Total revenue for the year reached $82.3 billion

Wells Fargo reported a net income of $19.7 billion for 2024, up from $19.1 billion in 2023.
Diluted earnings per share increased to $5.37, compared to $4.83 in the prior year.
Total revenue for the year reached $82.3 billion, marginally lower than the $82.6 billion reported in 2023. This was supported by a 16% rise in fee-based income, which offset declines in net interest income due to higher funding costs and shifts in deposit pricing and mix.
Operating expenses decreased to $54.6 billion, a 1.7% reduction from the previous year. Cost efficiencies and lower regulatory and severance expenses contributed to the decline.
Provision for credit losses was $4.3 billion, down from $5.4 billion in 2023, reflecting stable credit trends across most loan portfolios.
Wells Fargo maintained a strong capital position, ending the year with a Common Equity Tier 1 ratio of 11.1%. The bank repurchased $19.7 billion in common stock and increased its annual dividend by 15%. Average loans declined to $915.4 billion from $943.9 billion, while deposits remained steady at $1.35 trillion.
The Consumer Banking and Lending segment saw a revenue decline driven by lower auto and personal loan balances and compressed loan spreads. Credit card revenues, however, grew due to higher point-of-sale activity.
Corporate and Investment Banking reported increased revenues, supported by higher investment banking fees and gains in trading activities. Wealth and Investment Management revenue rose 8%, driven by higher asset-based fees resulting from increased market valuations.
Wells Fargo CEO Charlie Scharf highlighted improvements in the company’s risk and control framework, as well as strategic investments in digital services and customer offerings. The year also marked progress in closing regulatory actions, including the termination of a 2016 consent order related to sales practices.
Wells Fargo & Company is a multinational financial services provider based in the United States. It operates in 35 countries and serves more than 70 million customers globally.
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