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(1)Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.
(2)Includes provision for credit losses for loans, debt securities, and other financial assets.
(3)Book value per common share is common stockholders’ equity divided by common shares outstanding. Tangible book value per common share is tangible common equity divided by common shares outstanding.
(4)Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than mortgage servicing rights) and goodwill and other intangibles on investments in consolidated portfolio companies, net of applicable deferred taxes. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity and tangible book value per common share, which utilize tangible common equity, are useful financial measures because they enable management, investors, and others to assess the Company’s use of equity. For additional information, including a corresponding reconciliation to generally accepted accounting principles (GAAP) financial measures, see the “Capital Management – Tangible Common Equity” section in this Report.
(5)Represents Wells Fargo net income divided by average assets.
(6)Represents Wells Fargo net income applicable to common stock divided by average common stockholders’ equity.
(7)The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).
(8)For additional information, see the “Capital Management” section and Note 22 (Regulatory Capital Requirements and Other Restrictions) to Financial Statements in this Report.
(9)Represents TLAC divided by RWAs, which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches.
(10)Represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule.
2
Wells Fargo & Company
This Quarterly Report, including the Financial Review and the Financial Statements and related Notes, contains forward-looking statements, which may include forecasts of our financial results and condition, expectations for our operations and business, and our assumptions for those forecasts and expectations. Do not unduly rely on forward-looking statements. Actual results may differ materially from our forward-looking statements due to several factors. Factors that could cause our actual results to differ materially from our forward-looking statements are described in this Report, including in the “Forward-Looking Statements” section, and in the “Risk Factors” and “Regulation and Supervision” sections of our Annual Report on Form 10-K for the year ended December 31, 2023 (2023 Form 10-K).
When we refer to “Wells Fargo,” “the Company,” “we,” “our,” or “us” in this Report, we mean Wells Fargo & Company and Subsidiaries (consolidated). When we refer to the “Parent,” we mean Wells Fargo & Company. See the “Glossary of Acronyms” for definitions of terms used throughout this Report.
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)
2024
2023
$ Change
% Change
2024
2023
$ Change
% Change
Selected income statement data
Net interest income
$
11,690
13,105
(1,415)
(11)
%
$
35,840
39,604
(3,764)
(10)
%
Noninterest income
8,676
7,752
924
12
26,078
22,515
3,563
16
Total revenue
20,366
20,857
(491)
(2)
61,918
62,119
(201)
—
Net charge-offs
1,111
864
247
29
3,571
2,192
1,379
63
Change in the allowance for credit losses
(46)
333
(379)
NM
(332)
1,925
(2,257)
NM
Provision for credit losses (1)
1,065
1,197
(132)
(11)
3,239
4,117
(878)
(21)
Noninterest expense
13,067
13,113
(46)
—
40,698
39,776
922
2
Income tax expense
1,064
811
253
31
3,279
2,707
572
21
Wells Fargo net income
5,114
5,767
(653)
(11)
14,643
15,696
(1,053)
(7)
Wells Fargo net income applicable to common stock
4,852
5,450
(598)
(11)
13,805
14,822
(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 $3.6 billion increase in noninterest income.
Net Interest Income
Net interest income and net interest margin decreased in both the third quarter and first nine months of 2024, compared with the same periods a year ago, driven by the impact of higher interest rates on interest-bearing liabilities, including a deposit mix shift to interest-bearing deposits, as well as lower loan balances, partially offset by higher interest rates on interest-earning assets.
Table 1 presents the individual components of net interest income and net interest margin. Net interest income and net interest margin are presented on a taxable-equivalent basis in Table 1 to consistently reflect income from taxable and tax-exempt loans and debt and equity securities. The calculation for taxable-equivalent basis was based on a federal statutory tax rate of 21%.
For additional information about net interest income and net interest margin, see the “Earnings Performance – Net Interest Income” section in our 2023 Form 10-K.
6
Wells Fargo & Company
Table 1: Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis) (1)
Quarter ended September 30,
2024
2023
($ 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 agreements
81,549
1,073
5.24
68,715
888
5.13
Debt securities:
Trading debt securities
125,083
1,330
4.25
109,802
1,060
3.86
Available-for-sale debt securities
160,729
1,744
4.33
139,511
1,371
3.92
Held-to-maturity debt securities
250,010
1,610
2.57
273,948
1,822
2.65
Total debt securities
535,822
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 mortgage
120,618
2,018
6.66
129,206
2,149
6.60
Commercial real estate construction
22,569
464
8.18
24,480
498
8.07
Lease financing
16,529
235
5.68
15,564
191
4.90
Total commercial loans
530,627
9,397
7.05
551,527
9,610
6.92
Residential mortgage – first lien
243,831
2,147
3.52
252,176
2,129
3.38
Residential mortgage – junior lien
9,836
186
7.51
11,742
210
7.11
Credit card
54,580
1,747
12.73
48,889
1,612
13.08
Auto
43,430
570
5.22
51,014
615
4.78
Other consumer
27,951
601
8.56
27,845
607
8.65
Total consumer loans
379,628
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 securities
27,480
157
2.26
25,019
153
2.42
Other
9,711
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 banks
27,669
—
27,137
—
Goodwill
25,172
—
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 deposits
353,654
1,220
1.37
366,788
725
0.78
Time deposits
168,920
2,194
5.17
153,593
1,871
4.83
Deposits in non-U.S. offices
19,192
194
4.04
18,825
166
3.51
Total interest-bearing deposits
986,206
6,445
2.60
953,500
4,608
1.92
Short-term borrowings:
Federal funds purchased and securities sold under agreements to repurchase
97,920
1,316
5.35
75,849
999
5.23
Other short-term borrowings
11,982
120
3.97
14,229
134
3.72
Total short-term borrowings
109,902
1,436
5.20
90,078
1,133
4.99
Long-term debt
183,586
3,163
6.89
181,955
3,039
6.67
Other liabilities
34,735
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 liabilities
62,341
—
62,151
—
Total noninterest-bearing liabilities
$
417,815
—
448,958
—
Total liabilities
$
1,732,244
11,309
1,707,055
8,988
Total equity
184,368
—
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,
2024
2023
($ 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 agreements
74,372
2,929
5.26
68,951
2,404
4.66
Debt securities:
Trading debt securities
119,303
3,721
4.16
102,986
2,759
3.57
Available-for-sale debt securities
150,284
4,717
4.19
144,885
4,041
3.72
Held-to-maturity debt securities
257,770
5,099
2.64
277,644
5,431
2.61
Total debt securities
527,357
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 mortgage
123,538
6,179
6.68
130,085
6,174
6.35
Commercial real estate construction
23,123
1,421
8.21
24,383
1,404
7.70
Lease financing
16,471
679
5.50
15,138
541
4.76
Total commercial loans
535,798
28,341
7.06
552,574
27,202
6.58
Residential mortgage – first lien
245,981
6,434
3.49
253,653
6,326
3.33
Residential mortgage – junior lien
10,313
575
7.44
12,342
630
6.82
Credit card
52,982
5,104
12.87
47,175
4,563
12.93
Auto
45,229
1,725
5.10
51,979
1,815
4.67
Other consumer
28,103
1,805
8.58
28,173
1,734
8.23
Total consumer loans
382,608
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 securities
25,063
502
2.67
27,174
517
2.54
Other
8,930
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 banks
27,860
—
27,539
—
Goodwill
25,173
—
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 deposits
352,729
3,250
1.23
385,171
2,006
0.70
Time deposits
179,604
7,043
5.24
116,102
3,856
4.44
Deposits in non-U.S. offices
19,411
573
3.95
18,739
420
3.00
Total interest-bearing deposits
996,591
18,405
2.47
936,993
11,174
1.59
Short-term borrowings:
Federal funds purchased and securities sold under agreements to repurchase
89,500
3,597
5.37
60,685
2,226
4.91
Other short-term borrowings
14,380
433
4.02
16,642
438
3.52
Total short-term borrowings
103,880
4,030
5.18
77,327
2,664
4.61
Long-term debt
187,619
9,676
6.88
175,156
8,243
6.28
Other liabilities
34,059
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 liabilities
63,068
—
59,450
—
Total noninterest-bearing liabilities
$
409,733
—
470,547
—
Total liabilities
$
1,731,882
32,882
1,693,515
22,675
Total equity
184,197
—
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)
2024
2023
$ Change
% Change
2024
2023
$ Change
% Change
Deposit-related fees
$
1,299
1,179
120
10
%
$
3,778
3,492
286
8
%
Lending-related fees
376
372
4
1
1,112
1,080
32
3
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
7
Investment banking fees
672
492
180
37
1,940
1,194
746
62
Card fees
1,096
1,098
(2)
—
3,258
3,229
29
1
Net servicing income
153
80
73
91
405
292
113
39
Net gains on mortgage loan originations/sales
127
113
14
12
348
335
13
4
Mortgage banking
280
193
87
45
753
627
126
20
Net gains from trading activities
1,438
1,265
173
14
4,334
3,729
605
16
Net gains (losses) from debt securities
(447)
6
(453)
NM
(472)
10
(482)
NM
Net gains (losses) from equity securities
257
(25)
282
NM
355
(476)
831
175
Lease income
277
291
(14)
(5)
990
945
45
5
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)
2024
2023
$ Change
% Change
2024
2023
$ Change
% Change
Personnel
$
8,591
8,627
(36)
—
%
$
26,658
26,648
10
—
%
Technology, telecommunications and equipment
1,142
975
167
17
3,301
2,844
457
16
Occupancy
786
724
62
9
2,263
2,144
119
6
Operating losses (1)
293
329
(36)
(11)
1,419
828
591
71
Professional and outside services
1,130
1,310
(180)
(14)
3,370
3,843
(473)
(12)
Leases (2)
152
172
(20)
(12)
475
529
(54)
(10)
Advertising and promotion
205
215
(10)
(5)
626
553
73
13
Other
768
761
7
1
2,586
2,387
199
8
Total
$
13,067
13,113
(46)
—
$
40,698
39,776
922
2
(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 expenseincreased 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 expensedecreased 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)
2024
2023
$ Change
% Change
2024
2023
$ Change
% Change
Income before income tax expense
$
6,234
6,547
(313)
(5)
%
$
17,981
18,226
(245)
(1)
%
Income tax expense
1,064
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 Lending
Commercial Banking
Corporate and Investment Banking
Wealth and Investment Management
Corporate (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 income
1,975
1,044
3,002
3,036
78
(459)
8,676
Total revenue
9,124
3,333
4,911
3,878
(337)
(543)
20,366
Provision for credit losses
930
85
26
16
8
—
1,065
Noninterest expense
5,624
1,480
2,229
3,154
580
—
13,067
Income (loss) before income tax expense (benefit)
2,570
1,768
2,656
708
(925)
(543)
6,234
Income tax expense (benefit)
646
448
664
179
(330)
(543)
1,064
Net income (loss) before noncontrolling interests
1,924
1,320
1,992
529
(595)
—
5,170
Less: Net income from noncontrolling interests
—
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 income
1,948
886
2,604
2,695
21
(402)
7,752
Total revenue
9,581
3,405
4,923
3,702
(248)
(506)
20,857
Provision for credit losses
768
52
324
(10)
63
—
1,197
Noninterest expense
5,913
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
$
21,283
6,848
5,881
2,617
(527)
(262)
35,840
Noninterest income
5,938
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
Provision for credit losses
2,650
257
316
5
11
—
3,239
Noninterest expense
17,349
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 interests
5,407
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 income
5,844
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
Provision for credit losses
2,509
35
1,509
25
39
—
4,117
Noninterest expense
17,978
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 interests
5,928
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
(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)
2024
2023
$ Change
% Change
2024
2023
$ Change
% Change
Income Statement
Net interest income
$
7,149
7,633
(484)
(6)
%
$
21,283
22,556
(1,273)
(6)
%
Noninterest income:
Deposit-related fees
710
670
40
6
2,077
2,008
69
3
Card fees
1,031
1,027
4
—
3,057
3,007
50
2
Mortgage banking
137
105
32
30
465
397
68
17
Other
97
146
(49)
(34)
339
432
(93)
(22)
Total noninterest income
1,975
1,948
27
1
5,938
5,844
94
2
Total revenue
9,124
9,581
(457)
(5)
27,221
28,400
(1,179)
(4)
Net charge-offs
871
722
149
21
2,659
1,932
727
38
Change in the allowance for credit losses
59
46
13
28
(9)
577
(586)
NM
Provision for credit losses
930
768
162
21
2,650
2,509
141
6
Noninterest expense
5,624
5,913
(289)
(5)
17,349
17,978
(629)
(3)
Income before income tax expense
2,570
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 Lending
842
840
2
—
2,529
2,550
(21)
(1)
Credit Card
1,471
1,494
(23)
(2)
4,419
4,360
59
1
Auto
273
360
(87)
(24)
855
1,130
(275)
(24)
Personal Lending
316
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
3
Mobile active customers (# in millions, period-end) (3)
31.2
29.6
5
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
2
$
376.5
366.7
9.8
3
Debit card purchase transactions (# in millions) (5)
2,585
2,550
1
7,608
7,454
2
(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)
2024
2023
$ Change
% Change
2024
2023
$ Change
% Change
Home Lending:
Mortgage banking:
Net servicing income
$
114
41
73
178
%
$
294
187
107
57
%
Net gains on mortgage loan originations/sales
23
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
2
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)
2024
2023
$ Change
% Change
2024
2023
$ 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 Lending
209,825
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
Auto
43,949
51,578
(7,629)
(15)
45,733
52,569
(6,836)
(13)
Personal Lending
14,470
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 deposits
773,554
801,061
(27,507)
(3)
775,005
821,741
(46,736)
(6)
Allocated capital
45,500
44,000
1,500
3
45,500
44,000
1,500
3
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 Lending
209,083
217,955
(8,872)
(4)
Credit Card
49,521
44,409
5,112
12
Auto
43,356
50,407
(7,051)
(14)
Personal Lending
14,413
15,439
(1,026)
(7)
Total loans
$
322,745
334,956
(12,211)
(4)
Total deposits
775,745
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)
2024
2023
$ Change
% Change
2024
2023
$ Change
% Change
Income Statement
Net interest income
$
2,289
2,519
(230)
(9)
%
$
6,848
7,509
(661)
(9)
%
Noninterest income:
Deposit-related fees
303
257
46
18
877
741
136
18
Lending-related fees
138
133
5
4
415
393
22
6
Lease income
126
153
(27)
(18)
408
489
(81)
(17)
Other
477
343
134
39
1,059
949
110
12
Total noninterest income
1,044
886
158
18
2,759
2,572
187
7
Total revenue
3,333
3,405
(72)
(2)
9,607
10,081
(474)
(5)
Net charge-offs
50
37
13
35
222
61
161
264
Change in the allowance for credit losses
35
15
20
133
35
(26)
61
235
Provision for credit losses
85
52
33
63
257
35
222
634
Noninterest expense
1,480
1,543
(63)
(4)
4,665
4,925
(260)
(5)
Income before income tax expense
1,768
1,810
(42)
(2)
4,685
5,121
(436)
(9)
Income tax expense
448
453
(5)
(1)
1,191
1,281
(90)
(7)
Less: Net income from noncontrolling interests
2
3
(1)
(33)
8
9
(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 payments
1,434
1,541
(107)
(7)
4,267
4,687
(420)
(9)
Other
606
543
63
12
1,430
1,417
13
1
Total revenue
$
3,333
3,405
(72)
(2)
$
9,607
10,081
(474)
(5)
Selected Metrics
Return on allocated capital
19.2
%
20.2
16.9
%
19.2
Efficiency ratio
44
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)
2024
2023
$ Change
% Change
2024
2023
$ 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 estate
44,756
45,716
(960)
(2)
45,013
45,810
(797)
(2)
Lease financing and other
15,393
14,518
875
6
15,384
14,090
1,294
9
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
6
$
124,960
121,442
3,518
3
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 deposits
173,158
160,556
12,602
8
168,044
165,887
2,157
1
Allocated capital
26,000
25,500
500
2
26,000
25,500
500
2
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial
$
163,878
165,094
(1,216)
(1)
Commercial real estate
44,715
45,663
(948)
(2)
Lease financing and other
15,406
15,014
392
3
Total loans
$
223,999
225,771
(1,772)
(1)
Loans by Line of Business:
Middle Market Banking
$
127,048
119,354
7,694
6
Asset-Based Lending and Leasing
96,951
106,417
(9,466)
(9)
Total loans
$
223,999
225,771
(1,772)
(1)
Total deposits
178,406
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)
2024
2023
$ Change
% Change
2024
2023
$ Change
% Change
Income Statement
Net interest income
$
1,909
2,319
(410)
(18)
%
$
5,881
7,139
(1,258)
(18)
%
Noninterest income:
Deposit-related fees
279
247
32
13
804
730
74
10
Lending-related fees
213
206
7
3
621
591
30
5
Investment banking fees
668
545
123
23
1,949
1,249
700
56
Net gains from trading activities
1,366
1,193
173
15
4,158
3,531
627
18
Other
476
413
63
15
1,318
1,216
102
8
Total noninterest income
3,002
2,604
398
15
8,850
7,317
1,533
21
Total revenue
4,911
4,923
(12)
—
14,731
14,456
275
2
Net charge-offs
196
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 losses
26
324
(298)
(92)
316
1,509
(1,193)
(79)
Noninterest expense
2,229
2,182
47
2
6,729
6,486
243
4
Income before income tax expense
2,656
2,417
239
10
7,686
6,461
1,225
19
Income tax expense
664
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 Payments
695
747
(52)
(7)
2,068
2,294
(226)
(10)
Investment Banking
419
430
(11)
(3)
1,323
1,021
302
30
Total Banking
1,812
1,898
(86)
(5)
5,458
5,413
45
1
Commercial Real Estate
1,364
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
Equities
396
518
(122)
(24)
1,404
1,352
52
4
Credit Adjustment (CVA/DVA) and Other
31
(12)
43
358
57
73
(16)
(22)
Total Markets
1,754
1,654
100
6
5,375
4,991
384
8
Other
(19)
(5)
(14)
NM
28
32
(4)
(13)
Total revenue
$
4,911
4,923
(12)
—
$
14,731
14,456
275
2
Selected Metrics
Return on allocated capital
17.1
%
15.5
16.5
%
13.9
Efficiency ratio
45
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)
2024
2023
$ Change
% Change
2024
2023
$ 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 estate
91,963
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 Estate
124,056
135,639
(11,583)
(9)
127,943
136,302
(8,359)
(6)
Markets
64,614
62,002
2,612
4
62,275
60,160
2,115
4
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 borrowed
74,041
62,284
11,757
19
67,289
60,105
7,184
12
Derivative assets
19,668
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 assets
574,697
559,647
15,050
3
561,280
552,888
8,392
2
Total deposits
194,315
157,212
37,103
24
188,399
158,337
30,062
19
Allocated capital
44,000
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 estate
90,382
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 Estate
121,238
133,939
(12,701)
(9)
Markets
64,264
62,668
1,596
3
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 assets
17,906
21,231
(3,325)
(16)
Total trading-related assets
$
245,616
206,018
39,598
19
Total assets
583,144
557,642
25,502
5
Total deposits
199,700
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)
2024
2023
$ Change
% Change
2024
2023
$ 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 fees
2,406
2,164
242
11
7,030
6,335
695
11
Commissions and brokerage services fees
548
492
56
11
1,614
1,527
87
6
Other
82
39
43
110
217
109
108
99
Total noninterest income
3,036
2,695
341
13
8,861
7,971
890
11
Total revenue
3,878
3,702
176
5
11,478
11,031
447
4
Net charge-offs
(5)
1
(6)
NM
(1)
(1)
—
—
Change in the allowance for credit losses
21
(11)
32
291
6
26
(20)
(77)
Provision for credit losses
16
(10)
26
260
5
25
(20)
(80)
Noninterest expense
3,154
3,006
148
5
9,577
9,041
536
6
Income before income tax expense
708
706
2
—
1,896
1,965
(69)
(4)
Income tax expense
179
177
2
1
502
492
10
2
Net income
$
529
529
—
—
$
1,394
1,473
(79)
(5)
Selected Metrics
Return on allocated capital
31.5
%
32.8
27.7
%
30.8
Efficiency ratio
81
81
83
82
Client assets ($ in billions, period-end):
Advisory assets
$
993
825
168
20
Other brokerage assets and deposits
1,301
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
1
$
82,815
82,948
(133)
—
Total deposits
107,991
107,500
491
—
104,117
115,418
(11,301)
(10)
Allocated capital
6,500
6,250
250
4
6,500
6,250
250
4
Selected Balance Sheet Data (period-end)
Total loans
$
83,023
82,331
692
1
Total deposits
112,472
103,255
9,217
9
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 ended
Nine 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)
2024
2023
$ Change
% Change
2024
2023
$ Change
% Change
Income Statement
Net interest income
$
(415)
(269)
(146)
(54)
%
$
(527)
(344)
(183)
(53)
%
Noninterest income
78
21
57
271
761
147
614
418
Total revenue
(337)
(248)
(89)
(36)
234
(197)
431
219
Net charge-offs
(1)
(1)
—
—
(4)
(5)
1
20
Change in the allowance for credit losses
9
64
(55)
(86)
15
44
(29)
(66)
Provision for credit losses
8
63
(55)
(87)
11
39
(28)
(72)
Noninterest expense
580
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 $4.6 billionat September 30, 2024, and December 31, 2023, respectively. We may incur impairment charges based on changing economic and market conditions affecting the long-term demand and utility of specific types of rail cars. For additional information, see the “Earnings Performance – Operating Segment Results – Corporate” section in our 2023 Form 10-K.
Wells Fargo & Company
23
Earnings Performance (continued)
Table 6j: Corporate – Balance Sheet
Quarter ended Sep 30,
Nine months ended Sep 30,
($ in millions)
2024
2023
$ Change
% Change
2024
2023
$ 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
6
Held-to-maturity debt securities
242,621
266,012
(23,391)
(9)
250,242
269,885
(19,643)
(7)
Equity securities
15,216
15,784
(568)
(4)
15,580
15,544
36
—
Total loans
6,509
9,386
(2,877)
(31)
7,620
9,252
(1,632)
(18)
Total assets
648,930
623,339
25,591
4
656,289
610,047
46,242
8
Total deposits
92,662
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 securities
14,861
15,496
(635)
(4)
Total loans
6,221
9,036
(2,815)
(31)
Total assets
642,618
641,455
1,163
—
Total deposits
83,323
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 $10.3 billion from December 31, 2023.
The following discussion provides additional information about the major components of our consolidated balance sheet. See the “Capital Management” section in this Report for information on changes in our equity.
Available-for-Sale and Held-to-Maturity Debt Securities
Table 7:Available-for-Sale and Held-to-Maturity Debt Securities
September 30, 2024
December 31, 2023
($ in millions)
Amortized cost, net (1)
Net unrealized gains (losses)
Fair value
Weighted average expected maturity (yrs)
Amortized cost, net (1)
Net unrealized gains (losses)
Fair value
Weighted 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, 2024
Dec 31, 2023
$ Change
% Change
Commercial
$
530,642
547,427
(16,785)
(3)
%
Consumer
379,069
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
3
%
Interest-bearing demand deposits
446,492
33
436,908
32
9,584
2
Savings deposits
355,446
26
349,181
26
6,265
2
Time deposits
158,387
12
187,989
14
(29,602)
(16)
Interest-bearing deposits in non-U.S. offices
19,316
1
23,816
2
(4,500)
(19)
Total deposits
$
1,349,646
100
%
$
1,358,173
100
%
$
(8,527)
(1)
26
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, 2024
Dec 31, 2023
Commercial and industrial
$
372,750
380,388
Commercial real estate
141,410
150,616
Lease financing
16,482
16,423
Total commercial
530,642
547,427
Residential mortgage
252,676
260,724
Credit card
55,046
52,230
Auto
42,815
47,762
Other consumer
28,532
28,539
Total consumer
379,069
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.
Additional information on our loan portfolios and our credit quality trends follows.
28
Wells Fargo & Company
Significant Loan Portfolio ReviewsOur 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 $14.6 billion at December 31, 2023. The increase was driven by the entertainment and recreation; equipment, machinery, and parts manufacturing; auto related; agribusiness; and technology, telecom and media industries.
The portfolio decreased at September 30, 2024, compared with December 31, 2023, as a result of paydowns and decreased loan draws. Table 12 provides our commercial and industrial loans and lease financing by industry. The industry categories are based on the North American Industry Classification System.
Table 12:Commercial and Industrial Loans and Lease Financing by Industry
September 30, 2024
December 31, 2023
($ 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
9
146,635
16
%
$
234,513
Technology, telecom and media
155
23,907
3
60,300
60
25,460
3
59,216
Real estate and construction
91
25,082
3
53,248
55
24,987
3
54,345
Equipment, machinery and parts manufacturing
33
25,931
3
49,762
37
24,785
3
48,265
Retail
50
19,964
2
45,313
72
19,596
2
48,829
Materials and commodities
31
14,019
2
36,518
112
14,235
2
37,758
Food and beverage manufacturing
16
16,501
2
35,207
15
16,047
2
33,957
Auto related
9
16,741
2
30,944
8
15,203
2
28,795
Oil, gas and pipelines
3
10,042
1
30,129
2
10,730
1
32,544
Health care and pharmaceuticals
28
14,394
2
29,669
26
14,863
2
30,386
Commercial services
35
10,774
1
27,501
37
11,095
1
26,025
Utilities
1
6,518
*
24,169
1
8,325
*
25,710
Diversified or miscellaneous
62
8,857
*
22,268
67
8,284
*
22,877
Entertainment and recreation
24
12,227
1
18,940
18
13,968
1
20,250
Insurance and fiduciaries
2
5,154
*
16,314
1
4,715
*
15,724
Transportation services
168
9,230
1
15,907
134
9,277
*
16,750
Government and education
42
5,291
*
11,371
26
5,603
*
11,552
Agribusiness
14
6,115
*
11,209
31
6,466
*
12,080
Banks
1
8,620
*
9,663
—
11,820
1
12,981
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 $3.0 billion at September 30, 2024, and December 31, 2023, respectively.
Table 12a provides further loan segmentation for our largest industry category, financials except banks. This category includes loans to investment firms, financial vehicles, nonbank creditors, rental and leasing companies, securities firms, and investment banks. These loans are generally secured and have features to help manage credit risk, such as structural credit enhancements,
collateral eligibility requirements, contractual re-margining of collateral supporting the loans, and loan amounts limited to a percentage of the value of the underlying assets considering underlying credit risk, asset duration, and ongoing performance.
Table 12a:Financials Except Banks Industry Category
September 30, 2024
December 31, 2023
($ in millions)
Nonaccrual loans
Loans outstanding balance
% of total loans
Total commitments (1)
Nonaccrual loans
Loans outstanding balance
% of total loans
Total commitments (1)
Asset managers and funds (2)
$
—
56,897
6
%
$
100,741
—
51,842
6
%
$
98,074
Commercial finance (3)
2
48,934
6
80,269
2
52,007
6
78,369
Consumer finance (4)
34
19,447
2
34,852
—
20,308
2
33,547
Real estate finance (5)
17
21,319
2
24,556
7
22,478
2
24,523
Total
$
53
146,597
16
%
$
240,418
9
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.
30
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 $830 million at December 31, 2023. The increase in criticized CRE loans was primarily driven by the apartments property type, partially offset by the institutional property type.
We continue to closely monitor the credit quality of the office property type given weakened demand for office space. Loans in California and New York represented approximately 40% of the office property type at both September 30, 2024, and December 31, 2023.
Table 13 provides our CRE loans by state and property type.
Table 13:CRE Loans by State and Property Type
September 30, 2024
December 31, 2023
Real estate mortgage
Real estate construction
Total commercial real estate
Total commercial real estate
($ in millions)
Nonaccrual loans
Loans outstanding balance
Nonaccrual loans
Loans outstanding balance
Nonaccrual loans
Loans outstanding balance
Loans as % of total loans
Total commitments (1)
Loans outstanding balance
Total commitments (1)
By state:
California
$
1,170
25,791
13
3,144
1,183
28,935
3%
$
31,911
31,619
35,629
New York
569
13,869
—
2,633
569
16,502
2
17,497
16,575
17,930
Florida
137
8,873
—
2,688
137
11,561
1
13,045
12,492
14,577
Texas
274
9,273
—
1,403
274
10,676
1
11,870
12,033
14,224
Georgia
253
4,877
—
1,051
253
5,928
*
6,294
6,105
6,804
Arizona
9
4,929
—
607
9
5,536
*
6,184
5,182
5,806
North Carolina
65
3,751
—
1,167
65
4,918
*
5,401
5,397
6,408
Washington
186
4,010
—
798
186
4,808
*
5,356
5,247
5,994
New Jersey
64
2,751
—
1,770
64
4,521
*
4,872
4,364
5,130
Virginia
149
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
5
48,546
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
Office
3,516
25,946
13
3,050
3,529
28,996
3
30,563
31,526
34,295
Industrial/warehouse
52
21,147
—
3,456
52
24,603
3
26,816
25,413
28,493
Retail (excl shopping center)
92
11,303
2
73
94
11,376
1
12,125
11,670
12,338
Hotel/motel
213
10,682
—
783
213
11,465
1
11,885
12,725
13,612
Shopping center
164
8,311
—
274
164
8,585
*
9,117
8,745
9,356
Institutional
13
4,245
—
1,148
13
5,393
*
5,812
5,986
6,568
Mixed use properties
18
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
Other
5
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.
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)
Sovereign
Non-sovereign
Sovereign
Non-sovereign
Sovereign
Non-sovereign
Sovereign
Non-sovereign (2)
Total
Top 20 country exposures:
United Kingdom
$
5,951
21,167
—
24
8
4,057
5,959
25,248
31,207
Canada
8
15,124
803
337
192
720
1,003
16,181
17,184
Japan
8,548
891
694
268
—
82
9,242
1,241
10,483
Luxembourg
—
8,518
2
293
—
301
2
9,112
9,114
Cayman Islands
—
8,177
—
—
—
203
—
8,380
8,380
Ireland
—
5,320
—
178
—
180
—
5,678
5,678
France
11
4,030
3
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
2
1
1,605
1,606
South Korea
—
1,170
(26)
436
4
1
(22)
1,607
1,585
China
40
864
(145)
553
78
46
(27)
1,463
1,436
Hong Kong
—
406
(9)
922
1
4
(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
5
2
5
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.
32
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 York
30,890
31,322
3.40
3.34
0.79
0.79
(0.03)
0.02
Washington
10,624
10,672
1.17
1.14
0.21
0.29
—
—
New Jersey
9,905
10,161
1.09
1.08
1.11
1.13
(0.02)
(0.03)
Florida
9,525
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
Total
235,909
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.
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.
(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 $640 million at September 30, 2024, and December 31, 2023, respectively.
CREDIT CARD, AUTO, AND OTHER CONSUMER LOANS Table 17 shows the outstanding balance of our credit card, auto, and other consumer loan portfolios. For information regarding credit quality indicators for these portfolios, see Note 5 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report.
Table 17: Credit Card, Auto, and Other Consumer Loans
September 30, 2024
December 31, 2023
($ in millions)
Outstanding balance
% of total loans
Outstanding balance
% of total loans
Credit card
$
55,046
6.05
%
$
52,230
5.58
%
Auto
42,815
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 $18.3 billion at September 30, 2024, and December 31, 2023, respectively, of securities-based loans originated by the WIM operating segment.
Credit Card The increase in the outstanding balance at September 30, 2024, compared with December 31, 2023, was due to higher point of sale volume driven by new account growth.
Auto The decrease in the outstanding balance at September 30, 2024, compared with December 31, 2023, was due to paydowns exceeding originations reflecting our actions related to credit tightening.
Other Consumer The outstanding balance at September 30, 2024, was stable compared with December 31, 2023.
34
Wells Fargo & Company
NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS) For information about when we generally place loans on nonaccrual status, see Note 1 (Summary of Significant
Accounting Policies) to Financial Statements in our 2023 Form 10-K. Table 18 summarizes nonperforming assets.
Table 18:Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)
($ in millions)
Sep 30, 2024
Dec 31, 2023
Nonaccrual loans:
Commercial and industrial
$
743
662
Commercial real estate
4,115
4,188
Lease financing
94
64
Total commercial
4,952
4,914
Residential mortgage (1)
3,086
3,192
Auto
99
115
Other consumer
35
35
Total consumer
3,220
3,342
Total nonaccrual loans
$
8,172
8,256
As a percentage of total loans
0.90
%
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 loans
0.92
%
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.
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)
2024
2023
2024
2023
Commercial nonaccrual loans
Balance, beginning of period
$
5,161
3,429
$
4,914
1,823
Inflows
953
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 period
4,952
4,586
4,952
4,586
Consumer nonaccrual loans
Balance, beginning of period
3,273
3,457
3,342
3,803
Inflows
299
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 period
3,220
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, 2024
Dec 31, 2023
Summary by loan segment
Government insured/guaranteed
$
2
12
Commercial
177
135
Consumer
33
40
Total foreclosed assets
$
212
187
(in millions)
Quarter ended September 30,
Nine months ended September 30,
2024
2023
2024
2023
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.
36
Wells Fargo & Company
NET CHARGE-OFFSTable 21 presents net loan charge-offs.
Table 21:Net Loan Charge-offs
Quarter ended September 30,
Nine months ended September 30,
2024
2023
2024
2023
($ 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 estate
184
0.51
93
0.24
642
0.59
189
0.16
Lease financing
10
0.25
2
0.07
25
0.19
7
0.06
Total commercial
323
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 card
601
4.38
420
3.41
1,827
4.61
1,160
3.29
Auto
83
0.76
138
1.07
274
0.81
348
0.90
Other consumer
127
1.82
108
1.55
383
1.82
286
1.36
Total consumer
788
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.
Ratio of allowance for loan losses to total net loan charge-offs (2)
3.24x
4.21
Ratio of allowance for loan losses to total nonaccrual loans
1.75
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:ForecastedKeyEconomic Variables
4Q 2024
2Q 2025
4Q 2025
Weighted blend of economic scenarios:
U.S. unemployment rate (1):
September 30, 2024
4.4
%
4.9
5.7
June 30, 2024
4.4
5.2
5.8
U.S. real GDP (2):
September 30, 2024
0.2
(0.5)
0.3
June 30, 2024
(0.4)
(0.5)
0.9
Home price index (3):
September 30, 2024
1.2
(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.
38
Wells Fargo & Company
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
39
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, 2024
Dec 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 rates
1.1
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, 2024
June 30, 2024
September 30, 2023
(in millions)
Period end
Average
Low
High
Period end
Average
Low
High
Period end
Average
Low
High
Company Trading General VaR Risk Categories
Credit
$
32
34
25
40
31
29
23
36
35
41
31
52
Interest rate
34
36
23
52
30
24
16
32
24
35
20
53
Equity
19
19
15
24
20
20
15
24
22
20
17
25
Commodity
2
2
2
4
6
4
2
11
2
3
2
4
Foreign exchange
0
0
0
1
0
1
0
2
1
1
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.
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, 2024
Jun 30, 2024
Sep 30, 2023
HQLA (1):
Eligible cash
$
176,218
190,761
154,258
Eligible securities (2)
193,282
165,530
191,606
Total HQLA
369,500
356,291
345,864
Projected net cash outflows (3)
290,236
286,631
280,468
LCR
127
%
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, 2024
December 31, 2023
(in millions)
Total
Encumbered (1)
Unencumbered
Total
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, 2024
Dec 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.
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
2025
2026
2027
2028
Thereafter
Total
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
3
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 notes
36
383
221
26
5
623
1,294
Total long-term debt – Other consolidated subsidiaries
36
383
221
26
5
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’s
A1
P-1
Aa1
P-1
S&P Global Ratings
BBB+
A-2
A+
A-1
Fitch Ratings
A+
F1
AA
F1+
DBRS Morningstar
AA (low)
R-1 (middle)
AA
R-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
Table 32: Risk-Based Capital Requirements – Advanced Approach
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 Approach
Advanced 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 stock
144
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 stock
18,608
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 2
17,740
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 2
17,740
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 Approach
Advanced 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 risk
53,788
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 stock
13,805
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
2
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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Wells Fargo & Company
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-end
Average balance
Period ended
Quarter ended
Nine 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
184,368
181,552
184,828
184,197
184,525
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/A
N/A
N/A
N/A
N/A
Net income applicable to common stock
(D)
N/A
N/A
N/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/A
N/A
N/A
N/A
N/A
Tangible book value per common share
(B)/(C)
41.76
39.57
37.43
N/A
N/A
N/A
N/A
N/A
Return on average common stockholders’ equity (ROE)
(D)/(A)
N/A
N/A
N/A
11.73
%
11.54
13.28
11.24
%
12.16
Return on average tangible common equity (ROTCE)
(D)/(B)
N/A
N/A
N/A
13.85
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
Wells Fargo & Company
49
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 assets
1,916,673
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 exposures
373,180
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 CAPACITYAs 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 RWAs
7.50% 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 RWAs
4.50% 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 Debt
Regulatory Minimum
Total eligible amount
$
308,493
138,929
Percentage of RWAs (3)
25.29
%
21.50
11.39
7.50
Percentage of total leverage exposure
13.63
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
50
Wells Fargo & Company
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.
Wells Fargo & Company
51
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.
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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Wells Fargo & Company
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,
Wells Fargo & Company
53
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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Wells Fargo & Company
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.
Wells Fargo & Company
55
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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Wells Fargo & Company
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)
2024
2023
2024
2023
Interest income
Debt securities
$
4,630
4,178
$
13,362
11,998
Loans held for sale
129
87
376
278
Loans
14,618
14,755
43,897
42,188
Equity securities
156
152
502
516
Other interest income
3,465
2,921
10,585
7,299
Total interest income
22,998
22,093
68,722
62,279
Interest expense
Deposits
6,445
4,608
18,405
11,174
Short-term borrowings
1,435
1,133
4,030
2,664
Long-term debt
3,163
3,039
9,676
8,243
Other interest expense
265
208
771
594
Total interest expense
11,308
8,988
32,882
22,675
Net interest income
11,690
13,105
35,840
39,604
Noninterest income
Deposit and lending-related fees
1,675
1,551
4,890
4,572
Investment advisory and other asset-based fees
2,463
2,224
7,209
6,501
Commissions and brokerage services fees
646
567
1,886
1,756
Investment banking fees
672
492
1,940
1,194
Card fees
1,096
1,098
3,258
3,229
Mortgage banking
280
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 income
8,676
7,752
26,078
22,515
Total revenue
20,366
20,857
61,918
62,119
Provision for credit losses
1,065
1,197
3,239
4,117
Noninterest expense
Personnel
8,591
8,627
26,658
26,648
Technology, telecommunications and equipment
1,142
975
3,301
2,844
Occupancy
786
724
2,263
2,144
Operating losses
293
329
1,419
828
Professional and outside services
1,130
1,310
3,370
3,843
Advertising and promotion
205
215
626
553
Other
920
933
3,061
2,916
Total noninterest expense
13,067
13,113
40,698
39,776
Income before income tax expense
6,234
6,547
17,981
18,226
Income tax expense
1,064
811
3,279
2,707
Net income before noncontrolling interests
5,170
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 other
262
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 share
1.42
1.48
3.94
3.96
Average common shares outstanding
3,384.8
3,648.8
3,464.1
3,710.9
Diluted average common shares outstanding
3,425.1
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)
2024
2023
2024
2023
Net income before noncontrolling interests
$
5,170
5,736
$
14,702
15,519
Other comprehensive income (loss), after tax:
Net change in debt securities
3,274
(1,989)
2,739
(1,935)
Net change in derivatives and hedging activities
994
(407)
419
(639)
Defined benefit plans adjustments
21
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.
58
Wells Fargo & Company
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 banks
152,016
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 $83,197and $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
Loans
909,711
936,682
Allowance for loan losses
(14,330)
(14,606)
Net loans
895,381
922,076
Mortgage servicing rights (includes $6,544 and $7,468 carried at fair value)
7,493
8,508
Premises and equipment, net
9,955
9,266
Goodwill
25,173
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 deposits
1,349,646
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 capital
60,623
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 interests
1,746
1,708
Total equity
185,011
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 $115 million, respectively.
The accompanying notes are an integral part of these statements.
Wells Fargo & Company
59
Wells Fargo & Company and Subsidiaries
Consolidated Statement of Changes in Equity (Unaudited)
Wells Fargo stockholders’ equity
Preferred stock
Common stock
($ and shares in millions)
Shares
Amount
Shares
Amount
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Treasury stock
Unearned ESOP shares
Noncontrolling interests
Total equity
Balance June 30, 2024
4.6
$
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 issued
4.8
16
—
237
253
Common stock repurchased
(62.0)
(3,467)
(3,467)
Preferred stock issued
0.1
2,000
(3)
1,997
Preferred stock redeemed
—
—
—
—
—
Common stock dividends
25
(1,384)
(1,359)
Preferred stock dividends
(262)
(262)
Stock-based compensation
240
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, 2024
4.7
$
18,608
3,345.5
$
9,136
60,623
210,749
(8,372)
(107,479)
—
1,746
185,011
Balance June 30, 2023
4.7
$
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 issued
4.0
—
(32)
203
171
Common stock repurchased
(33.8)
(1,494)
(1,494)
Preferred stock issued
0.1
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 compensation
199
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, 2023
4.7
$
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.
60
Wells Fargo & Company
Wells Fargo & Company and Subsidiaries
Consolidated Statement of Changes in Equity (Unaudited)
Wells Fargo stockholders’ equity
Preferred stock
Common stock
($ and shares in millions)
Shares
Amount
Shares
Amount
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Treasury stock
Unearned ESOP shares
Noncontrolling interests
Total equity
Balance December 31, 2023
4.7
$
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, 2024
4.7
19,448
3,598.9
9,136
60,555
200,978
(11,580)
(92,960)
—
1,708
187,285
Net income
14,643
59
14,702
Other comprehensive income,
net of tax
3,208
—
3,208
Noncontrolling interests
(21)
(21)
Common stock issued
21.6
18
(143)
1,054
929
Common stock repurchased
(275.0)
(15,591)
(15,591)
Preferred stock issued
0.1
2,000
(3)
1,997
Preferred stock redeemed
(0.1)
(2,840)
17
(17)
(2,840)
Common stock dividends
77
(3,891)
(3,814)
Preferred stock dividends
(821)
(821)
Stock-based compensation
1,066
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, 2024
4.7
$
18,608
3,345.5
$
9,136
60,623
210,749
(8,372)
(107,479)
—
1,746
185,011
Balance December 31, 2022
4.7
$
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, 2023
4.7
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 issued
24.5
—
(236)
1,267
1,031
Common stock repurchased
(220.4)
(9,586)
(9,586)
Preferred stock issued
0.1
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 compensation
910
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, 2023
4.7
$
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
61
Wells Fargo & Company and Subsidiaries
Consolidated Statement of Cash Flows (Unaudited)
Nine months ended September 30,
(in millions)
2024
2023
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 losses
3,239
4,117
Changes in fair value of MSRs and LHFS carried at fair value
542
188
Depreciation, amortization and accretion
5,574
4,777
Deferred income tax expense (benefit)
(1,468)
738
Other, net
3,814
(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 sale
20,731
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 sales
15,207
13,992
Paydowns and maturities
26,256
10,730
Purchases
(72,618)
(21,480)
Held-to-maturity debt securities:
Paydowns and maturities
19,608
13,880
Purchases
—
(4,225)
Equity securities, not held for trading:
Proceeds from sales and capital returns
3,004
1,680
Purchases
(4,913)
(3,407)
Loans:
Loans originated by banking subsidiaries, net of principal collected
21,768
8,477
Proceeds from sales of loans originally classified as held for investment
2,472
3,147
Purchases of loans
(402)
(1,365)
Principal collected on nonbank entities’ loans
2,776
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 borrowings
22,335
42,185
Long-term debt:
Proceeds from issuance
24,874
33,444
Repayment
(48,776)
(16,248)
Preferred stock:
Proceeds from issuance
1,997
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 taxes
106
(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.
62
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 adoption
Jan 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 liabilities
71,210
7,333
78,543
Long-term debt
207,588
(4,927)
202,661
Retained earnings
201,136
(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)
2024
2023
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.
64
Wells Fargo & Company
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 securities
20,351
18,449
Loans held for sale
4,551
1,793
Gross trading derivative assets
72,101
71,990
Netting (1)
(54,537)
(54,069)
Total trading derivative assets
17,564
17,921
Total trading assets
163,143
135,465
Trading liabilities:
Short sale and other liabilities
29,946
25,471
Interest-bearing deposits
1,087
1,297
Long-term debt
3,774
2,308
Gross trading derivative liabilities
73,630
77,807
Netting (1)
(63,032)
(60,366)
Total trading derivative liabilities
10,598
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)
2024
2023
2024
2023
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
Commodity
110
74
321
238
Equity
254
435
993
898
Foreign exchange
(137)
1,253
763
2,047
Credit
349
(54)
610
340
Total net gains from trading activities
1,438
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 securities
122,203
1,360
(3,471)
(2,111)
120,092
Non-agency mortgage-backed securities (3)
2,021
1
(70)
(69)
1,952
Collateralized loan obligations
1,722
3
—
3
1,725
Other debt securities
591
39
(3)
36
627
Total available-for-sale debt securities, excluding portfolio level basis adjustments
169,417
1,456
(4,869)
(3,413)
166,004
Portfolio level basis adjustments (4)
58
(58)
—
Total available-for-sale debt securities
169,475
1,456
(4,869)
(3,471)
166,004
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies
3,793
—
(1,532)
(1,532)
2,261
Securities of U.S. states and political subdivisions
18,320
2
(2,813)
(2,811)
15,509
Federal agency mortgage-backed securities
197,723
194
(27,305)
(27,111)
170,612
Non-agency mortgage-backed securities (3)
1,285
39
(67)
(28)
1,257
Collateralized loan obligations
20,303
73
(1)
72
20,375
Other debt securities
1,727
—
(25)
(25)
1,702
Total held-to-maturity debt securities
243,151
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 securities
63,741
111
(4,274)
(4,163)
59,578
Non-agency mortgage-backed securities (3)
2,892
1
(144)
(143)
2,749
Collateralized loan obligations
1,538
—
(5)
(5)
1,533
Other debt securities
1,025
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 securities
137,155
196
(6,949)
(6,707)
130,448
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies
3,790
—
(1,503)
(1,503)
2,287
Securities of U.S. states and political subdivisions
18,624
3
(2,939)
(2,936)
15,688
Federal agency mortgage-backed securities
209,170
136
(30,918)
(30,782)
178,388
Non-agency mortgage-backed securities (3)
1,276
18
(120)
(102)
1,174
Collateralized loan obligations
28,122
75
(63)
12
28,134
Other debt securities
1,726
—
(81)
(81)
1,645
Total held-to-maturity debt securities
262,708
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 securitieswith 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)
2024
2023
2024
2023
Purchases of held-to-maturity debt securities (1):
Federal agency mortgage-backed securities
—
—
$
—
4,225
Non-agency mortgage-backed securities
21
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)
2024
2023
2024
2023
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 losses
6
19
25
(29)
Realized gains and losses (2):
Gross realized gains
8
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.
Wells Fargo & Company
67
Note 3: Available-for-Sale and Held-to-Maturity Debt Securities (continued)
Table 3.4:Investment Grade Debt Securities
Available-for-Sale
Held-to-Maturity
($ in millions)
Fair value
% investment grade
Amortized 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 subdivisions
12,652
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 subdivisions
20,066
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 SECURITIESDebt 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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Wells Fargo & Company
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
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.
Wells Fargo & Company
69
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.
Securities of U.S. states and political subdivisions
Amortized cost, net
$
13,007
324
3,624
3,202
5,857
Fair value
12,652
323
3,596
2,988
5,745
Weighted average yield
3.22
%
3.45
3.51
2.85
3.23
Federal agency mortgage-backed securities
Amortized cost, net
$
122,203
20
35
662
121,486
Fair value
120,092
20
35
640
119,397
Weighted average yield
4.40
%
2.79
3.80
2.92
4.41
Non-agency mortgage-backed securities
Amortized cost, net
$
2,021
—
—
124
1,897
Fair value
1,952
—
—
107
1,845
Weighted average yield
4.83
%
—
—
5.48
4.78
Collateralized loan obligations
Amortized cost, net
$
1,722
—
—
894
828
Fair value
1,725
—
—
894
831
Weighted average yield
6.85
%
—
—
6.96
6.73
Other debt securities
Amortized cost, net
$
591
58
166
351
16
Fair value
627
58
173
373
23
Weighted average yield
5.40
%
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 value
166,004
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.
Securities of U.S. states and political subdivisions
Amortized cost, net
$
18,320
189
459
556
17,116
Fair value
15,509
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 value
170,612
—
—
—
170,612
Weighted average yield
2.35
%
—
—
—
2.35
Non-agency mortgage-backed securities
Amortized cost, net
$
1,285
—
41
32
1,212
Fair value
1,257
—
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 value
20,375
—
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 value
1,702
—
953
749
—
Weighted average yield
4.70
%
—
4.75
4.63
—
Total held-to-maturity debt securities
Amortized cost, net
$
243,151
189
1,578
17,163
224,221
Fair value
211,716
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.
Wells Fargo & Company
71
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 value
2,010
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 trading
39,420
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)
2024
2023
2024
2023
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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Wells Fargo & Company
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)
2024
2023
2024
2023
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 sale
31
—
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 estate
141,410
150,616
Lease financing
16,482
16,423
Total commercial
530,642
547,427
Residential mortgage
252,676
260,724
Credit card
55,046
52,230
Auto
42,815
47,762
Other consumer (1)
28,532
28,539
Total consumer
379,069
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 estate
6,018
6,916
Lease financing
644
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
2024
2023
(in millions)
Commercial
Consumer
Total
Commercial
Consumer
Total
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)
74
Wells Fargo & Company
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 estate
14,200
20,851
Total commercial
404,739
408,894
Residential mortgage (1)
26,053
29,754
Credit card
162,975
156,012
Other consumer
8,211
8,847
Total consumer
197,239
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
75
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)
2024
2023
2024
2023
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, adjusted
14,789
14,786
15,088
13,180
Provision for credit losses
1,059
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 industrial
32
33
97
119
Commercial real estate
4
3
17
15
Lease financing
4
6
13
14
Total commercial
40
42
127
148
Residential mortgage
37
41
105
124
Credit card
99
83
282
247
Auto
75
85
231
275
Other consumer
17
16
48
53
Total consumer
228
225
666
699
Total loan recoveries
268
267
793
847
Net loan charge-offs
(1,111)
(850)
(3,561)
(2,218)
Other
2
(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 commitments
409
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 loans
1.58
1.54
1.58
1.54
Allowance for credit losses for loans as a percentage of total loans
1.62
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.
76
Wells Fargo & Company
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
2024
2023
(in millions)
Commercial
Consumer
Total
Commercial
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 losses
178
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, adjusted
8,412
6,676
15,088
6,983
6,197
13,180
Provision for credit losses
815
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.
Wells Fargo & Company
77
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 year
Revolving loans
Revolving loans converted to term loans
Total
(in millions)
2024
2023
2022
2021
2020
Prior
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 industrial
33,344
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
Criticized
1,834
2,389
5,698
4,917
1,408
3,192
295
—
19,733
Total commercial real estate
17,681
15,610
32,626
29,243
10,397
29,154
6,530
169
141,410
Gross charge-offs
7
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-offs
2
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 year
Revolving loans
Revolving loans converted to term loans
Total
2023
2022
2021
2020
2019
Prior
December 31, 2023
Commercial and industrial
Pass
$
40,966
38,756
21,702
7,252
10,024
8,342
239,456
348
366,846
Criticized
892
1,594
1,237
160
204
480
8,975
—
13,542
Total commercial and industrial
41,858
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
Pass
18,181
33,557
30,629
12,001
11,532
19,686
6,537
163
132,286
Criticized
2,572
4,091
4,597
1,822
2,748
2,141
359
—
18,330
Total commercial real estate
20,753
37,648
35,226
13,823
14,280
21,827
6,896
163
150,616
Gross charge-offs
20
107
32
134
197
103
—
—
593
Lease financing
Pass
5,593
3,846
2,400
1,182
798
1,518
—
—
15,337
Criticized
345
292
182
98
84
85
—
—
1,086
Total lease financing
5,938
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.
78
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 accruing
Nonaccrual loans
Total commercial loans
(in millions)
Current-29 DPD
30-89 DPD
90+ DPD
September 30, 2024
Commercial and industrial
$
370,641
1,097
269
743
372,750
Commercial real estate
136,362
671
262
4,115
141,410
Lease financing
16,184
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 estate
145,721
562
145
4,188
150,616
Lease financing
16,177
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.
Wells Fargo & Company
79
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 year
Revolving loans
Revolving loans converted to term loans
(in millions)
2024
2023
2022
2021
2020
Prior
Total
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 DPD
2
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
700-739
360
499
2,127
2,323
1,187
4,729
698
913
12,836
660-699
75
166
737
782
412
2,315
321
551
5,359
620-659
15
50
199
176
102
990
122
286
1,940
<620
8
12
139
136
57
1,288
149
457
2,246
No FICO available
82
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 available
74
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 year
Revolving loans
Revolving loans converted to term loans
Total
(in millions)
2023
2022
2021
2020
2019
Prior
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 DPD
6
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
700-739
679
2,324
2,510
1,219
888
4,478
883
979
13,960
660-699
185
843
861
422
310
2,261
417
601
5,900
620-659
45
227
179
110
66
978
150
322
2,077
<620
11
122
100
64
46
1,245
174
464
2,226
No FICO available
35
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 available
26
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.
80
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, 2024
December 31, 2023
Revolving loans
Revolving loans converted to term loans
Revolving loans
Revolving loans converted to term loans
(in millions)
Total
Total
By delinquency status:
Current-29 DPD
$
53,002
494
53,496
50,428
350
50,778
30-89 DPD
700
65
765
660
49
709
90+ DPD
750
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
700-739
12,201
69
12,270
11,727
51
11,778
660-699
10,873
121
10,994
10,592
84
10,676
620-659
5,266
108
5,374
5,273
76
5,349
<620
5,018
267
5,285
4,861
192
5,053
No FICO available
123
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
Wells Fargo & Company
81
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)
2024
2023
2022
2021
2020
Prior
Total
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 DPD
18
60
279
402
129
69
957
90+ DPD
1
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
700-739
1,877
1,496
1,375
1,205
390
153
6,496
660-699
1,211
986
1,171
1,096
349
140
4,953
620-659
395
450
775
781
244
101
2,746
<620
179
456
1,567
1,984
622
294
5,102
No FICO available
4
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)
2023
2022
2021
2020
2019
Prior
Total
December 31, 2023
By delinquency status:
Current-29 DPD
$
14,022
13,052
12,376
4,335
2,161
448
46,394
30-89 DPD
43
328
545
195
106
40
1,257
90+ DPD
4
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
700-739
2,232
1,969
1,861
701
347
68
7,178
660-699
1,405
1,745
1,729
623
295
61
5,858
620-659
572
1,162
1,228
425
195
46
3,628
<620
388
1,876
2,621
915
452
130
6,382
No FICO available
12
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
82
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 year
Revolving loans
Revolving loans converted to term loans
(in millions)
2024
2023
2022
2021
2020
Prior
Total
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 DPD
3
24
23
4
1
2
23
4
84
90+ DPD
1
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
700-739
211
431
249
61
14
12
424
18
1,420
660-699
77
330
230
52
8
9
346
17
1,069
620-659
14
119
105
25
3
6
126
11
409
<620
7
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 year
Revolving loans
Revolving loans converted to term loans
Total
(in millions)
2023
2022
2021
2020
2019
Prior
December 31, 2023
By delinquency status:
Current-29 DPD
$
3,273
2,132
571
167
93
61
21,988
106
28,391
30-89 DPD
24
32
9
1
1
2
17
6
92
90+ DPD
9
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
700-739
642
409
107
27
14
10
507
16
1,732
660-699
403
365
93
16
11
8
395
16
1,307
620-659
129
166
45
6
6
5
147
11
515
<620
75
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
83
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 balance
Recognized interest income
Nonaccrual loans
Nonaccrual 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
2024
2023
Commercial and industrial
$
743
662
58
149
14
14
Commercial real estate
4,115
4,188
110
107
14
22
Lease financing
94
64
15
10
—
—
Total commercial
4,952
4,914
183
266
28
36
Residential mortgage
3,086
3,192
1,965
2,047
136
146
Auto
99
115
—
—
11
15
Other consumer
35
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 estate
262
145
Total commercial
531
188
Residential mortgage
28
31
Credit card
785
743
Auto
71
101
Other consumer
35
42
Total consumer
919
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.
84
Wells Fargo & Company
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)
2024
2023
2024
2023
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)
11
6
9
5
Weighted average term extension (months)
32
13
21
13
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)
27
6
28
13
Weighted average term extension (months)
19
23
24
21
(1)Includes modifications for small business credit card customers.
Wells Fargo & Company
85
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 status
Gross charge-offs
(in millions)
Current-29 DPD
30-89 DPD
90+ DPD
Total
Quarter ended
Nine months ended
September 30, 2024
Commercial and industrial
$
789
29
10
828
11
106
Commercial real estate
1,885
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 estate
449
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 $115 millionat September 30, 2024 and 2023, respectively.
Table 5.17:Consumer Loan Modifications and Financial Effects
Quarter ended September 30,
Nine months ended September 30,
($ in millions)
2024
2023
2024
2023
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)
6
6
6
4
Weighted average term extension (years)
10.7
9.4
10.8
9.7
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 reduction
22.25
%
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.
86
Wells Fargo & Company
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 status
Gross charge-offs
(in millions)
Current-29 DPD
30-89 DPD
90+ DPD
Total
Quarter ended
Nine 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.
Wells Fargo & Company
87
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)
2024
2023
2024
2023
Residential MSRs at fair value, beginning of period
$
7,061
8,251
$
7,468
9,310
Originations/purchases
22
36
61
131
Sales and other
(10)
(51)
(307)
(650)
Net additions
12
(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, 2024
Dec 31, 2023
Fair value of interests held
$
6,544
7,468
Expected weighted-average life (in years)
6.3
6.3
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 assumption
9.6
%
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.
88
Wells Fargo & Company
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, 2024
Dec 31, 2023
($ in billions, unless otherwise noted)
Residential mortgages
Commercial mortgages
Residential mortgages
Commercial mortgages
Serviced and subserviced for others
$
500
539
560
548
Owned loans serviced
254
120
262
128
Total managed servicing portfolio
754
659
822
676
Total serviced for others, excluding subserviced for others
499
530
560
539
MSRs as a percentage of loans serviced for others
1.31
%
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)
2024
2023
2024
2023
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 fees
138
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 results
15
(58)
(35)
(113)
Total net servicing income
153
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.
Wells Fargo & Company
89
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 Lending
Commercial Banking
Corporate and Investment Banking
Wealth and Investment Management
Corporate
Consolidated 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, 2024
Dec 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 securities
1,599
1,616
Loans
3,642
3,933
Trading and other
1,395
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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Wells Fargo & Company
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)
2024
2023
2024
2023
Interest income on lease financing
$
233
188
$
672
533
Other lease revenue:
Variable revenue on lease financing
23
25
69
74
Fixed revenue on operating leases
226
241
694
735
Variable revenue on operating leases
13
9
35
33
Other lease-related revenue (1)
15
16
192
103
Noninterest income on leases
277
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, 2024
Dec 31, 2023
ROU assets
$
3,672
3,412
Lease liabilities
4,255
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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91
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, 2024
December 31, 2023
(in millions, except shares)
Earliest redemption date
Shares authorized and designated
Shares issued and outstanding
Liquidation preference value
Carrying value
Shares authorized and designated
Shares issued and outstanding
Liquidation preference value
Carrying value
DEP Shares
Dividend Equalization Preferred Shares (DEP)
Currently redeemable
97,000
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
6/15/2025
80,000
80,000
2,000
2,000
80,000
80,000
2,000
2,000
Series Y
5.625% Non-Cumulative Perpetual Class A
Currently redeemable
27,600
27,600
690
690
27,600
27,600
690
690
Series Z
4.75% Non-Cumulative Perpetual Class A
3/15/2025
80,500
80,500
2,013
2,013
80,500
80,500
2,013
2,013
Series AA
4.70% Non-Cumulative Perpetual Class A
12/15/2025
46,800
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
3/15/2026
140,400
140,400
3,510
3,510
140,400
140,400
3,510
3,510
Series CC
4.375% Non-Cumulative Perpetual Class A
3/15/2026
46,000
42,000
1,050
1,050
46,000
42,000
1,050
1,050
Series DD
4.25% Non-Cumulative Perpetual Class A
9/15/2026
50,000
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
9/15/2028
69,000
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
9/15/2029
80,000
80,000
2,000
2,000
—
—
—
—
Total
4,742,300
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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Wells Fargo & Company
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 MATTERSThe 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 INVESTIGATIONSGovernment authorities are conducting inquiries or investigations regarding issues related to the Company’s anti-money laundering and sanctionsprograms. 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 LITIGATIONPlaintiffs 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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Wells Fargo & Company
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, 2024
December 31, 2023
Notional or contractual amount
Fair value
Notional or contractual amount
Fair value
Derivative assets
Derivative liabilities
Derivative assets
Derivative liabilities
(in millions)
Derivatives designated as hedging instruments
Interest rate contracts
$
342,859
699
640
357,096
639
570
Commodity contracts
3,722
9
12
2,600
24
12
Foreign exchange contracts
3,455
21
285
4,193
60
395
Total derivatives designated as qualifying hedging instruments
729
937
723
977
Derivatives not designated as hedging instruments
Interest rate contracts
10,075,086
25,722
27,040
10,409,720
31,806
36,312
Commodity contracts
91,151
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 contracts
3,504,791
27,636
29,195
2,273,383
24,707
26,762
Credit contracts
47,613
93
46
60,439
113
44
Total derivatives not designated as hedging instruments
72,425
75,068
72,648
79,662
Total derivatives before netting
73,154
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).
Wells Fargo & Company
95
Note 11: Derivatives (continued)
Table 11.2:Offsetting of Derivative Assets and Liabilities
September 30, 2024
December 31, 2023
(in millions)
Derivative Assets
Derivative Liabilities
Derivative Assets
Derivative 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 contracts
25,208
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 contracts
2,190
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 contracts
14,514
15,101
10,165
12,471
Foreign exchange contracts
OTC
27,477
29,204
24,511
26,961
Total foreign exchange contracts
27,477
29,204
24,511
26,961
Credit contracts
OTC
89
40
77
39
Total credit contracts
89
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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Wells Fargo & Company
Table 11.3:Gains (Losses) Recognized on Cash Flow Hedging Relationships
Net interest income
Total recorded in net income
Total recorded in OCI
(in millions)
Loans
Other interest income
Long-term debt
Derivative 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/A
1,321
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 OCI
N/A
N/A
N/A
N/A
1,094
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 OCI
N/A
N/A
N/A
N/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 OCI
N/A
N/A
N/A
N/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 OCI
N/A
N/A
N/A
N/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/A
557
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 OCI
N/A
N/A
N/A
N/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 OCI
N/A
N/A
N/A
N/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 OCI
N/A
N/A
N/A
N/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 OCI
N/A
N/A
N/A
N/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)
Wells Fargo & Company
97
Note 11: Derivatives (continued)
Table 11.4:Gains (Losses) Recognized on Fair Value Hedging Relationships
Net interest income
Noninterest income
Total recorded in net income
Total recorded in OCI
(in millions)
Debt securities
Deposits
Long-term debt
Net gains from trading and securities
Other
Derivative 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/A
1,321
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 items
1,108
(566)
(5,185)
—
—
(4,643)
N/A
Total gains (losses) (pre-tax) on interest rate contracts
227
(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 derivatives
668
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 contracts
272
(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)
98
Wells Fargo & Company
(continued from previous page)
Net interest income
Noninterest income
Total recorded in net income
Total recorded in OCI
(in millions)
Debt securities
Deposits
Long-term debt
Net gains from trading and securities
Other
Derivative 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/A
557
Interest contracts
Amounts related to cash flows on derivatives
756
(384)
(3,007)
—
—
(2,635)
N/A
Recognized on derivatives
(541)
247
2,363
—
—
2,069
—
Recognized on hedged items
539
(250)
(2,395)
—
—
(2,106)
N/A
Total gains (losses) (pre-tax) on interest rate contracts
754
(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 derivatives
863
(226)
(2,488)
—
—
(1,851)
N/A
Recognized on derivatives
905
(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 contracts
864
(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
Wells Fargo & Company
99
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
(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)
2024
2023
2024
2023
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.
100
Wells Fargo & Company
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 sold
Protection sold – non-investment grade
September 30, 2024
Credit default swaps
$
12,569
1,282
Risk participation swaps
5,993
3,787
Total credit derivatives
$
18,562
5,069
December 31, 2023
Credit default swaps
$
18,453
1,399
Risk participation swaps
6,632
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 posted
19.6
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.
Wells Fargo & Company
101
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.
102
Wells Fargo & Company
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, 2024
December 31, 2023
(in millions)
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
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 securities
38,916
81,624
137
120,677
32,178
64,967
157
97,302
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies
28,956
—
—
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 securities
28,956
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 contracts
170
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 contracts
97
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.
Wells Fargo & Company
103
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)
Sales
Settlements
Transfers 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 securities
187
11
5
—
(2)
1
—
202
10
(6)
Loans held for sale
222
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 contracts
20
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 securities
53
3
7
(7)
—
—
—
56
2
(6)
Other assets and liabilities
97
(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 securities
230
15
33
(32)
(3)
49
—
292
(10)
(6)
Loans held for sale
486
(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 securities
27
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 securities
221
7
20
—
(17)
1
(30)
202
8
(6)
Loans held for sale
448
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 contracts
43
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 securities
43
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 securities
276
(9)
109
(32)
(13)
304
(343)
292
(28)
(6)
Loans held for sale
793
(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 contracts
9
(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 securities
20
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 $(8) million for the third quarter and first nine months of 2023, respectively.
(6)Included in net gains from trading and securities on our consolidated statement of income.
(7)Included in mortgage banking income on our consolidated statement of income.
(8)For additional information on the changes in mortgage servicing rights, see Note 6 (Mortgage Banking Activities).
(9)Included in mortgage banking income, net gains from trading and securities, and other noninterest income on our consolidated statement of income.
(10)Included in other noninterest income on our consolidated statement of income.
104
Wells Fargo & Company
Table 12.3 provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value on a recurring basis.
The significant unobservable inputs for Level 3 assets inherent in the fair values obtained from third-party vendors are not included in the table, as the specific inputs applied are not
provided by the vendor (for additional information on vendor-developed valuations, see Note 15 (Fair Values of Assets and Liabilities) in our 2023 Form 10-K).
Weighted averages of inputs are calculated using outstanding unpaid principal balance for cash instruments, such as loans and securities, and notional amounts for derivative instruments.
Table 12.3:Valuation Techniques – Recurring Basis
($ in millions, except cost to service amounts)
Fair Value Level 3
Valuation Technique
Significant Unobservable Input
Range of Inputs
Weighted Average
September 30, 2024
Trading and available-for-sale debt securities
$
19
Discounted cash flow
Discount rate
2.5
-
6.5
%
3.5
137
Market comparable pricing
Comparability adjustment
(33.5)
-
56.5
25.0
183
Market comparable pricing
Multiples
1.0x
-
13.6x
5.4x
Loans held for sale
159
Discounted cash flow
Default rate
0.0
-
30.1
%
1.7
Discount rate
0.8
-
17.8
8.6
Loss severity
0.0
-
59.4
17.6
Prepayment rate
2.3
-
15.8
11.4
74
Market comparable pricing
Comparability adjustment
(2.8)
-
1.6
0.0
Mortgage servicing rights (residential)
6,544
Discounted cash flow
Cost to service per loan (1)
$
59
-
457
104
Discount rate
8.8
-
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 flow
Discount rate
3.3
-
4.7
3.7
(16)
Discounted cash flow
Default rate
0.4
-
1.1
0.5
Loss severity
50.0
-
50.0
50.0
Interest rate contracts: derivative loan
commitments
12
Discounted cash flow
Fall-out factor
1.0
-
99.0
28.2
Initial-value servicing
(34.9)
-
141.0
bps
(6.8)
Equity contracts
(811)
Discounted cash flow
Conversion factor
(1.9)
-
0.0
%
(1.5)
Weighted average life
1.3
-
4.3
yrs
2.3
(518)
Option model
Correlation factor
(70.0)
-
99.0
%
67.8
Volatility factor
6.5
-
120.0
39.9
Insignificant Level 3 assets, net of liabilities
151
Total Level 3 assets, net of liabilities
$
4,469
(3)
December 31, 2023
Trading and available-for-sale debt securities
$
60
Discounted cash flow
Discount rate
2.7
-
7.3
%
4.7
157
Market comparable pricing
Comparability adjustment
(27.1)
-
20.1
(1.9)
161
Market comparable pricing
Multiples
1.2x
-
10.3x
5.6x
Loans held for sale
359
Discounted cash flow
Default rate
0.0
-
28.0
%
1.1
Discount rate
1.7
-
15.4
9.8
Loss severity
0.0
-
58.1
15.7
Prepayment rate
2.6
-
12.1
10.6
89
Market comparable pricing
Comparability adjustment
(6.4)
-
1.1
(1.1)
Mortgage servicing rights (residential)
7,468
Discounted cash flow
Cost to service per loan (1)
$
52
-
527
105
Discount rate
8.9
-
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 flow
Discount rate
3.6
-
5.4
4.2
(36)
Discounted cash flow
Default rate
0.4
-
5.0
1.2
Loss severity
50.0
-
50.0
50.0
Prepayment rate
22.0
-
22.0
22.0
Interest rate contracts: derivative loan
commitments
(30)
Discounted cash flow
Fall-out factor
1.0
-
99.0
30.2
Initial-value servicing
(5.5)
-
141.0
bps
10.0
Equity contracts
(1,020)
Discounted cash flow
Conversion factor
(6.9)
-
0.0
%
(6.4)
Weighted average life
0.5
-
2.0
yrs
1.1
(454)
Option model
Correlation factor
(67.0)
-
99.0
%
73.8
Volatility factor
6.5
-
147.0
38.6
Insignificant Level 3 assets, net of liabilities
52
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.
Wells Fargo & Company
105
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, 2024
December 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:
Commercial
1,118
—
1,118
1,565
—
1,565
Consumer
82
—
82
97
—
97
Total loans
1,200
—
1,200
1,662
—
1,662
Equity securities
1,048
1,479
2,527
2,086
2,354
4,440
Other assets
3,652
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)
2024
2023
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.
106
Wells Fargo & Company
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.
(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.
Wells Fargo & Company
107
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, 2024
December 31, 2023
(in millions)
Fair value carrying amount
Aggregate unpaid principal
Fair value carrying amount less aggregate unpaid principal
Fair value carrying amount
Aggregate unpaid principal
Fair 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
2024
2023
(in millions)
Mortgage banking noninterest income
Net gains from trading and securities
Other noninterest income
Mortgage 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.
108
Wells Fargo & Company
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 amount
Level 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 securities
243,151
2,261
206,496
2,959
211,716
Loans held for sale
1,593
—
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 borrowings
111,629
—
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 securities
262,708
2,288
222,209
2,819
227,316
Loans held for sale
2,044
—
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 borrowings
89,340
—
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.
Wells Fargo & Company
109
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 billionat 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
110
Wells Fargo & Company
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
2024
2023
(in millions)
Residential mortgages
Commercial mortgages
Residential mortgages
Commercial 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 $199 million during the third quarter and first nine months of 2023, respectively, related to principal and interest payments on these securities and loans, which exclude cash flows related to trading activities.
Table 13.2 presents the key weighted-average assumptions we used to initially measure residential MSRs recognized during the periods presented.
Table 13.2:Residential MSRs – Assumptions at Securitization Date
2024
2023
Quarter ended September 30,
Prepayment rate (1)
19.9
%
16.0
Discount rate
9.9
9.9
Cost to service ($ per loan)
$
69
131
Nine months ended September 30,
Prepayment rate (1)
18.1
%
17.2
Discount rate
10.1
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 billionat 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, 2024
Dec 31, 2023
Sep 30, 2024
Dec 31, 2023
2024
2023
Commercial
$
70,999
67,232
1,304
1,000
53
89
Residential
7,747
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
Loans
Debt securities (1)
Equity securities
All other assets (2)
Debt and other liabilities
Net assets
September 30, 2024
Nonconforming mortgage loan securitizations
$
160,716
—
2,215
—
544
(4)
2,755
Commercial real estate loans
5,557
5,542
—
—
15
—
5,557
Other
1,186
77
—
—
16
—
93
Total
$
167,459
5,619
2,215
—
575
(4)
8,405
Maximum exposure to loss
Loans
Debt securities (1)
Equity securities
All other assets (2)
Debt, guarantees, and other commitments
Total exposure
Nonconforming mortgage loan securitizations
$
—
2,215
—
544
5
2,764
Commercial real estate loans
5,542
—
—
15
695
6,252
Other
77
—
—
16
157
250
Total
$
5,619
2,215
—
575
857
9,266
Carrying value – asset (liability)
(in millions)
Total VIE assets
Loans
Debt securities (1)
Equity securities
All other assets (2)
Debt and other liabilities
Net assets
December 31, 2023
Nonconforming mortgage loan securitizations
$
154,730
—
2,471
—
591
(8)
3,054
Commercial real estate loans
5,588
5,571
—
—
17
—
5,588
Other
1,898
213
—
47
17
—
277
Total
$
162,216
5,784
2,471
47
625
(8)
8,919
Maximum exposure to loss
Loans
Debt 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 loans
5,571
—
—
17
700
6,288
Other
213
—
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)
2024
2023
2024
2023
Income (loss) before income tax expense (2)
(A)
$
9
(98)
$
(43)
(468)
Income tax expense (benefit):
Proportional amortization of investments
539
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
Loans
All 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)
Other
350
—
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
—
—
—
—
—
Other
232
—
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 obligation
Expires in one year or less
Expires after one year through three years
Expires after three years through five years
Expires after five years
Total
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 indemnifications
33
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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Wells Fargo & Company
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 subdivisions
502
579
Federal agency mortgage-backed securities
56,391
48,019
Non-agency mortgage-backed securities
2,113
1,889
Corporate debt securities
8,951
7,925
Asset-backed securities
2,288
2,176
Equity securities
2,201
635
Other
2,027
541
Total repurchases
126,955
100,506
Securities lending arrangements:
Securities of U.S. Treasury and federal agencies
294
251
Federal agency mortgage-backed securities
2
31
Corporate debt securities
1,005
293
Equity securities
5,579
4,965
Other
14
14
Total securities lending
6,894
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 agreements
Securities lending agreements
September 30, 2024
Overnight/continuous
$
77,126
5,793
Up to 30 days
17,006
450
30-90 days
18,509
—
>90 days
14,314
651
Total gross obligation
$
126,955
6,894
December 31, 2023
Overnight/continuous
$
54,810
4,903
Up to 30 days
13,704
—
30-90 days
23,264
200
>90 days
8,728
451
Total gross obligation
$
100,506
5,554
Wells Fargo & Company
119
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 securities
10,272
2,683
All other assets
499
495
Total assets pledged to counterparties that had the right to sell or repledge
95,459
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 securities
1,497
1,502
All other assets
1,523
1,195
Total assets pledged to counterparties that did not have the right to sell or repledge
816,191
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.
120
Wells Fargo & Company
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.
Wells Fargo & Company
121
Note 17: Operating Segments (continued)
Table 17.1 presents our results by operating segment.
Table 17.1:Operating Segments
(in millions)
Consumer Banking and Lending
Commercial Banking
Corporate and Investment Banking
Wealth 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 income
1,975
1,044
3,002
3,036
78
(459)
8,676
Total revenue
9,124
3,333
4,911
3,878
(337)
(543)
20,366
Provision for credit losses
930
85
26
16
8
—
1,065
Noninterest expense
5,624
1,480
2,229
3,154
580
—
13,067
Income (loss) before income tax expense (benefit)
2,570
1,768
2,656
708
(925)
(543)
6,234
Income tax expense (benefit)
646
448
664
179
(330)
(543)
1,064
Net income (loss) before noncontrolling interests
1,924
1,320
1,992
529
(595)
—
5,170
Less: Net income from noncontrolling interests
—
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 income
1,948
886
2,604
2,695
21
(402)
7,752
Total revenue
9,581
3,405
4,923
3,702
(248)
(506)
20,857
Provision for credit losses
768
52
324
(10)
63
—
1,197
Noninterest expense
5,913
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 income
5,938
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
Provision for credit losses
2,650
257
316
5
11
—
3,239
Noninterest expense
17,349
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 interests
5,407
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 income
5,844
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
Provision for credit losses
2,509
35
1,509
25
39
—
4,117
Noninterest expense
17,978
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 interests
5,928
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)
122
Wells Fargo & Company
(continued from previous page)
Consumer Banking and Lending
Commercial Banking
Corporate and Investment Banking
Wealth 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.
Wells Fargo & Company
123
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 Lending
Commercial Banking
Corporate and Investment Banking
Wealth 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 income:
Deposit-related fees
710
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 fees
1,031
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 income
1,975
1,044
3,002
3,036
78
(459)
8,676
Total revenue
$
9,124
3,333
4,911
3,878
(337)
(543)
20,366
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 fees
670
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 fees
1,027
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 income
1,948
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)
124
Wells Fargo & Company
(continued from previous page)
(in millions)
Consumer Banking and Lending
Commercial Banking
Corporate and Investment Banking
Wealth and Investment Management
Corporate
Reconciling 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 fees
2,077
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 fees
3,057
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 income
5,938
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 fees
2,008
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 fees
3,007
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 income
5,844
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.
Wells Fargo & Company
125
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)
2024
2023
2024
2023
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 quarterand 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.
126
Wells Fargo & Company
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
2024
2023
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 cost
97
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 cost
290
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)
Wells Fargo & Company
127
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)
2024
2023
2024
2023
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 outstanding
3,384.8
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)
2024
2023
2024
2023
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,
2024
2023
2024
2023
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,
2024
2023
2024
2023
(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 income
590
(147)
443
152
(37)
115
853
(210)
643
421
(104)
317
Net change
4,344
(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 hedges
1,094
(270)
824
(757)
187
(570)
(136)
34
(102)
(1,374)
340
(1,034)
Reclassification of net (gains) losses to net income
222
(56)
166
206
(50)
156
677
(168)
509
504
(124)
380
Net change
1,321
(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 change
27
(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 period
61
—
61
(48)
(1)
(49)
13
(1)
12
17
(2)
15
Reclassification of net (gains) losses to net income
—
—
—
—
—
—
—
—
—
—
—
—
Net change
61
—
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 period
2,831
4
824
—
(1)
61
3,719
Amounts reclassified from accumulated other comprehensive income
443
—
166
21
—
—
630
Net change
3,274
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 income
115
—
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 period
2,096
12
(102)
—
(25)
12
1,993
Amounts reclassified from accumulated other comprehensive income
643
—
509
63
—
—
1,215
Net change
2,739
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 income
317
—
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.
130
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 Approach
Advanced Approach
Standardized Approach
Advanced 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 1
156,597
159,823
156,597
159,823
149,051
142,108
149,051
142,108
Total
188,464
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 capital
11.34
%
*
11.43
12.70
12.63
13.27
*
12.49
16.00
14.86
Tier 1 capital
12.84
*
12.98
14.38
14.34
13.27
*
12.49
16.00
14.86
Total capital
15.45
*
15.67
16.36
16.40
15.34
*
14.56
17.43
16.26
Required minimum capital ratios:
Common Equity Tier 1 capital
8.90
8.90
8.50
8.50
7.00
7.00
7.00
7.00
Tier 1 capital
10.40
10.40
10.00
10.00
8.50
8.50
8.50
8.50
Total capital
12.40
12.40
12.00
12.00
10.50
10.50
10.50
10.50
Wells Fargo & Company
Wells Fargo Bank, N.A.
September 30, 2024
December 31, 2023
September 30, 2024
December 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 ratio
5.00
5.00
6.00
6.00
Tier 1 leverage ratio
4.00
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 regulations
985
986
132
Wells Fargo & Company
Glossary of Acronyms
ACL
Allowance for credit losses
HQLA
High-quality liquid assets
AFS
Available-for-sale
HTM
Held-to-maturity
AOCI
Accumulated other comprehensive income
LCR
Liquidity coverage ratio
ARM
Adjustable-rate mortgage
LHFS
Loans held for sale
ASC
Accounting Standards Codification
LOCOM
Lower of cost or fair value
ASU
Accounting Standards Update
LTV
Loan-to-value
AVM
Automated valuation model
MBS
Mortgage-backed securities
BCBS
Basel Committee on Banking Supervision
MSR
Mortgage servicing right
BHC
Bank holding company
NAV
Net asset value
CCAR
Comprehensive Capital Analysis and Review
NPA
Nonperforming asset
CD
Certificate of deposit
NSFR
Net stable funding ratio
CECL
Current expected credit loss
OCC
Office of the Comptroller of the Currency
CET1
Common Equity Tier 1
OCI
Other comprehensive income
CFPB
Consumer Financial Protection Bureau
OTC
Over-the-counter
CLO
Collateralized loan obligation
PCD
Purchased credit-deteriorated
CRE
Commercial real estate
RMBS
Residential mortgage-backed securities
DPD
Days past due
ROA
Return on average assets
ESOP
Employee Stock Ownership Plan
ROE
Return on average equity
FASB
Financial Accounting Standards Board
ROTCE
Return on average tangible common equity
FDIC
Federal Deposit Insurance Corporation
RWAs
Risk-weighted assets
FHA
Federal Housing Administration
SEC
Securities and Exchange Commission
FHLB
Federal Home Loan Bank
S&P
Standard & Poor’s Global Ratings
FHLMC
Federal Home Loan Mortgage Corporation
SLR
Supplementary leverage ratio
FICO
Fair Isaac Corporation (credit rating)
SOFR
Secured Overnight Financing Rate
FNMA
Federal National Mortgage Association
SPE
Special purpose entity
FRB
Board of Governors of the Federal Reserve System
TLAC
Total Loss Absorbing Capacity
GAAP
Generally accepted accounting principles
VA
Department of Veterans Affairs
GNMA
Government National Mortgage Association
VaR
Value-at-Risk
GSE
Government-sponsored enterprise
VIE
Variable interest entity
G-SIB
Global systemically important bank
WIM
Wealth 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)
July
42
$
57.73
$
14,709
August
34,916,207
55.03
12,787
September
27,078,797
55.90
11,274
Total
61,995,046
(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.
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.
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.