WELLS FARGO & COMPANY/MN
For the period ended Jun 30, 2025. Filed Aug 5, 2025.
View on SEC.govAbout this filing
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, 2025 · Filed Aug 5, 2025
WFC$83.94-1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-04-29.
0000072971-25-000129
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Financial Review)Current report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0000072971-25-000201
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Financial Review)The baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 517 previous paragraphs and 579 current paragraphs.
361 unchanged; 126 reworded; 70 added; 22 removed; 8 previous and 22 current paragraphs rearranged.
Tables are not compared: 103 previous and 107 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (70)
Current report
Recent Developments
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Asset Cap Removal
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On June 3, 2025, the Company confirmed that the Board of Governors of the Federal Reserve System (FRB) had removed the Company’s limitation on growth in total assets imposed in the FRB’s 2018 consent order. For additional information, see the “Regulation and Supervision” section in this Report.
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Capital Matters
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On July 29, 2025, our Board of Directors (Board) approved an increase to the Company’s third quarter 2025 common stock dividend to $0.45 per share.
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On July 1, 2025, the Company announced that we completed the 2025 Comprehensive Capital Analysis and Review (CCAR) stress test process. The FRB revised our current stress capital buffer (SCB) to 3.70%, down from 3.80%, effective immediately. The Company expects its SCB for the period October 1, 2025, through September 30, 2026, to decrease to 2.50%; however, the FRB has a pending notice of proposed rulemaking that, if finalized as proposed, would result in the Company’s expected SCB being 2.60% and would delay the effective date to January 1.
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In June 2025, we redeemed our Preferred Stock, Series U.
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Tax Law Changes
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Public Law No. 119-21, a budget reconciliation bill, was signed into law on July 4, 2025. The Company does not expect it to have a material impact on the Company, but is still evaluating the law's provisions.
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second quarter 2025, compared with second quarter 2024, included the following:
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•total revenue increased due to higher noninterest income, partially offset by lower net interest income;
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•noninterest expense increased due to higher technology, telecommunications and equipment expense and higher personnel expense, partially offset by lower operating losses;
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In the first half of 2025, we generated $10.4 billion of net income and diluted EPS of $2.98, compared with $9.5 billion of net income and diluted EPS of $2.53 in the same period a year ago. Financial performance for the first half of 2025, compared with the first half of 2024, included the following:
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Net income for the first half of 2025 was $10.4 billion ($2.98 diluted EPS), compared with $9.5 billion ($2.53 diluted EPS) in the same period a year ago. Net income increased in the first half of 2025, compared with the same period a year ago, predominantly due to a $777 million decrease in income tax expense, a $366 million increase in noninterest income, a $361 million decrease in noninterest expense, and a $237 million decrease in provision for credit losses, partially offset by a $947 million decrease in net interest income.
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Card fees increased driven byhigher merchant services revenue following our acquisition in April 2025 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.
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Mortgage banking decreased driven by lower fees related to portfolio run-off and servicing sales, including the sale ofthe non-agency portion ofour commercial mortgage third-party servicing business in first quarter 2025, partially offset by mortgage servicing rights (MSR) valuation adjustments including for higher expected escrow balances.
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•lower revenue in equities as second quarter 2024 included a $122 million gain related to an exchange of shares of Visa Inc. Class B common stock;
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•higher revenue in foreign exchange and rates products.
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Other income increased driven by a$253 million gain associated with our merchant services joint venture acquisition.
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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 bylower overdraft fees.
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Investment banking fees increased due to higher debt underwriting fees.
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Card fees increased driven byhigher merchant services revenue following our acquisition of the remaining interest in our merchant services joint venture.
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Mortgage banking increased driven by lower fees related to portfolio run-off and servicing sales, including the sale ofthe non-agency portion ofour commercial mortgage third-party servicing business in first quarter 2025, which were more than offset by MSR valuation adjustments including for higher expected escrow balances.
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•lower revenue in equities as second quarter 2024 included a $122 million gain related to an exchange of shares of Visa Inc. Class B common stock;
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•higher revenue in foreign exchange, commodities, and rates products.
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Other income increased driven by:
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•a$253 million gain associated with our merchant services joint venture acquisition.
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Personnel expense increased due to:
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•a $77 million expense for a special award to employees;
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Personnel expense increased due to:
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•higher revenue-related compensation expense;
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•a $77 million expense for a special award to employees; and
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•higher expense for annual stock-based employee compensation;
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(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.
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•higher mortgage banking income driven by lower fees related toportfolio run-off and servicing sales, which were more than offset by MSR valuation adjustments including for higher expected escrow balances.
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Provision for credit losses reflected a higher allowance for credit card loans on higher loan balances, partially offset by lower net-charge-offs.
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Noninterest expense increased driven by:
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•higher branch personnel expense; and
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•higher advertising expense;
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•higher mortgage banking income driven by lower fees related toportfolio run-off and servicing sales, which were more than offset by MSR valuation adjustments including for higher expected escrow balances;
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Previous report
Wells Fargo’s top priority remains building a risk and control infrastructure appropriate for its size and complexity. The Company is subject to a number of consent orders and other regulatory actions, which may require the Company, among
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other things, to undertake certain changes to its business, operations, products and services, and risk management practices. While we still have work to do and have not yet satisfied certain aspects of these regulatory actions, the Company is committed to devoting the resources necessary to operate with strong business practices and controls, maintain the highest level of integrity, and have an appropriate culture in place. In particular, pursuant to a 2018 consent order entered into with the Board of Governors of the Federal Reserve System (FRB), we are subject to an asset cap whereby the Company’s total consolidated assets as defined under the consent order have been limited to the level as of December 31, 2017. For additional information regarding regulatory actions and the risks related thereto, including additional information on the asset cap, see the “Regulation and Supervision” section in this Report and the “Risk Factors” section in our 2024 Form 10-K.
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Mortgage banking increased due to higher income from net hedge results related to mortgage servicing rights (MSR) valuations.
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venture, Wells Fargo Merchant Services. As a result of the acquisition, we expect increased expense related to the amortization of an intangible asset associated with the acquired merchant contracts.
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Noninterest expense decreased driven by:
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•the impact of efficiency initiatives;
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•higher branch personnel and occupancy expense reflecting investments in our branch network.
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Total deposits (average and period-end) increased reflecting a reduction in customer migration to higher yielding alternatives.
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Revenue decreased driven by:
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Provision for credit losses increased reflecting macroeconomic uncertainty.
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Revenue increased driven by:
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NM- Not meaningful
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Revenue increased driven by:
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Revenue decreased driven by:
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Additional information on our loan portfolios and our credit quality trends follows.
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Auto. The decrease in the outstanding balance at March 31, 2025, compared with December 31, 2024, was due to paydowns exceeding originations reflecting our actions related to credit tightening.
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Other Consumer. The outstanding balance at March 31, 2025, was stable compared with December 31, 2024.
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(3)Adjustment represents credit equivalent amounts of other off-balance sheet exposures not already included as derivatives and repo-style transactions exposures.
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December 31, 2017. Compliance with this asset cap is measured on a two-quarter daily average basis to allow for management of temporary fluctuations. After removal of the asset cap, a second third-party review must also be conducted to assess the efficacy and sustainability of the enhancements and improvements.
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Consent Order with the Consumer Financial Protection Bureau Regarding Compliance Risk Management Program. On April 20, 2018, the Company entered into a consent order with the Consumer Financial Protection Bureau (CFPB) requiring the Company to enhance its compliance risk management program and its management of customer remediation activities. On April 28, 2025, the Company announced the consent order had terminated.
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Consent Order with the Office of the Comptroller of the Currency Regarding Loss Mitigation Activities. On September 9, 2021, the Company entered into a consent order with the Office of the Comptroller of the Currency (OCC) requiring the Company to improve the execution, risk management, and oversight of loss mitigation activities in its Home Lending business. On March 17, 2025, the Company announced the OCC had terminated the consent order.
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Wells Fargo & Company is a leading financial services company that has approximately $1.95 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management. Wells Fargo ranked No. 34 on Fortune’s 2024 rankings of America’s largest corporations. We ranked fourth in assets and third in the market value of our common stock among all U.S. banks at March 31, 2025.
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Wells Fargo & Company is a leading financial services company that has approximately $2.0 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 June 30, 2025.
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In first quarter 2025, we generated $4.9 billion of net income and diluted earnings per share (EPS) of $1.39, compared with $4.6 billion of net income and diluted EPS of $1.20 in the same period a year ago. Financial performance for first quarter 2025, compared with first quarter 2024, included the following:
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In second quarter 2025, we generated $5.5 billion of net income and diluted earnings per common share (EPS) of $1.60, compared with $4.9 billion of net income and diluted EPS of $1.33 in the same period a year ago. Financial performance for
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•average loans decreased due to declines in our commercial real estate and residential mortgage portfolios; and
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•average loans decreased due to declines in our commercial real estate and residential mortgage portfolios, partially offset by an increase in our commercial and industrial portfolio; and
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•noninterest expense decreased due to lower operating losses, lower professional and outside services expense, and lower other expense driven by a lower Federal Deposit Insurance Corporation (FDIC) special assessment, partially offset by higher technology, telecommunications and equipment expense;
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•noninterest expense decreased due to lower operating losses, lower professional and outside services expense, and lower other expense driven by a higher Federal Deposit Insurance Corporation (FDIC) special assessment in the first half of 2024, partially offset by higher technology, telecommunications and equipment expense and higher personnel expense;
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We maintained a strong capital and liquidity position in first quarter 2025, which included the following:
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We maintained a strong capital and liquidity position in the first half of 2025, which included the following:
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•our Common Equity Tier 1 (CET1) ratio was 11.09% under the Standardized Approach (our binding ratio), which
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•our Common Equity Tier 1 (CET1) ratio was 11.13% under the Standardized Approach (our binding ratio), which continued to exceed the regulatory minimum and buffers of 9.70%;
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•our total loss absorbing capacity (TLAC) as a percentage of total risk-weighted assets was 25.11%, compared with the regulatory minimum of 21.50%; and
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•our total loss absorbing capacity (TLAC) as a percentage of total risk-weighted assets was 24.42%, compared with the regulatory minimum of 21.50%; and
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•our liquidity coverage ratio (LCR) was 125%, which continued to exceed the regulatory minimum of 100%.
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•our liquidity coverage ratio (LCR) was 121%, which continued to exceed the regulatory minimum of 100%.
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•The allowance for credit losses (ACL) for loans of $14.6 billion at March 31, 2025, decreased $84 million from December 31, 2024.
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•The allowance for credit losses (ACL) for loans of $14.6 billion at June 30, 2025, decreased $68 million from December 31, 2024.
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•Our provision for credit losses for loans was $925 million in first quarter 2025, compared with $926 million in the same period a year ago, reflecting a decrease in net loan charge-offs, which was partially offset by the change in allowance for credit losses for loans driven by a lower allowance for commercial real estate loans on lower loan balances, partially offset by a higher allowance for commercial and industrial loans.
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•Our provision for credit losses for loans was $1.9 billion in the first half of 2025, compared with $2.2 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 portfolio.
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•The allowance coverage for total loans was 1.59% at March 31, 2025, compared with 1.60% at December 31, 2024.
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•The allowance coverage for total loans was 1.58% at June 30, 2025, compared with 1.60% at December 31, 2024.
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•Commercial portfolio net loan charge-offs were $211 million, or 16 basis points of average commercial loans, in first quarter 2025, compared with net loan charge-offs of $341 million, or 25 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 and lower losses in our commercial and industrial portfolio.
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•Commercial portfolio net loan charge-offs were $247 million, or 18 basis points of average commercial loans, in second quarter 2025, compared with net loan charge-offs of $468 million, or 35 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.
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•Consumer portfolio net loan charge-offs were $798 million, or 86 basis points of average consumer loans, in first quarter 2025, compared with net loan charge-offs of $808 million, or 84 basis points, in the same period a year ago, due to lower losses in our auto and other consumer portfolios, partially offset by higher losses in our credit card portfolio.
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•Consumer portfolio net loan charge-offs were $750 million, or 81 basis points of average consumer loans, in second quarter 2025, compared with net loan charge-offs of $833 million, or 88 basis points, in the same period a year ago, due to lower losses in our auto, credit card, and other consumer portfolios.
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•Nonperforming assets (NPAs) of $8.2 billion at March 31, 2025, increased $289 million, or 4%, from December 31, 2024, driven by an increase in commercial and industrial nonaccrual loans. NPAs represented 0.90% of total loans at March 31, 2025.
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•Nonperforming assets (NPAs) of $8.0 billion at June 30, 2025, increased $28 million from December 31, 2024, driven by an increase in commercial and industrial and residential mortgage nonaccrual loans, partially offset by a decrease in commercial real estate nonaccrual loans. NPAs represented 0.86% of total loans at June 30, 2025.
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Wells Fargo net income for first quarter 2025 was $4.9 billion ($1.39 diluted EPS), compared with $4.6 billion ($1.20 diluted EPS) in the same period a year ago. Net income increased in first quarter 2025, compared with the same period a year ago, predominantly due to a $447 million decrease in noninterest expense and a $442 million decrease in income tax expense, partially offset by a $732 million decrease in net interest income.
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Wells Fargo net income for second quarter 2025 was $5.5 billion ($1.60 diluted EPS), compared with $4.9 billion ($1.33 diluted EPS) in the same period a year ago. Net income increased in second quarter 2025, compared with the same period a year ago, predominantly due to a $348 million increase in noninterest income, a $335 million decrease in income tax expense, and a $231 million decrease in provision for credit losses, partially offset by a $215 million decrease in net interest income and a $86 million increase in noninterest expense.
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Net interest income and net interest margin decreased in first quarter 2025, compared with the same period a year ago, driven by the impact of lower interest rates on floating rate assets, deposit mix and pricing changes, lower loan balances, and one fewer day in the quarter, partially offset by lower market funding costs.
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Net interest income and net interest margin decreased in both the second quarter and first half of 2025, compared with the same periods a year ago, driven by the impact of lower interest rates on floating rate assets and deposit mix, partially offset by lower market funding and lower deposit costs.
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(3)Includes taxable-equivalent adjustments of $77 million and $89 million for the quarters ended March 31, 2025 and 2024, respectively, predominantly related to tax-exempt income on certain loans and securities.
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(3)Includes taxable-equivalent adjustments of $77 million and $89 million for the quarters ended June 30, 2025 and 2024, respectively, and $154 million and $178 million for the first half of 2025 and 2024, respectively, predominantly related to tax-exempt income on certain loans and securities.
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Investment banking fees increaseddue tohigher debt underwriting fees.
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Investment banking fees increaseddue tohigher advisory fees.
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Netgains from trading activities decreased driven by lower revenue in structured products and credit trading, partially offset by higher revenue in commodities and foreign exchange.
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Netgains from trading activities decreased driven by:
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Net losses from debt securities increased driven by higher net losses related to a repositioning of our investment portfolio.
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Net losses from debt securities increased driven byhigher net losses related to a repositioning of our investment portfolio in first quarter 2025.
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Lease income decreased driven by a gain associated with the resolution of a legacy lease transaction in first quarter 2024.
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Lease income decreased driven by a gain associated with the resolution of a legacy lease transaction in the first half of 2024.
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•a $263 million gain on the sale ofthe non-agency portion ofour commercial mortgage third-party servicing business, which was included in the Commercial Real Estate line of business. The sale closed in March 2025 and included the related servicer advances and MSRs; and
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•a $263 million gain on the sale ofthe non-agency portion ofour commercial mortgage third-party servicing business in first quarter 2025; and
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Personnel expense decreased slightly due to the impact of efficiency initiatives, partially offset by higher revenue-related compensation expense and higher retirement-eligible employee stock compensation expense.
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•higher revenue-related compensation expense; and
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Technology, telecommunications and equipment expense increaseddue to higher expense for the amortization of internally developed software and higher expense for software maintenance and licenses.
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Technology, telecommunications and equipment expense increaseddue to higher expense for the amortization of internally developed software, higher software maintenance and licenses expense, and hardware depreciation.
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Operating losses decreased driven bylower expense for customer remediation activities, compared with higher expense in first quarter 2024 related to the further refinement of the remediation costs for historical mortgage lending and other consumer products matters.
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Operating losses decreased driven bylower expense for customer remediation activities that had lower estimated costs and complexity.
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Other expense decreased reflecting lower expense for the FDIC special assessment.
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Other expense decreased reflecting lower FDIC assessment expense driven by a higher FDIC special assessment in the first half of 2024.
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The decrease in the effective income tax rate for first quarter 2025, compared with the same period a year ago, was driven by the impact of increased discrete tax benefits related to the resolution of prior period tax matters, as well as the impact of annual vesting of stock-based compensation.
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The decrease in the effective income tax rate for the second quarter and first half of 2025, compared with the same periods a year ago, was driven by discrete tax benefits related to the resolution of prior period tax matters. The first half of 2025 also included the impact of the Company’s higher stock price on the annual vesting of stock-based employee compensation.
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Consumer Banking and Lending offers diversified financial products and services for consumers and small businesses with annual sales generally up to $10 million. These financial products and services include checking and savings accounts, credit and debit cards, as well as home, auto, personal, and small business lending. In April 2025, we completed the acquisition of the remaining interest in our merchant processing services joint
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Consumer Banking and Lending offers diversified financial products and services for consumers and small businesses with annual sales generally up to $10 million. These financial products and services include checking and savings accounts, credit and
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(1)Return on allocated capital is segment net income (loss) applicable to common stock divided by segment average allocated capital. Segment net income (loss) applicable to common stock is segment net income (loss) less allocated preferred stock dividends.
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(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.
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(2)Efficiency ratio is segment noninterest expense divided by segment total revenue (net interest income and noninterest income).
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(3)Efficiency ratio is segment noninterest expense divided by segment total revenue (net interest income and noninterest income).
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(3)Digital and mobile active customers is based on the number of consumer and small business customers who have logged on via a digital or mobile device, respectively, in the prior 90 days. Digital active customers includes both online and mobile customers.
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(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.
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(4)Deposit spread is (i) the internal funds transfer pricing credit on segment deposits minus interest paid to customers for segment deposits, divided by (ii) average segment deposits.
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(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.
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(5)Debit card purchase volume and transactions reflect combined activity for both consumer and business debit card purchases.
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(6)Debit card purchase volume and transactions reflect combined activity for both consumer and business debit card purchases.
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(6)Excludes residential mortgage loans subserviced for others.
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(7)Excludes residential mortgage loans subserviced for others.
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(7)Excludes residential mortgage loans that are insured or guaranteed by U.S government agencies.
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(8)Excludes residential mortgage loans that are insured or guaranteed by U.S government agencies.
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(8)Excludes loans held for sale.
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(9)Excludes loans held for sale.
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(9)Delinquency balances exclude nonaccrual loans.
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(10)Delinquency balances exclude nonaccrual loans.
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Revenue decreased driven by lower net interest income due to lower loan balances and higher deposit costs, partially offset by higher deposit balances.
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•higher net interest income due to higher deposit balances; and
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•a decline in loan balances in our Home Lending business reflecting our more focused strategy for Home Lending, including paydowns of legacy residential mortgage loans; and
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•a decline in loan balances in our Home Lending business, reflecting paydowns of legacy residential mortgage loans; and
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•a decline in loan balances in our Auto business as paydowns exceeded originations reflecting our actions related to credit tightening;
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•a decline in loan balances in our Auto business;
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For additional information about capital planning, see the “Capital Management – Capital Planning and Stress Testing” section in this Report.
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•average loans decreased due to declines in our commercial real estate and residential mortgage portfolios, partially offset by an increase in our commercial and industrial portfolio; and
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•average deposits decreased driven by a decline in our interest-bearing deposits, partially offset by an increase in our noninterest-bearing deposits.
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Table 1: Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis) (1)
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Investment advisory and other asset-based fees increased driven by higher asset-based fees reflecting higher market valuations.
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Netgains from trading activities decreased driven by:
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Technology, telecommunications and equipment expense increaseddue to higher expense for the amortization of internally developed software, higher software maintenance and licenses expense, and hardware depreciation.
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Operating losses decreased driven bylower expense for customer remediation activities that had lower estimated costs and complexity.
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Professional and outside services expense decreased driven by lower expense for consulting projects related to our risk and control work, as well as efficiency initiatives to reduce our spending on consultants and contractors.
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debit cards, as well as home, auto, personal, and small business lending.
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•lower net interest income reflecting the impact of lower interest rates, partially offset by lower deposit pricing and higher deposit and loan balances;
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•higher other noninterest income related to tax credit investments and higher treasury management fees.
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Noninterest expense increased slightly due to higher operating costs, partially offset by lower personnel expense reflecting the impact of efficiency initiatives.
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•higher investment banking fees due tohigher advisory fees.
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•lower net interest income driven by lower interest rates, partially offset by lower deposit pricing and higher deposit balances;
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•lower lease income driven by a gain associated with the resolution of a legacy lease transaction in the first half of 2024;
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Provision for credit losses reflected a lower allowance for commercial real estate loans on lower loan balances, partially offset by a higher allowance for commercial and industrial loans on higher loan balances.
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•lower professional and outside services expense.
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The portfolio increased at June 30, 2025, compared with December 31, 2024, as a result of increased originations and loan
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The portfolio is diversified both geographically and by property type. The largest geographic concentrations of CRE loans are in
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Accounting Policies) to Financial Statements in our 2024 Form 10-K.
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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
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continued to exceed the regulatory minimum and buffers of 9.80%;
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Total loans (average)decreased driven by commercial real estate loan payoffs exceeding originations and draws on existing loan accounts.
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COMMERCIAL AND INDUSTRIAL LOANS AND LEASE FINANCING.
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regulatory guidance at March 31, 2025, compared with $16.5 billion at December 31, 2024.
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We generally subject CRE loans to individual risk assessment using our internal borrower and collateral quality ratings.
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We monitor changes in real estate values and underlying economic or market conditions for the geographic areas of our
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Credit Losses” section and Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2024 Form 10-K.
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Various factors impact the amount and timing of our share repurchases, including the earnings, cash requirements and