory capital to different categories of assets and off-balance sheet exposures as discussed below.

RISK-BASED CAPITAL AND RISK-WEIGHTED ASSETS The Company is subject to rules issued by federal banking regulators to implement Basel III capital requirements for U.S. banking organizations. The rules contain two frameworks for calculating capital requirements, a Standardized Approach and an Advanced Approach applicable to certain institutions, including Wells Fargo, and we must calculate our risk-based capital ratios under both approaches. The Company is required to satisfy the risk-based capital ratio requirements to avoid restrictions on capital distributions and discretionary bonus payments.
In July 2023, federal banking regulators issued a proposed rule to implement the final components of Basel III, which would impact risk-based capital requirements for certain banks. The proposed rule would eliminate the current Advanced Approach and replace it with a new expanded risk-based approach for the measurement of risk-weighted assets, including more granular risk weights for credit risk, a new market risk framework, and a new standardized approach for measuring operational risk. Officials from federal banking regulators have since commented that there may be significant changes to the proposed rule.
Table 31 and Table 32 present the risk-based capital requirements applicable to the Company under the Standardized Approach and Advanced Approach, respectively, as of September 30, 2024.
Table 31: Risk-Based Capital Requirements – Standardized Approach
2339

Table 32: Risk-Based Capital Requirements – Advanced Approach
2349
In addition to the risk-based capital requirements described in Table 31 and Table 32, if the FRB determines that a period of excessive credit growth is contributing to an increase in systemic risk, a countercyclical buffer of up to 2.50% could be added to the risk-based capital ratio requirements under federal banking regulations. The countercyclical buffer in effect at September 30, 2024, was 0.00%.
The capital conservation buffer is applicable to certain institutions, including Wells Fargo, under the Advanced Approach and is intended to absorb losses during times of economic or financial stress.
The stress capital buffer is calculated based on the decrease in a BHC’s risk-based capital ratios under the severely adverse scenario in the FRB’s annual supervisory stress test and related Comprehensive Capital Analysis and Review (CCAR), plus four quarters of planned common stock dividends. Because the stress capital buffer is calculated annually based on data that can differ over time, our stress capital buffer, and thus our risk-based capital ratio requirements under the Standardized Approach, are subject to change in future periods. Our stress capital buffer for the period October 1, 2023, through September 30, 2024, was 2.90%. Our stress capital buffer for the period October 1, 2024, through September 30, 2025, is 3.80%.
Wells Fargo & Company
45


Capital Management (continued)
As a global systemically important bank (G-SIB), we are also subject to the FRB’s rule implementing an additional capital surcharge between 1.00-4.50% on the risk-based capital ratio requirements of G-SIBs. Under the rule, we must annually calculate our surcharge under two methods and use the higher of the two surcharges. The first method (method one) considers our size, interconnectedness, cross-jurisdictional activity, substitutability, and complexity, consistent with the methodology developed by the BCBS and the Financial Stability Board (FSB). The second method (method two) uses similar inputs, but replaces substitutability with use of short-term wholesale funding and will generally result in higher surcharges than under method one. Because the G-SIB capital surcharge is calculated annually based on data that can differ over time, the amount of the surcharge is subject to change in future years. If our annual calculation results in a decrease to our G-SIB capital surcharge, the decrease takes effect the next calendar year. If our annual calculation results in an increase to our G-SIB capital
surcharge, the increase takes effect in two calendar years. Our G-SIB capital surcharge will continue to be 1.50% in 2024. On July 27, 2023, the FRB issued a proposed rule that would impact the methodology used to calculate the G-SIB capital surcharge.
Under the risk-based capital rules, on-balance sheet assets and credit equivalent amounts of derivatives and off-balance sheet items are assigned to one of several broad risk categories according to the obligor, or, if relevant, the guarantor or the nature of any collateral. The aggregate dollar amount in each risk category is then multiplied by the risk weight associated with that category. The resulting weighted values from each of the risk categories are aggregated for determining total risk-weighted assets (RWAs).
The tables that follow provide information about our risk-based capital and related ratios as calculated under Basel III capital rules. Table 33 summarizes our CET1, Tier 1 capital, Total capital, RWAs and capital ratios.
Table 33: Capital Components and Ratios
Standardized ApproachAdvanced Approach
($ in millions)Required
Capital
Ratios (1)
Sep 30,
2024
Dec 31,
2023
Required
Capital
Ratios (1)
Sep 30,
2024
Dec 31,
2023
Common Equity Tier 1(A)$138,312 140,783 138,312 140,783 
Tier 1 capital(B)156,597 159,823 156,597 159,823 
Total capital(C)188,464 193,061 178,191 182,726 
Risk-weighted assets(D)1,219,917 1,231,668 1,089,274 1,114,281 
Common Equity Tier 1 capital ratio(A)/(D)8.90 %11.34 *11.43 8.50 12.70 12.63 
Tier 1 capital ratio(B)/(D)10.40 12.84 *12.98 10.00 14.38 14.34 
Total capital ratio(C)/(D)12.40 15.45 *15.67 12.00 16.36 16.40 
*Denotes the binding ratio under the Standardized and Advanced Approaches at September 30, 2024.
(1)Represents the minimum ratios required to avoid restrictions on capital distributions and discretionary bonus payments at September 30, 2024.
46
Wells Fargo & Company


Table 34 provides information regarding the calculation and composition of our risk-based capital under the Standardized and Advanced Approaches.
Table 34: Risk-Based Capital Calculation and Components
(in millions)
Sep 30,
2024
Dec 31,
2023
Total equity
$185,011 187,443 
Adjustments:
Preferred stock(18,608)(19,448)
Additional paid-in capital on preferred stock144 157 
Noncontrolling interests(1,746)(1,708)
Total common stockholders’ equity$164,801 166,444 
Adjustments:
Goodwill(25,173)(25,175)
Certain identifiable intangible assets (other than MSRs)(85)(118)
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)
(772)(878)
Applicable deferred taxes related to goodwill and other intangible assets (1)
940 919 
Other (2)
(1,399)(409)
Common Equity Tier 1 under the Standardized and Advanced Approaches$138,312 140,783 
Preferred stock18,608 19,448 
Additional paid-in capital on preferred stock(144)(157)
Other(179)(251)
Total Tier 1 capital under the Standardized and Advanced Approaches(A)$156,597 159,823 
Long-term debt and other instruments qualifying as Tier 217,740 19,020 
Qualifying allowance for credit losses (3)
14,591 14,805 
Other(464)(587)
Total Tier 2 capital under the Standardized Approach(B)$31,867 33,238 
Total qualifying capital under the Standardized Approach(A)+(B)$188,464 193,061 
Long-term debt and other instruments qualifying as Tier 217,740 19,020 
Qualifying allowance for credit losses (3)
4,318 4,470 
Other(464)(587)
Total Tier 2 capital under the Advanced Approach(C)$21,594 22,903 
Total qualifying capital under the Advanced Approach(A)+(C)$178,191 182,726 
(1)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.
(2)Includes a $60 million increase and $120 million increase at September 30, 2024, and December 31, 2023, respectively, 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.
(3)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.
Wells Fargo & Company
47


Capital Management (continued)
Table 35 provides the composition and net changes in the components of RWAs under the Standardized and Advanced Approaches.
Table 35: Risk-Weighted Assets
Standardized ApproachAdvanced Approach (1)
(in millions)Sep 30,
2024
Dec 31,
2023
$ Change
2024/
2023
Sep 30,
2024
Dec 31,
2023
$ Change
2024/
2023
Risk-weighted assets (RWAs):
Credit risk$1,166,129 1,182,805 (16,676)735,536 756,905 (21,369)
Market risk53,788 48,863 4,925 53,788 48,863 4,925 
Operational risk
N/A
N/A
N/A
299,950 308,513 (8,563)
Total RWAs$1,219,917 1,231,668 (11,751)1,089,274 1,114,281 (25,007)
(1)RWAs calculated under the Advanced Approach utilize a risk-sensitive methodology, which relies upon the use of internal credit models based upon our experience with internal rating grades. The Advanced Approach also includes an operational risk component, which reflects the risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events.
Table 36 provides an analysis of changes in CET1.
Table 36: Analysis of Changes in Common Equity Tier 1
(in millions)
Common Equity Tier 1 at December 31, 2023
$140,783 
Cumulative effect from change in accounting policy (1)(158)
Net income applicable to common stock13,805 
Common stock dividends(3,814)
Common stock issued, repurchased, and stock compensation-related items(14,682)
Changes in accumulated other comprehensive income (loss)3,208 
Goodwill
Certain identifiable intangible assets (other than MSRs)33 
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)
106 
Applicable deferred taxes related to goodwill and other intangible assets (2)
21 
Other (3)
(992)
Change in Common Equity Tier 1(2,471)
Common Equity Tier 1 at September 30, 2024
$138,312 
(1)Effective January 1, 2024, we adopted ASU 2023-02. For additional information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.
(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 decrease from December 31, 2023, related to a 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.
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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.
Table 37 provides a reconciliation of these non-GAAP financial measures to GAAP financial measures.
Table 37: Tangible Common Equity

Balance at period-endAverage balance
Period ended
Quarter endedNine months ended
(in millions, except ratios)Sep 30,
2024
Jun 30,
2024
Sep 30,
2023
Sep 30,
2024
Jun 30,
2024
Sep 30,
2023
Sep 30,
2024
Sep 30,
2023
Total equity $185,011 178,148 182,373 184,368181,552 184,828 184,197184,525 
Adjustments:
Preferred stock
(18,608)(16,608)(19,448)(18,129)(18,300)(20,441)(18,572)(19,782)
Additional paid-in capital on preferred stock
144 141 157 143 145 171 148 172 
Noncontrolling interests(1,746)(1,718)(1,658)(1,748)(1,743)(1,775)(1,734)(1,905)
Total common stockholders’ equity(A)164,801 159,963 161,424 164,634 161,654 162,783 164,039 163,010 
Adjustments:
Goodwill(25,173)(25,172)(25,174)(25,172)(25,172)(25,174)(25,173)(25,174)
Certain identifiable intangible assets (other than MSRs)(85)(96)(132)(89)(101)(137)(101)(141)
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (1)
(772)(968)(878)(965)(965)(2,539)(937)(2,489)
Applicable deferred taxes related to goodwill and other intangible assets (2)
940 933 913 938 931 910 931 902 
Tangible common equity(B)$139,711 134,660 136,153 139,346 136,347 135,843 138,759 136,108 
Common shares outstanding(C)3,345.5 3,402.7 3,637.9 N/AN/AN/AN/AN/A
Net income applicable to common stock(D)N/AN/AN/A$4,852 4,640 5,450 $13,805 14,822 
Book value per common share (A)/(C)$49.26 47.01 44.37 N/AN/AN/AN/AN/A
Tangible book value per common share(B)/(C)41.76 39.57 37.43 N/AN/AN/AN/AN/A
Return on average common stockholders’ equity (ROE)(D)/(A)N/AN/AN/A11.73 %11.54 13.28 11.24 %12.16 
Return on average tangible common equity (ROTCE)(D)/(B)N/AN/AN/A13.85 13.69 15.92 13.29 14.56 
(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.
LEVERAGE REQUIREMENTS As a BHC, we are required to maintain a supplementary leverage ratio (SLR) to avoid restrictions on capital distributions and discretionary bonus payments and maintain a minimum Tier 1 leverage ratio. Table 38 presents the leverage requirements applicable to the Company as of September 30, 2024.
Table 38: Leverage Requirements Applicable to the Company
1889

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Capital Management (continued)
In addition, our IDIs are required to maintain an SLR of at least 6.00% to be considered well-capitalized under applicable regulatory capital adequacy rules and maintain a minimum Tier 1 leverage ratio of 4.00%.
Table 39 presents information regarding the calculation and components of the Company’s SLR and Tier 1 leverage ratio. At September 30, 2024, each of our IDIs exceeded their applicable SLR requirements.
Table 39: Leverage Ratios for the Company
($ in millions) Quarter ended September 30, 2024
Tier 1 capital(A)$156,597 
Total average assets1,916,673 
Less: Goodwill and other permitted Tier 1 capital deductions (net of deferred tax liabilities)26,990 
Total adjusted average assets
(B)
1,889,683 
Plus adjustments for off-balance sheet exposures:
Derivatives (1)62,346 
Repo-style transactions (2)5,911 
Other (3)304,923 
Total off-balance sheet exposures373,180 
Total leverage exposure
(C)
$2,262,863 
Supplementary leverage ratio(A)/(C)6.92 %
Tier 1 leverage ratio
(A)/(B)8.29 %
(1)Adjustment represents derivatives and collateral netting exposures as defined for supplementary leverage ratio determination purposes.
(2)Adjustment represents counterparty credit risk for repo-style transactions where Wells Fargo & Company is the principal counterparty facing the client.
(3)Adjustment represents credit equivalent amounts of other off-balance sheet exposures not already included as derivatives and repo-style transactions exposures.
TOTAL LOSS ABSORBING CAPACITY As a G-SIB, we are required to have a minimum amount of equity and unsecured long-term debt for purposes of resolvability and resiliency, often referred to as Total Loss Absorbing Capacity (TLAC). U.S. G-SIBs are required to have a minimum amount of TLAC (consisting of CET1 capital and additional Tier 1 capital issued directly by the top-tier or covered BHC plus eligible external long-term debt) to avoid restrictions on capital distributions and discretionary bonus payments as well as a minimum amount of eligible unsecured long-term debt. The components used to calculate our minimum TLAC and eligible unsecured long-term debt requirements as of September 30, 2024, are presented in Table 40.
Table 40: Components Used to Calculate TLAC and Eligible Unsecured Long-Term Debt Requirements
TLAC requirement

Greater of:
18.00% of RWAs7.50% of total leverage exposure
(the denominator of the SLR calculation)
++
TLAC buffer (equal to 2.50% of RWAs + method one G-SIB capital surcharge + any countercyclical buffer)External TLAC leverage buffer
(equal to 2.00% of total leverage exposure)
Minimum amount of eligible unsecured long-term debt

Greater of:
6.00% of RWAs4.50% of total leverage exposure
+
Greater of method one and method two G-SIB capital surcharge
In August 2023, the FRB proposed rules that would, among other things, modify the calculation of eligible long-term debt that counts towards the TLAC requirements, which would reduce our TLAC ratios.
Table 41 provides our TLAC and eligible unsecured long-term debt and related ratios.
Table 41: TLAC and Eligible Unsecured Long-Term Debt
September 30, 2024
($ in millions)TLAC (1)Regulatory Minimum (2)Eligible Unsecured Long-term DebtRegulatory Minimum
Total eligible amount$308,493138,929 
Percentage of RWAs (3)
25.29 %21.50 11.39 7.50 
Percentage of total leverage exposure13.63 9.50 6.14 4.50 
(1)TLAC ratios are calculated using the CECL transition provision issued by federal banking regulators.
(2)Represents the minimum required to avoid restrictions on capital distributions and discretionary bonus payments.
(3)Our minimum TLAC and eligible unsecured long-term debt requirements are calculated based on the greater of RWAs determined under the Standardized and Advanced Approaches.
OTHER REGULATORY CAPITAL AND LIQUIDITY MATTERS For information regarding the U.S. implementation of the Basel III LCR and NSFR, see the “Risk Management – Asset/ Liability Management – Liquidity Risk and Funding – Liquidity Standards” section in this Report.
Our principal U.S. broker-dealer subsidiaries, Wells Fargo Securities, LLC, and Wells Fargo Clearing Services, LLC, are subject to regulations to maintain minimum net capital requirements. As of September 30, 2024, these broker-dealer subsidiaries were in compliance with their respective regulatory minimum net capital requirements.
Capital Planning and Stress Testing
Our planned long-term capital structure is designed to meet regulatory and market expectations. We believe that our long-term targeted capital structure enables us to invest in and grow our business, satisfy our customers’ financial needs in varying environments, access markets, and maintain flexibility to return capital to our shareholders. Our long-term targeted capital structure also considers capital levels sufficient to exceed capital requirements, including the G-SIB capital surcharge and the stress capital buffer, as well as potential changes to regulatory requirements for our capital ratios, planned capital actions, changes in our risk profile and other factors. Accordingly, our long-term target capital levels are set above their respective regulatory minimums plus buffers.
During the first nine months of 2024, we issued $929 million of common stock, substantially all of which was issued in connection with employee compensation and benefits, and we repurchased 275 million shares of common stock at a cost of $15.6 billion. We paid $4.6 billion of common and preferred stock dividends during the first nine months of 2024.
The FRB capital plan rule establishes capital planning and other requirements that govern capital distributions, including dividends and share repurchases, by certain BHCs, including Wells Fargo. The FRB assesses, among other things, the overall financial condition, risk profile, and capital adequacy of BHCs when evaluating their capital plans.
As part of the annual CCAR, the FRB generates a supervisory stress test. The FRB reviews the supervisory stress test results as required under the Dodd-Frank Act using a common set of
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capital actions for all large BHCs and also reviews the Company’s proposed capital actions.
Federal banking regulators also require large BHCs and banks to conduct their own stress tests to evaluate whether the institution has sufficient capital to continue to operate during periods of adverse economic and financial conditions.
Securities Repurchases
On July 25, 2023, we announced that our Board authorized a common stock repurchase program of up to $30 billion. Unless modified or revoked by the Board, this authorization does not expire and is our only common stock repurchase program in effect. At September 30, 2024, we had remaining Board authority to repurchase up to approximately $11.3 billion of common stock.
Various factors impact the amount and timing of our share repurchases, including 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), and regulatory and legal considerations, including regulatory requirements under the FRB’s capital plan rule. Although we announce when the Board authorizes a share repurchase program, we typically do not give any public notice before we repurchase our shares. Due to the various factors that may impact the amount and timing of our share repurchases and the fact that we may be in the market throughout the year, our share repurchases occur at various prices. We may suspend share repurchase activity at any time.
Furthermore, the Company has a variety of benefit plans in which employees may own or obtain shares of our common stock. The Company may buy shares from these plans to accommodate employee preferences and these purchases are subtracted from our repurchase authority.
For additional information about share repurchases during third quarter 2024, see Part II, Item 2 in this Report.
Regulatory Matters
The U.S. financial services industry is subject to significant regulation and regulatory oversight initiatives. This regulation and oversight may continue to impact how U.S. financial services companies conduct business and may continue to result in increased regulatory compliance costs.
For a discussion of certain consent orders and other regulatory actions applicable to the Company, see the “Overview” section in this Report. The following supplements our discussion of other significant regulations and regulatory oversight initiatives that have affected or may affect our business contained in the “Regulatory Matters” and “Risk Factors” sections in our 2023 Form 10-K and the “Regulatory Matters” section in our 2024 First and Second Quarter Reports on Form 10-Q.

Personal Financial Data Rights
In October 2024, the CFPB issued a rule pursuant to section 1033 of the Dodd-Frank Act that requires financial service providers to make consumers’ data available upon request to consumers and authorized third parties. The compliance date for the rule is April 1, 2026. The rule will require the Company to update its technology systems, compliance, third-party risk management programs, and digital channels.
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Critical Accounting Policies 
Our significant accounting policies are fundamental to understanding our results of operations and financial condition because they require that we use estimates and assumptions that may affect the value of our assets or liabilities and financial results. Six of these policies are critical because they require management to make difficult, subjective and complex judgments about matters that are inherently uncertain and because it is likely that materially different amounts would be reported under different conditions or using different assumptions. These policies govern:
the allowance for credit losses;
the valuation of residential MSRs;
the fair value of financial instruments;
income taxes;
liability for legal actions; and
goodwill impairment.

Management has discussed these critical accounting policies and the related estimates and judgments with the Board’s Audit Committee. For additional information, see the “Critical Accounting Policies” section and Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2023 Form 10-K and Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.
Current Accounting Developments
Table 42 provides the significant accounting updates applicable to us that have been issued by the Financial Accounting Standards Board (FASB) but are not yet effective.
Table 42: Current Accounting Developments – Issued Standards
Description and Effective DateFinancial statement impact
ASU 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
The Update, effective December 31, 2024 (with early adoption permitted), enhances reportable segment disclosure requirements, primarily through enhanced disclosures related to significant segment expenses and additional interim disclosure requirements.
The Update impacts disclosure only, and therefore does not have an impact on our consolidated financial statements. We are currently evaluating the impact of the Update to our operating segment disclosures. The following aspects of the Update may result in disclosure changes:

Requirement to disclose significant segment expenses by reportable segment if they are regularly provided to the chief operating decision maker (CODM) and included in the reported measure of segment profit or loss.
Requirement to disclose an amount for “other segment items” by reportable segment and provide a description of its composition; other segment items is measured as the difference between reported segment revenues less the significant segment expenses disclosed in accordance with the principle described above and reported segment profit or loss.
Requirement to disclose the CODM’s title and position and explain how the CODM uses the reported segment profit or loss measure in assessing segment performance and deciding how to allocate resources.
ASU 2023-09 – Income Taxes (Topic 740): Improvements to Income Tax Disclosures
The Update, effective January 1, 2025 (with early adoption permitted), enhances annual income tax disclosures primarily to further disaggregate existing disclosures related to the effective income tax rate reconciliation and income taxes paid.
The impact of the Update is limited to our annual income tax disclosures. We are currently evaluating the impact of the Update to our income tax disclosures. Upon adoption, those disclosures may change as follows:

For the tabular effective income tax rate reconciliation, alignment to specific categories (where applicable) and further disaggregation of certain categories (where applicable) by nature and/or jurisdiction if the reconciling item is 5% or more of the statutory tax expense.
Description of states and local jurisdictions that contribute the majority of the effect of the state and local income tax category of the effective income tax rate reconciliation.
Disaggregate the amount of income taxes paid (net of refunds) by federal, state, and non-U.S. taxes and further disaggregate by individual jurisdictions where income taxes paid (net of refunds) is 5% or more of total income taxes paid (net of refunds).
Disaggregate net income (or loss) before income tax expense (or benefit) between domestic and non-U.S.
Other Accounting Developments
The following Update is applicable to us but is not expected to have a material impact on our consolidated financial statements:
ASU 2023-08 – Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets
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Forward-Looking Statements
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. 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;
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,
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Forward-Looking Statements (continued)
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.gov.1
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.



















































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.
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.
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Risk Factors
An investment in the Company involves risk, including the possibility that the value of the investment could fall substantially and that dividends or other distributions on the investment could be reduced or eliminated. For a discussion of risk factors that could adversely affect our financial results and condition, and the value of, and return on, an investment in the Company, we refer you to the “Risk Factors” section in our 2023 Form 10-K.
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Controls and Procedures
Disclosure Controls and Procedures
The Company’s management evaluated the effectiveness, as of September 30, 2024, of the Company’s disclosure controls and procedures. The Company’s chief executive officer and chief financial officer participated in the evaluation. Based on this evaluation, the Company’s chief executive officer and chief financial officer concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2024.
 
Internal Control Over Financial Reporting
Internal control over financial reporting is defined in Rule 13a-15(f) promulgated under the Securities Exchange Act of 1934 as a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers and effected by the Company’s Board, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles (GAAP) and includes those policies and procedures that:
pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets of the Company;
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. No change occurred during third quarter 2024 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
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Financial Statements
Wells Fargo & Company and Subsidiaries
Consolidated Statement of Income (Unaudited)

Quarter ended September 30,Nine months ended September 30,
(in millions, except per share amounts)2024202320242023
Interest income
Debt securities$4,630 4,178 $13,362 11,998 
Loans held for sale129 87 376 278 
Loans14,618 14,755 43,897 42,188 
Equity securities156 152 502 516 
Other interest income3,465 2,921 10,585 7,299 
Total interest income22,998 22,093 68,722 62,279 
Interest expense
Deposits6,445 4,608 18,405 11,174 
Short-term borrowings1,435 1,133 4,030 2,664 
Long-term debt3,163 3,039 9,676 8,243 
Other interest expense265 208 771 594 
Total interest expense11,308 8,988 32,882 22,675 
Net interest income11,690 13,105 35,840 39,604 
Noninterest income
Deposit and lending-related fees1,675 1,551 4,890 4,572 
Investment advisory and other asset-based fees2,463 2,224 7,209 6,501 
Commissions and brokerage services fees646 567 1,886 1,756 
Investment banking fees672 492 1,940 1,194 
Card fees1,096 1,098 3,258 3,229 
Mortgage banking280 193 753 627 
Net gains from trading and securities
1,248 1,246 4,217 3,263 
Other
596 381 1,925 1,373 
Total noninterest income8,676 7,752 26,078 22,515 
Total revenue20,366 20,857 61,918 62,119 
Provision for credit losses1,065 1,197 3,239 4,117 
Noninterest expense
Personnel8,591 8,627 26,658 26,648 
Technology, telecommunications and equipment1,142 975 3,301 2,844 
Occupancy786 724 2,263 2,144 
Operating losses293 329 1,419 828 
Professional and outside services1,130 1,310 3,370 3,843 
Advertising and promotion205 215 626 553 
Other
920 933 3,061 2,916 
Total noninterest expense13,067 13,113 40,698 39,776 
Income before income tax expense6,234 6,547 17,981 18,226 
Income tax expense
1,064 811 3,279 2,707 
Net income before noncontrolling interests5,170 5,736 14,702 15,519 
Less: Net income (loss) from noncontrolling interests
56 (31)59 (177)
Wells Fargo net income
$5,114 5,767 $14,643 15,696 
Less: Preferred stock dividends and other262 317 838 874 
Wells Fargo net income applicable to common stock$4,852 5,450 $13,805 14,822 
Per share information
Earnings per common share$1.43 1.49 $3.99 3.99 
Diluted earnings per common share1.42 1.48 3.94 3.96 
Average common shares outstanding3,384.8 3,648.8 3,464.1 3,710.9 
Diluted average common shares outstanding3,425.1 3,680.6 3,503.5 3,741.6 
The accompanying notes are an integral part of these statements.
Wells Fargo & Company
57



Wells Fargo & Company and Subsidiaries
Consolidated Statement of Comprehensive Income (Unaudited)

Quarter ended September 30,Nine months ended September 30,
(in millions)2024202320242023
Net income before noncontrolling interests
$5,170 5,736 $14,702 15,519 
Other comprehensive income (loss), after tax:
Net change in debt securities3,274 (1,989)2,739 (1,935)
Net change in derivatives and hedging activities994 (407)419 (639)
Defined benefit plans adjustments21 21 63 63 
Other
60 (59)(13)(2)
Other comprehensive income (loss), after tax
4,349 (2,434)3,208 (2,513)
Total comprehensive income before noncontrolling interests
9,519 3,302 17,910 13,006 
Less: Other comprehensive income from noncontrolling interests 2  2 
Less: Net income (loss) from noncontrolling interests
56 (31)59 (177)
Wells Fargo comprehensive income
$9,463 3,331 $17,851 13,181 
The accompanying notes are an integral part of these statements.
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Wells Fargo & Company and Subsidiaries
Consolidated Balance Sheet (Unaudited)
(in millions, except shares)
Sep 30,
2024
Dec 31,
2023
Assets
Cash and due from banks$33,530 33,026 
Interest-earning deposits with banks152,016 204,193 
Federal funds sold and securities purchased under resale agreements
105,390 80,456 
Debt securities:
Trading, at fair value (includes assets pledged as collateral of $83,197 and $62,537)
120,677 97,302 
Available-for-sale, at fair value (amortized cost of $169,475 and $137,155, and includes assets pledged as collateral of $1,491 and $5,055)
166,004 130,448 
Held-to-maturity, at amortized cost (fair value $211,716 and $227,316)
243,151 262,708 
Loans held for sale (includes $5,682 and $2,892 carried at fair value)
7,275 4,936 
Loans909,711 936,682 
Allowance for loan losses(14,330)(14,606)
Net loans895,381 922,076 
Mortgage servicing rights (includes $6,544 and $7,468 carried at fair value)
7,493 8,508 
Premises and equipment, net9,955 9,266 
Goodwill25,173 25,175 
Derivative assets 17,721 18,223 
Equity securities (includes $22,361 and $19,841 carried at fair value; and assets pledged as collateral of $10,272 and $2,683)
59,771 57,336 
Other assets
78,588 78,815 
Total assets (1)
$1,922,125 1,932,468 
Liabilities
Noninterest-bearing deposits
$370,005 360,279 
Interest-bearing deposits (includes $1,087 and $1,297 carried at fair value)
979,641 997,894 
Total deposits1,349,646 1,358,173 
Short-term borrowings (includes $265 and $219 carried at fair value)
111,894 89,559 
Derivative liabilities
11,390 18,495 
Accrued expenses and other liabilities (includes $29,744 and $25,335 carried at fair value)
82,169 71,210 
Long-term debt (includes $3,774 and $2,308 carried at fair value)
182,015 207,588 
Total liabilities (2)
1,737,114 1,745,025 
Equity
Wells Fargo stockholders’ equity:
Preferred stock – aggregate liquidation preference of $19,376 and $20,216
18,608 19,448 
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares
9,136 9,136 
Additional paid-in capital60,623 60,555 
Retained earnings
210,749 201,136 
Accumulated other comprehensive loss
(8,372)(11,580)
Treasury stock, at cost – 2,136,319,281 shares and 1,882,948,892 shares
(107,479)(92,960)
Total Wells Fargo stockholders’ equity 183,265 185,735 
Noncontrolling interests1,746 1,708 
Total equity185,011 187,443 
Total liabilities and equity$1,922,125 1,932,468 
(1)Our consolidated assets at September 30, 2024, and December 31, 2023, include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Loans, $10.7 billion and $4.9 billion; all other assets, $542 million and $435 million; and Total assets, $11.3 billion and $5.3 billion, respectively.
(2)Our consolidated liabilities at September 30, 2024, and December 31, 2023, include the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Long-term debt, $1.3 billion and $0; accrued expenses and other liabilities, $128 million and $115 million; and Total liabilities $1.4 billion and $115 million, respectively.
The accompanying notes are an integral part of these statements.
Wells Fargo & Company
59



Wells Fargo & Company and Subsidiaries
Consolidated Statement of Changes in Equity (Unaudited)
Wells Fargo stockholders’ equity
Preferred stockCommon stock
($ and shares in millions)SharesAmountSharesAmountAdditional
paid-in
capital
Retained
earnings
Accumulated
other
comprehensive
income (loss)
Treasury
stock
Unearned
ESOP
shares
Noncontrolling
interests
Total
equity
Balance June 30, 20244.6 $16,608 3,402.7 $9,136 60,373 207,281 (12,721)(104,247) 1,718 178,148 
Net income
5,114 56 5,170 
Other comprehensive income,
net of tax
4,349  4,349 
Noncontrolling interests(28)(28)
Common stock issued4.8 16  237 253 
Common stock repurchased(62.0)(3,467)(3,467)
Preferred stock issued0.1 2,000 (3)1,997 
Preferred stock redeemed
     
Common stock dividends25 (1,384)(1,359)
Preferred stock dividends(262)(262)
Stock-based compensation240 240 
Net change in deferred compensation and related plans(28)(2)(30)
Net change 0.1 2,000 (57.2) 250 3,468 4,349 (3,232) 28 6,863 
Balance September 30, 20244.7 $18,608 3,345.5 $9,136 60,623 210,749 (8,372)(107,479) 1,746 185,011 
Balance June 30, 20234.7 $19,448 3,667.7 $9,136 60,173 195,164 (13,441)(89,860)(429)1,761 181,952 
Net income (loss)5,767 (31)5,736 
Other comprehensive income (loss),
net of tax
(2,436)2 (2,434)
Noncontrolling interests (74)(74)
Common stock issued4.0  (32)203 171 
Common stock repurchased (33.8)(1,494)(1,494)
Preferred stock issued0.1 1,725 (3)1,722 
Preferred stock redeemed
(0.1)(1,725)19 (19)(1,725)
Common stock dividends 19 (1,295)(1,276)
Preferred stock dividends (298)(298)
Stock-based compensation199 199 
Net change in deferred compensation and related plans(42)(64)(106)
Net change  (29.8) 192 4,123 (2,436)(1,355) (103)421 
Balance September 30, 20234.7 $19,448 3,637.9 $9,136 60,365 199,287 (15,877)(91,215)(429)1,658 182,373 
The accompanying notes are an integral part of these statements.
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Wells Fargo & Company



Wells Fargo & Company and Subsidiaries
Consolidated Statement of Changes in Equity (Unaudited)
Wells Fargo stockholders’ equity
Preferred stockCommon stock
($ and shares in millions)SharesAmountSharesAmountAdditional
paid-in
capital
Retained
earnings
Accumulated
other
comprehensive
income (loss)
Treasury
stock
Unearned
ESOP
shares
Noncontrolling
interests
Total
equity
Balance December 31, 20234.7 $19,448 3,598.9 $9,136 60,555 201,136 (11,580)(92,960) 1,708 187,443 
Cumulative effect from change in accounting policy (1)(158)(158)
Balance January 1, 20244.7 19,448 3,598.9 9,136 60,555 200,978 (11,580)(92,960) 1,708 187,285 
Net income14,643 59 14,702 
Other comprehensive income,
net of tax
3,208  3,208 
Noncontrolling interests(21)(21)
Common stock issued21.6 18 (143)1,054 929 
Common stock repurchased(275.0)(15,591)(15,591)
Preferred stock issued0.1 2,000 (3)1,997 
Preferred stock redeemed
(0.1)(2,840)17 (17)(2,840)
Common stock dividends77 (3,891)(3,814)
Preferred stock dividends(821)(821)
Stock-based compensation1,066 1,066 
Net change in deferred compensation and related plans(1,107)18 (1,089)
Net change  (840)(253.4) 68 9,771 3,208 (14,519) 38 (2,274)
Balance September 30, 20244.7 $18,608 3,345.5 $9,136 60,623 210,749 (8,372)(107,479) 1,746 185,011 
Balance December 31, 20224.7 $19,448 3,833.8 $9,136 60,319 187,968 (13,362)(82,853)(429)1,986 182,213 
Cumulative effect from change in accounting policy (2)
323 323 
Balance January 1, 20234.7 19,448 3,833.8 9,136 60,319 188,291 (13,362)(82,853)(429)1,986 182,536 
Net income (loss)15,696 (177)15,519 
Other comprehensive income (loss),
net of tax
(2,515)2 (2,513)
Noncontrolling interests (153)(153)
Common stock issued24.5  (236)1,267 1,031 
Common stock repurchased (220.4)(9,586)(9,586)
Preferred stock issued0.1 1,725 (3)1,722 
Preferred stock redeemed
(0.1)(1,725)19 (19)(1,725)
Common stock dividends 61 (3,590)(3,529)
Preferred stock dividends (855)(855)
Stock-based compensation910 910 
Net change in deferred compensation and related plans(941)(43)(984)
Net change  (195.9) 46 10,996 (2,515)(8,362) (328)(163)
Balance September 30, 20234.7 $19,448 3,637.9 $9,136 60,365 199,287 (15,877)(91,215)(429)1,658 182,373 
(1)Effective January 1, 2024, we adopted ASU 2023-02 – Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. For additional information, see Note 1 (Summary of Significant Accounting Policies).
(2)Effective January 1, 2023, we adopted ASU 2022-02 – Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures.
The accompanying notes are an integral part of these statements.

Wells Fargo & Company
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Wells Fargo & Company and Subsidiaries
Consolidated Statement of Cash Flows (Unaudited)

Nine months ended September 30,
(in millions)20242023
Cash flows from operating activities:
Net income before noncontrolling interests
$14,702 15,519 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses3,239 4,117 
Changes in fair value of MSRs and LHFS carried at fair value542 188 
Depreciation, amortization and accretion 5,574 4,777 
Deferred income tax expense (benefit)
(1,468)738 
Other, net3,814 (53)
Originations and purchases of loans held for sale(26,463)(23,012)
Proceeds from sales of and paydowns on loans originally classified as held for sale20,731 20,340 
Net change in:
Debt and equity securities, held for trading(22,547)2,656 
Derivative assets and liabilities
(5,757)4,684 
Other assets
(1,006)(6,184)
Other accrued expenses and liabilities
2,770 (1,614)
Net cash provided (used) by operating activities(5,869)22,156 
Cash flows from investing activities:
Net change in:
Federal funds sold and securities purchased under resale agreements
(24,786)(2,704)
Available-for-sale debt securities:
Proceeds from sales15,207 13,992 
Paydowns and maturities26,256 10,730 
Purchases(72,618)(21,480)
Held-to-maturity debt securities:
Paydowns and maturities19,608 13,880 
Purchases (4,225)
Equity securities, not held for trading:
Proceeds from sales and capital returns3,004 1,680 
Purchases(4,913)(3,407)
Loans:
Loans originated by banking subsidiaries, net of principal collected21,768 8,477 
Proceeds from sales of loans originally classified as held for investment2,472 3,147 
Purchases of loans(402)(1,365)
Principal collected on nonbank entities’ loans2,776 3,748 
Loans originated by nonbank entities(2,542)(3,053)
Other, net(417)854 
Net cash provided (used) by investing activities
(14,587)20,274 
Cash flows from financing activities:
Net change in:
Deposits(8,527)(29,975)
Short-term borrowings22,335 42,185 
Long-term debt:
Proceeds from issuance24,874 33,444 
Repayment(48,776)(16,248)
Preferred stock:
Proceeds from issuance1,997 1,722 
Redeemed(2,840)(1,725)
Cash dividends paid(792)(796)
Common stock:
Repurchased(15,448)(9,501)
Cash dividends paid(3,808)(3,524)
Other, net(483)(453)
Net cash provided (used) by financing activities
(31,468)15,129 
Net change in cash, cash equivalents, and restricted cash(51,924)57,559 
Cash, cash equivalents, and restricted cash at beginning of period (1)
236,052 159,157 
Cash, cash equivalents, and restricted cash at end of period (1)
$184,128 216,716 
Supplemental cash flow disclosures:
Cash paid for interest$33,087 20,882 
Net cash paid (refunded) for income taxes106 (1,936)
(1)Includes Cash and due from banks and Interest-earning deposits with banks on our consolidated balance sheet and excludes time deposits, which are included in Interest-earning deposits with banks.
The accompanying notes are an integral part of these statements. See Note 1 (Summary of Significant Accounting Policies) for noncash activities.
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Wells Fargo & Company


Notes to Financial Statements
See the “Glossary of Acronyms” at the end of this Report for terms used throughout the Financial Statements and related Notes.
Note 1: Summary of Significant Accounting Policies
Wells Fargo & Company is a diversified financial services company. We provide banking, investment and mortgage products and services, as well as consumer and commercial finance, through banking locations and offices, the internet and other distribution channels to individuals, businesses and institutions in all 50 states, the District of Columbia, and in countries outside the U.S. When we refer to “Wells Fargo,” “the Company,” “we,” “our” or “us,” we mean Wells Fargo & Company and Subsidiaries (consolidated). Wells Fargo & Company (the Parent) is a financial holding company and a bank holding company. We also hold a majority interest in a real estate investment trust, which has publicly traded preferred stock outstanding.
Our accounting and reporting policies conform with U.S. generally accepted accounting principles (GAAP) and practices in the financial services industry. For a discussion of our significant accounting policies, see Note 1 (Summary of Significant Accounting Policies) in our Annual Report on Form 10-K for the year ended December 31, 2023 (2023 Form 10-K). There were no material changes to these policies in the first nine months of 2024.
To prepare the financial statements in conformity with GAAP, management must make estimates based on assumptions about future economic and market conditions (for example, unemployment, market liquidity, real estate prices, etc.) that affect the reported amounts of assets and liabilities at the date of the financial statements, income and expenses during the reporting period and the related disclosures. Although our estimates contemplate current conditions and how we expect them to change in the future, it is reasonably possible that actual conditions could be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition. Management has made significant estimates in several areas, including:
allowance for credit losses (Note 5 (Loans and Related Allowance for Credit Losses) and Note 3 (Available-for-Sale and Held-to-Maturity Debt Securities));
valuations of residential mortgage servicing rights (MSRs) (Note 6 (Mortgage Banking Activities) and Note 13 (Securitizations and Variable Interest Entities));
valuations of financial instruments (Note 12 (Fair Values of Assets and Liabilities));
liability for legal actions (Note 10 (Legal Actions));
income taxes; and
goodwill impairment (Note 7 (Intangible Assets and Other Assets)).

Actual results could differ from those estimates.

These unaudited interim financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the periods presented. These adjustments are of a normal recurring nature, unless otherwise disclosed in this Form 10-Q. The results of operations in the interim financial statements do not necessarily indicate the results that may be expected for the full year. The interim financial information should be read in conjunction with our 2023 Form 10-K.
Accounting Standards Adopted in 2024
In 2024, we adopted the following new accounting guidance:
Accounting Standards Update (ASU) 2023-02, Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method
ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

ASU 2023-02 expands the use of the proportional amortization method of accounting for tax credit investments, which previously was limited to affordable housing investments that generate low-income housing tax credits. Upon adoption of the Update, an entity may elect to account for equity investments that generate income tax credits and benefits using the proportional amortization method if certain eligibility criteria are met.
The proportional amortization method amortizes the cost of a tax credit investment in proportion to the income tax credits and income tax benefits received. The amortization and related income tax credits and benefits are recorded on a net basis within income tax expense. The cost of an investment includes unfunded commitments that are either legally binding or contingent but probable of funding. Such unfunded commitments are not recognized under other methods of accounting.
We adopted the Update on January 1, 2024, on a modified retrospective basis with a cumulative effect adjustment to retained earnings. Upon adoption, we elected to account for eligible investments in our renewable energy tax credit portfolio using the proportional amortization method. These investments were previously accounted for using the equity method. We also elected to continue use of the proportional amortization method to account for our affordable housing investments. In addition, we elected to classify liabilities recognized for unfunded commitments related to proportional amortization method investments in accrued expenses and other liabilities on our consolidated balance sheet, including a change to unfunded commitments for affordable housing investments that were previously included in long-term debt. Prior period amounts were not impacted by these accounting changes.

Wells Fargo & Company
63


Note 1: Summary of Significant Accounting Policies (continued)
Table 1.1 presents the transition adjustments recorded upon the adoption of ASU 2023-02 as of January 1, 2024.

Table 1.1: Transition Adjustment of ASU 2023-02
(in millions)
Dec 31,
2023
Transition adjustment upon adoptionJan 1,
2024
Selected Balance Sheet Data
Equity securities$57,336 1,700 59,036 
Other assets 78,815 548 79,363 
Accrued expenses and other liabilities71,210 7,333 78,543 
Long-term debt207,588 (4,927)202,661 
Retained earnings201,136 (158)200,978 
ASU 2022-03 clarifies the guidance regarding the measurement of fair value of equity securities subject to contractual restrictions that prohibit the sale of the security. Specifically, that such restrictions are not part of the unit of account of the
security and therefore are not considered when measuring fair value. We adopted the Update on January 1, 2024, on a prospective basis. The Update did not have a material impact to our consolidated financial statements.
Supplemental Cash Flow Information
Significant noncash activities are presented in Table 1.2.
Table 1.2: Supplemental Cash Flow Information

Nine months ended September 30,
(in millions)20242023
Transfers from available-for-sale debt securities to held-to-maturity debt securities$ 3,687 
Transfers from held-to-maturity debt securities to available-for-sale debt securities (1) 23,919 
Reclassification of long-term debt to accrued expenses and other liabilities (2)4,927  
(1)In first quarter 2023, we reclassified HTM debt securities to AFS debt securities in connection with the adoption of ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method. For additional information, see Note 1 (Summary of Significant Accounting Policies) in our 2023 Form 10-K.
(2)Effective January 1, 2024, we reclassified unfunded commitment liabilities for affordable housing investments from Long-term debt to Accrued expenses and other liabilities in connection with the adoption of ASU 2023-02.

Subsequent Events
We have evaluated the effects of events that have occurred subsequent to September 30, 2024, and there have been no material events that would require recognition in our third quarter 2024 consolidated financial statements or disclosure in the Notes to the consolidated financial statements.
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Note 2:  Trading Activities
Table 2.1 presents a summary of our trading assets and liabilities measured at fair value through earnings.

Table 2.1: Trading Assets and Liabilities
(in millions)
Sep 30,
2024
Dec 31,
2023
Trading assets:
Debt securities$120,677 97,302 
Equity securities20,351 18,449 
Loans held for sale4,551 1,793 
Gross trading derivative assets72,101 71,990 
Netting (1)(54,537)(54,069)
Total trading derivative assets17,564 17,921 
Total trading assets163,143 135,465 
Trading liabilities:
Short sale and other liabilities29,946 25,471 
Interest-bearing deposits1,087 1,297 
Long-term debt3,774 2,308 
Gross trading derivative liabilities73,630 77,807 
Netting (1)(63,032)(60,366)
Total trading derivative liabilities10,598 17,441 
Total trading liabilities$45,405 46,517 
(1)Represents balance sheet netting for trading derivative asset and liability balances, and trading portfolio level counterparty valuation adjustments.
Table 2.2 provides net interest income earned from trading securities, and net gains and losses due to the realized and unrealized gains and losses from trading activities.
Net interest income also includes dividend income on trading securities and dividend expense on trading securities we have sold, but not yet purchased.
Table 2.2: Net Interest Income and Net Gains (Losses) from Trading Activities

Quarter ended September 30,Nine months ended September 30,
(in millions)2024202320242023
Net interest income:
Interest income (1)
$1,453 1,143 $4,065 3,080 
Interest expense
211 163 604 467 
Total net interest income
1,242 980 3,461 2,613 
Net gains (losses) from trading activities, by risk type:
Interest rate 862 (443)1,647 206 
Commodity110 74 321 238 
Equity254 435 993 898 
Foreign exchange(137)1,253 763 2,047 
Credit
349 (54)610 340 
Total net gains from trading activities1,438 1,265 4,334 3,729 
Total trading-related net interest and noninterest income$2,680 2,245 $7,795 6,342 
(1)Substantially all relates to interest income on debt and equity securities.
Wells Fargo & Company
65


Note 3: Available-for-Sale and Held-to-Maturity Debt Securities
Table 3.1 provides the amortized cost, net of the allowance for credit losses (ACL) for debt securities, and fair value by major categories of available-for-sale (AFS) debt securities, which are carried at fair value, and held-to-maturity (HTM) debt securities, which are carried at amortized cost, net of the ACL. The net unrealized gains (losses) for AFS debt securities are reported as a component of accumulated other comprehensive income (AOCI), net of the ACL and applicable income taxes. Information on debt securities held for trading is included in Note 2 (Trading Activities).
Outstanding balances exclude accrued interest receivable on AFS and HTM debt securities, which are included in other assets. See Note 7 (Intangible Assets and Other Assets) for additional information on accrued interest receivable. Amounts considered to be uncollectible are reversed through interest income. The interest income reversed in the third quarter and first nine months of both 2024 and 2023 was insignificant.
Table 3.1: Available-for-Sale and Held-to-Maturity Debt Securities Outstanding
(in millions)Amortized
cost, net (1)
Gross
unrealized gains 
Gross
unrealized losses
Net unrealized gains (losses)Fair value
September 30, 2024
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies$29,873 9 (926)(917)28,956 
Securities of U.S. states and political subdivisions (2)13,007 44 (399)(355)12,652 
Federal agency mortgage-backed securities122,203 1,360 (3,471)(2,111)120,092 
Non-agency mortgage-backed securities (3)2,021 1 (70)(69)1,952 
Collateralized loan obligations1,722 3  3 1,725 
Other debt securities591 39 (3)36 627 
Total available-for-sale debt securities, excluding portfolio level basis adjustments169,417 1,456 (4,869)(3,413)166,004 
Portfolio level basis adjustments (4)58 (58) 
Total available-for-sale debt securities169,475 1,456 (4,869)(3,471)166,004 
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies3,793  (1,532)(1,532)2,261 
Securities of U.S. states and political subdivisions18,320 2 (2,813)(2,811)15,509 
Federal agency mortgage-backed securities197,723 194 (27,305)(27,111)170,612 
Non-agency mortgage-backed securities (3)1,285 39 (67)(28)1,257 
Collateralized loan obligations20,303 73 (1)72 20,375 
Other debt securities1,727  (25)(25)1,702 
Total held-to-maturity debt securities243,151 308 (31,743)(31,435)211,716 
Total$412,626 1,764 (36,612)(34,906)377,720 
December 31, 2023
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies$47,351 2 (1,886)(1,884)45,467 
Securities of U.S. states and political subdivisions (2)20,654 36 (624)(588)20,066 
Federal agency mortgage-backed securities63,741 111 (4,274)(4,163)59,578 
Non-agency mortgage-backed securities (3)2,892 1 (144)(143)2,749 
Collateralized loan obligations1,538  (5)(5)1,533 
Other debt securities1,025 46 (16)30 1,055 
Total available-for-sale debt securities, excluding portfolio level basis adjustments
137,201 196 (6,949)(6,753)130,448 
Portfolio level basis adjustments (4)(46)46 — 
Total available-for-sale debt securities137,155 196 (6,949)(6,707)130,448 
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies3,790  (1,503)(1,503)2,287 
Securities of U.S. states and political subdivisions18,624 3 (2,939)(2,936)15,688 
Federal agency mortgage-backed securities209,170 136 (30,918)(30,782)178,388 
Non-agency mortgage-backed securities (3)1,276 18 (120)(102)1,174 
Collateralized loan obligations28,122 75 (63)12 28,134 
Other debt securities1,726  (81)(81)1,645 
Total held-to-maturity debt securities262,708 232 (35,624)(35,392)227,316 
Total$399,863 428 (42,573)(42,099)357,764 
(1)Represents amortized cost of the securities, net of the ACL of $20 million and $1 million related to AFS debt securities at September 30, 2024, and December 31, 2023, respectively, and $89 million and $93 million related to HTM debt securities at September 30, 2024, and December 31, 2023, respectively.
(2)Includes investments in tax-exempt preferred debt securities issued by investment funds or trusts that predominantly invest in tax-exempt municipal securities. The amortized cost, net of the ACL, and fair value of these types of securities, was $3.0 billion at September 30, 2024, and $5.5 billion at December 31, 2023.
(3)Predominantly consists of commercial mortgage-backed securities at both September 30, 2024, and December 31, 2023.
(4)Represents fair value hedge basis adjustments related to active portfolio layer method hedges of AFS debt securities, which are not allocated to individual securities in the portfolio. For additional information, see Note 11 (Derivatives).
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Wells Fargo & Company


Table 3.2 details the breakout of purchases of and transfers to HTM debt securities by major category of security. The table excludes the transfer of HTM debt securities with a fair value of $23.2 billion to AFS debt securities in first quarter 2023 in
connection with the adoption of ASU 2022-01. For additional information, see Note 1 (Summary of Significant Accounting Policies) in our 2023 Form 10-K.

Table 3.2: Held-to-Maturity Debt Securities Purchases and Transfers
Quarter ended September 30,Nine months ended September 30,
(in millions)2024202320242023
Purchases of held-to-maturity debt securities (1):
Federal agency mortgage-backed securities  $ 4,225 
Non-agency mortgage-backed securities21 39 69 87 
Total purchases of held-to-maturity debt securities
21 39 69 4,312 
Transfers from available-for-sale debt securities to held-to-maturity debt securities (2):
Federal agency mortgage-backed securities   3,687 
Total transfers from available-for-sale debt securities to held-to-maturity debt securities$  $ 3,687 
(1)Inclusive of securities purchased but not yet settled and noncash purchases from securitization of loans held for sale (LHFS).
(2)Represents fair value as of the date of the transfers. Debt securities transferred from available-for-sale to held-to-maturity had pre-tax unrealized losses recorded in AOCI of $320 million in the first nine months of 2023, at the time of the transfers.
Table 3.3 shows the composition of interest income, provision for credit losses, and gross realized gains and losses
from sales and impairment write-downs included in earnings related to AFS and HTM debt securities (pre-tax).
Table 3.3: Income Statement Impacts for Available-for-Sale and Held-to-Maturity Debt Securities
Quarter ended September 30,Nine months ended September 30,
(in millions)2024202320242023
Interest income (1):
Available-for-sale
$1,718 1,332 $4,633 3,918 
Held-to-maturity
1,583 1,790 5,016 5,333 
Total interest income 3,301 3,122 9,649 9,251 
Provision for credit losses:
Available-for-sale
13 8 29 (31)
Held-to-maturity
(7)11 (4)2 
Total provision for credit losses6 19 25 (29)
Realized gains and losses (2):
Gross realized gains8 28 31 34 
Gross realized losses(206)(22)(254)(24)
Impairment write-downs(249) (249) 
Net realized gains (losses)
$(447)6 $(472)10 
(1)Excludes interest income from trading debt securities, which is disclosed in Note 2 (Trading Activities).
(2)Realized gains and losses relate to AFS debt securities. There were no realized gains or losses from HTM debt securities in all periods presented.
Credit Quality
We monitor credit quality of debt securities by evaluating various attributes and utilize such information in our evaluation of the appropriateness of the ACL for debt securities. The credit quality indicators that we most closely monitor include credit ratings and delinquency status and are based on information as of our financial statement date.

CREDIT RATINGS Credit ratings express opinions about the credit quality of a debt security. We determine the credit rating of a security according to the lowest credit rating made available by national recognized statistical rating organizations (NRSROs). Debt securities rated investment grade, that is those with ratings similar to BBB-/Baa3 or above, as defined by NRSROs, are generally considered by the rating agencies and market participants to be low credit risk. Conversely, debt securities rated below investment grade, labeled as “speculative grade” by the rating agencies, are considered to be distinctively higher credit risk than investment grade debt securities. For debt securities not rated by NRSROs, we determine an internal credit grade of the debt securities (used for credit risk management
purposes) equivalent to the credit ratings assigned by major credit agencies. Substantially all of our debt securities were rated by NRSROs at September 30, 2024, and December 31, 2023.
Table 3.4 shows the percentage of fair value of AFS debt securities and amortized cost of HTM debt securities determined to be rated investment grade, inclusive of securities rated based on internal credit grades.
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Note 3:  Available-for-Sale and Held-to-Maturity Debt Securities (continued)
Table 3.4: Investment Grade Debt Securities
Available-for-SaleHeld-to-Maturity
($ in millions)Fair value % investment gradeAmortized cost% investment grade
September 30, 2024
Total portfolio (1)$166,004 99 %$243,240 99 %
Breakdown by category:
Securities of U.S. Treasury and federal agencies (2)$149,048 100 %$201,516 100 %
Securities of U.S. states and political subdivisions12,652 99 18,331 100 
Collateralized loan obligations (3)1,725 100 20,326 100 
All other debt securities (4)2,579 92 3,067 64 
December 31, 2023
Total portfolio (1)$130,448 99 %$262,801 99 %
Breakdown by category:
Securities of U.S. Treasury and federal agencies (2)$105,045 100 %$212,960 100 %
Securities of U.S. states and political subdivisions20,066 99 18,635 100 
Collateralized loan obligations (3)1,533 100 28,154 100 
All other debt securities (4)3,804 95 3,052 64 
(1)99% were rated AA- and above at both September 30, 2024, and December 31, 2023.
(2)Includes federal agency mortgage-backed securities.
(3)100% were rated AA- and above at both September 30, 2024, and December 31, 2023.
(4)Includes non-U.S. government, non-agency mortgage-backed, and all other debt securities.
DELINQUENCY STATUS AND NONACCRUAL DEBT SECURITIES Debt security issuers that are delinquent in payment of amounts due under contractual debt agreements have a higher probability of recognition of credit losses. As such, as part of our monitoring of the credit quality of the debt security portfolio, we consider whether debt securities we own are past due in payment of principal or interest payments and whether any securities have been placed into nonaccrual status.
Debt securities that are past due and still accruing or in nonaccrual status were insignificant at both September 30, 2024, and December 31, 2023. Net charge-offs on debt securities were insignificant in the third quarter and first nine months of both 2024 and 2023.
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Unrealized Losses of Available-for-Sale Debt Securities
Table 3.5 shows the gross unrealized losses and fair value of AFS debt securities by length of time those individual securities in each category have been in a continuous loss position. Debt securities on which we have recorded credit impairment are
categorized as being “less than 12 months” or “12 months or more” in a continuous loss position based on the point in time that the fair value declined to below the amortized cost basis, net of the allowance for credit losses.
Table 3.5: Gross Unrealized Losses and Fair Value – Available-for-Sale Debt Securities
Less than 12 months 12 months or more Total 
(in millions)
Gross unrealized losses (1)
Fair value Gross unrealized losses (1)Fair value 
Gross unrealized losses (1)
Fair value 
September 30, 2024
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies
$(5)1,788 (921)19,746 (926)21,534 
Securities of U.S. states and political subdivisions
(4)348 (395)7,526 (399)7,874 
Federal agency mortgage-backed securities(36)7,592 (3,435)43,826 (3,471)51,418 
Non-agency mortgage-backed securities  (70)1,881 (70)1,881 
Other debt securities  (3)109 (3)109 
Total available-for-sale debt securities$(45)9,728 (4,824)73,088 (4,869)82,816 
December 31, 2023
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies
$(5)942 (1,881)43,722 (1,886)44,664 
Securities of U.S. states and political subdivisions
(12)1,405 (612)11,247 (624)12,652 
Federal agency mortgage-backed securities(76)7,149 (4,198)41,986 (4,274)49,135 
Non-agency mortgage-backed securities(1)42 (143)2,697 (144)2,739 
Collateralized loan obligations
  (5)979 (5)979 
Other debt securities  (16)420 (16)420 
Total available-for-sale debt securities$(94)9,538 (6,855)101,051 (6,949)110,589 
(1)Gross unrealized losses exclude portfolio level basis adjustments.
We have assessed each debt security with gross unrealized losses included in the previous table for credit impairment. As part of that assessment we evaluated and concluded that we do not intend to sell any of the debt securities, and that it is more likely than not that we will not be required to sell, prior to recovery of the amortized cost basis. We evaluate, where necessary, whether credit impairment exists by comparing the present value of the expected cash flows to the debt securities’ amortized cost basis. Credit impairment is recorded as an ACL for debt securities.
For descriptions of the factors we consider when analyzing debt securities for impairment as well as methodology and significant inputs used to measure credit losses, see Note 1 (Summary of Significant Accounting Policies) in our 2023 Form 10-K.
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Note 3:  Available-for-Sale and Held-to-Maturity Debt Securities (continued)
Contractual Maturities
Table 3.6 and Table 3.7 show the remaining contractual maturities of AFS and HTM debt securities, respectively.
Table 3.6: Contractual Maturities – Available-for-Sale Debt Securities
By remaining contractual maturity ($ in millions) TotalWithin
one year
After
one year
through
five years
After
five years
through
ten years
After
ten years
September 30, 2024
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies
Amortized cost, net$29,873 5,627 22,535 234 1,477 
Fair value28,956 5,604 21,737 214 1,401 
Weighted average yield1.90 %2.38 1.81 1.81 1.44 
Securities of U.S. states and political subdivisions
Amortized cost, net$13,007 324 3,624 3,202 5,857 
Fair value12,652 323 3,596 2,988 5,745 
Weighted average yield3.22 %3.45 3.51 2.85 3.23 
Federal agency mortgage-backed securities
Amortized cost, net$122,203 20 35 662 121,486 
Fair value120,092 20 35 640 119,397 
Weighted average yield4.40 %2.79 3.80 2.92 4.41 
Non-agency mortgage-backed securities
Amortized cost, net$2,021   124 1,897 
Fair value1,952   107 1,845 
Weighted average yield4.83 %  5.48 4.78 
Collateralized loan obligations
Amortized cost, net$1,722   894 828 
Fair value1,725   894 831 
Weighted average yield6.85 %  6.96 6.73 
Other debt securities
Amortized cost, net$591 58 166 351 16 
Fair value627 58 173 373 23 
Weighted average yield5.40 %3.15 6.68 5.34 1.62 
Total available-for-sale debt securities
Amortized cost, net (1)
$169,417 6,029 26,360 5,467 131,561 
Fair value166,004 6,005 25,541 5,216 129,242 
Weighted average yield (2)
3.90 %2.42 2.06 3.71 4.35 
(1)Amortized cost, net excludes portfolio level basis adjustments of $58 million.
(2)Weighted average yields are calculated using the effective yield method and are weighted based on amortized cost, net of ACL. The effective yield method is calculated using the contractual coupon and the impact of any premiums and discounts and is shown pre-tax. We have not included the effect of any related hedging derivatives. The effective yield for mortgage-backed securities excludes unscheduled principal payments, and remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature.
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Table 3.7: Contractual Maturities – Held-to-Maturity Debt Securities
By remaining contractual maturity ($ in millions) TotalWithin
one year
After
one year
through
five years
After
five years
through
ten years
After
ten years
September 30, 2024
Held-to-maturity debt securities: 
Securities of U.S. Treasury and federal agencies
Amortized cost, net$3,793    3,793 
Fair value2,261    2,261 
Weighted average yield
1.59 %   1.59 
Securities of U.S. states and political subdivisions
Amortized cost, net$18,320 189 459 556 17,116 
Fair value15,509 187 448 544 14,330 
Weighted average yield
2.37 %1.18 2.19 2.85 2.38 
Federal agency mortgage-backed securities
Amortized cost, net$197,723    197,723 
Fair value170,612    170,612 
Weighted average yield
2.35 %   2.35 
Non-agency mortgage-backed securities
Amortized cost, net$1,285  41 32 1,212 
Fair value1,257  47 33 1,177 
Weighted average yield
3.38 % 5.57 4.37 3.27 
Collateralized loan obligations
Amortized cost, net$20,303  102 15,824 4,377 
Fair value20,375  102 15,884 4,389 
Weighted average yield
6.95 % 7.13 7.00 6.76 
Other debt securities
Amortized cost, net$1,727  976 751  
Fair value1,702  953 749  
Weighted average yield4.70 % 4.75 4.63  
Total held-to-maturity debt securities
Amortized cost, net$243,151 189 1,578 17,163 224,221 
Fair value211,716 187 1,550 17,210 192,769 
Weighted average yield (1)
2.75 %1.18 4.19 6.76 2.43 
(1)Weighted average yields are calculated using the effective yield method and are weighted based on amortized cost, net of ACL. The effective yield method is calculated using the contractual coupon and the impact of any premiums and discounts and is shown pre-tax. We have not included the effect of any related hedging derivatives. The effective yield for mortgage-backed securities excludes unscheduled principal payments, and remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature.
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Note 4:  Equity Securities
Table 4.1 provides a summary of our equity securities by business purpose and accounting method.
Table 4.1: Equity Securities
(in millions)Sep 30,
2024
Dec 31,
2023
Equity securities held for trading at fair value (1)
$20,351 18,449 
Not held for trading:
Equity securities at fair value2,010 1,392 
Tax credit investments (2)
21,241 20,016 
Private equity (3)
12,253 12,203 
Federal Reserve Bank stock and other at cost (4)
3,916 5,276 
Total equity securities not held for trading39,420 38,887 
Total equity securities$59,771 57,336 
(1)Represents securities held as part of our customer accommodation trading activities. For additional information on these activities, see Note 2 (Trading Activities).
(2)Includes affordable housing investments of $12.4 billion and $12.9 billion at September 30, 2024, and December 31, 2023, respectively, and renewable energy investments of $8.5 billion and $6.8 billion at September 30, 2024, and December 31, 2023, respectively. Tax credit investments are accounted for using either the proportional amortization method or the equity method. See Note 13 (Securitizations and Variable Interest Entities) for information about tax credit investments.
(3)Includes equity securities accounted for under the measurement alternative of $9.1 billion at both September 30, 2024, and December 31, 2023, which were predominantly securities associated with our venture capital investments. The remaining securities are accounted for using the equity method.
(4)Includes $3.5 billion of investments in Federal Reserve Bank stock at both September 30, 2024, and December 31, 2023, and $358 million and $1.7 billion of investments in Federal Home Loan Bank stock at September 30, 2024, and December 31, 2023, respectively.
Net Gains and Losses Not Held for Trading
Table 4.2 provides a summary of the net gains and losses from equity securities not held for trading, which excludes equity method adjustments for our share of the investee’s earnings or
losses that are recognized in other noninterest income. Gains and losses for securities held for trading are reported in net gains from trading and securities.
Table 4.2: Net Gains (Losses) from Equity Securities Not Held for Trading
Quarter ended September 30,Nine months ended September 30,
(in millions)2024202320242023
Net gains from equity securities carried at fair value
10 16 70 26 
Net gains (losses) from equity securities not carried at fair value (1):
Impairment write-downs (178)(211)(568)(876)
Net unrealized gains (losses) (2)
(39)46 290 185 
Net realized gains
464 124 563 189 
Total equity securities not carried at fair value
247 (41)285 (502)
Total net gains (losses) from equity securities not held for trading
$257 (25)$355 (476)
(1)Includes amounts related to venture capital and private equity investments in consolidated portfolio companies, which are not reported in equity securities on our consolidated balance sheet.
(2)Includes unrealized gains (losses) due to observable price changes from equity securities accounted for under the measurement alternative.
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Measurement Alternative
Table 4.3 provides additional information about the impairment write-downs and observable price changes from nonmarketable
equity securities accounted for under the measurement alternative. Gains and losses related to these adjustments are also included in Table 4.2.
Table 4.3: Net Gains (Losses) from Measurement Alternative Equity Securities
Quarter ended September 30,Nine months ended September 30,
(in millions)2024202320242023
Net gains (losses) recognized in earnings during the period:
Gross unrealized gains from observable price changes$12 46 $350 214 
Gross unrealized losses from observable price changes  (9)(29)
Impairment write-downs
(104)(209)(424)(863)
Net realized gains from sale31  96 36 
Total net gains (losses) recognized during the period
$(61)$(163)$13 (642)
Table 4.4 presents cumulative carrying value adjustments to nonmarketable equity securities accounted for under the measurement alternative that were still held at the end of each reporting period presented.
Table 4.4: Measurement Alternative Cumulative Gains (Losses)
(in millions)Sep 30,
2024
Dec 31,
2023
Cumulative gains (losses):
Gross unrealized gains from observable price changes$7,494 7,614 
Gross unrealized losses from observable price changes(53)(44)
Impairment write-downs(3,772)(3,772)
Wells Fargo & Company
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Note 5:  Loans and Related Allowance for Credit Losses
Table 5.1 presents total loans outstanding by portfolio segment and class of financing receivable. Loans are reported at their outstanding principal balances net of any unearned income, cumulative charge-offs, unamortized deferred fees and costs on originated loans, and unamortized premiums or discounts on purchased loans. These amounts were less than 1% of our total loans outstanding at both September 30, 2024, and December 31, 2023.
Outstanding balances exclude accrued interest receivable on loans, except for certain revolving loans, such as credit card loans.
See Note 7 (Intangible Assets and Other Assets) for additional information on accrued interest receivable. Amounts considered to be uncollectible are reversed through interest income. During the first nine months of 2024, we reversed accrued interest receivable of $33 million for our commercial portfolio segment and $300 million for our consumer portfolio segment, compared with $31 million and $188 million, respectively, for the same period a year ago.
Table 5.1: Loans Outstanding
(in millions) Sep 30,
2024
Dec 31,
2023
Commercial and industrial$372,750 380,388 
Commercial real estate141,410 150,616 
Lease financing16,482 16,423 
Total commercial530,642 547,427 
Residential mortgage252,676 260,724 
Credit card55,046 52,230 
Auto42,815 47,762 
Other consumer (1)28,532 28,539 
Total consumer379,069 389,255 
Total loans$909,711 936,682 
(1)Includes $20.3 billion and $18.3 billion at September 30, 2024, and December 31, 2023, respectively, of securities-based loans originated by the Wealth and Investment Management (WIM) operating segment.
Our non-U.S. loans are reported by respective class of financing receivable in the table above. Substantially all of our non-U.S. loan portfolio is commercial loans. Table 5.2 presents
total non-U.S. commercial loans outstanding by class of financing receivable.

Table 5.2: Non-U.S. Commercial Loans Outstanding
(in millions)Sep 30,
2024
Dec 31,
2023
Commercial and industrial$63,334 72,215 
Commercial real estate6,018 6,916 
Lease financing644 697 
Total non-U.S. commercial loans$69,996 79,828 
Loan Purchases, Sales, and Transfers
Table 5.3 presents the proceeds paid or received for purchases and sales of loans and transfers from loans held for investment to mortgages/loans held for sale. The table excludes loans for
which we have elected the fair value option and government insured/guaranteed loans because their loan activity normally does not impact the ACL.
Table 5.3: Loan Purchases, Sales, and Transfers
20242023
(in millions)Commercial ConsumerTotalCommercialConsumerTotal
Quarter ended September 30,
Purchases$101 1 102 456 2 458 
Sales and net transfers (to)/from LHFS(644)2 (642)(711) (711)
Nine months ended September 30,
Purchases$399 3 402 1,067 306 1,373 
Sales and net transfers (to)/from LHFS(1,542)(66)(1,608)(2,394)(100)(2,494)

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Unfunded Credit Commitments
Unfunded credit commitments are legally binding agreements to lend to customers with terms covering usage of funds, contractual interest rates, expiration dates, and any required collateral. Our commercial lending commitments include, but are not limited to, (i) commitments for working capital and general corporate purposes, (ii) financing to customers who warehouse financial assets secured by real estate, consumer, or corporate loans, (iii) financing that is expected to be syndicated or replaced with other forms of long-term financing, and (iv) commercial real estate lending. We also originate multipurpose lending commitments under which commercial customers have the option to draw on the facility in one of several forms, including the issuance of letters of credit, which reduces the unfunded commitment amounts of the facility.
The maximum credit risk for these commitments will generally be lower than the contractual amount because these commitments may expire without being used or may be cancelled at the customer’s request. We may reduce or cancel lines of credit in accordance with the contracts and applicable law. Our credit risk monitoring activities include managing the amount of commitments, both to individual customers and in total, and the size and maturity structure of these commitments. We do not recognize an ACL for commitments that are unconditionally cancellable at our discretion.
We issue commercial letters of credit to assist customers in purchasing goods or services, typically for international trade. At September 30, 2024, and December 31, 2023, we had $1.3 billion and $1.1 billion, respectively, of outstanding issued commercial letters of credit. See Note 14 (Guarantees and Other Commitments) for additional information on issued standby letters of credit.
We may be a fronting bank, whereby we act as a representative for other lenders, and advance funds or provide for the issuance of letters of credit under syndicated loan or letter of credit agreements. Any advances are generally repaid in less than a week and would normally require default of both the customer and another lender to expose us to loss.
The contractual amount of our unfunded credit commitments, including unissued letters of credit, is summarized in Table 5.4. The table is presented net of commitments syndicated to others, including the fronting arrangements described above, and excludes issued letters of credit and discretionary amounts where our approval or consent is required prior to any loan funding or commitment increase.
Table 5.4: Unfunded Credit Commitments
(in millions)
Sep 30,
2024
Dec 31,
2023
Commercial and industrial
$390,539 388,043 
Commercial real estate14,200 20,851 
Total commercial404,739 408,894 
Residential mortgage (1)
26,053 29,754 
Credit card162,975 156,012 
Other consumer
8,211 8,847 
Total consumer197,239 194,613 
Total unfunded credit commitments$601,978 603,507 
(1)Includes lines of credit totaling $24.2 billion and $28.6 billion as of September 30, 2024, and December 31, 2023, respectively.

Wells Fargo & Company
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Note 5: Loans and Related Allowance for Credit Losses (continued)
Allowance for Credit Losses
Table 5.5 presents the ACL for loans, which consists of the allowance for loan losses and the allowance for unfunded credit commitments. The ACL for loans decreased $349 million from
December 31, 2023, reflecting decreases for auto loans, commercial real estate loans, and residential mortgage loans, partially offset by increases for credit card loans.
Table 5.5: Allowance for Credit Losses for Loans
Quarter ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Balance, beginning of period$14,789 14,786 $15,088 13,609 
Cumulative effect from change in accounting policy (1)   (429)
Balance, beginning of period, adjusted14,789 14,786 15,088 13,180 
Provision for credit losses1,059 1,143 3,214 4,111 
Loan charge-offs:
Commercial and industrial(161)(126)(562)(374)
Commercial real estate(188)(96)(659)(204)
Lease financing(14)(8)(38)(21)
Total commercial(363)(230)(1,259)(599)
Residential mortgage(14)(37)(50)(97)
Credit card(700)(503)(2,109)(1,407)
Auto(158)(223)(505)(623)
Other consumer(144)(124)(431)(339)
Total consumer(1,016)(887)(3,095)(2,466)
Total loan charge-offs(1,379)(1,117)(4,354)(3,065)
Loan recoveries:
Commercial and industrial32 33 97 119 
Commercial real estate4 3 17 15 
Lease financing4 6 13 14 
Total commercial40 42 127 148 
Residential mortgage37 41 105 124 
Credit card99 83 282 247 
Auto75 85 231 275 
Other consumer17 16 48 53 
Total consumer228 225 666 699 
Total loan recoveries268 267 793 847 
Net loan charge-offs(1,111)(850)(3,561)(2,218)
Other2 (15)(2)(9)
Balance, end of period$14,739 15,064 $14,739 15,064 
Components:
Allowance for loan losses$14,330 14,554 $14,330 14,554 
Allowance for unfunded credit commitments409 510 409 510 
Allowance for credit losses$14,739 15,064 $14,739 15,064 
Net loan charge-offs (annualized) as a percentage of average total loans
0.49 %0.36 0.52 %0.31 
Allowance for loan losses as a percentage of total loans1.58 1.54 1.58 1.54 
Allowance for credit losses for loans as a percentage of total loans1.62 1.60 1.62 1.60 
(1)Represents the change in our allowance for credit losses for loans as a result of our adoption of ASU 2022–02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, on January 1, 2023. For additional information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2023 Form 10-K.
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Table 5.6 summarizes the activity in the ACL by our commercial and consumer portfolio segments. 
Table 5.6: Allowance for Credit Losses for Loans Activity by Portfolio Segment
20242023
(in millions)CommercialConsumer TotalCommercial Consumer Total
Quarter ended September 30,
Balance, beginning of period$8,236 6,553 14,789 8,081 6,705 14,786 
Provision for credit losses178 881 1,059 433 710 1,143 
Loan charge-offs
(363)(1,016)(1,379)(230)(887)(1,117)
Loan recoveries
40 228 268 42 225 267 
Net loan charge-offs
(323)(788)(1,111)(188)(662)(850)
Other
1 1 2 (16)1 (15)
Balance, end of period$8,092 6,647 14,739 8,310 6,754 15,064 
Nine months ended September 30,
Balance, beginning of period$8,412 6,676 15,088 6,956 6,653 13,609 
Cumulative effect from change in accounting policy (1)
   27 (456)(429)
Balance, beginning of period, adjusted8,412 6,676 15,088 6,983 6,197 13,180 
Provision for credit losses815 2,399 3,214 1,793 2,318 4,111 
Loan charge-offs
(1,259)(3,095)(4,354)(599)(2,466)(3,065)
Loan recoveries
127 666 793 148 699 847 
Net loan charge-offs(1,132)(2,429)(3,561)(451)(1,767)(2,218)
Other
(3)1 (2)(15)6 (9)
Balance, end of period$8,092 6,647 14,739 8,310 6,754 15,064 
(1)Represents the change in our allowance for credit losses for loans as a result of our adoption of ASU 2022–02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, on January 1, 2023. For additional information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2023 Form 10-K.
Credit Quality
We monitor credit quality by evaluating various attributes and utilize such information in our evaluation of the appropriateness of the ACL for loans. The following sections provide the credit quality indicators we most closely monitor. The credit quality indicators are generally based on information as of our financial statement date.
COMMERCIAL CREDIT QUALITY INDICATORS We manage a consistent process for assessing commercial loan credit quality. Commercial loans are generally subject to individual risk assessment using our internal borrower and collateral quality ratings, which is our primary credit quality indicator. Our ratings are aligned to regulatory definitions of pass and criticized categories with the criticized segmented among special mention, substandard, doubtful, and loss categories.
Table 5.7 provides the outstanding balances of our commercial loan portfolio by risk category and credit quality information by origination year for term loans. Revolving loans may convert to term loans as a result of a contractual provision in the original loan agreement or if modified for a borrower experiencing financial difficulty. At September 30, 2024, we had $493.0 billion and $37.6 billion of pass and criticized commercial loans, respectively. Gross charge-offs by loan class are included in the following table for the nine months ended September 30, 2024, and year ended December 31, 2023, which we monitor as part of our credit risk management practices; however, charge-offs are not a primary credit quality indicator for our loan portfolio.
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Note 5: Loans and Related Allowance for Credit Losses (continued)
Table 5.7: Commercial Loan Categories by Risk Categories and Vintage

Term loans by origination yearRevolving loansRevolving loans converted to term loansTotal
(in millions)20242023202220212020Prior
September 30, 2024
Commercial and industrial
Pass
$32,728 25,799 27,504 16,172 5,211 12,692 235,017 1,099 356,222 
Criticized
616 1,080 1,752 971 99 888 11,122  16,528 
Total commercial and industrial33,344 26,879 29,256 17,143 5,310 13,580 246,139 1,099 372,750 
Gross charge-offs (1)32 102 22 27 7 7 365  562 
Commercial real estate
Pass
15,847 13,221 26,928 24,326 8,989 25,962 6,235 169 121,677 
Criticized1,834 2,389 5,698 4,917 1,408 3,192 295  19,733 
Total commercial real estate17,681 15,610 32,626 29,243 10,397 29,154 6,530 169 141,410 
Gross charge-offs7 61 63 78 129 321   659 
Lease financing
Pass
2,769 5,262 3,038 1,689 681 1,707   15,146 
Criticized
314 429 285 128 82 98   1,336 
Total lease financing
3,083 5,691 3,323 1,817 763 1,805   16,482 
Gross charge-offs2 11 10 8 5 2   38 
Total commercial loans
$54,108 48,180 65,205 48,203 16,470 44,539 252,669 1,268 530,642 
Term loans by origination yearRevolving loansRevolving loans converted to term loansTotal
20232022202120202019Prior
December 31, 2023
Commercial and industrial
Pass$40,966 38,756 21,702 7,252 10,024 8,342 239,456 348 366,846 
Criticized892 1,594 1,237 160 204 480 8,975  13,542 
Total commercial and industrial41,858 40,350 22,939 7,412 10,228 8,822 248,431 348 380,388 
Gross charge-offs (1)102 22 53 11 8 7 307  510 
Commercial real estate
Pass18,181 33,557 30,629 12,001 11,532 19,686 6,537 163 132,286 
Criticized2,572 4,091 4,597 1,822 2,748 2,141 359  18,330 
Total commercial real estate20,753 37,648 35,226 13,823 14,280 21,827 6,896 163 150,616 
Gross charge-offs20 107 32 134 197 103   593 
Lease financing
Pass5,593 3,846 2,400 1,182 798 1,518   15,337 
Criticized345 292 182 98 84 85   1,086 
Total lease financing5,938 4,138 2,582 1,280 882 1,603   16,423 
Gross charge-offs
3 8 8 5 4 3   31 
Total commercial loans$68,549 82,136 60,747 22,515 25,390 32,252 255,327 511 547,427 
(1) Includes charge-offs on overdrafts, which are generally charged-off at 60 days past due.
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Wells Fargo & Company



Table 5.8 provides days past due (DPD) information for commercial loans, which we monitor as part of our credit risk management practices; however, delinquency is not a primary credit quality indicator for commercial loans.
Table 5.8: Commercial Loan Categories by Delinquency Status

Still accruingNonaccrual loansTotal
commercial loans
(in millions)Current-29 DPD30-89 DPD90+ DPD
September 30, 2024
Commercial and industrial$370,641 1,097 269 743 372,750 
Commercial real estate136,362 671 262 4,115 141,410 
Lease financing16,184 204  94 16,482 
Total commercial loans
$523,187 1,972 531 4,952 530,642 
December 31, 2023
Commercial and industrial$379,099 584 43 662 380,388 
Commercial real estate145,721 562 145 4,188 150,616 
Lease financing16,177 182  64 16,423 
Total commercial loans
$540,997 1,328 188 4,914 547,427 
CONSUMER CREDIT QUALITY INDICATORS  We have various classes of consumer loans that present unique credit risks. Loan delinquency, Fair Isaac Corporation (FICO) credit scores and loan-to-value (LTV) for residential mortgage loans are the primary credit quality indicators that we monitor and utilize in our evaluation of the appropriateness of the ACL for the consumer loan portfolio segment.
Many of our loss estimation techniques used for the ACL for loans rely on delinquency-based models; therefore, delinquency is an important indicator of credit quality in the establishment of our ACL for consumer loans.
We obtain FICO scores at loan origination and the scores are generally updated at least quarterly, except in limited circumstances, including compliance with the Fair Credit Reporting Act (FCRA). FICO scores are not available for certain loan types or may not be required if we deem it unnecessary due to strong collateral and other borrower attributes.
LTV is the ratio of the outstanding loan balance divided by the property collateral value. For junior lien mortgages, we use the total combined loan balance of first and junior lien mortgages (including unused line of credit amounts). We obtain LTVs using a cascade approach which first uses values provided by automated valuation models (AVMs) for the property. If an AVM is not available, then the value is estimated using the original appraised value adjusted by the change in Home Price Index (HPI) for the property location. If an HPI is not available, the original appraised value is used. The HPI value is normally the only method considered for high value properties, generally with an original value of $1.5 million or more, as the AVM values have proven less accurate for these properties. Generally, we update LTVs on a quarterly basis. Certain loans do not have an LTV due to a lack of industry data availability and portfolios acquired from or serviced by other institutions.
Gross charge-offs by loan class are included in the following tables for the nine months ended September 30, 2024, and year ended December 31, 2023, which we monitor as part of our credit risk management practices; however, charge-offs are not a primary credit quality indicator for our loan portfolio.
Credit quality information is provided with the year of origination for term loans. Revolving loans may convert to term loans as a result of a contractual provision in the original loan agreement or if modified for a borrower experiencing financial difficulty.
Table 5.9 provides the outstanding balances of our residential mortgage loans by our primary credit quality indicators.
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Note 5: Loans and Related Allowance for Credit Losses (continued)
Table 5.9: Credit Quality Indicators for Residential Mortgage Loans by Vintage

Term loans by origination yearRevolving loansRevolving loans converted to term loans
(in millions)20242023202220212020PriorTotal
September 30, 2024
By delinquency status:
Current-29 DPD$7,971 12,137 44,104 60,003 33,485 73,376 6,350 6,417 243,843 
30-89 DPD2 11 84 59 36 710 32 138 1,072 
90+ DPD 3 27 19 10 372 19 175 625 
Government insured/guaranteed loans (1)1 9 15 38 94 6,979   7,136 
Total
$7,974 12,160 44,230 60,119 33,625 81,437 6,401 6,730 252,676 
By updated FICO:
740+$7,433 11,393 40,928 56,552 31,668 63,638 5,010 3,946 220,568 
700-739360 499 2,127 2,323 1,187 4,729 698 913 12,836 
660-69975 166 737 782 412 2,315 321 551 5,359 
620-65915 50 199 176 102 990 122 286 1,940 
<6208 12 139 136 57 1,288 149 457 2,246 
No FICO available82 31 85 112 105 1,498 101 577 2,591 
Government insured/guaranteed loans (1)1 9 15 38 94 6,979   7,136 
Total
$7,974 12,160 44,230 60,119 33,625 81,437 6,401 6,730 252,676 
By updated LTV:
0-80%$7,830 11,627 41,344 59,390 33,303 73,997 6,324 6,622 240,437 
80.01-100%
62 464 2,715 608 147 270 54 69 4,389 
>100% (2)7 34 110 41 24 39 12 15 282 
No LTV available74 26 46 42 57 152 11 24 432 
Government insured/guaranteed loans (1)1 9 15 38 94 6,979   7,136 
Total
$7,974 12,160 44,230 60,119 33,625 81,437 6,401 6,730 252,676 
Gross charge-offs$   1  22 1 26 50 
Term loans by origination yearRevolving loansRevolving loans converted to term loansTotal
(in millions)20232022202120202019Prior
December 31, 2023
By delinquency status:
Current-29 DPD$13,192 46,065 62,529 35,124 19,364 60,391 8,044 6,735 251,444 
30-89 DPD6 70 58 28 30 724 41 151 1,108 
90+ DPD 18 12 8 14 327 24 201 604 
Government insured/guaranteed loans (1)5 15 39 97 112 7,300   7,568 
Total$13,203 46,168 62,638 35,257 19,520 68,742 8,109 7,087 260,724 
By updated FICO:
740+$12,243 42,550 58,827 33,232 18,000 50,938 6,291 4,092 226,173 
700-739679 2,324 2,510 1,219 888 4,478 883 979 13,960 
660-699185 843 861 422 310 2,261 417 601 5,900 
620-65945 227 179 110 66 978 150 322 2,077 
<62011 122 100 64 46 1,245 174 464 2,226 
No FICO available35 87 122 113 98 1,542 194 629 2,820 
Government insured/guaranteed loans (1)5 15 39 97 112 7,300   7,568 
Total$13,203 46,168 62,638 35,257 19,520 68,742 8,109 7,087 260,724 
By updated LTV:
0-80%$12,434 39,624 61,421 34,833 19,123 61,043 7,903 6,923 243,304 
80.01-100%687 6,286 1,065 232 203 207 103 114 8,897 
>100% (2)51 193 57 33 31 38 21 24 448 
No LTV available26 50 56 62 51 154 82 26 507 
Government insured/guaranteed loans (1)5 15 39 97 112 7,300   7,568 
Total$13,203 46,168 62,638 35,257 19,520 68,742 8,109 7,087 260,724 
Gross charge-offs
$ 1   2 63 4 66 136 
(1)Represents residential mortgage loans whose repayments are insured or guaranteed by U.S. government agencies, such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). Loans insured/guaranteed by U.S. government agencies and 90+ DPD totaled $2.7 billion and $2.6 billion at September 30, 2024, and December 31, 2023, respectively.
(2)Reflects total loan balances with LTV amounts in excess of 100%. In the event of default, the loss content would generally be limited to only the amount in excess of 100% LTV.

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Wells Fargo & Company



Table 5.10 provides the outstanding balances of our credit card loan portfolio by primary credit quality indicators.
The revolving loans converted to term loans in the credit
card loan category represent credit card loans with modified terms that require payment over a specific term.

Table 5.10: Credit Quality Indicators for Credit Card Loans
September 30, 2024December 31, 2023

Revolving loansRevolving loans converted to term loansRevolving loansRevolving loans converted to term loans
(in millions)TotalTotal
By delinquency status:
Current-29 DPD$53,002 494 53,496 50,428 350 50,778 
30-89 DPD700 65 765 660 49 709 
90+ DPD750 35 785 717 26 743 
Total
$54,452 594 55,046 51,805 425 52,230 
By updated FICO:
740+$20,971 27 20,998 19,153 21 19,174 
700-73912,201 69 12,270 11,727 51 11,778 
660-69910,873 121 10,994 10,592 84 10,676 
620-6595,266 108 5,374 5,273 76 5,349 
<6205,018 267 5,285 4,861 192 5,053 
No FICO available123 2 125 199 1 200 
Total
$54,452 594 55,046 51,805 425 52,230 
Gross charge-offs
$1,986 123 2,109 1,909 100 2,009 
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Note 5: Loans and Related Allowance for Credit Losses (continued)
Table 5.11 provides the outstanding balances of our Auto loan portfolio by primary credit quality indicators.
Table 5.11: Credit Quality Indicators for Auto Loans by Vintage

Term loans by origination year
(in millions)20242023202220212020PriorTotal
September 30, 2024
By delinquency status:
Current-29 DPD$10,104 10,233 9,491 8,389 2,543 1,018 41,778 
30-89 DPD18 60 279 402 129 69 957 
90+ DPD1 5 27 33 9 5 80 
Total
$10,123 10,298 9,797 8,824 2,681 1,092 42,815 
By updated FICO:
740+$6,457 6,905 4,885 3,721 1,057 393 23,418 
700-7391,877 1,496 1,375 1,205 390 153 6,496 
660-6991,211 986 1,171 1,096 349 140 4,953 
620-659395 450 775 781 244 101 2,746 
<620179 456 1,567 1,984 622 294 5,102 
No FICO available4 5 24 37 19 11 100 
Total
$10,123 10,298 9,797 8,824 2,681 1,092 42,815 
Gross charge-offs$4 35 190 213 44 19 505 
Term loans by origination year
(in millions)20232022202120202019PriorTotal
December 31, 2023
By delinquency status:
Current-29 DPD$14,022 13,052 12,376 4,335 2,161 448 46,394 
30-89 DPD43 328 545 195 106 40 1,257 
90+ DPD4 34 49 14 7 3 111 
Total$14,069 13,414 12,970 4,544 2,274 491 47,762 
By updated FICO:
740+$9,460 6,637 5,487 1,853 963 176 24,576 
700-7392,232 1,969 1,861 701 347 68 7,178 
660-6991,405 1,745 1,729 623 295 61 5,858 
620-659572 1,162 1,228 425 195 46 3,628 
<620388 1,876 2,621 915 452 130 6,382 
No FICO available12 25 44 27 22 10 140 
Total$14,069 13,414 12,970 4,544 2,274 491 47,762 
Gross charge-offs$15 265 392 99 52 9 832 
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Wells Fargo & Company



Table 5.12 provides the outstanding balances of our Other consumer loans portfolio by primary credit quality indicators.
Table 5.12: Credit Quality Indicators for Other Consumer Loans by Vintage

Term loans by origination yearRevolving loansRevolving loans converted to term loans
(in millions)20242023202220212020PriorTotal
September 30, 2024
By delinquency status:
Current-29 DPD$1,522 2,129 1,354 337 93 70 22,782 114 28,401 
30-89 DPD3 24 23 4 1 2 23 4 84 
90+ DPD1 10 8 2  1 13 12 47 
Total
$1,526 2,163 1,385 343 94 73 22,818 130 28,532 
By updated FICO:
740+$1,141 1,066 554 144 59 32 978 41 4,015 
700-739211 431 249 61 14 12 424 18 1,420 
660-69977 330 230 52 8 9 346 17 1,069 
620-65914 119 105 25 3 6 126 11 409 
<6207 112 119 39 4 7 142 18 448 
No FICO available (1)76 105 128 22 6 7 20,802 25 21,171 
Total
$1,526 2,163 1,385 343 94 73 22,818 130 28,532 
Gross charge-offs (2)$100 133 104 27 4 4 51 8 431 
Term loans by origination yearRevolving loansRevolving loans converted to term loansTotal
(in millions)20232022202120202019Prior
December 31, 2023
By delinquency status:
Current-29 DPD$3,273 2,132 571 167 93 61 21,988 106 28,391 
30-89 DPD24 32 9 1 1 2 17 6 92 
90+ DPD9 14 3 1  1 15 13 56 
Total
$3,306 2,178 583 169 94 64 22,020 125 28,539 
By updated FICO:
740+$1,911 926 265 85 36 28 1,152 27 4,430 
700-739642 409 107 27 14 10 507 16 1,732 
660-699403 365 93 16 11 8 395 16 1,307 
620-659129 166 45 6 6 5 147 11 515 
<62075 152 49 8 8 6 152 17 467 
No FICO available (1)146 160 24 27 19 7 19,667 38 20,088 
Total
$3,306 2,178 583 169 94 64 22,020 125 28,539 
Gross charge-offs (2)
$178 158 52 9 9 6 62 11 485 
(1)Substantially all loans are revolving securities-based loans originated by the WIM operating segment and therefore do not require a FICO score.
(2)Includes charge-offs on overdrafts, which are generally charged-off at 60 days past due.
Wells Fargo & Company
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Note 5: Loans and Related Allowance for Credit Losses (continued)
NONACCRUAL LOANS Table 5.13 provides loans on nonaccrual status. Nonaccrual loans may have an ACL or a negative allowance for credit losses from expected recoveries of amounts previously written off.
Table 5.13: Nonaccrual Loans
Outstanding balanceRecognized interest income
Nonaccrual loansNonaccrual loans without related allowance for credit losses (1)Nine months ended September 30,
(in millions)Sep 30,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
20242023
Commercial and industrial$743 662 58 149 14 14 
Commercial real estate4,115 4,188 110 107 14 22 
Lease financing94 64 15 10   
Total commercial 4,952 4,914 183 266 28 36 
Residential mortgage3,086 3,192 1,965 2,047 136 146 
Auto99 115   11 15 
Other consumer35 35   3 3 
Total consumer 3,220 3,342 1,965 2,047 150 164 
Total nonaccrual loans$8,172 8,256 2,148 2,313 178 200 
(1)Nonaccrual loans may not have an allowance for credit losses if the loss expectations are zero given the related collateral value.
LOANS IN PROCESS OF FORECLOSURE Our recorded investment in consumer mortgage loans collateralized by residential real estate property that are in process of foreclosure was $693 million and $837 million at September 30, 2024, and December 31, 2023, respectively, which included $537 million and $660 million, respectively, of loans that are government insured/guaranteed. Under the Consumer Financial Protection Bureau guidelines, we do not commence the foreclosure process on residential mortgage loans until after the loan is 120 days delinquent. Foreclosure procedures and timelines vary depending on whether the property address resides in a judicial or non-judicial state. Judicial states require the foreclosure to be processed through the state’s courts while non-judicial states are processed without court intervention. Foreclosure timelines vary according to state law.
LOANS 90 DAYS OR MORE PAST DUE AND STILL ACCRUING  Certain loans 90 days or more past due are still accruing, because they are (1) well-secured and in the process of collection or (2) residential mortgage or consumer loans exempt under regulatory rules from being classified as nonaccrual until later delinquency, usually 120 days past due.
Table 5.14 shows loans 90 days or more past due and still accruing by class for loans not government insured/guaranteed.
Table 5.14: Loans 90 Days or More Past Due and Still Accruing
(in millions)
Sep 30,
2024
Dec 31,
2023
Total:$4,139 3,751 
Less: government insured/guaranteed loans (1)
2,689 2,646 
Total, not government insured/guaranteed$1,450 1,105 
By segment and class, not government insured/guaranteed:
Commercial and industrial$269 43 
Commercial real estate262 145 
Total commercial531 188 
Residential mortgage28 31 
Credit card785 743 
Auto71 101 
Other consumer35 42 
Total consumer919 917 
Total, not government insured/guaranteed$1,450 1,105 
(1)Represents residential mortgage loans whose repayments are insured or guaranteed by U.S. government agencies, such as the FHA or the VA.
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LOAN MODIFICATIONS TO BORROWERS EXPERIENCING FINANCIAL DIFFICULTY  We may agree to modify the contractual terms of a loan to a borrower experiencing financial difficulty.
The following disclosures were added on a prospective basis as a result of our adoption of ASU 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, on January 1, 2023. These disclosures provide information on loan modifications in the form of principal forgiveness, interest rate reductions, other-than-insignificant (e.g., greater than three months) payment delays, term extensions or a combination of these modifications, as well as the financial effects of these modifications, and loan performance in the twelve months following the modification.
Loans that both modify and are paid off or charged-off during the period are not included in the disclosures below. These disclosures do not include loans discharged by a bankruptcy court as the only concession, which were insignificant for the third quarter and first nine months of both 2024 and 2023.
For additional information on our loan modifications to borrowers experiencing financial difficulty, see Note 5 (Loans and Related Allowance for Credit Losses) in our 2023 Form 10-K.
Table 5.15 presents the outstanding balance of modified commercial loans and the related financial effects of these modifications.
Table 5.15: Commercial Loan Modifications and Financial Effects

Quarter ended September 30,Nine months ended September 30,
($ in millions) 2024202320242023
Commercial and industrial modifications:
Term extension
$347 187 653 280 
All other modifications and combinations
59 106 148 135 
Total commercial and industrial modifications
$406 293 801 415 
Total commercial and industrial modifications as a % of loan class
0.11 %0.08 0.21 0.11 
Financial effects:
Weighted average interest rate reduction (1)
15.74 %15.28 18.81 14.49 
Weighted average payments deferred (months)
11695
Weighted average term extension (months)
32132113
Commercial real estate modifications:
Term extension
$1,231 335 1,637 442 
All other modifications and combinations
135  179 10 
Total commercial real estate modifications
$1,366 335 1,816 452 
Total commercial real estate modifications as a % of loan class
0.97 %0.22 1.28 0.30 
Financial effects:
Weighted average interest rate reduction
0.30 %1.95 0.48 3.54 
Weighted average payments deferred (months)2762813
Weighted average term extension (months)
19232421
(1)Includes modifications for small business credit card customers.
Wells Fargo & Company
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Note 5: Loans and Related Allowance for Credit Losses (continued)
Commercial loans that received a modification in the past 12 months as of September 30, 2024, and subsequently defaulted in the third quarter and first nine months of 2024, were insignificant. Commercial loans that received a modification in the third quarter and first nine months of 2023, and subsequently defaulted in the same period were insignificant.
Table 5.16 provides past due information as of September 30, 2024, for commercial loans that received a modification in the past 12 months and past due information as
of September 30, 2023, for commercial loans that received a modification in the first nine months of 2023. For loan modifications that include a payment deferral, payment performance is not included in the table below until the loan exits the deferral period and payments resume. The table also includes the amount of gross charge-offs that occurred on these modifications during the third quarter and first nine months of both 2024 and 2023.
Table 5.16: Payment Performance of Commercial Loan Modifications

By delinquency statusGross charge-offs
(in millions)
Current-29 DPD
30-89 DPD90+ DPDTotalQuarter endedNine months ended
September 30, 2024
Commercial and industrial$789 29 10 828 11 106 
Commercial real estate1,885 27 127 2,039   
Total commercial$2,674 56 137 2,867 11 106 
September 30, 2023
Commercial and industrial$275 27 2 304 27 42 
Commercial real estate449 2  451   
Total commercial$724 29 2 755 27 42 
Table 5.17 presents the outstanding balance of modified consumer loans and the related financial effects of these modifications. Modified loans within the Auto and Other consumer loan classes were insignificant for the third quarter and first nine months of both 2024 and 2023, and accordingly, are excluded from the following tables and disclosures.
Loans in a trial payment period are not included in the following loan modification disclosures until the borrower has successfully completed the trial period and the loan modification is formally executed. Residential mortgage loans in a trial payment period totaled $113 million and $115 million at September 30, 2024 and 2023, respectively.
Table 5.17: Consumer Loan Modifications and Financial Effects

Quarter ended September 30,Nine months ended September 30,
($ in millions) 2024202320242023
Residential mortgage modifications (1):
Payment delay
$97 27 290 433 
Term extension
11 15 30 55 
Term extension and payment delay
22 22 74 73 
Interest rate reduction, and term extension, and payment delay
12 18 36 68 
All other modifications and combinations
9 15 30 49 
Total residential mortgage modifications
$151 97 460 678 
Total residential mortgage modifications as a % of loan class
0.06 %0.04 0.18 0.26 
Financial effects:
Weighted average interest rate reduction
1.77 %1.68 1.80 1.60 
Weighted average payments deferred (months) (2)
6664
Weighted average term extension (years)
10.79.410.89.7
Credit card modifications:
Interest rate reduction
$289 151 576 348 
Total credit card modifications
$289 151 576 348 
Total credit card modifications as a % of loan class
0.53 %0.30 1.05 0.70 
Financial effects:
Weighted average interest rate reduction22.25 %21.79 22.14 21.41 
(1)Payment delay modifications include loan modifications that defer a set amount of principal to the end of the loan term. The outstanding balance of loans with principal deferred to the end of the loan term was $87 million and $49 million in third quarter 2024 and 2023, respectively, and $284 million and $174 million for the first nine months of 2024 and 2023, respectively.
(2)Excludes the financial effects of loans with a set amount of principal deferred to the end of the loan term. The weighted average period of principal deferred was 24.8 years and 27.3 years in third quarter 2024 and 2023, respectively, and 24.9 years and 27.0 years for the first nine months of 2024 and 2023, respectively.


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Consumer loans that received a modification within the past 12 months as of September 30, 2024, and subsequently defaulted in the third quarter and first nine months of 2024, totaled $96 million and $171 million, respectively. Consumer loans that received a modification in the third quarter and first nine months of 2023, and subsequently defaulted in the same period totaled $130 million and $251 million, respectively, and primarily related to payment delay modifications in the residential mortgage loan portfolio.
Table 5.18 provides past due information as of September 30, 2024, for consumer loans that received a modification in the past 12 months and past due information as of September 30, 2023, for consumer loans that received a modification in the first nine months of 2023. The table also includes the amount of gross charge-offs that occurred on these modifications during the third quarter and first nine months of both 2024 and 2023.
Table 5.18: Payment Performance of Consumer Loan Modifications

By delinquency statusGross charge-offs
(in millions)
Current-29 DPD
30-89 DPD90+ DPDTotalQuarter endedNine months ended
September 30, 2024
Residential mortgage (1)
$411 127 98 636  5 
Credit card (2)
567 109 74 750 57 140 
Total consumer
$978 236 172 1,386 57 145 
September 30, 2023
Residential mortgage (1)
$377 80 191 648 1 7 
Credit card (2)
261 52 35 348 25 45 
Total consumer
$638 132 226 996 26 52 
(1)Loan modifications in an active payment deferral are excluded. Includes loans where delinquency status was not reset to current upon exit from the deferral period.
(2)Credit card loans that are past due at the time of the modification do not become current until they have three consecutive months of payment performance.
Commitments to lend additional funds on commercial loans modified during the first nine months of 2024 and 2023, were $317 million and $167 million, respectively, substantially all of which were in the commercial and industrial portfolio.
Commitments to lend additional funds on consumer loans modified during the first nine months of both 2024 and 2023, were insignificant.


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Note 6:  Mortgage Banking Activities 
Mortgage banking activities consist of residential and commercial mortgage originations, sales and servicing.
We apply the fair value method to residential mortgage
servicing rights (MSRs) and apply the amortization method to
commercial MSRs. Table 6.1 presents MSRs, including the changes in MSRs measured using the fair value method and the amortization method.

Table 6.1: Mortgage Servicing Rights
Quarter ended September 30,Nine months ended September 30,
(in millions)2024202320242023
Residential MSRs at fair value, beginning of period
$7,061 8,251 $7,468 9,310 
Originations/purchases22 36 61 131 
Sales and other
(10)(51)(307)(650)
Net additions12 (15)(246)(519)
Changes in fair value:
Due to valuation inputs or assumptions:
Market interest rates (1)
(296)562 71 699 
Servicing and foreclosure costs(22)(11)(51)(9)
Discount rates (20)(53)(45)
Prepayment estimates and other (2)
24 (20)50 (43)
Net changes in valuation inputs or assumptions(294)511 17 602 
 Changes due to collection/realization of expected cash flows (3)
(235)(290)(695)(936)
Total changes in fair value(529)221 (678)(334)
Residential MSRs at fair value, end of period
6,544 8,457 6,544 8,457 
Commercial MSRs at amortized cost, end of period (4)
949 1,069 949 1,069 
Total MSRs$7,493 9,526 $7,493 9,526 
(1)Includes prepayment rate changes due to changes in market interest rates. Residential MSRs are economically hedged with derivative instruments to reduce exposure to changes in market interest rates.
(2)Represents other changes in valuation model inputs or assumptions, including prepayment rate estimation changes that are independent of mortgage interest rate changes.
(3)Represents the reduction in the residential MSR fair value for the cash flows expected to be collected during the period, net of income accreted due to the passage of time.
(4)The estimated fair value of commercial MSRs was $1.4 billion and $1.9 billion, at September 30, 2024 and 2023, respectively.
Table 6.2 provides key weighted-average assumptions used in the valuation of residential MSRs and sensitivity of the current fair value of residential MSRs to immediate adverse changes in
those assumptions. See Note 12 (Fair Values of Assets and Liabilities) for additional information on key assumptions for residential MSRs.

Table 6.2: Assumptions and Sensitivity of Residential MSRs
($ in millions, except cost to service amounts)
Sep 30, 2024Dec 31, 2023
Fair value of interests held$6,544 7,468 
Expected weighted-average life (in years)6.36.3
Key assumptions:
Prepayment rate assumption (1)8.5 %8.9 
Impact on fair value from 10% adverse change$(196)(224)
Impact on fair value from 25% adverse change(472)(538)
Discount rate assumption9.6 %9.4 
Impact on fair value from 100 basis point increase$(259)(294)
Impact on fair value from 200 basis point increase(498)(565)
Cost to service assumption ($ per loan)104 105 
Impact on fair value from 10% adverse change(138)(148)
Impact on fair value from 25% adverse change(345)(369)
(1)Includes a blend of prepayment speeds and expected defaults. Prepayment speeds are influenced by mortgage interest rates as well as our estimation of drivers of borrower behavior.
The sensitivities in the preceding table are hypothetical and caution should be exercised when relying on this data. Changes in value based on variations in assumptions generally cannot be extrapolated because the relationship of the change in the assumption to the change in value may not be linear. Also, the effect of a variation in a particular assumption on the value of the other interests held is calculated independently without changing any other assumptions. In reality, changes in one factor may
result in changes in others, which might magnify or counteract the sensitivities.
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We present information for our managed servicing portfolio in Table 6.3 using unpaid principal balance for loans serviced and subserviced for others and carrying value for owned loans serviced.
As the servicer of loans for others, we advance certain payments of principal, interest, taxes, insurance, and default-related expenses. The credit risk related to these advances is limited since the reimbursement is generally senior to cash payments to investors and are generally reimbursed within a short timeframe from cash flows from the trust, government-
sponsored enterprise (GSEs), insurer, or borrower. We maintain an allowance for uncollectible amounts for advances on loans serviced for others that may not be reimbursed if the payments were not made in accordance with applicable servicing agreements or if the insurance or servicing agreements contain limitations on reimbursements. We also advance payments of taxes and insurance for our owned loans which are collectible from the borrower. Servicing advances on owned loans are written-off when deemed uncollectible.
Table 6.3: Managed Servicing Portfolio
Sep 30, 2024Dec 31, 2023
($ in billions, unless otherwise noted)
Residential mortgagesCommercial mortgagesResidential mortgagesCommercial mortgages
Serviced and subserviced for others$500 539 560 548 
Owned loans serviced254 120 262 128 
Total managed servicing portfolio754 659 822 676 
Total serviced for others, excluding subserviced for others499 530 560 539 
MSRs as a percentage of loans serviced for others1.31 %0.18 1.33 0.19 
Weighted average note rate (mortgage loans serviced for others)3.76 5.22 3.76 5.27 
Servicer advances, net of an allowance for uncollectible amounts ($ in millions)$802 1,159 1,103 1,031 
Table 6.4 presents the components of mortgage banking noninterest income.
Table 6.4: Mortgage Banking Noninterest Income
Quarter ended September 30,Nine months ended September 30,
(in millions)2024202320242023
Contractually specified servicing fees, late charges and ancillary fees$462 521 $1,398 1,635 
Unreimbursed servicing costs (1)(31)(34)(90)(112)
Amortization for commercial MSRs (2)(58)(59)(173)(182)
Changes due to collection/realization of expected cash flows (3)(A)(235)(290)(695)(936)
Net servicing fees138 138 440 405 
Changes in fair value of MSRs due to valuation inputs or assumptions (4)(B)(294)511 17 602 
Net derivative gains (losses) from economic hedges (5)
309 (569)(52)(715)
Market-related valuation changes to residential MSRs, net of hedge results15 (58)(35)(113)
Total net servicing income153 80 405 292 
Net gains on mortgage loan originations/sales (6)127 113 348 335 
Total mortgage banking noninterest income$280 193 $753 627 
Total changes in residential MSRs carried at fair value(A)+(B)$(529)221 $(678)(334)
(1)Includes costs associated with foreclosures, unreimbursed interest advances to investors, other interest costs, and transaction costs associated with sales of residential MSRs.
(2)Estimated future amortization expense for commercial MSRs was $58 million for the remainder of 2024, and $213 million, $172 million, $137 million, $116 million, and $83 million for the years ended December 31, 2025, 2026, 2027, 2028, and 2029, respectively.
(3)Represents the reduction in the cash flows expected to be collected during the period, net of income accreted due to the passage of time, for residential MSRs measured using the fair value method.
(4)Refer to the analysis of changes in residential MSRs presented in Table 6.1 in this Note for more detail.
(5)See Note 11 (Derivatives) for additional information on economic hedges for residential MSRs.
(6)Includes net gains (losses) of $(56) million and $(5) million in the third quarter and first nine months of 2024, respectively, and $119 million and $169 million in the third quarter and first nine months of 2023, respectively, related to derivatives used as economic hedges of mortgage loans held for sale and derivative loan commitments.
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Note 7: Intangible Assets and Other Assets
Intangible assets include MSRs, goodwill, and customer relationship and other intangibles. For additional information on MSRs, see Note 6 (Mortgage Banking Activities). Customer relationship and other intangibles, which are included in other assets on our consolidated balance sheet, had a net carrying
value of $85 million and $118 million at September 30, 2024, and December 31, 2023, respectively.
Table 7.1 shows the allocation of goodwill to our reportable operating segments.
Table 7.1: Goodwill
(in millions)
Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment ManagementCorporateConsolidated Company
December 31, 2023$16,418 2,933 5,375 344 105 25,175 
Foreign currency translation (2)   (2)
September 30, 2024$16,418 2,931 5,375 344 105 25,173 
Table 7.2 presents the components of other assets.
Table 7.2: Other Assets
(in millions)Sep 30, 2024Dec 31, 2023
Corporate/bank-owned life insurance (1)$19,734 19,705 
Accounts receivable (2)28,977 30,541 
Interest receivable:
AFS and HTM debt securities1,599 1,616 
Loans3,642 3,933 
Trading and other1,395 1,211 
Operating lease assets (lessor)5,350 5,558 
Operating lease ROU assets (lessee)3,672 3,412 
Other (3)
14,219 12,839 
Total other assets$78,588 78,815 
(1)Corporate/bank-owned life insurance is recorded at cash surrender value.
(2)Primarily includes derivatives clearinghouse receivables, trade date receivables, and servicer advances, which are recorded at amortized cost.
(3)Primarily includes income tax receivables, prepaid expenses, foreclosed assets, and venture capital investments in consolidated portfolio companies.
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Note 8:  Leasing Activity
The information below provides a summary of our leasing activities as a lessor and lessee. See Note 8 (Leasing Activity) in our 2023 Form 10-K for additional information about our leasing activities.
As a Lessor
Noninterest income on leases, included in Table 8.1, is included in other noninterest income on our consolidated statement of income. Lease expense, included in other noninterest expense on our consolidated statement of income, was $152 million and $172 million for the quarters ended September 30, 2024 and 2023, respectively, and $475 million and $529 million for the first nine months of 2024 and 2023, respectively.
Table 8.1: Leasing Revenue
Quarter ended September 30,Nine months ended September 30,
(in millions)2024202320242023
Interest income on lease financing$233 188 $672 533 
Other lease revenue:
Variable revenue on lease financing23 25 69 74 
Fixed revenue on operating leases226 241 694 735 
Variable revenue on operating leases13 9 35 33 
Other lease-related revenue (1)15 16 192 103 
Noninterest income on leases277 291 990 945 
Total leasing revenue$510 479 $1,662 1,478 
(1)    Includes net gains (losses) on disposition of assets leased under operating leases or lease financings.
As a Lessee
Table 8.2 presents balances for our operating leases.
Table 8.2: Operating Lease Right-of-Use (ROU) Assets and Lease Liabilities
(in millions) Sep 30, 2024Dec 31, 2023
ROU assets$3,672 3,412 
Lease liabilities4,255 4,060 
Total lease costs, which are included in occupancy expense, were $309 million and $302 million for the quarters ended September 30, 2024 and 2023, respectively, and $905 million and $916 million for the first nine months of 2024 and 2023, respectively.
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Note 9:  Preferred Stock
We are authorized to issue 20 million shares of preferred stock, without par value. Outstanding preferred shares rank senior to common shares both as to the payment of dividends and liquidation preferences but have no general voting rights. All outstanding preferred stock with a liquidation preference value, except for Series L Preferred Stock, may be redeemed for the liquidation preference value, plus any accrued but unpaid dividends, on any dividend payment date on or after the earliest redemption date for that series. Additionally, these same series of preferred stock may be redeemed following a “regulatory capital treatment event,” as described in the terms of each series. Capital actions, including redemptions of our preferred stock, may be subject to regulatory approval or conditions.
In addition, we are authorized to issue 4 million shares of preference stock, without par value. We have not issued any preference shares under this authorization. If issued, preference shares would be limited to one vote per share.
In March 2024, we redeemed our Preferred Stock, Series R. In June 2024, we redeemed our Preferred Stock, Series S. In July 2024, we issued $2.0 billion of our Preferred Stock,
Series FF.
Table 9.1 summarizes information about our preferred stock.
Table 9.1: Preferred Stock
September 30, 2024December 31, 2023
(in millions, except shares)Earliest redemption dateShares
 authorized
and designated
Shares issued and outstandingLiquidation preference valueCarrying
value 
Shares
 authorized
and designated
Shares
issued and outstanding
Liquidation preference valueCarrying value
DEP Shares
Dividend Equalization Preferred Shares (DEP)Currently redeemable97,000 96,546 $  97,000 96,546 $  
Preferred Stock:
Series L (1)
7.50% Non-Cumulative Perpetual Convertible Class A
4,025,000 3,967,906 3,968 3,200 4,025,000 3,967,981 3,968 3,200 
Series R
6.625% Fixed-to-Floating Non-Cumulative Perpetual Class A
Redeemed    34,500 33,600 840 840 
Series S
5.90% Fixed-to-Floating Non-Cumulative Perpetual Class A
Redeemed    80,000 80,000 2,000 2,000 
Series U
5.875% Fixed-to-Floating Non-Cumulative Perpetual Class A
6/15/202580,000 80,000 2,000 2,000 80,000 80,000 2,000 2,000 
Series Y
5.625% Non-Cumulative Perpetual Class A
Currently redeemable27,600 27,600 690 690 27,600 27,600 690 690 
Series Z
4.75% Non-Cumulative Perpetual Class A
3/15/202580,500 80,500 2,013 2,013 80,500 80,500 2,013 2,013 
Series AA
4.70% Non-Cumulative Perpetual Class A
12/15/202546,800 46,800 1,170 1,170 46,800 46,800 1,170 1,170 
Series BB
3.90% Fixed-Reset Non-Cumulative Perpetual Class A
3/15/2026140,400 140,400 3,510 3,510 140,400 140,400 3,510 3,510 
Series CC
4.375% Non-Cumulative Perpetual Class A
3/15/202646,000 42,000 1,050 1,050 46,000 42,000 1,050 1,050 
Series DD
4.25% Non-Cumulative Perpetual Class A
9/15/202650,000 50,000 1,250 1,250 50,000 50,000 1,250 1,250 
Series EE
7.625% Fixed-Reset Non-Cumulative Perpetual Class A
9/15/202869,000 69,000 1,725 1,725 69,000 69,000 1,725 1,725 
Series FF
6.85% Fixed-Reset Non-Cumulative Perpetual Class A
9/15/202980,000 80,000 2,000 2,000     
Total4,742,300 4,680,752 $19,376 18,608 4,776,800 4,714,427 $20,216 19,448 
(1)At the option of the holder, each share of Series L Preferred Stock may be converted at any time into 6.3814 shares of common stock, plus cash in lieu of fractional shares, subject to anti-dilution adjustments. If converted within 30 days of certain liquidation or change of control events, the holder may receive up to 16.5916 additional shares, or, at our option, receive an equivalent amount of cash in lieu of common stock. We may convert some or all of the Series L Preferred Stock into shares of common stock if the closing price of our common stock exceeds 130 percent of the conversion price of the Series L Preferred Stock for 20 trading days during any period of 30 consecutive trading days. We declared dividends of $74 million on Series L Preferred Stock for both quarters ended September 30, 2024, and September 30, 2023.
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Note 10:  Legal Actions
Wells Fargo and certain of our subsidiaries are involved in a number of judicial, regulatory, governmental, arbitration, and other proceedings or investigations concerning matters arising from the conduct of our business activities, and many of those proceedings and investigations expose Wells Fargo to potential financial loss or other adverse consequences. These proceedings and investigations include actions brought against Wells Fargo and/or our subsidiaries with respect to corporate-related matters and transactions in which Wells Fargo and/or our subsidiaries were involved. In addition, Wells Fargo and our subsidiaries may be requested to provide information to or otherwise cooperate with government authorities in the conduct of investigations of other persons or industry groups. We establish accruals for legal actions when potential losses associated with the actions become probable and the costs can be reasonably estimated. For such accruals, we record the amount we consider to be the best estimate within a range of potential losses that are both probable and estimable; however, if we cannot determine a best estimate, then we record the low end of the range of those potential losses. There can be no assurance as to the ultimate outcome of legal actions, including the matters described below, and the actual costs of resolving legal actions may be substantially higher or lower than the amounts accrued for those actions.
ADVISORY ACCOUNT CASH SWEEP MATTERS The United States Securities and Exchange Commission (SEC) has undertaken an investigation regarding the cash sweep options that the Company provides to investment advisory clients at account opening. The Company is in resolution discussions with the SEC, although there can be no assurance as to the outcome of these discussions. In addition, putative class actions have been filed in federal district courts alleging that the Company breached its fiduciary duties or agreements with regard to rates paid to clients in its cash sweep program.

ANTI-MONEY LAUNDERING AND ECONOMIC SANCTIONS RELATED INVESTIGATIONS Government authorities are conducting inquiries or investigations regarding issues related to the Company’s anti-money laundering and sanctions programs. On September 12, 2024, the Company announced that Wells Fargo Bank, N.A. entered into a formal agreement with the Office of the Comptroller of the Currency (OCC) related to the bank’s anti-money laundering and sanctions risk management practices.

COMPANY 401(K) PLAN LITIGATION On September 26, 2022, participants in the Company’s 401(k) plan filed a putative class action in the United States District Court for the District of Minnesota alleging that the Company violated the Employee Retirement Income Security Act of 1974 in connection with certain transactions associated with the Employee Stock Ownership Plan feature of the Company’s 401(k) plan, including the manner in which the 401(k) plan purchased certain securities used in connection with the Company’s contributions to the 401(k) plan.
HIRING PRACTICES MATTERS Government agencies, including the United States Department of Justice and the SEC, have undertaken formal or informal inquiries or investigations regarding the Company’s hiring practices related to diversity. The United States Department of Justice and the SEC have since closed their investigations without taking action. A putative securities fraud class action has also been filed in the United
States District Court for the Northern District of California alleging that the Company and certain of its executive officers made false or misleading statements about the Company’s hiring practices related to diversity. Allegations related to the Company’s hiring practices related to diversity are also among the subjects of a shareholder derivative lawsuit pending in the United States District Court for the Northern District of California.

HOME MORTGAGE DISCRIMINATION LITIGATION Plaintiffs representing a class of home mortgage applicants and customers filed putative class actions against Wells Fargo alleging that Wells Fargo’s mortgage lending policies and practices resulted in disparate treatment and disparate impact against minority applicants. These actions have been consolidated in the United States District Court for the Northern District of California.
INTERCHANGE LITIGATION Plaintiffs representing a class of merchants have filed putative class actions, and individual merchants have filed individual actions, alleging that Visa and Mastercard, as well as certain payment card issuing banks including Wells Fargo, unlawfully colluded to set interchange rates associated with Visa and Mastercard payment card transactions and that enforcement of certain Visa and Mastercard rules and alleged tying and bundling of services offered to merchants were anticompetitive. These actions have been consolidated in the United States District Court for the Eastern District of New York. Wells Fargo, along with other defendants and entities, are parties to loss and judgment sharing agreements, which provide that they, along with other entities, will share, based on a formula, in any losses or judgments from the relevant litigation. In July 2012, Visa, Mastercard, and the financial institution defendants, including Wells Fargo, agreed to pay a total of approximately $6.6 billion in order to settle the consolidated action. Several merchants opted out of the settlement and are pursuing individual actions. In June 2016, the United States Court of Appeals for the Second Circuit vacated the settlement agreement and reversed and remanded the consolidated action to the district court for further proceedings. In November 2016, the district court appointed lead class counsel for a damages class and an equitable relief class. The parties entered into a settlement agreement to resolve the damages class claims pursuant to which defendants agreed to pay a total of approximately $6.2 billion, which includes approximately $5.3 billion of funds remaining in escrow from the 2012 settlement and $900 million in additional funding. Wells Fargo’s allocated responsibility for the additional funding is approximately $94.5 million. The court granted final approval of the settlement on December 13, 2019, which was affirmed by the Second Circuit on March 15, 2023. On September 27, 2021, the district court granted the plaintiffs’ motion for class certification in the equitable relief case. On March 26, 2024, Visa and Mastercard entered into a settlement agreement to resolve the equitable relief class claims, which was denied by the district court on June 25, 2024. Some of the opt-out and direct-action cases have been settled while others remain pending.
RMBS TRUSTEE LITIGATION In December 2014, Phoenix Light SF Limited (Phoenix Light) and certain related entities filed a complaint in the United States District Court for the Southern District of New York alleging claims against Wells Fargo Bank, N.A., in its capacity as trustee for a number of residential mortgage-backed securities (RMBS) trusts. Complaints raising
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Note 10:  Legal Actions (continued)
similar allegations have been filed by Commerzbank AG in the Southern District of New York, IKB International and IKB Deutsche Industriebank (together, IKB) in New York state court, and Park Royal I LLC and Park Royal II LLC in New York state court. In each case, the plaintiffs allege that Wells Fargo Bank, N.A., as trustee, caused losses to investors, and plaintiffs assert causes of action based upon, among other things, the trustee’s alleged failure to notify and enforce repurchase obligations of mortgage loan sellers for purported breaches of representations and warranties, notify investors of alleged events of default, and abide by appropriate standards of care following alleged events of default. In July 2022, the district court dismissed Phoenix Light’s claims and certain of the claims asserted by Commerzbank AG, and subsequently entered judgment in each case in favor of Wells Fargo Bank, N.A. In August 2022, Phoenix Light and Commerzbank AG each appealed the district court’s decision to the United States Court of Appeals for the Second Circuit. Phoenix Light dismissed its appeal in May 2023, terminating its case. In October 2024, the Second Circuit denied Commerzbank AG’s appeal. In November 2023, the Company entered into an agreement with IKB to resolve IKB’s claims. The Company previously settled two class actions filed by institutional investors and an action filed by the National Credit Union Administration with similar allegations.

SEMINOLE TRIBE TRUSTEE LITIGATION The Seminole Tribe of Florida filed a complaint in Florida state court alleging that Wells Fargo, as trustee, charged excess fees in connection with the administration of a minor’s trust and failed to invest the assets of the trust prudently. The complaint was later amended to include three individual current and former beneficiaries as plaintiffs and to remove the Tribe as a party to the case.

ZELLE INVESTIGATION The Consumer Financial Protection Bureau has been conducting an investigation regarding the handling of customer disputes related to fund transfers made through the Zelle Network.
OUTLOOK As described above, the Company establishes accruals for legal actions when potential losses associated with the actions become probable and the costs can be reasonably estimated. The high end of the range of reasonably possible losses in excess of the Company’s accrual for probable and estimable losses was approximately $2.0 billion as of September 30, 2024. The outcomes of legal actions are unpredictable and subject to significant uncertainties, and it is inherently difficult to determine whether any loss is probable or even possible. It is also inherently difficult to estimate the amount of any loss and there may be matters for which a loss is probable or reasonably possible but not currently estimable. Accordingly, actual losses may be in excess of the established accrual or the range of reasonably possible loss. Based on information currently available, advice of counsel, available insurance coverage, and established reserves, Wells Fargo believes that the eventual outcome of the actions against Wells Fargo and/or its subsidiaries will not, individually or in the aggregate, have a material adverse effect on Wells Fargo’s consolidated financial condition. However, it is possible that the ultimate resolution of a matter, if unfavorable, may be material to Wells Fargo’s results of operations for any particular period.
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Note 11:  Derivatives
We use derivatives to manage exposure to market risk, including interest rate risk, credit risk and foreign currency risk, and to assist customers with their risk management objectives. We designate certain derivatives as hedging instruments in qualifying hedge accounting relationships (fair value or cash flow hedges). Our remaining derivatives consist of economic hedges that do not qualify for hedge accounting and derivatives held for customer accommodation trading purposes. For additional information on our derivative activities, see Note 14 (Derivatives) in our 2023 Form 10-K.
Table 11.1 presents the total notional or contractual amounts and fair values for our derivatives. Derivative transactions can be measured in terms of the notional amount, but this amount is not recorded on our consolidated balance sheet and is not, when viewed in isolation, a meaningful measure of the risk profile of the instruments. The notional amount is generally not exchanged, but is used only as the basis on which derivative cash flows are determined.
Table 11.1: Notional or Contractual Amounts and Fair Values of Derivatives
September 30, 2024December 31, 2023
Notional or contractual amountFair value Notional or contractual amountFair value 
Derivative assetsDerivative liabilitiesDerivative assetsDerivative liabilities
(in millions)
Derivatives designated as hedging instruments
Interest rate contracts$342,859 699 640 357,096 639 570 
Commodity contracts3,722 9 12 2,600 24 12 
Foreign exchange contracts3,455 21 285 4,193 60 395 
Total derivatives designated as qualifying hedging instruments729 937 723 977 
Derivatives not designated as hedging instruments
Interest rate contracts10,075,086 25,722 27,040 10,409,720 31,806 36,312 
Commodity contracts91,151 2,439 2,311 88,491 2,717 2,734 
Equity contracts
462,077 16,535 16,476 438,458 13,305 13,810 
Foreign exchange contracts3,504,791 27,636 29,195 2,273,383 24,707 26,762 
Credit contracts47,613 93 46 60,439 113 44 
Total derivatives not designated as hedging instruments72,425 75,068 72,648 79,662 
Total derivatives before netting73,154 76,005 73,371 80,639 
Netting(55,433)(64,615)(55,148)(62,144)
Total$17,721 11,390 18,223 18,495 
Balance Sheet Offsetting
We execute substantially all of our derivative transactions under master netting arrangements. Where legally enforceable, these master netting arrangements give the ability, in the event of default by the counterparty, to liquidate securities held as collateral and to offset receivables and payables with the same counterparty. We reflect all derivative balances and related cash collateral subject to enforceable master netting arrangements on a net basis on our consolidated balance sheet. We do not net non-cash collateral that we receive or pledge against derivative balances on our consolidated balance sheet.
For disclosure purposes, we present “Total Derivatives, net” which represents the aggregate of our net exposure to each counterparty after considering the balance sheet netting
adjustments and any non-cash collateral. We manage derivative exposure by monitoring the credit risk associated with each counterparty using counterparty-specific credit risk limits, using master netting arrangements and obtaining collateral.
Table 11.2 provides information on the fair values of derivative assets and liabilities subject to enforceable master netting arrangements, the balance sheet netting adjustments and the resulting net fair value amount recorded on our consolidated balance sheet, as well as the non-cash collateral associated with such arrangements. In addition to the netting amounts included in the table, we also have balance sheet netting related to resale and repurchase agreements that are disclosed within Note 15 (Securities and Other Collateralized Financing Activities).
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Note 11: Derivatives (continued)


Table 11.2: Offsetting of Derivative Assets and Liabilities
September 30, 2024December 31, 2023
(in millions)Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
 Interest rate contracts
 Over-the-counter (OTC) $24,365 25,027 29,040 31,809 
 OTC cleared 673 743 1,581 1,397 
 Exchange traded 170 158 195 201 
 Total interest rate contracts25,208 25,928 30,816 33,407 
 Commodity contracts
 OTC 1,785 1,859 2,014 2,254 
 Exchange traded 405 286 512 356 
 Total commodity contracts2,190 2,145 2,526 2,610 
 Equity contracts
 OTC 6,729 9,843 5,375 8,501 
 Exchange traded 7,785 5,258 4,790 3,970 
 Total equity contracts14,514 15,101 10,165 12,471 
 Foreign exchange contracts
 OTC 27,477 29,204 24,511 26,961 
 Total foreign exchange contracts27,477 29,204 24,511 26,961 
 Credit contracts
 OTC 89 40 77 39 
 Total credit contracts89 40 77 39 
Total derivatives subject to enforceable master netting arrangements, gross 69,478 72,418 68,095 75,488 
 Less: Gross amounts offset
 Counterparty netting (1) (52,158)(52,075)(50,692)(50,606)
 Cash collateral netting (3,275)(12,540)(4,456)(11,538)
Total derivatives subject to enforceable master netting arrangements, net 14,045 7,803 12,947 13,344 
Derivatives not subject to enforceable master netting arrangements
3,676 3,587 5,276 5,151 
Total derivatives recognized in consolidated balance sheet, net 17,721 11,390 18,223 18,495 
 Non-cash collateral (2,097)(1,330)(2,587)(4,388)
Total Derivatives, net$15,624 10,060 15,636 14,107 
(1)Represents amounts with counterparties subject to enforceable master netting arrangements that have been offset in our consolidated balance sheet, including portfolio level counterparty valuation adjustments related to customer accommodation and other trading derivatives. Counterparty valuation adjustments related to derivative assets were $299 million and $292 million and debit valuation adjustments related to derivative liabilities were $215 million and $222 million as of September 30, 2024, and December 31, 2023, respectively, and were primarily related to interest rate contracts.
Fair Value and Cash Flow Hedges
For fair value hedges, we use interest rate swaps to convert certain of our fixed-rate long-term debt and time certificates of deposit to floating rates to hedge our exposure to interest rate risk. We also enter into cross-currency swaps, cross-currency interest rate swaps and forward contracts to hedge our exposure to foreign currency risk and interest rate risk associated with the issuance of non-U.S. dollar denominated long-term debt. We also enter into futures contracts, forward contracts, and swap contracts to hedge our exposure to the price risk of physical commodities included in other assets on our consolidated balance sheet. In addition, we use interest rate swaps, cross-currency swaps, cross-currency interest rate swaps and forward contracts to hedge against changes in fair value of certain investments in AFS debt securities due to changes in interest rates, foreign currency rates, or both. For certain fair value hedges of interest rate risk, we use the portfolio layer method to hedge stated amounts of closed portfolios of AFS debt securities. For certain fair value hedges of foreign currency risk, changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads are excluded from the assessment of hedge effectiveness and recorded in other
comprehensive income (OCI). See Note 21 (Other Comprehensive Income) for the amounts recognized in other comprehensive income.
For cash flow hedges, we use interest rate swaps to hedge the variability in interest payments received on certain interest-earning deposits with banks and certain floating-rate commercial loans. We also use cross-currency swaps to hedge variability in interest payments on fixed-rate foreign currency-denominated long-term debt due to changes in foreign exchange rates.
We estimate $359 million pre-tax of deferred net losses related to cash flow hedges in OCI at September 30, 2024, will be reclassified into net interest income during the next twelve months. For cash flow hedges as of September 30, 2024, we are hedging our interest rate and foreign currency exposure to the variability of future cash flows for all forecasted transactions for a maximum of approximately 8 years. For additional information on our accounting hedges, see Note 1 (Summary of Significant Accounting Policies) in our 2023 Form 10-K.
Table 11.3 and Table 11.4 show the net gains (losses) related to derivatives in cash flow and fair value hedging relationships, respectively.
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Table 11.3: Gains (Losses) Recognized on Cash Flow Hedging Relationships
Net interest incomeTotal recorded in net incomeTotal recorded in OCI
(in millions)LoansOther interest incomeLong-term debtDerivative gains (losses)Derivative gains (losses)
Quarter ended September 30, 2024
Total amounts presented in the consolidated statement of income and other comprehensive income$14,618 3,465 (3,163)N/A1,321 
Interest rate contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income(131)(90) (221)221 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A1,094 
Total gains (losses) (pre-tax) on interest rate contracts(131)(90) (221)1,315 
Foreign exchange contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income  (1)(1)1 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A 
Total gains (losses) (pre-tax) on foreign exchange contracts  (1)(1)1 
Total gains (losses) (pre-tax) recognized on cash flow hedges$(131)(90)(1)(222)1,316 
Quarter ended September 30, 2023
Total amounts presented in the consolidated statement of income and other comprehensive income$14,755 2,921 (3,039)N/A(542)
Interest rate contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income(69)(135) (204)204 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A(757)
Total gains (losses) (pre-tax) on interest rate contracts(69)(135) (204)(553)
Foreign exchange contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income  (2)(2)2 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A 
Total gains (losses) (pre-tax) on foreign exchange contracts  (2)(2)2 
Total gains (losses) (pre-tax) recognized on cash flow hedges$(69)(135)(2)(206)(551)
Nine months ended September 30, 2024
Total amounts presented in the consolidated statement of income and other comprehensive income$43,897 10,585 (9,676)N/A557 
Interest rate contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income(343)(329) (672)672 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A(136)
Total gains (losses) (pre-tax) on interest rate contracts(343)(329) (672)536 
Foreign exchange contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income  (5)(5)5 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A 
Total gains (losses) (pre-tax) on foreign exchange contracts  (5)(5)5 
Total gains (losses) (pre-tax) recognized on cash flow hedges$(343)(329)(5)(677)541 
Nine months ended September 30, 2023
Total amounts presented in the consolidated statement of income and other comprehensive income$42,188 7,299 (8,243)N/A(850)
Interest rate contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income(190)(308) (498)498 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A(1,374)
Total gains (losses) (pre-tax) on interest rate contracts(190)(308) (498)(876)
Foreign exchange contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income  (6)(6)6 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A 
Total gains (losses) (pre-tax) on foreign exchange contracts  (6)(6)6 
Total gains (losses) (pre-tax) recognized on cash flow hedges$(190)(308)(6)(504)(870)
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Note 11: Derivatives (continued)


Table 11.4: Gains (Losses) Recognized on Fair Value Hedging Relationships
Net interest incomeNoninterest incomeTotal recorded in net incomeTotal recorded in OCI
(in millions)Debt securitiesDepositsLong-term debtNet gains from trading and securitiesOtherDerivative gains (losses)Derivative gains (losses)
Quarter ended September 30, 2024
Total amounts presented in the consolidated statement of income and other comprehensive income
$4,630 (6,445)(3,163)1,248 596 N/A1,321 
Interest contracts
Amounts related to cash flows on derivatives
234 (123)(1,014)  (903)N/A
Recognized on derivatives(1,115)565 5,177   4,627  
Recognized on hedged items1,108 (566)(5,185)  (4,643)N/A
Total gains (losses) (pre-tax) on interest rate contracts227 (124)(1,022)  (919) 
Foreign exchange contracts
Amounts related to cash flows on derivatives
  (34)  (34)N/A
Recognized on derivatives  30 76  106 5 
Recognized on hedged items  (36)(76) (112)N/A
Total gains (losses) (pre-tax) on foreign exchange contracts  (40)  (40)5 
Commodity contracts
Recognized on derivatives    (300)(300) 
Recognized on hedged items    308 308 N/A
Total gains (losses) (pre-tax) on commodity contracts    8 8  
Total gains (losses) (pre-tax) recognized on fair value hedges
$227 (124)(1,062) 8 (951)5 
Quarter ended September 30, 2023
Total amounts presented in the consolidated statement of income and other comprehensive income
$4,178 (4,608)(3,039)1,246 381 N/A(542)
Interest contracts
Amounts related to cash flows on derivatives
263 (114)(956)  (807)N/A
Recognized on derivatives668 5 (3,970)  (3,297) 
Recognized on hedged items(659)11 3,973   3,325 N/A
Total gains (losses) (pre-tax) on interest rate contracts272 (98)(953)  (779) 
Foreign exchange contracts
Amounts related to cash flows on derivatives
  (38)  (38)N/A
Recognized on derivatives  (10) (7)(17)9 
Recognized on hedged items  7  6 13 N/A
Total gains (losses) (pre-tax) on foreign exchange contracts  (41) (1)(42)9 
Commodity contracts
Recognized on derivatives    84 84  
Recognized on hedged items    (44)(44)N/A
Total gains (losses) (pre-tax) on commodity contracts    40 40  
Total gains (losses) (pre-tax) recognized on fair value hedges$272 (98)(994) 39 (781)9 
(continued on following page)
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(continued from previous page)
Net interest income
Noninterest income
Total recorded in net incomeTotal recorded in OCI
(in millions)Debt securitiesDepositsLong-term debtNet gains from trading and securitiesOtherDerivative gains (losses)Derivative gains (losses)
Nine months ended September 30, 2024
Total amounts presented in the consolidated statement of income and other comprehensive income
$13,362 (18,405)(9,676)4,217 1,925 N/A557 
Interest contracts
Amounts related to cash flows on derivatives756 (384)(3,007)  (2,635)N/A
Recognized on derivatives(541)247 2,363   2,069  
Recognized on hedged items539 (250)(2,395)  (2,106)N/A
Total gains (losses) (pre-tax) on interest rate contracts754 (387)(3,039)  (2,672) 
Foreign exchange contracts
Amounts related to cash flows on derivatives  (92)  (92)N/A
Recognized on derivatives  18 (4) 14 16 
Recognized on hedged items  (30)6  (24)N/A
Total gains (losses) (pre-tax) on foreign exchange contracts  (104)2  (102)16 
Commodity contracts
Recognized on derivatives    (532)(532) 
Recognized on hedged items    561 561 N/A
Total gains (losses) (pre-tax) on commodity contracts    29 29  
Total gains (losses) (pre-tax) recognized on fair value hedges$754 (387)(3,143)2 29 (2,745)16 
Nine months ended September 30, 2023
Total amounts presented in the consolidated statement of income and other comprehensive income$11,998 (11,174)(8,243)3,263 1,373 N/A(850)
Interest contracts
Amounts related to cash flows on derivatives863 (226)(2,488)  (1,851)N/A
Recognized on derivatives905 (166)(4,199)  (3,460) 
Recognized on hedged items(904)181 4,188   3,465 N/A
Total gains (losses) (pre-tax) on interest rate contracts864 (211)(2,499)  (1,846) 
Foreign exchange contracts
Amounts related to cash flows on derivatives  (189)  (189)N/A
Recognized on derivatives  24  20 44 20 
Recognized on hedged items  (39) (15)(54)N/A
Total gains (losses) (pre-tax) on foreign exchange contracts  (204) 5 (199)20 
Commodity contracts
Recognized on derivatives    181 181  
Recognized on hedged items    (109)(109)N/A
Total gains (losses) (pre-tax) on commodity contracts    72 72  
Total gains (losses) (pre-tax) recognized on fair value hedges$864 (211)(2,703) 77 (1,973)20 
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Note 11: Derivatives (continued)


Table 11.5 shows the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships.


Table 11.5: Hedged Items in Fair Value Hedging Relationships
Hedged items currently designatedHedged items no longer designated
(in millions)Carrying amount of assets/(liabilities) (1)(2)Hedge accounting
basis adjustment
assets/(liabilities) (3)
Carrying amount of assets/(liabilities) (2)Hedge accounting basis adjustment
assets/(liabilities)
September 30, 2024
Available-for-sale debt securities (4)(5)$37,067 (1,307)9,820 343 
Other assets (6)
3,520 258   
Interest-bearing deposits
(70,958)(353)  
Long-term debt(157,339)8,439   
December 31, 2023
Available-for-sale debt securities (4)$55,898 (2,384)13,418 504 
Other assets (6)
2,262 67   
Interest-bearing deposits
(89,641)(101)  
Long-term debt(146,940)10,990   
(1)Does not include the carrying amount of hedged items where only foreign currency risk is the designated hedged risk. The carrying amount excluded $280 million and $404 million for AFS debt securities where only foreign currency risk is the designated hedged risk as of September 30, 2024, and December 31, 2023, respectively.
(2)Represents the full carrying amount of the hedged asset or liability item as of the balance sheet date, except for circumstances in which only a portion of the asset or liability was designated as the hedged item in which case only the portion designated is presented.
(3)The balance includes $618 million and $731 million of long-term debt cumulative basis adjustments as of September 30, 2024, and December 31, 2023, respectively, on terminated hedges whereby the hedged items have subsequently been re-designated into existing hedges.
(4)Carrying amount represents the amortized cost.
(5)The balance includes cumulative basis adjustments of $58 million and $(46) million as of September 30, 2024, and December 31, 2023, respectively, related to certain AFS debt securities designated as the hedged item in a fair value hedge using the portfolio layer method. At September 30, 2024, the aggregated designated hedged items using the portfolio layer method had a carrying amount of $16.3 billion from closed portfolios of financial assets totaling $16.3 billion. At December 31, 2023, the aggregated designated hedged items using the portfolio layer method had a carrying amount of $25.8 billion from closed portfolios of financial assets totaling $28.2 billion.
(6)Other assets consists of hedged physical commodity inventory.
Derivatives Not Designated as Hedging Instruments
Derivatives not designated as hedging instruments include economic hedges and derivatives entered into for customer accommodation trading purposes.
We use economic hedge derivatives to manage our exposure to interest rate risk, equity price risk, foreign currency risk, and credit risk. We also use economic hedge derivatives to mitigate the periodic earnings volatility caused by mismatches between the changes in fair value of the hedged item and hedging instrument recognized on our fair value accounting hedges.
For additional information on economic hedges and other derivatives, see Note 14 (Derivatives) in our 2023 Form 10-K.
Table 11.6 shows the net gains (losses) related to derivatives not designated as hedging instruments. Gains (losses) on customer accommodation trading derivatives are excluded from the following table. For additional information, see Note 2 (Trading Activities).
Table 11.6: Gains (Losses) on Derivatives Not Designated as Hedging Instruments
Quarter ended September 30,Nine months ended September 30,
(in millions)2024202320242023
Interest rate contracts (1)$392 (788)$(37)(945)
Equity contracts (2)27 (300)153 (281)
Foreign exchange contracts (3)(649)337 (481)(356)
Credit contracts (4) 5 8 4 
Net gains (losses) recognized related to derivatives not designated as hedging instruments$(230)(746)$(357)(1,578)
(1)Derivative gains and (losses) related to mortgage banking activities were recorded in mortgage banking noninterest income. Other derivative gains and (losses) not related to mortgage banking were recorded in other noninterest income. For additional information on our mortgage banking interest rate contracts, see Note 6 (Mortgage Banking Activities).
(2)Includes derivative gains and (losses) used to economically hedge the deferred compensation plan, which were recorded in personnel noninterest expense, and derivative instruments related to our previous sales of shares of Visa Inc. Class B common stock, which were recorded in other noninterest income.
(3)Includes derivatives used to mitigate foreign exchange risk of specified foreign currency-denominated assets and liabilities. In 2024, gains and (losses) were recorded in net gains from trading and securities within noninterest income. Prior to 2024, gains and (losses) were recorded in other noninterest income.
(4)Includes credit derivatives used to mitigate credit risk associated with lending exposure. Gains and (losses) were recorded in other noninterest income.

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Credit Derivatives
Credit derivative contracts are arrangements whose value is derived from the transfer of credit risk of a reference asset or entity from one party (the purchaser of credit protection) to another party (the seller of credit protection). We generally use credit derivatives to assist customers with their risk management objectives by purchasing and selling credit protection on corporate debt obligations through the use of credit default swaps or through risk participation swaps to help manage counterparty exposure. We would be required to perform under the credit derivatives we sold in the event of default by the referenced obligors. Events of default include events such as bankruptcy, capital restructuring or lack of principal and/or interest payment.
Table 11.7 provides details of sold credit derivatives.
Table 11.7: Sold Credit Derivatives
Notional amount
(in millions)Protection soldProtection sold – non-investment grade
September 30, 2024
Credit default swaps$12,569 1,282 
Risk participation swaps5,993 3,787 
Total credit derivatives$18,562 5,069 
December 31, 2023
Credit default swaps$18,453 1,399 
Risk participation swaps6,632 6,485 
Total credit derivatives$25,085 7,884 
    
Protection sold represents the estimated maximum exposure to loss that would be incurred if, upon an event of default, the value of our interests and any associated collateral declined to zero, and does not take into consideration any recovery value from the referenced obligation or offset from collateral held or any economic hedges.
The amounts under non-investment grade represent the notional amounts of those credit derivatives on which we have a higher risk of being required to perform under the terms of the credit derivative and are a function of the underlying assets.

We consider the credit risk to be low if the underlying assets under the credit derivative have an external rating that is investment grade. If an external rating is not available, we classify the credit derivative as non-investment grade.
Our maximum exposure to sold credit derivatives is managed through posted collateral and purchased credit derivatives with identical or similar reference positions in order to achieve our desired credit risk profile. The credit risk management is designed to provide an ability to recover a significant portion of any amounts that would be paid under sold credit derivatives.
Credit-Risk Contingent Features
Certain of our derivative contracts contain provisions whereby if the credit rating of our debt were to be downgraded by certain major credit rating agencies, the counterparty could demand additional collateral or require termination or replacement of derivative instruments in a net liability position. Table 11.8 illustrates our exposure to OTC bilateral derivative contracts with credit-risk contingent features, collateral we have posted, and the additional collateral we would be required to post if the credit rating of our debt was downgraded below investment grade.
Table 11.8: Credit-Risk Contingent Features
(in billions)Sep 30,
2024
Dec 31,
2023
Net derivative liabilities with credit-risk contingent features$22.1 23.7 
Collateral posted19.6 21.4 
Additional collateral to be posted upon a below investment grade credit rating (1)2.5 2.3 
(1)Any credit rating below investment grade requires us to post the maximum amount of collateral.
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Note 12:  Fair Values of Assets and Liabilities
We use fair value measurements to record fair value adjustments to certain assets and liabilities and to fulfill fair value disclosure requirements. Assets and liabilities recorded at fair value on a recurring basis, such as derivatives, residential MSRs, and trading or AFS debt securities, are presented in Table 12.1 in this Note. Additionally, from time to time, we record fair value adjustments on a nonrecurring basis. These nonrecurring adjustments typically involve application of lower of cost or fair value (LOCOM) accounting, write-downs of individual assets or application of the measurement alternative for nonmarketable equity securities. Assets recorded at fair value on a nonrecurring basis are presented in Table 12.4 in this Note. We provide in Table 12.9 estimates of fair value for financial instruments that are not recorded at fair value, such as loans and debt liabilities carried at amortized cost.
See Note 1 (Summary of Significant Accounting Policies) in our 2023 Form 10-K for a discussion of how we determine fair value. For descriptions of the valuation methodologies we use for assets and liabilities recorded at fair value on a recurring or nonrecurring basis, see Note 15 (Fair Values of Assets and Liabilities) in our 2023 Form 10-K.

FAIR VALUE HIERARCHY We classify our assets and liabilities recorded at fair value as either Level 1, 2, or 3 in the fair value hierarchy. The highest priority (Level 1) is assigned to valuations based on unadjusted quoted prices in active markets and the lowest priority (Level 3) is assigned to valuations based on significant unobservable inputs. See Note 1 (Summary of Significant Accounting Policies) in our 2023 Form 10-K for a detailed description of the fair value hierarchy.
In the determination of the classification of financial instruments in Level 2 or Level 3 of the fair value hierarchy, we consider all available information, including observable market data, indications of market liquidity and orderliness, and our understanding of the valuation techniques and significant inputs used. This determination is ultimately based upon the specific facts and circumstances of each instrument or instrument category and judgments are made regarding the significance of the unobservable inputs to the instruments’ fair value measurement in its entirety. If unobservable inputs are considered significant, the instrument is classified as Level 3.
We do not classify nonmarketable equity securities in the fair value hierarchy if we use the non-published net asset value (NAV) per share (or its equivalent) as a practical expedient to measure fair value. Marketable equity securities with published NAVs are classified in the fair value hierarchy.
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Assets and Liabilities Recorded at Fair Value on a Recurring Basis
Table 12.1 presents the balances of assets and liabilities recorded at fair value on a recurring basis.
Table 12.1: Fair Value on a Recurring Basis

September 30, 2024December 31, 2023
(in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Trading debt securities:
Securities of U.S. Treasury and federal agencies$38,916 3,973  42,889 32,178 3,027  35,205 
Collateralized loan obligations 931 76 1,007  762 64 826 
Corporate debt securities 17,135 55 17,190  12,859 82 12,941 
Federal agency mortgage-backed securities 52,326  52,326  42,944  42,944 
Non-agency mortgage-backed securities 1,611 4 1,615  1,477 10 1,487 
Other debt securities 5,648 2 5,650  3,898 1 3,899 
Total trading debt securities38,916 81,624 137 120,677 32,178 64,967 157 97,302 
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies28,956   28,956 45,467   45,467 
Securities of U.S. states and political subdivisions 12,633 19 12,652  20,009 57 20,066 
Federal agency mortgage-backed securities 120,092  120,092  59,578  59,578 
Non-agency mortgage-backed securities 1,952  1,952  2,748 1 2,749 
Collateralized loan obligations 1,725  1,725  1,533  1,533 
Other debt securities 444 183 627  892 163 1,055 
Total available-for-sale debt securities28,956 136,846 202 166,004 45,467 84,760 221 130,448 
Loans held for sale 5,449 233 5,682  2,444 448 2,892 
Mortgage servicing rights (residential)  6,544 6,544   7,468 7,468 
Derivative assets (gross):
Interest rate contracts170 24,750 1,501 26,421 195 31,434 816 32,445 
Commodity contracts 2,434 14 2,448  2,723 18 2,741 
Equity contracts97 16,277 161 16,535 71 13,041 193 13,305 
Foreign exchange contracts 27,594 63 27,657  24,730 37 24,767 
Credit contracts 88 5 93  74 39 113 
Total derivative assets (gross)267 71,143 1,744 73,154 266 72,002 1,103 73,371 
Equity securities
17,493 4,812 56 22,361 10,849 8,949 43 19,841 
Other assets
  107 107   49 49 
 Total assets prior to derivative netting$85,632 299,874 9,023 394,529 88,760 233,122 9,489 331,371 
Derivative netting (1)
(55,433)(55,148)
Total assets after derivative netting$339,096 276,223 
Derivative liabilities (gross):
Interest rate contracts$(158)(24,552)(2,970)(27,680)(201)(32,298)(4,383)(36,882)
Commodity contracts (2,310)(13)(2,323) (2,719)(27)(2,746)
Equity contracts
(46)(14,940)(1,490)(16,476)(35)(12,108)(1,667)(13,810)
Foreign exchange contracts (29,466)(14)(29,480) (27,138)(19)(27,157)
Credit contracts (42)(4)(46) (39)(5)(44)
Total derivative liabilities (gross)(204)(71,310)(4,491)(76,005)(236)(74,302)(6,101)(80,639)
Short-sale and other liabilities
(22,743)(7,203)(63)(30,009)(19,695)(5,776)(83)(25,554)
Interest-bearing deposits
 (1,087) (1,087) (1,297) (1,297)
Long-term debt (3,774) (3,774) (2,308) (2,308)
Total liabilities prior to derivative netting$(22,947)$(83,374)(4,554)(110,875)(19,931)(83,683)(6,184)(109,798)
Derivative netting (1)
64,615 62,144 
Total liabilities after derivative netting$(46,260)(47,654)
(1)Represents balance sheet netting of derivative asset and liability balances, related cash collateral, and portfolio level counterparty valuation adjustments. See Note 11 (Derivatives) for additional information.
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Note 12: Fair Values of Assets and Liabilities (continued)
Level 3 Assets and Liabilities Recorded at Fair Value on a Recurring Basis
Table 12.2 presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis.
Table 12.2: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis

Net unrealized gains (losses)
related to assets and liabilities held at period end
(in millions)Balance,
beginning
of period
Net gains/(losses) (1)Purchases (2)SalesSettlementsTransfers 
into 
Level 3 (3)
Transfers
out of
Level 3 (4)
Balance, 
end of 
period
(5)
Quarter ended September 30, 2024
Trading debt securities$166 (15)10 (42)4 16 (2)137 (11)(6)
Available-for-sale debt securities187 11 5  (2)1  202 10 (6)
Loans held for sale222 5 17 (23)(21)48 (15)233 4 (7)
Mortgage servicing rights (residential) (8)7,061 (529)22 (10)   6,544 (294)(7)
Net derivative assets and liabilities:
Interest rate contracts(4,588)2,317   810 (8) (1,469)3,000 
Equity contracts(1,299)(168)  205 (106)39 (1,329)(64)
Other derivative contracts20 111 7 (1)(82)(4) 51 59 
Total derivative contracts(5,867)2,260 7 (1)933 (118)39 (2,747)2,995 (9)
Equity securities53 3 7 (7)   56 2 (6)
Other assets and liabilities97 (54) 1    44 (54)(10)
Quarter ended September 30, 2023
Trading debt securities$132 12 5 (8)(3)22 (24)136 1 (6)
Available-for-sale debt securities230 15 33 (32)(3)49  292 (10)(6)
Loans held for sale486 (5)53 (38)(37)28 (6)481 (13)(7)
Mortgage servicing rights (residential) (8)8,251 221 36 (51)   8,457 511 (7)
Net derivative assets and liabilities:
Interest rate contracts(5,638)(2,019)  813 (37)8 (6,873)(1,350)
Equity contracts(1,381)5   68 (25)79 (1,254)50 
Other derivative contracts(1)(32)6 (1)17  (2)(13)(13)
Total derivative contracts(7,020)(2,046)6 (1)898 (62)85 (8,140)(1,313)(9)
Equity securities27 17 7 (6) 1  46 14 (6)
Other assets and liabilities
(58)105      47 105 (10)
Nine months ended September 30, 2024
Trading debt securities$157 (12)135 (181)(8)64 (18)137 (11)(6)
Available-for-sale debt securities221 7 20  (17)1 (30)202 8 (6)
Loans held for sale448 2 110 (118)(74)105 (240)233 1 (7)
Mortgage servicing rights (residential) (8)7,468 (678)61 (307)   6,544 17 (7)
Net derivative assets and liabilities:
Interest rate contracts(3,567)(152)  2,258 (8) (1,469)1,709 
Equity contracts(1,474)(440)  557 (150)178 (1,329)(30)
Other derivative contracts43 219 9 (3)(215)(4)2 51 12 
Total derivative contracts(4,998)(373)9 (3)2,600 (162)180 (2,747)1,691 (9)
Equity securities43 12 16 (15)   56 10 (6)
Other assets and liabilities(34)78      44 78 (10)
Nine months ended September 30, 2023
Trading debt securities$185 5 112 (156)(7)77 (80)136 (9)(6)
Available-for-sale debt securities276 (9)109 (32)(13)304 (343)292 (28)(6)
Loans held for sale793 (5)220 (267)(102)93 (251)481 (27)(7)
Mortgage servicing rights (residential) (8)9,310 (334)131 (650)   8,457 602 (7)
Net derivative assets and liabilities:
Interest rate contracts(2,582)(4,594)1 (1)1,748 (1,467)22 (6,873)(3,082)
Equity contracts
(1,224)(458)  402 (80)106 (1,254)(48)
Other derivative contracts9 (95)12 (3)68 (2)(2)(13)(67)
Total derivative contracts(3,797)(5,147)13 (4)2,218 (1,549)126 (8,140)(3,197)(9)
Equity securities20 1 11 (9) 23  46 3 (6)
Other assets and liabilities
(167)214      47 214 (10)
(1)All amounts represent net gains (losses) included in net income except for AFS debt securities and other assets and liabilities which also included net gains (losses) in other comprehensive income. Net gains (losses) included in other comprehensive income for AFS debt securities were $10 million and $8 million for the third quarter and first nine months of 2024, respectively, and $(9) million and $(28) million for the third quarter and first nine months of 2023, respectively. Net gains (losses) included in other comprehensive income for other assets and liabilities were $(10) million and $(20) million for the third quarter and first nine months of 2024, respectively, and $(13) million and $(8) million for the third quarter and first nine months of 2023, respectively.
(2)Includes originations of mortgage servicing rights and loans held for sale.
(3)All assets and liabilities transferred into Level 3 were previously classified within Level 2.
(4)All assets and liabilities transferred out of Level 3 are classified as Level 2.
(5)All amounts represent net unrealized gains (losses) related to assets and liabilities held at period end included in net income except for AFS debt securities and other assets and liabilities which also included net unrealized gains (losses) related to assets and liabilities held at period end in other comprehensive income. Net unrealized gains (losses) included in other comprehensive income for AFS debt securities were $10 million for both the third quarter and first nine months of 2024, and $(8) million and $(25) million for the third quarter and first nine months of 2023, respectively. Net unrealized gains (losses) included in other comprehensive income for other assets and liabilities were $(10) million and $(20) million for the third quarter and first nine months of 2024, respectively, and $(13) million and $(8) million for the third quarter and first nine months of 2023, respectively.
(6)Included in net gains from trading and securities on our consolidated statement of income.
(7)Included in mortgage banking income on our consolidated statement of income.
(8)For additional information on the changes in mortgage servicing rights, see Note 6 (Mortgage Banking Activities).
(9)Included in mortgage banking income, net gains from trading and securities, and other noninterest income on our consolidated statement of income.
(10)Included in other noninterest income on our consolidated statement of income.
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Table 12.3 provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value on a recurring basis.
The significant unobservable inputs for Level 3 assets inherent in the fair values obtained from third-party vendors are not included in the table, as the specific inputs applied are not
provided by the vendor (for additional information on vendor-developed valuations, see Note 15 (Fair Values of Assets and Liabilities) in our 2023 Form 10-K).
Weighted averages of inputs are calculated using outstanding unpaid principal balance for cash instruments, such as loans and securities, and notional amounts for derivative instruments.
Table 12.3: Valuation Techniques – Recurring Basis
($ in millions, except cost to service amounts)Fair Value Level 3Valuation TechniqueSignificant
Unobservable Input
Range of Inputs Weighted
Average
September 30, 2024
Trading and available-for-sale debt securities$19 Discounted cash flowDiscount rate2.5 -6.5 %3.5 
137 Market comparable pricingComparability adjustment(33.5)-56.5 25.0 
183 Market comparable pricingMultiples1.0x-13.6x5.4x
Loans held for sale159 Discounted cash flowDefault rate0.0 -30.1 %1.7 
Discount rate0.8 -17.8 8.6 
Loss severity0.0 -59.4 17.6 
Prepayment rate2.3 -15.8 11.4 
74 Market comparable pricingComparability adjustment(2.8)-1.6 0.0 
Mortgage servicing rights (residential)6,544 Discounted cash flowCost to service per loan (1)$59 -457 104 
Discount rate8.8 -14.9 %9.6 
Prepayment rate (2)7.3 -21.0 8.5 
Net derivative assets and (liabilities):
Interest rate contracts(1,465)Discounted cash flowDiscount rate3.3 -4.7 3.7 
(16)Discounted cash flowDefault rate0.4 -1.1 0.5 
Loss severity50.0 -50.0 50.0 
Interest rate contracts: derivative loan
commitments
12 Discounted cash flowFall-out factor1.0 -99.0 28.2 
Initial-value servicing(34.9)-141.0 bps(6.8)
Equity contracts(811)Discounted cash flowConversion factor(1.9)-0.0 %(1.5)
Weighted average life1.3-4.3yrs2.3
(518)Option modelCorrelation factor(70.0)-99.0 %67.8 
Volatility factor6.5 -120.0 39.9 
 Insignificant Level 3 assets, net of liabilities151  
Total Level 3 assets, net of liabilities$4,469 
(3)
December 31, 2023
Trading and available-for-sale debt securities$60 Discounted cash flowDiscount rate2.7 -7.3 %4.7 
157 Market comparable pricingComparability adjustment(27.1)-20.1 (1.9)
161 Market comparable pricingMultiples1.2x-10.3x5.6x
Loans held for sale359 Discounted cash flowDefault rate0.0 -28.0 %1.1 
Discount rate1.7 -15.4 9.8 
Loss severity0.0 -58.1 15.7 
Prepayment rate2.6 -12.1 10.6 
89 
Market comparable pricing
Comparability adjustment(6.4)-1.1 (1.1)
Mortgage servicing rights (residential)7,468 Discounted cash flowCost to service per loan (1)$52 -527 105 
Discount rate8.9 -13.9 %9.4 
Prepayment rate (2)7.3 -24.3 8.9 
Net derivative assets and (liabilities):
Interest rate contracts(3,501)Discounted cash flowDiscount rate3.6 -5.4 4.2 
(36)Discounted cash flowDefault rate0.4 -5.0 1.2 
Loss severity50.0 -50.0 50.0 
Prepayment rate22.0 -22.0 22.0 
Interest rate contracts: derivative loan
commitments
(30)Discounted cash flowFall-out factor1.0 -99.0 30.2 
Initial-value servicing(5.5)-141.0  bps 10.0 
Equity contracts
(1,020)Discounted cash flowConversion factor(6.9)-0.0 %(6.4)
Weighted average life0.5-2.0 yrs 1.1
(454)Option modelCorrelation factor(67.0)-99.0 %73.8 
Volatility factor6.5 -147.0 38.6 
 Insignificant Level 3 assets, net of liabilities52 
Total Level 3 assets, net of liabilities$3,305 
(3)
(1)The high end of the range of inputs is for servicing modified loans. For non-modified loans, the range is $59 - $163 at September 30, 2024, and $52 - $167 at December 31, 2023.
(2)Includes a blend of prepayment speeds and expected defaults. Prepayment speeds are influenced by mortgage interest rates as well as our estimation of drivers of borrower behavior.
(3)Consists of total Level 3 assets of $9.0 billion and $9.5 billion and total Level 3 liabilities of $4.6 billion and $6.2 billion, before netting of derivative balances, at September 30, 2024, and December 31, 2023, respectively.

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Note 12: Fair Values of Assets and Liabilities (continued)
For additional information on the valuation techniques and significant unobservable inputs used in the valuation of our Level 3 assets and liabilities, including how changes in these inputs affect fair value estimates, see Note 15 (Fair Values of Assets and Liabilities) in our 2023 Form 10-K.

Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis
We may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis in accordance with
GAAP. These adjustments to fair value usually result from application of LOCOM accounting, write-downs of individual assets, or application of the measurement alternative for certain nonmarketable equity securities.
Table 12.4 provides the fair value hierarchy and fair value at the date of the nonrecurring fair value adjustment for all assets that were still held as of September 30, 2024, and December 31, 2023, and for which a nonrecurring fair value adjustment was recorded during the nine months ended September 30, 2024, and the year ended December 31, 2023.
Table 12.4: Fair Value on a Nonrecurring Basis

September 30, 2024December 31, 2023
(in millions)Level 2 Level 3 Total Level 2 Level 3 Total 
Loans held for sale (1)$461 271 732 326 297 623 
Loans:
Commercial1,118  1,118 1,565  1,565 
Consumer82  82 97  97 
Total loans1,200  1,200 1,662  1,662 
Equity securities
1,048 1,479 2,527 2,086 2,354 4,440 
Other assets3,652 23 3,675 2,451 58 2,509 
Total assets at fair value on a nonrecurring basis$6,361 1,773 8,134 6,525 2,709 9,234 
(1)Consists of commercial mortgages and residential mortgage – first lien loans.
Table 12.5 presents the gains (losses) on certain assets held at the end of the reporting periods presented for which a nonrecurring fair value adjustment was recognized in earnings during the respective periods.
Table 12.5: Gains (Losses) on Assets with Nonrecurring Fair Value Adjustment

Nine months ended September 30,
(in millions)20242023
Loans held for sale$10 (33)
Loans:
Commercial(786)(329)
Consumer(411)(550)
Total loans(1,197)(879)
Equity securities (1)
(156)(681)
Other assets (2)450 (180)
Total$(893)(1,773)
(1)Includes impairment of equity securities and observable price changes related to equity securities accounted for under the measurement alternative.
(2)Includes impairment of operating lease ROU assets, valuation of physical commodities, valuation losses on foreclosed real estate, and other collateral owned, and impairment of venture capital investments in consolidated portfolio companies.

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Table 12.6 provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of our Level 3 assets that are measured at fair value on a nonrecurring basis and determined using an internal model. The table is limited to financial instruments that had nonrecurring fair value adjustments during the periods presented. Weighted averages of inputs are calculated using outstanding unpaid principal balance for cash instruments, such as loans, and carrying value prior to the nonrecurring fair value measurement for equity securities and venture capital and private equity investments in consolidated portfolio companies.
Table 12.6: Valuation Techniques – Nonrecurring Basis

($ in millions)
Fair Value
Level 3
Valuation
Technique (1)
Significant
Unobservable Input (1)
Range of Inputs
Positive (Negative)
Weighted
Average
September 30, 2024
Loans held for sale$271 Discounted cash flowDefault rate0.2 -88.5 %17.2 
Discount rate2.8 -12.85.2 
Loss severity6.6 -58.015.9 
Prepayment rate2.3 -33.712.4 
Equity securities
1,009 Market comparable pricingMultiples1.0x-7.9x2.2x
470 Market comparable pricingComparability Adjustment(100.0)-2.3 %(40.3)
Insignificant Level 3 assets23 
Total$1,773 
December 31, 2023
Loans held for sale$297 Discounted cash flowDefault rate0.1 -95.8 %17.5 
Discount rate3.0 -13.25.8 
Loss severity5.4 -58.616.6 
Prepayment rate2.1 -33.811.8 
Equity securities
1,721 Market comparable pricingMultiples0.7x-27.1x8.4x
591 Market comparable pricingComparability Adjustment(100.0)-(11.5)%(42.9)
42 Discounted cash flowDiscount rate5.0 -5.0 5.0 
Insignificant Level 3 assets58 
Total$2,709 
(1)See Note 15 (Fair Values of Assets and Liabilities) in our 2023 Form 10-K for additional information on the valuation technique(s) and significant unobservable inputs used in the valuation of Level 3 assets.


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Note 12: Fair Values of Assets and Liabilities (continued)
Fair Value Option
The fair value option is an irrevocable election, generally only permitted upon initial recognition of financial assets or liabilities, to measure eligible financial instruments at fair value with changes in fair value reflected in earnings. We may elect the fair value option to align the measurement model with how the financial assets or liabilities are managed or to reduce complexity or accounting asymmetry. Following is a discussion of the
portfolios for which we elected the fair value option. For additional information, including the basis for our fair value option elections, see Note 15 (Fair Values of Assets and Liabilities) in our 2023 Form 10-K.
Table 12.7 reflects differences between the fair value carrying amount of the assets and liabilities for which we have elected the fair value option and the contractual aggregate unpaid principal amount at maturity.
Table 12.7: Fair Value Option

September 30, 2024December 31, 2023
(in millions)Fair value carrying amountAggregate unpaid principalFair value carrying amount less aggregate unpaid principalFair value carrying amountAggregate unpaid principalFair value carrying amount less aggregate
unpaid
principal
Loans held for sale (1)$5,682 5,796 (114)2,892 3,119 (227)
Interest-bearing deposits(1,087)(1,087) (1,297)(1,298)1 
Long-term debt (2)(3,774)(4,331)557 (2,308)(2,864)556 
(1)Nonaccrual loans and loans 90 days or more past due and still accruing included in LHFS for which we have elected the fair value option were insignificant at September 30, 2024, and December 31, 2023.
(2)Includes zero coupon notes for which the aggregate unpaid principal amount reflects the contractual principal due at maturity.
Table 12.8 reflects amounts included in earnings related to initial measurement and subsequent changes in fair value, by income statement line item, for assets and liabilities for which
the fair value option was elected. Amounts recorded in net interest income are excluded from the table below.

Table 12.8: Gains (Losses) on Changes in Fair Value Included in Earnings

20242023
(in millions)Mortgage banking noninterest income
Net gains from trading and securities
Other noninterest incomeMortgage banking noninterest income
Net gains from trading and securities
Other noninterest income
Quarter ended September 30,
Loans held for sale$65 13  30 8 (44)
Interest-bearing deposits
 (6)  (4) 
Long-term debt (56)  10  
Nine months ended September 30,
Loans held for sale$108 28  161 33 (48)
Interest-bearing deposits
 (2)  (4) 
Long-term debt 3   (11) 
For performing loans, instrument-specific credit risk gains or losses are derived principally by determining the change in fair value of the loans due to changes in the observable or implied credit spread. Credit spread is the market yield on the loans less the relevant risk-free benchmark interest rate. For nonperforming loans, we attribute all changes in fair value to instrument-specific credit risk. For LHFS accounted for under the fair value option, instrument-specific credit gains or losses were insignificant during the third quarter and first nine months of both 2024 and 2023.
For interest-bearing deposits and long-term debt, instrument-specific credit risk gains or losses represent the impact of changes in fair value due to changes in our credit spread and are generally derived using observable secondary bond market information. These impacts are recorded within the debit valuation adjustments (DVA) in OCI. See Note 21 (Other Comprehensive Income) for additional information.
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Disclosures about Fair Value of Financial Instruments
Table 12.9 presents a summary of fair value estimates for financial instruments that are not carried at fair value on a recurring basis. Some financial instruments are excluded from the scope of this table, such as certain insurance contracts, certain nonmarketable equity securities, and leases. This table also excludes assets and liabilities that are not financial instruments such as the value of the long-term relationships with our deposit, credit card and trust customers, MSRs, premises and equipment, goodwill and deferred taxes.
Loan commitments, standby letters of credit and commercial and similar letters of credit are not included in
Table 12.9. A reasonable estimate of the fair value of these instruments is the carrying value of deferred fees plus the allowance for unfunded credit commitments, which totaled $505 million and $575 million at September 30, 2024, and December 31, 2023, respectively.
The total of the fair value calculations presented does not represent, and should not be construed to represent, the underlying fair value of the Company.
Table 12.9: Fair Value Estimates for Financial Instruments
Estimated fair value 
(in millions)Carrying amountLevel 1 Level 2 Level 3 Total
September 30, 2024
Financial assets
Cash and due from banks (1)$33,530 33,530   33,530 
Interest-earning deposits with banks (1) 152,016 151,638 378  152,016 
Federal funds sold and securities purchased under resale agreements (1)105,390  105,390  105,390 
Held-to-maturity debt securities243,151 2,261 206,496 2,959 211,716 
Loans held for sale1,593  1,265 377 1,642 
Loans, net (2)879,108  45,160 806,535 851,695 
Equity securities (cost method)
3,916   4,003 4,003 
Total financial assets$1,418,704 187,429 358,689 813,874 1,359,992 
Financial liabilities
Deposits (3)$161,358  85,648 75,244 160,892 
Short-term borrowings111,629  111,630  111,630 
Long-term debt (4)178,225  180,614 2,323 182,937 
Total financial liabilities$451,212  377,892 77,567 455,459 
December 31, 2023
Financial assets
Cash and due from banks (1)$33,026 33,026   33,026 
Interest-earning deposits with banks (1)204,193 203,960 233  204,193 
Federal funds sold and securities purchased under resale agreements (1)80,456  80,456  80,456 
Held-to-maturity debt securities262,708 2,288 222,209 2,819 227,316 
Loans held for sale2,044  848 1,237 2,085 
Loans, net (2)905,764  52,127 818,358 870,485 
Equity securities (cost method)
5,276   5,344 5,344 
Total financial assets$1,493,467 239,274 355,873 827,758 1,422,905 
Financial liabilities
Deposits (3)$190,970  127,738 62,372 190,110 
Short-term borrowings89,340  89,340  89,340 
Long-term debt (4)205,261  205,705 2,028 207,733 
Total financial liabilities$485,571  422,783 64,400 487,183 
(1)Amounts consist of financial instruments for which carrying value approximates fair value.
(2)Excludes lease financing with a carrying amount of $16.3 billion and $16.2 billion at September 30, 2024, and December 31, 2023, respectively.
(3)Excludes deposit liabilities with no defined or contractual maturity of $1.2 trillion at both September 30, 2024, and December 31, 2023.
(4)Excludes obligations under finance leases of $16 million and $19 million at September 30, 2024, and December 31, 2023, respectively.
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Note 13: Securitizations and Variable Interest Entities
Involvement with Variable Interest Entities (VIEs)
In the normal course of business, we enter into various types of on- and off-balance sheet transactions with special purpose entities (SPEs), which are corporations, trusts, limited liability companies or partnerships that are established for a limited purpose. SPEs are often formed in connection with securitization transactions whereby financial assets are transferred to an SPE. SPEs formed in connection with securitization transactions are generally considered variable interest entities (VIEs). The VIE may alter the risk profile of the asset by entering into derivative transactions or obtaining credit support, and issues various forms of interests in those assets to investors. When we transfer financial assets from our consolidated balance sheet to a VIE in connection with a securitization, we typically receive cash and sometimes other interests in the VIE as proceeds for the assets we transfer. In certain transactions with VIEs, we may retain the right to service the transferred assets and repurchase the transferred assets if the outstanding balance of the assets falls below the level at which the cost to service the assets exceed the benefits. In addition, we may purchase the right to service loans transferred to a VIE by a third party.
In connection with our securitization or other VIE activities, we have various forms of ongoing involvement with VIEs, which may include:
underwriting securities issued by VIEs and subsequently making markets in those securities;
providing credit enhancement on securities issued by VIEs through the use of letters of credit or financial guarantees;
entering into other derivative contracts with VIEs;
holding senior or subordinated interests in VIEs;
acting as servicer or investment manager for VIEs;
providing administrative or trustee services to VIEs; and
providing seller financing to VIEs.
Loan Sales and Securitization Activity
We periodically transfer consumer and commercial loans and other types of financial assets in securitization and whole loan sale transactions.

MORTGAGE LOANS SOLD TO GOVERNMENT SPONSORED ENTERPRISES AND TRANSACTIONS WITH GINNIE MAE In the normal course of business we sell residential and commercial mortgage loans to GSEs. These loans are generally transferred into securitizations sponsored by the GSEs, which provide certain credit guarantees to investors and servicers. We also transfer mortgage loans into securitization pools pursuant to Government National Mortgage Association (GNMA) guidelines which are insured by the FHA or guaranteed by the VA. Mortgage loans eligible for securitization with the GSEs or GNMA are considered conforming loans. The GSEs or GNMA design the structure of these securitizations, sponsor the involved VIEs, and have power over the activities most significant to the VIE.
We account for loans transferred in conforming mortgage loan securitization transactions as sales and do not consolidate the VIEs as we are not the primary beneficiary. In exchange for the transfer of loans, we typically receive securities issued by the VIEs which we sell to third parties for cash or hold for investment purposes as HTM or AFS securities. We also retain servicing rights on the transferred loans. As a servicer, we retain the option to repurchase loans from certain loan securitizations, which becomes exercisable based on delinquency status such as when three scheduled loan payments are past due. When we have the
unilateral option to repurchase a loan, we recognize the loan and a corresponding liability on our balance sheet regardless of our intent to repurchase the loan, and the loans remain pledged to the securitization. At September 30, 2024, and December 31, 2023, we recorded assets and related liabilities of $1.3 billion and $1.0 billion, respectively, where we did not exercise our option to repurchase eligible loans. We repurchased loans of $14 million and $122 million, during the third quarter and first nine months of 2024, respectively, and $49 million and $240 million during the third quarter and first nine months of 2023, respectively.
Upon transfers of loans, we also provide indemnification for losses incurred due to material breaches of contractual representations and warranties as well as other recourse arrangements. At September 30, 2024, and December 31, 2023, our liability for these repurchase and recourse arrangements was $194 million and $229 million, respectively, and the maximum exposure to loss was $13.7 billion and $13.6 billion at September 30, 2024, and December 31, 2023, respectively.
Substantially all residential servicing activity is related to assets transferred to GSE and GNMA securitizations. See Note 6 (Mortgage Banking Activities) for additional information about residential and commercial servicing rights, advances and servicing fees.

NONCONFORMING MORTGAGE LOAN SECURITIZATIONS In the normal course of business, we sell nonconforming mortgage loans in securitization transactions that we design and sponsor. Nonconforming mortgage loan securitizations do not involve a government credit guarantee, and accordingly, beneficial interest holders are subject to credit risk of the underlying assets held by the securitization VIE. We typically originate the transferred loans and account for the transfers as sales. We also typically retain the right to service the loans and may hold other beneficial interests issued by the VIE, such as debt securities held for investment purposes. Our servicing role related to nonconforming commercial mortgage loan securitizations is limited to primary or master servicer. We do not consolidate the VIE because the most significant decisions impacting the performance of the VIE are generally made by the special servicer or the controlling class security holder. For our residential nonconforming mortgage loan securitizations accounted for as sales, we either do not hold variable interests that we consider potentially significant or are not the primary servicer for a majority of the VIE assets.

WHOLE LOAN SALE TRANSACTIONS We may also sell whole loans to VIEs where we have continuing involvement in the form of financing. We account for these transfers as sales, and do not consolidate the VIEs as we do not have the power to direct the most significant activities of the VIEs.

Table 13.1 presents information about transfers of assets during the periods presented for which we recorded the transfers as sales and have continuing involvement with the transferred assets. In connection with these transfers, we received proceeds and recorded servicing assets and securities. Each of these interests are initially measured at fair value. Servicing rights are classified as Level 3 measurements, and generally securities are classified as Level 2. Transfers of residential mortgage loans are transactions with the GSEs or GNMA and generally result in no gain or loss because the loans are typically measured at fair value on a recurring basis. Transfers of commercial mortgage loans
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include both transactions with the GSEs or GNMA and nonconforming transactions. These commercial mortgage loans are carried at the lower of cost or market, and we recognize gains
on such transfers when the market value is greater than the carrying value of the loan when it is sold.
Table 13.1: Transfers with Continuing Involvement
20242023
(in millions)Residential mortgagesCommercial mortgagesResidential mortgagesCommercial mortgages
Quarter ended September 30,
Assets sold $2,220 5,670 2,810 3,189 
Proceeds from transfer (1)2,220 5,702 2,810 3,243 
Net gains (losses) on sale 32  54 
Continuing involvement (2):
Servicing rights recognized$21 27 36 27 
Securities recognized (3) 21  39 
Nine months ended September 30,
Assets sold $5,920 10,955 11,188 6,488 
Proceeds from transfer (1)5,920 11,061 11,188 6,606 
Net gains (losses) on sale 106  118 
Continuing involvement (2):
Servicing rights recognized$56 53 129 61 
Securities recognized (3) 69  87 
(1)Represents cash proceeds and the fair value of non-cash beneficial interests recognized at securitization settlement.
(2)Represents assets or liabilities recognized at securitization settlement date related to our continuing involvement in the transferred assets.
(3)Represents debt securities obtained at securitization settlement held for investment purposes that are classified as available-for-sale or held-to-maturity. Excludes trading debt securities held temporarily for market-marking purposes, which are sold to third parties at or shortly after securitization settlement, of $1.1 billion and $2.8 billion during the third quarter and first nine months of 2024, respectively, and $1.3 billion and $5.0 billion during the third quarter and first nine months of 2023, respectively.
In the normal course of business, we purchase certain
non-agency securities at initial securitization or subsequently in the secondary market, which we hold for investment. We also provide seller financing in the form of loans. We received cash flows of $82 million and $274 million during the third quarter and first nine months of 2024, respectively, and $58 million and $199 million during the third quarter and first nine months of 2023, respectively, related to principal and interest payments on these securities and loans, which exclude cash flows related to trading activities.
Table 13.2 presents the key weighted-average assumptions we used to initially measure residential MSRs recognized during the periods presented.
Table 13.2: Residential MSRs – Assumptions at Securitization Date
20242023
Quarter ended September 30,
Prepayment rate (1)19.9 %16.0 
Discount rate9.9 9.9 
Cost to service ($ per loan) $69 131 
Nine months ended September 30,
Prepayment rate (1)18.1 %17.2 
Discount rate10.1 9.7 
Cost to service ($ per loan) $180 171 
(1)Includes a blend of prepayment speeds and expected defaults. Prepayment speeds are influenced by mortgage interest rates as well as our estimation of drivers of borrower behavior.
See Note 12 (Fair Values of Assets and Liabilities) and
Note 6 (Mortgage Banking Activities) for additional information on key assumptions for residential MSRs.
RESECURITIZATION ACTIVITIES We enter into resecuritization transactions as part of our trading activities to accommodate the investment and risk management activities of our customers. In resecuritization transactions, we transfer trading debt securities to VIEs in exchange for new beneficial interests that are sold to third parties at or shortly after securitization settlement. This activity is performed for customers seeking a specific return or risk profile. Substantially all of our transactions involve the resecuritization of conforming mortgage-backed securities issued by the GSEs or guaranteed by GNMA. We do not consolidate the resecuritization VIEs as we share in the decision-making power with third parties and do not hold significant economic interests in the VIEs other than for market-making activities. During the nine months ended September 30, 2024 and 2023, we transferred trading debt securities of $6.4 billion and $10.6 billion, respectively, to resecuritization VIEs, and retained trading debt securities of $418 million and $284 million, respectively. These amounts are not included in Table 13.1. As of September 30, 2024, and December 31, 2023, we held $711 million and $984 million of trading debt securities, respectively. Total resecuritization VIE assets, to which we sold assets and hold an interest, were $44.6 billion and $52.0 billion at September 30, 2024, and December 31, 2023, respectively. Total resecuritization VIE assets were $107.1 billion and $110.4 billion at September 30, 2024, and December 31, 2023, respectively.


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Note 13: Securitizations and Variable Interest Entities (continued)
Sold or Securitized Loans Serviced for Others
Table 13.3 presents information about loans that we have originated and sold or securitized in which we have ongoing involvement as servicer. For loans sold or securitized where servicing is our only form of continuing involvement, we generally experience a loss only if we were required to repurchase a delinquent loan or foreclosed asset due to a breach in representations and warranties associated with our loan sale or servicing contracts. Table 13.3 excludes mortgage loans sold to
and held or securitized by GSEs or GNMA of $538.1 billion and $592.5 billion at September 30, 2024, and December 31, 2023, respectively. Delinquent loans include loans 90 days or more past due and loans in bankruptcy, regardless of delinquency status. Delinquent loans and foreclosed assets related to loans sold to and held or securitized by GSEs and GNMA were $2.7 billion and $3.4 billion at September 30, 2024, and December 31, 2023, respectively.
Table 13.3: Sold or Securitized Loans Serviced for Others
Net charge-offs
Total loans Delinquent loans
and foreclosed assets (1)
Nine months ended September 30,
(in millions)Sep 30, 2024Dec 31, 2023Sep 30, 2024Dec 31, 202320242023
Commercial$70,999 67,232 1,304 1,000 53 89 
Residential7,747 8,311 337 393 7 12 
Total off-balance sheet sold or securitized loans$78,746 75,543 1,641 1,393 60 101 
(1)Includes $182 million and $163 million of commercial foreclosed assets and $18 million and $22 million of residential foreclosed assets at September 30, 2024, and December 31, 2023, respectively.
Transactions with Unconsolidated VIEs
MORTGAGE LOAN SECURITIZATIONS Table 13.4 includes nonconforming mortgage loan securitizations where we originate and transfer the loans to the unconsolidated securitization VIEs that we sponsor. For additional information about these VIEs, see the “Loan Sales and Securitization Activity” section within this Note. Nonconforming mortgage loan securitizations also include commercial mortgage loan securitizations sponsored by third parties where we did not originate or transfer the loans but serve as master servicer and invest in securities that could be potentially significant to the VIE.
Conforming loan securitization and resecuritization transactions involving the GSEs and GNMA are excluded from Table 13.4 because we are not the sponsor or we do not have power over the activities most significant to the VIEs. Additionally, due to the nature of the guarantees provided by the GSEs and the FHA and VA, our credit risk associated with these VIEs is limited. For additional information about conforming mortgage loan securitizations and resecuritizations, see the “Loan Sales and Securitization Activity” and “Resecuritization Activities” sections within this Note.

COMMERCIAL REAL ESTATE LOANS We may transfer purchased industrial development bonds and GSE credit enhancements to VIEs in exchange for beneficial interests. We may also acquire such beneficial interests in transactions where we do not act as a transferor. We own all of the beneficial interests and may also service the underlying mortgages that serve as collateral to the bonds. The GSEs have the power to direct the servicing and workout activities of the VIE in the event of a default, therefore we do not have control over the key decisions of the VIEs.
OTHER VIE STRUCTURES  We engage in various forms of structured finance arrangements with other VIEs, including asset-backed finance structures and other securitizations collateralized by asset classes other than mortgages. Collateral may include rental properties, asset-backed securities, student loans and mortgage loans. We may participate in structuring or marketing the arrangements as well as provide financing, service one or more of the underlying assets, or enter into derivatives with the VIEs. We may also receive fees for those services. We are not the primary beneficiary of these structures because we do not have power to direct the most significant activities of the VIEs.


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Table 13.4 provides a summary of our exposure to the unconsolidated VIEs described above, which includes investments in securities, loans, guarantees, liquidity agreements, commitments and certain derivatives. We exclude certain transactions with unconsolidated VIEs when our continuing involvement is temporary or administrative in nature or insignificant in size.
In Table 13.4, “Total VIE assets” represents the remaining principal balance of assets held by unconsolidated VIEs using the most current information available. “Carrying value” is the amount in our consolidated balance sheet related to our involvement with the unconsolidated VIEs. “Maximum exposure to loss” is determined as the carrying value of our investment in the VIEs excluding the unconditional repurchase options that have not been exercised, plus the remaining undrawn liquidity
and lending commitments, the notional amount of net written derivative contracts, and generally the notional amount of, or stressed loss estimate for, other commitments and guarantees.
Debt, guarantees and other commitments include amounts related to lending arrangements, liquidity agreements, and certain loss sharing obligations associated with loans originated, sold, and serviced under certain GSE programs.
“Maximum exposure to loss” represents estimated loss that would be incurred under severe, hypothetical circumstances, for which we believe the possibility is extremely remote, such as where the value of our interests and any associated collateral declines to zero, without any consideration of recovery or offset from any economic hedges. Accordingly, this disclosure is not an indication of expected loss.
Table 13.4: Unconsolidated VIEs
Carrying value – asset (liability)
(in millions)Total
VIE assets 
LoansDebt
securities (1)
Equity securitiesAll other
assets (2)
Debt and other liabilitiesNet assets 
September 30, 2024
Nonconforming mortgage loan securitizations$160,716  2,215  544 (4)2,755 
Commercial real estate loans5,557 5,542   15  5,557 
Other1,186 77   16  93 
Total$167,459 5,619 2,215  575 (4)8,405 
Maximum exposure to loss
LoansDebt
securities (1)
Equity securitiesAll other
assets (2)
Debt, guarantees,
and other commitments
Total exposure 
Nonconforming mortgage loan securitizations$ 2,215  544 5 2,764 
Commercial real estate loans5,542   15 695 6,252 
Other77   16 157 250 
Total$5,619 2,215  575 857 9,266 
Carrying value – asset (liability)

(in millions)
Total
VIE assets
LoansDebt
securities (1)
Equity
securities
All other
assets (2)
Debt and other liabilitiesNet assets 
December 31, 2023
Nonconforming mortgage loan securitizations$154,730  2,471  591 (8)3,054 
Commercial real estate loans5,588 5,571   17  5,588 
Other1,898 213  47 17  277 
Total$162,216 5,784 2,471 47 625 (8)8,919 
Maximum exposure to loss
LoansDebt
securities (1)
Equity
securities
All other
assets (2)
Debt,
guarantees,
and other commitments
Total exposure
Nonconforming mortgage loan securitizations$ 2,471  591 8 3,070 
Commercial real estate loans5,571   17 700 6,288 
Other213  47 17 158 435 
Total$5,784 2,471 47 625 866 9,793 
(1)Includes $290 million and $301 million of securities classified as trading at September 30, 2024, and December 31, 2023, respectively.
(2)All other assets includes mortgage servicing rights, derivative assets, and other assets (predominantly servicing advances).

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Note 13: Securitizations and Variable Interest Entities (continued)
INVOLVEMENT WITH TAX CREDIT VIES In addition to the unconsolidated VIEs in Table 13.4, we may invest in or provide funding to affordable housing, renewable energy or similar projects that are designed to generate a return primarily through the realization of federal income tax credits and other income tax benefits. Our affordable housing investments generate low-income housing tax credits and our renewable energy investments generate either production tax credits, investment tax credits, or both. The projects are typically managed by third-party sponsors who have the power over the VIE’s assets; therefore, we do not consolidate the VIEs. The carrying value of our equity investments in tax credit VIEs was $21.0 billion and $19.7 billion at September 30, 2024, and December 31, 2023, respectively. Additionally, we had loans to tax credit VIEs with a carrying value of $2.0 billion and $2.1 billion at September 30, 2024, and December 31, 2023, respectively.
Our maximum exposure to loss for tax credit VIEs at September 30, 2024, and December 31, 2023, was $29.0 billion and $30.6 billion, respectively. Our maximum exposure to loss included total unfunded equity and lending commitments of $6.1 billion and $8.7 billion at September 30, 2024, and December 31, 2023, respectively. Under these commitments, we
are required to provide additional financial support during the investment period, at the discretion of project sponsors, or for certain renewable energy investments, on a contingent basis based on the amount of income tax credits earned. For equity investments accounted for using the proportional amortization method, a liability is recognized for unfunded commitments that are either legally binding or contingent but probable of funding. The liability recognized for these commitments at September 30, 2024, and December 31, 2023, was $6.7 billion and $4.9 billion, respectively. Substantially all of these commitments are expected to be funded within three years. See Note 1 (Summary of Significant Accounting Policies) for additional information on our adoption of ASU 2023-02 effective January 1, 2024, which impacted the accounting for our tax credit equity investments and related unfunded commitments. See also Note 14 (Guarantees and Other Commitments) for additional information about unrecognized commitments to purchase equity securities.
Table 13.5 summarizes the impacts to our consolidated statement of income related to our affordable housing and renewable energy equity investments.
Table 13.5: Income Statement Impacts for Affordable Housing and Renewable Energy Tax Credit Investments (1)
Quarter ended September 30,Nine months ended September 30,
(in millions)2024202320242023
Income (loss) before income tax expense (2)
(A)$9 (98)$(43)(468)
Income tax expense (benefit):
Proportional amortization of investments539 417 2,403 1,312 
Income tax credits and other income tax benefits(879)(827)(3,224)(2,571)
Net expense (benefit) recognized within income tax expense(B)(340)(410)(821)(1,259)
Net income related to affordable housing and renewable energy tax credit investments
(A)-(B)$349 312 $778 791 
(1)Amounts presented include the impacts for affordable housing and renewable energy tax credit investments, which are accounted for using either the proportional amortization method or the equity method. Prior period balances in this table do not reflect accounting changes related to our adoption of ASU 2023-02, effective January 1, 2024. For additional information, see Note 1 (Summary of Significant Accounting Policies).
(2)The balance predominantly relates to equity method losses from renewable energy tax credit investments, which are recorded in other noninterest income on our consolidated statement of income.

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Consolidated VIEs
We consolidate VIEs where we are the primary beneficiary. We are the primary beneficiary of the following structure types:

COMMERCIAL AND INDUSTRIAL LOANS AND LEASES We previously securitized dealer floor plan loans in a revolving master trust entity. As servicer and holder of all beneficial interests, we control the key decisions of the trust and consolidate the VIE. In first quarter 2024, we removed the loans held by the master trust entity by transferring them to another subsidiary of Wells Fargo, which had no impact on our consolidated balance sheet. In a separate transaction structure, we may provide the majority of debt and equity financing to an SPE that engages in lending and leasing to specific vendors and we service the underlying collateral.

CREDIT CARD SECURITIZATIONS Beginning in first quarter 2024, we securitized a portion of our credit card loans to provide a source of funding. Credit card securitizations involve the transfer of credit card loans to a master trust that issues debt securities to third party investors that are collateralized by the transferred credit card loans. The underlying securitized credit card loans and other assets in the master trust are available only for payment of the debt securities issued by the master trust; they are not available to pay our other obligations. In addition, the investors in the debt securities do not have recourse to the general credit of Wells Fargo.
We consolidate the master trust because, as the servicer of the credit card loans, we have the power to direct the activities that most significantly impact the economic performance and hold variable interests potentially significant to the VIE. We hold a minimum of 5% seller’s interest in the transferred credit card loans and we retain subordinated securities issued by the master trust, which collectively could result in exposure to potentially significant losses or benefits from the master trust. As of September 30, 2024, we held seller’s interest of $7.1 billion in the transferred credit card loans and subordinated securities of $750 million (at par) issued by the master trust, which are both eliminated in our consolidated financial statements. The transferred credit card loans and debt securities issued to third parties are recognized on our consolidated balance sheet, and classified as loans and long-term debt, respectively.

Table 13.6 presents a summary of financial assets and liabilities of our consolidated VIEs. The carrying value represents assets and liabilities recognized on our consolidated balance sheet. “Total VIE assets” includes affiliate balances that are eliminated upon consolidation, and therefore in some instances will differ from the carrying value of assets.
On our consolidated balance sheet, we separately disclose (1) the consolidated assets of certain VIEs that can only be used to settle the liabilities of those VIEs, and (2) the consolidated liabilities of certain VIEs for which the VIE creditors do not have recourse to Wells Fargo.
Table 13.6: Transactions with Consolidated VIEs
Carrying value – asset (liability)
(in millions)Total
VIE assets 
LoansAll other
assets (1)
Long-term debt
Accrued expenses and other liabilities
September 30, 2024
Commercial and industrial loans and leases$1,681 1,504 177  (125)
Credit card securitizations
9,387 9,241 16 (1,272)(3)
Other350  349   
Total consolidated VIEs$11,418 10,745 542 (1,272)(128)
December 31, 2023
Commercial and industrial loans and leases$7,579 4,880 203  (115)
Credit card securitizations
     
Other232  232   
Total consolidated VIEs$7,811 4,880 435  (115)
(1)All other assets includes loans held for sale and other assets.
Other Transactions
In addition to the transactions included in the previous tables, we have used wholly-owned trust preferred security VIEs to issue debt securities or preferred equity exclusively to third-party investors. As the sole assets of the VIEs are receivables from us, we do not consolidate the VIEs even though we own all of the voting equity shares of the VIEs, have fully guaranteed the obligations of the VIEs, and may have the right to redeem the third-party securities under certain circumstances. On our consolidated balance sheet, we reported the debt securities issued to the VIEs as long-term junior subordinated debt with a carrying value of $425 million and $414 million at September 30, 2024, and December 31, 2023, respectively.

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Note 14:  Guarantees and Other Commitments
Guarantees are contracts that contingently require us to make payments to a guaranteed party based on an event or a change in an underlying asset, liability, rate or index. For additional
descriptions of our guarantees, see Note 17 (Guarantees and Other Commitments) in our 2023 Form 10-K. Table 14.1 shows carrying value and maximum exposure to loss on our guarantees.
Table 14.1: Guarantees – Carrying Value and Maximum Exposure to Loss
Maximum exposure to loss 
(in millions)Carrying value of obligationExpires in one year or lessExpires after one year through three yearsExpires after three years through five yearsExpires after five yearsTotal Non-investment grade
September 30, 2024
Standby letters of credit (1)
$92 15,165 4,997 2,188 13 22,363 7,837 
Direct pay letters of credit (1)6 1,746 1,382 56 118 3,302 782 
Loans and LHFS sold with recourse
88 453 3,169 3,943 6,314 13,879 10,827 
Exchange and clearing house guarantees 33,446    33,446  
Other guarantees and indemnifications33 1,609 522 78 498 2,707 973 
Total guarantees$219 52,419 10,070 6,265 6,943 75,697 20,419 
December 31, 2023
Standby letters of credit (1)$90 14,211 5,209 2,931 105 22,456 7,711 
Direct pay letters of credit (1)8 1,446 2,268 247 5 3,966 957 
Loans and LHFS sold with recourse
72 249 2,957 3,385 7,228 13,819 10,612 
Exchange and clearing house guarantees 13,550    13,550  
Other guarantees and indemnifications
22 687 854 116 463 2,120 634 
Total guarantees$192 30,143 11,288 6,679 7,801 55,911 19,914 
(1)Standby and direct pay letters of credit are reported net of syndications and participations.
Maximum exposure to loss represents the estimated loss that would be incurred under an assumed hypothetical circumstance, despite what we believe is a remote possibility, where the value of our interests and any associated collateral declines to zero. Maximum exposure to loss estimates in
Table 14.1 do not reflect economic hedges or collateral we could use to offset or recover losses we may incur under our guarantee agreements. Accordingly, these amounts are not an indication of expected loss. We believe the carrying value is more representative of our current exposure to loss than maximum exposure to loss. The carrying value represents the fair value of the guarantee, if any, and also includes an ACL for guarantees, if applicable. In determining the ACL for guarantees, we consider the credit risk of the related contingent obligation.
For our guarantees in Table 14.1, non-investment grade represents those guarantees on which we have a higher risk of performance under the terms of the guarantee, which is determined based on an external rating or an internal credit grade that is below investment grade, if applicable.

WRITTEN OPTIONS We enter into written foreign currency options and over-the-counter written equity put options that are derivative contracts that have the characteristics of a guarantee. The fair value of written options represents our view of the probability that we will be required to perform under the contract. The fair value of these written options was an asset of $385 million and $178 million at September 30, 2024, and December 31, 2023, respectively. The fair value may be an asset as a result of deferred premiums on certain option trades. The maximum exposure to loss represents the notional value of these derivative contracts. At September 30, 2024, the maximum exposure to loss was $33.3 billion, with $30.7 billion expiring in three years or less compared with $34.0 billion and $31.9 billion, respectively, at December 31, 2023. See Note 11 (Derivatives) for additional information regarding written derivative contracts.
MERCHANT PROCESSING SERVICES We provide debit and credit card transaction processing services through payment networks directly for merchants and as a sponsor for merchant processing servicers, including our joint venture with a third party that is accounted for as an equity method investment. In our role as the merchant acquiring bank, we have a potential obligation in connection with payment and delivery disputes between the merchant and the cardholder that are resolved in favor of the cardholder, referred to as a charge-back transaction. We estimate our potential maximum exposure to be the total merchant transaction volume processed in the preceding four months, which is generally the lifecycle for a charge-back transaction. As of September 30, 2024, our potential maximum exposure was approximately $597.4 billion, and related losses, including those from our joint venture entity, were insignificant.

GUARANTEES OF SUBSIDIARIES The Parent fully and unconditionally guarantees the payment of principal, interest, and any other amounts that may be due on securities that its 100% owned finance subsidiary, Wells Fargo Finance LLC, may issue. These securities are not guaranteed by any other subsidiary of the Parent. The guaranteed liabilities were $1.3 billion and $834 million at September 30, 2024, and December 31, 2023, respectively. These guarantees rank on parity with all of the Parent’s other unsecured and unsubordinated indebtedness.

OTHER COMMITMENTS As of September 30, 2024, and December 31, 2023, we had commitments to purchase equity securities of $6.7 billion and $9.2 billion, respectively, which predominantly included Federal Reserve Bank stock and tax credit investments accounted for using the equity method.
As part of maintaining our memberships in certain clearing organizations, we are required to stand ready to provide liquidity to sustain market clearing activity in the event unforeseen events occur or are deemed likely to occur. Certain of these
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obligations are guarantees of other members’ performance and accordingly are included in Table 14.1 in Other guarantees and indemnifications.
We have commitments to enter into resale and securities borrowing agreements as well as repurchase and securities lending agreements with certain counterparties, including central clearing organizations. The amount of our unfunded contractual commitments for resale and securities borrowing agreements was $23.2 billion and $17.5 billion as of September 30, 2024, and December 31, 2023, respectively. The amount of our unfunded contractual commitments for repurchase and securities lending agreements was $253 million and $746 million as of September 30, 2024, and December 31, 2023, respectively.
Given the nature of these commitments, they are excluded from Table 5.4 (Unfunded Credit Commitments) in Note 5 (Loans and Related Allowance for Credit Losses).
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Note 15:  Securities and Other Collateralized Financing Activities
We enter into resale and repurchase agreements and securities borrowing and lending agreements (collectively, “securities financing activities”) typically to finance trading positions (including securities and derivatives), acquire securities to cover short trading positions, accommodate customers’ financing needs, and settle other securities obligations. These activities are conducted through our broker-dealer subsidiaries and, to a lesser extent, through other bank entities. Our securities financing activities primarily involve high-quality, liquid securities such as U.S. Treasury securities and government agency securities and, to a lesser extent, less liquid securities, including equity securities, corporate bonds and asset-backed securities. We account for these transactions as collateralized financings in which we typically receive or pledge securities as collateral. We believe these financing transactions generally do not have material credit risk given the collateral provided and the related monitoring processes. We also enter into resale agreements involving collateral other than securities, such as loans, as part of our commercial lending business activities.

OFFSETTING OF SECURITIES AND OTHER COLLATERALIZED FINANCING ACTIVITIES Table 15.1 presents resale and repurchase agreements subject to master repurchase agreements (MRA) and securities borrowing and lending agreements subject to master securities lending agreements (MSLA). Where legally enforceable, these master netting arrangements give the ability, in the event of default by the counterparty, to liquidate securities held as collateral and to offset receivables and payables with the
same counterparty. Collateralized financings with the same counterparty are presented net on our consolidated balance sheet, provided certain criteria are met that permit balance sheet netting. The majority of transactions subject to these agreements do not meet those criteria and thus are not eligible for balance sheet netting.
Collateral we pledged consists of non-cash instruments, such as securities or loans, and is not netted on our consolidated balance sheet against the related liability. Collateral we received includes securities or loans and is not recognized on our consolidated balance sheet. Collateral pledged or received may be increased or decreased over time to maintain certain contractual thresholds, as the assets underlying each arrangement fluctuate in value. For additional information on collateral pledged and accepted, see Note 16 (Pledged Assets and Collateral). Generally, these agreements require collateral to exceed the asset or liability recognized on the balance sheet. The following table includes the amount of collateral pledged or received related to exposures subject to enforceable MRAs or MSLAs. While these agreements are typically over-collateralized, the disclosure in this table is limited to the reported amount of such collateral to the amount of the related recognized asset or liability for each counterparty.
In addition to the amounts included in Table 15.1, we also have balance sheet netting related to derivatives that is disclosed in Note 11 (Derivatives).
Table 15.1: Offsetting – Securities and Other Collateralized Financing Activities
(in millions)
Sep 30,
2024
Dec 31,
2023
Assets:
Resale and securities borrowing agreements
Gross amounts recognized$160,792 129,282 
Gross amounts offset in consolidated balance sheet (1)(36,322)(28,402)
Net amounts in consolidated balance sheet (2)124,470 100,880 
Collateral received not recognized in consolidated balance sheet (3)
(123,594)(99,970)
Net amount (4)$876 910 
Liabilities:
Repurchase and securities lending agreements
Gross amounts recognized $133,849 106,060 
Gross amounts offset in consolidated balance sheet (1)(36,322)(28,402)
Net amounts in consolidated balance sheet (5)97,527 77,658 
Collateral pledged but not netted in consolidated balance sheet (6)(97,431)(77,529)
Net amount (4)$96 129 
(1)Represents recognized amount of resale and repurchase agreements with counterparties subject to enforceable MRAs that have been offset within our consolidated balance sheet.
(2)Includes $105.4 billion and $80.4 billion classified on our consolidated balance sheet in federal funds sold and securities purchased under resale agreements at September 30, 2024, and December 31, 2023, respectively. Also includes $19.1 billion and $20.5 billion classified on our consolidated balance sheet in loans at September 30, 2024, and December 31, 2023, respectively.
(3)Represents the fair value of collateral we have received under enforceable MRAs or MSLAs, limited in the table above to the amount of the recognized asset due from each counterparty.
(4)Represents the amount of our exposure (assets) or obligation (liabilities) that is not collateralized and/or is not subject to an enforceable MRA or MSLA.
(5)Amount is classified in short-term borrowings on our consolidated balance sheet.
(6)Represents the fair value of collateral we have pledged, related to enforceable MRAs or MSLAs, limited in the table above to the amount of the recognized liability owed to each counterparty.
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REPURCHASE AND SECURITIES LENDING AGREEMENTS Securities sold under repurchase agreements and securities lending arrangements are effectively short-term collateralized borrowings. In these transactions, we receive cash in exchange for transferring securities as collateral and recognize an obligation to reacquire the securities for cash at the transaction’s maturity. These types of transactions create risks, including (1) the counterparty may fail to return the securities at maturity, (2) the fair value of the securities transferred may decline below the amount of our obligation to reacquire the securities, and therefore create an obligation for us to pledge additional amounts, and (3) the counterparty may accelerate the maturity on demand, requiring us to reacquire the security prior to
contractual maturity. We attempt to mitigate these risks in various ways. Our collateral primarily consists of highly liquid securities. In addition, we underwrite and monitor the financial strength of our counterparties, monitor the fair value of collateral pledged relative to contractually required repurchase amounts, and monitor that our collateral is properly returned through the clearing and settlement process in advance of our cash repayment. Table 15.2 provides the gross amounts recognized on our consolidated balance sheet (before the effects of offsetting) of our liabilities for repurchase and securities lending agreements disaggregated by underlying collateral type.
Table 15.2: Gross Obligations by Underlying Collateral Type
(in millions)
Sep 30,
2024
Dec 31,
2023
Repurchase agreements:
Securities of U.S. Treasury and federal agencies$52,482 38,742 
Securities of U.S. States and political subdivisions502 579 
Federal agency mortgage-backed securities56,391 48,019 
Non-agency mortgage-backed securities2,113 1,889 
Corporate debt securities8,951 7,925 
Asset-backed securities2,288 2,176 
Equity securities2,201 635 
Other 2,027 541 
Total repurchases126,955 100,506 
Securities lending arrangements:
Securities of U.S. Treasury and federal agencies294 251 
Federal agency mortgage-backed securities2 31 
Corporate debt securities1,005 293 
Equity securities
5,579 4,965 
Other14 14 
Total securities lending6,894 5,554 
Total repurchases and securities lending$133,849 106,060 
Table 15.3 provides the contractual maturities of our gross obligations under repurchase and securities lending agreements. Securities lending is executed under agreements that allow either party to terminate the transaction without notice, while
repurchase agreements have a term structure that matures at a point in time. The overnight agreements require an election by both parties to roll the trade, while continuous agreements require an election by either party to terminate the agreement.
Table 15.3: Contractual Maturities of Gross Obligations
(in millions)
Repurchase agreementsSecurities lending agreements
September 30, 2024
Overnight/continuous$77,126 5,793 
Up to 30 days17,006 450 
30-90 days18,509  
>90 days14,314 651 
Total gross obligation$126,955 6,894 
December 31, 2023
Overnight/continuous$54,810 4,903 
Up to 30 days13,704  
30-90 days23,264 200 
>90 days8,728 451 
Total gross obligation$100,506 5,554 
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Note 16:  Pledged Assets and Collateral
Pledged Assets
We pledge financial assets that we own to counterparties for the collateralization of securities and other collateralized financing activities, to secure trust and public deposits, and to collateralize derivative contracts. See Note 15 (Securities and Other Collateralized Financing Activities) for additional information on securities financing activities. As part of our liquidity management strategy, we may also pledge assets to secure borrowings and letters of credit from Federal Home Loan Banks (FHLBs), to maintain potential borrowing capacity with FHLBs and at the discount window of the Board of Governors of the Federal Reserve System (FRB), and for other purposes as required or permitted by law or insurance statutory requirements. The collateral that we pledge may include our own collateral as well as collateral that we have received from third parties and have the right to repledge.
Table 16.1 provides the carrying values of assets recognized on our consolidated balance sheet that we have pledged to third parties. Assets pledged in transactions where our counterparty has the right to sell or repledge those assets are presented parenthetically on our consolidated balance sheet.

VIE RELATED We also pledge assets in connection with various types of transactions entered into with VIEs, which are excluded from Table 16.1. These pledged assets can only be used to settle the liabilities of those entities. We also have loans recorded on our consolidated balance sheet which represent certain delinquent loans that are eligible for repurchase from GNMA loan securitizations. See Note 13 (Securitizations and Variable Interest Entities) for additional information on consolidated and unconsolidated VIE assets.
Table 16.1: Pledged Assets
(in millions)
Sep 30,
2024
Dec 31,
2023
Pledged to counterparties that had the right to sell or repledge:
Debt securities:
Trading
$83,197 62,537 
Available-for-sale
1,491 5,055 
Equity securities10,272 2,683 
All other assets
499 495 
Total assets pledged to counterparties that had the right to sell or repledge95,459 70,770 
Pledged to counterparties that did not have the right to sell or repledge:
Debt securities:
Trading
6,025 2,757 
Available-for-sale
96,993 64,511 
Held-to-maturity 221,280 246,218 
Loans 488,873 445,092 
Equity securities1,497 1,502 
All other assets
1,523 1,195 
Total assets pledged to counterparties that did not have the right to sell or repledge816,191 761,275 
Total pledged assets$911,650 832,045 
Collateral Accepted
We receive financial assets as collateral that we are permitted to sell or repledge. This collateral is obtained in connection with securities purchased under resale agreements and securities borrowing transactions, customer margin loans, and derivative contracts. We may use this collateral in connection with securities sold under repurchase agreements and securities lending transactions, derivative contracts, and short sales. At September 30, 2024, and December 31, 2023, the fair value of this collateral received that we have the right to sell or repledge was $255.0 billion and $216.6 billion, respectively, of which $123.7 billion and $103.3 billion, respectively, were sold or repledged.
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Note 17:  Operating Segments
Our management reporting is organized into four reportable operating segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. All other business activities that are not included in the reportable operating segments have been included in Corporate. We define our reportable operating segments by type of product and customer segment, and their results are based on our management reporting process. The management reporting process measures the performance of the reportable operating segments based on the Company’s management structure, and the results are regularly reviewed with our Chief Executive Officer and relevant senior management. The management reporting process is based on U.S. GAAP and includes specific adjustments, such as funds transfer pricing for asset/liability management, shared revenue and expenses, and taxable-equivalent adjustments to consistently reflect income from taxable and tax-exempt sources, which allows management to assess performance consistently across the operating segments.

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.

Commercial Banking provides financial solutions to private, family owned and certain public companies. Products and services include banking and credit products across multiple industry sectors and municipalities, secured lending and lease products, and treasury management.

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. 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.

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. We operate through financial advisors in our brokerage and wealth offices, consumer bank branches, independent offices, and digitally through WellsTrade® and Intuitive Investor®.
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.

Basis of Presentation
FUNDS TRANSFER PRICING Corporate treasury manages a funds transfer pricing methodology that considers interest rate risk, liquidity risk, and other product characteristics. Operating segments pay a funding charge for their assets and receive a funding credit for their deposits, both of which are included in net interest income. The net impact of the funding charges or credits is recognized in corporate treasury.

REVENUE AND EXPENSE SHARING When lines of business jointly serve customers, the line of business that is responsible for providing the product or service recognizes revenue or expense with a referral fee paid or an allocation of cost to the other line of business based on established internal revenue-sharing agreements.
When a line of business uses a service provided by another line of business or enterprise function (included in Corporate), expense is generally allocated based on the cost and use of the service provided. We periodically assess and update our revenue and expense allocation methodologies.

TAXABLE-EQUIVALENT ADJUSTMENTS 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.
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Note 17: Operating Segments (continued)
Table 17.1 presents our results by operating segment.
Table 17.1: Operating Segments

(in millions)
Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment Management
Corporate
Reconciling Items (1)
Consolidated
Company
Quarter ended September 30, 2024
Net interest income (2)
$7,149 2,289 1,909 842 (415)(84)11,690 
Noninterest income1,975 1,044 3,002 3,036 78 (459)8,676 
Total revenue9,124 3,333 4,911 3,878 (337)(543)20,366 
Provision for credit losses930 85 26 16 8  1,065 
Noninterest expense5,624 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 interests1,924 1,320 1,992 529 (595) 5,170 
Less: Net income from noncontrolling interests
 2   54  56 
Net income (loss)$1,924 1,318 1,992 529 (649) 5,114 
Quarter ended September 30, 2023
Net interest income (2)
$7,633 2,519 2,319 1,007 (269)(104)13,105 
Noninterest income1,948 886 2,604 2,695 21 (402)7,752 
Total revenue9,581 3,405 4,923 3,702 (248)(506)20,857 
Provision for credit losses768 52 324 (10)63  1,197 
Noninterest expense5,913 1,543 2,182 3,006 469  13,113 
Income (loss) before income tax expense (benefit)2,900 1,810 2,417 706 (780)(506)6,547 
Income tax expense (benefit)727 453 601 177 (641)(506)811 
Net income (loss) before noncontrolling interests
2,173 1,357 1,816 529 (139) 5,736 
Less: Net income (loss) from noncontrolling interests 3   (34) (31)
Net income (loss)
$2,173 1,354 1,816 529 (105) 5,767 
Nine months ended September 30, 2024
Net interest income (2) 
$21,283 6,848 5,881 2,617 (527)(262)35,840 
Noninterest income5,938 2,759 8,850 8,861 761 (1,091)26,078 
Total revenue27,221 9,607 14,731 11,478 234 (1,353)61,918 
Provision for credit losses2,650 257 316 5 11  3,239 
Noninterest expense17,349 4,665 6,729 9,577 2,378  40,698 
Income (loss) before income tax expense (benefit)7,222 4,685 7,686 1,896 (2,155)(1,353)17,981 
Income tax expense (benefit)1,815 1,191 1,928 502 (804)(1,353)3,279 
Net income (loss) before noncontrolling interests5,407 3,494 5,758 1,394 (1,351) 14,702 
Less: Net income from noncontrolling interests
 8   51  59 
Net income (loss)$5,407 3,486 5,758 1,394 (1,402) 14,643 
Nine months ended September 30, 2023
Net interest income (2)
$22,556 7,509 7,139 3,060 (344)(316)39,604 
Noninterest income5,844 2,572 7,317 7,971 147 (1,336)22,515 
Total revenue28,400 10,081 14,456 11,031 (197)(1,652)62,119 
Provision for credit losses2,509 35 1,509 25 39  4,117 
Noninterest expense17,978 4,925 6,486 9,041 1,346  39,776 
Income (loss) before income tax expense (benefit)7,913 5,121 6,461 1,965 (1,582)(1,652)18,226 
Income tax expense (benefit)1,985 1,281 1,617 492 (1,016)(1,652)2,707 
Net income (loss) before noncontrolling interests5,928 3,840 4,844 1,473 (566) 15,519 
Less: Net income (loss) from noncontrolling interests 9   (186) (177)
Net income (loss)$5,928 3,831 4,844 1,473 (380) 15,696 
(continued on following page)
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(continued from previous page)
Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment Management
 Corporate
Reconciling Items (1)
Consolidated
Company
Quarter ended September 30, 2024
Loans (average)$323,615 222,116 275,218 82,797 6,509  910,255 
Assets (average)358,591 244,807 574,697 89,587 648,930  1,916,612 
Deposits (average)773,554 173,158 194,315 107,991 92,662  1,341,680 
Nine months ended September 30, 2024
Loans (average)$326,417 223,482 278,072 82,815 7,620  918,406 
Assets (average)362,475 246,107 561,280 89,928 656,289  1,916,079 
Deposits (average)775,005 168,044 188,399 104,117 107,691  1,343,256 
Loans (period-end)322,745 223,999 273,723 83,023 6,221  909,711 
Assets (period-end)358,762 248,313 583,144 89,288 642,618  1,922,125 
Deposits (period-end)775,745 178,406 199,700 112,472 83,323  1,349,646 
Quarter ended September 30, 2023
Loans (average)$335,545 224,416 291,651 82,195 9,386  943,193 
Assets (average)376,249 243,661 559,647 88,987 623,339  1,891,883 
Deposits (average)801,061 160,556 157,212 107,500 113,978  1,340,307 
Nine months ended September 30, 2023
Loans (average)$336,725 224,361 292,610 82,948 9,252  945,896 
Assets (average)378,826 246,322 552,888 89,957 610,047  1,878,040 
Deposits (average)821,741 165,887 158,337 115,418 86,707  1,348,090 
Loans (period-end)334,956 225,771 290,330 82,331 9,036  942,424 
Assets (period-end)376,151 245,159 557,642 88,854 641,455  1,909,261 
Deposits (period-end)798,897 160,368 162,776 103,255 128,714  1,354,010 
(1)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.
(2)Net interest income is interest earned on assets minus the interest paid on liabilities to fund those assets. Segment interest earned includes actual interest income on segment assets as well as a funding credit for their deposits. Segment interest paid on liabilities includes actual interest expense on segment liabilities as well as a funding charge for their assets.
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Note 18: Revenue and Expenses
Revenue
Our revenue includes net interest income on financial instruments and noninterest income. Table 18.1 presents our
revenue by operating segment. For additional description of our
operating segments, including additional financial information
and the underlying management accounting process, see
Note 17 (Operating Segments). For a description of our revenue from contracts with customers, see Note 21 (Revenue and Expenses) in our 2023 Form 10-K.
Table 18.1: Revenue by Operating Segment

(in millions)
Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment ManagementCorporateReconciling
Items (1)
Consolidated
Company
Quarter ended September 30, 2024
Net interest income (2)$7,149 2,289 1,909 842 (415)(84)11,690 
Noninterest income:
Deposit-related fees710 303 279 6 1  1,299 
Lending-related fees (2)22 138 213 3   376 
Investment advisory and other asset-based fees (3) 20 37 2,406   2,463 
Commissions and brokerage services fees  98 548   646 
Investment banking fees 26 668  (22) 672 
Card fees:
Card interchange and network revenue (4)892 51 13 1   957 
Other card fees (2)139      139 
Total card fees1,031 51 13 1   1,096 
Mortgage banking (2)137  146 (3)  280 
Net gains from trading activities (2)
  1,366 40 32  1,438 
Net losses from debt securities (2)
    (447) (447)
Net gains (losses) from equity securities (2)(2)11 1  247  257 
Lease income (2) 126   151  277 
Other (2)77 369 181 35 116 (459)319 
Total noninterest income1,975 1,044 3,002 3,036 78 (459)8,676 
Total revenue$9,124 3,333 4,911 3,878 (337)(543)20,366 
Quarter ended September 30, 2023
Net interest income (2)$7,633 2,519 2,319 1,007 (269)(104)13,105 
Noninterest income:
Deposit-related fees670 257 247 5   1,179 
Lending-related fees (2)31 133 206 2   372 
Investment advisory and other asset-based fees (3) 19 41 2,164   2,224 
Commissions and brokerage services fees   75 492   567 
Investment banking fees 13 545  (66) 492 
Card fees:
Card interchange and network revenue (4)909 56 14 1   980 
Other card fees (2)118      118 
Total card fees1,027 56 14 1   1,098 
Mortgage banking (2)105  91 (3)  193 
Net gains (losses) from trading activities (2) (2)1,193 25 49  1,265 
Net gains (losses) from debt securities (2)
 25   (19) 6 
Net gains (losses) from equity securities (2) (6)18  (37) (25)
Lease income (2) 153 4  134  291 
Other (2)
115 238 170 9 (40)(402)90 
Total noninterest income1,948 886 2,604 2,695 21 (402)7,752 
Total revenue$9,581 3,405 4,923 3,702 (248)(506)20,857 
(continued on following page)
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(continued from previous page)

(in millions)
Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment ManagementCorporateReconciling
Items (1)
Consolidated
Company
Nine months ended September 30, 2024
Net interest income (2)$21,283 6,848 5,881 2,617 (527)(262)35,840 
Noninterest income:
Deposit-related fees2,077 877 804 18 2  3,778 
Lending-related fees (2)69 415 621 7   1,112 
Investment advisory and other asset-based fees (3) 63 116 7,030   7,209 
Commissions and brokerage services fees  272 1,614   1,886 
Investment banking fees(3)67 1,949  (73) 1,940 
Card fees:
Card interchange and network revenue (4)2,674 156 41 3 1  2,875 
Other card fees (2)383      383 
Total card fees3,057 156 41 3 1  3,258 
Mortgage banking (2)465  297 (9)  753 
Net gains (losses) from trading activities (2) (1)4,158 123 54  4,334 
Net losses from debt securities (2)
    (472) (472)
Net gains (losses) from equity securities (2)
(2)25 15 15 302  355 
Lease income (2) 408 122  460  990 
Other (2)275 749 455 60 487 (1,091)935 
Total noninterest income5,938 2,759 8,850 8,861 761 (1,091)26,078 
Total revenue$27,221 9,607 14,731 11,478 234 (1,353)61,918 
Nine months ended September 30, 2023
Net interest income (2)$22,556 7,509 7,139 3,060 (344)(316)39,604 
Noninterest income:
Deposit-related fees2,008 741 730 16 (3) 3,492 
Lending-related fees (2)90 393 591 6   1,080 
Investment advisory and other asset-based fees (3) 54 112 6,335   6,501 
Commissions and brokerage services fees  229 1,527   1,756 
Investment banking fees(4)48 1,249  (99) 1,194 
Card fees:
Card interchange and network revenue (4)2,701 171 46 3 2  2,923 
Other card fees (2)306      306 
Total card fees3,007 171 46 3 2  3,229 
Mortgage banking (2)397  239 (9)  627 
Net gains (losses) from trading activities (2) (9)3,531 69 138  3,729 
Net gains (losses) from debt securities (2)
 25   (15) 10 
Net gains (losses) from equity securities (2)
 (16)1 (2)(459) (476)
Lease income (2) 489 50  406  945 
Other (2)
346 676 539 26 177 (1,336)428 
Total noninterest income5,844 2,572 7,317 7,971 147 (1,336)22,515 
Total revenue$28,400 10,081 14,456 11,031 (197)(1,652)62,119 
(1)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.
(2)These revenue types are related to financial assets and liabilities, including loans, leases, securities and derivatives, with additional details included in other footnotes to our financial statements.
(3)We earned trailing commissions of $238 million and $701 million for the third quarter and first nine months of 2024, respectively, and $230 million and $684 million for the third quarter and first nine months of 2023, respectively.
(4)The cost of credit card rewards and rebates of $694 million and $2.0 billion for the third quarter and first nine months of 2024, respectively, and $652 million and $1.9 billion for the third quarter and first nine months of 2023, respectively, are presented net against the related revenue.

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Note 18: Revenue and Expenses (continued)
Expenses
OPERATING LOSSES Operating losses consist of expenses related to:
Legal actions such as litigation and regulatory matters. For additional information on legal actions, see Note 10 (Legal Actions);
Customer remediation activities, which are associated with our efforts to identify areas or instances where customers may have experienced financial harm and provide remediation as appropriate. We have accrued for the probable and estimable costs related to our customer remediation activities, which amounts may change based on additional facts and information, as well as ongoing reviews and communications with our regulators; and
Other business activities such as deposit overdraft losses, fraud losses, and isolated instances of customer redress.
Table 18.2 provides the components of our operating losses included in our consolidated statement of income.
Table 18.2: Operating Losses
Quarter ended September 30,Nine months ended September 30,
(in millions)
2024202320242023
Legal actions
$76 175 $228 115 
Customer remediation
22 (30)634 133 
Other
195 184 557 580 
Total operating losses$293 329 $1,419 828 

Operating losses may have significant variability given the inherent and unpredictable nature of legal actions and customer remediation activities. The timing and determination of the amount of any associated losses for these matters depends on a variety of factors, some of which are outside of our control.
OTHER EXPENSES Regulatory Charges and Assessments expense, which is included in other noninterest expense, was $212 million and $1.1 billion in the third quarter and first nine months of 2024, respectively, compared with $277 million and $849 million in the same periods a year ago, and predominantly consisted of Federal Deposit Insurance Corporation (FDIC) deposit assessment expense.
In November 2023, the FDIC finalized a rule to recover losses to the FDIC deposit insurance fund as a result of bank failures in the first half of 2023. Under the rule, the FDIC will collect a special assessment based on an insured depository institution’s estimated amount of uninsured deposits. Upon the FDIC’s finalization of the rule, we expensed an estimated amount of our special assessment of $1.9 billion (pre-tax) in fourth quarter 2023. During 2024, the FDIC provided updates on losses to the deposit insurance fund, which resulted in a reversal of expense of $63 million (pre-tax) in the third quarter of 2024 and an additional expense of $273 million (pre-tax) in the first nine months of 2024 for the estimated amount of the special assessment. We expect the ultimate amount of the special assessment may continue to change as the FDIC determines the actual net losses to the deposit insurance fund.
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Note 19: Employee Benefits
Pension and Postretirement Plans
We sponsor a frozen noncontributory qualified defined benefit retirement plan, the Wells Fargo & Company Cash Balance Plan (Cash Balance Plan), which covers eligible employees of Wells Fargo. The Cash Balance Plan was frozen on July 1, 2009, and no new benefits accrue after that date. For additional information on our pension and postretirement plans, including plan assumptions, investment strategy and asset allocation,
projected benefit payments, and valuation methodologies used for assets measured at fair value, see Note 1 (Summary of Significant Accounting Policies) and Note 22 (Employee Benefits) in our 2023 Form 10-K.
Table 19.1 presents the components of net periodic benefit cost. Service cost is reported in personnel expense and all other components of net periodic benefit cost are reported in other noninterest expense on our consolidated statement of income.
Table 19.1: Net Periodic Benefit Cost
20242023
Pension benefits Pension benefits 
(in millions)
Qualified
Non- 
qualified
Other 
benefits
Qualified 
Non- 
qualified
Other 
benefits
Quarter ended September 30,
Service cost$7   6   
Interest cost97 5 3 101 5 3 
Expected return on plan assets(118) (6)(126) (5)
Amortization of net actuarial loss (gain)35 1 (7)35 1 (7)
Amortization of prior service credit  (2)  (2)
Net periodic benefit cost
$21 6 (12)16 6 (11)
Nine months ended September 30,
Service cost$22   19   
Interest cost290 13 10 302 14 11 
Expected return on plan assets(354) (19)(378) (18)
Amortization of net actuarial loss (gain)104 4 (19)105 3 (19)
Amortization of prior service credit   (7)  (7)
Net periodic benefit cost
$62 17 (35)48 17 (33)

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Note 20: Earnings and Dividends Per Common Share
Table 20.1 shows earnings per common share and diluted earnings per common share and reconciles the numerator and denominator of both earnings per common share calculations.
Table 20.1: Earnings Per Common Share Calculations
Quarter ended September 30,Nine months ended September 30,
(in millions, except per share amounts)2024202320242023
Wells Fargo net income
$5,114 5,767 $14,643 15,696 
Less: Preferred stock dividends and other (1)
262 317 838 874 
Wells Fargo net income applicable to common stock (numerator)$4,852 5,450 $13,805 14,822 
Earnings per common share
Average common shares outstanding (denominator)3,384.8 3,648.8 3,464.1 3,710.9 
Per share$1.43 1.49 $3.99 3.99 
Diluted earnings per common share
Average common shares outstanding3,384.8 3,648.8 3,464.1 3,710.9 
Add: Restricted share rights (2)
40.3 31.8 39.4 30.7 
Diluted average common shares outstanding (denominator)3,425.1 3,680.6 3,503.5 3,741.6 
Per share$1.42 1.48 $3.94 3.96 
(1)Includes costs associated with any preferred stock redemption.
(2)Calculated using the treasury stock method.
Table 20.2 presents the outstanding securities that were anti-dilutive and therefore not included in the calculation of diluted earnings per common share.
Table 20.2: Outstanding Anti-Dilutive Securities
Weighted-average shares
Quarter ended September 30,Nine months ended September 30,
(in millions)2024202320242023
Convertible Preferred Stock, Series L (1)25.3 25.3 25.3 25.3 
Restricted share rights (2)  0.4 0.2 
(1)    Calculated using the if-converted method.
(2)    Calculated using the treasury stock method.
Table 20.3 presents dividends declared per common share.
Table 20.3: Dividends Declared Per Common Share
Quarter ended September 30,Nine months ended September 30,
2024202320242023
Per common share$0.40 0.35 $1.10 0.95 
128
Wells Fargo & Company


Note 21: Other Comprehensive Income
Table 21.1 provides the components of other comprehensive income (OCI), reclassifications to net income by income statement line item, and the related tax effects.


Table 21.1: Summary of Other Comprehensive Income

Quarter ended September 30,Nine months ended September 30,

2024202320242023
(in millions)Before 
 tax 
Tax 
 effect
Net of 
 tax 
Before 
 tax 
Tax 
 effect 
Net of 
 tax 
Before 
 tax 
Tax 
 effect
Net of 
 tax 
Before 
 tax 
Tax 
 effect 
Net of 
 tax 
Debt securities:
Net unrealized gains (losses) arising during the period$3,754 (923)2,831 (2,790)686 (2,104)$2,782 (686)2,096 (2,989)737 (2,252)
Reclassification of net (gains) losses to net income590 (147)443 152 (37)115 853 (210)643 421 (104)317 
Net change4,344 (1,070)3,274 (2,638)649 (1,989)3,635 (896)2,739 (2,568)633 (1,935)
Derivatives and hedging activities:
Fair Value Hedges:
Change in fair value of excluded components on fair value hedges (1)5 (1)4 9 (2)7 16 (4)12 20 (5)15 
Cash Flow Hedges:
Net unrealized gains (losses) arising during the period on cash flow hedges1,094 (270)824 (757)187 (570)(136)34 (102)(1,374)340 (1,034)
Reclassification of net (gains) losses to net income222 (56)166 206 (50)156 677 (168)509 504 (124)380 
Net change1,321 (327)994 (542)135 (407)557 (138)419 (850)211 (639)
Defined benefit plans adjustments:
Net actuarial and prior service gains (losses) arising during the period            
Reclassification of amounts to noninterest expense (2)27 (6)21 27 (6)21 82 (19)63 82 (19)63 
Net change27 (6)21 27 (6)21 82 (19)63 82 (19)63 
Debit valuation adjustments (DVA) and other:
Net unrealized gains (losses) arising during the period
(1) (1)(13)3 (10)(32)7 (25)(22)5 (17)
Reclassification of net (gains) losses to net income            
Net change(1) (1)(13)3 (10)(32)7 (25)(22)5 (17)
Foreign currency translation adjustments:
Net unrealized gains (losses) arising during the period61  61 (48)(1)(49)13 (1)12 17 (2)15 
Reclassification of net (gains) losses to net income            
Net change61  61 (48)(1)(49)13 (1)12 17 (2)15 
Other comprehensive income (loss)$5,752 (1,403)4,349 (3,214)780 (2,434)$4,255 (1,047)3,208 (3,341)828 (2,513)
Less: Other comprehensive income from noncontrolling interests, net of tax
 2  2 
Wells Fargo other comprehensive income (loss), net of tax
$4,349 (2,436)$3,208 (2,515)
(1)Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income.
(2)These items are included in the computation of net periodic benefit cost. See Note 19 (Employee Benefits) for additional information.

Wells Fargo & Company
129


Note 21: Other Comprehensive Income (continued)
Table 21.2 provides the accumulated OCI balance activity on an after-tax basis.

Table 21.2: Accumulated OCI Balances
(in millions)
Debt
securities (1)
Fair value hedges (2)
Cash flow hedges (3)
Defined 
 benefit 
 plans 
 adjustments
Debit valuation adjustments
(DVA)
and other
Foreign 
 currency 
 translation 
adjustments 
Accumulated 
 other 
comprehensive income (loss)
Quarter ended September 30, 2024
Balance, beginning of period$(9,099)(53)(1,371)(1,791)(39)(368)(12,721)
Net unrealized gains (losses) arising during the period2,831 4 824  (1)61 3,719 
Amounts reclassified from accumulated other comprehensive income443  166 21   630 
Net change3,274 4 990 21 (1)61 4,349 
Less: Other comprehensive income from noncontrolling interests       
Balance, end of period
$(5,825)(49)(381)(1,770)(40)(307)(8,372)
Quarter ended September 30, 2023
Balance, beginning of period
$(9,781)(69)(1,423)(1,859)7 (316)(13,441)
Net unrealized gains (losses) arising during the period
(2,104)7 (570) (10)(49)(2,726)
Amounts reclassified from accumulated other comprehensive income115  156 21   292 
Net change(1,989)7 (414)21 (10)(49)(2,434)
Less: Other comprehensive income from noncontrolling interests
     2 2 
Balance, end of period$(11,770)(62)(1,837)(1,838)(3)(367)(15,877)
Nine months ended September 30, 2024
Balance, beginning of period
$(8,564)(61)(788)(1,833)(15)(319)(11,580)
Net unrealized gains (losses) arising during the period2,096 12 (102) (25)12 1,993 
Amounts reclassified from accumulated other comprehensive income643  509 63   1,215 
Net change2,739 12 407 63 (25)12 3,208 
Less: Other comprehensive income from noncontrolling interests       
Balance, end of period
$(5,825)(49)(381)(1,770)(40)(307)(8,372)
Nine months ended September 30, 2023
Balance, beginning of period$(9,835)(77)(1,183)(1,901)(6)(380)(13,382)
Transition adjustment
    20  20 
Balance, beginning of period
(9,835)(77)(1,183)(1,901)14 (380)(13,362)
Net unrealized gains (losses) arising during the period
(2,252)15 (1,034) (17)15 (3,273)
Amounts reclassified from accumulated other comprehensive income317  380 63   760 
Net change(1,935)15 (654)63 (17)15 (2,513)
Less: Other comprehensive income from noncontrolling interests
     2 2 
Balance, end of period
$(11,770)(62)(1,837)(1,838)(3)(367)(15,877)
(1)At September 30, 2024 and 2023, accumulated other comprehensive loss includes unamortized after-tax unrealized losses of $3.2 billion and $3.6 billion, respectively, associated with the transfer of securities from AFS to HTM. These amounts are subsequently amortized into earnings over the same period as the related unamortized premiums and discounts.
(2)Substantially all of the amounts for fair value hedges are foreign exchange contracts.
(3)Substantially all of the amounts for cash flow hedges are interest rate contracts.

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Wells Fargo & Company


Note 22:  Regulatory Capital Requirements and Other Restrictions
Regulatory Capital Requirements
The Company and each of its subsidiary banks are subject to regulatory capital adequacy requirements promulgated by federal banking regulators. The FRB establishes capital requirements for the consolidated financial holding company, and the Office of the Comptroller of the Currency (OCC) has similar requirements for the Company’s national banks, including Wells Fargo Bank, N.A. (the Bank).
Table 22.1 presents regulatory capital information for the Company and the Bank in accordance with Basel III capital
requirements. We must calculate our risk-based capital ratios under both the Standardized and Advanced Approaches. The Standardized Approach applies assigned risk weights to broad risk categories, while the calculation of risk-weighted assets (RWAs) under the Advanced Approach differs by requiring applicable banks to utilize a risk-sensitive methodology, which relies upon the use of internal credit models, and includes an operational risk component.
Table 22.1: Regulatory Capital Information

Wells Fargo & Company Wells Fargo Bank, N.A.
Standardized ApproachAdvanced ApproachStandardized ApproachAdvanced Approach
(in millions, except ratios)Sep 30,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Sep 30,
2024
Dec 31,
2023
Regulatory capital:
Common Equity Tier 1$138,312 140,783 138,312 140,783 149,051 142,108 149,051 142,108 
Tier 1156,597 159,823 156,597 159,823 149,051 142,108 149,051 142,108 
Total188,464 193,061 178,191 182,726 172,326 165,634 162,344 155,560 
Assets:
Risk-weighted assets
1,219,917 1,231,668 1,089,274 1,114,281 1,123,336 1,137,605 931,629 956,545 
Adjusted average assets (1)
1,889,683 1,880,981 1,889,683 1,880,981 1,675,658 1,682,199 1,675,658 1,682,199 
Regulatory capital ratios:
Common Equity Tier 1 capital11.34 %*11.43 12.70 12.63 13.27 *12.49 16.00 14.86 
Tier 1 capital12.84 *12.98 14.38 14.34 13.27 *12.49 16.00 14.86 
Total capital15.45 *15.67 16.36 16.40 15.34 *14.56 17.43 16.26 
Required minimum capital ratios:
Common Equity Tier 1 capital8.90 8.90 8.50 8.50 7.00 7.00 7.00 7.00 
Tier 1 capital10.40 10.40 10.00 10.00 8.50 8.50 8.50 8.50 
Total capital12.40 12.40 12.00 12.00 10.50 10.50 10.50 10.50 
Wells Fargo & CompanyWells Fargo Bank, N.A.
September 30, 2024December 31, 2023September 30, 2024December 31, 2023
Regulatory leverage:
Total leverage exposure (1)
$2,262,863 2,253,933 2,036,197 2,048,633 
Supplementary leverage ratio (1)
6.92 %7.09 7.32 6.94 
Tier 1 leverage ratio (2)
8.29 8.50 8.90 8.45 
Required minimum leverage:
Supplementary leverage ratio5.00 5.00 6.00 6.00 
Tier 1 leverage ratio4.00 4.00 4.00 4.00 
*Denotes the binding ratio under the Standardized and Advanced Approaches at September 30, 2024.
(1)The supplementary leverage ratio consists of Tier 1 capital divided by total leverage exposure. Total leverage exposure consists of adjusted average assets plus certain off-balance sheet exposures. Adjusted average assets consists of total quarterly average assets less goodwill and other permitted Tier 1 capital deductions (net of deferred tax liabilities).
(2)The Tier 1 leverage ratio consists of Tier 1 capital divided by total quarterly average assets, excluding goodwill and certain other items as determined under the rule.
At September 30, 2024, the Common Equity Tier 1 (CET1), Tier 1 and Total capital ratio requirements for the Company included a global systemically important bank (G-SIB) surcharge of 1.50% and a countercyclical buffer of 0.00%. In addition, these ratios included a stress capital buffer of 2.90% under the Standardized Approach and a capital conservation buffer of 2.50% under the Advanced Approach. The Company is required to maintain these risk-based capital ratios and to maintain a supplementary leverage ratio (SLR) that included a supplementary leverage buffer of 2.00% to avoid restrictions on capital distributions and discretionary bonus payments. The CET1, Tier 1 and Total capital ratio requirements for the Bank included a capital conservation buffer of 2.50% under both the Standardized and Advanced Approaches. The G-SIB surcharge and countercyclical buffer are not applicable to the Bank. At
September 30, 2024, the Bank and our other insured depository institutions were considered well-capitalized under the requirements of the Federal Deposit Insurance Act.
Capital Planning Requirements
The FRB’s capital plan rule establishes capital planning and other requirements that govern capital distributions, including dividends and share repurchases, by certain large bank holding companies (BHCs), including Wells Fargo. The FRB conducts an annual Comprehensive Capital Analysis and Review exercise and has also published guidance regarding its supervisory expectations for capital planning, including capital policies regarding the process relating to common stock dividend and repurchase decisions in the FRB’s SR Letter 15-18. The Parent’s
Wells Fargo & Company
131


Note 22: Regulatory Capital Requirements and Other Restrictions (continued)
ability to make certain capital distributions is subject to the requirements of the capital plan rule and is also subject to the Parent meeting or exceeding certain regulatory capital minimums.
Loan and Dividend Restrictions
Federal law restricts the amount and the terms of both credit and non-credit transactions between a bank and its nonbank affiliates. Additionally, federal laws and regulations limit, and regulators can impose additional limitations on, the dividends that a national bank may pay.
Our nonbank subsidiaries are also limited by certain federal and state statutory provisions and regulations covering the amount of dividends that may be paid in any given year. In addition, we have entered into a Support Agreement dated June 28, 2017, as amended and restated on June 26, 2019, among Wells Fargo & Company, the parent holding company (Parent), WFC Holdings, LLC, an intermediate holding company and subsidiary of the Parent (IHC), the Bank, Wells Fargo Securities, LLC, Wells Fargo Clearing Services, LLC, and certain other subsidiaries of the Parent designated from time to time as material entities for resolution planning purposes or identified from time to time as related support entities in our resolution plan, pursuant to which the IHC may be restricted from making dividend payments to the Parent if certain liquidity and/or capital metrics fall below defined triggers or if the Parent’s board of directors authorizes it to file a case under the U.S. Bankruptcy Code.
For additional information on loan and dividend restrictions, see Note 26 (Regulatory Capital Requirements and Other Restrictions) in our 2023 Form 10-K.
Cash Restrictions
Cash and cash equivalents may be restricted as to usage or withdrawal. Table 22.2 provides a summary of restrictions on cash and cash equivalents.
Table 22.2: Nature of Restrictions on Cash and Cash Equivalents
(in millions)Sep 30,
2024
Dec 31,
2023
Reserve balance for non-U.S. central banks$193 230 
Segregated for benefit of brokerage customers under federal and other brokerage regulations985 986 
132
Wells Fargo & Company


Glossary of Acronyms
ACLAllowance for credit lossesHQLAHigh-quality liquid assets
AFSAvailable-for-saleHTMHeld-to-maturity
AOCIAccumulated other comprehensive incomeLCRLiquidity coverage ratio
ARMAdjustable-rate mortgageLHFSLoans held for sale
ASCAccounting Standards CodificationLOCOMLower of cost or fair value
ASUAccounting Standards UpdateLTVLoan-to-value
AVMAutomated valuation modelMBSMortgage-backed securities
BCBSBasel Committee on Banking SupervisionMSRMortgage servicing right
BHCBank holding companyNAVNet asset value
CCARComprehensive Capital Analysis and ReviewNPANonperforming asset
CDCertificate of depositNSFRNet stable funding ratio
CECLCurrent expected credit lossOCCOffice of the Comptroller of the Currency
CET1Common Equity Tier 1OCIOther comprehensive income
CFPBConsumer Financial Protection BureauOTCOver-the-counter
CLOCollateralized loan obligationPCDPurchased credit-deteriorated
CRECommercial real estateRMBSResidential mortgage-backed securities
DPDDays past dueROAReturn on average assets
ESOPEmployee Stock Ownership PlanROEReturn on average equity
FASBFinancial Accounting Standards BoardROTCEReturn on average tangible common equity
FDICFederal Deposit Insurance CorporationRWAsRisk-weighted assets
FHAFederal Housing AdministrationSECSecurities and Exchange Commission
FHLBFederal Home Loan BankS&PStandard & Poor’s Global Ratings
FHLMCFederal Home Loan Mortgage CorporationSLRSupplementary leverage ratio
FICOFair Isaac Corporation (credit rating)SOFRSecured Overnight Financing Rate
FNMAFederal National Mortgage AssociationSPESpecial purpose entity
FRBBoard of Governors of the Federal Reserve SystemTLACTotal Loss Absorbing Capacity
GAAPGenerally accepted accounting principlesVADepartment of Veterans Affairs
GNMAGovernment National Mortgage AssociationVaRValue-at-Risk
GSE
Government-sponsored enterprise
VIEVariable interest entity
G-SIBGlobal systemically important bankWIMWealth and Investment Management

Wells Fargo & Company
133


PART II – OTHER INFORMATION

Item 1.    Legal Proceedings
 
Information in response to this item can be found in Note 10 (Legal Actions) to Financial Statements in this Report which information is incorporated by reference into this item.
Item 1A.    Risk Factors
 
Information in response to this item can be found under the “Financial Review – Risk Factors” section in this Report which information is incorporated by reference into this item. 
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds
 
The following table shows Company repurchases of its common stock for each calendar month in the quarter ended September 30, 2024.

Calendar month
Total number
of shares
repurchased (1)
Weighted average
price paid per share
Approximate dollar
value of shares that
may yet be
repurchased under
the authorization
(in millions)
July42 $57.73 $14,709 
August34,916,207 55.03 12,787 
September27,078,797 55.90 11,274 
Total61,995,046 
(1)All shares were repurchased under an authorization covering up to $30 billion of common stock approved by the Board of Directors and publicly announced by the Company on July 25, 2023. Unless modified or revoked by the Board of Directors, this authorization does not expire.


Item 5.    Other Information
 
Trading Plans
During the three months ended September 30, 2024, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Disclosure Pursuant to Section 13(r) of the Exchange Act
Pursuant to Section 13(r) of the Exchange Act, an issuer is required to disclose in its annual or quarterly reports, as applicable, whether it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to the Government of Iran or with certain individuals or entities that are the subject of sanctions under U.S. law. Disclosure may be required even where the activities, transactions or dealings were conducted in compliance with applicable law.

In third quarter 2024, the Company blocked and reported to the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) consumer bank accounts held by certain customers who the Company determined met the OFAC definition of the “Government of Iran” because of their employment at entities owned by the Government of Iran. During the quarter, before the accounts were closed and the funds were moved to a blocked account, there was some regular consumer activity in the accounts, including customer payments, the payment of accrued interest, and account maintenance activities. The Company’s gross revenue attributable to these accounts while they were open was de minimis. The Company does not intend to engage in further activity with these accounts.
134
Wells Fargo & Company


Item 6.    Exhibits

A list of exhibits to this Form 10-Q is set forth below.
 
The Company’s SEC file number is 001-2979. On and before November 2, 1998, the Company filed documents with the SEC under the name Norwest Corporation. The former Wells Fargo & Company filed documents under SEC file number 001-6214.

Exhibit
Number
Description Location 
Incorporated by reference to Exhibit 3(a) to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024.
Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed January 24, 2024.
4(a)See Exhibits 3(a) and 3(b).
4(b)The Company agrees to furnish upon request to the Commission a copy of each instrument defining the rights of holders of senior and subordinated debt of the Company.
Incorporated by reference to Exhibit 22 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023.
Filed herewith.
Filed herewith.
Furnished herewith.
Furnished herewith.
101.INSInline XBRL Instance DocumentThe instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
101.SCHInline XBRL Taxonomy Extension Schema DocumentFiled herewith.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase DocumentFiled herewith.
101.DEFInline XBRL Taxonomy Extension Definitions Linkbase DocumentFiled herewith.
101.LABInline XBRL Taxonomy Extension Label Linkbase DocumentFiled herewith.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase DocumentFiled herewith.
104
Cover Page Interactive Data File
Formatted as Inline XBRL and contained in Exhibit 101.
Wells Fargo & Company
135


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, thereunto duly authorized.
 
Dated: October 31, 2024    WELLS FARGO & COMPANY
 
 
By:/s/ MUNEERA S. CARR
Muneera S. Carr
Executive Vice President,
Chief Accounting Officer and Controller
(Principal Accounting Officer)

136
Wells Fargo & Company