Summary
Wells Fargo & Company's 2013 Form 10-K report highlights its position as a leading financial holding company with substantial assets of $1.5 trillion and a significant presence across various financial services, including community banking, wholesale banking, and wealth management. The company operates through its principal subsidiary, Wells Fargo Bank, N.A., which accounts for 90% of the consolidated assets. The report emphasizes the company's diversified business model and its extensive network of over 9,000 domestic banking locations. It also details the complex regulatory environment in which Wells Fargo operates, including its status as a financial holding company subject to oversight from the Federal Reserve Board and other agencies. The company's adherence to capital requirements, including those mandated by the Dodd-Frank Act and Basel III, is a key focus, with provisions for annual capital plans and stress tests.
Financial Highlights
38 data points| Interest Expense | $4.29B |
| Net Income | $21.88B |
| EPS (Basic) | $3.95 |
| EPS (Diluted) | $3.89 |
| Shares Outstanding (Basic) | 5.29B |
| Shares Outstanding (Diluted) | 5.37B |
Key Highlights
- 1Wells Fargo held $1.5 trillion in assets as of December 31, 2013, with its primary subsidiary, Wells Fargo Bank, N.A., comprising 90% of these assets.
- 2The company operates a diversified financial services business, with three main segments: Community Banking, Wholesale Banking, and Wealth, Brokerage, and Retirement.
- 3Wells Fargo is subject to extensive regulation as a bank holding company and a financial holding company, overseen by multiple federal agencies including the Federal Reserve Board, OCC, FDIC, and CFPB.
- 4The company is actively managing its capital under new regulations, including Basel III, and is required to submit annual capital plans and undergo stress tests as part of the Comprehensive Capital Analysis and Review (CCAR) process.
- 5Significant portions of the 10-K report are incorporated by reference from the 2013 Annual Report to Stockholders and the 2014 Proxy Statement, indicating a comprehensive disclosure approach.
- 6The company details its stock repurchase program, showing repurchases of common stock and warrants during the fourth quarter of 2013, subject to regulatory approvals.
- 7Deposit insurance assessments, including FICO assessments, totaled $1.0 billion for the year ended December 31, 2013, underscoring the cost of operating insured depository institutions.