WELLS FARGO & COMPANY/MN
For the period ended Sep 30, 2025. Filed Oct 31, 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.
Sep 30, 2025 · Filed Oct 31, 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 2025-06-30; filed 2025-08-05.
0000072971-25-000201
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Financial Review)Current report: 10-Q
Period ended 2025-09-30; filed 2025-10-31.
0000072971-25-000253
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 579 previous paragraphs and 565 current paragraphs.
399 unchanged; 108 reworded; 48 added; 59 removed; 13 previous and 10 current paragraphs rearranged.
Tables are not compared: 107 previous and 106 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 (48)
Current report
•noninterest expense increased due to higher severance expense, revenue-related compensation expense, technology, telecommunications and equipment expense, and advertising and promotion expense;
Current report
•noninterest expense increased due to higher personnel expense and technology, telecommunications and equipment expense, partially offset by lower operating losses;
Current report
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.
Current report
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.
Current report
Card fees increased driven byhigher revenue following our merchant services joint venture acquisition, as well as increased consumer credit card activity.
Current report
•lower revenue from mortgage trading; and
Current report
•lower revenue in equities as second quarter 2024 included a gain related to an exchange of shares of Visa Inc. Class B common stock;
Current report
•higher revenue in foreign exchange and commodities products.
Current report
•higher severance expense; and
Current report
Advertising and promotion expense increased reflecting higher marketing campaign volume.
Current report
•higher revenue-related compensation expense;
Current report
•higher severance expense; and
Current report
Advertising and promotion expense increased reflecting higher marketing campaign volume.
Current report
•higher card fees driven by higher revenue following our merchant services joint venture acquisition, as well as increased consumer credit card activity; and
Current report
•the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025.
Current report
•higher operating costs;
Current report
•higher advertising expense; and
Current report
•higher card fees driven byhigher revenue following our merchant services joint venture acquisition, as well as increased consumer credit card activity; and
Current report
Noninterest expense increased driven by:
Current report
•higher branch personnel expense;
Current report
•higher advertising expense; and
Current report
(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.
Current report
Total loans (average and period-end) increased due to:
Current report
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.
Current report
Total loans (average)decreased due to:
Current report
•the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025; and
Current report
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.
Current report
•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;
Current report
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.
Current report
Noninterest expense decreased slightly driven by the impact of efficiency initiatives, partially offset by higher operating costs.
Current report
(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.
Current report
Revenue decreased slightly driven by:
Current report
•lower mortgage banking income resulting from the sale ofthe non-agency portion ofour commercial mortgage third-party servicing business in first quarter 2025;
Current report
Provision for credit losses reflected lower net charge-offs on commercial real estate loans.
Current report
Noninterest expense increased driven by higher operating costs and higher professional and outside services expense, partially offset by the impact of efficiency initiatives.
Current report
•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
Current report
Provision for credit losses reflected lower net charge-offs on commercial real estate loans.
Current report
Total loans (average and period-end)increased driven by higher securities-based lending.
Current report
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.
Current report
Noninterest expense increased due to higher personnel expense reflecting higher severance expense, partially offset by lower operating losses.
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Removed paragraphs (59)
Previous report
Recent Developments
Previous report
Asset Cap Removal
Previous report
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.
Previous report
Capital Matters
Previous report
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.
Previous report
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.
Previous report
In June 2025, we redeemed our Preferred Stock, Series U.
Previous report
Tax Law Changes
Previous report
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.
Previous report
second quarter 2025, compared with second quarter 2024, included the following:
Previous report
•total revenue decreased due to lower net interest income, partially offset by higher noninterest income;
Previous report
•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;
Previous report
•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;
Previous report
•higher revenue in foreign exchange and rates products.
Previous report
Card fees increased driven byhigher merchant services revenue following our acquisition of the remaining interest in our merchant services joint venture.
Previous report
•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;
Previous report
•higher revenue in foreign exchange, commodities, and rates products.
Previous report
•higher revenue-related compensation expense; and
Previous report
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.
Previous report
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.
Previous report
•higher branch personnel expense; and
Previous report
•higher advertising expense;
Previous report
•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;
Previous report
Noninterest expense increased slightly driven by:
Previous report
•higher branch personnel expense; and
Previous report
•higher advertising expense;
Previous report
•lower operating losses; and
Previous report
Total loans (average and period-end) decreased due to:
Previous report
Noninterest expense increased slightly due to higher operating costs, partially offset by lower personnel expense reflecting the impact of efficiency initiatives.
Previous report
Noninterest expense increased slightly due to higher operating costs, partially offset by lower personnel expense reflecting the impact of efficiency initiatives.
Previous report
•lower gains from trading activities due to 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, partially offset by higher revenue in foreign exchange and rates products; and
Previous report
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.
Previous report
Noninterest expense increased driven by higher incentive compensation expense and higher operating costs, partially offset by the impact of efficiency initiatives.
Previous report
•lower gains from trading activities due to 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, partially offset by higher revenue in foreign exchange, commodities, and rates products; and
Previous report
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.
Previous report
Noninterest expense increased driven by higher operating costs and incentive compensation expense, partially offset by the impact of efficiency initiatives.
Previous report
Revenue increased driven by a$253 million gain associated with our merchant services joint venture acquisition.
Previous report
•lower FDIC assessment expense driven by a higher FDIC special assessment in second quarter 2024. For additional information on the FDIC special assessment, see Note 18 (Revenue and Expenses) to Financial Statements in this Report; and
Previous report
•lower professional and outside services expense.
Previous report
Noninterest expense decreased reflecting:
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Reworded paragraphs (108)
Previous wording
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.
Current wording
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
Previous wording
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
Current wording
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:
Previous wording
•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
Current wording
•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
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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:
Current wording
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:
Previous wording
•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
Current wording
•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
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We maintained a strong capital and liquidity position in the first half of 2025, which included the following:
Current wording
We maintained a strong capital and liquidity position in the first nine months of 2025, which included the following:
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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%;
Current wording
•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%;
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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 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
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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.
Current wording
•The allowance for credit losses (ACL) for loans of $14.3 billion at September 30, 2025, decreased $325 million from December 31, 2024.
Previous wording
•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.
Current wording
•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.
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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.
Current wording
•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.
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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.
Current wording
•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.
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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.
Current wording
•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.
Previous wording
•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.
Current wording
•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.
Previous wording
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.
Current wording
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.
Previous wording
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.
Current wording
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.
Previous wording
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.
Current wording
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.
Previous wording
(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.
Current wording
(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.
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Investment banking fees increaseddue tohigher advisory fees.
Current wording
Investment banking fees increaseddue tohigher debt underwriting, advisory, and equity underwriting fees.
Previous wording
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.
Current wording
Card fees increased driven byhigher 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.
Previous wording
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.
Current wording
Mortgage banking decreased driven by lower servicing fees related to portfolio run-off and 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.
Previous wording
Net losses from debt securities increased driven byhigher net losses related to a repositioning of our investment portfolio in first quarter 2025.
Current wording
Net losses from debt securities decreased driven byhigher net losses related to a repositioning of our investment securities portfolio in third quarter 2024.
Previous wording
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.
Current wording
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.
Previous wording
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.
Current wording
Mortgage banking increased driven by lower servicing fees related to portfolio run-off and 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.
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Net gains (losses) from equity securities decreased driven byhigher unrealized losses from our venture capital investments.
Current wording
Net gains (losses) from equity securities decreased driven bylower realized and unrealized gains from our venture capital investments, partially offset by lower impairment losses on equity securities.
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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.
Current wording
Lease income decreased driven by a gain associated with the resolution of a legacy lease transaction in the first nine months of 2024.
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•a$253 million gain associated with our merchant services joint venture acquisition.
Current wording
•a$253 million gain associated with our merchant services joint venture acquisition in second quarter 2025.
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•a $77 million expense for a special award to employees;
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•expense for a special award to employees;
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Operating losses decreased driven bylower expense for customer remediation activities that had lower estimated costs and complexity.
Current wording
Operating losses decreased driven bylower expense for customer remediation activities.
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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.
Current wording
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.
Previous wording
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.
Current wording
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.
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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
Current wording
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
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•higher net interest income due to higher deposit balances; and
Current wording
•higher net interest income due to lower deposit pricing and higher deposit 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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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.
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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.
Current wording
•higher mortgage banking income driven by lower servicing fees related toportfolio run-off and sales, which were more than offset by MSR valuation adjustments.
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•an increase in loan balances in our Credit Card business due to higher purchase volume and the impact of new product launches.
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•an increase in loan balances in our Credit Card business due to higher purchase volume and the impact of new account growth.
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•higher other noninterest income related to tax credit investments and higher treasury management fees.
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•higher other noninterest income related to tax credit and equity investments.
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•higher other noninterest income related to tax credit investments.
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•higher other noninterest income related to tax credit investments; and
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•higher deposit-related fees reflecting higher treasury management fees on commercial accounts driven by lower earnings credits from a decrease in interest rates; and
Current wording
•higher deposit-related fees reflecting higher treasury management fees on commercial accounts driven by lower earnings credits from a decrease in interest rates.
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Total deposits (average and period-end) increased driven by additions of deposits from new and existing customers.
Current wording
Total deposits (average)increased driven by additions of deposits from new and existing customers.
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Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
•total revenue increased due to higher noninterest income and higher net interest income;
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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.
Current report — wording carried from elsewhere
Net losses from debt securities decreased driven byhigher net losses related to a repositioning of our investment securities portfolio in third quarter 2024.
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•higher net interest income due to lower deposit pricing and higher deposit balances;
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Provision for credit losses reflected lower net charge-offs.
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•a decline in loan balances in our Home Lending business reflecting paydowns of legacy residential mortgage loans.
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Table 26 presents a summary of our short-term borrowings, which generally mature in less than 30 days. For additional
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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.
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Previous report — wording carried elsewhere
For additional information about capital planning, see the “Capital Management – Capital Planning and Stress Testing” section in this Report.
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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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Netgains from trading activities decreased driven by:
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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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Operating losses decreased driven bylower expense for customer remediation activities that had lower estimated costs and complexity.
Previous report — wording carried elsewhere
•lower deposit-related fees driven by lower overdraft fees.
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Provision for credit losses reflected lower net charge-offs, partially offset by a higher allowance for credit card loans on higher loan balances.
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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 net interest income driven by the impact of lower interest rates, partially offset by higher deposit and loan balances.
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The portfolio increased at June 30, 2025, compared with December 31, 2024, as a result of increased originations and loan
Previous report — wording carried elsewhere
mortgage loan portfolio, see the “Risk Management – Credit Risk Management – Residential Mortgage Loans” section in our 2024 Form 10-K.
Previous report — wording carried elsewhere
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