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  4. [10-Q] WELLS FARGO & COMPANY/MN Quarterly Earnings Report

[10-Q] WELLS FARGO & COMPANY/MN Quarterly Earnings Report

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Form Type
10-Q
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission file number 001-2979
WELLS FARGO & COMPANY
(Exact name of registrant as specified in its charter)
DelawareNo.41-0449260
(State of incorporation)(I.R.S. Employer Identification No.)

333 Market Street, San Francisco, California 94105
(Address of principal executive offices) (Zip code)
Registrant’s telephone number, including area code: 415-371-2921
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange
on Which Registered
Common Stock, par value $1-2/3
WFC
New York Stock
Exchange
(NYSE)
7.5% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L
WFC.PRL
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Y
WFC.PRY
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Z
WFC.PRZ
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series AA
WFC.PRA
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series CC
WFC.PRC
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series DD
WFC.PRD
NYSE
Guarantee of Medium-Term Notes, Series A, due October 30, 2028 of Wells Fargo Finance LLC
WFC/28A
NYSE
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                     Yes þ   No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                                Yes þ   No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
             Large accelerated filer   þ                    Accelerated filer  ¨
            Non-accelerated filer  ¨                     Smaller reporting company  ☐
                                        Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.             ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes ☐  No þ
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Shares Outstanding
October 22, 2025
Common stock, $1-2/3 par value
3,139,084,542




FORM 10-Q
CROSS-REFERENCE INDEX
PART IFinancial Information
Item 1.Financial StatementsPage
Consolidated Statement of Income
56
Consolidated Statement of Comprehensive Income
57
Consolidated Balance Sheet
58
Consolidated Statement of Changes in Equity
59
Consolidated Statement of Cash Flows
60
Notes to Financial Statements
1 —Summary of Significant Accounting Policies
61
2 —Trading Activities
62
3 —Available-for-Sale and Held-to-Maturity Debt Securities
63
4 —Equity Securities
69
5 —Loans and Related Allowance for Credit Losses
71
6 —Mortgage Banking Activities
84
7 —Intangible Assets and Other Assets
86
8 —Leasing Activity
87
9 —Preferred Stock and Common Stock
88
10 —Legal Actions
89
11 —Derivatives
91
12 —Fair Value Measurements
98
13 —Securitizations and Variable Interest Entities
105
14 —Guarantees and Other Commitments
111
15 —Securities Financing Activities
113
16 —Pledged Assets and Collateral
115
17 —Operating Segments
116
18 —Revenue and Expenses
119
19 —Employee Benefits
122
20 —Earnings and Dividends Per Common Share
123
21 —Other Comprehensive Income
124
22 —Regulatory Capital Requirements and Other Restrictions
126
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations (Financial Review)
Summary Financial Data
2
Overview
3
Earnings Performance
5
Balance Sheet Analysis
24
Off-Balance Sheet Arrangements
26
Risk Management
27
Capital Management
43
Regulation and Supervision
49
Critical Accounting Policies
50
Current Accounting Developments
51
Forward-Looking Statements
52
Risk Factors 
54
Glossary of Acronyms
128
Item 3.Quantitative and Qualitative Disclosures About Market Risk
37
Item 4.Controls and Procedures
55
PART IIOther Information
Item 1.Legal Proceedings
129
Item 1A.Risk Factors
129
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
129
Item 5.Other Information
129
Item 6.Exhibits
130
Signature
131
Wells Fargo & Company
1

FINANCIAL REVIEW
Summary Financial Data
Quarter endedSep 30, 2025
% Change from		Nine months ended
($ in millions, except ratios and per share amounts)
Sep 30,
2025		Jun 30,
2025		Sep 30,
2024		Jun 30,
2025		Sep 30,
2024		Sep 30,
2025		Sep 30,
2024		%
Change
Selected Income Statement Data
Total revenue$21,436 20,822 20,366 3 %5 $62,407 61,918 1%
Noninterest expense13,846 13,379 13,067 3 6 41,116 40,698 1 
Pre-tax pre-provision profit (PTPP) (1)
7,590 7,443 7,299 2 4 21,291 21,220 — 
Provision for credit losses (2)
681 1,005 1,065 (32)(36)2,618 3,239 (19)
Wells Fargo net income
5,589 5,494 5,114 2 9 15,977 14,643 9 
Wells Fargo net income applicable to common stock5,341 5,214 4,852 2 10 15,171 13,805 10 
Common Share Data
Diluted earnings per common share1.66 1.60 1.42 4 17 4.64 3.94 18 
Dividends declared per common share0.45 0.40 0.40 13 13 1.25 1.10 14 
Common shares outstanding3,148.9 3,220.4 3,345.5 (2)(6)
Average common shares outstanding3,182.2 3,232.7 3,384.8 (2)(6)3,231.4 3,464.1 (7)
Diluted average common shares outstanding3,223.5 3,267.0 3,425.1 (1)(6)3,270.3 3,503.5 (7)
Book value per common share (3)
$52.30 51.13 49.26 2 6 
Tangible book value per common share (3)(4)
44.18 43.18 41.76 2 6 
Selected Equity Data (period-end)
Total equity183,012 182,954 185,011 — (1)
Common stockholders’ equity164,687 164,644 164,801 — — 
Tangible common equity (4)
139,119 139,057 139,711 — — 
Performance Ratios
Return on average assets (ROA) (5)
1.10 %1.14 1.06 1.09 %1.02 
Return on average equity (ROE) (6)
12.8 12.8 11.7 12.4 11.2 
Return on average tangible common equity (ROTCE) (4)
15.2 15.2 13.9 14.7 13.3 
Efficiency ratio (7)
65 64 64 66 66 
Net interest margin on a taxable-equivalent basis2.61 2.68 2.67 2.65 2.74 
Selected Balance Sheet Data (average)
Loans$928,677 916,719 910,255 1 2 $917,935 918,406 — 
Assets2,010,200 1,933,371 1,916,612 4 5 1,954,742 1,916,079 2 
Deposits1,339,939 1,331,651 1,341,680 1 — 1,336,975 1,343,256 — 
Selected Balance Sheet Data (period-end)
Debt securities578,143 533,916 529,832 8 9 
Loans943,102 924,418 909,711 2 4 
Allowance for credit losses for loans14,311 14,568 14,739 (2)(3)
Equity securities70,113 67,476 59,771 4 17 
Assets2,062,926 1,981,269 1,922,125 4 7 
Deposits1,367,361 1,340,703 1,349,646 2 1 
Headcount (#) (period-end)210,821 212,804 220,167 (1)(4)
Capital and Other Metrics
Risk-based capital ratios and components (8):
Standardized Approach:
Common Equity Tier 1 (CET1)
10.99 %11.13 11.34 
Tier 1 capital12.30 12.45 12.84 
Total capital14.79 15.02 15.45 
Risk-weighted assets (RWAs) (in billions)
$1,242.4 1,225.9 1,219.9 1 2 
Advanced Approach:
Common Equity Tier 1 (CET1)
12.74 %12.75 12.70 
Tier 1 capital14.25 14.26 14.38 
Total capital16.18 16.24 16.36 
Risk-weighted assets (RWAs) (in billions)$1,072.2 1,070.4 1,089.3 — (2)
Tier 1 leverage ratio
7.71 %8.01 8.29 
Supplementary Leverage Ratio (SLR)
6.42 6.67 6.92 
Total Loss Absorbing Capacity (TLAC) Ratio (9)
24.62 24.42 25.29 
Liquidity Coverage Ratio (LCR) (10)
121 121 127 
(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, tangible book value per common share, and return on average tangible common equity are non-GAAP financial measures. 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, 2024 (2024 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 $2.1 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. 33 on Fortune’s 2025 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, 2025.

Financial Performance
Consolidated Financial Highlights
Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions)20252024$ Change% Change20252024$ Change% Change
Selected income statement data
Net interest income$11,950 11,690 260 2 %$35,153 35,840 (687)(2)%
Noninterest income9,486 8,676 810 9 27,254 26,078 1,176 5 
Total revenue21,436 20,366 1,070 5 62,407 61,918 489 1 
Net charge-offs954 1,111 (157)(14)2,960 3,571 (611)(17)
Change in the allowance for credit losses(273)(46)(227)NM(342)(332)(10)(3)
Provision for credit losses (1)681 1,065 (384)(36)2,618 3,239 (621)(19)
Noninterest expense13,846 13,067 779 6 41,116 40,698 418 1 
Income tax expense1,300 1,064 236 22 2,738 3,279 (541)(16)
Wells Fargo net income5,589 5,114 475 9 15,977 14,643 1,334 9 
Wells Fargo net income applicable to common stock5,341 4,852 489 10 15,171 13,805 1,366 10 
NM – Not meaningful
(1)Includes provision for credit losses for loans, debt securities, and other financial assets.

In third quarter 2025, we generated $5.6 billion of net income and diluted earnings per common share (EPS) of $1.66, compared with $5.1 billion of net income and diluted EPS of $1.42 in the same period a year ago. Financial performance for third quarter 2025, compared with third quarter 2024, included the following:
•total revenue increased due to higher noninterest income and higher net interest income;
•noninterest expense increased due to higher severance expense, revenue-related compensation expense, technology, telecommunications and equipment expense, and advertising and promotion expense;
•average loans increased due to growth in our commercial and industrial portfolio, partially offset by decreases in our commercial real estate and residential mortgage portfolios; and
•average deposits decreased driven by a decline in our interest-bearing deposits, partially offset by an increase in our noninterest-bearing deposits.

In the first nine months of 2025, we generated $16.0 billion of net income and diluted EPS of $4.64, compared with $14.6 billion of net income and diluted EPS of $3.94 in the same period a year ago. Financial performance for the first nine months of 2025, compared with the first nine months of 2024, included the following:
•total revenue increased due to higher noninterest income, partially offset by lower net interest income;
•noninterest expense increased due to higher personnel expense and technology, telecommunications and equipment expense, partially offset by lower operating losses;
•average loans decreased due to declines in our commercial real estate and residential mortgage portfolios, partially offset by growth in our commercial and industrial portfolio; and
•average deposits decreased driven by a decline in our interest-bearing deposits, partially offset by an increase in our noninterest-bearing deposits.
Wells Fargo & Company
3

Overview (continued)

Capital and Liquidity
We maintained a strong capital and liquidity position in the first nine months of 2025, which included the following:
•our Common Equity Tier 1 (CET1) ratio was 11% under the Standardized Approach (our binding framework), which continued to exceed the regulatory minimum and buffers of 9.70%;
•our total loss absorbing capacity (TLAC) as a percentage of total risk-weighted assets was 24.62%, compared with the regulatory minimum of 21.50%; and
•our liquidity coverage ratio (LCR) was 121%, 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 $14.3 billion at September 30, 2025, decreased $325 million from December 31, 2024.
•Our provision for credit losses for loans was $2.6 billion in the first nine months of 2025, compared with $3.2 billion in the same period a year ago, reflecting a decrease in net loan charge-offs due to lower losses in our commercial real estate portfolio driven by the office property type and lower losses in our auto and other consumer portfolios.
•The allowance coverage for total loans was 1.52% at September 30, 2025, compared with 1.60% at December 31, 2024, reflecting a decrease in the allowance for our commercial real estate portfolio driven by improved performance and lower loan balances.
•Commercial portfolio net loan charge-offs were $250 million, or 18 basis points of average commercial loans, in third quarter 2025, compared with net loan charge-offs of $323 million, or 24 basis points, in the same period a year ago, due to lower losses in our commercial real estate portfolio driven by the office property type.
•Consumer portfolio net loan charge-offs were $692 million, or 73 basis points of average consumer loans, in third quarter 2025, compared with net loan charge-offs of $788 million, or 83 basis points, in the same period a year ago, due to lower losses in our auto, credit card, and other consumer portfolios.
•Nonperforming assets (NPAs) of $7.8 billion at September 30, 2025, decreased $104 million from December 31, 2024, driven by a decrease in commercial real estate nonaccrual loans, partially offset by an increase in commercial and industrial nonaccrual loans. NPAs represented 0.83% of total loans at September 30, 2025.
4
Wells Fargo & Company

Earnings Performance
Wells Fargo net income for third quarter 2025 was $5.6 billion ($1.66 diluted EPS), compared with $5.1 billion ($1.42 diluted EPS) in the same period a year ago. Net income increased in third quarter 2025, compared with the same period a year ago, predominantly due to a $810 million increase in noninterest income, a $384 million decrease in provision for credit losses, and a $260 million increase in net interest income, partially offset by a $779 million increase in noninterest expense and a $236 million increase in income tax expense.

Net income for the first nine months of 2025 was $16.0 billion ($4.64 diluted EPS), compared with $14.6 billion ($3.94 diluted EPS) in the same period a year ago. Net income increased in the first nine months of 2025, compared with the same period a year ago, predominantly due to a $1.2 billion increase in noninterest income, a $621 million decrease in provision for credit losses, and a $541 million decrease in income tax expense, partially offset by a $687 million decrease in net interest income and a $418 million increase in noninterest expense.
Net Interest Income
Net interest income increased in third quarter 2025, compared with the same period a year ago, driven by fixed rate asset repricing, improved results in our Corporate and Investment Banking (CIB) Markets business, and higher debt securities and loan balances, partially offset by deposit mix changes.

Net interest income decreased in the first nine months of 2025, compared with the same period a year ago, driven by the impact of lower interest rates on floating rate assets and deposit mix, partially offset by lower deposit costs, fixed rate asset repricing, and improved results in our CIB Markets business.

Net interest margin decreased in both the third quarter and first nine months of 2025, compared with the same periods a year ago, driven by growth in our CIB Markets business.

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 2024 Form 10-K.

Wells Fargo & Company
5

Table 1: Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis) (1)
Quarter ended September 30,
20252024
($ in millions)
Average
balance		Interest
income/
expense
Average interest
rates
Average
balance		Interest
income/
expense
Average interest
rates
Assets
Interest-earning deposits with banks$158,704 1,603 4.01%$182,219 2,268 4.95%
Federal funds sold and securities purchased under resale agreements120,900 1,285 4.22 81,549 1,073 5.24 
Debt securities:
Trading debt securities143,335 1,532 4.27 125,083 1,330 4.25 
Available-for-sale debt securities200,309 2,336 4.66 160,729 1,744 4.33 
Held-to-maturity debt securities221,447 1,286 2.32 250,010 1,610 2.57 
Total debt securities565,091 5,154 3.64 535,822 4,684 3.49 
Loans held for sale (2)10,063 174 6.88 7,032 129 7.33 
Loans:
Commercial and industrial – U.S.337,878 5,354 6.29 308,391 5,544 7.15 
Commercial and industrial – Non-U.S.67,875 1,051 6.14 62,520 1,136 7.23 
Commercial real estate
131,623 2,041 6.15 143,187 2,482 6.90 
Lease financing14,986 219 5.85 16,529 235 5.68 
Total commercial loans552,362 8,665 6.23 530,627 9,397 7.05 
Residential mortgage
244,562 2,279 3.72 253,667 2,333 3.67 
Credit card56,420 1,806 12.70 54,580 1,747 12.73 
Auto44,292 624 5.59 43,430 570 5.22 
Other consumer31,041 579 7.40 27,951 601 8.56 
Total consumer loans376,315 5,288 5.59 379,628 5,251 5.51 
Total loans (2)928,677 13,953 5.97 910,255 14,648 6.41 
Equity securities36,863 164 1.77 27,480 157 2.26 
Other interest-earning assets
12,212 161 5.23 9,711 124 5.12 
Total interest-earning assets$1,832,510 22,494 4.88%$1,754,068 23,083 5.24%
Cash and due from banks28,173 — 27,669 — 
Goodwill25,070 — 25,172 — 
Other noninterest-earning assets
124,447 — 109,703 — 
Total noninterest-earning assets$177,690 — 162,544 — 
Total assets$2,010,200 22,494 1,916,612 23,083 
Liabilities
Deposits:
Demand deposits$490,344 2,709 2.19%$444,440 2,837 2.54%
Savings deposits345,651 985 1.13 353,654 1,220 1.37 
Time deposits142,399 1,463 4.08 168,920 2,194 5.17 
Deposits in non-U.S. offices5,803 31 2.16 19,192 194 4.04 
Total interest-bearing deposits984,197 5,188 2.09 986,206 6,445 2.60 
Short-term borrowings:
Federal funds purchased and securities loaned or sold under agreements to repurchase
182,636 2,020 4.39 97,920 1,316 5.35 
Other short-term borrowings29,323 319 4.31 11,982 120 3.97 
Total short-term borrowings211,959 2,339 4.38 109,902 1,436 5.20 
Long-term debt175,944 2,593 5.89 183,586 3,163 6.89 
Other interest-bearing liabilities
42,081 349 3.30 34,735 265 3.05 
Total interest-bearing liabilities$1,414,181 10,469 2.94%$1,314,429 11,309 3.43%
Noninterest-bearing deposits
355,742 — 355,474 — 
Other noninterest-bearing liabilities56,849 — 62,341 — 
Total noninterest-bearing liabilities$412,591 — 417,815 — 
Total liabilities$1,826,772 10,469 1,732,244 11,309 
Total equity183,428 — 184,368 — 
Total liabilities and equity$2,010,200 10,469 1,916,612 11,309 
Interest rate spread on a taxable-equivalent basis (3)1.94%1.81%
Net interest income and net interest margin on a taxable-equivalent basis (3)$12,025 2.61%$11,774 2.67%
(continued on following page)
6
Wells Fargo & Company

Table 1: Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis) (1)
Nine months ended September 30,
20252024
($ in millions)
Average 
balance 		Interest 
income/
expense 
Average interest rates
Average 
balance 		Interest 
income/ 
expense 
Average interest rates
Assets
Interest-earning deposits with banks$148,927 4,429 3.98%$195,359 7,308 5.00%
Federal funds sold and securities purchased under resale agreements109,426 3,454 4.22 74,372 2,929 5.26 
Debt securities:
Trading debt securities137,721 4,344 4.21 119,303 3,721 4.16 
Available-for-sale debt securities187,841 6,461 4.59 150,284 4,717 4.19 
Held-to-maturity debt securities227,595 4,029 2.36 257,770 5,099 2.64 
Total debt securities553,157 14,834 3.58 527,357 13,537 3.42 
Loans held for sale (2)8,649 428 6.61 6,654 376 7.54 
Loans:
Commercial and industrial – U.S.328,757 15,541 6.32 306,867 16,482 7.17 
Commercial and industrial – Non-U.S.65,017 3,001 6.17 65,799 3,580 7.27 
Commercial real estate
133,505 6,163 6.17 146,661 7,600 6.92 
Lease financing15,734 683 5.79 16,471 679 5.50 
Total commercial loans543,013 25,388 6.25 535,798 28,341 7.06 
Residential mortgage
246,590 6,843 3.70 256,294 7,009 3.65 
Credit card55,593 5,279 12.70 52,982 5,104 12.87 
Auto42,716 1,747 5.47 45,229 1,725 5.10 
Other consumer30,023 1,682 7.49 28,103 1,805 8.58 
Total consumer loans374,922 15,551 5.54 382,608 15,643 5.46 
Total loans (2)917,935 40,939 5.96 918,406 43,984 6.40 
Equity securities32,172 461 1.91 25,063 502 2.67 
Other interest-earning assets
12,357 396 4.28 8,930 348 5.22 
Total interest-earning assets
$1,782,623 64,941 4.87%$1,756,141 68,984 5.24%
Cash and due from banks28,368 — 27,860 — 
Goodwill25,092 — 25,173 — 
Other noninterest-earning assets
118,659 — 106,905 — 
Total noninterest-earning assets
$172,119 — 159,938 — 
Total assets
$1,954,742 64,941 1,916,079 68,984 
Liabilities
Deposits:
Demand deposits$481,631 7,980 2.22%$444,847 7,539 2.26%
Savings deposits353,759 3,234 1.22 352,729 3,250 1.23 
Time deposits132,058 4,074 4.12 179,604 7,043 5.24 
Deposits in non-U.S. offices8,529 170 2.67 19,411 573 3.95 
Total interest-bearing deposits975,977 15,458 2.12 996,591 18,405 2.47 
Short-term borrowings:
Federal funds purchased and securities loaned or sold under agreements to repurchase
143,088 4,701 4.39 89,500 3,597 5.37 
Other short-term borrowings19,809 612 4.13 14,380 433 4.02 
Total short-term borrowings162,897 5,313 4.36 103,880 4,030 5.18 
Long-term debt174,772 7,784 5.94 187,619 9,676 6.88 
Other interest-bearing liabilities
40,711 1,004 3.30 34,059 771 3.02 
Total interest-bearing liabilities$1,354,357 29,559 2.92%$1,322,149 32,882 3.32%
Noninterest-bearing deposits
360,998 — 346,665 — 
Other noninterest-bearing liabilities56,036 — 63,068 — 
Total noninterest-bearing liabilities
$417,034 — 409,733 — 
Total liabilities
$1,771,391 29,559 1,731,882 32,882 
Total equity183,351 — 184,197 — 
Total liabilities and equity
$1,954,742 29,559 1,916,079 32,882 
Interest rate spread on a taxable-equivalent basis (3)1.95%1.92%
Net interest margin and net interest income on a taxable-equivalent basis (3)
$35,382 2.65%$36,102 2.74%
(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 valuation allowances and 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 $75 million and $84 million for the quarters ended September 30, 2025 and 2024, respectively, and $229 million and $262 million for the first nine months of 2025 and 2024, respectively, predominantly related to tax-exempt income on certain loans and securities.
Wells Fargo & Company
7

Earnings Performance (continued)
Noninterest Income

Table 2: Noninterest Income
Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions)
20252024$ Change% Change20252024$ Change% Change
Deposit-related fees$1,290 1,299 (9)(1)%$3,808 3,778 30 1 %
Lending-related fees384 376 8 2 1,121 1,112 9 1 
Investment advisory and other asset-based fees
2,660 2,463 197 8 7,695 7,209 486 7 
Commissions and brokerage services fees
651 646 5 1 1,899 1,886 13 1 
Investment banking fees840 672 168 25 2,311 1,940 371 19 
Card fees
1,223 1,096 127 12 3,440 3,258 182 6 
Mortgage banking268 280 (12)(4)830 753 77 10 
Net gains from trading activities1,466 1,438 28 2 4,109 4,334 (225)(5)
Net losses from debt securities
— (447)447 100 (147)(472)325 69 
Net gains (losses) from equity securities
149 257 (108)(42)(75)355 (430)NM
Lease income266 277 (11)(4)802 990 (188)(19)
Other
289 319 (30)(9)1,461 935 526 56 
Total$9,486 8,676 810 9 $27,254 26,078 1,176 5 
NM – Not meaningful
Third quarter 2025 vs. third quarter 2024

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.

Investment banking fees increased due to higher debt underwriting, advisory, and equity underwriting fees.

Card fees increased driven by higher revenue following our merchant services joint venture acquisition in April 2025, as well as increased consumer credit card activity. Following the acquisition, the revenue from the merchant services business has been included in card fees. Prior to the acquisition, our share of the net earnings of the joint venture was included in other noninterest income.

Mortgage banking decreased driven by lower servicing fees related to portfolio run-off and sales, including the sale of the non-agency portion of our commercial mortgage third-party servicing business in first quarter 2025, partially offset by mortgage servicing rights (MSR) valuation adjustments.

Net losses from debt securities decreased driven by higher net losses related to a repositioning of our investment securities portfolio in third quarter 2024.

Net gains (losses) from equity securities decreased driven by lower realized gains on equity securities from our venture capital investments, partially offset by higher unrealized gains from our venture capital investments and lower impairment losses on equity securities.
First nine months of 2025 vs. first nine months of 2024

Deposit-related fees increased reflecting higher treasury management fees on commercial accounts driven by lower earnings credits due to a decrease in interest rates, partially offset by lower overdraft fees.

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

Investment banking fees increased due to higher debt underwriting fees.

Card fees increased driven by higher revenue following our merchant services joint venture acquisition, as well as increased consumer credit card activity.

Mortgage banking increased driven by lower servicing fees related to portfolio run-off and sales, including the sale of the non-agency portion of our commercial mortgage third-party servicing business in first quarter 2025, which were more than offset by MSR valuation adjustments.

Net gains from trading activities decreased driven by:
•lower revenue from mortgage trading; and
•lower revenue in equities as second quarter 2024 included a gain related to an exchange of shares of Visa Inc. Class B common stock;
partially offset by:
•higher revenue in foreign exchange and commodities products.

Net losses from debt securities decreased driven by higher net losses related to a repositioning of our investment securities portfolio in third quarter 2024.

Net gains (losses) from equity securities decreased driven by lower realized and unrealized gains from our venture capital investments, partially offset by lower impairment losses on equity securities.

8
Wells Fargo & Company

Lease income decreased driven by a gain associated with the resolution of a legacy lease transaction in the first nine months of 2024.
Other income increased driven by:
•a $263 million gain on the sale of the non-agency portion of our commercial mortgage third-party servicing business in first quarter 2025; and
•a $253 million gain associated with our merchant services joint venture acquisition in second quarter 2025.
Noninterest Expense

Table 3: Noninterest Expense
Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions)20252024$ Change% Change20252024$ Change% Change
Personnel$9,021 8,591 430 5%$27,204 26,658 546 2%
Technology, telecommunications and equipment1,319 1,142 177 15 3,829 3,301 528 16 
Occupancy784 786 (2)— 2,311 2,263 48 2 
Operating losses
285 293 (8)(3)739 1,419 (680)(48)
Professional and outside services1,177 1,130 47 4 3,304 3,370 (66)(2)
Leases (1)
144 152 (8)(5)455 475 (20)(4)
Advertising and promotion295 205 90 44 742 626 116 19 
Other821 768 53 7 2,532 2,586 (54)(2)
Total$13,846 13,067 779 6 $41,116 40,698 418 1 
(1)Represents expenses for assets we lease to customers.
Third quarter 2025 vs. third quarter 2024

Personnel expense increased due to:
•higher severance expense; and
•higher revenue-related compensation expense;
partially offset by:
•the impact of efficiency initiatives.

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

Advertising and promotion expense increased reflecting higher marketing campaign volume.
First nine months of 2025 vs. first nine months of 2024

Personnel expense increased due to:
•higher revenue-related compensation expense;
•higher severance expense; and
•expense for a special award to employees;
partially offset by:
•the impact of efficiency initiatives.

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

Operating losses decreased driven by lower expense for customer remediation activities.

For additional information on operating losses, see Note 18 (Revenue and Expenses) to Financial Statements in this Report.

Advertising and promotion expense increased reflecting higher marketing campaign volume.
Other expense decreased reflecting lower Federal Deposit Insurance Corporation (FDIC) assessment expense driven by a higher FDIC special assessment in the first nine months of 2024.

For additional information on the FDIC’s special assessment, see Note 18 (Revenue and Expenses) to Financial Statements in this Report.
Wells Fargo & Company
9

Earnings Performance (continued)
Income Tax Expense

Table 4: Income Tax Expense
Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions)
20252024$ Change% Change20252024$ Change% Change
Income before income tax expense$6,909 6,234 675 11 %$18,673 17,981 692 4%
Income tax expense1,300 1,064 236 22 2,738 3,279 (541)(16)
Effective income tax rate (1)18.9%17.2 14.6%18.3 
(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 2025, compared with the same period a year ago, was driven by higher amortization, net of tax benefits, from tax credit investments. The decrease in the effective income tax rate for the first nine months of 2025, compared with the same period a year ago, was driven by higher discrete tax benefits related to the resolution of prior period tax matters and the impact of the Company’s higher stock price on the annual vesting of stock-based employee compensation.

For additional information on income taxes, see Note 23 (Income Taxes) to Financial Statements in our 2024 Form 10-K.
10
Wells Fargo & Company

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 Sharing and Expense Allocations. 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, expense is generally allocated based on the cost and use of the service provided. Enterprise functions, such as operations, technology, and risk management, are included in Corporate with an allocation of their applicable costs to the reportable operating segments based on the level of support provided by the enterprise function. We periodically assess and update our revenue sharing 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
Wells Fargo & Company
11

Earnings Performance (continued)
Table 6 and the following discussion present our results by reportable operating segment. For additional information, see Note 17 (Operating Segments) to Financial Statements in this Report.
Table 6: Operating Segment Results – Highlights
(in millions) Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment ManagementCorporate (1)Reconciling Items (2)Consolidated Company
Quarter ended September 30, 2025
Net interest income$7,505 1,949 1,870 974 (273)(75)11,950 
Noninterest income2,145 1,092 3,009 3,222 449 (431)9,486 
Total revenue9,650 3,041 4,879 4,196 176 (506)21,436 
Provision for credit losses767 39 (107)(14)(4)— 681 
Noninterest expense5,968 1,445 2,362 3,421 650 — 13,846 
Income (loss) before income tax expense (benefit)2,915 1,557 2,624 789 (470)(506)6,909 
Income tax expense (benefit)730 393 658 198 (173)(506)1,300 
Net income (loss) before noncontrolling interests
2,185 1,164 1,966 591 (297)— 5,609 
Less: Net income from noncontrolling interests
— 2 — — 18 — 20 
Net income (loss)
$2,185 1,162 1,966 591 (315)— 5,589 
Quarter ended September 30, 2024
Net interest income$7,149 2,289 1,909 842 (415)(84)11,690 
Noninterest income1,975 1,044 3,002 3,036 78 (459)8,676 
Total revenue9,124 3,333 4,911 3,878 (337)(543)20,366 
Provision for credit losses930 85 26 16 8 — 1,065 
Noninterest expense5,624 1,480 2,229 3,154 580 — 13,067 
Income (loss) before income tax expense (benefit)2,570 1,768 2,656 708 (925)(543)6,234 
Income tax expense (benefit)646 448 664 179 (330)(543)1,064 
Net income (loss) before noncontrolling interests
1,924 1,320 1,992 529 (595)— 5,170 
Less: Net income from noncontrolling interests
— 2 — — 54 — 56 
Net income (loss)
$1,924 1,318 1,992 529 (649)— 5,114 
Nine months ended September 30, 2025
Net interest income$21,647 5,909 5,475 2,691 (340)(229)35,153 
Noninterest income6,144 2,990 9,141 9,277 898 (1,196)27,254 
Total revenue27,791 8,899 14,616 11,968 558 (1,425)62,407 
Provision for credit losses2,451 183 (4)9 (21)— 2,618 
Noninterest expense17,695 4,634 7,089 10,026 1,672 — 41,116 
Income (loss) before income tax expense (benefit)7,645 4,082 7,531 1,933 (1,093)(1,425)18,673 
Income tax expense (benefit)1,908 1,034 1,887 470 (1,136)(1,425)2,738 
Net income before noncontrolling interests
5,737 3,048 5,644 1,463 43 — 15,935 
Less: Net income (loss) from noncontrolling interests
— 6 — — (48)— (42)
Net income
$5,737 3,042 5,644 1,463 91 — 15,977 
Nine months ended September 30, 2024
Net interest income$21,283 6,848 5,881 2,617 (527)(262)35,840 
Noninterest income5,938 2,759 8,850 8,861 761 (1,091)26,078 
Total revenue27,221 9,607 14,731 11,478 234 (1,353)61,918 
Provision for credit losses2,650 257 316 5 11 — 3,239 
Noninterest expense17,349 4,665 6,729 9,577 2,378 — 40,698 
Income (loss) before income tax expense (benefit)7,222 4,685 7,686 1,896 (2,155)(1,353)17,981 
Income tax expense (benefit)1,815 1,191 1,928 502 (804)(1,353)3,279 
Net income (loss) before noncontrolling interests5,407 3,494 5,758 1,394 (1,351)— 14,702 
Less: Net income from noncontrolling interests
— 8 — — 51 — 59 
Net income (loss)$5,407 3,486 5,758 1,394 (1,402)— 14,643 
(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.
12
Wells Fargo & Company

Consumer Banking and Lending offers diversified financial products and services for consumers and small businesses with annual sales generally up to $25 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)20252024$ Change% Change20252024$ Change% Change
Income Statement
Net interest income$7,505 7,149 356 5 %$21,647 21,283 364 2 %
Noninterest income:
Deposit-related fees698 710 (12)(2)2,002 2,077 (75)(4)
Card fees (1)1,162 1,031 131 13 3,249 3,057 192 6 
Mortgage banking199 137 62 45 590 465 125 27 
Other86 97 (11)(11)303 339 (36)(11)
Total noninterest income2,145 1,975 170 9 6,144 5,938 206 3 
Total revenue9,650 9,124 526 6 27,791 27,221 570 2 
Net charge-offs766 871 (105)(12)2,461 2,659 (198)(7)
Change in the allowance for credit losses1 59 (58)(98)(10)(9)(1)(11)
Provision for credit losses767 930 (163)(18)2,451 2,650 (199)(8)
Noninterest expense5,968 5,624 344 6 17,695 17,349 346 2 
Income before income tax expense2,915 2,570 345 13 7,645 7,222 423 6 
Income tax expense 730 646 84 13 1,908 1,815 93 5 
Net income$2,185 1,924 261 14 $5,737 5,407 330 6 
Revenue by Line of Business
Consumer, Small and Business Banking$6,567 6,222 345 6 $18,836 18,443 393 2 
Consumer Lending:
Home Lending870 842 28 3 2,557 2,529 28 1 
Credit Card
1,663 1,471 192 13 4,775 4,419 356 8 
Auto256 273 (17)(6)734 855 (121)(14)
Personal Lending294 316 (22)(7)889 975 (86)(9)
Total revenue$9,650 9,124 526 6 $27,791 27,221 570 2 
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (2)
18.5%16.316.3%15.3 
Efficiency ratio (3)
62 62 64 64 
Retail bank branches (#, period-end)
4,108 4,196 (2)
Digital active customers (# in millions, period-end) (4)
37.0 35.8 3 
Mobile active customers (# in millions, period-end) (4)
32.5 31.2 4 
Consumer, Small and Business Banking:
Deposit spread (5)
2.63%2.522.56%2.51 
Debit card purchase volume ($ in billions) (6)
$133.6 126.8 6.8 5 $393.2 376.5 16.7 4 
Debit card purchase transactions (# in millions) (6)
2,674 2,585 3 7,815 7,608 3 
(continued on following page)

Wells Fargo & Company
13

Earnings Performance (continued)
(continued from previous page)

Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions, unless otherwise noted)20252024$ Change% Change20252024$ Change% Change
Home Lending:
Mortgage banking:
Net servicing income$152 114 38 33 %$469 294 175 60%
Net gains on mortgage loan originations/sales47 23 24 104 121 171 (50)(29)
Total mortgage banking$199 137 62 45 $590 465 125 27 
Mortgage loan originations ($ in billions)$7.0 5.5 1.5 27 $18.8 14.3 4.5 31 
% of originations held for sale (HFS)31.0 %41.0 33.9%40.7 
Third-party mortgage loans serviced ($ in billions, period-end) (7)$433.8 499.1 (65.3)(13)
Mortgage servicing rights (MSR) carrying value (period-end)6,167 6,544 (377)(6)
Home lending loans 30+ days delinquency rate (period-end) (8)(9)(10)0.32 0.30 
Credit Card:
Credit card purchase volume ($ in billions)$47.4 43.4 4.0 9 $136.3 125.4 10.9 9 
Credit card new accounts (# in thousands)914 615 49 2,111 1,943 9 
Credit card loans 30+ days delinquency rate (period-end) (9)(10)2.69 %2.87 
Credit card loans 90+ days delinquency rate (period-end) (9)(10)1.34 1.43 
Auto:
Auto loan originations ($ in billions)$8.8 4.1 4.7 115 $20.3 11.9 8.4 71 
Auto loans 30+ days delinquency rate (period-end) (9)(10)1.54 %2.28 
(1)In April 2025, we completed our acquisition of the remaining interest in our merchant services joint venture. Following the acquisition, the revenue from this business has been included in card fees. Prior to the acquisition, our share of the net earnings of the joint venture was included in other noninterest income.
(2)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.
(3)Efficiency ratio is segment noninterest expense divided by segment total revenue (net interest income and noninterest income).
(4)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.
(5)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.
(6)Debit card purchase volume and transactions reflect combined activity for both consumer and business debit card purchases.
(7)Excludes residential mortgage loans subserviced for others.
(8)Excludes residential mortgage loans that are insured or guaranteed by U.S government agencies.
(9)Excludes loans held for sale.
(10)Delinquency balances exclude nonaccrual loans.
Third quarter 2025 vs. third quarter 2024

Revenue increased driven by:
•higher net interest income due to lower deposit pricing and higher deposit balances;
•higher card fees driven by higher revenue following our merchant services joint venture acquisition, as well as increased consumer credit card activity; and
•the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025.

Provision for credit losses reflected a lower change in allowance for credit card loans and lower net charge-offs, partially offset by a higher change in allowance for auto loans driven by higher loan balances.

Noninterest expense increased driven by:
•higher operating costs;
•higher advertising expense; and
•the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025;
partially offset by:
•the impact of efficiency initiatives.
First nine months of 2025 vs. first nine months of 2024

Revenue increased driven by:
•higher net interest income due to lower deposit pricing and higher deposit balances;
•higher card fees driven by higher revenue following our merchant services joint venture acquisition, as well as increased consumer credit card activity; and
•higher mortgage banking income driven by lower servicing fees related to portfolio run-off and sales, which were more than offset by MSR valuation adjustments.
Provision for credit losses reflected lower net charge-offs.

Noninterest expense increased driven by:
•higher branch personnel expense;
•higher advertising expense; and
•the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025;
partially offset by:
•lower operating losses; and
•the impact of efficiency initiatives.
14
Wells Fargo & Company

Table 6b: Consumer Banking and Lending – Balance Sheet

Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions)
20252024$ Change% Change20252024$ Change% Change
Selected Balance Sheet Data (average)
Loans by Line of Business:
Consumer, Small and Business Banking (1)
$13,700 6,230 7,470 120 %$8,577 6,355 2,222 35 %
Consumer Lending:
Home Lending201,803 209,825 (8,022)(4)203,608 212,043 (8,435)(4)
Credit Card
51,121 49,141 1,980 4 50,396 47,677 2,719 6 
Auto44,775 43,949 826 2 43,221 45,733 (2,512)(5)
Personal Lending13,880 14,470 (590)(4)13,812 14,609 (797)(5)
Total loans$325,279 323,615 1,664 1 $319,614 326,417 (6,803)(2)
Total deposits (1)
781,329 773,554 7,775 1 780,448 775,005 5,443 1 
Allocated capital45,500 45,500 — — 45,500 45,500 — — 
Selected Balance Sheet Data (period-end)
Loans by Line of Business:
Consumer, Small and Business Banking (1)
$13,789 6,372 7,417 116 
Consumer Lending:
Home Lending201,345 209,083 (7,738)(4)
Credit Card
51,572 49,521 2,051 4 
Auto46,524 43,356 3,168 7 
Personal Lending13,984 14,413 (429)(3)
Total loans$327,214 322,745 4,469 1 
Total deposits (1)
782,292 775,745 6,547 1 
(1)In third quarter 2025, we prospectively transferred approximately $8 billion of loans and approximately $6 billion of deposits related to certain business customers from the Commercial Banking operating segment to Consumer, Small and Business Banking in the Consumer Banking and Lending operating segment.
Third quarter 2025 vs. third quarter 2024
Total loans (average and period-end) increased due to:
•the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025;
partially offset by:
•a decline in loan balances in our Home Lending business reflecting paydowns of legacy residential mortgage loans.
Total deposits (average and period-end) increased driven by the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025.

First nine months of 2025 vs. first nine months of 2024
Total loans (average) decreased due to:
•a decline in loan balances in our Home Lending business, reflecting paydowns of legacy residential mortgage loans; and
•a decline in loan balances in our Auto business;
partially offset by:
•the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025; and
•an increase in loan balances in our Credit Card business due to higher purchase volume and the impact of new account growth.
Total deposits (average) increased driven by the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025.
Wells Fargo & Company
15

Earnings Performance (continued)
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)20252024$ Change% Change20252024$ Change% Change
Income Statement
Net interest income$1,949 2,289 (340)(15)%$5,909 6,848 (939)(14)%
Noninterest income:
Deposit-related fees311 303 8 3 970 877 93 11 
Lending-related fees144 138 6 4 418 415 3 1 
Lease income119 126 (7)(6)358 408 (50)(12)
Other518 477 41 9 1,244 1,059 185 17 
Total noninterest income1,092 1,044 48 5 2,990 2,759 231 8 
Total revenue3,041 3,333 (292)(9)8,899 9,607 (708)(7)
Net charge-offs83 50 33 66 222 222 — — 
Change in the allowance for credit losses(44)35 (79)NM(39)35 (74)NM
Provision for credit losses39 85 (46)(54)183 257 (74)(29)
Noninterest expense1,445 1,480 (35)(2)4,634 4,665 (31)(1)
Income before income tax expense1,557 1,768 (211)(12)4,082 4,685 (603)(13)
Income tax expense393 448 (55)(12)1,034 1,191 (157)(13)
Less: Net income from noncontrolling interests2 2 — — 6 8 (2)(25)
Net income$1,162 1,318 (156)(12)$3,042 3,486 (444)(13)
Revenue by Product
Lending and leasing$1,251 1,293 (42)(3)$3,780 3,910 (130)(3)
Treasury management and payments1,206 1,434 (228)(16)3,716 4,267 (551)(13)
Other584 606 (22)(4)1,403 1,430 (27)(2)
Total revenue$3,041 3,333 (292)(9)$8,899 9,607 (708)(7)
Selected Metrics
Return on allocated capital16.8 %19.2 14.7%16.9 
Efficiency ratio48 44 52 49 
NM – Not meaningful
Third quarter 2025 vs. third quarter 2024
Revenue decreased driven by:
•lower net interest income reflecting the impact of lower interest rates and lower deposit and loan balances including the impact of the transfer of certain business customers to the Consumer Banking and Lending operating segment in third quarter 2025, partially offset by lower deposit pricing;
partially offset by:
•higher other noninterest income related to tax credit and equity investments.

Noninterest expense decreased slightly due to the impact of the transfer of certain business customers to the Consumer Banking and Lending operating segment in third quarter 2025, as well as the impact of efficiency initiatives.
First nine months of 2025 vs. first nine months of 2024
Revenue decreased driven by:
•lower net interest income reflecting the impact of lower interest rates, partially offset by lower deposit pricing and higher deposit balances;
partially offset by:
•higher other noninterest income related to tax credit investments; and
•higher deposit-related fees reflecting higher treasury management fees on commercial accounts driven by lower earnings credits from a decrease in interest rates.

Provision for credit losses reflected a decrease in allowance for
credit losses.

Noninterest expense decreased slightly driven by the impact of efficiency initiatives, partially offset by higher operating costs.
16
Wells Fargo & Company

Table 6d: Commercial Banking – Balance Sheet

Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions)
20252024$ Change% Change20252024$ Change% Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial$166,946 161,967 4,979 3 %$166,075 163,085 2,990 2 %
Commercial real estate
37,605 44,756 (7,151)(16)42,166 45,013 (2,847)(6)
Lease financing and other14,805 15,393 (588)(4)14,950 15,384 (434)(3)
Total loans (1)
$219,356 222,116 (2,760)(1)$223,191 223,482 (291)— 
Total deposits (1)
171,976 173,158 (1,182)(1)177,570 168,044 9,526 6 
Allocated capital26,000 26,000 — — 26,000 26,000— — 
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial
$170,031 163,878 6,153 4 
Commercial real estate
38,030 44,715 (6,685)(15)
Lease financing and other15,174 15,406 (232)(2)
Total loans (1)
$223,235 223,999 (764)— 
Total deposits (1)
176,954 178,406 (1,452)(1)
(1)In third quarter 2025, we prospectively transferred approximately $8 billion of loans and approximately $6 billion of deposits related to certain business customers from the Commercial Banking operating segment to Consumer, Small and Business Banking in the Consumer Banking and Lending operating segment.
First nine months of 2025 vs. first nine months of 2024
Total deposits (average) increased driven by additions of deposits from new and existing customers.
Wells Fargo & Company
17

Earnings Performance (continued)
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.

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)20252024$ Change% Change20252024$ Change% Change
Income Statement
Net interest income$1,870 1,909 (39)(2)%$5,475 5,881 (406)(7)%
Noninterest income:
Deposit-related fees273 279 (6)(2)814 804 10 1 
Lending-related fees214 213 1 — 624 621 3 — 
Investment banking fees826 668 158 24 2,291 1,949 342 18 
Net gains from trading activities1,425 1,366 59 4 4,001 4,158 (157)(4)
Other271 476 (205)(43)1,411 1,318 93 7 
Total noninterest income3,009 3,002 7 — 9,141 8,850 291 3 
Total revenue4,879 4,911 (32)(1)14,616 14,731 (115)(1)
Net charge-offs96 196 (100)(51)268 695 (427)(61)
Change in the allowance for credit losses(203)(170)(33)(19)(272)(379)107 28 
Provision for credit losses(107)26 (133)NM(4)316 (320)NM
Noninterest expense2,362 2,229 133 6 7,089 6,729 360 5 
Income before income tax expense2,624 2,656 (32)(1)7,531 7,686 (155)(2)
Income tax expense658 664 (6)(1)1,887 1,928 (41)(2)
Net income$1,966 1,992 (26)(1)$5,644 5,758 (114)(2)
Revenue by Line of Business
Banking:
Lending$647 698 (51)(7)$1,866 2,067 (201)(10)
Treasury Management and Payments630 695 (65)(9)1,859 2,068 (209)(10)
Investment Banking554 419 135 32 1,551 1,323 228 17 
Total Banking1,831 1,812 19 1 5,276 5,458 (182)(3)
Commercial Real Estate1,186 1,364 (178)(13)3,847 3,870 (23)(1)
Markets:
Fixed Income, Currencies, and Commodities (FICC)1,355 1,327 28 2 4,128 3,914 214 5 
Equities450 396 54 14 1,285 1,404 (119)(8)
Credit Adjustment (CVA/DVA/FVA) and Other
48 31 17 55 46 57 (11)(19)
Total Markets1,853 1,754 99 6 5,459 5,375 84 2 
Other9 (19)28 14734 28 6 21 
Total revenue$4,879 4,911 (32)(1)$14,616 14,731 (115)(1)
Selected Metrics
Return on allocated capital16.8 %17.1 16.2%16.5 
Efficiency ratio48 45 49 46 
NM – Not meaningful
Third quarter 2025 vs. third quarter 2024
Revenue decreased slightly driven by:
•lower mortgage banking income resulting from the sale of the non-agency portion of our commercial mortgage third-party servicing business in first quarter 2025;
partially offset by:
•higher investment banking fees due to higher debt underwriting, advisory, and equity underwriting fees.
Provision for credit losses reflected lower net charge-offs on commercial real estate loans.


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

First nine months of 2025 vs. first nine months of 2024

Revenue decreased driven by:
•lower net interest income driven by lower interest rates, partially offset by lower deposit pricing and higher deposit balances;
•lower gains from trading activities driven by lower revenue in equities as second quarter 2024 included a gain related to an exchange of shares of Visa Inc. Class B common stock; and
18
Wells Fargo & Company

•lower lease income driven by a gain associated with the resolution of a legacy lease transaction in the first nine months of 2024;
partially offset by:
•higher investment banking fees due to higher debt underwriting and advisory fees; and
•a $263 million gain on the sale of the non-agency portion of our commercial mortgage third-party servicing business in first quarter 2025.
Provision for credit losses reflected lower net charge-offs on 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)
20252024$ Change% Change20252024$ Change% Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial$214,774 183,255 31,519 17 %$203,381 183,159 20,222 11 %
Commercial real estate81,121 91,963 (10,842)(12)83,043 94,913 (11,870)(13)
Total loans$295,895 275,218 20,677 8 $286,424 278,072 8,352 3 
Loans by Line of Business:
Banking$92,787 86,548 6,239 7 $89,459 87,854 1,605 2 
Commercial Real Estate117,115 124,056 (6,941)(6)117,449 127,943 (10,494)(8)
Markets85,993 64,614 21,379 33 79,516 62,275 17,241 28 
Total loans$295,895 275,218 20,677 8 $286,424 278,072 8,352 3 
Trading-related assets:
Trading account securities$167,890 140,501 27,389 19 $156,285 132,678 23,607 18 
Reverse repurchase agreements/securities borrowed115,868 74,041 41,827 56 105,046 67,289 37,757 56 
Derivative assets22,682 19,668 3,014 15 21,936 18,422 3,514 19 
Total trading-related assets$306,440 234,210 72,230 31 $283,267 218,389 64,878 30 
Total assets679,877 574,697 105,180 18 644,390 561,280 83,110 15 
Total deposits204,056 194,315 9,741 5 203,464 188,399 15,065 8 
Allocated capital44,000 44,000 — — 44,000 44,000 — — 
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial$224,462 183,341 41,121 22 
Commercial real estate79,518 90,382 (10,864)(12)
Total loans$303,980 273,723 30,257 11 
Loans by Line of Business:
Banking$95,215 88,221 6,994 8 
Commercial Real Estate116,314 121,238 (4,924)(4)
Markets92,451 64,264 28,187 44 
Total loans$303,980 273,723 30,257 11 
Trading-related assets:
Trading account securities$193,037 144,148 48,889 34 
Reverse repurchase agreements/securities borrowed
130,196 83,562 46,634 56 
Derivative assets22,574 17,906 4,668 26 
Total trading-related assets$345,807 245,616 100,191 41 
Total assets715,683 583,144 132,539 23 
Total deposits211,051 199,700 11,351 6 
Third quarter and first nine months of 2025 vs. third quarter and first nine months of 2024
Total loans (average and period-end) increased driven by commercial and industrial loan originations and draws on existing loan accounts exceeding loan payoffs.

Total trading-related assets (average and period-end) increased reflecting:
•an increased volume of reverse repurchase agreements; and
•higher trading account securities driven by growth across all asset classes.
Total deposits (average and period-end) increased driven by additions of deposits from new and existing customers.
Wells Fargo & Company
19

Earnings Performance (continued)
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)20252024$ Change% Change20252024$ Change% Change
Income Statement
Net interest income$974 842 132 16 %$2,691 2,617 74 3 %
Noninterest income:
Investment advisory and other asset-based fees2,601 2,406 195 8 7,515 7,030 485 7 
Commissions and brokerage services fees
557 548 9 2 1,602 1,614 (12)(1)
Other64 82 (18)(22)160 217 (57)(26)
Total noninterest income3,222 3,036 186 6 9,277 8,861 416 5 
Total revenue4,196 3,878 318 8 11,968 11,478 490 4 
Net charge-offs(1)(5)4 80(1)(1)— —
Change in the allowance for credit losses(13)21 (34)NM10 6 4 67 
Provision for credit losses(14)16 (30)NM9 5 4 80 
Noninterest expense3,421 3,154 267 8 10,026 9,577 449 5 
Income before income tax expense789 708 81 11 1,933 1,896 37 2 
Income tax expense198 179 19 11 470 502 (32)(6)
Net income$591 529 62 12 $1,463 1,394 69 5 
Selected Metrics
Return on allocated capital35.1 %31.5 29.2%27.7 
Efficiency ratio82 81 84 83 
Client assets ($ in billions, period-end):
Advisory assets$1,104 993 111 11 
Other brokerage assets and deposits1,369 1,301 68 5 
Total client assets$2,473 2,294 179 8 
Selected Balance Sheet Data (average)
Total loans$86,150 82,797 3,353 4 $85,128 82,815 2,313 3 
Total deposits127,377 107,991 19,386 18 124,803 104,117 20,686 20 
Allocated capital6,500 6,500 — — 6,500 6,500 — — 
Selected Balance Sheet Data (period-end)
Total loans$87,752 83,023 4,729 6 
Total deposits132,657 112,472 20,185 18 
NM – Not meaningful
Third quarter and first nine months of 2025 vs. third quarter and first nine months of 2024
Revenue increased driven by:
•higher investment advisory and other asset-based fees driven by higher asset-based fees reflecting higher market valuations; and
•higher net interest income driven by lower deposit pricing and higher deposit and loan balances.
Noninterest expense increased reflecting higher personnel expense driven by higher revenue-related compensation expense, partially offset by the impact of efficiency initiatives.

Total deposits (average and period-end) increased driven by higher brokerage deposit balances.
Total loans (average and period-end) increased driven by higher securities-based lending.
20
Wells Fargo & Company

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 2025 and 2024, the average fee rate by account type ranged from 50 to 120 basis points.
Table 6h: WIM Advisory Assets
Quarter endedNine months ended
(in billions)
Balance, beginning
of period
Inflows (outflows),
 net (1)
Market
 impact (2)
Balance, end of period
Balance, beginning
of period
Inflows (outflows),
 net (1)
Market
impact (2)
Balance, end of period
September 30, 2025
Client-directed (3)
$208.5 0.5 10.7 219.7 $205.7 (3.2)17.2 219.7 
Financial advisor-directed (4)
329.1 2.6 20.4 352.1 309.2 2.6 40.3 352.1 
Separate accounts (5)
243.3 4.4 13.4 261.1 225.7 7.4 28.0 261.1 
Mutual fund advisory (6)
88.0 (0.9)4.1 91.2 85.7 (3.9)9.4 91.2 
Total Wells Fargo Advisors$868.9 6.6 48.6 924.1 $826.3 2.9 94.9 924.1 
The Private Bank (7)
172.8 (1.5)9.0 180.3 171.4 (5.9)14.8 180.3 
Total WIM advisory assets$1,041.7 5.1 57.6 1,104.4 $997.7 (3.0)109.7 1,104.4 
September 30, 2024
Client-directed (3)
$196.4 (1.5)9.1 204.0 $185.3 (3.9)22.6 204.0 
Financial advisor-directed (4)
291.1 (0.2)17.8 308.7 264.6 2.3 41.8 308.7 
Separate accounts (5)
210.4 1.2 14.0 225.6 198.4 1.0 26.2 225.6 
Mutual fund advisory (6)
85.7 (1.6)4.6 88.7 83.3 (3.8)9.2 88.7 
Total Wells Fargo Advisors$783.6 (2.1)45.5 827.0 $731.6 (4.4)99.8 827.0 
The Private Bank (7)
161.5 (1.3)6.1 166.3 159.5 (7.3)14.1 166.3 
Total WIM advisory assets$945.1 (3.4)51.6 993.3 $891.1 (11.7)113.9 993.3 
(1)Inflows include new advisory account assets, contributions, dividends, and interest. Outflows include closed advisory account assets, withdrawals, and client management fees.
(2)Market impact reflects gains and losses on portfolio investments.
(3)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.
(4)Professionally managed portfolios with fees earned based on respective strategies and as a percentage of certain client assets.
(5)Professional advisory portfolios managed by third-party asset managers. Fees are earned based on a percentage of certain client assets.
(6)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.
(7)Discretionary and non-discretionary portfolios held in personal trusts, investment agency, or custody accounts with fees earned based on a percentage of client assets.
Wells Fargo & Company
21

Earnings Performance (continued)
Corporate includes corporate treasury and enterprise functions, net of expense allocations, in support of the reportable operating segments (including funds transfer pricing, capital, and liquidity), 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.
In May 2025, the Company announced it had entered into an agreement to sell the assets of its rail car leasing business. For additional information on our rail car leasing business included in Corporate, see the “Earnings Performance – Operating Segment Results – Corporate” section in our 2024 Form 10-K.

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)
20252024$ Change% Change20252024$ Change% Change
Income Statement
Net interest income$(273)(415)142 34 %$(340)(527)187 35 %
Noninterest income449 78 371 476 898 761 137 18
Total revenue176 (337)513 152 558 234 324 138
Net charge-offs10 (1)11 NM10 (4)14 350 
Change in the allowance for credit losses(14)9 (23)NM(31)15 (46)NM
Provision for credit losses(4)8 (12)NM(21)11 (32)NM
Noninterest expense650 580 70 12 1,672 2,378 (706)(30)
Loss before income tax benefit
(470)(925)455 49(1,093)(2,155)1,062 49 
Income tax benefit
(173)(330)157 48(1,136)(804)(332)(41)
Less: Net income (loss) from noncontrolling interests (1)
18 54 (36)(67)(48)51 (99)NM
Net income (loss)
$(315)(649)334 51$91 (1,402)1,493 106 
NM – Not meaningful
(1)Reflects results attributable to noncontrolling interests associated with our venture capital investments.
Third quarter 2025 vs. third quarter 2024
Revenue increased reflecting lower net losses from debt securities driven by the impact of a repositioning of our investment securities portfolio in third quarter 2024.

Noninterest expense increased due to higher personnel expense reflecting higher severance expense, partially offset by lower operating losses.

First nine months of 2025 vs. first nine months of 2024
Revenue increased reflecting:
•lower net losses from debt securities driven by the impact of a repositioning of our investment securities portfolio in third quarter 2024; and
•a $253 million gain associated with our merchant services joint venture acquisition;
partially offset by:
•lower net gains from equity securities reflecting lower realized and unrealized gains from our venture capital investments, partially offset by lower impairment losses on equity securities.

Noninterest expense decreased reflecting:
•lower FDIC assessment expense driven by a higher FDIC special assessment in the first nine months of 2024; and
•lower operating losses due to lower expense for customer remediation activities.
22
Wells Fargo & Company

Table 6j: Corporate – Balance Sheet

Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions)
20252024$ Change% Change20252024$ Change% Change
Selected Balance Sheet Data (average)
Available-for-sale debt securities
$188,103 147,093 41,010 28 %$174,235 133,951 40,284 30 %
Held-to-maturity debt securities
214,409 242,621 (28,212)(12)220,451 250,242 (29,791)(12)
Equity securities16,450 15,216 1,234 8 15,784 15,580 204 1 
Total assets636,359 648,930 (12,571)(2)618,635 656,289 (37,654)(6)
Total deposits55,201 92,662 (37,461)(40)50,690 107,691 (57,001)(53)
Selected Balance Sheet Data (period-end)
Available-for-sale debt securities
$198,665 157,042 41,623 27 
Held-to-maturity debt securities
211,069 240,174 (29,105)(12)
Equity securities16,273 14,861 1,412 10 
Total assets642,044 642,618 (574)— 
Total deposits64,407 83,323 (18,916)(23)

Third quarter and first nine months of 2025 vs. third quarter and first nine months of 2024
Total assets (average and period-end) decreased reflecting a decrease in interest-earning deposits with banks that are managed by corporate treasury.

Total deposits (average and period-end) decreased driven by maturities of certificates of deposit (CDs) issued by corporate treasury.
Wells Fargo & Company
23

Balance Sheet Analysis
At September 30, 2025, our assets totaled $2.1 trillion, up $133.1 billion from December 31, 2024.

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, 2025December 31, 2024
($ in millions)Amortized
cost, net (1)		Net
 unrealized gains (losses)		Fair valueWeighted
average expected maturity (yrs)		Amortized
cost, net (1)		Net
 unrealized gains (losses)		Fair valueWeighted average expected maturity (yrs)
Available-for-sale (2)$210,033 (3,351)206,682 7.3 $170,607 (7,629)162,978 7.2 
Held-to-maturity (3)214,232 (33,723)180,509 10.2 234,948 (41,169)193,779 8.3 
Total
$424,265 (37,074)387,191 
n/a
$405,555 (48,798)356,757 
n/a
(1)Represents amortized cost of the securities, net of the allowance for credit losses of $23 million and $34 million related to available-for-sale debt securities and $94 million and $95 million related to held-to-maturity debt securities at September 30, 2025, and December 31, 2024, 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 2024 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, 2024. 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, 2024, due to changes in interest rates.

At September 30, 2025, 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.
24
Wells Fargo & Company

Loan Portfolios
Table 8 provides a summary of total outstanding loans by portfolio segment. Commercial loans increased from December 31, 2024, driven by an increase in commercial and industrial loans as a result of increased originations and loan
draws, partially offset by paydowns. Consumer loans increased from December 31, 2024, driven by increases in the auto and other consumer portfolios, partially offset by a decrease in the residential mortgage portfolio.
Table 8: Loan Portfolios
($ in millions)Sep 30, 2025Dec 31, 2024$ Change% Change
Commercial$563,465 534,159 29,306 5 %
Consumer379,637 378,586 1,051 — 
Total loans$943,102 912,745 30,357 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 2024 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, 2024, reflecting lower commercial deposits, partially offset by higher time deposits due to issuances of CDs by corporate treasury.

Table 9 provides additional information regarding deposit balances. 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 2025 decreased to 1.54%, compared with 1.73% in fourth quarter 2024.
Table 9: Deposits
($ in millions)Sep 30,
2025
% of
total
deposits
Dec 31,
2024		% of
total 
deposits 		$ Change% Change
Noninterest-bearing demand deposits$366,814 27%$383,616 28%$(16,802)(4)%
Interest-bearing demand deposits500,442 37 473,738 35 26,704 6 
Savings deposits341,192 25 359,731 26 (18,539)(5)
Time deposits153,013 11 137,128 10 15,885 12
Interest-bearing deposits in non-U.S. offices5,900 — 17,591 1 (11,691)(66)
Total deposits$1,367,361 100%$1,371,804 100%$(4,443)— 
Wells Fargo & Company
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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.
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Wells Fargo & Company

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 2024 Form 10-K. The discussion that follows supplements our discussion of the management of certain risks contained in the “Risk Management” section in our 2024 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 of Director’s (Board) 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, 2025Dec 31, 2024
Commercial and industrial$417,904 381,241 
Commercial real estate130,250 136,505 
Lease financing15,311 16,413 
Total commercial563,465 534,159 
Residential mortgage243,910 250,269 
Credit card56,996 56,542 
Auto46,041 42,367 
Other consumer32,690 29,408 
Total consumer379,637 378,586 
Total loans$943,102 912,745 
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.

Our credit risk management oversight process is governed centrally, but provides for direct management and accountability by our lines of business. Our overall credit process includes comprehensive credit policies, disciplined credit underwriting, frequent and detailed risk measurement and modeling, extensive credit training programs, and a continual loan review and audit process.

A key to our credit risk management is adherence to a well-controlled underwriting process, which we believe is appropriate for the needs of our customers as well as investors who purchase the loans or securities collateralized by the loans.
Credit Quality Overview.  Table 11 provides credit quality trends.
Table 11: Credit Quality Overview
($ in millions)Sep 30, 2025Dec 31, 2024
Nonaccrual loans
Commercial loans$4,459 4,618 
Consumer loans3,155 3,112 
Total nonaccrual loans$7,614 7,730 
Nonaccrual loans as a % of total loans0.81%0.85 
Allowance for credit losses (ACL) for loans$14,311 14,636 
ACL for loans as a % of total loans1.52%1.60%
Quarter ended September 30,
20252024
Net loan charge-offs as a % of (1):
Average commercial loans0.18%0.24 
Average consumer loans0.73 0.83 
Nine months ended September 30,
20252024
Average commercial loans0.17%0.28 
Average consumer loans0.80 0.85 
(1)Net loan charge-offs (recoveries) as a percentage of average loans are annualized.
The following discussion provides additional information and analysis of our loan portfolios. See Note 5 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report for more analysis and credit information.

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.
Wells Fargo & Company
27

Risk Management – Credit Risk Management (continued)

We had $15.8 billion of the commercial and industrial loans and lease financing portfolio classified as criticized in accordance with regulatory guidance at September 30, 2025, compared with $16.5 billion at December 31, 2024. The decrease was primarily driven by the food and beverage manufacturing and retail industries.
The portfolio increased at September 30, 2025, compared with December 31, 2024, as a result of increased originations and loan draws, partially offset by paydowns. Table 12 provides our commercial and industrial loans and lease financing by industry. The industry categories are based on the North American Industry Classification System.
Table 12: Commercial and Industrial Loans and Lease Financing by Industry
September 30, 2025December 31, 2024
($ in millions)
Nonaccrual loans
Loans outstanding balance
% of total loans
Total commitments (1)(2)
Nonaccrual loans
Loans outstanding balance
% of total loans
Total commitments (1)(2)
Financials except banks$165 183,637 19%$293,425 24 156,831 17%$255,576 
Technology, telecom and media117 25,353 365,988 106 23,590 361,813 
Real estate and construction70 29,329 360,547 92 24,839 352,741 
Equipment, machinery and parts manufacturing66 24,949 351,903 35 25,135 351,150 
Retail85 20,454 243,224 91 17,709 243,374 
Materials and commodities104 14,217 234,747 100 13,624 137,365 
Food and beverage manufacturing8 17,273 233,241 9 16,665 235,079 
Health care and pharmaceuticals35 13,811 131,365 27 13,620 130,726 
Auto related6 16,061 230,748 8 16,507 230,537 
Oil, gas and pipelines5 9,709 130,047 3 10,503 130,486 
Utilities18 8,132 *27,919 — 6,641 *24,735 
Commercial services76 10,848 127,673 78 11,152 126,968 
Diversified or miscellaneous77 11,757 127,608 9 9,115 *22,847 
Entertainment and recreation23 12,253 118,388 53 12,672 119,691 
Insurance and fiduciaries1 4,863 *16,915 2 4,368 *15,753 
Transportation services183 7,974 *15,646 154 9,560 116,477 
Other (3)
86 22,595 241,561 56 25,123 344,324 
Total
$1,125 433,215 46%$850,945 847 397,654 44%$799,642 
*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)We use credit derivatives, which had notional amounts of $8.4 billion and $1.7 billion at September 30, 2025, and December 31, 2024, respectively, to hedge certain loan exposures. These amounts are not shown as reductions to total commitments. For additional information on credit derivatives, see Note 11 (Derivatives) to Financial Statements in this Report.
(3)No other single industry had total loans in excess of $6.8 billion and $7.8 billion at September 30, 2025, and December 31, 2024, respectively.
Table 12a provides further loan segmentation for our largest industry category, financials except banks. This category includes loans to investment firms, financial vehicles, nonbank creditors, rental and leasing companies, securities firms, and investment banks. These loans are generally secured and have features to
help manage credit risk, such as structural credit enhancements, collateral eligibility requirements, contractual re-margining of collateral supporting the loans, and loan amounts limited to a percentage of the value of the underlying assets considering underlying credit risk, asset duration, and ongoing performance.
Table 12a: Financials Except Banks Industry Category
September 30, 2025December 31, 2024
($ in millions)
Nonaccrual loans
Loans outstanding balance
% of total loans
Total commitments (1)Nonaccrual loansLoans outstanding balance% of total loansTotal commitments (1)
Asset managers and funds (2)$1 71,882 8%$124,442 1 59,847 6%$106,926 
Commercial finance (3)20 56,374 6 93,431 2 51,786 6 84,652 
Consumer finance (4)133 24,280 2 41,054 5 20,840 2 34,669 
Real estate finance (5)11 31,101 3 34,498 16 24,358 3 29,329 
Total$165 183,637 19%$293,425 24 156,831 17%$255,576 
(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 $945 million and $3.7 billion at September 30, 2025, and December 31, 2024, 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.
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Wells Fargo & Company

Our commercial and industrial loans and lease financing portfolio included non-U.S. loans of $70.8 billion and $62.6 billion at September 30, 2025, and December 31, 2024, respectively. Significant industry concentrations of non-U.S. loans at September 30, 2025, and December 31, 2024, respectively, included:
•$45.5 billion and $36.3 billion in the financials except banks industry;
•$6.2 billion and $7.4 billion in the banks industry; and
•$2.0 billion and $2.3 billion in the oil, gas and pipelines industry.

COMMERCIAL REAL ESTATE (CRE).  Our CRE loan portfolio is composed of CRE mortgage and CRE construction loans. The total CRE loan portfolio decreased $6.3 billion from December 31, 2024, as paydowns exceeded originations and advances. Unfunded credit commitments at September 30, 2025, and December 31, 2024, were $6.8 billion and $5.4 billion, respectively, for CRE mortgage loans and $8.3 billion and $7.1 billion, respectively, for CRE construction loans.
The portfolio is diversified both geographically and by property type. At September 30, 2025, the five states with the largest
geographic concentrations of CRE loans, as shown in Table 13, represented a combined 51% of the total CRE portfolio. The largest property type concentrations were apartments at 29% and both industrial/warehouse and office at 18% of the portfolio at September 30, 2025, with loans in California and New York representing approximately 40% of the office property type at both September 30, 2025, and December 31, 2024. We continue to closely monitor the credit quality of the office property type given weakened demand for office space.
We generally subject CRE loans to individual risk assessment using our internal borrower and collateral quality ratings. We had $14.3 billion of CRE mortgage loans classified as criticized in accordance with regulatory guidance at September 30, 2025, compared with $17.8 billion at December 31, 2024. We had $1.6 billion of CRE construction loans classified as criticized in accordance with regulatory guidance at September 30, 2025, compared with $1.5 billion at December 31, 2024. The decrease in criticized CRE mortgage loans was primarily driven by the apartments, office, and hotel/motel property types.

Table 13 provides our CRE loans by state and property type.
Table 13: CRE Loans by State and Property Type
September 30, 2025December 31, 2024
Real estate mortgage
Real estate construction
Total commercial real estateTotal commercial real estate
($ in millions)Nonaccrual loansLoans outstanding balanceNonaccrual loansLoans outstanding balanceNonaccrual loansLoans outstanding balanceLoans as % of total loansTotal commitments (1)Loans outstanding balanceTotal commitments (1)
By state:
California$777 23,178 — 2,743 777 25,921 3%$28,662 27,999 30,802 
New York452 12,153 — 2,339 452 14,492 215,052 15,481 16,225 
Texas309 9,142 — 1,319 309 10,461 113,428 10,967 11,808 
Florida47 8,407 — 2,364 47 10,771 111,632 11,078 12,081 
North Carolina4 4,013 — 972 4 4,985 *5,325 4,784 5,223 
Other (2)1,725 56,022 20 7,598 1,745 63,620 771,255 66,196 72,871 
Total$3,314 112,915 20 17,335 3,334 130,250 14%$145,354 136,505 149,010 
By property type:
Apartments$268 27,622 19 10,055 287 37,677 4%$41,732 39,758 44,783 
Industrial/warehouse46 21,897 — 1,957 46 23,854 330,020 24,038 26,178 
Office2,450 21,556 — 2,114 2,450 23,670 324,613 27,380 28,768 
Hotel/motel289 11,213 — 669 289 11,882 112,262 11,506 12,015 
Retail (excl shopping center)95 10,624 1 90 96 10,714 111,687 11,345 11,951 
Shopping center55 7,926 — 166 55 8,092 *8,514 8,113 8,571 
Institutional12 5,133 — 758 12 5,891 *6,151 5,186 5,524 
Other99 6,944 — 1,526 99 8,470 *10,375 9,179 11,220 
Total$3,314 112,915 20 17,335 3,334 130,250 14%$145,354 136,505 149,010 
*    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 45 states and non-U.S. loans. No state in Other had loans in excess of $4.8 billion and $5.9 billion at September 30, 2025, and December 31, 2024, respectively. Non-U.S. loans were $4.9 billion and $5.1 billion at September 30, 2025, and December 31, 2024, respectively.

Wells Fargo & Company
29

Risk Management – Credit Risk Management (continued)

NON-U.S. LOANS. Our classification of non-U.S. loans is based on whether the borrower’s primary address is outside of the United States. At September 30, 2025, non-U.S. loans totaled $75.9 billion, representing approximately 8% of our total consolidated loans outstanding, compared with $67.9 billion, or approximately 7% of our total consolidated loans outstanding, at December 31, 2024. Non-U.S. loans were approximately 4% of our total consolidated assets at both September 30, 2025, and December 31, 2024.

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, 2025, was the United Kingdom, which totaled $31.6 billion, or approximately 2% of our total assets, of which $3.6 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 exposure consists of loans outstanding plus unfunded credit commitments (excluding discretionary amounts where our approval or consent is required prior to any loan funding or commitment increase) and is 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. If applicable, long and short positions are netted.
•Derivatives and other exposure represents foreign exchange contracts, derivative contracts, securities resale agreements, and securities lending agreements.
Table 14: Top 20 Country Exposures (1)

September 30, 2025December 31, 2024
(in millions)Deposits with banks (2)LendingSecuritiesDerivatives and other
Total (3)
Total (4)
United Kingdom$3,850 24,797 22 2,931 31,600 28,079 
Canada1,899 13,294 2,555 1,277 19,025 16,971 
Luxembourg113 8,799 55 450 9,417 8,456 
Japan8,206 712 485 14 9,417 16,027 
Cayman Islands— 7,345 — 386 7,731 8,011 
Ireland16 5,319 165 392 5,892 5,597 
Guernsey— 4,466 1 31 4,498 2,855 
France43 3,948 201 224 4,416 4,183 
Germany371 3,399 179 125 4,074 3,337 
Netherlands— 3,052 445 210 3,707 2,465 
Bermuda— 3,397 31 68 3,496 3,730 
Switzerland327 1,545 56 619 2,547 1,842 
South Korea4 1,748 77 10 1,839 1,502 
Australia113 591 837 110 1,651 1,191 
Jersey— 1,380 55 101 1,536 925 
Spain1 1,080 53 352 1,486 868 
Chile— 1,031 318 1 1,350 1,372 
Hong Kong59 353 768 6 1,186 1,226 
Belgium603 624 (70)1 1,158 738 
India2 753 161 1 917 1,030 
Total$15,607 87,633 6,394 7,309 116,943 110,405 
(1)Top 20 country exposures reflected 90% of our total non-U.S. exposure at both September 30, 2025, and December 31, 2024.
(2)Primarily deposited with central banks.
(3)Top 20 country exposures to central banks and financial institutions was $66.2 billion.
(4)The 2024 exposures correspond to the ranking of the top 20 country exposures at September 30, 2025, and do not necessarily reflect our top 20 country exposures at December 31, 2024.
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Wells Fargo & Company

RESIDENTIAL MORTGAGE LOANS. Our residential mortgage loan portfolio is composed of 1–4 family first and junior lien mortgage loans. Junior lien mortgage loans consist of residential mortgage lines of credit and loans that are subordinate in rights to an existing lien on the same property. Residential mortgage – first lien loans represented 97% of the total residential mortgage loan portfolio at September 30, 2025, compared with 96% at December 31, 2024.

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 were $69.3 billion, or 7% of total loans, at September 30, 2025, compared with $66.3 billion, or 7% of total loans, at December 31, 2024, with an initial reset date in 2027 or later for the majority of this portfolio at September 30, 2025. 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 outstanding balance of residential mortgage lines of credit (both first and junior lien) was $10.8 billion at September 30, 2025, compared with $12.4 billion at December 31, 2024. The unfunded credit commitments for these lines of credit totaled $17.1 billion at September 30, 2025, compared with $22.5 billion at December 31, 2024. For additional information on our residential mortgage loan portfolio, see the “Risk Management – Credit Risk Management – Residential Mortgage Loans” section in our 2024 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 estimating property values using Home Price Index (HPI) or automated valuation models (AVMs). 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 2024 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 2024 Form 10-K.

Our residential mortgage loan portfolio decreased $6.4 billion from December 31, 2024, due to loan paydowns, partially offset by originations. Table 15 shows the outstanding balances of our first and junior lien mortgage loan portfolios.
Table 15: Residential Mortgage Loans
September 30, 2025December 31, 2024
($ in millions)Outstanding
balance		% of
total
loans		Outstanding
balance		% of
total
loans
California (1)$107,862 11%$108,000 12%
New York30,296 3 30,777 3 
Washington10,641 1 10,621 1 
New Jersey9,551 1 9,841 1 
Florida8,984 1 9,368 1 
Other (2)
62,233 7 65,336 7 
Government insured/guaranteed loans (3)
6,293 1 7,097 1 
Total first lien mortgage portfolio$235,860 25%$241,040 26%
Total junior lien mortgage portfolio (4)8,050 1 9,229 1 
Total residential mortgage loan portfolio
$243,910 26%$250,269 27%
(1)Our first lien 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.
(2)Consists of 45 states; no state in Other had loans in excess of $6.5 billion and $6.9 billion at September 30, 2025, and December 31, 2024, respectively.
(3)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.
(4)Includes loans of $2.5 billion and $2.7 billion in California and no other state had loans in excess of $770 million and $1.0 billion at September 30, 2025, and December 31, 2024, respectively.
Wells Fargo & Company
31

Risk Management – Credit Risk Management (continued)

CREDIT CARD, AUTO, AND OTHER CONSUMER LOANS. Table 16 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 16: Credit Card, Auto, and Other Consumer Loans
September 30, 2025December 31, 2024
($ in millions)Outstanding
balance		% of
total
loans		Outstanding
balance		% of
total
loans
Credit card$56,996 6%$56,542 6%
Auto46,041 5 42,367 5 
Other consumer (1)32,690 3 29,408 3 
Total$135,727 14%$128,317 14%
(1)Includes $25.1 billion and $21.4 billion at September 30, 2025, and December 31, 2024, respectively, of securities-based loans originated by the WIM operating segment.
Credit Card.  The increase in the outstanding balance at September 30, 2025, compared with December 31, 2024, was due to higher purchase volume and the impact of new account growth.

Auto.  The increase in the outstanding balance at September 30, 2025, compared with December 31, 2024, was due to loan originations exceeding paydowns.
Other Consumer.  The increase in the outstanding balance at September 30, 2025, compared with December 31, 2024, was due to an increase in securities-based lending in our WIM operating segment.
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 2024 Form 10-K. Table 17 summarizes nonperforming assets.
Table 17: Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)
($ in millions)Sep 30, 2025Dec 31, 2024
Nonaccrual loans:
Commercial and industrial$1,050 763 
Commercial real estate3,334 3,771 
Lease financing75 84 
Total commercial4,459 4,618 
Residential mortgage (1)3,057 2,991 
Auto71 89 
Other consumer27 32 
Total consumer3,155 3,112 
Total nonaccrual loans$7,614 7,730 
As a percentage of total loans0.81%0.85 
Foreclosed assets:
Government insured/guaranteed (2)
$7 3 
Commercial
173 169 
Consumer
38 34 
Total foreclosed assets
218 206 
Total nonperforming assets$7,832 7,936 
As a percentage of total loans0.83%0.87 
(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 2024 Form 10-K.
Total nonaccrual loans decreased $116 million from December 31, 2024, driven by a decrease in commercial real estate nonaccrual loans, partially offset by an increase in commercial and industrial nonaccrual loans.

For additional information on commercial nonaccrual loans, see the “Risk Management – Credit Risk Management – Commercial and Industrial Loans and Lease Financing” and “Risk Management – Credit Risk Management – Commercial Real Estate” sections in this Report.
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Wells Fargo & Company

Table 18 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 18: Analysis of Changes in Nonaccrual Loans

Quarter ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Commercial nonaccrual loans
Balance, beginning of period$4,563 5,161 $4,618 4,914 
Inflows1,034 953 3,233 3,492 
Outflows:
Returned to accruing(165)(233)(506)(752)
Foreclosures(2)— (2)(58)
Charge-offs(269)(339)(806)(1,192)
Payments, sales and other
(702)(590)(2,078)(1,452)
Total outflows(1,138)(1,162)(3,392)(3,454)
Balance, end of period4,459 4,952 4,459 4,952 
Consumer nonaccrual loans
Balance, beginning of period3,194 3,273 3,112 3,342 
Inflows278 299 978 962 
Outflows:
Returned to accruing(121)(135)(362)(456)
Foreclosures(23)(21)(63)(63)
Charge-offs
(11)(15)(63)(66)
Payments, sales and other
(162)(181)(447)(499)
Total outflows(317)(352)(935)(1,084)
Balance, end of period3,155 3,220 3,155 3,220 
Total nonaccrual loans$7,614 8,172 $7,614 8,172 
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, 2025:
•96% of total commercial nonaccrual loans were secured, predominantly by real estate.
•70% of total commercial nonaccrual loans were current on interest and 52% 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 97% were secured by real estate and 98% had an LTV ratio of 80% or less.
•$402 million of the $502 million of consumer loans in bankruptcy or discharged in bankruptcy, and classified as nonaccrual, were current.
Wells Fargo & Company
33

Risk Management – Credit Risk Management (continued)

NET CHARGE-OFFS. Table 19 presents net loan charge-offs.

Table 19: Net Loan Charge-offs
Quarter ended September 30,Nine months ended September 30,
2025202420252024
($ in millions)Net loan
charge-
offs
% of
average
loans (1)
Net loan
charge-
offs		% of
average
loans (1)		Net loan
charge-
offs
% of
average
loans (1)
Net loan
charge-
offs
% of
average
loans (1)
Commercial and industrial$131 0.13%$129 0.14%$418 0.14%$465 0.17%
Commercial real estate107 0.32 184 0.51 263 0.26 642 0.59 
Lease financing12 0.32 10 0.25 27 0.23 25 0.19 
Total commercial250 0.18 323 0.24 708 0.17 1,132 0.28 
Residential mortgage(22)(0.04)(23)(0.04)(40)(0.02)(55)(0.03)
Credit card571 4.02 601 4.38 1,843 4.43 1,827 4.61 
Auto50 0.45 83 0.76 144 0.45 274 0.81 
Other consumer93 1.19 127 1.82 293 1.30 383 1.82 
Total consumer692 0.73 788 0.83 2,240 0.80 2,429 0.85 
Total$942 0.40%$1,111 0.49%$2,948 0.43%$3,561 0.52%
(1)Net loan charge-offs (recoveries) as a percentage of average loans are annualized.
The decrease in commercial net loan charge-offs in third quarter 2025, compared with the same period a year ago, was due to lower losses in our commercial real estate portfolio driven by the office property type.

The decrease in consumer net loan charge-offs in third quarter 2025, compared with the same period a year ago, was due to lower losses in our auto, credit card, and other consumer portfolios.

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Wells Fargo & Company

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 2024 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 20 presents the allocation of the ACL for loans by loan portfolio segment and class.
Table 20: Allocation of the ACL for Loans
September 30, 2025December 31, 2024
($ in millions)ACLACL
as %
of loan
class		Loans
as %
of total
loans		ACLACL
as %
of loan
class		Loans
as %
of total
loans
Commercial and industrial$4,376 1.05%44 $4,151 1.09%42 
Commercial real estate2,965 2.28 14 3,583 2.62 15 
Lease financing211 1.38 2 212 1.29 2 
Total commercial7,552 1.34 60 7,946 1.49 59 
Residential mortgage (1)569 0.23 26 541 0.22 27 
Credit card4,907 8.61 6 4,869 8.61 6 
Auto717 1.56 5 636 1.50 5 
Other consumer566 1.73 3 644 2.19 3 
Total consumer6,759 1.78 40 6,690 1.77 41 
Total$14,311 1.52%100 $14,636 1.60%100 
Components:
Allowance for loan losses
$13,74414,183 
Allowance for unfunded credit commitments
567453 
Allowance for credit losses
$14,31114,636 
Ratio of allowance for loan losses to total net loan charge-offs (2)3.68x2.97 
Ratio of allowance for loan losses to total nonaccrual loans1.81 1.83
Allowance for loan losses as a percentage of total loans
1.46%1.55 
(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, 2025.
The ratios for the allowance for loan losses and the ACL for loans presented in Table 20 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 $325 million, or 2%, from December 31, 2024, reflecting improved credit performance for commercial real estate loans, partially offset by a higher allowance for commercial and industrial loans due to portfolio growth. 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.
Wells Fargo & Company
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Risk Management – Credit Risk Management (continued)

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, 2025. The base scenario assumed uncertainty related to trade policies, increased inflation along with slowing economic growth, increased unemployment rates, and a decline in commercial real estate prices. The downside scenarios assumed a more substantial economic contraction due to lower business and consumer confidence, declining property values, and uncertainty related to trade policies.

Additionally, we consider qualitative factors that represent management’s judgment of risks related to our processes and assumptions used in establishing the ACL such as economic environmental factors, modeling assumptions and performance, process risk, 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, 2025, and June 30, 2025, are presented in Table 21.

Table 21: Forecasted Key Economic Variables
4Q 20252Q 20264Q 2026
Weighted blend of economic scenarios:
U.S. unemployment rate (1):
September 30, 20254.4%4.9 5.6 
June 30, 20254.6 5.2 5.8 
U.S. real GDP (2):
September 30, 2025(1.0)(1.3)0.3 
June 30, 2025(1.5)(1.1)0.9 
Home price index (3):
September 30, 2025(1.5)(4.7)(6.0)
June 30, 2025(1.9)(5.7)(6.0)
Commercial real estate asset prices (3):
September 30, 2025(4.2)(9.6)(9.4)
June 30, 2025(7.4)(10.2)(7.6)
(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.

We believe the ACL for loans of $14.3 billion at September 30, 2025, 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 2024 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 2024 Form 10-K.

In addition to servicing loans in our portfolio, we may also service 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.

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, 2025, and December 31, 2024, these loans, which we have repurchased or have the unilateral option to repurchase, were $6.8 billion and $7.5 billion, respectively, which included $6.3 billion and $7.1 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 2024 Form 10-K. For additional information on mortgage banking activities, see Note 6 (Mortgage Banking Activities) to Financial Statements in this Report.
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Wells Fargo & Company

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 2024 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.

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 measure interest rate risk exposure from customer-related lending and deposit-taking activities, as well as from investments in AFS and HTM debt securities and from issuances of long-term debt. Interest rate risk is measured 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 22 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. CIB Markets trading net interest income is excluded from the sensitivity analysis since CIB Markets trading net interest income may be offset by trading-related noninterest income. For additional information on the market risk of financial instruments used in our trading activities, which are measured at fair value through earnings, see the “Risk Management – Asset/Liability Management – Market Risk – Trading Activities” section in this Report.

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 22: Net Interest Income Sensitivity Over the Next 12 Months Using Instantaneous Movements
($ in billions)
Sep 30, 2025Dec 31, 2024
Parallel shift (1):
+100 bps shift in interest rates$1.4 1.3 
-100 bps shift in interest rates(1.8)(2.2)
-200 bps shift in interest rates(4.3)(4.4)
Steeper yield curve (1):
+100 bps shift in long-term interest rates0.4 0.4 
-100 bps shift in short-term interest rates(1.3)(1.8)
Flatter yield curve (1):
+100 bps shift in short-term interest rates0.9 0.9 
-100 bps shift in long-term interest rates(0.5)(0.4)
(1)In first quarter 2025, we made an update to exclude the net interest income sensitivity for trading-related assets and liabilities of our CIB Markets trading business. Prior period amounts have been revised to conform with the current period presentation.
The changes in our interest rate sensitivity from December 31, 2024, to September 30, 2025, 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
Wells Fargo & Company
37

Risk Management – Asset/Liability Management (continued)
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.

Interest rate sensitive noninterest income is impacted by changes in earnings credit for noninterest-bearing deposits that reduce treasury management deposit-related service fees on commercial accounts. Our interest rate sensitive noninterest income is also impacted by mortgage banking activities that may have 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 2024 Form 10-K for additional information.

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 in our 2024 Form 10-K and Note 6 (Mortgage Banking Activities) and Note 12 (Fair Value Measurements) to Financial Statements in this Report.
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 2024 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 Markets business. 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. The Company calculates Trading VaR for risk management purposes to establish and monitor line of business and Company-wide risk limits. Trading VaR is calculated based on all trading positions on our consolidated balance sheet. Table 23 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 by risk category, see the “Risk Management – Asset/Liability Management – Market Risk – Trading Activities” section in our 2024 Form 10-K.
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Wells Fargo & Company

Table 23: Trading 1-Day 99% General VaR by Risk Category
Quarter ended

September 30, 2025 (1)
June 30, 2025 (1)
September 30, 2024
(in millions)AverageLowHighAverageLowHighAverageLowHigh
Company Trading General VaR Risk Categories
Credit$21 15 31 20 14 36 34 25 40 
Interest rate5 2 12 3 2 7 36 23 52 
Equity20 14 28 20 14 28 19 15 24 
Commodity3 2 8 3 1 4 2 2 4 
Foreign exchange7 4 9 5 3 7 0 0 1 
Diversification benefit (2)
(23)(21)(67)
Company Trading General VaR
$33 30 24 
(1)In second quarter 2025, we changed our approach for allocating VaR by risk category to align the primary product class of a trading position to a single risk category. Previously, products with multiple risks were allocated across several risk categories. This change did not affect the underlying assumptions, parameters, or the VaR model itself.
(2)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, some of which are made by our venture capital business. 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 2024 Form 10-K.

Additionally, 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. For additional information on our equity securities, 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 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 2024 Form 10-K.

Liquidity Standards. We are subject to a rule issued by the Board of Governors of the Federal Reserve System (FRB), the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (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, 2025, we were compliant with the NSFR requirement.
Wells Fargo & Company
39

Risk Management – Asset/Liability Management (continued)
Liquidity Coverage Ratio. As of September 30, 2025, 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 24 presents the Company’s quarterly average values for the daily-calculated LCR and its components calculated pursuant to the LCR rule requirements.
Table 24: Liquidity Coverage Ratio
Average for quarter ended
(in millions, except ratio)Sep 30, 2025Jun 30, 2025Sep 30, 2024
HQLA (1):
Eligible cash$153,816131,453 176,218 
Eligible securities (2)227,259236,155 193,282 
Total HQLA381,075367,608 369,500 
Projected net cash outflows (3)315,355303,111 290,236 
LCR121%121 127 
(1)HQLA excludes excess HQLA at certain subsidiaries that is 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. As of September 30, 2025, the Company had approximately $866.1 billion of total available liquidity sources. Table 25 presents the components of our available liquidity sources.

We maintain primary sources of liquidity in the form of central bank deposits and high-quality liquid debt securities, which collectively totaled $506.5 billion as of September 30, 2025. Our high-quality liquid debt securities presented in Table 25 are substantially the same in composition as HQLA eligible securities under the LCR rule; however, they will generally exceed HQLA eligible securities due to the applicable LCR haircuts and the exclusion of LCR adjustments for excess liquidity that is not transferable from certain subsidiaries.
We believe our high-quality liquid debt securities provide reliable sources of liquidity through sales or by pledging to obtain financing, in both normal and stressed market conditions. High-quality liquid debt securities include AFS, HTM, and trading debt securities, as well as debt securities received through securities financing activities.

As of September 30, 2025, we had approximately $616.7 billion of borrowing capacity at the Federal Reserve Discount Window and Federal Home Loan Banks (FHLB). This borrowing capacity included $257.1 billion related to pledged high-quality liquid debt securities within our primary sources of liquidity and $359.6 billion related to pledged loans and other debt securities within our contingent sources of liquidity.
Table 25: Total Available Liquidity Sources
(in millions)Sep 30, 2025Jun 30, 2025Sep 30, 2024
Primary sources of liquidity:
Central bank deposits$134,506 155,384 147,935 
High-quality liquid debt securities (1)372,003 331,076 393,687 
Total506,509 486,460 541,622 
Contingent sources of liquidity (2):
Pledged loans and other359,579 351,602 352,790 
Total available liquidity$866,088 838,062 894,412 
(1)Presented at fair value and includes unencumbered securities.
(2)Presented at borrowing capacity, net of haircuts.
40
Wells Fargo & Company

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 “Regulation and Supervision – ‘Living Will’ Requirements and Related Matters” section in our 2024 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 69% and 67% of total deposits at September 30, 2025, and December 31, 2024, respectively.

Table 26 presents a summary of our short-term borrowings, which generally mature in less than 30 days. For additional
information on the classification of our short-term borrowings, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2024 Form 10-K. The balances of securities loaned or sold under agreements to repurchase may vary over time due to client activity in our CIB Markets business, our own demand for financing, and our overall mix of liabilities. Securities sold under agreements to repurchase increased at September 30, 2025, from December 31, 2024, driven by increased client-driven activity in our CIB Markets business.

We may pledge 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 26: Short-Term Borrowings
(in millions)
Sep 30, 2025Dec 31, 2024
Securities sold under agreements to repurchase
$194,240 87,972 
Securities loaned
8,020 7,247 
Other short-term borrowings
28,389 13,587 
Total
$230,649 108,806 
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 27 provides the aggregate carrying value of long-term debt as of September 30, 2025, and December 31, 2024, and maturities (based on contractual payment dates) for 2025 and the following years thereafter.
Table 27: Maturity of Long-Term Debt
September 30, 2025Dec 31, 2024
(in millions)
Remaining 2025
20262027
2028
2029
ThereafterTotal
Total
Wells Fargo & Company (Parent Only)
Senior debt$155 12,288 8,340 23,926 18,321 73,379 136,409 128,852 
Subordinated debt250 2,717 2,448 — — 11,402 16,817 17,091 
Junior subordinated debt— — 378 — 278 539 1,195 1,157 
Total long-term debt – Parent405 15,005 11,166 23,926 18,599 85,320 154,421 147,100 
Wells Fargo Bank, N.A., and other bank entities (Bank)
Senior debt
315 9,714 3 538 157 1,385 12,112 15,724 
Subordinated debt— — 26 198 — 2,977 3,201 3,236 
Junior subordinated debt— — — — — — — 429 
Credit card securitizations (1)
— — 2,265 1,510 — — 3,775 2,240 
Other bank debt62 50 61 67 38 2,426 2,704 3,080 
Total long-term debt – Bank377 9,764 2,355 2,313 195 6,788 21,792 24,709 
Other consolidated subsidiaries
Senior debt1 221 43 55 313 927 1,560 1,269 
Total long-term debt – Other consolidated subsidiaries1 221 43 55 313 927 1,560 1,269 
Total long-term debt$783 24,990 13,564 26,294 19,107 93,035 177,773 173,078 
(1)For additional information about credit card securitizations, see Note 13 (Securitizations and Variable Interest Entities) to Financial Statements in this Report.
Wells Fargo & Company
41

Risk Management – Asset/Liability Management (continued)
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 ratings agencies with regard to our credit ratings during third quarter 2025.
See the “Risk Factors” section in our 2024 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, 2025, are presented in Table 28.
Table 28: Credit Ratings as of September 30, 2025
Wells Fargo & Company Wells Fargo Bank, N.A. 

Senior debt 
Short-term 
borrowings 
Long-term 
deposits 
Short-term 
borrowings 
Moody’sA1P-1Aa2P-1
S&P Global RatingsBBB+A-2A+A-1
Fitch RatingsA+F1AAF1+
DBRS MorningstarAA (low)R-1 (middle)AAR-1 (high)
42
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 29 presents the risk-based capital requirements applicable to the Company under the Standardized Approach and Advanced Approach, respectively, as of September 30, 2025.

In addition to the risk-based capital requirements described in Table 29, 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, 2025, 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 (SCB) 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 SCB is calculated annually based on data that can differ over time, our SCB, and thus our risk-based capital ratio requirements under the Standardized Approach, are subject to change in future periods. Our SCB for the period October 1, 2024, through September 30, 2025, was revised to 3.70% due to the correction of errors in the FRB’s loss projections related to corporate and first lien mortgage loans in our 2024 supervisory stress test results. Our SCB for the period October 1, 2025, through September 30, 2026, is 2.50%.
Table 29: Risk-Based Capital Requirements – Standardized and Advanced Approaches
3983
Wells Fargo & Company
43

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 Basel Committee on Banking Supervision (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 2025. 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 30 summarizes our CET1, Tier 1 capital, Total capital, RWAs and capital ratios.
Table 30: Capital Components and Ratios
Standardized ApproachAdvanced Approach
($ in millions)Required
Capital
Ratios (1)		Sep 30,
2025		Dec 31,
2024		Required
Capital
Ratios (1)		Sep 30,
2025		Dec 31,
2024
Common Equity Tier 1(A)$136,591 134,588 136,591 134,588 
Tier 1 capital(B)152,817 152,866 152,817 152,866 
Total capital(C)183,784 184,638 173,521 174,446 
Risk-weighted assets(D)1,242,445 1,216,146 1,072,212 1,085,017 
Common Equity Tier 1 capital ratio(A)/(D)9.70 %10.99 *11.07 8.50 12.74 12.40 
Tier 1 capital ratio(B)/(D)11.20 12.30 *12.57 10.00 14.25 14.09 
Total capital ratio(C)/(D)13.20 14.79 *15.18 12.00 16.18 16.08 
*Denotes the binding framework, which is the lower of the Standardized and Advanced Approaches, at September 30, 2025.
(1)Represents the minimum ratios required to avoid restrictions on capital distributions and discretionary bonus payments at September 30, 2025.

44
Wells Fargo & Company


Table 31 provides information regarding the calculation and composition of our risk-based capital under the Standardized and Advanced Approaches.


Table 31: Risk-Based Capital Calculation and Components
(in millions)
Sep 30,
2025		Dec 31,
2024
Total equity
$183,012 181,066 
Adjustments:
Preferred stock(16,608)(18,608)
Additional paid-in capital on preferred stock141 144 
Noncontrolling interests(1,858)(1,946)
Total common stockholders’ equity$164,687 160,656 
Adjustments:
Goodwill(25,069)(25,167)
Certain identifiable intangible assets (other than MSRs)(863)(73)
Goodwill and other intangibles on venture capital investments in consolidated portfolio companies (included in other assets)
(698)(735)
Applicable deferred taxes related to goodwill and other intangible assets (1)
1,062 947 
Other
(2,528)(1,040)
Common Equity Tier 1 under the Standardized and Advanced Approaches$136,591 134,588 
Preferred stock16,608 18,608 
Additional paid-in capital on preferred stock(141)(144)
Other(241)(186)
Total Tier 1 capital under the Standardized and Advanced Approaches(A)$152,817 152,866 
Long-term debt and other instruments qualifying as Tier 216,690 17,644 
Qualifying allowance for credit losses (2)
14,643 14,471 
Other(366)(343)
Total Tier 2 capital under the Standardized Approach(B)$30,967 31,772 
Total qualifying capital under the Standardized Approach(A)+(B)$183,784 184,638 
Long-term debt and other instruments qualifying as Tier 216,690 17,644 
Qualifying allowance for credit losses (2)
4,380 4,279 
Other(366)(343)
Total Tier 2 capital under the Advanced Approach(C)$20,704 21,580 
Total qualifying capital under the Advanced Approach(A)+(C)$173,521 174,446 
(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)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
45

Capital Management (continued)
Table 32 provides the composition and net changes in the components of RWAs under the Standardized and Advanced Approaches.
Table 32: Risk-Weighted Assets
Standardized ApproachAdvanced Approach (1)
(in millions)Sep 30, 2025Dec 31, 2024
$ Change
Sep 30, 2025Dec 31, 2024
$ Change
Risk-weighted assets (RWAs):
Credit risk$1,192,083 1,156,572 35,511 749,137 726,855 22,282 
Market risk50,362 59,574 (9,212)50,362 59,574 (9,212)
Operational risk
N/A
N/A
N/A
272,713 298,588 (25,875)
Total RWAs$1,242,445 1,216,146 26,299 1,072,212 1,085,017 (12,805)
(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 33 provides an analysis of changes in CET1.
Table 33: Analysis of Changes in Common Equity Tier 1
(in millions)
Common Equity Tier 1 at December 31, 2024
$134,588 
Net income applicable to common stock15,171 
Common stock dividends(4,042)
Common stock issued, repurchased, and stock compensation-related items(11,626)
Changes in accumulated other comprehensive income (loss)4,529 
Goodwill98 
Certain identifiable intangible assets (other than MSRs)(790)
Goodwill and other intangibles on venture capital investments in consolidated portfolio companies (included in other assets)37 
Applicable deferred taxes related to goodwill and other intangible assets (1)115 
Other(1,489)
Change in Common Equity Tier 12,003 
Common Equity Tier 1 at September 30, 2025
$136,591 
(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.
46
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 venture capital 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 34 provides a reconciliation of these non-GAAP financial measures to GAAP financial measures.
Table 34: Tangible Common Equity
Balance at period-endAverage balance
Period ended
Quarter ended
Nine months ended
(in millions, except ratios)Sep 30,
2025		Jun 30,
2025		Sep 30,
2024		Sep 30,
2025		Jun 30,
2025		Sep 30,
2024		Sep 30,
2025		Sep 30,
2024
Total equity $183,012 182,954 185,011 183,428183,268 184,368 183,351184,197 
Adjustments:
Preferred stock
(16,608)(16,608)(18,608)(16,608)(18,278)(18,129)(17,824)(18,572)
Additional paid-in capital on preferred stock
141 141 144 141 143 143 143 148 
Noncontrolling interests(1,858)(1,843)(1,746)(1,850)(1,818)(1,748)(1,854)(1,734)
Total common stockholders’ equity(A)164,687 164,644 164,801 165,111 163,315 164,634 163,816 164,039 
Adjustments:
Goodwill(25,069)(25,071)(25,173)(25,070)(25,070)(25,172)(25,092)(25,173)
Certain identifiable intangible assets (other than MSRs)(863)(902)(85)(889)(863)(89)(610)(101)
Goodwill and other intangibles on venture capital investments in consolidated portfolio companies (included in other assets)
(698)(674)(772)(674)(674)(965)(694)(937)
Applicable deferred taxes related to goodwill and other intangible assets (1)
1,062 1,060 940 1,061 989 938 1,001 931 
Tangible common equity(B)$139,119 139,057 139,711 139,539 137,697 139,346 138,421 138,759 
Common shares outstanding(C)3,148.9 3,220.4 3,345.5 N/AN/AN/AN/AN/A
Net income applicable to common stock(D)N/AN/AN/A$5,341 5,214 4,852 $15,171 13,805 
Book value per common share (A)/(C)$52.30 51.13 49.26 N/AN/AN/AN/AN/A
Tangible book value per common share(B)/(C)44.18 43.18 41.76 N/AN/AN/AN/AN/A
Return on average common stockholders’ equity (ROE)(D)/(A)N/AN/AN/A12.83 %12.81 11.73 12.38 %11.24 
Return on average tangible common equity (ROTCE)(D)/(B)N/AN/AN/A15.19 15.19 13.85 14.65 13.29 
(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.
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 35 presents the leverage requirements applicable to the Company as of September 30, 2025.
Table 35: Leverage Requirements Applicable to the Company
1500

In addition, our IDIs are required to maintain an SLR of at least 6.00% and a minimum Tier 1 leverage ratio of 5.00% to be considered well-capitalized under applicable regulatory capital adequacy rules. At September 30, 2025, each of our IDIs exceeded their applicable SLR and Tier 1 leverage requirements.

In June 2025, federal banking regulators proposed changes to the supplementary leverage ratio that would, among other things, replace the amount of the supplementary leverage buffer for the Company and our IDIs with an amount equal to half of our G-SIB capital surcharge calculated under method one.
Wells Fargo & Company
47

Capital Management (continued)
Table 36 presents information regarding the calculation and components of the Company’s SLR and Tier 1 leverage ratio.
Table 36: Leverage Ratios for the Company
($ in millions) Quarter ended September 30, 2025
Tier 1 capital(A)$152,817 
Total consolidated assets
2,062,926 
Adjustments:
Derivatives (1)71,886 
Repo-style transactions (2)10,357 
Credit equivalent amounts of other off-balance sheet exposures
314,692 
Other (3)
(80,599)
Total adjustments
316,336 
Total leverage exposure
(B)
$2,379,262 
Supplementary leverage ratio(A)/(B)6.42%
Total adjusted average assets (4)
(C)$1,981,767 
Tier 1 leverage ratio
(A)/(C)7.71%
(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 other permitted Tier 1 capital deductions and certain other adjustments as determined under capital rule requirements.
(4)Represents total average assets less goodwill and other permitted Tier 1 capital deductions.
TOTAL LOSS ABSORBING CAPACITY. As a G-SIB, we are required to have a minimum amount of equity and unsecured long-term debt for purposes of resolvability and resiliency, often referred to as Total Loss Absorbing Capacity (TLAC). U.S. G-SIBs are required to have a minimum amount of TLAC (consisting of CET1 capital and additional Tier 1 capital issued directly by the top-tier or covered BHC plus eligible external long-term debt) to avoid restrictions on capital distributions and discretionary bonus payments as well as a minimum amount of eligible unsecured long-term debt. The components used to calculate our minimum TLAC and eligible unsecured long-term debt requirements as of September 30, 2025, are presented in Table 37.
Table 37: Components Used to Calculate TLAC and Eligible Unsecured Long-Term Debt Requirements
TLAC requirement

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

Greater of:
6.00% of RWAs4.50% of total leverage exposure
+
Greater of method one and method two G-SIB capital surcharge
In August 2023, the FRB proposed rules that would, among other things, modify the calculation of eligible long-term debt that counts towards the TLAC requirements, which would reduce our TLAC ratios. In addition, in June 2025, federal banking regulators proposed changes to the calculation of the total leverage exposure under the TLAC and eligible unsecured long-term debt requirements.

Table 38 provides our TLAC and eligible unsecured long-term debt and related ratios.
Table 38: TLAC and Eligible Unsecured Long-Term Debt
September 30, 2025
($ in millions)
TLAC
Regulatory Minimum (1)
Eligible Unsecured Long-term DebtRegulatory Minimum
Total eligible amount$305,937 144,622 
Percentage of RWAs (2)
24.62%21.50 11.64 7.50 
Percentage of total leverage exposure12.86 9.50 6.08 4.50 
(1)Represents the minimum required to avoid restrictions on capital distributions and discretionary bonus payments.
(2)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, 2025, 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 SCB, 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.

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.


48
Wells Fargo & Company


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 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.
During the first nine months of 2025, we issued $960 million of common stock, substantially all of which was issued in connection with employee compensation and benefits, and we repurchased 163 million shares of common stock at a cost of $12.6 billion. We paid $4.8 billion of common and preferred stock dividends during the first nine months of 2025.
Securities Repurchases
On July 25, 2023, we announced that the Board authorized a common stock repurchase program of up to $30 billion. In addition, on April 29, 2025, we announced that the Board authorized the repurchase of up to an additional $40 billion of common stock. Unless modified or revoked by the Board, these authorizations do not expire. At September 30, 2025, we had remaining Board authority to repurchase up to approximately $34.8 billion of common stock.
For additional information about share repurchases during third quarter 2025, see Part II, Item 2 in this Report.

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.


Regulation and Supervision
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 significant regulations and regulatory oversight initiatives that have affected or may affect our business, see the “Regulation and Supervision” and “Risk Factors” sections in our 2024 Form 10-K and the “Regulation and Supervision” section in our 2025 First and Second Quarter Reports on Form 10-Q.
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Critical Accounting Policies 
Our significant accounting policies are fundamental to understanding our results of operations and financial condition because they require that we use estimates and assumptions that may affect the value of our assets or liabilities and financial results. Five 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;
•fair value measurements;
•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 2024 Form 10-K and Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.
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Wells Fargo & Company

Current Accounting Developments
Table 39 provides significant accounting updates applicable to us that have been issued by the Financial Accounting Standards Board (FASB) but are not yet effective.

Table 39: Current Accounting Developments – Issued Standards
Description and Effective DateFinancial statement impact
Accounting Standards Update (ASU) 2023-09 – Income Taxes (Topic 740): Improvements to Income Tax Disclosures
The Update, effective for our 2025 annual financial statements, enhances annual income tax disclosures primarily to further disaggregate existing disclosures. The Update may be applied prospectively or retrospectively.
The Update will impact our annual income tax disclosures. We are currently evaluating the required changes to our annual income tax disclosures. Upon adoption, those disclosures may change as follows:

•For the tabular effective income tax rate reconciliation, provide 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 and disclosure 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 U.S. and non-U.S.
Other Accounting Developments
The following Updates are applicable to us. We are currently evaluating the Updates but they are not expected to have a material impact on our consolidated financial statements:
•ASU 2024-03 – Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
•ASU 2025-05 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets
•ASU 2025-06 – Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software
•ASU 2025-07 – Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract
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Forward-Looking Statements
This document contains forward-looking statements. In addition, we may make forward-looking statements in our other documents filed or furnished with the Securities and Exchange Commission, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company or any of its businesses, including our outlook for future growth; (ii) our expectations regarding noninterest expense and our efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses, our allowance for credit losses, and the economic scenarios considered to develop the allowance; (iv) our expectations regarding net interest income and net interest margin; (v) loan growth or the reduction or mitigation of risk in our loan portfolios; (vi) future capital or liquidity levels, ratios or targets; (vii) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (viii) future common stock dividends, common share repurchases and other uses of capital; (ix) our targeted range for return on assets, return on equity, and return on tangible common equity; (x) expectations regarding our effective income tax rate; (xi) the outcome of contingencies, such as legal actions; (xii) environmental, social and governance related goals or commitments; and (xiii) the Company’s plans, objectives and strategies.

Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:
•current and future economic and market conditions, including the effects of declines in housing prices, high unemployment rates, declines in commercial real estate prices, U.S. fiscal debt, budget and tax matters, geopolitical matters, trade policies, 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 cyberattacks;
•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, 2024.

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.
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Wells Fargo & Company

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, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.1

Any forward-looking statement made by us speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.















































1 We do not control this website. Wells Fargo has provided this link for your convenience, but does not endorse and is not responsible for the content, links, privacy policy, or security policy of this website.
Forward-looking Non-GAAP Financial Measures. From time to time management may discuss forward-looking non-GAAP financial measures, such as forward-looking estimates or targets for return on average tangible common equity. We are unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant to future results.
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Risk Factors
An investment in the Company involves risk, including the possibility that the value of the investment could fall substantially and that dividends or other distributions on the investment could be reduced or eliminated. For a discussion of risk factors that could adversely affect our financial results and condition, and the value of, and return on, an investment in the Company, we refer you to the “Risk Factors” section in our 2024 Form 10-K.
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Wells Fargo & Company

Controls and Procedures
Disclosure Controls and Procedures
The Company’s management evaluated the effectiveness, as of September 30, 2025, 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, 2025.
 
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 2025 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
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Financial Statements
Wells Fargo & Company and Subsidiaries
Consolidated Statement of Income (Unaudited)
Quarter ended September 30,Nine months ended September 30,
(in millions, except per share amounts)2025202420252024
Interest income
Debt securities$5,108 4,630 $14,690 13,362 
Loans held for sale174 129 428 376 
Loans13,924 14,618 40,854 43,897 
Equity securities164 156 461 502 
Other interest income3,049 3,465 8,279 10,585 
Total interest income22,419 22,998 64,712 68,722 
Interest expense
Deposits5,188 6,445 15,458 18,405 
Short-term borrowings2,339 1,435 5,313 4,030 
Long-term debt2,593 3,163 7,784 9,676 
Other interest expense349 265 1,004 771 
Total interest expense10,469 11,308 29,559 32,882 
Net interest income11,950 11,690 35,153 35,840 
Noninterest income
Deposit and lending-related fees1,674 1,675 4,929 4,890 
Investment advisory and other asset-based fees2,660 2,463 7,695 7,209 
Commissions and brokerage services fees651 646 1,899 1,886 
Investment banking fees840 672 2,311 1,940 
Card fees1,223 1,096 3,440 3,258 
Mortgage banking268 280 830 753 
Net gains from trading and securities
1,615 1,248 3,887 4,217 
Other
555 596 2,263 1,925 
Total noninterest income9,486 8,676 27,254 26,078 
Total revenue21,436 20,366 62,407 61,918 
Provision for credit losses681 1,065 2,618 3,239 
Noninterest expense
Personnel9,021 8,591 27,204 26,658 
Technology, telecommunications and equipment1,319 1,142 3,829 3,301 
Occupancy784 786 2,311 2,263 
Operating losses285 293 739 1,419 
Professional and outside services1,177 1,130 3,304 3,370 
Advertising and promotion295 205 742 626 
Other
965 920 2,987 3,061 
Total noninterest expense13,846 13,067 41,116 40,698 
Income before income tax expense6,909 6,234 18,673 17,981 
Income tax expense
1,300 1,064 2,738 3,279 
Net income before noncontrolling interests5,609 5,170 15,935 14,702 
Less: Net income (loss) from noncontrolling interests
20 56 (42)59 
Wells Fargo net income
$5,589 5,114 $15,977 14,643 
Less: Preferred stock dividends and other248 262 806 838 
Wells Fargo net income applicable to common stock$5,341 4,852 $15,171 13,805 
Per share information
Earnings per common share$1.68 1.43 $4.69 3.99 
Diluted earnings per common share1.66 1.42 4.64 3.94 
Average common shares outstanding3,182.2 3,384.8 3,231.4 3,464.1 
Diluted average common shares outstanding3,223.5 3,425.1 3,270.3 3,503.5 
The accompanying notes are an integral part of these statements.
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Wells Fargo & Company


Wells Fargo & Company and Subsidiaries
Consolidated Statement of Comprehensive Income (Unaudited)
Quarter ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Net income before noncontrolling interests
$5,609 5,170 $15,935 14,702 
Other comprehensive income (loss), after tax:
Net change in debt securities1,653 3,274 3,512 2,739 
Net change in derivatives and hedging activities136 994 920 419 
Other(70)81 97 50 
Other comprehensive income, after tax
1,719 4,349 4,529 3,208 
Total comprehensive income before noncontrolling interests
7,328 9,519 20,464 17,910 
Less: Net income (loss) from noncontrolling interests
20 56 (42)59 
Wells Fargo comprehensive income$7,308 9,463 $20,506 17,851 
The accompanying notes are an integral part of these statements.
Wells Fargo & Company
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Wells Fargo & Company and Subsidiaries
Consolidated Balance Sheet (Unaudited)
(in millions, except shares)
Sep 30,
2025		Dec 31,
2024
Assets
Cash and due from banks$34,801 37,080 
Interest-earning deposits with banks139,524 166,281 
Federal funds sold and securities purchased under resale agreements
154,576 105,330 
Debt securities:
Trading, at fair value (includes assets pledged as collateral of $119,823 and $86,142)
157,229 121,205 
Available-for-sale, at fair value (amortized cost of $210,033 and $170,607, and includes assets pledged as collateral of $670 and $3,078)
206,682 162,978 
Held-to-maturity, at amortized cost (fair value $180,509 and $193,779)
214,232 234,948 
Loans held for sale (includes $7,431 and $4,713 carried at fair value)
11,551 6,260 
Loans943,102 912,745 
Allowance for loan losses(13,744)(14,183)
Net loans929,358 898,562 
Mortgage servicing rights (includes $6,167 and $6,844 carried at fair value)
6,785 7,779 
Premises and equipment, net11,040 10,297 
Goodwill25,069 25,167 
Derivative assets
22,025 20,012 
Equity securities (includes $32,289 and $22,322 carried at fair value; and assets pledged as collateral of $17,022 and $9,774)
70,113 60,644 
Other assets (includes $159 and $168 carried at fair value)
79,941 73,302 
Total assets (1)
$2,062,926 1,929,845 
Liabilities
Noninterest-bearing deposits
$366,814 383,616 
Interest-bearing deposits (includes $23 and $318 carried at fair value)
1,000,547 988,188 
Total deposits1,367,361 1,371,804 
Short-term borrowings (includes $302 and $266 carried at fair value)
230,649 108,806 
Derivative liabilities
11,525 16,335 
Accrued expenses and other liabilities (includes $33,780 and $28,530 carried at fair value)
92,606 78,756 
Long-term debt (includes $6,621 and $3,495 carried at fair value)
177,773 173,078 
Total liabilities (2)
1,879,914 1,748,779 
Equity
Wells Fargo stockholders’ equity:
Preferred stock – aggregate liquidation preference of $17,376 and $19,376
16,608 18,608 
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 capital61,016 60,817 
Retained earnings
225,189 214,198 
Accumulated other comprehensive loss
(7,647)(12,176)
Treasury stock, at cost – 2,332,874,793 shares and 2,192,867,645 shares
(123,148)(111,463)
Total Wells Fargo stockholders’ equity
181,154 179,120 
Noncontrolling interests1,858 1,946 
Total equity183,012 181,066 
Total liabilities and equity$2,062,926 1,929,845 
(1)Our consolidated assets at September 30 2025, and December 31, 2024, include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Loans, $10.9 billion and $11.2 billion; All other assets, $2.4 billion and $671 million; and Total assets, $13.4 billion and $11.9 billion, respectively.
(2)Our consolidated liabilities at September 30, 2025, and December 31, 2024, include the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Long-term debt, $3.8 billion and $2.2 billion; Accrued expenses and other liabilities, $177 million and $124 million; and Total liabilities $4.0 billion and $2.4 billion, respectively.
The accompanying notes are an integral part of these statements.
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Wells Fargo & Company


Wells Fargo & Company and Subsidiaries
Consolidated Statement of Changes in Equity (Unaudited)
Quarter ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Preferred stock
Balance, beginning of period$16,608 16,608 $18,608 19,448 
Preferred stock issued— 2,000 — 2,000 
Preferred stock redeemed— — (2,000)(2,840)
Balance, end of period$16,608 18,608 $16,608 18,608 
Common stock
Balance, beginning of period and end of period$9,136 9,136 $9,136 9,136 
Additional paid-in capital
Balance, beginning of period$60,669 60,373 $60,817 60,555 
Stock-based compensation273 240 1,238 1,066 
Stock issued for employee plans, net(25)(28)(1,221)(1,107)
Other99 38 182 109 
Balance, end of period$61,016 60,623 $61,016 60,623 
Retained earnings
Balance, beginning of period$221,308 207,281 $214,198 201,136 
Cumulative effect from change in accounting policy (1)— — — (158)
Balance, beginning of period, adjusted221,308 207,281 214,198 200,978 
Net income5,589 5,114 15,977 14,643 
Common stock dividends(1,460)(1,384)(4,114)(3,891)
Preferred stock dividends(248)(262)(802)(821)
Other— — (70)(160)
Balance, end of period$225,189 210,749 $225,189 210,749 
Accumulated other comprehensive income (loss)
Balance, beginning of period$(9,366)(12,721)$(12,176)(11,580)
Other comprehensive income, after tax
1,719 4,349 4,529 3,208 
Balance, end of period$(7,647)(8,372)$(7,647)(8,372)
Treasury stock
Balance, beginning of period$(117,244)(104,247)$(111,463)(92,960)
Common stock issued157 237 920 1,054 
Common stock repurchased(6,058)(3,467)(12,623)(15,591)
Other(3)(2)18 18 
Balance, end of period$(123,148)(107,479)$(123,148)(107,479)
Noncontrolling interests
Balance, beginning of period$1,843 1,718 $1,946 1,708 
Net income (loss)20 56 (42)59 
Other(5)(28)(46)(21)
Balance, end of period$1,858 1,746 $1,858 1,746 
Total equity$183,012 185,011 $183,012 185,011 
(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.

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Wells Fargo & Company and Subsidiaries
Consolidated Statement of Cash Flows (Unaudited)
Nine months ended September 30,
(in millions)20252024
Cash flows from operating activities:
Net income before noncontrolling interests
$15,935 14,702 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses2,618 3,239 
Changes in fair value of MSRs and LHFS carried at fair value350 542 
Depreciation, amortization and accretion5,590 5,574 
Deferred income tax benefit(1,637)(1,468)
Other, net6,413 3,814 
Originations and purchases of loans held for sale(35,191)(26,463)
Proceeds from sales of and paydowns on loans originally classified as held for sale27,954 20,731 
Net change in:
Debt and equity securities, held for trading(44,419)(22,547)
Derivative assets and liabilities(5,372)(5,757)
Other assets(7,500)(1,006)
Other accrued expenses and liabilities12,137 2,770 
Net cash used by operating activities(23,122)(5,869)
Cash flows from investing activities:
Net change in:
Federal funds sold and securities purchased under resale agreements(49,246)(24,786)
Available-for-sale debt securities:
Proceeds from sales4,358 15,207 
Paydowns and maturities15,767 26,256 
Purchases(57,895)(72,618)
Held-to-maturity debt securities:
Paydowns and maturities20,809 19,608 
Equity securities, not held for trading:
Proceeds from sales and capital returns3,358 3,004 
Purchases(5,932)(4,913)
Loans:
Loans originated, net of principal collected(35,605)22,002 
Proceeds from sales of loans originally classified as held for investment2,549 2,472 
Purchases of loans(980)(402)
Other, net492 (417)
Net cash used by investing activities
(102,325)(14,587)
Cash flows from financing activities:
Net change in:
Deposits(4,443)(8,527)
Short-term borrowings121,843 22,335 
Long-term debt:
Proceeds from issuance30,111 24,874 
Repayment(31,286)(48,776)
Preferred stock:
Proceeds from issuance— 1,997 
Redeemed(2,000)(2,840)
Cash dividends paid(802)(792)
Common stock:
Repurchased(12,516)(15,448)
Cash dividends paid(4,036)(3,808)
Other, net(810)(483)
Net cash provided (used) by financing activities96,061 (31,468)
Net change in cash, cash equivalents, and restricted cash(29,386)(51,924)
Cash, cash equivalents, and restricted cash at beginning of period (1)
201,902 236,052 
Cash, cash equivalents, and restricted cash at end of period (1)
$172,516 184,128 
Supplemental cash flow disclosures:
Cash paid for interest$29,695 33,087 
Net cash paid (refunded) for income taxes843 106 
Significant non-cash activities:
Reclassification of long-term debt to accrued expenses and other liabilities
— 4,927 
(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.
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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 leading financial services company. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, to individuals, businesses and institutions throughout the U.S., 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.

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, 2024 (2024 Form 10-K). There were no material changes to these policies in the first nine months of 2025.

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));
•fair value measurements (Note 6 (Mortgage Banking Activities) and Note 12 (Fair Value Measurements));
•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 2024 Form 10-K.

Accounting Standards Adopted in 2025
We did not adopt any accounting standards in the first nine months of 2025.

Subsequent Events
We have evaluated the effects of events that have occurred subsequent to September 30, 2025, and there have been no material events that would require recognition in our third quarter 2025 consolidated financial statements or disclosure in the Notes to the consolidated financial statements.
Wells Fargo & Company
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Note 2:  Trading Activities
Table 2.1 presents a summary of our trading assets and liabilities measured at fair value through earnings.

Table 2.1: Trading Assets and Liabilities
(in millions)
Sep 30,
2025		Dec 31,
2024
Trading assets:
Debt securities$157,229 121,205 
Equity securities30,846 19,270 
Loans held for sale6,392 3,587 
Gross trading derivative assets78,969 97,696 
Netting (1)(57,045)(77,926)
Total trading derivative assets21,924 19,770 
Total trading assets216,391 163,832 
Trading liabilities:
Short sale and other liabilities34,034 28,744 
Interest-bearing deposits23 318 
Long-term debt6,621 3,495 
Gross trading derivative liabilities76,832 96,783 
Netting (1)(65,639)(81,345)
Total trading derivative liabilities11,193 15,438 
Total trading liabilities$51,871 47,995 
(1)Represents balance sheet netting for trading derivative asset and liability balances, and trading portfolio level valuation adjustments. See Note 11 (Derivatives) for additional information.
Table 2.2 provides the revenue associated with trading assets and liabilities measured at fair value through earnings. Accordingly, revenue for trading-related assets and liabilities that are not measured at fair value is not included in the table, such as securities purchased under resale agreements and securities sold or loaned under agreements to repurchase in our Corporate and Investment Banking (CIB) Markets business.
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)2025202420252024
Net interest income:
Interest income (1)$1,710 1,453 $4,811 4,065 
Interest expense343 211 948 604 
Total net interest income1,367 1,242 3,863 3,461 
Net gains (losses) from trading activities, by risk type (2):
Interest rate468 862 2,037 1,647 
Commodity265 110 577 321 
Equity332 254 801 993 
Foreign exchange214 (137)171 763 
Credit187 349 523 610 
Total net gains from trading activities1,466 1,438 4,109 4,334 
Total trading-related net interest and noninterest income$2,833 2,680 $7,972 7,795 
(1)Substantially all relates to interest income on debt and equity securities.
(2)Includes gains (losses) on trading portfolio level valuation adjustments, as well as remeasurement gains (losses) on foreign currency-denominated assets and liabilities, including related hedges. See Note 11 (Derivatives) for additional information.
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Wells Fargo & Company

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). For both AFS and HTM debt securities, amortized cost is the unpaid principal amount, net of unamortized basis
adjustments. Basis adjustments may include purchase premiums or discounts, fair value hedge accounting basis adjustments, fair value write-downs related to recognition of intent to sell, impairment losses, and charge-offs or recoveries of amounts deemed uncollectible.

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.
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, 2025
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies$48,384 59 (294)(235)48,149 
Securities of U.S. states and political subdivisions (2)10,931 30 (398)(368)10,563 
Federal agency mortgage-backed securities143,517 1,130 (3,804)(2,674)140,843 
Non-agency mortgage-backed securities (3)1,949 3 (18)(15)1,934 
Collateralized loan obligations4,829 13 — 13 4,842 
Other debt securities294 59 (2)57 351 
Total available-for-sale debt securities, excluding portfolio level basis adjustments209,904 1,294 (4,516)(3,222)206,682 
Portfolio level basis adjustments (4)129 (129)— 
Total available-for-sale debt securities210,033 1,294 (4,516)(3,351)206,682 
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies3,797 — (1,721)(1,721)2,076 
Securities of U.S. states and political subdivisions17,750 1 (3,463)(3,462)14,288 
Federal agency mortgage-backed securities182,539 63 (28,650)(28,587)153,952 
Non-agency mortgage-backed securities (3)1,440 71 (44)27 1,467 
Collateralized loan obligations6,983 26 — 26 7,009 
Other debt securities1,723 6 (12)(6)1,717 
Total held-to-maturity debt securities214,232 167 (33,890)(33,723)180,509 
Total$424,265 1,461 (38,406)(37,074)387,191 
December 31, 2024
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies$23,791 1 (507)(506)23,285 
Securities of U.S. states and political subdivisions (2)12,542 11 (518)(507)12,035 
Federal agency mortgage-backed securities129,703 84 (6,758)(6,674)123,029 
Non-agency mortgage-backed securities (3)1,844 3 (41)(38)1,806 
Collateralized loan obligations2,196 6 — 6 2,202 
Other debt securities574 50 (3)47 621 
Total available-for-sale debt securities, excluding portfolio level basis adjustments
170,650 155 (7,827)(7,672)162,978 
Portfolio level basis adjustments (4)(43)43 — 
Total available-for-sale debt securities170,607 155 (7,827)(7,629)162,978 
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies3,794 — (1,779)(1,779)2,015 
Securities of U.S. states and political subdivisions18,200 — (3,342)(3,342)14,858 
Federal agency mortgage-backed securities193,982 — (36,029)(36,029)157,953 
Non-agency mortgage-backed securities (3)1,364 50 (81)(31)1,333 
Collateralized loan obligations15,888 56 — 56 15,944 
Other debt securities1,720 — (44)(44)1,676 
Total held-to-maturity debt securities234,948 106 (41,275)(41,169)193,779 
Total$405,555 261 (49,102)(48,798)356,757 
(1)Represents amortized cost of the securities, net of the ACL of $23 million and $34 million related to AFS debt securities at September 30, 2025, and December 31, 2024, respectively, and $94 million and $95 million related to HTM debt securities at September 30, 2025, and December 31, 2024, 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 $2.6 billion at September 30, 2025, and $2.8 billion at December 31, 2024.
(3)Predominantly consists of commercial mortgage-backed securities at both September 30, 2025, and December 31, 2024.
(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).
Wells Fargo & Company
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Note 3:  Available-for-Sale and Held-to-Maturity Debt Securities (continued)
Table 3.2 details the breakout of purchases of HTM debt securities by major category of security. There were no transfers to HTM debt securities during the periods presented below.

Table 3.2: Held-to-Maturity Debt Securities Purchases
Quarter ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Purchases of held-to-maturity debt securities (1):
Non-agency mortgage-backed securities$33 21 $139 69 
Total purchases of held-to-maturity debt securities
$33 21 $139 69 
(1)Inclusive of non-cash purchases from securitization of loans held for sale (LHFS).
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)2025202420252024
Interest income (1):
Available-for-sale
$2,319 1,718 $6,407 4,633 
Held-to-maturity
1,259 1,583 3,947 5,016 
Total interest income 3,578 3,301 10,354 9,649 
Provision for credit losses:
Available-for-sale
4 13 (1)29 
Held-to-maturity
(10)(7)— (4)
Total provision for credit losses(6)6 (1)25 
Realized gains and losses (2):
Gross realized gains4 8 19 31 
Gross realized losses(4)(206)(133)(254)
Impairment write-downs— (249)(33)(249)
Net realized losses
$— (447)$(147)(472)
(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.
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Wells Fargo & Company

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, 2025, and December 31, 2024.

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.
Table 3.4: Investment Grade Debt Securities
Available-for-SaleHeld-to-Maturity
($ in millions)Fair value % investment gradeAmortized cost% investment grade
September 30, 2025
Total portfolio (1)$206,682 99%$214,326 99%
Breakdown by category:
Securities of U.S. Treasury and federal agencies (2)$188,992 100%$186,336 100%
Securities of U.S. states and political subdivisions10,563 99 17,762 100 
Collateralized loan obligations (3)4,842 100 6,991 100 
All other debt securities (4)2,285 88 3,237 58 
December 31, 2024
Total portfolio (1)$162,978 99%$235,043 99%
Breakdown by category:
Securities of U.S. Treasury and federal agencies (2)$146,314 100%$197,777 100%
Securities of U.S. states and political subdivisions12,035 99 18,210 100 
Collateralized loan obligations (3)2,202 100 15,904 100 
All other debt securities (4)2,427 89 3,152 61 
(1)99% were rated AA- and above at both September 30, 2025, and December 31, 2024.
(2)Includes federal agency mortgage-backed securities.
(3)100% were rated AA- and above at both September 30, 2025, and December 31, 2024.
(4)Includes non-U.S. government, non-agency mortgage-backed, and all other debt securities.
DELINQUENCY STATUS AND NONACCRUAL DEBT SECURITIES. Debt security issuers that are delinquent in payment of amounts due under contractual debt agreements have a higher probability of recognition of credit losses. As such, as part of our monitoring of the credit quality of the debt security portfolio, we consider whether debt securities we own are past due in payment of principal or interest payments and whether any securities have been placed into nonaccrual status.

Debt securities that are past due and still accruing or in nonaccrual status were insignificant at both September 30, 2025, and December 31, 2024. Net charge-offs on debt securities were insignificant in the third quarter and first nine months of both 2025 and 2024.
Wells Fargo & Company
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Note 3:  Available-for-Sale and Held-to-Maturity Debt Securities (continued)
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, 2025
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies
$(7)6,773 (287)8,000 (294)14,773 
Securities of U.S. states and political subdivisions
(10)357 (388)5,849 (398)6,206 
Federal agency mortgage-backed securities(1,063)9,492 (2,741)52,396 (3,804)61,888 
Non-agency mortgage-backed securities— — (18)872 (18)872 
Other debt securities— — (2)71 (2)71 
Total available-for-sale debt securities$(1,080)16,622 (3,436)67,188 (4,516)83,810 
December 31, 2024
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies
$(77)14,000 (430)7,778 (507)21,778 
Securities of U.S. states and political subdivisions
(11)748 (507)7,215 (518)7,963 
Federal agency mortgage-backed securities(1,465)71,424 (5,293)40,722 (6,758)112,146 
Non-agency mortgage-backed securities(1)22 (40)1,307 (41)1,329 
Other debt securities— — (3)114 (3)114 
Total available-for-sale debt securities$(1,554)86,194 (6,273)57,136 (7,827)143,330 
(1)Gross unrealized losses exclude portfolio level basis adjustments.
We have assessed each debt security with gross unrealized losses included in the previous table for credit impairment. As part of that assessment we evaluated and concluded that we do not intend to sell any of the debt securities, and that it is more likely than not that we will not be required to sell, prior to recovery of the amortized cost basis. We evaluate, where necessary, whether credit impairment exists by comparing the present value of the expected cash flows to the debt securities’ amortized cost basis. Credit impairment is recorded as an ACL for debt securities.

For descriptions of the factors we consider when analyzing debt securities for impairment as well as methodology and significant inputs used to measure credit losses, see Note 1 (Summary of Significant Accounting Policies) in our 2024 Form 10-K.
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Wells Fargo & Company

Contractual Maturities
Table 3.6 and Table 3.7 show the remaining contractual maturities of AFS and HTM debt securities, respectively.
Table 3.6: Contractual Maturities – Available-for-Sale Debt Securities
By remaining contractual maturity ($ in millions)
TotalWithin
one year		After
one year
through
five years		After
five years
through
ten years		After
ten years
September 30, 2025
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies
Amortized cost, net$48,384 1,161 8,887 36,976 1,360 
Fair value48,149 1,161 8,687 37,006 1,295 
Weighted average yield3.78%3.96 2.44 4.18 1.44 
Securities of U.S. states and political subdivisions
Amortized cost, net$10,931 781 3,267 2,715 4,168 
Fair value10,563 780 3,199 2,597 3,987 
Weighted average yield3.36%3.27 2.92 3.44 3.68 
Federal agency mortgage-backed securities
Amortized cost, net$143,517 3 153 2,024 141,337 
Fair value140,843 3 153 2,017 138,670 
Weighted average yield4.60%2.06 4.08 4.42 4.60 
Non-agency mortgage-backed securities
Amortized cost, net$1,949 — — 61 1,888 
Fair value1,934 — — 61 1,873 
Weighted average yield4.39%— — 4.63 4.38 
Collateralized loan obligations
Amortized cost, net$4,829 — 24 376 4,429 
Fair value4,842 — 24 377 4,441 
Weighted average yield5.65%— 6.30 5.88 5.63 
Other debt securities
Amortized cost, net$294 82 140 64 8 
Fair value351 86 151 101 13 
Weighted average yield5.81%4.68 8.23 2.43 1.60 
Total available-for-sale debt securities
Amortized cost, net (1)
$209,904 2,027 12,471 42,216 153,190 
Fair value206,682 2,030 12,214 42,159 150,279 
Weighted average yield (2)
4.37%3.72 2.66 4.16 4.58 
(1)Amortized cost, net excludes portfolio level basis adjustments of $129 million.
(2)Weighted average yields are calculated using the effective yield method and are weighted based on amortized cost, net of ACL. The effective yield method is calculated using the contractual coupon and the impact of any premiums and discounts and is shown pre-tax. We have not included the effect of any related hedging derivatives. The effective yield for mortgage-backed securities excludes unscheduled principal payments, and remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature.
Wells Fargo & Company
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Note 3:  Available-for-Sale and Held-to-Maturity Debt Securities (continued)
Table 3.7: Contractual Maturities – Held-to-Maturity Debt Securities
By remaining contractual maturity ($ in millions)
TotalWithin
one year		After
one year
through
five years		After
five years
through
ten years		After
ten years
September 30, 2025
Held-to-maturity debt securities: 
Securities of U.S. Treasury and federal agencies
Amortized cost, net$3,797 — — — 3,797 
Fair value2,076 — — — 2,076 
Weighted average yield
1.60%— — — 1.60 
Securities of U.S. states and political subdivisions
Amortized cost, net$17,750 112 420 471 16,747 
Fair value14,288 111 412 459 13,306 
Weighted average yield
2.45%1.68 2.16 2.65 2.45 
Federal agency mortgage-backed securities
Amortized cost, net$182,539 — — — 182,539 
Fair value153,952 — — — 153,952 
Weighted average yield
2.35%— — — 2.35 
Non-agency mortgage-backed securities
Amortized cost, net$1,440 — 25 22 1,393 
Fair value1,467 — 31 24 1,412 
Weighted average yield
3.73%— 4.63 2.71 3.73 
Collateralized loan obligations
Amortized cost, net$6,983 — 206 6,777 — 
Fair value7,009 — 208 6,801 — 
Weighted average yield
6.01%— 6.42 5.99 — 
Other debt securities
Amortized cost, net$1,723 — 1,723 — — 
Fair value1,717 — 1,717 — — 
Weighted average yield5.27%— 5.27 — — 
Total held-to-maturity debt securities
Amortized cost, net$214,232 112 2,374 7,270 204,476 
Fair value180,509 111 2,368 7,284 170,746 
Weighted average yield (1)
2.50%1.68 4.81 5.77 2.35 
(1)Weighted average yields are calculated using the effective yield method and are weighted based on amortized cost, net of ACL. The effective yield method is calculated using the contractual coupon and the impact of any premiums and discounts and is shown pre-tax. We have not included the effect of any related hedging derivatives. The effective yield for mortgage-backed securities excludes unscheduled principal payments, and remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature.
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Wells Fargo & Company

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,
2025		Dec 31,
2024
Equity securities held for trading at fair value (1)
$30,846 19,270 
Not held for trading:
Equity securities at fair value (2)
1,443 3,052 
Tax credit investments (3)
20,760 21,933 
Private equity (4)
12,785 12,607 
Federal Reserve Bank stock and other at cost (5)
4,279 3,782 
Total equity securities not held for trading39,267 41,374 
Total equity securities$70,113 60,644 
(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 securities subject to contractual lock-up periods restricting their sale. These securities had fair values of $230 million at September 30, 2025, the majority of which have sale restrictions that will expire in second quarter 2027, and $590 million at December 31, 2024, the majority of which had sale restrictions that expired in second quarter 2025.
(3)Includes affordable housing investments of $11.5 billion and $12.3 billion at September 30, 2025, and December 31, 2024, respectively, and renewable energy investments of $9.0 billion and $9.4 billion at September 30, 2025, and December 31, 2024, 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.
(4)Includes equity securities accounted for under the measurement alternative of $9.6 billion and $9.3 billion at September 30, 2025, and December 31, 2024, respectively, which were predominantly securities associated with our venture capital investments. The remaining securities are accounted for using the equity method.
(5)Includes $3.5 billion of investments in Federal Reserve Bank stock at both September 30, 2025, and December 31, 2024, and $717 million and $224 million of investments in Federal Home Loan Bank stock at September 30, 2025, and December 31, 2024, 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 from equity securities not 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)2025202420252024
Net gains from equity securities carried at fair value
$103 10 $63 70 
Net gains (losses) from equity securities not carried at fair value (1):
Impairment write-downs
(108)(178)(426)(568)
Net unrealized gains (losses) (2)
65 (39)99 290 
Net realized gains
89 464 189 563 
Total net gains (losses) from equity securities not carried at fair value
46 247 (138)285 
Total net gains (losses) from equity securities not held for trading
$149 257 $(75)355 
(1)Includes amounts related to venture capital 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.
Wells Fargo & Company
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Note 4: Equity Securities (continued)

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)2025202420252024
Net gains (losses) recognized in earnings during the period:
Gross unrealized gains from observable price changes$103 12 $210 350 
Gross unrealized losses from observable price changes(3)— (47)(9)
Impairment write-downs
(102)(104)(347)(424)
Net realized gains from sale42 31 80 96 
Total net gains (losses) recognized during the period
$40 $(61)$(104)13 
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,
2025		Dec 31,
2024
Cumulative gains (losses):
Gross unrealized gains from observable price changes$7,568 7,457 
Gross unrealized losses from observable price changes(100)(53)
Impairment write-downs(3,895)(3,747)
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Wells Fargo & Company

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, 2025, and December 31, 2024.

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 2025, we reversed accrued interest receivable of $42 million for our commercial portfolio segment and $284 million for our consumer portfolio segment, compared with $33 million and $300 million, respectively, for the same period a year ago.
Table 5.1: Loans Outstanding
(in millions)
Sep 30,
2025		Dec 31,
2024
Commercial and industrial$417,904 381,241 
Commercial real estate130,250 136,505 
Lease financing (1)
15,311 16,413 
Total commercial563,465 534,159 
Residential mortgage243,910 250,269 
Credit card56,996 56,542 
Auto46,041 42,367 
Other consumer (2)
32,690 29,408 
Total consumer379,637 378,586 
Total loans$943,102 912,745 
(1)In May 2025, the Company announced it entered into an agreement to sell the assets of its rail car leasing business. The related lease financing balances were transferred to loans held for sale.
(2)Includes $25.1 billion and $21.4 billion at September 30, 2025, and December 31, 2024, 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,
2025		Dec 31,
2024
Commercial and industrial$70,324 62,038 
Commercial real estate4,933 5,123 
Lease financing500 598 
Total non-U.S. commercial loans$75,757 67,759 
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

20252024
(in millions)
Commercial
ConsumerTotalCommercialConsumerTotal
Quarter ended September 30,
Purchases$389 3 392 101 1 102 
Sales and net transfers (to)/from LHFS(626)(13)(639)(644)2 (642)
Nine months ended September 30,
Purchases$975 5 980 399 3 402 
Sales and net transfers (to)/from LHFS(3,340)(1)(3,341)(1,542)(66)(1,608)
Wells Fargo & Company
71

Note 5: Loans and Related Allowance for Credit Losses (continued)
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, 2025, and December 31, 2024, we had $881 million and $968 million, 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,
2025		Dec 31,
2024
Commercial and industrial
$417,730 401,947 
Commercial real estate15,104 12,505 
Total commercial432,834 414,452 
Residential mortgage (1)
20,286 23,872 
Credit card174,007 163,256 
Other consumer
7,605 7,985 
Total consumer201,898 195,113 
Total unfunded credit commitments$634,732 609,565 
(1)Includes lines of credit totaling $17.1 billion and $22.5 billion as of September 30, 2025, and December 31, 2024, respectively.

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Wells Fargo & Company


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. Total net loan charge-offs decreased $613 million from September 30, 2024, due to lower losses in our commercial real estate portfolio driven by the office property type and lower
losses in our auto and other consumer portfolios. The ACL for loans decreased $325 million from December 31, 2024, reflecting improved credit performance for commercial real estate loans, partially offset by a higher allowance for commercial and industrial loans due to portfolio growth.
Table 5.5: Allowance for Credit Losses for Loans
Quarter ended September 30,Nine months ended September 30,
($ in millions)2025202420252024
Balance, beginning of period
$14,568 14,789 $14,636 15,088 
Provision for credit losses687 1,059 2,619 3,214 
Loan charge-offs:
Commercial and industrial(155)(161)(516)(562)
Commercial real estate(124)(188)(326)(659)
Lease financing(15)(14)(37)(38)
Total commercial(294)(363)(879)(1,259)
Residential mortgage(11)(14)(54)(50)
Credit card(710)(700)(2,229)(2,109)
Auto(110)(158)(340)(505)
Other consumer(113)(144)(348)(431)
Total consumer(944)(1,016)(2,971)(3,095)
Total loan charge-offs(1,238)(1,379)(3,850)(4,354)
Loan recoveries:
Commercial and industrial24 32 98 97 
Commercial real estate17 4 63 17 
Lease financing3 4 10 13 
Total commercial44 40 171 127 
Residential mortgage33 37 94 105 
Credit card139 99 386 282 
Auto60 75 196 231 
Other consumer20 17 55 48 
Total consumer252 228 731 666 
Total loan recoveries296 268 902 793 
Net loan charge-offs(942)(1,111)(2,948)(3,561)
Other(2)2 4 (2)
Balance, end of period$14,311 14,739 $14,311 14,739 
Components:
Allowance for loan losses$13,744 14,330 $13,744 14,330 
Allowance for unfunded credit commitments567 409 567 409 
Allowance for credit losses$14,311 14,739 $14,311 14,739 
Net loan charge-offs (annualized) as a percentage of average total loans
0.40%0.49 0.43%0.52 
Allowance for loan losses as a percentage of total loans1.46 1.58 1.46 1.58 
Allowance for credit losses for loans as a percentage of total loans1.52 1.62 1.52 1.62 
Wells Fargo & Company
73

Note 5: Loans and Related Allowance for Credit Losses (continued)
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
20252024
(in millions)CommercialConsumer TotalCommercial Consumer Total
Quarter ended September 30,
Balance, beginning of period$7,835 6,733 14,568 8,236 6,553 14,789 
Provision for credit losses(32)719 687 178 881 1,059 
Loan charge-offs
(294)(944)(1,238)(363)(1,016)(1,379)
Loan recoveries
44 252 296 40 228 268 
Net loan charge-offs
(250)(692)(942)(323)(788)(1,111)
Other
(1)(1)(2)1 1 2 
Balance, end of period$7,552 6,759 14,311 8,092 6,647 14,739 
Nine months ended September 30,
Balance, beginning of period
$7,946 6,690 14,636 8,412 6,676 15,088 
Provision for credit losses310 2,309 2,619 815 2,399 3,214 
Loan charge-offs
(879)(2,971)(3,850)(1,259)(3,095)(4,354)
Loan recoveries
171 731 902 127 666 793 
Net loan charge-offs(708)(2,240)(2,948)(1,132)(2,429)(3,561)
Other
4 — 4 (3)1 (2)
Balance, end of period$7,552 6,759 14,311 8,092 6,647 14,739 

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, 2025, we had $531.8 billion and $31.7 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, 2025, and year ended December 31, 2024.
74
Wells Fargo & Company


Table 5.7: Commercial Loan Categories by Risk Categories and Vintage

Term loans by origination yearRevolving loansRevolving loans converted to term loansTotal
(in millions)20252024202320222021Prior
September 30, 2025
Commercial and industrial
Pass
$58,923 29,157 15,337 15,742 8,410 13,517 262,246 26 403,358 
Criticized
1,263 629 917 954 361 539 9,883 — 14,546 
Total commercial and industrial60,186 29,786 16,254 16,696 8,771 14,056 272,129 26 417,904 
Gross charge-offs (1)
29 47 31 21 4 6 378 — 516 
Commercial real estate
Pass
27,011 13,388 9,385 18,581 15,369 24,042 6,543 55 114,374 
Criticized2,828 2,065 1,016 3,678 3,516 2,689 84 — 15,876 
Total commercial real estate29,839 15,453 10,401 22,259 18,885 26,731 6,627 55 130,250 
Gross charge-offs
72 30 36 59 27 100 2 — 326 
Lease financing
Pass
3,359 3,537 3,562 1,735 920 938 — — 14,051 
Criticized
294 378 318 157 62 51 — — 1,260 
Total lease financing
3,653 3,915 3,880 1,892 982 989 — — 15,311 
Gross charge-offs
1 8 13 8 4 3 — — 37 
Total commercial loans
$93,678 49,154 30,535 40,847 28,638 41,776 278,756 81 563,465 
Term loans by origination yearRevolving loansRevolving loans converted to term loansTotal
(in millions)
20242023202220212020Prior
December 31, 2024
Commercial and industrial
Pass$46,670 23,891 23,142 13,883 4,963 10,892 241,365 1,247 366,053 
Criticized909 899 1,644 803 139 774 9,990 30 15,188 
Total commercial and industrial47,579 24,790 24,786 14,686 5,102 11,666 251,355 1,277 381,241 
Gross charge-offs (1)79 107 26 39 8 7 463 — 729 
Commercial real estate
Pass22,021 11,432 25,314 21,096 8,193 23,121 5,872 179 117,228 
Criticized3,396 1,847 5,427 4,240 1,478 2,616 273 — 19,277 
Total commercial real estate25,417 13,279 30,741 25,336 9,671 25,737 6,145 179 136,505 
Gross charge-offs81 78 124 158 145 359 — — 945 
Lease financing
Pass4,516 4,628 2,681 1,457 573 1,290 — — 15,145 
Criticized391 382 250 103 66 76 — — 1,268 
Total lease financing4,907 5,010 2,931 1,560 639 1,366 — — 16,413 
Gross charge-offs
3 17 14 10 5 3 — — 52 
Total commercial loans$77,903 43,079 58,458 41,582 15,412 38,769 257,500 1,456 534,159 
(1) Includes charge-offs on overdrafts, which are generally charged-off at 60 days past due.
Wells Fargo & Company
75

Note 5: Loans and Related Allowance for Credit Losses (continued)
Table 5.8 provides days past due (DPD) information for commercial loans, which we monitor as part of our credit risk management practices; however, delinquency is not a primary credit quality indicator for commercial loans.
Table 5.8: Commercial Loan Categories by Delinquency Status

Still accruingNonaccrual loansTotal
commercial loans
(in millions)Current-29 DPD30-89 DPD90+ DPD
September 30, 2025
Commercial and industrial$416,158 558 138 1,050 417,904 
Commercial real estate126,150 522 244 3,334 130,250 
Lease financing15,051 185 — 75 15,311 
Total commercial loans
$557,359 1,265 382 4,459 563,465 
December 31, 2024
Commercial and industrial$379,147 794 537 763 381,241 
Commercial real estate131,794 472 468 3,771 136,505 
Lease financing16,156 173 — 84 16,413 
Total commercial loans
$527,097 1,439 1,005 4,618 534,159 
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 liens, including unused line of credit amounts. We generally obtain property collateral values through Home Price Indices (HPI) and automated valuation models (AVMs). We update LTVs on a quarterly basis. Certain loans do not have an LTV due to a lack of industry data availability or are 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, 2025, and year ended December 31, 2024.

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.
76
Wells Fargo & Company


Table 5.9: Credit Quality Indicators for Residential Mortgage Loans by Vintage

Term loans by origination yearRevolving loansRevolving loans converted to term loans
(in millions)20252024202320222021PriorTotal
September 30, 2025
By delinquency status:
Current-29 DPD$11,707 8,974 10,599 41,327 56,410 96,254 4,352 6,324 235,947 
30-89 DPD3 5 11 91 84 630 16 128 968 
90+ DPD— 4 6 75 59 408 8 142 702 
Government insured/guaranteed loans (1)3 1 12 11 33 6,233 — — 6,293 
Total
$11,713 8,984 10,628 41,504 56,586 103,525 4,376 6,594 243,910 
By updated FICO:
740+$11,108 8,457 10,022 38,296 53,216 85,730 3,461 3,991 214,281 
700-739454 343 342 1,858 2,061 5,319 459 862 11,698 
660-69996 97 146 774 731 2,270 211 537 4,862 
620-65925 14 33 199 207 957 71 260 1,766 
<6205 7 12 182 141 1,267 94 444 2,152 
No FICO available22 65 61 184 197 1,749 80 500 2,858 
Government insured/guaranteed loans (1)3 1 12 11 33 6,233 — — 6,293 
Total
$11,713 8,984 10,628 41,504 56,586 103,525 4,376 6,594 243,910 
By updated LTV:
0-80%$11,427 8,591 10,336 39,498 56,138 96,817 4,332 6,512 233,651 
80.01-100%
270 337 240 1,877 352 274 28 51 3,429 
>100% (2)2 20 18 79 29 40 7 11 206 
No LTV available11 35 22 39 34 161 9 20 331 
Government insured/guaranteed loans (1)3 1 12 11 33 6,233 — — 6,293 
Total
$11,713 8,984 10,628 41,504 56,586 103,525 4,376 6,594 243,910 
Gross charge-offs$— 1 1 4 7 25 1 15 54 
Term loans by origination yearRevolving loansRevolving loans converted to term loansTotal
(in millions)20242023202220212020Prior
December 31, 2024
By delinquency status:
Current-29 DPD$10,780 11,611 43,482 59,206 32,964 71,302 5,910 6,319 241,574 
30-89 DPD19 15 69 55 22 636 27 142 985 
90+ DPD— 8 43 23 10 338 19 172 613 
Government insured/guaranteed loans (1)2 10 17 41 94 6,933 — — 7,097 
Total$10,801 11,644 43,611 59,325 33,090 79,209 5,956 6,633 250,269 
By updated FICO:
740+$10,231 10,931 40,431 55,880 31,150 61,856 4,671 3,917 219,067 
700-739411 448 1,978 2,208 1,165 4,601 635 882 12,328 
660-69993 151 756 775 411 2,196 314 533 5,229 
620-65927 52 196 172 101 944 103 287 1,882 
<6202 15 139 130 56 1,209 133 449 2,133 
No FICO available35 37 94 119 113 1,470 100 565 2,533 
Government insured/guaranteed loans (1)2 10 17 41 94 6,933 — — 7,097 
Total$10,801 11,644 43,611 59,325 33,090 79,209 5,956 6,633 250,269 
By updated LTV:
0-80%$10,360 11,089 40,341 58,434 32,727 71,821 5,874 6,521 237,167 
80.01-100%398 482 3,088 758 193 259 61 72 5,311 
>100% (2)9 38 121 53 20 49 10 17 317 
No LTV available32 25 44 39 56 147 11 23 377 
Government insured/guaranteed loans (1)2 10 17 41 94 6,933 — — 7,097 
Total$10,801 11,644 43,611 59,325 33,090 79,209 5,956 6,633 250,269 
Gross charge-offs$— — — 1 2 27 2 32 64 
(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 $2.3 billion and $2.8 billion at September 30, 2025, and December 31, 2024, 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.
Wells Fargo & Company
77

Note 5: Loans and Related Allowance for Credit Losses (continued)
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, 2025December 31, 2024

Revolving loansRevolving loans converted to term loansRevolving loansRevolving loans converted to term loans
(in millions)TotalTotal
By delinquency status:
Current-29 DPD$54,879 610 55,489 54,389 535 54,924 
30-89 DPD679 64 743 699 67 766 
90+ DPD732 32 764 815 37 852 
Total$56,290 706 56,996 55,903 639 56,542 
By updated FICO:
740+$22,437 36 22,473 21,784 28 21,812 
700-73912,262 90 12,352 12,359 74 12,433 
660-69910,855 152 11,007 11,093 132 11,225 
620-6595,191 134 5,325 5,356 117 5,473 
<6205,391 292 5,683 5,161 286 5,447 
No FICO available154 2 156 150 2 152 
Total$56,290 706 56,996 55,903 639 56,542 
Gross charge-offs$2,078 151 2,229 2,669 173 2,842 
78
Wells Fargo & Company


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)20252024202320222021PriorTotal
September 30, 2025
By delinquency status:
Current-29 DPD$18,170 10,041 6,350 5,542 4,183 1,004 45,290 
30-89 DPD55 52 61 195 248 87 698 
90+ DPD3 4 5 16 18 7 53 
Total
$18,228 10,097 6,416 5,753 4,449 1,098 46,041 
By updated FICO:
740+$10,621 6,275 4,241 2,842 1,794 352 26,125 
700-7393,069 1,628 870 745 564 138 7,014 
660-6992,291 1,155 583 638 509 134 5,310 
620-6591,214 519 282 430 388 107 2,940 
<6201,025 500 435 1,076 1,165 354 4,555 
No FICO available8 20 5 22 29 13 97 
Total
$18,228 10,097 6,416 5,753 4,449 1,098 46,041 
Gross charge-offs$8 30 35 127 118 22 340 
Term loans by origination year
(in millions)20242023202220212020PriorTotal
December 31, 2024
By delinquency status:
Current-29 DPD$13,846 9,175 8,415 7,205 2,042 684 41,367 
30-89 DPD32 63 270 380 122 60 927 
90+ DPD2 5 25 31 7 3 73 
Total$13,880 9,243 8,710 7,616 2,171 747 42,367 
By updated FICO:
740+$8,758 6,197 4,358 3,199 841 249 23,602 
700-7392,483 1,307 1,188 1,020 307 101 6,406 
660-6991,689 864 1,028 930 280 95 4,886 
620-659623 401 667 661 198 72 2,622 
<620319 455 1,450 1,775 529 223 4,751 
No FICO available8 19 19 31 16 7 100 
Total$13,880 9,243 8,710 7,616 2,171 747 42,367 
Gross charge-offs$10 48 246 270 55 23 652 
Wells Fargo & Company
79

Note 5: Loans and Related Allowance for Credit Losses (continued)
Table 5.12 provides the outstanding balances of our Other consumer loans portfolio by primary credit quality indicators.
Table 5.12: Credit Quality Indicators for Other Consumer Loans by Vintage

Term loans by origination yearRevolving loansRevolving loans converted to term loans
(in millions)20252024202320222021PriorTotal
September 30, 2025
By delinquency status:
Current-29 DPD$1,748 1,137 1,100 668 165 72 27,593 111 32,594 
30-89 DPD6 8 16 11 2 2 12 4 61 
90+ DPD1 3 7 4 1 — 12 7 35 
Total
$1,755 1,148 1,123 683 168 74 27,617 122 32,690 
By updated FICO:
740+$1,251 753 482 251 65 29 806 36 3,673 
700-739277 199 220 116 28 10 389 19 1,258 
660-699115 107 191 117 33 7 298 14 882 
620-65925 32 80 54 12 4 115 9 331 
<62014 32 100 77 16 6 132 15 392 
No FICO available (1)73 25 50 68 14 18 25,877 29 26,154 
Total
$1,755 1,148 1,123 683 168 74 27,617 122 32,690 
Gross charge-offs (2)$99 56 79 51 10 3 44 6 348 
Term loans by origination yearRevolving loansRevolving loans converted to term loansTotal
(in millions)20242023202220212020Prior
December 31, 2024
By delinquency status:
Current-29 DPD$1,860 1,835 1,160 286 80 59 23,903 112 29,295 
30-89 DPD5 23 17 3 1 2 14 6 71 
90+ DPD2 9 7 2 — 1 13 8 42 
Total
$1,867 1,867 1,184 291 81 62 23,930 126 29,408 
By updated FICO:
740+$1,360 868 452 119 48 26 961 41 3,875 
700-739280 368 207 50 14 10 433 17 1,379 
660-699110 304 201 44 6 8 335 17 1,025 
620-65924 114 93 29 3 5 127 11 406 
<62014 120 112 29 4 7 138 16 440 
No FICO available (1)79 93 119 20 6 6 21,936 24 22,283 
Total
$1,867 1,867 1,184 291 81 62 23,930 126 29,408 
Gross charge-offs (2)
$150 165 127 31 5 6 66 10 560 
(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.
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Wells Fargo & Company


NONACCRUAL LOANS. Table 5.13 provides loans on nonaccrual status. Nonaccrual loans may have an ACL or a negative allowance for credit losses from expected recoveries of amounts previously written off.
Table 5.13: Nonaccrual Loans
Outstanding balanceRecognized interest income

Nonaccrual loansNonaccrual loans without related allowance for credit losses (1)Nine months ended September 30,
(in millions)Sep 30,
2025		Dec 31,
2024		Sep 30,
2025		Dec 31,
2024		20252024
Commercial and industrial$1,050 763 57 2 15 14 
Commercial real estate3,334 3,771 187 41 49 14 
Lease financing75 84 17 17 — — 
Total commercial 4,459 4,618 261 60 64 28 
Residential mortgage3,057 2,991 1,999 1,887 128 136 
Auto71 89 — — 8 11 
Other consumer27 32 — — 3 3 
Total consumer 3,155 3,112 1,999 1,887 139 150 
Total nonaccrual loans$7,614 7,730 2,260 1,947 203 178 
(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 $651 million and $705 million at September 30, 2025, and December 31, 2024, respectively, which included $495 million and $540 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,
2025		Dec 31,
2024
Total:$3,526 4,802 
Less: government insured/guaranteed loans (1)
2,266 2,801 
Total, not government insured/guaranteed$1,260 2,001 
By segment and class, not government insured/guaranteed:
Commercial and industrial$138 537 
Commercial real estate244 468 
Total commercial382 1,005 
Residential mortgage39 39 
Credit card764 852 
Auto47 71 
Other consumer28 34 
Total consumer878 996 
Total, not government insured/guaranteed$1,260 2,001 
(1)Represents residential mortgage loans whose repayments are insured or guaranteed by U.S. government agencies, such as the FHA or the VA.
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Note 5: Loans and Related Allowance for Credit Losses (continued)
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 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 in the third quarter and first nine months of both 2025 and 2024.

For additional information on our loan modifications to borrowers experiencing financial difficulty, see Note 5 (Loans and Related Allowance for Credit Losses) in our 2024 Form 10-K.

Table 5.15 presents the outstanding balance of commercial loans modified during the periods presented and the related financial effects of these modifications. At the time of modification, we may require that the borrower provide additional economic support, such as partial repayment, additional collateral, or guarantees.
Table 5.15: Commercial Loan Modifications and Financial Effects

Quarter ended September 30,Nine months ended September 30,
($ in millions)
2025202420252024
Commercial and industrial modifications:
Term extension
$378 347 $647 653 
All other modifications and combinations
30 59 154 148 
Total commercial and industrial modifications
$408 406 $801 801 
Total commercial and industrial modifications as a % of loan class
0.10 %0.11 0.19 %0.21 
Financial effects:
Weighted average term extension (months)
10321421
Commercial real estate modifications:
Term extension
$711 1,231 $1,595 1,637 
All other modifications and combinations
463 135 500 179 
Total commercial real estate modifications
$1,174 1,366 $2,095 1,816 
Total commercial real estate modifications as a % of loan class
0.90 %0.97 1.61 %1.28 
Financial effects:
Weighted average term extension (months)
21192124

Commercial loans that received a modification in the past 12 months as of September 30, 2025 and 2024, and subsequently defaulted in the third quarter and first nine months of both 2025 and 2024, were insignificant.

Table 5.16 provides past due information on commercial loans that received a modification in the past 12 months as of
September 30, 2025 and 2024, and the amount of related gross charge-offs during the third quarter and first nine months of both 2025 and 2024. 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.
Table 5.16: Payment Performance of Commercial Loan Modifications

By delinquency statusGross charge-offs
(in millions)
Current-29 DPD
30-89 DPD90+ DPDTotalQuarter endedNine months ended
September 30, 2025
Commercial and industrial$807 8 29 844 32 133 
Commercial real estate2,556 24 190 2,770 72 72 
Total commercial$3,363 32 219 3,614 104 205 
September 30, 2024
Commercial and industrial$789 29 10 828 11 106 
Commercial real estate1,885 27 127 2,039 — — 
Total commercial$2,674 56 137 2,867 11 106 

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Wells Fargo & Company


Table 5.17 presents the outstanding balance of consumer loans modified during the periods presented and the related financial effects of these modifications. Modified loans within the Auto and Other consumer loan classes were insignificant in the third quarter and first nine months of both 2025 and 2024, 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 $104 million and $113 million at September 30, 2025 and 2024, respectively.
Table 5.17: Consumer Loan Modifications and Financial Effects

Quarter ended September 30,Nine months ended September 30,
($ in millions)
2025202420252024
Residential mortgage modifications (1):
Payment delay
$253 97 $537 290 
Term extension
13 11 35 30 
Term extension and payment delay
37 22 85 74 
Interest rate reduction, term extension, and payment delay
16 12 41 36 
All other modifications and combinations
8 9 19 30 
Total residential mortgage modifications
$327 151 $717 460 
Total residential mortgage modifications as a % of loan class
0.13 %0.06 0.29 %0.18 
Financial effects:
Weighted average interest rate reduction
1.27 %1.77 1.55 %1.80 
Weighted average payments deferred (months) (2)
4656
Weighted average term extension (years)
10.810.711.010.8
Credit card modifications:
Interest rate reduction
$290 289 $742 576 
Total credit card modifications
$290 289 $742 576 
Total credit card modifications as a % of loan class
0.51 %0.53 1.30 %1.05 
Financial effects:
Weighted average interest rate reduction21.41 %22.25 21.45 %22.14 
(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 $111 million and $87 million in third quarter 2025 and 2024, respectively, and $290 million and $284 million for the first nine months of 2025 and 2024, 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 26.0 years and 24.8 years in third quarter 2025 and 2024, respectively, and 24.9 years for the first nine months of both 2025 and 2024.
Consumer loans that received a modification within the past 12 months as of September 30, 2025, and subsequently defaulted in the third quarter and first nine months of 2025, totaled $139 million and $206 million, respectively. As of September 30, 2024, consumer loans that received a modification within the past 12 months and subsequently defaulted in the third quarter and first nine months of 2024, totaled $96 million and $171 million, respectively.
Table 5.18 provides past due information as of September 30, 2025 and 2024, for consumer loan modifications that received a modification in the past 12 months, and the related gross charge-offs that occurred on these modifications during the third quarter and first nine months of both 2025 and 2024.
Table 5.18: Payment Performance of Consumer Loan Modifications

By delinquency statusGross charge-offs
(in millions)
Current-29 DPD
30-89 DPD90+ DPDTotalQuarter endedNine months ended
September 30, 2025
Residential mortgage (1)
$429 124 88 641 1 5 
Credit card (2)
842 124 89 1,055 79 210 
Total consumer
$1,271 248 177 1,696 80 215 
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 
(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 2025 and 2024, were $357 million and $317 million, respectively, the majority 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 2025 and 2024, were insignificant.

Wells Fargo & Company
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Note 6:  Mortgage Banking Activities 
Mortgage banking activities consist of residential and commercial mortgage originations, sales and servicing.

We apply the fair value method to residential mortgage servicing rights (MSRs) and apply the amortization method to commercial
MSRs. Table 6.1 presents MSRs, including the changes in MSRs measured using the fair value method and the amortization method.

Table 6.1: Mortgage Servicing Rights

Quarter ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Residential MSRs at fair value, beginning of period
$6,417 7,061 $6,844 7,468 
Originations/purchases27 22 78 61 
Sales and other
(183)(10)(296)(307)
Net reductions
(156)12 (218)(246)
Changes in fair value:
Due to valuation inputs or assumptions:
Market interest rates (1)
1 (296)(124)71 
Servicing and foreclosure costs2 (22)— (51)
Discount rates(8)— (9)(53)
Prepayment estimates and other (2)
103 24 251 50 
Net changes in valuation inputs or assumptions98 (294)118 17 
 Changes due to collection/realization of expected cash flows (3)
(192)(235)(577)(695)
Total changes in fair value(94)(529)(459)(678)
Residential MSRs at fair value, end of period
6,167 6,544 6,167 6,544 
Commercial MSRs at amortized cost, end of period (4)
618 949 618 949 
Total MSRs$6,785 7,493 $6,785 7,493 
(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 $728 million and $1.4 billion at September 30, 2025 and 2024, respectively. In first quarter 2025, we sold the non-agency portion of our commercial mortgage third-party servicing business.
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 Value Measurements) 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, 2025Dec 31, 2024
Fair value of interests held$6,167 6,844 
Expected weighted-average life (in years)6.46.4
Key assumptions:
Prepayment rate assumption (1)8.0%8.1 
Impact on fair value from 10% adverse change$(175)(191)
Impact on fair value from 25% adverse change(421)(461)
Discount rate assumption9.5%10.1 
Impact on fair value from 100 basis point increase$(252)(270)
Impact on fair value from 200 basis point increase(483)(519)
Cost to service assumption ($ per loan)102 103 
Impact on fair value from 10% adverse change(120)(134)
Impact on fair value from 25% adverse change(300)(334)
(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.

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Wells Fargo & Company

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.

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. Servicer advances on owned loans are written-off when deemed uncollectible.
Table 6.3: Managed Servicing Portfolio
Sep 30, 2025Dec 31, 2024
($ in billions, unless otherwise noted)
Residential mortgagesCommercial mortgagesResidential mortgagesCommercial mortgages
Serviced and subserviced for others (1)
$434 75 488 531 
Owned loans serviced246 113 252 117 
Total managed servicing portfolio680 188 740 648 
Total serviced for others, excluding subserviced for others434 58 487 522 
MSRs as a percentage of loans serviced for others1.42 %1.06 1.41 0.18 
Weighted average note rate (mortgage loans serviced for others)3.77 4.00 3.76 5.05 
Servicer advances, net of an allowance for uncollectible amounts ($ in millions) (1)
$635 19 977 1,173 
(1)In first quarter 2025, we sold the non-agency portion of our commercial mortgage third-party servicing business.
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)2025202420252024
Contractually specified servicing fees, late charges and ancillary fees$347 462 $1,120 1,398 
Unreimbursed servicing costs (1)(60)(31)(163)(90)
Amortization for commercial MSRs (2)(36)(58)(121)(173)
Changes due to collection/realization of expected cash flows (3)(192)(235)(577)(695)
Net servicing fees59 138 259 440 
Changes in fair value of MSRs due to market interest rates
1 (296)(124)71 
Changes in fair value of MSRs due to other valuation inputs or assumptions (4)
97 2 242 (54)
Net derivative gain (losses) from economic hedges (5)2 309 128 (52)
Market-related valuation changes to residential MSRs, net of hedge results100 15 246 (35)
Total net servicing income159 153 505 405 
Net gains on mortgage loan originations/sales (6)109 127 325 348 
Total mortgage banking noninterest income$268 280 $830 753 
(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 $39 million for the remainder of 2025, and $129 million, $107 million, $95 million, $73 million, and $55 million for the years ended December 31, 2026, 2027, 2028, 2029, and 2030, 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 losses of $(6) million and $(20) million in the third quarter and first nine months of 2025, respectively, and $(56) million and $(5) million in the third quarter and first nine months of 2024, respectively, related to derivatives used as economic hedges of mortgage loans held for sale and derivative loan commitments.
Wells Fargo & Company
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Note 7: Intangible Assets and Other Assets
Intangible assets include MSRs, goodwill, and customer relationship and other intangibles. For additional information on MSRs, see Note 6 (Mortgage Banking Activities). Customer relationship and other intangibles, which are included in other assets on our consolidated balance sheet, had a net carrying value of $863 million and $73 million at September 30, 2025, and December 31, 2024, respectively.

In April 2025, we acquired the remaining interest in our merchant services joint venture and recognized an intangible asset of
$877 million related to the merchant relationships. We are amortizing this intangible asset on a straight-line basis over seven years. Estimated future amortization expense for this intangible asset is $31 million for the remainder of 2025, and $125 million for each of the years ended December 31, 2026, 2027, 2028, 2029, and 2030, respectively.

Table 7.1 shows the allocation of goodwill to our reportable operating segments.
Table 7.1: Goodwill
(in millions)
Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment ManagementCorporateConsolidated Company
December 31, 2024$16,418 2,925 5,375 344 105 25,167 
Divestitures (1)
— — (101)— — (101)
Foreign currency translation— 3 — — — 3 
September 30, 2025$16,418 2,928 5,274 344 105 25,069 
(1)Related to the divestiture of the non-agency portion of our commercial mortgage third-party servicing business in first quarter 2025.
Table 7.2 presents the components of other assets.
Table 7.2: Other Assets
(in millions)Sep 30, 2025Dec 31, 2024
Corporate/bank-owned life insurance (1)$19,756 19,751 
Accounts receivable (2)20,882 19,608 
Interest receivable:
AFS and HTM debt securities1,578 1,544 
Loans3,368 3,420 
Trading and other1,893 1,371 
Operating lease assets (lessor) (3)
5,098 5,286 
Operating lease ROU assets (lessee)3,659 3,850 
Other (4)
23,707 18,472 
Total other assets$79,941 73,302 
(1)Corporate/bank-owned life insurance is recognized at cash surrender value.
(2)Includes derivatives clearinghouse receivables and trade date receivables.
(3)In May 2025, the Company announced it had entered into an agreement to sell the assets of its rail car leasing business. The related assets are designated as held for sale and remain in operating lease assets.
(4)Includes income tax receivables, prepaid expenses, and physical commodities inventory (recognized at lower of cost or fair value (LOCOM)).
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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 2024 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 $144 million and $152 million for the quarters ended September 30, 2025 and 2024, respectively, and $455 million and $475 million for the first nine months of 2025 and 2024, respectively.
Table 8.1: Leasing Revenue
Quarter ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Interest income on lease financing$239 233 $705 672 
Other lease revenue:
Lease financing
22 23 68 69 
Operating leases
229 239 696 729 
Other lease-related revenue (1)15 15 38 192 
Noninterest income on leases266 277 802 990 
Total leasing revenue$505 510 $1,507 1,662 
(1)    Includes net gains or (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, 2025Dec 31, 2024
ROU assets$3,659 3,850 
Lease liabilities4,190 4,423 
Total lease costs, which are included in occupancy expense, were $283 million and $309 million for the quarters ended September 30, 2025 and 2024, respectively, and $876 million and $905 million for the first nine months of 2025 and 2024, respectively.
Wells Fargo & Company
87

Note 9:  Preferred Stock and Common 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 June 2025, we redeemed our Preferred Stock, Series U.

Table 9.1 summarizes information about our preferred stock.
Table 9.1: Preferred Stock
September 30, 2025December 31, 2024
(in millions, except shares)Earliest redemption dateShares
 authorized
and designated		Shares issued and outstandingLiquidation preference valueCarrying
value 		Shares
 authorized
and designated		Shares
issued and outstanding		Liquidation preference valueCarrying value
DEP Shares
Dividend Equalization Preferred Shares (DEP)Currently redeemable97,000 96,546 $— — 97,000 96,546 $— — 
Preferred Stock:
Series L (1)
7.50% Non-Cumulative Perpetual Convertible Class A
—4,025,000 3,967,903 3,968 3,200 4,025,000 3,967,906 3,968 3,200 
Series U
5.875% Fixed-to-Floating Non-Cumulative Perpetual Class A
Redeemed
— — — — 80,000 80,000 2,000 2,000 
Series Y
5.625% Non-Cumulative Perpetual Class A
Currently redeemable27,600 27,600 690 690 27,600 27,600 690 690 
Series Z
4.75% Non-Cumulative Perpetual Class A
Currently redeemable80,500 80,500 2,013 2,013 80,500 80,500 2,013 2,013 
Series AA
4.70% Non-Cumulative Perpetual Class A
12/15/202546,800 46,800 1,170 1,170 46,800 46,800 1,170 1,170 
Series BB
3.90% Fixed-Reset Non-Cumulative Perpetual Class A
3/15/2026140,400 140,400 3,510 3,510 140,400 140,400 3,510 3,510 
Series CC
4.375% Non-Cumulative Perpetual Class A
3/15/202646,000 42,000 1,050 1,050 46,000 42,000 1,050 1,050 
Series DD
4.25% Non-Cumulative Perpetual Class A
9/15/202650,000 50,000 1,250 1,250 50,000 50,000 1,250 1,250 
Series EE
7.625% Fixed-Reset Non-Cumulative Perpetual Class A
9/15/202869,000 69,000 1,725 1,725 69,000 69,000 1,725 1,725 
Series FF
6.85% Fixed-Reset Non-Cumulative Perpetual Class A
9/15/202980,000 80,000 2,000 2,000 80,000 80,000 2,000 2,000 
Total4,662,300 4,600,749 $17,376 16,608 4,742,300 4,680,752 $19,376 18,608 
(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 at both quarters ended September 30, 2025 and 2024.
Table 9.2 presents our common stock shares outstanding.
Table 9.2: Common Stock Shares Outstanding
Quarter ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Balance, beginning of period3,220.4 3,402.7 3,288.9 3,598.9 
Issued
3.1 4.8 23.0 21.6 
Repurchased
(74.6)(62.0)(163.0)(275.0)
Balance, end of period3,148.9 3,345.5 3,148.9 3,345.5 
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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 LITIGATION. 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 investment advisory clients in its cash sweep program. These actions have been consolidated in the United States District Court for the Northern District of California.

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

COMPANY 401(K) PLAN LITIGATION. On September 26, 2022, participants in the Company’s 401(k) plan filed a putative class action in the United States District Court for the District of Minnesota alleging that the Company violated the Employee Retirement Income Security Act of 1974 in connection with certain transactions associated with the Employee Stock Ownership Plan feature of the Company’s 401(k) plan, including the manner in which the 401(k) plan purchased certain securities used in connection with the Company’s contributions to the 401(k) plan. In October 2025, the Company entered into an agreement, subject to court approval, pursuant to which the Company agreed to pay $84 million in order to resolve the lawsuit.
HIRING PRACTICES MATTERS. Government agencies, including the United States Department of Justice and the United States Securities and Exchange Commission (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 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. In October 2025, the Company entered into an agreement, subject to court approval, pursuant to which the Company agreed to pay $85 million in order to resolve the securities fraud class action. Allegations related to the Company’s hiring practices related to diversity are also among the subjects of shareholder derivative lawsuits pending in the United States District Court for the Northern District of California. In October 2025, the Company entered into an agreement, subject to court approval, to resolve the shareholder derivative lawsuits.

HOME MORTGAGE DISCRIMINATION LITIGATION. Plaintiffs proposing to represent 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. In August 2025, the district court denied class certification and plaintiffs have appealed the court’s decision. Similar allegations related to the Company’s home mortgage lending practices are also among the subjects of shareholder derivative lawsuits pending in the United States District Court for the Northern District of California. In October 2025, the Company entered into an agreement, subject to court approval, to resolve the shareholder derivative lawsuits.

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
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Note 10:  Legal Actions (continued)
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.
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. In March 2025, a trial verdict was entered against Wells Fargo. Wells Fargo has appealed.
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 $1.8 billion as of September 30, 2025. The outcomes of legal actions are unpredictable and subject to significant uncertainties, and it is inherently difficult to determine whether any loss is probable or even possible. It is also inherently difficult to estimate the amount of any loss and there may be matters for which a loss is probable or reasonably possible but not currently estimable. Accordingly, actual losses may be in excess of the established accrual or the range of reasonably possible loss. Based on information currently available, advice of counsel, available insurance coverage, and established reserves, Wells Fargo believes that the eventual outcome of the actions against Wells Fargo and/or its subsidiaries will not, individually or in the aggregate, have a material adverse effect on Wells Fargo’s consolidated financial condition. However, it is possible that the ultimate resolution of a matter, if unfavorable, may be material to Wells Fargo’s results of operations for any particular period.
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Note 11:  Derivatives
We use derivatives to manage exposure to market risk, including interest rate risk, credit risk and foreign currency risk, and to assist customers with their risk management objectives. We designate certain derivatives as hedging instruments in qualifying hedge accounting relationships (fair value or cash flow hedges). Our remaining derivatives consist of economic hedges that do not qualify for, or we have elected not to apply, hedge accounting and derivatives held for customer accommodation trading purposes. For additional information on our derivative activities, see Note 14 (Derivatives) in our 2024 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, 2025December 31, 2024
Notional or contractual amountFair value Notional or contractual amountFair value 
Derivative assetsDerivative liabilitiesDerivative assetsDerivative liabilities
(in millions)
Derivatives designated as hedging instruments
Interest rate contracts$361,199 466 797 294,127 352 863 
Commodity contracts10,753 — 168 4,756 17 10 
Foreign exchange contracts5,563 24 183 3,326 12 370 
Total derivatives designated as qualifying hedging instruments490 1,148 381 1,243 
Derivatives not designated as hedging instruments
Interest rate contracts12,869,084 22,766 23,204 9,510,281 28,463 30,272 
Commodity contracts122,956 3,131 3,507 96,321 2,624 1,623 
Equity contracts639,208 22,588 23,082 487,097 15,201 15,606 
Foreign exchange contracts5,174,800 30,817 27,707 3,506,412 51,944 50,555 
Credit contracts62,918 99 117 47,557 96 50 
Total derivatives not designated as hedging instruments79,401 77,617 98,328 98,106 
Total derivatives before netting79,891 78,765 98,709 99,349 
Netting(57,866)(67,240)(78,697)(83,014)
Total$22,025 11,525 20,012 16,335 
Balance Sheet Offsetting
We execute substantially all of our derivative transactions under master netting arrangements. When 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 legally 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 legally enforceable master netting arrangements with the same counterparty, 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 Financing Activities).
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Table 11.2: Offsetting of Derivative Assets and Liabilities
September 30, 2025December 31, 2024
(in millions)Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
 Interest rate contracts
 Over-the-counter (OTC)
$21,590 22,223 26,350 27,786 
 OTC cleared
447 552 961 1,126 
 Exchange traded
119 108 178 121 
 Total interest rate contracts22,156 22,883 27,489 29,033 
 Commodity contracts
 OTC
2,339 3,050 1,936 1,121 
 Exchange traded
385 350 301 327 
 Total commodity contracts2,724 3,400 2,237 1,448 
 Equity contracts
 OTC
8,302 13,072 6,139 9,977 
 Exchange traded
12,734 8,446 7,195 4,271 
 Total equity contracts21,036 21,518 13,334 14,248 
 Foreign exchange contracts
 OTC
30,447 27,704 51,541 50,654 
 Total foreign exchange contracts30,447 27,704 51,541 50,654 
 Credit contracts
 OTC
96 112 91 46 
 Total credit contracts96 112 91 46 
Total derivatives subject to enforceable master netting arrangements, gross76,459 75,617 94,692 95,429 
 Less: Gross amounts offset
 Counterparty netting (1)(53,709)(53,515)(69,080)(68,945)
 Cash collateral netting(4,157)(13,725)(9,617)(14,069)
Total derivatives subject to enforceable master netting arrangements, net18,593 8,377 15,995 12,415 
Derivatives not subject to enforceable master netting arrangements3,432 3,148 4,017 3,920 
Total derivatives recognized in consolidated balance sheet, net22,025 11,525 20,012 16,335 
 Non-cash collateral(4,376)(2,071)(4,024)(2,853)
Total derivatives, net$17,649 9,454 15,988 13,482 
(1)Represents amounts with counterparties subject to enforceable master netting arrangements that have been offset in our consolidated balance sheet, including portfolio level valuation adjustments related to customer accommodation and other trading derivatives. These valuation adjustments were primarily related to interest rate and foreign exchange contracts. Table 11.7 and Table 11.8 present information related to derivative valuation adjustments.
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 $252 million pre-tax of deferred net losses related to cash flow hedges in OCI at September 30, 2025, will be reclassified into net interest income during the next twelve months. For cash flow hedges as of September 30, 2025, 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 10 years. For additional information on our accounting hedges, see Note 1 (Summary of Significant Accounting Policies) in our 2024 Form 10-K.
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Table 11.3 and Table 11.4 show the net gains (losses) related to derivatives in cash flow and fair value hedging relationships, respectively.
Table 11.3: Gains (Losses) Recognized on Cash Flow Hedging Relationships
Net interest incomeTotal recorded in net incomeTotal recorded in OCI
(in millions)LoansOther interest incomeLong-term debtDerivative gains (losses)Derivative gains (losses)
Quarter ended September 30, 2025
Total amounts presented in the consolidated statement of income and other comprehensive income$13,924 3,049 (2,593)N/A181 
Interest rate contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income(117)(62)— (179)179 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A(5)
Total gains (losses) (pre-tax) on interest rate contracts(117)(62)— (179)174 
Foreign exchange contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income— — (1)(1)1 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A— 
Total gains (losses) (pre-tax) on foreign exchange contracts— — (1)(1)1 
Total gains (losses) (pre-tax) recognized on cash flow hedges$(117)(62)(1)(180)175 
Quarter ended September 30, 2024
Total amounts presented in the consolidated statement of income and other comprehensive income$14,618 3,465 (3,163)N/A1,321 
Interest rate contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income(131)(90)— (221)221 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A1,094 
Total gains (losses) (pre-tax) on interest rate contracts(131)(90)— (221)1,315 
Foreign exchange contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income— — (1)(1)1 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A— 
Total gains (losses) (pre-tax) on foreign exchange contracts— — (1)(1)1 
Total gains (losses) (pre-tax) recognized on cash flow hedges$(131)(90)(1)(222)1,316 
Nine months ended September 30, 2025
Total amounts presented in the consolidated statement of income and other comprehensive income$40,854 8,279 (7,784)N/A1,222 
Interest rate contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income(307)(175)— (482)482 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A718 
Total gains (losses) (pre-tax) on interest rate contracts(307)(175)— (482)1,200 
Foreign exchange contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income— — (4)(4)4 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A— 
Total gains (losses) (pre-tax) on foreign exchange contracts— — (4)(4)4 
Total gains (losses) (pre-tax) recognized on cash flow hedges$(307)(175)(4)(486)1,204 
Nine months ended September 30, 2024
Total amounts presented in the consolidated statement of income and other comprehensive income$43,897 10,585 (9,676)N/A557 
Interest rate contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income(343)(329)— (672)672 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A(136)
Total gains (losses) (pre-tax) on interest rate contracts(343)(329)— (672)536 
Foreign exchange contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income— — (5)(5)5 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A— 
Total gains (losses) (pre-tax) on foreign exchange contracts— — (5)(5)5 
Total gains (losses) (pre-tax) recognized on cash flow hedges$(343)(329)(5)(677)541 
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Table 11.4: Gains (Losses) Recognized on Fair Value Hedging Relationships
Net interest incomeNoninterest incomeTotal recorded in net incomeTotal recorded in OCI
(in millions)Debt securitiesDepositsLong-term debtNet gains from trading and securitiesOtherDerivative gains (losses)Derivative gains (losses)
Quarter ended September 30, 2025
Total amounts presented in the consolidated statement of income and other comprehensive income
$5,108 (5,188)(2,593)1,615 555 N/A181 
Interest rate contracts
Amounts related to cash flows on derivatives
109 (24)(496)— — (411)N/A
Recognized on derivatives(244)24 413 — — 193 — 
Recognized on hedged items244 (24)(411)— — (191)N/A
Total gains (losses) (pre-tax) on interest rate contracts109 (24)(494)— — (409)— 
Foreign exchange contracts
Amounts related to cash flows on derivatives
— — (26)— — (26)N/A
Recognized on derivatives— — (23)47 — 24 6 
Recognized on hedged items— — 15 (45)— (30)N/A
Total gains (losses) (pre-tax) on foreign exchange contracts— — (34)2 — (32)6 
Commodity contracts
Recognized on derivatives— — — — (1,352)(1,352)— 
Recognized on hedged items— — — — 1,293 1,293 N/A
Total gains (losses) (pre-tax) on commodity contracts— — — — (59)(59)— 
Total gains (losses) (pre-tax) recognized on fair value hedges
$109 (24)(528)2 (59)(500)6 
Quarter ended September 30, 2024
Total amounts presented in the consolidated statement of income and other comprehensive income
$4,630 (6,445)(3,163)1,248 596 N/A1,321 
Interest rate contracts
Amounts related to cash flows on derivatives
234 (123)(1,014)— — (903)N/A
Recognized on derivatives(1,115)565 5,177 — — 4,627 — 
Recognized on hedged items1,108 (566)(5,185)— — (4,643)N/A
Total gains (losses) (pre-tax) on interest rate contracts227 (124)(1,022)— — (919)— 
Foreign exchange contracts
Amounts related to cash flows on derivatives
— — (34)— — (34)N/A
Recognized on derivatives— — 30 76 — 106 5 
Recognized on hedged items— — (36)(76)— (112)N/A
Total gains (losses) (pre-tax) on foreign exchange contracts— — (40)— — (40)5 
Commodity contracts
Recognized on derivatives— — — — (300)(300)— 
Recognized on hedged items— — — — 308 308 N/A
Total gains (losses) (pre-tax) on commodity contracts— — — — 8 8 — 
Total gains (losses) (pre-tax) recognized on fair value hedges$227 (124)(1,062)— 8 (951)5 

(continued on following page)
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Net interest income
Noninterest income
Total recorded in net incomeTotal recorded in OCI
(in millions)Debt securitiesDepositsLong-term debtNet gains from trading and securitiesOtherDerivative gains (losses)Derivative gains (losses)
Nine months ended September 30, 2025
Total amounts presented in the consolidated statement of income and other comprehensive income
$14,690 (15,458)(7,784)3,887 2,263 N/A1,222 
Interest rate contracts
Amounts related to cash flows on derivatives257 1 (1,534)— — (1,276)N/A
Recognized on derivatives(1,221)80 3,420 — — 2,279 — 
Recognized on hedged items1,215 (81)(3,446)— — (2,312)N/A
Total gains (losses) (pre-tax) on interest rate contracts251 — (1,560)— — (1,309)— 
Foreign exchange contracts
Amounts related to cash flows on derivatives— — (60)— — (60)N/A
Recognized on derivatives— — (8)124 — 116 18 
Recognized on hedged items— — (12)(121)— (133)N/A
Total gains (losses) (pre-tax) on foreign exchange contracts— — (80)3 — (77)18 
Commodity contracts
Recognized on derivatives— — — — (3,229)(3,229)— 
Recognized on hedged items— — — — 3,288 3,288 N/A
Total gains (losses) (pre-tax) on commodity contracts— — — — 59 59 — 
Total gains (losses) (pre-tax) recognized on fair value hedges$251 — (1,640)3 59 (1,327)18 
Nine months ended September 30, 2024
Total amounts presented in the consolidated statement of income and other comprehensive income$13,362 (18,405)(9,676)4,217 1,925 N/A557 
Interest rate contracts
Amounts related to cash flows on derivatives756 (384)(3,007)— — (2,635)N/A
Recognized on derivatives(541)247 2,363 — — 2,069 — 
Recognized on hedged items539 (250)(2,395)— — (2,106)N/A
Total gains (losses) (pre-tax) on interest rate contracts754 (387)(3,039)— — (2,672)— 
Foreign exchange contracts
Amounts related to cash flows on derivatives— — (92)— — (92)N/A
Recognized on derivatives— — 18 (4)— 14 16 
Recognized on hedged items— — (30)6 — (24)N/A
Total gains (losses) (pre-tax) on foreign exchange contracts— — (104)2 — (102)16 
Commodity contracts
Recognized on derivatives— — — — (532)(532)— 
Recognized on hedged items— — — — 561 561 N/A
Total gains (losses) (pre-tax) on commodity contracts— — — — 29 29 — 
Total gains (losses) (pre-tax) recognized on fair value hedges$754 (387)(3,143)2 29 (2,745)16 
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Table 11.5 shows the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships.
Table 11.5: Hedged Items in Fair Value Hedging Relationships
Hedged items currently designatedHedged items no longer designated
(in millions)Carrying amount of assets/(liabilities) (1)(2)Hedge accounting
basis adjustment
assets/(liabilities) (3)		Carrying amount of assets/(liabilities) (2)
Hedge accounting basis adjustment
assets/(liabilities)
September 30, 2025
Available-for-sale debt securities (4)(5)$74,792 (373)22,803 296 
Other assets (6)
9,434 1,378 — — 
Interest-bearing deposits
(54,761)(138)— — 
Long-term debt(156,824)9,330 — — 
December 31, 2024
Available-for-sale debt securities (4)(5)
$37,410 (1,546)10,778 312 
Other assets (6)
4,787 100 — — 
Interest-bearing deposits
(54,084)(56)— — 
Long-term debt(151,743)12,858 — — 
(1)Does not include the carrying amount of hedged items where only foreign currency risk is the designated hedged risk. The carrying amount excluded $10 million and $260 million for AFS debt securities where only foreign currency risk is the designated hedged risk as of September 30, 2025, and December 31, 2024, 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 $488 million and $566 million of long-term debt cumulative basis adjustments as of September 30, 2025, and December 31, 2024, respectively, on terminated hedges whereby the hedged items have subsequently been re-designated into existing hedges.
(4)Carrying amount represents the amortized cost.
(5)At September 30, 2025, and December 31, 2024, the amortized cost of closed portfolios of AFS debt securities using the portfolio layer method was $28.9 billion and $18.6 billion, respectively, of which $14.4 billion and $9.0 billion was designated as hedged, respectively. The balance includes cumulative basis adjustments of $129 million and $(43) million as of September 30, 2025, and December 31, 2024, respectively, related to certain AFS debt securities designated as the hedged item in a fair value hedge using the portfolio layer method.
(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.

Economic hedge derivatives do not qualify for, or we have elected not to apply, hedge accounting. We use economic hedge derivatives to manage our non-trading exposures to interest rate risk, equity price risk, foreign currency risk, and credit risk.
For additional information on other derivatives, see Note 14 (Derivatives) in our 2024 Form 10-K.

Table 11.6 shows the net gains (losses) related to economic hedge derivatives. Gains (losses) on customer accommodation trading derivatives are excluded from Table 11.6. For additional information, see Note 2 (Trading Activities).
Table 11.6: Gains (Losses) on Economic Hedge Derivatives
Quarter ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Interest rate contracts (1)$53 392 $298 (37)
Equity contracts (2)219 27 267 153 
Foreign exchange contracts (3)358 (649)(387)(481)
Credit contracts (4)(28)— (71)8 
Net gains (losses) recognized related to economic hedge derivatives$602 (230)$107 (357)
(1)Derivative gains and (losses) related to mortgage banking activities were recorded in mortgage banking noninterest income. These activities include hedges of residential MSRs, residential mortgage LHFS, derivative loan commitments, and other interests held. For additional information on our mortgage banking interest rate contracts, see Note 6 (Mortgage Banking Activities). Other derivative gains and (losses) not related to mortgage banking were recorded in other noninterest income.
(2)Includes derivative gains and (losses) used to economically hedge the deferred compensation plan liabilities, 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. Gains and (losses) were recorded in net gains from trading and securities within noninterest income.
(4)Includes credit derivatives used to hedge certain loan exposures. Gains and (losses) were recorded in other noninterest income.

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DERIVATIVE VALUATION ADJUSTMENTS. We incorporate certain adjustments in determining the fair value of our derivatives, including credit valuation adjustments (CVA) to reflect counterparty credit risk related to derivative assets, debit valuation adjustments (DVA) to reflect Wells Fargo’s own credit risk related to derivative liabilities, and funding valuation adjustments (FVA) to reflect the funding cost of uncollateralized or partially collateralized derivative assets and liabilities. CVA, which considers the effects of enforceable master netting agreements and collateral arrangements, reflects market-based views of the credit quality of each counterparty. We estimate CVA based on observed credits spreads in the credit default swap market and indices indicative of the credit quality of the counterparties to our derivatives.

Table 11.7 presents the impact of derivative valuation adjustments (excluding the effect of any related hedges), which are included in net gains (losses) from trading and securities on the consolidated statement of income. For additional information, see Note 2 (Trading Activities).
Table 11.7: Net Gains (Losses) from Derivative Valuation Adjustments
Quarter ended September 30,Nine months ended September 30,
(in millions)2025202420252024
CVA$39 (31)$(20)(7)
DVA(10)4 (18)(7)
FVA24 — (23)— 
Total$53 (27)$(61)(14)
Table 11.8 presents the impact of derivative valuation adjustments on derivative fair values.
Table 11.8: Derivative Valuation Adjustments
Contra Liability (Contra Asset)
(in millions)Sep 30,
2025		Dec 31,
2024
CVA
$(295)(275)
DVA
208 226 
FVA, net(108)(85)
Total derivative valuation adjustments$(195)(134)
Credit Derivatives
Credit derivative contracts transfer the 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 use credit derivatives to assist customers in managing their risks, to manage our counterparty credit risk, and to hedge certain loan exposures. We act as both a purchaser and seller of credit protection. We may purchase and sell credit protection on corporate debt obligations through the use of credit default swaps, risk participation swaps or other credit derivatives. As a seller of credit protection, we would be required to perform under the sold credit derivatives in the event of default by the referenced obligors, such as bankruptcy, capital restructuring or lack of principal and/or interest payment.

Table 11.9 provides details of sold credit derivatives.
Table 11.9: Sold Credit Derivatives
Credit protection sold - Notional amount
(in millions)
Total
Non-investment grade
September 30, 2025
Credit default swaps$12,470 1,766 
Risk participation swaps5,816 3,868 
Total credit derivatives$18,286 5,634 
December 31, 2024
Credit default swaps$10,516 684 
Risk participation swaps6,007 3,779 
Total credit derivatives$16,523 4,463 
Total credit 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. Maximum exposure does not take into consideration any recovery value from the referenced obligation or offset from collateral held or any economic hedges. Non-investment grade amounts represent those credit derivatives with a higher risk of us being required to perform under the terms of the credit derivative based on the risk of the underlying assets. We consider the credit risk to be low if the underlying assets referenced by 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.

We manage our maximum exposure to sold credit derivatives by requiring collateral from our counterparties, which may include cash and non-cash collateral, and entering into purchased credit derivatives with identical or similar reference positions in order to achieve our desired credit risk profile. Our credit risk management approach is designed to provide the ability to recover 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 11.10 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 11.10: Credit-Risk Contingent Features
(in billions)Sep 30,
2025		Dec 31,
2024
Net derivative liabilities with credit-risk contingent features$23.7 23.8 
Collateral posted20.5 19.8 
Additional collateral to be posted upon a below investment grade credit rating (1)3.2 4.1 
(1)Any credit rating below investment grade requires us to post the maximum amount of collateral.
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Note 12:  Fair Value Measurements
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 an accounting method such as lower of cost or fair value (LOCOM) and the measurement alternative, or write-downs of individual assets. 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 2024 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 Value Measurements) in our 2024 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 that include one or more significant unobservable inputs. See Note 1 (Summary of Significant Accounting Policies) in our 2024 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 of transactions, 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 one or more unobservable inputs is considered significant, the instrument is classified as Level 3.

We do not classify nonmarketable equity securities in the fair value hierarchy if we use the non-published net asset value (NAV) per share (or its equivalent) as a practical expedient to measure fair value. Marketable equity securities with published NAVs are classified in the fair value hierarchy.
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Assets and Liabilities Recorded at Fair Value on a Recurring Basis
Table 12.1 presents the balances of assets and liabilities recorded at fair value on a recurring basis.
Table 12.1: Fair Value on a Recurring Basis
September 30, 2025December 31, 2024
(in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Trading debt securities:
Securities of U.S. Treasury and federal agencies$52,443 2,752 — 55,195 38,320 3,829 — 42,149 
Collateralized loan obligations— 883 87 970 — 847 80 927 
Corporate debt securities— 18,446 16 18,462 — 17,341 45 17,386 
Federal agency mortgage-backed securities— 72,065 — 72,065 — 52,908 — 52,908 
Non-agency mortgage-backed securities— 1,873 1 1,874 — 1,702 1 1,703 
Other debt securities— 8,663 — 8,663 — 6,132 — 6,132 
Total trading debt securities52,443 104,682 104 157,229 38,320 82,759 126 121,205 
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies48,149 — — 48,149 23,285 — — 23,285 
Securities of U.S. states and political subdivisions— 10,548 15 10,563 — 12,018 17 12,035 
Federal agency mortgage-backed securities— 140,843 — 140,843 — 123,029 — 123,029 
Non-agency mortgage-backed securities— 1,932 2 1,934 — 1,804 2 1,806 
Collateralized loan obligations— 4,842 — 4,842 — 2,202 — 2,202 
Other debt securities— 147 204 351 — 424 197 621 
Total available-for-sale debt securities48,149 158,312 221 206,682 23,285 139,477 216 162,978 
Loans held for sale— 7,281 150 7,431 — 4,533 180 4,713 
Mortgage servicing rights (residential)— — 6,167 6,167 — — 6,844 6,844 
Derivative assets (gross):
Interest rate contracts119 22,704 409 23,232 178 28,070 567 28,815 
Commodity contracts— 3,043 88 3,131 — 2,602 39 2,641 
Equity contracts— 22,315 273 22,588 19 15,074 108 15,201 
Foreign exchange contracts— 30,834 7 30,841 — 51,913 43 51,956 
Credit contracts— 95 4 99 — 90 6 96 
Total derivative assets (gross)119 78,991 781 79,891 197 97,749 763 98,709 
Equity securities26,427 5,800 62 32,289 16,931 5,344 47 22,322 
Other assets — — 159 159 — — 168 168 
 Total assets prior to derivative netting$127,138 355,066 7,644 489,848 78,733 329,862 8,344 416,939 
Derivative netting (1)(57,866)(78,697)
Total assets after derivative netting$431,982 338,242 
Derivative liabilities (gross):
Interest rate contracts$(108)(23,423)(470)(24,001)(121)(26,844)(4,170)(31,135)
Commodity contracts— (3,591)(84)(3,675)— (1,558)(75)(1,633)
Equity contracts — (21,787)(1,295)(23,082)(4)(14,327)(1,275)(15,606)
Foreign exchange contracts— (27,878)(12)(27,890)— (50,886)(39)(50,925)
Credit contracts— (97)(20)(117)— (43)(7)(50)
Total derivative liabilities (gross)(108)(76,776)(1,881)(78,765)(125)(93,658)(5,566)(99,349)
Short-sale and other liabilities (25,494)(8,540)(48)(34,082)(21,835)(6,909)(52)(28,796)
Interest-bearing deposits— (23)— (23)— (318)— (318)
Long-term debt— (6,621)— (6,621)— (3,495)— (3,495)
Total liabilities prior to derivative netting$(25,602)(91,960)(1,929)(119,491)(21,960)(104,380)(5,618)(131,958)
Derivative netting (1)67,240 83,014 
Total liabilities after derivative netting$(52,251)(48,944)
(1)Represents balance sheet netting of derivative asset and liability balances, related cash collateral, and portfolio level valuation adjustments. See Note 11 (Derivatives) for additional information.
Wells Fargo & Company
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Note 12: Fair Value Measurements (continued)
Level 3 Assets and Liabilities Recorded at Fair Value on a Recurring Basis
Table 12.2 presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis.
Table 12.2: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis
Net unrealized gains (losses)
related to assets and liabilities held at period end
(in millions)Balance,
beginning
of period		Net gains/(losses) (1)Purchases (2)SalesSettlementsTransfers 
into 
Level 3 (3)		Transfers
out of
Level 3 (4)
Balance,
end of
period
(5)
Quarter ended September 30, 2025
Trading debt securities$108 (3)42 (43)(1)4 (3)104 (1)(6)
Available-for-sale debt securities209 11 3 — (2)— — 221 9 (6)
Loans held for sale150 2 13 (47)(5)45 (8)150 3 (7)
Mortgage servicing rights (residential) (8)6,417 (94)27 (183)— — — 6,167 98 (7)
Net derivative assets and liabilities:
Interest rate contracts(180)53 — — 23 — 43 (61)117 
Equity contracts(1,045)(185)— — 187 (32)53 (1,022)(60)
Other derivative contracts(24)56 — (1)(48)— — (17)(13)
Total derivative contracts(1,249)(76)— (1)162 (32)96 (1,100)44 (9)
Equity securities65 (1)51 (54)— 1 — 62 — (6)
Other assets and liabilities73 38 — — — — — 111 38 (10)
Quarter ended September 30, 2024
Trading debt securities$166 (15)10 (42)4 16 (2)137 (11)(6)
Available-for-sale debt securities187 11 5 — (2)1 — 202 10 (6)
Loans held for sale222 5 17 (23)(21)48 (15)233 4 (7)
Mortgage servicing rights (residential) (8)7,061 (529)22 (10)— — — 6,544 (294)(7)
Net derivative assets and liabilities:
Interest rate contracts(4,588)2,317 — — 810 (8)— (1,469)3,000 
Equity contracts(1,299)(168)— — 205 (106)39 (1,329)(64)
Other derivative contracts20 111 7 (1)(82)(4)— 51 59 
Total derivative contracts(5,867)2,260 7 (1)933 (118)39 (2,747)2,995 (9)
Equity securities53 3 7 (7)— — — 56 2 (6)
Other assets and liabilities
97 (54)— 1 — — — 44 (54)(10)
Nine months ended September 30, 2025
Trading debt securities$126 (21)63 (68)(9)22 (9)104 (11)(6)
Available-for-sale debt securities216 10 6 — (11)— — 221 9 (6)
Loans held for sale180 2 31 (49)(19)78 (73)150 3 (7)
Mortgage servicing rights (residential) (8)6,844 (459)78 (296)— — — 6,167 118 (7)
Net derivative assets and liabilities:
Interest rate contracts(3,603)1,151 — — 452 — 1,939 (61)366 
Equity contracts(1,167)(252)— — 446 (229)180 (1,022)(21)
Other derivative contracts(33)111 8 (2)(237)— 136 (17)25 
Total derivative contracts(4,803)1,010 8 (2)661 (229)2,255 (1,100)370 (9)
Equity securities47 3 99 (86)— 1 (2)62 4 (6)
Other assets and liabilities116 (5)— — — — — 111 (5)(10)
Nine months ended September 30, 2024
Trading debt securities$157 (12)135 (181)(8)64 (18)137 (11)(6)
Available-for-sale debt securities221 7 20 — (17)1 (30)202 8 (6)
Loans held for sale448 2 110 (118)(74)105 (240)233 1 (7)
Mortgage servicing rights (residential) (8)7,468 (678)61 (307)— — — 6,544 17 (7)
Net derivative assets and liabilities:
Interest rate contracts(3,567)(152)— — 2,258 (8)— (1,469)1,709 
Equity contracts
(1,474)(440)— — 557 (150)178 (1,329)(30)
Other derivative contracts43 219 9 (3)(215)(4)2 51 12 
Total derivative contracts(4,998)(373)9 (3)2,600 (162)180 (2,747)1,691 (9)
Equity securities43 12 16 (15)— — — 56 10 (6)
Other assets and liabilities
(34)78 — — — — — 44 78 (10)
(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 $9 million for the third quarter and first nine months of 2025, respectively, and $10 million and $8 million for the third quarter and first nine months of 2024, respectively. Net gains (losses) included in other comprehensive income for other assets and liabilities were $6 million and $(3) million for the third quarter and first nine months of 2025, respectively, and $(10) million and $(20) million for the third quarter and first nine months of 2024, 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 and $9 million for the third quarter and first nine months of 2025, respectively, and $10 million for both the third quarter and first nine months of 2024. Net unrealized gains (losses) included in other comprehensive income for other assets and liabilities were $6 million and $(3) million for the third quarter and first nine months of 2025, respectively, and $(10) million and $(20) million for the third quarter and first nine months of 2024, respectively.
(6)Included in net gains from trading and securities on our consolidated statement of income.
(7)Included in mortgage banking income on our consolidated statement of income.
(8)For additional information on the changes in mortgage servicing rights, see Note 6 (Mortgage Banking Activities).
(9)Included in mortgage banking income, net gains from trading and securities, and other noninterest income on our consolidated statement of income.
(10)Included in other noninterest income on our consolidated statement of income.
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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.
Weighted averages of inputs are calculated using outstanding unpaid principal balances of loans serviced for residential MSRs and notional amounts for derivative instruments.
Table 12.3: Valuation Techniques – Recurring Basis
($ in millions, except cost to service amounts)Fair Value Level 3Valuation TechniqueSignificant
Unobservable Input		Range of Inputs Weighted
Average
September 30, 2025
Mortgage servicing rights (residential)$6,167 Discounted cash flowCost to service per loan (1)$61 -451 102 
Discount rate8.8 -14.8 %9.5 
Prepayment rate (2)6.7 -22.5 8.0 
Net derivative assets and (liabilities):
Interest rate contracts(57)Discounted cash flowDiscount rate2.3 -3.6 3.5 
(4)Discounted cash flowDefault rate0.4 -12.0 2.3 
Loss severity50.0 -50.0 50.0 
Equity contracts(547)Discounted cash flowConversion factor(1.1)-0.0 (0.4)
Weighted average life0.3-3.3yrs1.3
(475)Option modelCorrelation factor(70.0)-98.0 %62.6 
Volatility factor10.2 -125.0 37.7 
December 31, 2024
Mortgage servicing rights (residential)$6,844 Discounted cash flowCost to service per loan (1)$60 -451 103 
Discount rate9.2 -15.5 %10.1 
Prepayment rate (2)6.8 -19.4 8.1 
Net derivative assets and (liabilities):
Interest rate contracts(3,588)Discounted cash flowDiscount rate4.1 -4.2 4.1 
(15)Discounted cash flowDefault rate0.4 -1.1 0.5 
Loss severity50.0 -50.0 50.0 
Equity contracts
(758)Discounted cash flowConversion factor(1.4)-0.0 (0.7)
Weighted average life1.0-4.0 yrs 2.0
(409)Option modelCorrelation factor(70.0)-98.9 %65.3 
Volatility factor6.5 -138.0 41.1 
(1)The high end of the range of inputs is for servicing modified loans. For non-modified loans, the range is $61 - $111 at September 30, 2025, and $60 - $162 at December 31, 2024.
(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.
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 Value Measurements) in our 2024 Form 10-K.
Wells Fargo & Company
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Note 12: Fair Value Measurements (continued)
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 write-downs of individual assets or the application of an accounting method such as LOCOM and the measurement alternative.
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, 2025, and December 31, 2024, and for which a nonrecurring fair value adjustment was recorded during the nine months ended September 30, 2025, and the year ended December 31, 2024.
Table 12.4: Fair Value on a Nonrecurring Basis
September 30, 2025December 31, 2024
(in millions)Level 2 Level 3 Total Level 2 Level 3 Total 
Loans held for sale (1)$1,067 186 1,253 841 287 1,128 
Loans:
Commercial851 — 851 1,376 — 1,376 
Consumer80 — 80 91 — 91 
Total loans931 — 931 1,467 — 1,467 
Equity securities
771 1,411 2,182 1,451 2,570 4,021 
Other assets9,528 8 9,536 4,959 9 4,968 
Total assets at fair value on a nonrecurring basis$12,297 1,605 13,902 8,718 2,866 11,584 
(1)Consists of commercial mortgages and residential mortgage – first lien loans.
Table 12.5 presents the gains (losses) on all 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 Adjustments
Nine months ended September 30,
(in millions)20252024
Loans held for sale$3 10 
Loans:
Commercial(421)(786)
Consumer(298)(411)
Total loans(719)(1,197)
Equity securities (1)
(243)(156)
Other assets (2)1,310 450 
Total$351 (893)
(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 inventory, and valuation losses on foreclosed real estate, and other collateral owned.
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. Weighted averages of inputs for equity securities are calculated using carrying value prior to the nonrecurring fair value measurement.
Table 12.6: Valuation Techniques – Nonrecurring Basis

($ in millions)
Fair Value
Level 3		Valuation
Technique (1)		Significant
Unobservable Input (1)		Range of Inputs
Positive (Negative)		Weighted
Average
September 30, 2025
Equity securities
$146 Market comparable pricing
Comparability adjustment
(100.0)-(7.0)%(48.6)
1,265 Market comparable pricingMultiples1.1x-44.1x13.6x
December 31, 2024
Equity securities
1,309 Market comparable pricingComparability adjustment(100.0)-2.3 %(36.1)
1,261 Market comparable pricingMultiples0.9x-8.9x2.9x
(1)See Note 15 (Fair Value Measurements) in our 2024 Form 10-K for additional information on the valuation technique(s) and significant unobservable inputs used in the valuation of Level 3 assets.
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Wells Fargo & Company


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 Value Measurements) in our 2024 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, 2025December 31, 2024
(in millions)Fair value carrying amountAggregate unpaid principalFair value carrying amount less aggregate unpaid principalFair value carrying amountAggregate unpaid principalFair value carrying amount less aggregate
unpaid
principal
Loans held for sale (1)$7,431 7,692 (261)4,713 4,864 (151)
Interest-bearing deposits(23)(23)— (318)(317)(1)
Long-term debt (2)(6,621)(7,184)563 (3,495)(4,118)623 
(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, 2025, and December 31, 2024.
(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
20252024
(in millions)Mortgage banking noninterest incomeNet gains from trading and securitiesOther noninterest incomeMortgage banking noninterest income
Net gains from trading and securities
Other noninterest income
Quarter ended September 30,
Loans held for sale$31 28 — 65 13 — 
Interest-bearing deposits
— — — — (6)— 
Long-term debt— 12 — — (56)— 
Nine months ended September 30,
Loans held for sale$72 37 — 108 28 — 
Interest-bearing deposits
— — — — (2)— 
Long-term debt— (11)— — 3 — 
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 2025 and 2024.
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.
Wells Fargo & Company
103

Note 12: Fair Value Measurements (continued)
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 $666 million and $546 million at September 30, 2025, and December 31, 2024, respectively.

The total of the fair value calculations presented does not represent, and should not be construed to represent, the underlying fair value of the Company.
Table 12.9: Fair Value Estimates for Financial Instruments
Estimated fair value 
(in millions)Carrying amountLevel 1 Level 2 Level 3 Total
September 30, 2025
Financial assets
Cash and due from banks (1)$34,801 34,801 — — 34,801 
Interest-earning deposits with banks (1) 139,524 139,191 333 — 139,524 
Federal funds sold and securities purchased under resale agreements (1)154,576 — 154,576 — 154,576 
Held-to-maturity debt securities214,232 2,076 175,250 3,183 180,509 
Loans held for sale (2)
3,032 — 2,855 210 3,065 
Loans, net (2)914,258 — 946 885,909 886,855 
Equity securities (cost method)
4,279 — — 4,370 4,370 
Total financial assets$1,464,702 176,068 333,960 893,672 1,403,700 
Financial liabilities
Deposits (3)$156,277 — 66,458 89,378 155,836 
Short-term borrowings230,347 — 230,348 — 230,348 
Long-term debt (4)171,139 — 175,022 1,992 177,014 
Total financial liabilities$557,763 — 471,828 91,370 563,198 
December 31, 2024
Financial assets
Cash and due from banks (1)$37,080 37,080 — — 37,080 
Interest-earning deposits with banks (1)166,281 165,903 378 — 166,281 
Federal funds sold and securities purchased under resale agreements (1)105,330 — 105,330 — 105,330 
Held-to-maturity debt securities234,948 2,015 188,756 3,008 193,779 
Loans held for sale1,547 — 1,216 384 1,600 
Loans, net (2)882,361 — 3,211 845,016 848,227 
Equity securities (cost method)
3,782 — — 3,868 3,868 
Total financial assets$1,431,329 204,998 298,891 852,276 1,356,165 
Financial liabilities
Deposits (3)$139,547 — 63,497 75,692 139,189 
Short-term borrowings108,540 — 108,547 — 108,547 
Long-term debt (4)169,567 — 171,747 2,334 174,081 
Total financial liabilities$417,654 — 343,791 78,026 421,817 
(1)Amounts consist of financial instruments for which carrying value approximates fair value.
(2)Excludes lease financing in loans and loans held for sale, net of allowance for credit losses, of $16.2 billion at both September 30, 2025, and December 31, 2024, respectively.
(3)Excludes deposit liabilities with no defined or contractual maturity of $1.2 trillion at both September 30, 2025, and December 31, 2024.
(4)Excludes obligations under finance leases of $13 million and $16 million at September 30, 2025, and December 31, 2024, respectively.

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Note 13: Securitizations and Variable Interest Entities
Involvement with Variable Interest Entities (VIEs)
In the normal course of business, we enter into various types of on- and off-balance sheet transactions with special purpose entities (SPEs), which are corporations, trusts, limited liability companies or partnerships that are established for a limited purpose. SPEs are often formed in connection with securitization transactions whereby financial assets are transferred to an SPE. SPEs formed in connection with securitization transactions are generally considered variable interest entities (VIEs). The VIE may alter the risk profile of the asset by entering into derivative transactions or obtaining credit support, and issues various forms of interests in those assets to investors. When we transfer financial assets from our consolidated balance sheet to a VIE in connection with a securitization, we typically receive cash and sometimes other interests in the VIE as proceeds for the assets we transfer. In certain transactions with VIEs, we may retain the right to service the transferred assets and repurchase the transferred assets if the outstanding balance of the assets falls below the level at which the cost to service the assets exceeds 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 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 may retain servicing rights on the transferred loans. As a servicer, we may 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, 2025, and December 31, 2024, we recorded assets and related liabilities of $1.3 billion and $1.5 billion, respectively, where we did not exercise our option to repurchase eligible loans. We repurchased loans of $113 million and $309 million, during the third quarter and first nine months of 2025, respectively, and $14 million and $122 million during the third quarter and first nine months of 2024, 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, 2025, and December 31, 2024, our liability for these repurchase and recourse arrangements was $184 million and $188 million, respectively, and the maximum exposure to loss was $13.6 billion and $13.7 billion at September 30, 2025, and December 31, 2024, 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 may 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. For our commercial nonconforming mortgage loan securitizations accounted for as sales, 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 where we have continuing involvement in the form of financing and we account for these transfers as sales. When sales are to VIEs, we 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/or securities, as applicable. Each of these interests are initially measured at fair value. Servicing rights are classified as Level 3 measurements, and
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Note 13: Securitizations and Variable Interest Entities (continued)
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 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
20252024
(in millions)Residential mortgagesCommercial mortgages (1)Residential mortgagesCommercial mortgages (1)
Quarter ended September 30,
Assets sold $2,335 3,458 2,220 5,670 
Proceeds from transfer (2)
2,335 3,483 2,220 5,702 
Net gains (losses) on sale— 25 — 32 
Continuing involvement (3):
Servicing rights recognized$25 23 21 27 
Securities recognized (4)
— 33 — 21 
Nine months ended September 30,
Assets sold $6,452 7,729 5,920 10,955 
Proceeds from transfer (2)6,452 7,793 5,920 11,061 
Net gains (losses) on sale— 64 — 106 
Continuing involvement (3):
Servicing rights recognized$75 56 56 53 
Securities recognized (4)— 139 — 69 
(1)In first quarter 2025, we sold the non-agency portion of our commercial mortgage third-party servicing business.
(2)Represents cash proceeds and the fair value of non-cash beneficial interests recognized at securitization settlement.
(3)Represents assets or liabilities recognized at securitization settlement date related to our continuing involvement in the transferred assets.
(4)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 $1.4 billion and $3.2 billion during the third quarter and first nine months of 2025, respectively, and $1.1 billion and $2.8 billion during the third quarter and first nine months of 2024, 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 may also provide seller financing in the form of loans. We received cash flows of $100 million and $110 million during the third quarter and first nine months of 2025, respectively, and $82 million and $274 million during the third quarter and first nine months of 2024, respectively, for VIEs with continuing involvement, related to principal and interest payments on these securities and loans. These amounts 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
20252024
Quarter ended September 30,
Prepayment rate (1)16.1%19.9 
Discount rate9.8 9.9 
Cost to service ($ per loan) $65 69 
Nine months ended September 30,
Prepayment rate (1)15.3%18.1 
Discount rate10.1 10.1 
Cost to service ($ per loan)
$63 180 
(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 Value Measurements) 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, 2025 and 2024, we transferred trading debt securities of $13.9 billion and $6.4 billion, respectively, to resecuritization VIEs, and retained trading debt securities of $1.9 billion and $418 million, respectively. These amounts are not included in Table 13.1. As of September 30, 2025, and December 31, 2024, we held $1.5 billion and $819 million of trading debt securities, respectively. Total resecuritization VIE assets, to which we sold assets and hold an interest, were $53.7 billion and $44.1 billion at September 30, 2025, and December 31, 2024, respectively.
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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. Delinquent loans include loans 90 days or more past due and loans in bankruptcy, regardless of delinquency status.
Table 13.3 excludes mortgage loans sold to and held or securitized by GSEs or GNMA of $495.6 billion and $528.1 billion at September 30, 2025, and December 31, 2024, respectively, due to guarantees provided by GSEs and the FHA and VA, which limit our credit risk associated with such securitizations. Delinquent loans and foreclosed assets related to loans sold to and held or securitized by GSEs and GNMA were $1.9 billion and $2.4 billion at September 30, 2025, and December 31, 2024, 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, 2025Dec 31, 2024Sep 30, 2025Dec 31, 202420252024
Commercial (2)$6 72,468 — 1,467 — 53 
Residential3,197 7,362 286 340 7 7 
Total off-balance sheet sold or securitized loans$3,203 79,830 286 1,807 7 60 
(1)Includes $0 and $258 million of commercial foreclosed assets and $17 million and $18 million of residential foreclosed assets at September 30, 2025, and December 31, 2024, respectively.
(2)In first quarter 2025, we sold the non-agency portion of our commercial mortgage third-party servicing business.
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.

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. Collateral may include rental properties 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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Note 13: Securitizations and Variable Interest Entities (continued)
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” 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. “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.
Table 13.4: Unconsolidated VIEs
Carrying value – asset (liability)
(in millions)Total
VIE assets 		LoansDebt
securities (1)		All other
assets (2)		Debt and other liabilitiesNet assets 
September 30, 2025
Nonconforming mortgage loan securitizations (3)
$2,235 — 245 10 — 255 
Commercial real estate loans5,008 4,994 — 14 — 5,008 
Other1,058 — — 12 — 12 
Total$8,301 4,994 245 36 — 5,275 
Maximum exposure to loss
LoansDebt
securities (1)		All other
assets (2)		Debt, guarantees,
and other commitments		Total exposure 
Nonconforming mortgage loan securitizations (3)
$— 245 10 — 255 
Commercial real estate loans4,994 — 14 843 5,851 
Other— — 12 157 169 
Total$4,994 245 36 1,000 6,275 
Carrying value – asset (liability)

(in millions)
Total
VIE assets		LoansDebt
securities (1)		All other
assets (2)		Debt and other liabilitiesNet assets 
December 31, 2024
Nonconforming mortgage loan securitizations (3)
$165,218 — 2,203 512 (4)2,711 
Commercial real estate loans5,289 5,275 — 14 — 5,289 
Other1,186 67 — 10 — 77 
Total$171,693 5,342 2,203 536 (4)8,077 
Maximum exposure to loss
LoansDebt
securities (1)		All other
assets (2)		Debt,
guarantees,
and other commitments		Total exposure
Nonconforming mortgage loan securitizations (3)
$— 2,203 512 4 2,719 
Commercial real estate loans5,275 — 14 695 5,984 
Other67 — 10 157 234 
Total$5,342 2,203 536 856 8,937 
(1)Includes $0 million and $298 million of securities classified as trading at September 30, 2025, and December 31, 2024, respectively.
(2)All other assets includes mortgage servicing rights, derivative assets, and other assets. Other assets at December 31, 2024, were predominantly servicer advances.
(3)In first quarter 2025, we sold the non-agency portion of our commercial mortgage third-party servicing business. As a result, we no longer have continuing involvement in the form of servicing.

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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 $20.6 billion and $21.7 billion at September 30, 2025, and December 31, 2024, respectively. Additionally, we had loans to tax credit VIEs with a carrying value of $1.8 billion and $1.9 billion at September 30, 2025, and December 31, 2024, respectively.

Our maximum exposure to loss for tax credit VIEs at September 30, 2025, and December 31, 2024, was $26.7 billion and $29.1 billion, respectively. Our maximum exposure to loss included total unfunded equity and lending commitments of $4.4 billion and $5.5 billion at September 30, 2025, and
December 31, 2024, 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 in accrued expenses and liabilities on our consolidated balance sheet for unfunded commitments that are either legally binding or contingent but probable of funding. The liability recognized for these commitments at September 30, 2025, and December 31, 2024, was $5.4 billion and $6.4 billion, respectively. Substantially all of these commitments are expected to be funded within three years. See 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, which are accounted for using either the proportional amortization method or the equity method.
Table 13.5: Income Statement Impacts for Affordable Housing and Renewable Energy Tax Credit Investments
Quarter ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Income (loss) before income tax expense (1)
(A)$50 9 $76 (43)
Income tax expense (benefit):
Proportional amortization of investments765 539 2,370 2,403 
Income tax credits and other income tax benefits(968)(879)(3,172)(3,224)
Net expense (benefit) recognized within income tax expense(B)(203)(340)(802)(821)
Net income related to affordable housing and renewable energy tax credit investments
(A)-(B)$253 349 $878 778 
(1)Includes pre-tax impacts from tax credit investments accounted for using the equity method and non-income tax-related returns from investments accounted for using the proportional amortization method.

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Note 13: Securitizations and Variable Interest Entities (continued)
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, 2025, and December 31, 2024, we held seller’s interest of $4.0 billion and $6.5 billion, respectively, in the transferred credit card loans and $1.5 billion (at par) and $750 million (at par), respectively, in the subordinated securities issued by the master trust, which are both eliminated in our consolidated financial statements. The transferred credit card loans and debt securities issued to third parties are recognized on our consolidated balance sheet, and classified as loans and long-term debt, respectively.

Table 13.6 presents a summary of financial assets and liabilities of our consolidated VIEs. The carrying value represents assets and liabilities recognized on our consolidated balance sheet. “Total VIE assets” includes affiliate balances that are eliminated upon consolidation, and therefore in some instances will differ from the carrying value of assets.

On our consolidated balance sheet, we separately disclose (1) the consolidated assets of certain VIEs that can only be used to settle the liabilities of those VIEs, and (2) the consolidated liabilities of certain VIEs for which the VIE creditors do not have recourse to Wells Fargo.
Table 13.6: Transactions with Consolidated VIEs
Carrying value – asset (liability)
(in millions)
Total
VIE assets
LoansAll other
assets (1)		Long-term debt
Accrued expenses and other liabilities
September 30, 2025
Commercial and industrial loans and leases$1,794 1,609 185 — (165)
Credit card securitizations
9,526 9,332 48 (3,775)(8)
Other2,209 — 2,209 — (4)
Total consolidated VIEs$13,529 10,941 2,442 (3,775)(177)
December 31, 2024
Commercial and industrial loans and leases$1,737 1,570 167 — (118)
Credit card securitizations
9,803 9,615 25 (2,240)(5)
Other479 — 479 — (1)
Total consolidated VIEs$12,019 11,185 671 (2,240)(124)
(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 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 were receivables from us, we did not consolidate the VIEs even though we owned all of the voting equity shares of the VIEs, had fully guaranteed the obligations of the VIEs, and had 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 $0 and $429 million at September 30, 2025, and December 31, 2024, respectively. In second quarter 2025, we redeemed the long-term junior subordinated debt, which triggered the redemption of the securities issued by the VIEs to third-party investors.
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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 2024 Form 10-K. Table 14.1 shows carrying value and maximum exposure to loss on our guarantees.
Table 14.1: Guarantees – Carrying Value and Maximum Exposure to Loss
Maximum exposure to loss 
(in millions)Carrying value of obligationExpires in one year or lessExpires after one year through three yearsExpires after three years through five yearsExpires after five yearsTotal Non-investment grade
September 30, 2025
Standby letters of credit (1)
$97 14,369 5,279 1,705 13 21,366 7,001 
Direct pay letters of credit (1)4 1,077 1,777 81 89 3,024 696 
Loans and LHFS sold with recourse
86 1,424 3,103 3,794 5,775 14,096 10,698 
Exchange and clearing house guarantees— 96,625 — — — 96,625 — 
Other guarantees and indemnifications42 1,523 772 551 1,191 4,037 886 
Total guarantees$229 115,018 10,931 6,131 7,068 139,148 19,281 
December 31, 2024
Standby letters of credit (1)$90 13,311 6,951 1,538 17 21,817 7,198 
Direct pay letters of credit (1)2 1,818 1,051 108 92 3,069 766 
Loans and LHFS sold with recourse
82 593 3,089 3,969 6,223 13,874 10,660 
Exchange and clearing house guarantees— 38,852 — — — 38,852 — 
Other guarantees and indemnifications
36 1,888 496 124 553 3,061 1,022 
Total guarantees$210 56,462 11,587 5,739 6,885 80,673 19,646 
(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 $196 million and a liability of $88 million at September 30, 2025, and December 31, 2024, 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, 2025, the maximum exposure to loss was $58.4 billion, with $54.1 billion expiring in three years or less compared with $34.3 billion and $31.5 billion, respectively, at December 31, 2024. See Note 11
(Derivatives) for additional information regarding written derivative contracts.

MERCHANT SERVICES. We provide merchants with solutions for processing debit and credit card transactions through payment networks and serve as a card network sponsor for large payment companies. In April 2025, we acquired the remaining interest in our merchant services joint venture. In our role as a merchant acquiring bank, we have a potential obligation in connection with 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 in the preceding four months, which is generally the lifecycle for a charge-back transaction. As of September 30, 2025, our potential maximum exposure was approximately $396.8 billion, and related losses 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 $1.6 billion and $1.3 billion at September 30, 2025, and December 31, 2024, respectively. These guarantees rank on parity with all of the Parent’s other unsecured and unsubordinated indebtedness.

Wells Fargo & Company
111

Note 14:  Guarantees and Other Commitments (continued)
OTHER COMMITMENTS. As of September 30, 2025, and December 31, 2024, we had commitments to purchase equity securities of $6.7 billion and $6.6 billion, respectively, which predominantly included Federal Reserve Bank stock and tax credit investments accounted for using the equity method.

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 $43.9 billion and $27.3 billion as of September 30, 2025, and December 31, 2024, respectively. The amount of our unfunded contractual commitments for repurchase and securities lending agreements was $7.0 billion and $2.0 billion as of September 30, 2025, and December 31, 2024, 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).
112
Wells Fargo & Company


Note 15:  Securities 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 predominantly 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.

OFFSETTING OF SECURITIES 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.
Securities 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.

Securities collateral we pledge is not netted on our consolidated balance sheet against the related liability. Securities collateral we receive 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 received, 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 Financing Activities
(in millions)
Sep 30,
2025		Dec 31,
2024
Assets:
Resale and securities borrowing agreements
Gross amounts recognized$253,629 159,538 
Gross amounts offset in consolidated balance sheet (1)(99,053)(54,208)
Net amounts in consolidated balance sheet (2)154,576 105,330 
Collateral received not recognized in consolidated balance sheet (3)
(153,384)(104,313)
Net amount (4)$1,192 1,017 
Liabilities:
Repurchase and securities lending agreements
Gross amounts recognized $301,313 149,427 
Gross amounts offset in consolidated balance sheet (1)(99,053)(54,208)
Net amounts in consolidated balance sheet (5)202,260 95,219 
Collateral pledged but not netted in consolidated balance sheet (6)(202,204)(95,170)
Net amount (4)$56 49 
(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)Included in federal funds sold and securities purchased under resale agreements on our consolidated balance sheet. Excludes $26.9 billion and $21.8 billion classified on our consolidated balance sheet in loans at September 30, 2025, and December 31, 2024, respectively, which relates to resale agreements involving collateral other than securities as part of our commercial lending business activities.
(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)Included 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.
Wells Fargo & Company
113

Note 15: Securities Financing Activities (continued)
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 predominantly 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,
2025		Dec 31,
2024
Repurchase agreements:
Securities of U.S. Treasury and federal agencies$168,219 70,362 
Securities of U.S. States and political subdivisions500 648 
Federal agency mortgage-backed securities101,440 54,107 
Non-agency mortgage-backed securities2,687 2,397 
Corporate debt securities12,731 10,008 
Asset-backed securities2,957 2,334 
Equity securities2,204 1,584 
Other
2,555 740 
Total repurchases293,293 142,180 
Securities lending arrangements:
Securities of U.S. Treasury and federal agencies133 214 
Corporate debt securities2,146 1,925 
Equity securities
5,722 5,101 
Other19 7 
Total securities lending8,020 7,247 
Total repurchases and securities lending$301,313 149,427 
Table 15.3 provides the contractual maturities of our gross obligations under repurchase and securities lending agreements. Securities lending is executed under agreements that allow either party to terminate the transaction without notice, while repurchase agreements have a term structure that matures at a point in time. The overnight agreements require an election by both parties to roll the trade, while continuous agreements require an election by either party to terminate the agreement.
Table 15.3: Contractual Maturities of Gross Obligations
(in millions)
Repurchase agreementsSecurities lending agreements
September 30, 2025
Overnight/continuous$194,361 4,369 
Up to 30 days57,556 — 
30-90 days19,881 — 
>90 days21,495 3,651 
Total gross obligation$293,293 8,020 
December 31, 2024
Overnight/continuous$79,560 4,096 
Up to 30 days40,318 — 
30-90 days8,909 300 
>90 days13,393 2,851 
Total gross obligation$142,180 7,247 
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Wells Fargo & Company

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 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,
2025		Dec 31,
2024
Pledged to counterparties that had the right to sell or repledge:
Debt securities:
Trading
$119,823 86,142 
Available-for-sale
670 3,078 
Equity securities17,022 9,774 
All other assets
485 461 
Total assets pledged to counterparties that had the right to sell or repledge138,000 99,455 
Pledged to counterparties that did not have the right to sell or repledge:
Debt securities:
Trading
6,052 5,121 
Available-for-sale
138,956 97,025 
Held-to-maturity
192,601 213,829 
Loans
504,092 485,701 
Equity securities521 2,150 
All other assets
873 853 
Total assets pledged to counterparties that did not have the right to sell or repledge843,095 804,679 
Total pledged assets$981,095 904,134 
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, 2025, and December 31, 2024, the fair value of this collateral received that we have the right to sell or repledge was $415.1 billion and $288.7 billion, respectively, of which $281.0 billion and $142.2 billion, respectively, were sold or repledged.
Wells Fargo & Company
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Note 17:  Operating Segments
Our management reporting is organized into four reportable operating segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. All other business activities that are not included in the reportable operating segments have been included in Corporate. We define our reportable operating segments by type of product and customer segment, and their results are based on our management reporting process. The management reporting process measures the performance of the reportable operating segments based on the Company’s management structure, and the results are regularly reviewed with our Chief Executive Officer (CEO) and relevant senior management. Our CEO is the chief operating decision maker (CODM) and reviews actual and forecasted operating segment net income for assessing performance and deciding how to allocate resources. 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 $25 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 expense allocations, in support of the reportable operating segments (including funds transfer pricing, capital, and liquidity), 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 SHARING AND EXPENSE ALLOCATIONS. 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, expense is generally allocated based on the cost and use of the service provided. Enterprise functions, such as operations, technology, and risk management, are included in Corporate with an allocation of their applicable costs to the reportable operating segments based on the level of support provided by the enterprise function. We periodically assess and update our revenue sharing and expense allocation methodologies.

Table 17.1 includes the allocated expenses from Corporate to the reportable operating segments within the relevant personnel and non-personnel expense lines. Personnel expense is a significant expense for our reportable operating segments. Non-personnel expense includes other expense categories that are consistent with those presented in our consolidated statement of income, such as technology, telecommunications and equipment expense, occupancy expense, and professional and outside services expense.

TAXABLE-EQUIVALENT ADJUSTMENTS. Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for affordable housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results.
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Wells Fargo & Company

Table 17.1 presents our results by operating segment.
Table 17.1: Operating Segments

(in millions)
Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment Management
Corporate
Reconciling Items (1)
Consolidated
Company
Quarter ended September 30, 2025
Net interest income (2)
$7,505 1,949 1,870 974 (273)(75)11,950 
Noninterest income2,145 1,092 3,009 3,222 449 (431)9,486 
Total revenue9,650 3,041 4,879 4,196 176 (506)21,436 
Provision for credit losses767 39 (107)(14)(4)— 681 
Personnel expense3,522 912 1,499 2,756 332 — 9,021 
Nonpersonnel expense2,446 533 863 665 318 — 4,825 
Total noninterest expense
5,968 1,445 2,362 3,421 650 — 13,846 
Income (loss) before income tax expense (benefit)2,915 1,557 2,624 789 (470)(506)6,909 
Income tax expense (benefit)730 393 658 198 (173)(506)1,300 
Net income (loss) before noncontrolling interests
2,185 1,164 1,966 591 (297)— 5,609 
Less: Net income from noncontrolling interests
— 2 — — 18 — 20 
Net income (loss)
$2,185 1,162 1,966 591 (315)— 5,589 
Quarter ended September 30, 2024
Net interest income (2)
$7,149 2,289 1,909 842 (415)(84)11,690 
Noninterest income1,975 1,044 3,002 3,036 78 (459)8,676 
Total revenue9,124 3,333 4,911 3,878 (337)(543)20,366 
Provision for credit losses930 85 26 16 8 — 1,065 
Personnel expense3,357 957 1,470 2,551 256 — 8,591 
Nonpersonnel expense2,267 523 759 603 324 — 4,476 
Total noninterest expense5,624 1,480 2,229 3,154 580 — 13,067 
Income (loss) before income tax expense (benefit)2,570 1,768 2,656 708 (925)(543)6,234 
Income tax expense (benefit)646 448 664 179 (330)(543)1,064 
Net income (loss) before noncontrolling interests
1,924 1,320 1,992 529 (595)— 5,170 
Less: Net income from noncontrolling interests
— 2 — — 54 — 56 
Net income (loss)
$1,924 1,318 1,992 529 (649)— 5,114 
Nine months ended September 30, 2025
Net interest income (2) 
$21,647 5,909 5,475 2,691 (340)(229)35,153 
Noninterest income6,144 2,990 9,141 9,277 898 (1,196)27,254 
Total revenue27,791 8,899 14,616 11,968 558 (1,425)62,407 
Provision for credit losses2,451 183 (4)9 (21)— 2,618 
Personnel expense
10,691 3,033 4,659 8,203 618 — 27,204 
Nonpersonnel expense7,004 1,601 2,430 1,823 1,054 — 13,912 
Total noninterest expense
17,695 4,634 7,089 10,026 1,672 — 41,116 
Income (loss) before income tax expense (benefit)7,645 4,082 7,531 1,933 (1,093)(1,425)18,673 
Income tax expense (benefit)1,908 1,034 1,887 470 (1,136)(1,425)2,738 
Net income before noncontrolling interests
5,737 3,048 5,644 1,463 43 — 15,935 
Less: Net income (loss) from noncontrolling interests
— 6 — — (48)— (42)
Net income
$5,737 3,042 5,644 1,463 91 — 15,977 
Nine months ended September 30, 2024
Net interest income (2)
$21,283 6,848 5,881 2,617 (527)(262)35,840 
Noninterest income5,938 2,759 8,850 8,861 761 (1,091)26,078 
Total revenue27,221 9,607 14,731 11,478 234 (1,353)61,918 
Provision for credit losses2,650 257 316 5 11 — 3,239 
Personnel expense10,444 3,124 4,584 7,755 751 — 26,658 
Nonpersonnel expense
6,905 1,541 2,145 1,822 1,627 — 14,040 
Total 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 interests5,407 3,494 5,758 1,394 (1,351)— 14,702 
Less: Net income from noncontrolling interests
— 8 — — 51 — 59 
Net income (loss)$5,407 3,486 5,758 1,394 (1,402)— 14,643 
Wells Fargo & Company
117

Note 17: Operating Segments (continued)
(continued from previous page)

Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment Management
 Corporate
Reconciling Items (1)
Consolidated
Company
Quarter ended September 30, 2025 (3)
Loans (average)$325,279 219,356 295,895 86,150 1,997 — 928,677 
Assets (average)358,960 241,942 679,877 93,062 636,359 — 2,010,200 
Deposits (average)781,329 171,976 204,056 127,377 55,201 — 1,339,939 
Nine months ended September 30, 2025 (3)
Loans (average)$319,614 223,191 286,424 85,128 3,578 — 917,935 
Assets (average)354,099 245,823 644,390 91,795 618,635 — 1,954,742 
Deposits (average)780,448 177,570 203,464 124,803 50,690 — 1,336,975 
Loans (period-end)327,214 223,235 303,980 87,752 921 — 943,102 
Assets (period-end)363,729 247,222 715,683 94,248 642,044 — 2,062,926 
Deposits (period-end)782,292 176,954 211,051 132,657 64,407 — 1,367,361 
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 
(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.
(3)In third quarter 2025, we prospectively transferred approximately $8 billion of loans and approximately $6 billion of deposits related to certain business customers from the Commercial Banking operating segment to Consumer, Small and Business Banking in the Consumer Banking and Lending operating segment.
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Wells Fargo & Company

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 2024 Form 10-K.
Table 18.1: Revenue by Operating Segment

(in millions)
Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment ManagementCorporateReconciling
Items (1)		Consolidated
Company
Quarter ended September 30, 2025
Net interest income (2)$7,505 1,949 1,870 974 (273)(75)11,950 
Noninterest income:
Deposit-related fees698 311 273 7 1 — 1,290 
Lending-related fees (2)22 144 214 4 — — 384 
Investment advisory and other asset-based fees (3)1 19 39 2,601 — — 2,660 
Commissions and brokerage services fees— — 95 557 (1)— 651 
Investment banking fees(2)45 826 — (29)— 840 
Card fees:
Card interchange and network revenue (4)973 47 13 1 1 — 1,035 
Other card fees (2)189 — — — (1)— 188 
Total card fees1,162 47 13 1 — — 1,223 
Mortgage banking (2)199 — 70 (3)2 — 268 
Net gains from trading activities (2)
— — 1,425 35 6 — 1,466 
Net gains from debt securities (2)
— — — — — — — 
Net gains (losses) from equity securities (2)
— 23 (4)— 130 — 149 
Lease income (2)— 119 — — 147 — 266 
Other (2)(4)
65 384 58 20 193 (431)289 
Total noninterest income2,145 1,092 3,009 3,222 449 (431)9,486 
Total revenue$9,650 3,041 4,879 4,196 176 (506)21,436 
Quarter ended September 30, 2024
Net interest income (2)$7,149 2,289 1,909 842 (415)(84)11,690 
Noninterest income:
Deposit-related fees710 303 279 6 1 — 1,299 
Lending-related fees (2)22 138 213 3 — — 376 
Investment advisory and other asset-based fees (3)— 20 37 2,406 — — 2,463 
Commissions and brokerage services fees — — 98 548 — — 646 
Investment banking fees— 26 668 — (22)— 672 
Card fees:
Card interchange and network revenue (4)892 51 13 1 — — 957 
Other card fees (2)139 — — — — — 139 
Total card fees1,031 51 13 1 — — 1,096 
Mortgage banking (2)137 — 146 (3)— — 280 
Net gains from trading activities (2)
— — 1,366 40 32 — 1,438 
Net losses from debt securities (2)
— — — — (447)— (447)
Net gains (losses) from equity securities (2)(2)11 1 — 247 — 257 
Lease income (2)— 126 — — 151 — 277 
Other (2)(4)
77 369 181 35 116 (459)319 
Total noninterest income1,975 1,044 3,002 3,036 78 (459)8,676 
Total revenue$9,124 3,333 4,911 3,878 (337)(543)20,366 
(continued on following page)
Wells Fargo & Company
119

Note 18: Revenue and Expenses (continued)
(continued from previous page)


(in millions)
Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment ManagementCorporateReconciling
Items (1)		Consolidated
Company
Nine months ended September 30, 2025
Net interest income (2)$21,647 5,909 5,475 2,691 (340)(229)35,153 
Noninterest income:
Deposit-related fees2,002 970 814 20 2 — 3,808 
Lending-related fees (2)67 418 624 12 — — 1,121 
Investment advisory and other asset-based fees (3)1 60 119 7,515 — — 7,695 
Commissions and brokerage services fees— — 298 1,602 (1)— 1,899 
Investment banking fees(3)102 2,291 — (79)— 2,311 
Card fees:
Card interchange and network revenue (4)2,799 145 40 3 3 — 2,990 
Other card fees (2)450 — — — — — 450 
Total card fees3,249 145 40 3 3 — 3,440 
Mortgage banking (2)590 — 248 (10)2 — 830 
Net gains from trading activities (2)
— — 4,001 89 19 — 4,109 
Net gains (losses) from debt securities (2)
— 2 — — (149)— (147)
Net gains (losses) from equity securities (2)
5 21 58 (12)(147)— (75)
Lease income (2)— 358 — — 444 — 802 
Other (2)(4)
233 914 648 58 804 (1,196)1,461 
Total noninterest income6,144 2,990 9,141 9,277 898 (1,196)27,254 
Total revenue$27,791 8,899 14,616 11,968 558 (1,425)62,407 
Nine months ended September 30, 2024
Net interest income (2)$21,283 6,848 5,881 2,617 (527)(262)35,840 
Noninterest income:
Deposit-related fees2,077 877 804 18 2 — 3,778 
Lending-related fees (2)69 415 621 7 — — 1,112 
Investment advisory and other asset-based fees (3)— 63 116 7,030 — — 7,209 
Commissions and brokerage services fees— — 272 1,614 — — 1,886 
Investment banking fees(3)67 1,949 — (73)— 1,940 
Card fees:
Card interchange and network revenue (4)2,674 156 41 3 1 — 2,875 
Other card fees (2)383 — — — — — 383 
Total card fees3,057 156 41 3 1 — 3,258 
Mortgage banking (2)465 — 297 (9)— — 753 
Net gains (losses) from trading activities (2)
— (1)4,158 123 54 — 4,334 
Net losses from debt securities (2)
— — — — (472)— (472)
Net gains (losses) from equity securities (2)
(2)25 15 15 302 — 355 
Lease income (2)— 408 122 — 460 — 990 
Other (2)(4)
275 749 455 60 487 (1,091)935 
Total noninterest income5,938 2,759 8,850 8,861 761 (1,091)26,078 
Total revenue$27,221 9,607 14,731 11,478 234 (1,353)61,918 
(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 $240 million and $695 million for the third quarter and first nine months of 2025, respectively, and $238 million and $701 million for the third quarter and first nine months of 2024, respectively.
(4)The cost of credit card rewards and rebates of $737 million and $2.1 billion for the third quarter and first nine months of 2025, respectively, and $694 million and $2.0 billion for the third quarter and first nine months of 2024, respectively, are presented net against the related revenue. In April 2025, we completed our acquisition of the remaining interest in our merchant services joint venture and recognized a net gain of $253 million in other noninterest income in Corporate. Following the acquisition, the revenue from this business has been included in card fees. Prior to the acquisition, our share of the net earnings of the joint venture, which was accounted for as an equity method investment, was included in other noninterest income.
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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. We had $124 million and $236 million of accrued liabilities for customer remediation activities as of September 30, 2025, and December 31, 2024, respectively. 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)
2025202420252024
Legal actions
$89 76 $192 228 
Customer remediation
18 22 40 634 
Other
178 195 507 557 
Total operating losses$285 293 $739 1,419 
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 EXPENSE. Other noninterest expense on our consolidated statement of income included amounts presented in Table 18.3. Regulatory charges and assessments expense predominantly consisted of Federal Deposit Insurance Corporation (FDIC) deposit assessment expense, including amounts for the FDIC special assessment. For additional information on the FDIC special assessment, see Note 21 (Revenue and Expenses) in our 2024 Form 10-K.
Table 18.3: Other Expense

Quarter ended September 30,Nine months ended September 30,
(in millions)
2025202420252024
Regulatory charges and assessments
$234 212 $781 1,098 
Wells Fargo & Company
121

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 2024 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
20252024
Pension benefits Pension benefits 
(in millions)
Qualified
Non- 
qualified
Other 
benefits
Qualified 
Non- 
qualified
Other 
benefits
Quarter ended September 30,
Service cost$8 — — 7 — — 
Interest cost98 4 4 97 5 3 
Expected return on plan assets(123)— (7)(118)— (6)
Amortization of net actuarial loss (gain)33 1 (7)35 1 (7)
Amortization of prior service credit— — (2)— — (2)
Net periodic benefit cost
$16 5 (12)21 6 (12)
Nine months ended September 30,
Service cost$25 — — 22 — — 
Interest cost293 12 10 290 13 10 
Expected return on plan assets(369)— (21)(354)— (19)
Amortization of net actuarial loss (gain)100 2 (19)104 4 (19)
Amortization of prior service credit
— — (7)— — (7)
Net periodic benefit cost
$49 14 (37)62 17 (35)

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Note 20: Earnings and Dividends Per Common Share
Table 20.1 shows earnings per common share and diluted earnings per common share and reconciles the numerator and denominator of both earnings per common share calculations.

Table 20.1: Earnings Per Common Share Calculations
Quarter ended September 30,Nine months ended September 30,
(in millions, except per share amounts)2025202420252024
Wells Fargo net income
$5,589 5,114 $15,977 14,643 
Less: Preferred stock dividends and other (1)
248 262 806 838 
Wells Fargo net income applicable to common stock (numerator)$5,341 4,852 $15,171 13,805 
Earnings per common share
Average common shares outstanding (denominator)3,182.2 3,384.8 3,231.4 3,464.1 
Per share$1.68 1.43 $4.69 3.99 
Diluted earnings per common share
Average common shares outstanding3,182.2 3,384.8 3,231.4 3,464.1 
Add: Stock-based compensation awards (2)
41.3 40.3 38.9 39.4 
Diluted average common shares outstanding (denominator)3,223.5 3,425.1 3,270.3 3,503.5 
Per share$1.66 1.42 $4.64 3.94 
(1)Includes costs associated with any preferred stock redemption.
(2)Stock-based compensation may include restricted share rights, performance share awards, and stock options. Dilution effect 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)2025202420252024
Convertible Preferred Stock, Series L (1)25.3 25.3 25.3 25.3 
Stock-based compensation awards (2)
0.7 — 0.8 0.4 
(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,
2025202420252024
Per common share$0.45 0.40 $1.25 1.10 
Wells Fargo & Company
123

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. Income tax
effects are reclassified from accumulated OCI to net income in the same period as the related pre-tax amount.
Table 21.1: Summary of Other Comprehensive Income
Quarter ended September 30,Nine months ended September 30,

2025202420252024
(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$1,772 (437)1,335 3,754 (923)2,831 $4,140 (1,021)3,119 2,782 (686)2,096 
Reclassification of net (gains) losses to net income422 (104)318 590 (147)443 522 (129)393 853 (210)643 
Net change2,194 (541)1,653 4,344 (1,070)3,274 4,662 (1,150)3,512 3,635 (896)2,739 
Derivatives and hedging activities:
Fair Value Hedges:
Change in fair value of excluded components on fair value hedges (1)6 (2)4 5 (1)4 18 (5)13 16 (4)12 
Cash Flow Hedges:
Net unrealized gains (losses) arising during the period on cash flow hedges(5)2 (3)1,094 (270)824 718 (177)541 (136)34 (102)
Reclassification of net (gains) losses to net income180 (45)135 222 (56)166 486 (120)366 677 (168)509 
Net change181 (45)136 1,321 (327)994 1,222 (302)920 557 (138)419 
Defined benefit plans adjustments:
Net actuarial and prior service gains (losses) arising during the period8 (2)6 — — — 8 (2)6 — — — 
Reclassification of amounts to noninterest expense (2)25 (5)20 27 (6)21 76 (17)59 82 (19)63 
Net change33 (7)26 27 (6)21 84 (19)65 82 (19)63 
Debit valuation adjustments (DVA) and other:
Net unrealized gains (losses) arising during the period
(34)8 (26)(1)— (1)(55)13 (42)(32)7 (25)
Reclassification of net (gains) losses to net income1 — 1 — — — 1 — 1 — — — 
Net change(33)8 (25)(1)— (1)(54)13 (41)(32)7 (25)
Foreign currency translation adjustments:
Net unrealized gains (losses) arising during the period(72)1 (71)61 — 61 74 (1)73 13 (1)12 
Reclassification of net (gains) losses to net income— — — — — — — — — — — — 
Net change(72)1 (71)61 — 61 74 (1)73 13 (1)12 
Other comprehensive income (loss)$2,303 (584)1,719 5,752 (1,403)4,349 $5,988 (1,459)4,529 4,255 (1,047)3,208 
Less: Other comprehensive income from noncontrolling interests, net of tax
— — — — 
Wells Fargo other comprehensive income, net of tax
$1,719 4,349 $4,529 3,208 
(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.

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Wells Fargo & Company

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, 2025
Balance, beginning of period$(6,997)(37)(296)(1,634)(62)(340)(9,366)
Net unrealized gains (losses) arising during the period1,335 4 (3)6 (26)(71)1,245 
Amounts reclassified from accumulated other comprehensive income318 — 135 20 1 — 474 
Net change1,653 4 132 26 (25)(71)1,719 
Less: Other comprehensive income from noncontrolling interests
— — — — — — — 
Balance, end of period
$(5,344)(33)(164)(1,608)(87)(411)(7,647)
Quarter ended September 30, 2024
Balance, beginning of period
$(9,099)(53)(1,371)(1,791)(39)(368)(12,721)
Net unrealized gains (losses) arising during the period
2,831 4 824 — (1)61 3,719 
Amounts reclassified from accumulated other comprehensive income443 — 166 21 — — 630 
Net change3,274 4 990 21 (1)61 4,349 
Less: Other comprehensive income from noncontrolling interests
— — — — — — — 
Balance, end of period$(5,825)(49)(381)(1,770)(40)(307)(8,372)
Nine months ended September 30, 2025
Balance, beginning of period
$(8,856)(46)(1,071)(1,673)(46)(484)(12,176)
Net unrealized gains (losses) arising during the period
3,119 13 541 6 (42)73 3,710 
Amounts reclassified from accumulated other comprehensive income393 — 366 59 1 — 819 
Net change3,512 13 907 65 (41)73 4,529 
Less: Other comprehensive income from noncontrolling interests— — — — — — — 
Balance, end of period
$(5,344)(33)(164)(1,608)(87)(411)(7,647)
Nine months ended September 30, 2024
Balance, beginning of period$(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 income643 — 509 63 — — 1,215 
Net change2,739 12 407 63 (25)12 3,208 
Less: Other comprehensive income from noncontrolling interests
— — — — — — — 
Balance, end of period$(5,825)(49)(381)(1,770)(40)(307)(8,372)
(1)At September 30, 2025 and 2024, accumulated other comprehensive loss includes unamortized after-tax unrealized losses of $2.8 billion and $3.2 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.

Wells Fargo & Company
125

Note 22:  Regulatory Capital Requirements and Other Restrictions
Regulatory Capital Requirements
The Company and each of its subsidiary banks are subject to regulatory capital adequacy requirements promulgated by federal banking regulators. The FRB establishes capital requirements for the consolidated financial holding company, and the Office of the Comptroller of the Currency (OCC) has similar requirements for the Company’s national banks, including Wells Fargo Bank, N.A. (the Bank).

Table 22.1 presents regulatory capital information for the Company and the Bank in accordance with Basel III capital
requirements. We must calculate our risk-based capital ratios under both the Standardized and Advanced Approaches. The Standardized Approach applies assigned risk weights to broad risk categories, while the calculation of risk-weighted assets (RWAs) under the Advanced Approach differs by requiring applicable banks to utilize a risk-sensitive methodology, which relies upon the use of internal credit models, and includes an operational risk component.
Table 22.1: Regulatory Capital Information
Wells Fargo & Company Wells Fargo Bank, N.A.
Standardized ApproachAdvanced ApproachStandardized ApproachAdvanced Approach
(in millions, except ratios)Sep 30,
2025		Dec 31,
2024		Sep 30,
2025		Dec 31,
2024		Sep 30,
2025		Dec 31,
2024		Sep 30,
2025		Dec 31,
2024
Regulatory capital:
Common Equity Tier 1$136,591 134,588 136,591 134,588 150,610 145,651 150,610 145,651 
Tier 1152,817 152,866 152,817 152,866 150,610 145,651 150,610 145,651 
Total183,784 184,638 173,521 174,446 167,823 167,936 157,651 158,021 
Assets:
Risk-weighted assets1,242,445 1,216,146 1,072,212 1,085,017 1,147,472 1,113,190 921,346 916,135 
Adjusted average assets (1)
1,981,767 1,891,333 1,981,767 1,891,333 1,730,387 1,669,946 1,730,387 1,669,946 
Regulatory capital ratios:
Common Equity Tier 1 capital10.99%*11.07 12.74 12.40 13.13 *13.08 16.35 15.90 
Tier 1 capital12.30 *12.57 14.25 14.09 13.13 *13.08 16.35 15.90 
Total capital14.79 *15.18 16.18 16.08 14.63 *15.09 17.11 17.25 
Required minimum capital ratios:
Common Equity Tier 1 capital9.70 9.80 8.50 8.50 7.00 7.00 7.00 7.00 
Tier 1 capital11.20 11.30 10.00 10.00 8.50 8.50 8.50 8.50 
Total capital13.20 13.30 12.00 12.00 10.50 10.50 10.50 10.50 
Wells Fargo & CompanyWells Fargo Bank, N.A.
September 30, 2025December 31, 2024September 30, 2025December 31, 2024
Regulatory leverage:
Total leverage exposure (2)
$2,379,262 2,267,641 2,112,499 2,033,458 
Supplementary leverage ratio (2)
6.42%6.74 7.13 7.16 
Tier 1 leverage ratio (1)
7.71 8.08 8.70 8.72 
Required minimum leverage (3):
Supplementary leverage ratio5.00 5.00 6.00 6.00 
Tier 1 leverage ratio4.00 4.00 5.00 5.00 
*Denotes the binding framework, which is the lower of the Standardized and Advanced Approaches, at September 30, 2025.
(1)Adjusted average assets consists of total quarterly average assets less goodwill and other permitted Tier 1 capital deductions. 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 capital rule requirements.
(2)The supplementary leverage ratio consists of Tier 1 capital divided by total leverage exposure. Total leverage exposure consists of total consolidated assets adjusted for certain off-balance sheet exposures, goodwill, and other permitted Tier 1 capital deductions.
(3)Represents the required minimum for the Bank to be considered well-capitalized under applicable regulatory capital adequacy rules.
At September 30, 2025, 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 3.70% 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, 2025, 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
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Wells Fargo & Company

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 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 2024 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,
2025		Dec 31,
2024
Reserve balance for non-U.S. central banks$210 188 
Segregated for benefit of brokerage customers under federal and other brokerage regulations1,209 1,035 
Wells Fargo & Company
127

Glossary of Acronyms
ACLAllowance for credit lossesGSE
Government-sponsored enterprise
AFSAvailable-for-saleG-SIBGlobal systemically important bank
AOCIAccumulated other comprehensive incomeHQLAHigh-quality liquid assets
ARMAdjustable-rate mortgageHTMHeld-to-maturity
ASUAccounting Standards UpdateLCRLiquidity coverage ratio
AVMAutomated valuation modelLHFSLoans held for sale
BCBSBasel Committee on Banking SupervisionLOCOMLower of cost or fair value
BHCBank holding companyLTVLoan-to-value
CCARComprehensive Capital Analysis and ReviewMBSMortgage-backed securities
CDCertificate of depositMSRMortgage servicing right
CECLCurrent expected credit lossNAVNet asset value
CET1Common Equity Tier 1NPANonperforming asset
CFPBConsumer Financial Protection BureauNSFRNet stable funding ratio
CLOCollateralized loan obligationOCCOffice of the Comptroller of the Currency
CRECommercial real estateOCIOther comprehensive income
CVA
Credit valuation adjustment
OTCOver-the-counter
DPDDays past dueROAReturn on average assets
DVA
Debit valuation adjustment
ROEReturn on average equity
ESOPEmployee Stock Ownership PlanROTCEReturn on average tangible common equity
FASBFinancial Accounting Standards BoardRWAsRisk-weighted assets
FDICFederal Deposit Insurance CorporationSECSecurities and Exchange Commission
FHAFederal Housing AdministrationS&PStandard & Poor’s Global Ratings
FHLBFederal Home Loan BankSLRSupplementary leverage ratio
FHLMCFederal Home Loan Mortgage Corporation
SOFR
Secured Overnight Financing Rate
FICOFair Isaac Corporation (credit rating)SPESpecial purpose entity
FNMAFederal National Mortgage AssociationTLACTotal Loss Absorbing Capacity
FRBBoard of Governors of the Federal Reserve SystemVADepartment of Veterans Affairs
FVA
Funding valuation adjustment
VaRValue-at-Risk
GAAPGenerally accepted accounting principlesVIEVariable interest entity
GNMAGovernment National Mortgage AssociationWIMWealth and Investment Management

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Wells Fargo & Company

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
 
Unregistered Issuance of Equity Securities
On August 13, 2025, and August 14, 2025, the Company issued an aggregate of 411,536 shares of common stock to plaintiffs’ counsel as payment in connection with the settlement of the Himstreet v. Scharf et al. shareholder derivative action previously disclosed in the Company’s Current Report on Form 8-K filed April 30, 2025. The shares were issued in reliance on the exemption from registration under Section 3(a)(10) of the Securities Act of 1933, as amended.

Repurchases of Equity Securities
The following table shows Company repurchases of its common stock for each calendar month in the quarter ended September 30, 2025.

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
28,000,000 $81.76 $38,468 
August
29,726,893 79.05 36,118 
September
16,832,532 80.84 34,758 
Total74,559,425 
(1)A portion of the shares repurchased in July 2025 were under an authorization covering up to $30 billion of common stock approved by the Board of Directors (Board) and publicly announced by the Company on July 25, 2023. All remaining shares were repurchased under an authorization covering up to an additional $40 billion of common stock approved by the Board and publicly announced by the Company on April 29, 2025. Unless modified or revoked by the Board, these authorizations do not expire.


Item 5.    Other Information
 
Trading Plans
During the quarter ended September 30, 2025, 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.


Wells Fargo & Company
129

Item 6.    Exhibits

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

Exhibit
Number
Description Location 
3(a)
Restated Certificate of Incorporation, as amended and in effect on the date hereof.
Incorporated by reference to Exhibit 3(a) to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025.
3(b)
By-Laws.
Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed July 31, 2025.
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.
10(a)
Description of the Company’s Non-Employee Director Compensation Program, effective October 14, 2025.
Filed herewith.
22
Subsidiary guarantors and issuers of guaranteed securities and affiliates whose securities collateralize securities of the registrant.
Incorporated by reference to Exhibit 22 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
31(a)
Certification of principal executive officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Filed herewith.
31(b)
Certification of principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Filed herewith.
32(a)
Certification of Periodic Financial Report by Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and 18 U.S.C. § 1350.
Furnished herewith.
32(b)
Certification of Periodic Financial Report by Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and 18 U.S.C. § 1350.
Furnished herewith.
101.INSInline XBRL Instance DocumentThe instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
101.SCHInline XBRL Taxonomy Extension Schema DocumentFiled herewith.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase DocumentFiled herewith.
101.DEFInline XBRL Taxonomy Extension Definitions Linkbase DocumentFiled herewith.
101.LABInline XBRL Taxonomy Extension Label Linkbase DocumentFiled herewith.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase DocumentFiled herewith.
104
Cover Page Interactive Data File
Formatted as Inline XBRL and contained in Exhibit 101.
130
Wells Fargo & Company

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.
 
    
 
 
WELLS FARGO & COMPANY
(Registrant)
By:/s/ MUNEERA S. CARR
Muneera S. Carr
Executive Vice President,
Chief Accounting Officer and Controller
(Principal Accounting Officer)
Dated: October 31, 2025

Wells Fargo & Company
131

Source: View Original Filing on SEC EDGAR

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Wells Fargo Co

NYSE:WFC

WFC Rankings

#39 Ranked by Market Cap
#1427 Ranked by Dividends

WFC Latest News

Oct 30, 2025
Wells Fargo to Present at the BancAnalysts Association of Boston Conference
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Oct 28, 2025
Wells Fargo & Company Announces Common Stock Dividend
Oct 23, 2025
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Oct 22, 2025
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WFC Latest SEC Filings

Oct 30, 2025
[424B2] WELLS FARGO & COMPANY/MN Prospectus Supplement
Oct 30, 2025
[424B2] WELLS FARGO & COMPANY/MN Prospectus Supplement
Oct 14, 2025
[8-K] WELLS FARGO & COMPANY/MN Reports Material Event
Oct 3, 2025
[Form 4] WELLS FARGO & COMPANY/MN Insider Trading Activity
Oct 3, 2025
[Form 4] WELLS FARGO & COMPANY/MN Insider Trading Activity

WFC Stock Data

270.78B
3.14B
0.09%
78.94%
1.44%
Banks - Diversified
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