WELLS FARGO COMPANYMN
For the period ended Jun 30, 2024. Filed Aug 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 1, 2024
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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 June 30, 2024
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)
| Delaware | No. | 41-0449260 |
|---|---|---|
| (State of incorporation) | (I.R.S. Employer Identification No.) |
420 Montgomery Street, San Francisco, California 94104
(Address of principal executive offices) (Zip code)
Registrant’s telephone number, including area code:1-866-249-3302
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of Each Exchangeon Which Registered |
|---|---|---|
| Common Stock, par value $1-2/3 | WFC | New York StockExchange(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 | |
|---|---|
| Common stock, $1-2/3 par value | 3,403,770,246 |
| FORM 10-Q | ||||
|---|---|---|---|---|
| CROSS-REFERENCE INDEX | ||||
| PART I · Financial Information | ||||
| Item 1. · Financial Statements · Page | ||||
| Consolidated Statement of Income | 58 | |||
| Consolidated Statement of Comprehensive Income | 59 | |||
| Consolidated Balance Sheet | 60 | |||
| Consolidated Statement of Changes in Equity | 61 | |||
| Consolidated Statement of Cash Flows | 63 | |||
| Notes to Financial Statements | ||||
| 1 | — | Summary of Significant Accounting Policies | 64 | |
| 2 | — | Trading Activities | 66 | |
| 3 | — | Available-for-Sale and Held-to-Maturity Debt Securities | 67 | |
| 4 | — | Equity Securities | 73 | |
| 5 | — | Loans and Related Allowance for Credit Losses | 75 | |
| 6 | — | Mortgage Banking Activities | 89 | |
| 7 | — | Intangible Assets and Other Assets | 91 | |
| 8 | — | Leasing Activity | 92 | |
| 9 | — | Preferred Stock | 93 | |
| 10 | — | Legal Actions | 94 | |
| 11 | — | Derivatives | 96 | |
| 12 | — | Fair Values of Assets and Liabilities | 103 | |
| 13 | — | Securitizations and Variable Interest Entities | 111 | |
| 14 | — | Guarantees and Other Commitments | 117 | |
| 15 | — | Securities and Other Collateralized Financing Activities | 119 | |
| 16 | — | Pledged Assets and Collateral | 121 | |
| 17 | — | Operating Segments | 122 | |
| 18 | — | Revenue and Expenses | 125 | |
| 19 | — | Employee Benefits | 128 | |
| 20 | — | Earnings and Dividends Per Common Share | 129 | |
| 21 | — | Other Comprehensive Income | 130 | |
| 22 | — | Regulatory Capital Requirements and Other Restrictions | 132 | |
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