10-KPeriod: FY2024

WELLS FARGO & COMPANY/MN Annual Report, Year Ended Dec 31, 2024

Filed February 25, 2025For Securities:WFCWFC-PDWFC-PCWFC-PYWFC-PAWFC-PLWFCNPWFC-PZ

Summary

Wells Fargo & Company/MN (WFC) filed its 2024 Annual Report (10-K) on February 25, 2025. The report details the company's position as a major financial services provider with approximately $1.9 trillion in assets as of December 31, 2024, positioning it as the fourth-largest bank holding company in the U.S. The filing outlines its diversified business model spanning consumer banking, commercial banking, corporate and investment banking, and wealth and investment management. Key areas of focus in the report include the company's extensive regulatory landscape, its commitment to human capital development and diversity, and its robust risk management framework. Wells Fargo operates under significant oversight from various regulatory bodies, including the Federal Reserve Board and the OCC, which influence capital requirements, dividend policies, and operational strategies. The company also highlights its ongoing efforts to enhance governance, manage climate-related risks, and comply with evolving data privacy regulations, such as the CFPB's new rule impacting data sharing.

Financial Highlights

36 data points
Beta

Net Income

$19.72B

EPS (Diluted)

$5.37

Total Assets

$1.93T

Cash & Equivalents

$201.90B

Free Cash Flow

$3.04B

Financial Statements
Beta
Net Income$19.72B
EPS (Basic)$5.43
EPS (Diluted)$5.37
Shares Outstanding (Basic)3.43B
Shares Outstanding (Diluted)3.47B

Key Highlights

  • 1Wells Fargo reported approximately $1.9 trillion in assets as of December 31, 2024, making it the fourth-largest bank holding company in the United States.
  • 2The company's business is diversified across four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.
  • 3Wells Fargo operates under a stringent regulatory framework with significant oversight from the Federal Reserve Board and OCC, impacting capital, liquidity, and operational decisions.
  • 4Human capital is emphasized, with significant investments in employee development ($200 million in 2024), diversity initiatives, and a focus on performance-linked compensation tied to risk management.
  • 5The company is subject to comprehensive 'living will' and recovery plan requirements aimed at ensuring orderly resolution in case of financial distress.
  • 6Significant share repurchases were conducted in the fourth quarter of 2024, totaling over 57.8 million shares under an authorized program.
  • 7New CFPB regulations regarding consumer data access, effective April 1, 2026, are highlighted as a compliance area requiring updates to technology and risk management programs.

Frequently Asked Questions

As of December 31, 2024, Wells Fargo & Company/MN (WFC) reported approximately $1.9 trillion in assets, making it the fourth-largest bank holding company in the United States. Its principal subsidiary, Wells Fargo Bank, N.A., held $1.7 trillion in assets.

Wells Fargo is subject to extensive regulation by federal and state agencies, including the Federal Reserve Board, OCC, FDIC, SEC, and CFPB. The company is required to comply with various capital, leverage, liquidity, risk management, and consumer protection regulations. It also has robust processes for preparing 'living wills' and recovery plans to facilitate orderly resolution in the event of financial distress. Adherence to these regulations, including upcoming data privacy rules, is a significant operational focus.

Wells Fargo emphasizes investment in its employees, reporting approximately $200 million in learning and development programs during 2024. The company focuses on competitive compensation linked to performance and risk management, career development, a broad array of benefits, and promoting work-life balance. Diversity and inclusion are also key aspects of its human capital strategy.

Yes, Wells Fargo's ability to pay dividends and repurchase shares is subject to restrictions imposed by federal banking regulators. These restrictions can be influenced by the company's capital levels, stress test results, risk management, and liquidity conditions. Additionally, specific support agreements and regulatory capital requirements can limit capital distributions.