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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, 2023
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.)

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 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 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series R
WFC.PRR
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 20, 2023
Common stock, $1-2/3 par value
3,631,639,714



FORM 10-Q
CROSS-REFERENCE INDEX
PART IFinancial Information
Item 1.Financial StatementsPage
Consolidated Statement of Income
Consolidated Statement of Comprehensive Income
Consolidated Balance Sheet
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to Financial Statements
Summary of Significant Accounting Policies
Trading Activities
Available-for-Sale and Held-to-Maturity Debt Securities
Equity Securities
Loans and Related Allowance for Credit Losses
Mortgage Banking Activities
Intangible Assets and Other Assets
Leasing Activity
Preferred Stock
10 Legal Actions
11 Derivatives
12 Fair Values of Assets and Liabilities
13 Securitizations and Variable Interest Entities
14 Guarantees and Other Commitments
15 Pledged Assets and Collateral
16 Operating Segments
17 Revenue and Expenses
18 Employee Benefits
19 Earnings and Dividends Per Common Share
20 Other Comprehensive Income
21 Regulatory Capital Requirements and Other Restrictions
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations (Financial Review)
Summary Financial Data
Overview
Earnings Performance
Balance Sheet Analysis
Off-Balance Sheet Arrangements
Risk Management
Capital Management
Regulatory Matters
Critical Accounting Policies
Current Accounting Developments
Forward-Looking Statements
Risk Factors 
Glossary of Acronyms
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
PART IIOther Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 5.Other Information
Item 6.Exhibits
Signature
Wells Fargo & Company
1



FINANCIAL REVIEW
Summary Financial Data (1)

Quarter endedSep 30, 2023
% Change from
Nine months ended
($ in millions, except ratios and per share amounts)
Sep 30,
2023
Jun 30,
2023
Sep 30,
2022
Jun 30,
2023
Sep 30,
2022
Sep 30,
2023
Sep 30,
2022
%
Change
Selected Income Statement Data
Total revenue$20,857 20,533 19,566 %$62,119 54,334 14 %
Noninterest expense13,113 12,987 14,306 (8)39,776 41,019 (3)
Pre-tax pre-provision profit (PTPP) (2)7,744 7,546 5,260 47 22,343 13,315 68 
Provision for credit losses (3)1,197 1,713 784 (30)53 4,117 577 614
Wells Fargo net income 5,767 4,938 3,592 17 61 15,696 10,522 49 
Wells Fargo net income applicable to common stock5,450 4,659 3,313 17 65 14,822 9,685 53 
Common Share Data
Diluted earnings per common share1.48 1.25 0.86 18 72 3.96 2.52 57 
Dividends declared per common share0.35 0.30 0.30 17 17 0.95 0.80 19 
Common shares outstanding3,637.9 3,667.7 3,795.4 (1)(4)
Average common shares outstanding3,648.8 3,699.9 3,796.5 (1)(4)3,710.9 3,807.0 (3)
Diluted average common shares outstanding3,680.6 3,724.9 3,825.1 (1)(4)3,741.6 3,838.5 (3)
Book value per common share (4)$44.37 43.87 41.36 
Tangible book value per common share (4)(5)37.43 36.53 34.29 
Selected Equity Data (period-end)
Total equity182,373 181,952 178,478 — 
Common stockholders’ equity161,424 160,916 156,983 — 
Tangible common equity (5) 136,153 133,990 130,151 
Performance Ratios
Return on average assets (ROA) (6)1.21 %1.05 0.76 1.12 %0.74 
Return on average equity (ROE) (7)13.3 11.4 8.1 12.2 8.0 
Return on average tangible common equity (ROTCE) (5)15.9 13.7 9.8 14.6 9.6 
Efficiency ratio (8)63 63 73 64 75 
Net interest margin on a taxable-equivalent basis3.03 3.09 2.83 3.10 2.46 
Selected Balance Sheet Data (average)
Loans$943,193 945,906 945,465 — — $945,896 923,520 
Assets1,891,883 1,878,253 1,880,689 1,878,040 1,900,744 (1)
Deposits1,340,307 1,347,449 1,407,851 (1)(5)1,348,090 1,439,033 (6)
Selected Balance Sheet Data (period-end)
Debt securities490,726 503,468 502,035 (3)(2)
Loans942,424 947,960 945,906 (1)— 
Allowance for credit losses for loans15,064 14,786 13,225 14 
Equity securities56,026 67,471 59,560 (17)(6)
Assets1,909,261 1,876,320 1,877,719 
Deposits1,354,010 1,344,584 1,398,151 (3)
Headcount (#) (period-end)227,363 233,834 239,209 (3)(5)
Capital and Other Metrics
Risk-based capital ratios and components (9):
Standardized Approach:
Common Equity Tier 1 (CET1)
11.01 %10.73 10.33 
Tier 1 capital12.55 12.25 11.85 
Total capital15.26 15.00 14.55 
Risk-weighted assets (RWAs) (in billions)$1,237.1 1,250.7 1,255.6 (1)(1)
Advanced Approach:
Common Equity Tier 1 (CET1)
12.04 %12.00 11.75 
Tier 1 capital13.73 13.70 13.48 
Total capital15.77 15.82 15.72 
Risk-weighted assets (RWAs) (in billions)$1,130.8 1,118.4 1,104.1 
Tier 1 leverage ratio8.32 %8.28 8.03 
Supplementary Leverage Ratio (SLR)6.93 6.91 6.65 
Total Loss Absorbing Capacity (TLAC) Ratio (10)23.98 23.12 23.00 
Liquidity Coverage Ratio (LCR) (11)123 123 123 
(1)In first quarter 2023, we adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. We adopted ASU 2018-12 with retrospective application, which required revision of prior period financial statements. Prior period risk-based capital and certain other regulatory related metrics were not revised. For additional information, including the financial statement line items impacted by the adoption of ASU 2018-12, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.
(2)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.
(3)Includes provision for credit losses for loans, debt securities, and other financial assets.
(4)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.
(5)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 mortgage servicing rights) and goodwill and other intangibles on investments in consolidated portfolio companies, net of applicable deferred taxes. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity and tangible book value per common share, which utilize tangible common equity, are useful financial measures because they enable management, investors, and others to assess the Company’s use of equity. 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.
(6)Represents Wells Fargo net income divided by average assets.
(7)Represents Wells Fargo net income applicable to common stock divided by average common stockholders’ equity.
(8)The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).
(9)For additional information, see the “Capital Management” section and Note 21 (Regulatory Capital Requirements and Other Restrictions) to Financial Statements in this Report.
(10)Represents TLAC divided by RWAs, which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches.
(11)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, 2022 (2022 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 $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. 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. 47 on Fortune’s 2023 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, 2023. 
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 other things, to undertake certain changes to its business, operations, products and services, and risk management practices. Addressing these regulatory actions is expected to take multiple years, and we are likely to continue to experience issues or delays along the way in satisfying their requirements. We are also likely to continue to identify more issues as we implement our risk and control infrastructure, which may result in additional regulatory actions. Issues or delays with one regulatory action could affect our progress on others, and regulators have indicated the potential for escalating consequences for banks that do not timely resolve open issues. Failure to satisfy the requirements of a regulatory action on a timely basis could result in additional penalties, business restrictions, limitations on subsidiary capital distributions, increased capital or liquidity requirements, enforcement actions, and other negative consequences, which could be significant. While we still have significant 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.

Federal Reserve Board Consent Order Regarding Governance Oversight and Compliance and Operational Risk Management
On February 2, 2018, the Company entered into a consent order with the Board of Governors of the Federal Reserve System (FRB). As required by the consent order, the Company’s Board of Directors (Board) submitted to the FRB a plan to further enhance the Board’s governance and oversight of the Company, and the Company submitted to the FRB a plan to further improve the
Company’s compliance and operational risk management program. The Company continues to engage with the FRB as the Company works to address the consent order provisions. The consent order also requires the Company, following the FRB’s acceptance and approval of the plans and the Company’s adoption and implementation of the plans, to complete an initial third-party review of the enhancements and improvements provided for in the plans. Until this third-party review is complete and the plans are approved and implemented to the satisfaction of the FRB, the Company’s total consolidated assets as defined under the consent order will be limited to the level as of 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.

Consent Orders with the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency Regarding Compliance Risk Management Program, Automobile Collateral Protection Insurance Policies, and Mortgage Interest Rate Lock Extensions
On April 20, 2018, the Company entered into consent orders with the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) to pay an aggregate of $1 billion in civil money penalties to resolve matters regarding the Company’s compliance risk management program and past practices involving certain automobile collateral protection insurance (CPI) policies and certain mortgage interest rate lock extensions. As required by the consent orders, the Company submitted to the CFPB and OCC an enterprise-wide compliance risk management plan and a plan to enhance the Company’s internal audit program with respect to federal consumer financial law and the terms of the consent orders. In addition, as required by the consent orders, the Company submitted for non-objection plans to remediate customers affected by the automobile collateral protection insurance and mortgage interest rate lock matters, as well as a plan for the management of remediation activities conducted by the Company. The Company continues to work to address the provisions of the consent orders. On September 9, 2021, the OCC assessed a $250 million civil money penalty against the Company related to insufficient progress in addressing requirements under the OCC’s April 2018 consent order and loss mitigation activities in the Company’s Home Lending business. On December 20, 2022, the CFPB modified its consent order to clarify how it would terminate.
Wells Fargo & Company
3


Overview (continued)

Consent Order with the OCC Regarding Loss Mitigation Activities
On September 9, 2021, the Company entered into a consent order with the OCC requiring the Company to improve the execution, risk management, and oversight of loss mitigation activities in its Home Lending business. In addition, the consent order restricts the Company from acquiring certain third-party residential mortgage servicing and limits transfers of certain mortgage loans requiring customer remediation out of the Company’s mortgage servicing portfolio until remediation is provided.

Consent Order with the CFPB Regarding Automobile Lending, Consumer Deposit Accounts, and Mortgage Lending
On December 20, 2022, the Company entered into a consent order with the CFPB requiring the Company to provide customer remediation for multiple matters related to automobile lending, consumer deposit accounts, and mortgage lending; maintain practices designed to ensure auto lending customers receive refunds for the unused portion of certain guaranteed automobile protection agreements; comply with certain business practice requirements related to consumer deposit accounts; and pay a $1.7 billion civil penalty to the CFPB. The required actions related to many of these matters were already substantially complete at the time we entered into the consent order, and the consent order lays out a path to termination after the Company completes the remainder of the required actions.

Retail Sales Practices Matters
In September 2016, we announced settlements with the CFPB, the OCC, and the Office of the Los Angeles City Attorney, and entered into related consent orders with the CFPB and the OCC, in connection with allegations that some of our retail customers received products and services they did not request. As a result, it remains a priority to rebuild trust through a comprehensive action plan that includes making things right for our customers, employees, and other stakeholders, and building a better Company for the future. On September 8, 2021, the CFPB consent order regarding retail sales practices expired.
For additional information regarding retail sales practices matters, including related legal and regulatory risk, see the “Risk Factors” section in our 2022 Form 10-K.

Customer Remediation Activities
Our priority of rebuilding trust has included an effort to identify areas or instances where customers may have experienced financial harm, provide remediation as appropriate, and implement additional operational and control procedures. We are working with our regulatory agencies in this effort.
We have accrued for the probable and estimable costs related to our customer remediation activities, which amounts may change based on additional facts and information, as well as ongoing reviews and communications with our regulators. We had approximately $1.5 billion and approximately $2.3 billion of accrued liabilities for customer remediation activities as of September 30, 2023, and December 31, 2022, respectively. As our ongoing reviews continue and as we continue to strengthen our risk and control infrastructure, we have identified and may in the future identify additional items or areas of potential concern. To the extent issues are identified, we will continue to assess any customer harm and provide remediation as appropriate. We have previously disclosed key areas of focus as part of these activities.
For additional information regarding these activities,
including related legal and regulatory risk, see the “Risk Factors” section in our 2022 Form 10-K.
Recent Developments
Debit Card Interchange Fees
On October 25, 2023, the FRB issued a proposed rule that would reduce the amount of debit card interchange fees received by debit card issuers. In addition, the proposed rule would allow for an update to the debit card interchange fee cap every other year based on an analysis of certain costs incurred by debit card issuers. Based on a preliminary assessment, we expect a significant reduction to our debit card interchange fees, which are included in card fees, if the rule is adopted as currently proposed.

Federal Deposit Insurance Corporation Special Assessment
In May 2023, the Federal Deposit Insurance Corporation (FDIC) proposed a rule to recover by special assessment losses to the FDIC deposit insurance fund as a result of bank failures in the first half of 2023. Under the proposed rule, the FDIC would collect a special assessment based on a calculation using an insured depository institution’s estimated amount of uninsured deposits. As currently proposed, the amount of our special assessment may be up to $1.8 billion (pre-tax). We expect to expense the entire amount upon the FDIC’s finalization of the rule, which we expect to occur in fourth quarter 2023. The proposed rule may be changed prior to finalization and any changes may affect the timing or amount of the special assessment.

Capital Matters
On July 27, 2023, federal banking regulators issued a proposed rule that would impact the way in which risk-based capital requirements are determined 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. The new requirements would be phased in over a three-year period beginning July 1, 2025. The Company expects a significant increase in its risk-weighted assets and a net increase in its capital requirements based on an assessment of the proposed rule. The Company is considering a range of potential actions to address the impact of the proposed rule, including balance sheet and capital optimization strategies.
For additional information about capital planning, see the “Capital Management – Capital Planning and Stress Testing” section in this Report.

Financial Performance
Adoption of Accounting Standards Update 2018-12
In first quarter 2023, we adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts.
We adopted this ASU with retrospective application, which required revision of prior period financial statements. Prior period risk-based capital and certain other regulatory related metrics were not revised. For additional information, including the financial statement line items impacted by the adoption of ASU 2018-12, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.
4
Wells Fargo & Company


Consolidated Financial Highlights
Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions)20232022$ Change% Change20232022$ Change% Change
Selected income statement data
Net interest income$13,105 12,098 1,007 %$39,604 31,517 8,087 26 %
Noninterest income7,752 7,468 284 22,515 22,817 (302)(1)
Total revenue20,857 19,566 1,291 62,119 54,334 7,785 14 
Net charge-offs864 399 465 117 2,192 1,049 1,143 109 
Change in the allowance for credit losses333 385 (52)(14)1,925 (472)2,397 508 
Provision for credit losses (1)1,197 784 413 53 4,117 577 3,540 614 
Noninterest expense13,113 14,306 (1,193)(8)39,776 41,019 (1,243)(3)
Income tax expense811 912 (101)(11)2,707 2,280 427 19 
Wells Fargo net income5,767 3,592 2,175 61 15,696 10,522 5,174 49 
Wells Fargo net income applicable to common stock5,450 3,313 2,137 65 14,822 9,685 5,137 53 
(1)Includes provision for credit losses for loans, debt securities, and other financial assets.
In third quarter 2023, we generated $5.8 billion of net income and diluted earnings per common share (EPS) of $1.48, compared with $3.6 billion of net income and diluted EPS of $0.86 in the same period a year ago. Financial performance for third quarter 2023, compared with the same period a year ago, included the following:
total revenue increased due to higher net interest income and higher noninterest income;
provision for credit losses reflected increases for commercial real estate loans, primarily office loans, as well as for increases in credit card loan balances, partially offset by decreases for auto loans;
noninterest expense decreased due to lower operating losses, partially offset by higher personnel expense and technology and equipment expense;
average loans decreased driven by reductions in our consumer loan portfolio, partially offset by growth in our commercial loan portfolio; and
average deposits decreased driven by reductions in Consumer Banking and Lending, Commercial Banking, and Wealth and Investment Management, partially offset by growth in Corporate.

In the first nine months of 2023, we generated $15.7 billion of net income and diluted EPS of $3.96, compared with $10.5 billion of net income and diluted EPS of $2.52 in the same period a year ago. Financial performance for the first nine months of 2023, compared with the same period a year ago, included the following:
total revenue increased due to higher net interest income, partially offset by lower noninterest income;
provision for credit losses reflected increases for commercial real estate loans, primarily office loans, as well as for increases in credit card loan balances;
noninterest expense decreased due to lower operating losses, partially offset by higher personnel, technology and equipment, and advertising expense;
average loans increased driven by loan growth in both our commercial and consumer loan portfolios; and
average deposits decreased driven by reductions in all operating segments, partially offset by growth in Corporate.

Capital and Liquidity
We maintained a strong capital position in the first nine months of 2023, with total equity of $182.4 billion at September 30, 2023, compared with $182.2 billion at December 31, 2022. In
addition, capital and liquidity at September 30, 2023, included the following:
our Common Equity Tier 1 (CET1) ratio was 11.01% under the Standardized Approach (our binding ratio), which continued to exceed the regulatory minimum and buffers of 9.20%;
our total loss absorbing capacity (TLAC) as a percentage of total risk-weighted assets was 23.98%, compared with the regulatory minimum of 21.50%; and
our liquidity coverage ratio (LCR) was 123%, 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 $15.1 billion at September 30, 2023, increased $1.5 billion from December 31, 2022.
Our provision for credit losses for loans was $4.1 billion in the first nine months of 2023, compared with $576 million in the same period a year ago. The ACL for loans and the provision for credit losses for loans reflected increases for commercial real estate loans, primarily office loans, as well as for increases in credit card loan balances.
The allowance coverage for total loans was 1.60% at September 30, 2023, compared with 1.42% at December 31, 2022.
Commercial portfolio net loan charge-offs were $188 million, or 13 basis points of average commercial loans, in third quarter 2023, compared with net loan charge-offs of $6 million in the same period a year ago, driven by higher losses in our commercial and industrial and commercial real estate portfolios.
Consumer portfolio net loan charge-offs were $662 million, or 67 basis points of average consumer loans, in third quarter 2023, compared with net loan charge-offs of $393 million, or 40 basis points, in the same period a year ago, driven by higher losses in all consumer portfolios, primarily in our credit card portfolio.
Nonperforming assets (NPAs) of $8.2 billion at September 30, 2023, increased $2.4 billion, or 42%, from
Wells Fargo & Company
5


Overview (continued)

December 31, 2022, driven by higher commercial real estate nonaccrual loans, predominantly within the office property type, partially offset by lower residential mortgage nonaccrual loans. NPAs represented 0.87% of total loans at September 30, 2023.
Criticized loans in the commercial portfolio were $31.9 billion at September 30, 2023, compared with $25.1 billion at December 31, 2022, primarily driven by an increase in criticized commercial real estate loans in the office and apartments property types.
Earnings Performance
Wells Fargo net income for third quarter 2023 was $5.8 billion ($1.48 diluted EPS), compared with $3.6 billion ($0.86 diluted EPS) in the same period a year ago. Net income increased in third quarter 2023, compared with the same period a year ago, predominantly due to a $1.0 billion increase in net interest income and a $1.2 billion decrease in noninterest expense.
Net income for the first nine months of 2023 was $15.7 billion ($3.96 diluted EPS), compared with $10.5 billion ($2.52 diluted EPS) in the same period a year ago. Net income increased in the first nine months of 2023, compared with the same period a year ago, predominantly due to a $8.1 billion increase in net interest income and a $1.2 billion decrease in noninterest expense, partially offset by a $3.5 billion increase in provision for credit losses.
Net Interest Income
Net interest income and net interest margin increased in both the third quarter and first nine months of 2023, compared with the same periods a year ago, due to the impact of higher interest rates on earning assets, partially offset by higher expenses for interest bearing deposits and long-term debt.
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 based on a 21% federal statutory tax rate for the periods ended September 30, 2023 and 2022.
For additional information about net interest income and net interest margin, see the “Earnings Performance – Net Interest Income” section in our 2022 Form 10-K.

6
Wells Fargo & Company


Table 1: Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis) (1)
Quarter ended September 30,
20232022
($ in millions)
Average
balance
Interest
income/
expense
Average interest
rates
Average
balance
Interest
income/
expense
Average interest
rates
Assets
Interest-earning deposits with banks$158,893 1,926 4.81 %$130,761 699 2.12 %
Federal funds sold and securities purchased under resale agreements68,715 888 5.13 57,432 250 1.73 
Debt securities:
Trading debt securities109,802 1,060 3.86 91,618 631 2.75 
Available-for-sale debt securities139,511 1,371 3.92 127,821 792 2.47 
Held-to-maturity debt securities273,948 1,822 2.65 305,063 1,704 2.23 
Total debt securities523,261 4,253 3.24 524,502 3,127 2.38 
Loans held for sale (2)5,437 87 6.40 11,458 120 4.18 
Loans:
Commercial and industrial – U.S.308,862 5,460 7.02 300,097 3,211 4.25 
Commercial and industrial – Non-U.S.73,415 1,312 7.09 81,278 751 3.67 
Commercial real estate mortgage129,206 2,149 6.60 133,720 1,388 4.12 
Commercial real estate construction24,480 498 8.07 21,571 268 4.93 
Lease financing15,564 191 4.90 14,526 137 3.76 
Total commercial loans551,527 9,610 6.92 551,192 5,755 4.14 
Residential mortgage – first lien252,176 2,129 3.38 253,383 2,002 3.16 
Residential mortgage – junior lien11,742 210 7.11 14,226 189 5.28 
Credit card48,889 1,612 13.08 42,407 1,230 11.51 
Auto51,014 615 4.78 54,874 590 4.27 
Other consumer27,845 607 8.65 29,383 413 5.58 
Total consumer loans391,666 5,173 5.26 394,273 4,424 4.47 
Total loans (2)943,193 14,783 6.23 945,465 10,179 4.28 
Equity securities25,019 153 2.42 29,722 156 2.09 
Other8,565 107 4.93 13,577 68 1.97 
Total interest-earning assets$1,733,083 22,197 5.09 %$1,712,917 14,599 3.39 %
Cash and due from banks27,137  25,646  
Goodwill25,174  25,177  
Other106,489  116,949  
Total noninterest-earning assets$158,800  167,772  
Total assets$1,891,883 22,197 1,880,689 14,599 
Liabilities
Deposits:
Demand deposits$414,294 1,846 1.77 %$421,072 335 0.32 %
Savings deposits366,788 725 0.78 434,023 63 0.06 
Time deposits153,593 1,871 4.83 29,584 77 1.04 
Deposits in non-U.S. offices18,825 166 3.51 17,540 38 0.86 
Total interest-bearing deposits953,500 4,608 1.92 902,219 513 0.23 
Short-term borrowings:
Federal funds purchased and securities sold under agreements to repurchase75,849 999 5.23 25,648 122 1.88 
Other short-term borrowings14,229 134 3.72 13,799 36 1.06 
Total short-term borrowings90,078 1,133 4.99 39,447 158 1.59 
Long-term debt181,955 3,039 6.67 158,984 1,553 3.90 
Other liabilities32,564 208 2.54 36,217 172 1.89 
Total interest-bearing liabilities$1,258,097 8,988 2.84 %$1,136,867 2,396 0.84 %
Noninterest-bearing demand deposits386,807  505,632  
Other noninterest-bearing liabilities62,151  55,148  
Total noninterest-bearing liabilities$448,958  560,780 — 
Total liabilities$1,707,055 8,988 1,697,647 2,396 
Total equity184,828  183,042 — 
Total liabilities and equity$1,891,883 8,988 1,880,689 2,396 
Interest rate spread on a taxable-equivalent basis (3)2.25 %2.55 %
Net interest income and net interest margin on a taxable-equivalent basis (3)$13,209 3.03 %$12,203 2.83 %
(continued on following page)
Wells Fargo & Company
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Earnings Performance (continued)
(continued from previous page)
Nine months ended September 30,
20232022
($ in millions)
Average 
balance 
Interest 
income/
expense 
Average interest rates
Average 
balance 
Interest 
income/ 
expense 
Average interest rates
Assets
Interest-earning deposits with banks$134,490 4,543 4.52 %$151,851 1,116 0.98 %
Federal funds sold and securities purchased under resale agreements68,951 2,404 4.66 60,882 313 0.69 
Debt securities:
Trading debt securities102,986 2,759 3.57 90,521 1,741 2.57 
Available-for-sale debt securities144,885 4,041 3.72 147,852 2,216 2.00 
Held-to-maturity debt securities277,644 5,431 2.61 294,231 4,619 2.09 
Total debt securities525,515 12,231 3.11 532,604 8,576 2.15 
Loans held for sale (2)6,022 278 6.16 15,237 386 3.38 
Loans:
Commercial and industrial – U.S.307,971 15,388 6.68 288,420 7,090 3.29 
Commercial and industrial – Non-U.S.74,997 3,695 6.59 80,286 1,675 2.79 
Commercial real estate mortgage130,085 6,174 6.35 130,794 3,201 3.27 
Commercial real estate construction24,383 1,404 7.70 21,058 624 3.96 
Lease financing15,138 541 4.76 14,519 445 4.08 
Total commercial loans552,574 27,202 6.58 535,077 13,035 3.26 
Residential mortgage – first lien253,653 6,326 3.33 248,420 5,852 3.14 
Residential mortgage – junior lien12,342 630 6.82 15,074 522 4.62 
Credit card47,175 4,563 12.93 40,077 3,395 11.33 
Auto51,979 1,815 4.67 55,939 1,760 4.21 
Other consumer28,173 1,734 8.23 28,933 980 4.53 
Total consumer loans393,322 15,068 5.12 388,443 12,509 4.30 
Total loans (2)945,896 42,270 5.97 923,520 25,544 3.70 
Equity securities27,174 517 2.54 31,244 519 2.22 
Other9,900 352 4.75 13,727 97 0.94 
Total interest-earning assets $1,717,948 62,595 4.87 %$1,729,065 36,551 2.82 %
Cash and due from banks27,539  25,549  
Goodwill25,174  25,179  
Other107,379  120,951  
Total noninterest-earning assets $160,092  171,679  
Total assets $1,878,040 62,595 1,900,744 36,551 
Liabilities
Deposits:
Demand deposits$416,981 4,892 1.57 %$438,676 463 0.14 %
Savings deposits385,171 2,006 0.70 438,370 119 0.04 
Time deposits116,102 3,856 4.44 27,611 122 0.59 
Deposits in non-U.S. offices18,739 420 3.00 19,212 50 0.35 
Total interest-bearing deposits936,993 11,174 1.59 923,869 754 0.11 
Short-term borrowings:
Federal funds purchased and securities sold under agreements to repurchase60,685 2,226 4.91 22,910 152 0.89 
Other short-term borrowings16,642 438 3.52 13,046 23 0.24 
Total short-term borrowings77,327 2,664 4.61 35,956 175 0.65 
Long-term debt175,156 8,243 6.28 154,691 3,325 2.87 
Other liabilities33,492 594 2.37 34,317 460 1.79 
Total interest-bearing liabilities$1,222,968 22,675 2.48 %$1,148,833 4,714 0.55 %
Noninterest-bearing demand deposits411,097  515,164 — 
Other noninterest-bearing liabilities59,450  53,397 — 
Total noninterest-bearing liabilities $470,547  568,561 — 
Total liabilities $1,693,515 22,675 1,717,394 4,714 
Total equity184,525  183,350 — 
Total liabilities and equity $1,878,040 22,675 1,900,744 4,714 
Interest rate spread on a taxable-equivalent basis (3)2.39 %2.27 %
Net interest margin and net interest income on a taxable-equivalent basis (3)
$39,920 3.10 %$31,837 2.46 %
(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. 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 $104 million and $105 million for the quarters ended September 30, 2023 and 2022, respectively, and $316 million and $320 million for the first nine months of 2023 and 2022, respectively, predominantly related to tax-exempt income on certain loans and securities.
8
Wells Fargo & Company


Noninterest Income

Table 2: Noninterest Income
Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions)
20232022$ Change% Change20232022$ Change% Change
Deposit-related fees$1,179 1,289 (110)(9)%$3,492 4,138 (646)(16)%
Lending-related fees372 358 14 1,080 1,053 27 
Investment advisory and other asset-based fees 2,224 2,111 113 6,501 6,955 (454)(7)
Commissions and brokerage services fees 567 562 1,756 1,641 115 
Investment banking fees492 375 117 31 1,194 1,108 86 
Card fees1,098 1,119 (21)(2)3,229 3,260 (31)(1)
Net servicing income80 129 (49)(38)292 408 (116)(28)
Net gains on mortgage loan originations/sales113 195 (82)(42)335 896 (561)(63)
Mortgage banking193 324 (131)(40)627 1,304 (677)(52)
Net gains from trading activities1,265 900 365 41 3,729 1,564 2,165 138 
Net gains from debt securities6 — — 10 151 (141)(93)
Net losses from equity securities(25)(34)26 (476)(73)(403)NM
Lease income291 322 (31)(10)945 982 (37)(4)
Other 90 136 (46)(34)428 734 (306)(42)
Total$7,752 7,468 284 $22,515 22,817 (302)(1)
NM – Not meaningful
Third quarter 2023 vs. third quarter 2022

Deposit-related fees decreased reflecting our efforts to help customers avoid overdraft fees.

Investment advisory and other asset-based fees increased 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 increased activity across all products.

Net servicing income decreased driven by:
lower servicing fees due to a lower balance of mortgage loans serviced for others, including the impact of mortgage servicing right (MSR) sales;
partially offset by:
higher income from net favorable hedge results related to MSR valuations.

Net gains on mortgage loan originations/sales decreased
due to lower residential mortgage origination volumes.

For additional information on servicing income and net gains on mortgage loan originations/sales, see Note 6 (Mortgage Banking Activities) to Financial Statements in this Report.

Net gains from trading activities increased driven by higher trading revenue in structured products and equities.

Net losses from equity securities decreased reflecting:
lower impairment of equity securities;
partially offset by:
lower realized gains on sales of nonmarketable equity securities.

First nine months of 2023 vs. first nine months of 2022

Deposit-related fees decreased reflecting:
our efforts to help customers avoid overdraft fees; and
lower fees on commercial accounts driven by higher earnings credit rates due to an increase in interest rates.

Investment advisory and other asset-based fees decreased reflecting lower market valuations.

Fees from the majority of 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.

Commissions and brokerage services fees increased due to higher service fee rates.

Net servicing income decreased driven by:
lower servicing fees due to a lower balance of mortgage loans serviced for others, including the impact of MSR sales;
partially offset by:
higher income from net favorable hedge results related to MSR valuations.

Net gains on mortgage loan originations/sales decreased
due to lower residential mortgage origination volumes.

For additional information on servicing income and net gains on mortgage loan originations/sales, see Note 6 (Mortgage Banking Activities) to Financial Statements in this Report.

Wells Fargo & Company
9


Earnings Performance (continued)
Net gains from trading activities increased driven by higher trading results across all asset classes.

Net gains from debt securities decreased due to lower gains on sales of asset-based securities and municipal bonds in our investment portfolio as a result of decreased sales volumes.

Net losses from equity securities increased reflecting:
lower unrealized and realized gains on nonmarketable equity securities driven by our venture capital and private equity investments;
partially offset by:
lower impairment of equity securities; and
higher unrealized gains on marketable equity securities.

Other income decreased driven by the change in fair value of liabilities associated with our reinsurance business, which was recognized as a result of our adoption of ASU 2018-12 in first quarter 2023. For additional information on our adoption of ASU 2018-12, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.
10
Wells Fargo & Company


Noninterest Expense

Table 3: Noninterest Expense
Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions)20232022$ Change% Change20232022$ Change% Change
Personnel$8,627 8,212 415 %$26,648 25,925 723 %
Technology, telecommunications and equipment975 798 177 22 2,844 2,473 371 15 
Occupancy724 732 (8)(1)2,144 2,159 (15)(1)
Operating losses (1)
329 2,218 (1,889)(85)828 3,467 (2,639)(76)
Professional and outside services1,310 1,235 75 3,843 3,831 12 — 
Leases (2)
172 186 (14)(8)529 559 (30)(5)
Advertising and promotion215 126 89 71 553 327 226 69 
Restructuring charges — —  (5)(100)
Other761 799 (38)(5)2,387 2,273 114 
Total$13,113 14,306 (1,193)(8)$39,776 41,019 (1,243)(3)
(1)Includes expenses for legal actions of $175 million and $984 million for third quarter 2023 and 2022, respectively, and $115 million and $1.1 billion for the first nine months of 2023 and 2022, respectively, and expenses for customer remediation activities of $(30) million and $978 million for third quarter 2023 and 2022, respectively, and $133 million and $1.6 billion for the first nine months of 2023 and 2022, respectively.
(2)Represents expenses for assets we lease to customers.
Third quarter and first nine months of 2023 vs. Third quarter and first nine months of 2022

Personnel expense increased driven by:
higher salaries expense, including higher severance expense; and
higher incentive 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 and higher expense for technology contracts.

Operating losses decreased driven by:
lower expense for legal actions, compared with third quarter 2022 that included amounts related to the December 2022 CFPB consent order. For additional information on legal actions, see Note 10 (Legal Actions) to Financial Statements in this Report; and
lower expense for customer remediation activities, compared with higher expense in 2022 predominantly due to the further refinement of the scope of remediation for historical mortgage lending, automobile lending, and consumer deposit accounts matters. Expenses for customer
remediation activities in the third quarter and first nine months of 2023 were lower primarily related to matters that had lower estimated costs and complexity than historical matters. For additional information on customer remediation activities, see the “Overview” section above.

As previously disclosed, we have outstanding legal actions and customer remediation activities that could impact operating losses in the coming quarters.
For additional information on operating losses, see Note 17 (Revenue and Expenses) to Financial Statements in this Report.
Advertising and promotion expense increased due to higher marketing and brand campaign volumes.

Other expense increased in the first nine months of 2023, compared with the same period a year ago, driven by higher FDIC deposit assessment expense driven by a higher assessment rate.
We expect to expense the entire amount of the FDIC’s special assessment upon finalization of the proposed rule, which would result in a significant increase in our FDIC deposit assessment expense. For additional information on the FDIC’s special assessment, see the “Overview – Recent Developments” section above.
Income Tax Expense

Table 4: Income Tax Expense
Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions)
20232022$ Change% Change20232022$ Change% Change
Income before income tax expense$6,547 4,476 2,071 46 %$18,226 12,738 5,488 43 %
Income tax expense811 912 (101)(11)2,707 2,280 427 19 
Effective income tax rate (1)12.3 %20.2 14.7 %17.8 
(1)Represents Income tax expense (benefit) divided by Income (loss) before income tax expense (benefit) less Net income (loss) from noncontrolling interests.
The effective income tax rate decreased in the third quarter and first nine months of 2023, compared with the same periods a year ago, primarily due to the impact of discrete tax benefits in third quarter 2023 related to the resolution of prior period tax matters and lower nondeductible accruals.
For additional information on income taxes, see Note 22 (Income Taxes) to Financial Statements in our 2022 Form 10-K.
Wells Fargo & Company
11


Earnings Performance (continued)
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. 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 and Expense Sharing 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 or enterprise function (included in Corporate), expense is generally allocated based on the cost and use of the service provided.

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 low-income 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 revised. Effective January 1, 2023, management modified its capital allocation methodology to improve alignment of allocated capital with the binding regulatory constraints of the Company. 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
12
Wells Fargo & Company


Table 6 and the following discussion present our results by reportable operating segment. For additional information, see Note 16 (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, 2023
Net interest income$7,633 2,519 2,319 1,007 (269)(104)13,105 
Noninterest income1,948 886 2,604 2,695 21 (402)7,752 
Total revenue9,581 3,405 4,923 3,702 (248)(506)20,857 
Provision for credit losses768 52 324 (10)63  1,197 
Noninterest expense5,913 1,543 2,182 3,006 469  13,113 
Income (loss) before income tax expense (benefit)2,900 1,810 2,417 706 (780)(506)6,547 
Income tax expense (benefit)727 453 601 177 (641)(506)811 
Net income (loss) before noncontrolling interests
2,173 1,357 1,816 529 (139) 5,736 
Less: Net income (loss) from noncontrolling interests 3   (34) (31)
Net income (loss)
$2,173 1,354 1,816 529 (105) 5,767 
Quarter ended September 30, 2022
Net interest income$7,102 1,991 2,270 1,088 (248)(105)12,098 
Noninterest income2,175 961 1,790 2,577 345 (380)7,468 
Total revenue9,277 2,952 4,060 3,665 97 (485)19,566 
Provision for credit losses917 (168)32 (5)— 784 
Noninterest expense6,758 1,526 1,900 2,796 1,326 — 14,306 
Income (loss) before income tax expense (benefit)1,602 1,594 2,128 861 (1,224)(485)4,476 
Income tax expense (benefit)401 409 536 222 (171)(485)912 
Net income (loss) before noncontrolling interests1,201 1,185 1,592 639 (1,053)— 3,564 
Less: Net income (loss) from noncontrolling interests— — — (31)— (28)
Net income (loss)$1,201 1,182 1,592 639 (1,022)— 3,592 
Nine months ended September 30, 2023
Net interest income$22,556 7,509 7,139 3,060 (344)(316)39,604 
Noninterest income5,844 2,572 7,317 7,971 147 (1,336)22,515 
Total revenue28,400 10,081 14,456 11,031 (197)(1,652)62,119 
Provision for credit losses2,509 35 1,509 25 39  4,117 
Noninterest expense17,978 4,925 6,486 9,041 1,346  39,776 
Income (loss) before income tax expense (benefit)7,913 5,121 6,461 1,965 (1,582)(1,652)18,226 
Income tax expense (benefit)1,985 1,281 1,617 492 (1,016)(1,652)2,707 
Net income (loss) before noncontrolling interests5,928 3,840 4,844 1,473 (566) 15,519 
Less: Net income (loss) from noncontrolling interests 9   (186) (177)
Net income (loss)$5,928 3,831 4,844 1,473 (380) 15,696 
Nine months ended September 30, 2022
Net interest income$19,470 4,932 6,317 2,803 (1,685)(320)31,517 
Noninterest income6,877 2,839 4,786 8,324 1,185 (1,194)22,817 
Total revenue26,347 7,771 11,103 11,127 (500)(1,514)54,334 
Provision for credit losses1,340 (491)(226)(36)(10)— 577 
Noninterest expense19,189 4,535 5,723 8,882 2,690 — 41,019 
Income (loss) before income tax expense (benefit)5,818 3,727 5,606 2,281 (3,180)(1,514)12,738 
Income tax expense (benefit)1,454 938 1,420 574 (592)(1,514)2,280 
Net income (loss) before noncontrolling interests4,364 2,789 4,186 1,707 (2,588)— 10,458 
Less: Net income (loss) from noncontrolling interests— — — (73)— (64)
Net income (loss)$4,364 2,780 4,186 1,707 (2,515)— 10,522 
(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 low-income 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.
Wells Fargo & Company
13


Earnings Performance (continued)
Consumer Banking and Lending offers diversified financial products and services for consumers and small businesses with annual sales generally up to $10 million. These financial products and services include checking and savings accounts, credit and
debit cards, as well as home, auto, personal, and small business lending. Table 6a and Table 6b provide additional information for Consumer Banking and Lending.
Table 6a: Consumer Banking and Lending – Income Statement and Selected Metrics
Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions, unless otherwise noted)20232022$ Change% Change20232022$ Change% Change
Income Statement
Net interest income$7,633 7,102 531 %$22,556 19,470 3,086 16 %
Noninterest income:
Deposit-related fees670 773 (103)(13)2,008 2,397 (389)(16)
Card fees1,027 1,043 (16)(2)3,007 3,042 (35)(1)
Mortgage banking105 212 (107)(50)397 1,077 (680)(63)
Other146 147 (1)(1)432 361 71 20 
Total noninterest income1,948 2,175 (227)(10)5,844 6,877 (1,033)(15)
Total revenue9,581 9,277 304 28,400 26,347 2,053 
Net charge-offs722 435 287 66 1,932 1,168 764 65 
Change in the allowance for credit losses46 482 (436)(90)577 172 405 235 
Provision for credit losses768 917 (149)(16)2,509 1,340 1,169 87 
Noninterest expense5,913 6,758 (845)(13)17,978 19,189 (1,211)(6)
Income before income tax expense2,900 1,602 1,298 81 7,913 5,818 2,095 36 
Income tax expense 727 401 326 81 1,985 1,454 531 37 
Net income$2,173 1,201 972 81 $5,928 4,364 1,564 36 
Revenue by Line of Business
Consumer, Small and Business Banking
$6,665 6,232 433 $19,727 16,813 2,914 17 
Consumer Lending:
Home Lending840 973 (133)(14)2,550 3,435 (885)(26)
Credit Card1,375 1,349 26 4,001 3,918 83 
Auto360 423 (63)(15)1,130 1,303 (173)(13)
Personal Lending341 300 41 14 992 878 114 13 
Total revenue$9,581 9,277 304 $28,400 26,347 2,053 
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1)19.1 %9.4 17.5 %11.6 
Efficiency ratio (2)62 73 63 73 
Retail bank branches (#, period-end)
4,355 4,612 (6)
Digital active customers (# in millions, period-end) (3)
34.6 33.6 
Mobile active customers (# in millions, period-end) (3)
29.6 28.3 
Consumer, Small and Business Banking:
Deposit spread (4)2.7 %2.1 2.6 %1.8 
Debit card purchase volume ($ in billions) (5)$124.5 122.4 2.1 $366.7 362.6 4.1 
Debit card purchase transactions (# in millions) (5)2,550 2,501 7,454 7,356 
(continued on following page)

14
Wells Fargo & Company


(continued from previous page)
Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions, unless otherwise noted)20232022$ Change% Change20232022$ Change% Change
Home Lending:
Mortgage banking:
Net servicing income$41 81 (40)(49)%$187 274 (87)(32)%
Net gains on mortgage loan originations/sales64 131 (67)(51)210 803 (593)(74)
Total mortgage banking$105 212 (107)(50)$397 1,077 (680)(63)
Originations ($ in billions):
Retail$6.4 12.4 (6.0)(48)$19.7 56.1 (36.4)(65)
Correspondent 9.1 (9.1)(100)1.1 37.4 (36.3)(97)
Total originations$6.4 21.5 (15.1)(70)$20.8 93.5 (72.7)(78)
% of originations held for sale (HFS)40.7 %59.2 44.4 %51.2 
Third-party mortgage loans serviced ($ in billions, period-end) (6)
$591.8 687.4 (95.6)(14)
Mortgage servicing rights (MSR) carrying value (period-end)8,457 9,828 (1,371)(14)
Ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end) (6)1.43 %1.43 
Home lending loans 30+ days delinquency rate (period-end) (7)(8)
0.29 0.29 
Credit Card:
Point of sale (POS) volume ($ in billions)$35.2 30.7 4.5 15 $99.3 86.8 12.5 14 
New accounts (# in thousands) 714 584 22 1,892 1,592 19 
Credit card loans 30+ days delinquency rate (period-end)
2.70 %1.81 
Credit card loans 90+ days delinquency rate (period-end)
1.37 0.85 
Auto:
Auto originations ($ in billions)$4.1 5.4 (1.3)(24)$13.9 18.1 (4.2)(23)
Auto loans 30+ days delinquency rate (period-end) (8)
2.60 %2.19 
Personal Lending:
New volume ($ in billions)$3.1 3.5 (0.4)(11)$9.3 9.4 (0.1)(1)
(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.
(2)Efficiency ratio is segment noninterest expense divided by segment total revenue (net interest income and noninterest income).
(3)Digital and mobile active customers is 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.
(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.
(5)Debit card purchase volume and transactions reflect combined activity for both consumer and business debit card purchases.
(6)Excludes residential mortgage loans subserviced for others.
(7)Excludes residential mortgage loans insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) and loans held for sale (LHFS).
(8)Excludes nonaccrual loans.
Third quarter 2023 vs. third quarter 2022
Revenue increased driven by:
higher net interest income driven by higher interest rates and deposit spreads, partially offset by lower deposit balances;
partially offset by:
lower mortgage banking noninterest income driven by lower residential mortgage origination volumes and lower servicing income, including the impact of MSR sales; and
lower deposit-related fees reflecting our efforts to help customers avoid overdraft fees.

Provision for credit losses decreased due to:
a $436 million decrease in the allowance for credit losses driven by a lower allowance for auto loans;
partially offset by:
higher net charge-offs driven by our Credit Card and Personal Lending businesses.

Noninterest expense decreased due to:
lower operating losses driven by lower expense for legal
actions and customer remediation activities; and
lower personnel expense driven by the impact of efficiency initiatives, as well as lower revenue-related incentive compensation in Home Lending due to lower production;
partially offset by:
higher operating costs and advertising costs.

First nine months of 2023 vs. first nine months of 2022
Revenue increased driven by:
higher net interest income driven by higher interest rates and deposit spreads, partially offset by lower deposit balances;
partially offset by:
lower mortgage banking noninterest income due to lower residential mortgage origination volumes and lower servicing income, including the impact of MSR sales; and
lower deposit-related fees reflecting our efforts to help customers avoid overdraft fees.

Provision for credit losses increased due to:
a $405 million increase in the allowance for credit losses
Wells Fargo & Company
15


Earnings Performance (continued)
driven by higher credit card loan balances, a less favorable economic outlook, and portfolio credit normalization, partially offset by a lower allowance for auto loans; and
higher net charge-offs driven by our Credit Card, Personal Lending, and Auto businesses.
Noninterest expense decreased due to:
lower operating losses driven by lower expense for legal actions and customer remediation activities; and
lower personnel expense driven by the impact of efficiency initiatives, as well as lower revenue-related incentive compensation in Home Lending due to lower production;
partially offset by:
higher operating costs, advertising costs, and FDIC assessments.
Table 6b: Consumer Banking and Lending – Balance Sheet
Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions)
20232022$ Change% Change20232022$ Change% Change
Selected Balance Sheet Data (average)
Loans by Line of Business:
Consumer, Small and Business Banking
$8,983 9,895 (912)(9)%$9,186 10,315 (1,129)(11)%
Consumer Lending:
Home Lending218,546 221,870 (3,324)(1)220,568 218,015 2,553 
Credit Card41,168 35,052 6,116 17 39,539 33,139 6,400 19 
Auto51,578 55,430 (3,852)(7)52,569 56,500 (3,931)(7)
Personal Lending15,270 13,397 1,873 14 14,863 12,588 2,275 18 
Total loans$335,545 335,644 (99)— $336,725 330,557 6,168 
Total deposits801,061 888,037 (86,976)(10)821,741 889,366 (67,625)(8)
Allocated capital44,000 48,000 (4,000)(8)44,000 48,000 (4,000)(8)
Selected Balance Sheet Data (period-end)
Loans by Line of Business:
Consumer, Small and Business Banking
$9,115 9,898 (783)(8)
Consumer Lending:
Home Lending217,955 222,471 (4,516)(2)
Credit Card42,040 35,965 6,075 17 
Auto50,407 55,116 (4,709)(9)
Personal Lending15,439 13,902 1,537 11 
Total loans$334,956 337,352 (2,396)(1)
Total deposits798,897 886,991 (88,094)(10)
Third quarter 2023 vs. third quarter 2022
Total loans (average and period-end) decreased driven by:
a decline in loan balances in our Auto business due to lower origination volumes reflecting credit tightening actions and rising interest rates; and
lower loan balances in Home Lending;
partially offset by:
higher point of sale volume and the impact of new product launches in our Credit Card business; and
higher loan balances in our Personal Lending business due to higher origination volumes and slower payment rates.

Total deposits (average and period-end) decreased due to consumer deposit outflows on consumer spending, as well as customer migration to higher yielding alternatives.
First nine months of 2023 vs. first nine months of 2022
Total loans (average) increased driven by:
higher point of sale volume and the impact of new product launches in our Credit Card business;
higher loan balances in Home Lending; and
higher loan balances in our Personal Lending business due to higher origination volumes and slower payment rates;
partially offset by:
a decline in loan balances in our Auto business due to lower origination volumes reflecting credit tightening actions and rising interest rates; and
a decline in Paycheck Protection Program loans in Consumer, Small and Business Banking.

Total deposits (average) decreased due to consumer deposit outflows on consumer spending, as well as customer migration to higher yielding alternatives.
16
Wells Fargo & Company


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)20232022$ Change% Change20232022$ Change% Change
Income Statement
Net interest income$2,519 1,991 528 27 %$7,509 4,932 2,577 52 %
Noninterest income:
Deposit-related fees257 256 — 741 894 (153)(17)
Lending-related fees133 126 393 369 24 
Lease income153 176 (23)(13)489 534 (45)(8)
Other343 403 (60)(15)949 1,042 (93)(9)
Total noninterest income886 961 (75)(8)2,572 2,839 (267)(9)
Total revenue3,405 2,952 453 15 10,081 7,771 2,310 30 
Net charge-offs37 (3)40 NM61 (28)89 318 
Change in the allowance for credit losses15 (165)180 109 (26)(463)437 94 
Provision for credit losses52 (168)220 131 35 (491)526 107 
Noninterest expense1,543 1,526 17 4,925 4,535 390 
Income before income tax expense1,810 1,594 216 14 5,121 3,727 1,394 37 
Income tax expense453 409 44 11 1,281 938 343 37 
Less: Net income from noncontrolling interests3 — — 9 — — 
Net income$1,354 1,182 172 15 $3,831 2,780 1,051 38 
Revenue by Line of Business
Middle Market Banking$2,212 1,793 419 23 $6,566 4,498 2,068 46 
Asset-Based Lending and Leasing1,193 1,159 34 3,515 3,273 242 
Total revenue$3,405 2,952 453 15 $10,081 7,771 2,310 30 
Revenue by Product
Lending and leasing$1,321 1,333 (12)(1)$3,977 3,896 81 
Treasury management and payments1,541 1,242 299 24 4,687 2,964 1,723 58 
Other543 377 166 44 1,417 911 506 56 
Total revenue$3,405 2,952 453 15 $10,081 7,771 2,310 30 
Selected Metrics
Return on allocated capital20.2 %23.1 19.2 %18.1 
Efficiency ratio45 52 49 58 
NM – Not meaningful
Third quarter 2023 vs. third quarter 2022
Revenue increased driven by:
higher net interest income reflecting higher interest rates and higher loan balances, partially offset by lower deposit balances;
partially offset by:
lower other noninterest income due to lower net gains from equity securities, partially offset by higher revenue from renewable energy investments.

Provision for credit losses reflected loan growth.

Noninterest expense increased due to higher operating costs and personnel expense, partially offset by lower operating losses and the impact of efficiency initiatives.

First nine months of 2023 vs. first nine months of 2022
Revenue increased driven by:
higher net interest income reflecting higher interest rates and higher loan balances, partially offset by lower deposit balances;
partially offset by:
lower deposit-related fees driven by the impact of higher earnings credit rates, which result in lower fees for commercial customers; and
lower other noninterest income due to lower net gains from equity securities, partially offset by higher revenue from renewable energy investments.

Provision for credit losses reflected loan growth.

Noninterest expense increased due to higher operating costs and personnel expense, partially offset by the impact of efficiency initiatives.
Wells Fargo & Company
17


Earnings Performance (continued)
Table 6d: Commercial Banking – Balance Sheet
Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions)
20232022$ Change% Change20232022$ Change% Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial$164,182 150,365 13,817 %$164,461 143,383 21,078 15 %
Commercial real estate45,716 45,121 595 45,810 44,988 822 
Lease financing and other14,518 13,511 1,007 14,090 13,486 604 
Total loans$224,416 208,997 15,419 $224,361 201,857 22,504 11 
Loans by Line of Business:
Middle Market Banking$120,509 117,031 3,478 $121,442 112,913 8,529 
Asset-Based Lending and Leasing103,907 91,966 11,941 13 102,919 88,944 13,975 16 
Total loans$224,416 208,997 15,419 $224,361 201,857 22,504 11 
Total deposits160,556 180,231 (19,675)(11)165,887 189,664 (23,777)(13)
Allocated capital25,500 19,500 6,000 31 25,500 19,5006,000 31 
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial$165,094 155,400 9,694 
Commercial real estate45,663 45,540 123 — 
Lease financing and other15,014 13,645 1,369 10 
Total loans$225,771 214,585 11,186 
Loans by Line of Business:
Middle Market Banking$119,354 118,627 727 
Asset-Based Lending and Leasing106,417 95,958 10,459 11 
Total loans$225,771 214,585 11,186 
Total deposits160,368 172,727 (12,359)(7)
Third quarter 2023 vs. third quarter 2022
Total loans (average and period-end) increased driven by new customer growth.

Total deposits (average and period-end) decreased due to customer migration to higher yielding alternatives, partially offset by additions of deposits from new and existing customers.
First nine months of 2023 vs. first nine months of 2022
Total loans (average) increased driven by new customer growth and higher line utilization.
Total deposits (average) decreased due to customer migration to higher yielding alternatives, partially offset by additions of deposits from new and existing customers.
18
Wells Fargo & Company


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)20232022$ Change% Change20232022$ Change% Change
Income Statement
Net interest income$2,319 2,270 49 %$7,139 6,317 822 13 %
Noninterest income:
Deposit-related fees247 255 (8)(3)730 828 (98)(12)
Lending-related fees206 198 591 578 13 
Investment banking fees545 392 153 39 1,249 1,161 88 
Net gains from trading activities1,193 674 519 77 3,531 1,280 2,251 176 
Other413 271 142 52 1,216 939 277 29 
Total noninterest income2,604 1,790 814 45 7,317 4,786 2,531 53 
Total revenue4,923 4,060 863 21 14,456 11,103 3,353 30 
Net charge-offs105 (16)121 756 205 (58)263 453 
Change in the allowance for credit losses219 48 171 356 1,304 (168)1,472 876 
Provision for credit losses324 32 292 913 1,509 (226)1,735 768 
Noninterest expense2,182 1,900 282 15 6,486 5,723 763 13 
Income before income tax expense2,417 2,128 289 14 6,461 5,606 855 15 
Income tax expense601 536 65 12 1,617 1,420 197 14 
Net income$1,816 1,592 224 14 $4,844 4,186 658 16 
Revenue by Line of Business
Banking:
Lending$721 580 141 24 $2,098 1,629 469 29 
Treasury Management and Payments747 670 77 11 2,294 1,631 663 41 
Investment Banking430 336 94 28 1,021 889 132 15 
Total Banking1,898 1,586 312 20 5,413 4,149 1,264 30 
Commercial Real Estate1,376 1,212 164 14 4,020 3,267 753 23 
Markets:
Fixed Income, Currencies, and Commodities (FICC)1,148 914 234 26 3,566 2,725 841 31 
Equities518 316 202 64 1,352 836 516 62 
Credit Adjustment (CVA/DVA) and Other(12)17 (29)NM73 55 18 33 
Total Markets1,654 1,247 407 33 4,991 3,616 1,375 38 
Other(5)15 (20)NM32 71 (39)(55)
Total revenue$4,923 4,060 863 21 $14,456 11,103 3,353 30 
Selected Metrics
Return on allocated capital15.5 %16.6 13.9 %14.6 
Efficiency ratio44 47 45 52 
NM – Not meaningful
Third quarter 2023 vs. third quarter 2022
Revenue increased driven by:
higher net gains from trading activities driven by higher trading revenue in structured products and equities;
higher investment banking fees due to increased activity across all products;
higher net interest income reflecting higher interest rates; and
higher other noninterest income driven by higher foreign exchange revenue, as well as higher revenue in our low-income housing business.


Provision for credit losses increased reflecting a $171 million increase in the allowance for credit losses driven by commercial real estate office loans, as well as higher net charge-offs.

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

First nine months of 2023 vs. first nine months of 2022
Revenue increased driven by:
higher net gains from trading activities driven by higher trading results across all asset classes;
Wells Fargo & Company
19


Earnings Performance (continued)
higher net interest income reflecting higher interest rates; and
higher other noninterest income driven by higher foreign exchange revenue.

Provision for credit losses increased reflecting a $1.5 billion increase in the allowance for credit losses driven by commercial real estate office loans, as well as higher net charge-offs.
Noninterest expense increased driven by higher operating costs and personnel expense, partially offset by the impact of efficiency initiatives.
Table 6f: Corporate and Investment Banking – Balance Sheet
Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions)
20232022$ Change% Change20232022$ Change% Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial$191,128 205,185 (14,057)(7)%$191,800 199,006 (7,206)(4)%
Commercial real estate100,523 101,055 (532)(1)100,810 97,551 3,259 
Total loans$291,651 306,240 (14,589)(5)$292,610 296,557 (3,947)(1)
Loans by Line of Business:
Banking$94,010 109,909 (15,899)(14)$96,148 107,200 (11,052)(10)
Commercial Real Estate135,639 137,568 (1,929)(1)136,302 132,384 3,918 
Markets62,002 58,763 3,239 60,160 56,973 3,187 
Total loans$291,651 306,240 (14,589)(5)$292,610 296,557 (3,947)(1)
Trading-related assets:
Trading account securities$122,376 110,919 11,457 10 $117,858 112,351 5,507 
Reverse repurchase agreements/securities borrowed62,284 45,486 16,798 37 60,105 49,708 10,397 21 
Derivative assets19,760 28,050 (8,290)(30)18,410 28,386 (9,976)(35)
Total trading-related assets$204,420 184,455 19,965 11 $196,373 190,445 5,928 
Total assets559,647 560,509 (862)— 552,888 558,773 (5,885)(1)
Total deposits157,212 156,830 382 — 158,337 163,578 (5,241)(3)
Allocated capital44,000 36,000 8,000 22 44,000 36,000 8,000 22 
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial$190,547 198,253 (7,706)(4)
Commercial real estate99,783 101,440 (1,657)(2)
Total loans$290,330 299,693 (9,363)(3)
Loans by Line of Business:
Banking$93,723 103,809 (10,086)(10)
Commercial Real Estate133,939 137,077 (3,138)(2)
Markets62,668 58,807 3,861 
Total loans$290,330 299,693 (9,363)(3)
Trading-related assets:
Trading account securities$120,547 113,488 7,059 
Reverse repurchase agreements/securities borrowed
64,240 44,194 20,046 45 
Derivative assets21,231 28,545 (7,314)(26)
Total trading-related assets$206,018 186,227 19,791 11 
Total assets557,642 550,695 6,947 
Total deposits162,776 154,550 8,226 
Third quarter 2023 vs. third quarter 2022
Total loans (average and period-end) decreased driven by lower originations.

Total trading-related assets (average and period-end) increased reflecting:
increased volume of reverse repurchase agreements; and
higher trading account securities driven by higher mortgage-backed securities;
partially offset by:
lower trading-related derivative assets due to declines in derivative balances for commodities and equities.

Total deposits (average and period-end) increased driven by additions of deposits from new and existing customers.
First nine months of 2023 vs. first nine months of 2022
Total loans (average) decreased driven by lower originations.

Total trading-related assets (average) increased reflecting:
20
Wells Fargo & Company


increased volume of reverse repurchase agreements; and
higher trading account securities driven by higher mortgage-backed securities;
partially offset by:
lower trading-related derivative assets due to declines in derivative balances for commodities and equities.

Total deposits (average) decreased due to customer migration to higher yielding alternatives, partially offset by additions of deposits from new and existing customers.

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)20232022$ Change% Change20232022$ Change% Change
Income Statement
Net interest income$1,007 1,088 (81)(7)%$3,060 2,803 257 %
Noninterest income:
Investment advisory and other asset-based fees2,164 2,066 98 6,335 6,848 (513)(7)
Commissions and brokerage services fees 492 486 1,527 1,399 128 
Other39 25 14 56 109 77 32 42 
Total noninterest income2,695 2,577 118 7,971 8,324 (353)(4)
Total revenue3,702 3,665 37 11,031 11,127 (96)(1)
Net charge-offs1 (1)200 (1)(5)80 
Change in the allowance for credit losses(11)(20)NM26 (31)57 184 
Provision for credit losses(10)(18)NM25 (36)61 169 
Noninterest expense3,006 2,796 210 9,041 8,882 159 
Income before income tax expense706 861 (155)(18)1,965 2,281 (316)(14)
Income tax expense177 222 (45)(20)492 574 (82)(14)
Net income$529 639 (110)(17)$1,473 1,707 (234)(14)
Selected Metrics
Return on allocated capital32.8 %28.4 30.8 %25.5 
Efficiency ratio81 76 82 80 
Client assets ($ in billions, period-end):
Advisory assets$825 756 69 
Other brokerage assets and deposits1,123 1,003 120 12 
Total client assets$1,948 1,759 189 11 
Selected Balance Sheet Data (average)
Total loans$82,195 85,472 (3,277)(4)$82,948 85,386 (2,438)(3)
Total deposits107,500 158,367 (50,867)(32)115,418 172,516 (57,098)(33)
Allocated capital6,250 8,750 (2,500)(29)6,250 8,750 (2,500)(29)
Selected Balance Sheet Data (period-end)
Total loans$82,331 85,180 (2,849)(3)
Total deposits103,255 148,890 (45,635)(31)
NM- Not meaningful
Third quarter 2023 vs. third quarter 2022
Revenue increased driven by:
higher investment advisory and other asset-based fees due to higher market valuations;
partially offset by:
lower net interest income reflecting lower deposit and loan balances, partially offset by higher interest rates.

Noninterest expense increased driven by:
higher personnel expense driven by higher revenue-related incentive compensation; and
higher operating costs;
partially offset by:
the impact of efficiency initiatives.
Total deposits (average and period-end) decreased due to customer migration to higher yielding alternatives.
First nine months of 2023 vs. first nine months of 2022
Revenue decreased driven by:
lower investment advisory and other asset-based fees due to lower market valuations and net outflows of advisory assets;
partially offset by:
higher net interest income reflecting higher interest rates, partially offset by lower deposit balances; and
Wells Fargo & Company
21


Earnings Performance (continued)
higher commissions and brokerage services fees due to higher service fee rates.
Provision for credit losses included a $57 million increase in the allowance for credit losses reflecting a less favorable economic outlook and portfolio credit normalization.

Noninterest expense increased driven by:
higher operating costs;
partially offset by:
lower personnel expense driven by lower revenue-related incentive compensation; and
the impact of efficiency initiatives.

Total deposits (average) decreased due to customer migration to higher yielding alternatives.
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 both third quarter 2023 and 2022, 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 periodInflows (1)Outflows (2)Market impact (3)Balance, end of periodBalance, beginning of periodInflows (1)Outflows (2)Market impact (3)Balance, end of period
September 30, 2023
Client-directed (4)$177.4 8.2 (8.3)(5.3)172.0 $165.2 24.6 (25.8)8.0 172.0 
Financial advisor-directed (5)243.7 10.0 (9.4)(4.2)240.1 222.9 28.9 (28.7)17.0 240.1 
Separate accounts (6)188.5 5.9 (6.1)(5.7)182.6 176.5 17.6 (19.0)7.5 182.6 
Mutual fund advisory (7)81.9 1.9 (3.0)(2.4)78.4 78.6 5.7 (9.2)3.3 78.4 
Total Wells Fargo Advisors$691.5 26.0 (26.8)(17.6)673.1 $643.2 76.8 (82.7)35.8 673.1 
The Private Bank (8) 158.0 5.8 (8.0)(4.1)151.7 153.6 19.2 (26.2)5.1 151.7 
Total WIM advisory assets$849.5 31.8 (34.8)(21.7)824.8 $796.8 96.0 (108.9)40.9 824.8 
September 30, 2022
Client-directed (4)$167.0 7.1 (8.7)(7.4)158.0 $205.6 23.4 (28.9)(42.1)158.0 
Financial advisor-directed (5)218.6 9.6 (11.1)(8.0)209.1 255.5 32.0 (32.3)(46.1)209.1 
Separate accounts (6)171.6 5.5 (5.7)(7.3)164.1 203.3 19.1 (19.9)(38.4)164.1 
Mutual fund advisory (7)82.2 1.8 (3.2)(4.5)76.3 102.1 7.1 (11.2)(21.7)76.3 
Total Wells Fargo Advisors$639.4 24.0 (28.7)(27.2)607.5 $766.5 81.6 (92.3)(148.3)607.5 
The Private Bank (8)160.4 6.1 (12.0)(5.7)148.8 198.0 20.6 (37.2)(32.6)148.8 
Total WIM advisory assets$799.8 30.1 (40.7)(32.9)756.3 $964.5 102.2 (129.5)(180.9)756.3 
(1)Inflows include new advisory account assets, contributions, dividends and interest.
(2)Outflows include closed advisory account assets, withdrawals and client management fees.
(3)Market impact reflects gains and losses on portfolio investments.
(4)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.
(5)Professionally managed portfolios with fees earned based on respective strategies and as a percentage of certain client assets.
(6)Professional advisory portfolios managed by third-party asset managers. Fees are earned based on a percentage of certain client assets.
(7)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.
(8)Discretionary and non-discretionary portfolios held in personal trusts, investment agency, or custody accounts with fees earned based on a percentage of client assets.
22
Wells Fargo & Company


Corporate includes corporate treasury and enterprise functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, 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 third quarter 2023, we sold investments in certain private equity funds, which had a minimal impact to net income. 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)
20232022$ Change% Change20232022$ Change% Change
Income Statement
Net interest income$(269)(248)(21)(8)%$(344)(1,685)1,341 80 %
Noninterest income21 345 (324)(94)147 1,185 (1,038)(88)
Total revenue(248)97 (345)NM(197)(500)303 61 
Net charge-offs(1)(16)15 94 (5)(28)23 82 
Change in the allowance for credit losses64 11 53 482 44 18 26 144 
Provision for credit losses63 (5)68 NM39 (10)49 490 
Noninterest expense469 1,326 (857)(65)1,346 2,690 (1,344)(50)
Loss before income tax benefit(780)(1,224)444 36 (1,582)(3,180)1,598 50 
Income tax benefit(641)(171)(470)NM(1,016)(592)(424)(72)
Less: Net loss from noncontrolling interests (1)(34)(31)(3)(10)(186)(73)(113)NM
Net loss
$(105)(1,022)917 90 $(380)(2,515)2,135 85 
NM – Not meaningful
(1)Reflects results attributable to noncontrolling interests predominantly associated with the Company’s consolidated venture capital investments.
Third quarter 2023 vs. third quarter 2022
Revenue decreased driven by:
lower other noninterest income reflecting assumption changes related to the valuation of our Visa B common stock exposure; and
lower venture capital revenue.

Noninterest expense decreased driven by lower operating losses due to lower expense for legal actions.

First nine months of 2023 vs. first nine months of 2022
Revenue increased driven by:
higher net interest income reflecting higher interest rates;
partially offset by:
lower unrealized and realized gains on nonmarketable equity securities from our venture capital and private equity investments, partially offset by lower impairment of equity securities and higher unrealized gains on marketable equity securities;
lower other noninterest income reflecting assumption changes related to the valuation of our Visa B common stock exposure, as well as the change in fair value of liabilities associated with our reinsurance business, which was recognized as a result of our adoption of ASU 2018-12 in first quarter 2023. For additional information on our adoption of ASU 2018-12, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in
this Report; and
lower net gains from debt securities due to lower gains on sales of asset-based securities and municipal bonds in our investment portfolio as a result of decreased sales volumes.

Noninterest expense decreased driven by:
lower operating losses due to lower expense for legal actions; and
the impact of previously divested businesses.

Corporate includes our rail car leasing business, which had long-lived operating lease assets, net of accumulated depreciation, of $4.5 billion and $4.7 billion as of September 30, 2023, and December 31, 2022, respectively. The average age of our rail cars is 22 years and the rail cars are typically leased to customers under short-term leases of 3 to 5 years. Our four largest concentrations, which represented 67% of our rail car fleet as of September 30, 2023, were rail cars used for the transportation of cement/sand, agricultural grain, plastics, and coal products. We may incur impairment charges in the future based on changing economic and market conditions affecting the long-term demand and utility of specific types of rail cars. Our assumptions for impairment are sensitive to estimated utilization and rental rates as well as the estimated economic life of the leased asset. For additional information on the accounting for impairment of operating lease assets, see Note 1 (Summary of Significant Accounting Policies) and Note 8 (Leasing Activity) to Financial Statements in our 2022 Form 10-K.
Wells Fargo & Company
23


Earnings Performance (continued)
Table 6j: Corporate – Balance Sheet
Quarter ended Sep 30,Nine months ended Sep 30,
($ in millions)
20232022$ Change% Change20232022$ Change% Change
Selected Balance Sheet Data (average)
Cash and due from banks, and interest-earning deposits with banks$164,900 134,725 30,175 22 %$138,449 152,875 (14,426)(9)%
Available-for-sale debt securities (1)119,745 110,575 9,170 126,304 131,607 (5,303)(4)
Held-to-maturity debt securities (1)266,012 297,335 (31,323)(11)269,885 288,265 (18,380)(6)
Equity securities15,784 15,423 361 15,544 15,620 (76)— 
Total loans9,386 9,112 274 9,252 9,163 89 
Total assets623,339 617,712 5,627 610,047 648,967 (38,920)(6)
Total deposits113,978 24,386 89,592 367 86,707 23,909 62,798 263 
Selected Balance Sheet Data (period-end)
Cash and due from banks, and interest-earning deposits with banks$194,653 141,743 52,910 37 
Available-for-sale debt securities (1)115,005 104,726 10,279 10 
Held-to-maturity debt securities (1)264,248 297,530 (33,282)(11)
Equity securities15,496 15,581 (85)(1)
Total loans9,036 9,096 (60)(1)
Total assets641,455 615,382 26,073 
Total deposits128,714 34,993 93,721 268 
(1)In first quarter 2023, we reclassified HTM debt securities with a fair value of $23.2 billion to AFS debt securities in connection with the adoption of ASU 2022-01 – Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method. For additional information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.
Third quarter 2023 vs. third quarter 2022
Total assets (average and period-end) increased reflecting an increase in cash and due from banks, and interest-earning deposits with banks that are managed by corporate treasury driven by an increase in issuances of certificates of deposit (CDs) and long-term debt.

Total deposits (average and period-end) increased driven by issuances of CDs.
First nine months of 2023 vs. first nine months of 2022
Total assets (average) decreased reflecting:
a decrease in cash and due from banks, and interest-earning deposits with banks that are managed by corporate treasury as a result of an increase in loans originated in the operating segments and a decrease in deposits in the operating segments, partially offset by an increase in issuances of CDs and long-term debt; and
sales of and net unrealized losses on AFS debt securities.

Total deposits (average) increased driven by issuances of CDs.
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Wells Fargo & Company


Balance Sheet Analysis
At September 30, 2023, our assets totaled $1.91 trillion, up $28.2 billion from December 31, 2022.
The following discussion provides additional information about the major components of our consolidated balance sheet. See the “Capital Management” section in this Report for information on changes in our equity.
Available-for-Sale and Held-to-Maturity Debt Securities
Table 7: Available-for-Sale and Held-to-Maturity Debt Securities
September 30, 2023December 31, 2022
($ 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)$137,265 (10,828)126,437 5.3 $121,725 (8,131)113,594 5.4 
Held-to-maturity (3)267,214 (50,287)216,927 8.7 297,059 (41,538)255,521 8.1 
Total
$404,479 (61,115)343,364 
n/a
$418,784 (49,669)369,115 
n/a
(1)Represents amortized cost of the securities, net of the allowance for credit losses of $0 and $6 million related to available-for-sale debt securities and $87 million and $85 million related to held-to-maturity debt securities at September 30, 2023, and December 31, 2022, 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 the “Balance Sheet Analysis – Available-for-Sale and Held-to-Maturity Debt Securities” section in our 2022 Form 10-K for 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 AFS and HTM debt securities decreased from December 31, 2022. Purchases of AFS and HTM debt securities were more than offset by portfolio runoff and sales of AFS debt securities.
In addition, we transferred AFS debt securities with a fair value of $3.7 billion to HTM debt securities in the first nine months of 2023 due to actions taken to reposition the overall portfolio for capital management purposes. Debt securities transferred from AFS to HTM in the first nine months of 2023 had $320 million of pre-tax unrealized losses at the time of the transfers.
Additionally, in first quarter 2023, we also reclassified HTM debt securities with an aggregate fair value of $23.2 billion and amortized cost of $23.9 billion to AFS debt securities in connection with the adoption of ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method. For additional information on our adoption of ASU 2022-01, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.
The total net unrealized losses on AFS and HTM debt securities increased from December 31, 2022 due to changes in interest rates.
At September 30, 2023, 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. 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.
Wells Fargo & Company
25


Balance Sheet Analysis (continued)

Loan Portfolios
Table 8 provides a summary of total outstanding loans by portfolio segment. Commercial loans decreased from December 31, 2022, due to decreases in both the commercial and industrial and commercial real estate loan portfolios as
paydowns exceeded originations and advances. Consumer loans decreased from December 31, 2022, as increases in the credit card portfolio were more than offset by decreases in all other consumer loan portfolios, primarily the residential mortgage loan portfolio.
Table 8: Loan Portfolios
($ in millions)Sep 30, 2023Dec 31, 2022$ Change% Change
Commercial$551,051 557,516 (6,465)(1)%
Consumer391,373 398,355 (6,982)(2)
Total loans$942,424 955,871 (13,447)(1)
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 2022 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, 2022, reflecting:
customer migration to higher yielding alternatives; and
consumer deposit outflows on consumer spending;
partially offset by:
higher time deposits driven by issuances of certificates of deposit (CDs).

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. In response to higher interest rates, our average deposit cost in third quarter 2023 increased to 1.36%, compared with 0.46% in fourth quarter 2022.
Table 9: Deposits
($ in millions)Sep 30,
2023
% of
total
deposits
Dec 31,
2022
% of
total 
deposits 
$ Change% Change
Noninterest-bearing demand deposits$384,330 28 %$458,010 33 %$(73,680)(16)%
Interest-bearing demand deposits416,962 31 428,877 31 (11,915)(3)
Savings deposits355,826 26 410,139 30 (54,313)(13)
Time deposits174,480 13 66,197 108,283 164
Interest-bearing deposits in non-U.S. offices22,412 2 20,762 1,650 
Total deposits$1,354,010 100 %$1,383,985 100 %$(29,975)(2)

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Wells Fargo & Company


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, commitments to purchase debt and equity securities, 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 Arrangements
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. For additional information, see Note 14 (Guarantees and Other Commitments) to Financial Statements in this Report.

Commitments to Purchase Debt and Equity Securities
We enter into commitments to purchase securities under resale agreements. We also may enter into commitments to purchase debt and equity securities to provide capital for customers’ funding, liquidity or other future needs. 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.
Wells Fargo & Company
27


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 2022 Form 10-K. The discussion that follows supplements our discussion of the management of certain risks contained in the “Risk Management” section in our 2022 Form 10-K.

Credit Risk Management
We define credit risk as 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’s Risk Committee has primary oversight responsibility for credit risk. A Credit Subcommittee of the Risk Committee assists the Risk Committee in providing oversight of 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 or its Credit Subcommittee.

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, 2023Dec 31, 2022
Commercial and industrial$382,527 386,806 
Commercial real estate152,486 155,802 
Lease financing16,038 14,908 
Total commercial551,051 557,516 
Residential mortgage263,174 269,117 
Credit card49,851 46,293 
Auto49,865 53,669 
Other consumer28,483 29,276 
Total consumer391,373 398,355 
Total loans$942,424 955,871 
We manage our credit risk by establishing what we believe are sound credit policies for underwriting new business, while monitoring and reviewing the performance of our existing loan portfolios. We employ various credit risk management and monitoring activities to mitigate risks associated with multiple risk factors affecting loans we hold including:
Loan concentrations and related credit quality;
Counterparty credit risk;
Economic and market conditions;
Legislative or regulatory mandates;
Changes in interest rates;
Merger and acquisition activities; and
Reputation risk.
In addition, the Company will continue to integrate climate considerations into its credit risk management activities.
Our credit risk management oversight process is governed centrally, but provides for direct management and accountability by our lines of business. Our overall credit process includes comprehensive credit policies, disciplined credit underwriting, frequent and detailed risk measurement and modeling, extensive credit training programs, and a continual loan review and audit process.
A key to our credit risk management is adherence to a well-controlled underwriting process, which we believe is appropriate for the needs of our customers as well as investors who purchase the loans or securities collateralized by the loans.
Credit Quality Overview  Table 11 provides credit quality trends.
Table 11: Credit Quality Overview
($ in millions)
Sep 30, 2023Dec 31, 2022
Nonaccrual loans
Commercial loans$4,586 1,823 
Consumer loans3,416 3,803 
Total nonaccrual loans$8,002 5,626 
Nonaccrual loans as a % of total loans0.85 %0.59 
Allowance for credit losses (ACL) for loans$15,064 13,609 
ACL for loans as a % of total loans1.60 %1.42 
Quarter ended September 30,
20232022
Net loan charge-offs as a % of:
Average commercial loans0.13 %— 
Average consumer loans0.67 0.40 
Nine months ended September 30,
20232022
Average commercial loans0.11 %— 
Average consumer loans0.60 0.36 
Additional information on our loan portfolios and our credit quality trends follows.
Significant Loan Portfolio Reviews  Our credit risk monitoring process is designed to enable early identification of developing risk and to support our determination of an appropriate allowance for credit losses. The following discussion provides additional characteristics and analysis of our significant portfolios. See Note 5 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report for more analysis and credit metric information for each of the following portfolios.

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.

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Wells Fargo & Company


We had $13.9 billion of the commercial and industrial loans and lease financing portfolio internally classified as criticized in accordance with regulatory guidance at September 30, 2023, compared with $12.6 billion at December 31, 2022. The increase was driven by the technology, telecom and media, and retail industries, partially offset by the equipment, machinery and parts manufacturing industry.
The majority of our commercial and industrial loans and lease financing portfolio is secured by short-term assets, such as accounts receivable, inventory and debt securities, as well as
long-lived assets, such as equipment and other business assets. Generally, the primary source of repayment for this portfolio is the operating cash flows of customers, with the collateral securing this portfolio representing a secondary source of repayment.
The portfolio decreased at September 30, 2023, compared with December 31, 2022, as a result of paydowns and decreased loan draws. Table 12 provides our commercial and industrial loans and lease financing by industry. The industry categories are based on the North American Industry Classification System.
Table 12: Commercial and Industrial Loans and Lease Financing by Industry
September 30, 2023December 31, 2022
($ in millions)Nonaccrual loans Loans outstanding balance% of total loans Total commitments (1)Nonaccrual loans Loans outstanding balance% of total loans Total commitments (1)
Financials except banks$10 147,362 16 %$234,838 44 147,171 15 %$229,822 
Technology, telecom and media29 26,817 363,062 31 27,767 366,340 
Real estate and construction58 25,321 355,292 73 24,478 356,393 
Retail72 20,913 250,035 47 19,487 249,334 
Equipment, machinery and parts manufacturing109 25,847 348,634 83 23,675 247,507 
Materials and commodities168 14,640 238,513 86 16,610 239,667 
Food and beverage manufacturing3 15,655 233,874 17 17,393 233,951 
Oil, gas and pipelines3 10,559 132,189 55 9,991 131,077 
Health care and pharmaceuticals20 14,985 230,199 21 14,861 230,294 
Auto related7 14,167 229,523 10 13,168 127,451 
Commercial services36 10,800 126,058 50 11,418 126,693 
Utilities1 8,099 *24,876 18 9,457 *26,899 
Diversified or miscellaneous3 7,673 *20,567 8,161 *21,498 
Entertainment and recreation19 13,212 119,806 28 13,085 118,741 
Transportation services140 8,972 *16,393 237 8,389 *16,064 
Insurance and fiduciaries1 4,964 *16,033 4,691 *15,592 
Banks 11,799 112,733 — 14,403 216,537 
Government and education29 5,675 *12,135 25 6,482 *12,590 
Agribusiness8 5,965 *11,810 24 6,180 *11,457 
Other (2)7 5,140 *12,637 13 4,847 *12,301 
Total
$723 398,565 42 %$789,207 865 401,714 42 %$790,208 
*Less than 1%.
(1)Total commitments consist of loans outstanding plus unfunded credit commitments, excluding issued letters of credit. Effective first quarter 2023, unfunded credit commitments exclude discretionary amounts where our approval or consent is required prior to any loan funding or commitment increase. Prior period balances have been revised to conform with the current period presentation. For additional information on issued letters of credit, see Note 14 (Guarantees and Other Commitments) to Financial Statements in this Report.
(2)No other single industry had total loans in excess of $3.0 billion at September 30, 2023, and $3.4 billion at December 31, 2022, respectively.
Wells Fargo & Company
29

Risk Management – Credit Risk Management (continued)

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, 2023December 31, 2022
($ 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)$ 51,630 6 %$96,902 52,254 %$97,998 
Commercial finance (3)2 53,362 6 81,544 31 53,269 76,016 
Consumer finance (4) 19,287 2 30,831 17,028 29,047 
Real estate finance (5)8 23,083 2 25,561 24,620 26,761 
Total$10 147,362 16 %$234,838 44 147,171 15 %$229,822 
(1)Total commitments consist of loans outstanding plus unfunded credit commitments. Effective first quarter 2023, unfunded credit commitments exclude discretionary amounts where our approval or consent is required prior to any loan funding or commitment increase. Prior period balances have been revised to conform with the current period presentation. 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 $7.7 billion and $7.8 billion at September 30, 2023, and December 31, 2022, 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.
Our commercial and industrial loans and lease financing portfolio included non-U.S. loans of $74.2 billion and $79.7 billion at September 30, 2023, and December 31, 2022, respectively. Significant industry concentrations of non-U.S. loans at September 30, 2023, and December 31, 2022, respectively, included:
$41.6 billion and $45.7 billion in the financials except banks industry;
$11.8 billion and $14.1 billion in the banks industry; and
$1.7 billion and $1.2 billion in the oil, gas and pipelines industry.
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Wells Fargo & Company


COMMERCIAL REAL ESTATE (CRE)  Our CRE loan portfolio is comprised of CRE mortgage and CRE construction loans. The total CRE loan portfolio decreased $3.3 billion from December 31, 2022, as paydowns exceeded originations and advances. The portfolio is diversified both geographically and by property type. The largest geographic concentrations of CRE loans are in California, New York, Florida, and Texas, which represented a combined 48% of the total CRE portfolio. The largest property type concentrations are apartments at 27% and office at 21% of the portfolio. Unfunded credit commitments were $8.2 billion and $8.8 billion at September 30, 2023, and December 31, 2022, respectively, for CRE mortgage loans and $14.6 billion and $20.7 billion, respectively, for CRE construction loans.
We generally subject CRE loans to individual risk assessment using our internal borrower and collateral quality ratings. We had $16.7 billion of CRE mortgage loans classified as criticized at
September 30, 2023, compared with $11.3 billion at December 31, 2022, and $1.3 billion of CRE construction loans classified as criticized at September 30, 2023, compared with $1.1 billion at December 31, 2022. The increase in criticized CRE loans was predominantly driven by the office and apartments property types. The credit quality of the office property type continued to be adversely affected as weakened demand for office space continued to drive higher vacancy rates and deteriorating operating performance. We continue to closely monitor this portfolio. At September 30, 2023, nearly one-third of the CRE loans in the office property type had recourse to a guarantor, typically through a repayment guarantee, in addition to the related collateral. Loans in California and New York represented approximately 40% of the office property type at September 30, 2023.
Table 13 provides our CRE loans by state and property type.

Table 13: CRE Loans by State and Property Type
September 30, 2023December 31, 2022
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$1,298 27,786  4,187 1,298 31,973 3%$36,006 34,285 39,594 
New York625 13,974  2,483 625 16,457 218,609 17,294 19,360 
Florida64 10,436  2,069 64 12,505 114,926 11,418 14,690 
Texas19 10,635  1,422 19 12,057 113,870 12,807 14,941 
Georgia31 4,904  1,024 31 5,928 *6,969 5,428 6,651 
North Carolina47 4,222  1,280 47 5,502 *6,444 5,227 6,650 
Washington341 4,144  1,309 341 5,453 *6,358 5,603 6,868 
Arizona13 4,569  568 13 5,137 *5,990 5,302 6,288 
New Jersey7 2,689  1,594 7 4,283 *5,178 4,119 5,660 
Massachusetts66 2,867 39 1,391 105 4,258 *5,172 4,094 5,324 
Other (2)1,287 42,007 26 6,926 1,313 48,933 555,749 50,225 59,294 
Total$3,798 128,233 65 24,253 3,863 152,486 16%$175,271 155,802 185,320 
By property:
Apartments$8 30,318  10,359 8 40,677 4%$49,573 39,743 51,567 
Office (3)2,790 28,846  3,355 2,790 32,201 335,242 36,144 40,827 
Industrial/warehouse29 20,017  4,372 29 24,389 327,470 20,634 24,546 
Hotel/motel217 11,981  845 217 12,826 114,396 12,751 13,758 
Retail (excl shopping center)270 11,087 2 100 272 11,187 111,848 11,753 12,486 
Shopping center183 8,373  389 183 8,762 *9,304 9,534 10,131 
Institutional224 4,311 24 1,950 248 6,261 *7,137 7,725 9,178 
Mixed use properties66 4,448 39 718 105 5,166 *5,989 5,887 7,139 
Collateral pool 2,821  46  2,867 *3,272 3,062 3,662 
Storage facility 2,627  188  2,815 *3,028 2,929 3,201 
Other11 3,404  1,931 11 5,335 *8,012 5,640 8,825 
Total$3,798 128,233 65 24,253 3,863 152,486 16 %$175,271 155,802 185,320 
*    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 40 states and non-U.S. loans. No state in Other had loans in excess of $4.3 billion and $4.1 billion at September 30, 2023, and December 31, 2022, respectively. Non-U.S. loans were $6.9 billion and $7.6 billion at September 30, 2023, and December 31, 2022, respectively.
(3)In second quarter 2023, we reclassified certain CRE loans to better align with regulatory reporting guidance, which resulted in a decrease in loans outstanding of approximately $2.0 billion to the office property type.
Wells Fargo & Company
31

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, 2023, non-U.S. loans totaled $81.3 billion, representing approximately 9% of our total consolidated loans outstanding, compared with $87.5 billion, or approximately 9% of our total consolidated loans outstanding, at December 31, 2022. Non-U.S. loans were approximately 4% and 5% of our total consolidated assets at September 30, 2023, and December 31, 2022, respectively.

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, 2023, was the United Kingdom, which totaled
$28.4 billion, or approximately 1% of our total assets, and included $4.2 billion of sovereign claims. Our United Kingdom sovereign claims arise from 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 and deposits exposure includes outstanding loans, unfunded credit commitments (excluding discretionary amounts where our approval or consent is required prior to any loan funding or commitment increase), and deposits with non-U.S. banks. These balances are presented prior to the deduction of 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. Long and short positions are netted, and net short positions are reflected as negative exposure.
Derivatives and other exposure represents foreign exchange contracts, derivative contracts, securities resale agreements, and securities lending agreements.
Table 14: Select Country Exposures
September 30, 2023

Lending and depositsSecurities Derivatives and other Total exposure
(in millions)
SovereignNon-sovereignSovereignNon-sovereignSovereignNon-sovereignSovereignNon-sovereign (1)Total
Top 20 country exposures:
United Kingdom$4,202 22,441 — 628 1,080 4,211 24,149 28,360 
Canada16,733 32 174 143 374 183 17,281 17,464 
Japan8,230 693 — 42 193 8,232 928 9,160 
Cayman Islands— 7,428 — — — 389 — 7,817 7,817 
Luxembourg— 6,755 — 52 — 244 — 7,051 7,051 
France33 4,009 263 187 533 50 829 4,246 5,075 
Ireland4,723 — 135 — 199 5,057 5,062 
Bermuda— 3,678 — 15 — 95 — 3,788 3,788 
Germany— 2,925 (33)235 — 222 (33)3,382 3,349 
Guernsey— 3,118 — — — — 3,125 3,125 
Netherlands— 2,341 — 158 — 58 — 2,557 2,557 
South Korea— 2,061 (50)367 (45)2,433 2,388 
China1,459 (73)448 162 13 97 1,920 2,017 
Australia— 1,500 — 438 — 55 — 1,993 1,993 
Chile— 1,589 — 193 — — 1,783 1,783 
Brazil— 1,467 — (7)— — 1,463 1,463 
Belgium— 1,193 — (5)— 18 — 1,206 1,206 
Norway— 1,087 — — 20 — 1,109 1,109 
Switzerland— 808 — 53 — 217 — 1,078 1,078 
India— 1,087 (48)(2)— — (48)1,085 1,037 
Total top 20 country exposures$12,486 87,095 91 3,113 854 3,243 13,431 93,451 106,882 
(1)Total non-sovereign exposure comprised $42.4 billion exposure to financial institutions and $51.1 billion to non-financial corporations at September 30, 2023.
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Wells Fargo & Company


RESIDENTIAL MORTGAGE LOANS Our residential mortgage loan portfolio is comprised of 1–4 family first and junior lien mortgage loans. Residential mortgage – first lien loans comprised 96% of the total residential mortgage loan portfolio at September 30, 2023, compared with 95% at December 31, 2022.
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 7% of total loans at both September 30, 2023, and December 31, 2022, with an initial reset date in 2025 or later for the majority of this portfolio at September 30, 2023. 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 residential mortgage – junior lien portfolio consists of residential mortgage lines of credit and loans that are subordinate in rights to an existing lien on the same property. These lines and loans may have draw periods, interest-only payments, balloon payments, adjustable rates and similar features. The outstanding balance of residential mortgage lines of credit was $15.6 billion at September 30, 2023, compared with $18.3 billion at December 31, 2022. The unfunded credit commitments for these lines of credit totaled $30.1 billion at September 30, 2023, compared with $35.5 billion at December 31, 2022. For additional information on our residential loan portfolio, see the “Risk Management – Credit Risk Management – Residential Mortgage Loans” section in our 2022 Form 10-K.
We monitor changes in real estate values and underlying economic or market conditions for all geographic areas of our
residential mortgage portfolio as part of our credit risk management process. Our periodic review of this portfolio includes original appraisals adjusted for the change in Home Price Index (HPI) or estimates from automated valuation models (AVMs) to support property values. 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 2022 Form 10-K.
Part of our credit monitoring includes tracking delinquency, current Fair Isaac Corporation (FICO) credit scores and loan/combined loan to collateral values (LTV/CLTV) on the entire residential mortgage loan portfolio. CLTV represents the ratio of the total loan balance of first and junior lien mortgages (including unused line amounts for credit line products) to property collateral value. 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 2022 Form 10-K.

Residential Mortgage – First Lien Portfolio Our residential mortgage – first lien portfolio decreased $4.1 billion from
December 31, 2022, due to loan paydowns, partially offset by originations.
Table 15 shows certain delinquency and loss information for the residential mortgage – first lien portfolio and lists the top five states by outstanding balance.
Table 15: Residential Mortgage – First Lien Portfolio Performance

Outstanding balance% of total loans% of loans 30 days
or more past due
Net loan charge-off rate quarter ended (1)
($ in millions)Sep 30,
2023
Dec 31,
2022
Sep 30,
2023
Dec 31,
2022
Sep 30,
2023
Dec 31,
2022
Sep 30,
2023
Dec 31,
2022
California (2)$110,432 110,877 11.72 %11.60 0.36 0.45 0.01 — 
New York31,495 31,753 3.34 3.32 0.70 0.80 (0.03)(0.02)
Washington10,689 10,523 1.13 1.10 0.27 0.30 (0.02)0.02 
New Jersey10,248 10,416 1.09 1.09 1.04 1.24 0.03 (0.01)
Florida10,210 10,535 1.08 1.10 1.07 1.13 (0.06)(0.14)
Other (3)70,773 72,843 7.51 7.62 0.81 0.93 0.02 — 
Total243,847 246,947 25.87 25.83 0.59 0.69  (0.01)
Government insured/guaranteed loans (4)7,831 8,860 0.83 0.93 
Total first lien mortgage portfolio$251,678 255,807 26.70 %26.76 
(1)Quarterly net charge-offs as a percentage of average respective loans are annualized.
(2)Our residential 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.
(3)Consists of 45 states; no state in Other had loans in excess of $7.5 billion and $7.7 billion at September 30, 2023, and December 31, 2022, respectively.
(4)Represents loans, substantially all of which were purchased from Government National Mortgage Association (GNMA) loan securitization pools, where the repayment of the loans is predominantly insured by the Federal Housing Administration (FHA) or guaranteed by 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.
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Risk Management – Credit Risk Management (continued)

Residential Mortgage – Junior Lien Portfolio Our residential mortgage – junior lien portfolio decreased $1.8 billion from December 31, 2022, driven by loan paydowns.
Table 16 shows certain delinquency and loss information for the residential mortgage – junior lien portfolio and lists the top five states by outstanding balance.
Table 16: Residential Mortgage – Junior Lien Portfolio Performance

Outstanding balance % of total loans
% of loans 30 days
or more past due
Net loan charge-off rate quarter ended (1)
($ in millions)Sep 30,
2023
Dec 31,
2022
Sep 30,
2023
Dec 31,
2022
Sep 30,
2023
Dec 31,
2022
Sep 30,
2023
Dec 31,
2022
California$3,159 3,550 0.34 %0.37 1.56 2.02 (0.12)(0.16)
New Jersey1,171 1,383 0.12 0.14 2.94 2.76 (0.24)0.21 
Florida967 1,165 0.10 0.12 2.33 2.69 (0.26)(0.92)
Pennsylvania708 832 0.08 0.09 2.74 2.76 (0.02)(0.01)
New York688 794 0.07 0.08 2.83 2.86 0.17 0.05 
Other (2)4,803 5,586 0.51 0.58 2.02 2.05 (0.41)(0.36)
Total junior lien mortgage portfolio$11,496 13,310 1.22 %1.38 2.11 2.27 (0.24)(0.25)
(1)Quarterly net charge-offs as a percentage of average respective loans are annualized.
(2)Consists of 45 states; no state in Other had loans in excess of $680 million and $790 million at September 30, 2023, and December 31, 2022, respectively.
CREDIT CARD, AUTO, AND OTHER CONSUMER LOANS Table 17 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 17: Credit Card, Auto, and Other Consumer Loans

September 30, 2023December 31, 2022
($ in millions)Outstanding
balance
% of
total
loans
Outstanding
balance
% of
total
loans
Credit card$49,851 5.29 %$46,293 4.84 %
Auto49,865 5.29 53,669 5.61 
Other consumer (1)28,483 3.02 29,276 3.06 
Total$128,199 13.60 %$129,238 13.51 %
(1)Includes $18.3 billion and $19.4 billion at September 30, 2023, and December 31, 2022, respectively, of commercial and consumer securities-based loans originated by the WIM operating segment.
Credit Card  The increase in the outstanding balance at September 30, 2023, compared with December 31, 2022, was primarily due to higher purchase volume and new account growth.
Auto  The decrease in the outstanding balance at September 30, 2023, compared with December 31, 2022, was due to lower origination volumes reflecting credit tightening actions and continued price competition.
Other Consumer  The decrease in the outstanding balance at September 30, 2023, compared with December 31, 2022, was due to a decline in securities-based lending.
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Wells Fargo & Company


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 2022 Form 10-K. Table 18 summarizes nonperforming assets (NPAs).
Table 18: Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)
($ in millions)Sep 30, 2023Dec 31, 2022
Nonaccrual loans:
Commercial and industrial$638 746 
Commercial real estate3,863 958 
Lease financing85 119 
Total commercial4,586 1,823 
Residential mortgage (1)3,258 3,611 
Auto126 153 
Other consumer32 39 
Total consumer3,416 3,803 
Total nonaccrual loans$8,002 5,626 
As a percentage of total loans0.85 %0.59 
Foreclosed assets:
Government insured/guaranteed (2)$14 22 
Non-government insured/guaranteed
163 115 
Total foreclosed assets
177 137 
Total nonperforming assets$8,179 5,763 
As a percentage of total loans0.87 %0.60 
(1)Residential mortgage loans predominantly insured by the FHA or guaranteed by the VA are not placed on nonaccrual status because they are insured or guaranteed.
(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 predominantly insured by the FHA or guaranteed by the VA. 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 2022 Form 10-K.
Commercial nonaccrual loans increased $2.8 billion from December 31, 2022, driven by an increase in commercial real estate nonaccrual loans, predominantly within the office property type. 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.
Consumer nonaccrual loans decreased $387 million from December 31, 2022, due to lower residential mortgage nonaccrual loans.
Wells Fargo & Company
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Risk Management – Credit Risk Management (continued)

Table 19 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 19: Analysis of Changes in Nonaccrual Loans
Quarter ended September 30,Nine months ended September 30,
(in millions)2023202220232022
Commercial nonaccrual loans
Balance, beginning of period$3,429 1,719 $1,823 2,376 
Inflows2,001 388 4,808 744 
Outflows:
Returned to accruing(87)(89)(294)(371)
Foreclosures(48)(1)(48)(20)
Charge-offs(208)(57)(538)(148)
Payments, sales and other (501)(257)(1,165)(878)
Total outflows(844)(404)(2,045)(1,417)
Balance, end of period4,586 1,703 4,586 1,703 
Consumer nonaccrual loans
Balance, beginning of period3,457 4,274 3,803 4,836 
Inflows326 374 1,009 1,376 
Outflows:
Returned to accruing(131)(496)(589)(1,411)
Foreclosures(26)(24)(77)(59)
Charge-offs (40)(55)(122)(199)
Payments, sales and other (170)(189)(608)(659)
Total outflows(367)(764)(1,396)(2,328)
Balance, end of period3,416 3,884 3,416 3,884 
Total nonaccrual loans$8,002 5,587 $8,002 5,587 
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, 2023:
99% of total commercial nonaccrual loans are secured, the majority of which are secured by real estate.
91% of commercial nonaccrual loans were current on interest and 76% 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 are secured, of which 95% are secured by real estate and 98% have a CLTV ratio of 80% or less.
$515 million of the $658 million of consumer loans in bankruptcy or discharged in bankruptcy, and classified as nonaccrual, were current.

Table 20 provides a summary of foreclosed assets and an analysis of changes in foreclosed assets.

Table 20: Foreclosed Assets
(in millions)Sep 30, 2023Dec 31, 2022
Summary by loan segment
Government insured/guaranteed$14 22 
Commercial118 65 
Consumer45 50 
Total foreclosed assets
$177 137 
(in millions)Quarter ended September 30,Nine months ended September 30,
2023202220232022
Analysis of changes in foreclosed assets
Balance, beginning of period$133 130 $137 112 
Net change in government insured/guaranteed (1)
(2)(8)
Additions to foreclosed assets (2)
175 104 433 305 
Reductions from sales and write-downs(129)(110)(385)(296)
Balance, end of period$177 125 $177 125 
(1)Foreclosed government insured/guaranteed loans are temporarily transferred to and held by us as servicer, until reimbursement is received from the FHA or the VA.
(2)Includes loans moved into foreclosed assets from nonaccrual status and repossessed autos.
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TROUBLED DEBT RESTRUCTURINGS (TDRs) In January 2023, we adopted ASU 2022-02, which eliminated the accounting and reporting guidance for TDRs. For additional information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.
At December 31, 2022, TDRs totaled $9.2 billion. The amount of our TDRs for COVID-related loan modification programs would have otherwise been higher without the TDR relief provided by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with
Customers Affected by the Coronavirus (Revised) (Interagency Statement). Customers who are unable to resume making their contractual loan payments upon exiting from these programs may require further assistance and may receive or be eligible to receive modifications. For additional information on customer accommodations, including loan modifications, in response to the COVID-19 pandemic, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2022 Form 10-K.
NET CHARGE-OFFS Table 21 presents net loan charge-offs.

Table 21: Net Loan Charge-offs
Quarter ended September 30,Nine months ended September 30,
2023202220232022
($ in millions)Net loan
charge-
offs
% of
avg.
loans (1)
Net loan
charge-
offs
% of
avg.
loans (1)
Net loan
charge-
offs
% of
avg.
loans (1)
Net loan
charge-
offs
% of
avg.
loans (1)
Commercial and industrial$93 0.10 %$13 0.01 %$255 0.09 %$17 0.01 %
Commercial real estate93 0.24 (12)(0.03)189 0.16 (21)(0.02)
Lease financing2 0.07 0.15 7 0.06 0.04 
Total commercial188 0.13 — 451 0.11 — — 
Residential mortgage(4)(0.01)(14)(0.02)(27)(0.01)(51)(0.03)
Credit card420 3.41 202 1.90 1,160 3.29 577 1.93 
Auto138 1.07 121 0.87 348 0.90 285 0.68 
Other consumer108 1.55 84 1.13 286 1.36 237 1.10 
Total consumer662 0.67 393 0.40 1,767 0.60 1,048 0.36 
Total$850 0.36 %$399 0.17 %$2,218 0.31 %$1,048 0.15 %
(1)Net loan charge-offs (recoveries) as a percentage of average loans are annualized.
The increase in commercial net loan charge-offs in third quarter 2023, compared with the same period a year ago, was driven by higher losses in our commercial and industrial and commercial real estate portfolios.
The increase in consumer net loan charge-offs in third quarter 2023, compared with the same period a year ago, was driven by higher losses in all consumer portfolios, primarily in our credit card portfolio.

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 2022 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 22 presents the allocation of the ACL for loans by loan portfolio segment and class.
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Risk Management – Credit Risk Management (continued)

Table 22: Allocation of the ACL for Loans
Sep 30, 2023Dec 31, 2022
($ 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$4,269 1.12 %40 $4,507 1.17 %40 
Commercial real estate3,842 2.52 16 2,231 1.43 16 
Lease financing199 1.24 2 218 1.46 
Total commercial8,310 1.51 58 6,956 1.25 58 
Residential mortgage (1)718 0.27 28 1,096 0.41 28 
Credit card4,021 8.07 5 3,567 7.71 
Auto1,264 2.53 5 1,380 2.57 
Other consumer751 2.64 4 610 2.08 
Total consumer6,754 1.73 42 6,653 1.67 42 
Total$15,064 1.60 %100 $13,609 1.42 %100 
Components:
Allowance for loan losses
$14,55412,985
Allowance for unfunded credit commitments
510624
Allowance for credit losses
$15,06413,609
Ratio of allowance for loan losses to total net loan charge-offs (2)4.32x8.08 
Ratio of allowance for loan losses to total nonaccrual loans1.82 2.31 
Allowance for loan losses as a percentage of total loans
1.54 %1.36 
(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, 2023.
The ratios for the allowance for loan losses and the ACL for loans presented in Table 22 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 increased $1.5 billion, or 11%, from December 31, 2022, reflecting increases for commercial real estate loans, primarily office loans, as well as for increases in credit card loan balances, partially offset by a decrease for residential mortgage loans related to the adoption of ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. For additional information on ASU 2022-02, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report. 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.
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, 2023. The base scenario assumed elevated inflation and economic contraction in the near term, reflecting declining property values and increased unemployment rates from historically low levels. The downside scenarios assumed a more substantial economic contraction due to declining property values, high inflation, and lower business and consumer confidence.
Additionally, we consider qualitative factors that represent the risk of limitations inherent in our processes and assumptions such as economic environmental factors, modeling assumptions and performance, 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, 2023, and June 30, 2023, are presented in Table 23.
Table 23: Forecasted Key Economic Variables
4Q 20232Q 20244Q 2024
Weighted blend of economic scenarios:
U.S. unemployment rate (1):
September 30, 20233.8 %4.6 5.6 
June 30, 20234.2 5.2 5.9 
U.S. real GDP (2):
September 30, 2023(0.5)(1.5)0.3 
June 30, 2023(1.5)(0.8)1.0 
Home price index (3):
September 30, 2023(1.6)(6.1)(6.8)
June 30, 2023(4.3)(5.9)(6.4)
Commercial real estate asset prices (3):
September 30, 2023(7.2)(13.8)(10.3)
June 30, 2023(12.4)(12.6)(7.2)
(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.

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We believe the ACL for loans of $15.1 billion at September 30, 2023, 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 2022 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 2022 Form 10-K.
In addition to servicing loans in our portfolio, we act as servicer and/or master servicer of residential and commercial mortgage loans included in 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. We may repurchase these loans for cash and as a result, our total consolidated assets do not change.
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, 2023, and December 31, 2022, these loans, which we have repurchased or have the unilateral option to repurchase, were $8.0 billion and $9.8 billion, respectively, which included $7.6 billion and $8.6 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 2022 Form 10-K. For additional information on mortgage banking activities, see Note 6 (Mortgage Banking Activities) to Financial Statements in this Report.
Asset/Liability Management
Asset/liability management involves evaluating, monitoring and managing interest rate risk, market risk, liquidity and funding. For information on our oversight of asset/liability risks, see the “Risk Management – Asset/Liability Management” section in our 2022 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 Company’s asset and liability cash flows primarily arising from customer-related activities such as lending and deposit-taking. We are subject to interest rate risk because:
assets and liabilities may mature or reprice at different times. If assets reprice faster than liabilities and interest rates are generally rising, earnings will initially increase or when interest rates are generally falling, earnings will initially decrease;
assets and liabilities may reprice at the same time but by different amounts;
short-term and long-term market interest rates may change by different amounts. For example, the shape of the yield curve may affect yield for new loans and funding costs differently;
the remaining maturity for various assets or liabilities may shorten or lengthen as interest rates change. For example, if long-term mortgage interest rates increase sharply, mortgage-related products may pay down at a slower rate than anticipated, which could impact portfolio income; or
interest rates may have a direct or indirect effect on loan demand, collateral values, credit losses, mortgage origination volume, and the fair value of MSRs and other financial instruments.
We assess interest rate risk by comparing outcomes under various net interest income simulations using many interest rate scenarios that differ in the direction of interest rate changes, the degree of change over time, the speed of change and the projected shape of the yield curve. These simulations 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.
Our most recent simulations, as presented in Table 24, estimate net interest income sensitivity over the next 12 months using instantaneous movements across the yield curve with both lower and higher interest rates relative to our base scenario. Steeper and flatter scenarios measure non-parallel changes in the yield curve, with long-term interest rates defined as all tenors three years and longer and short-term interest rates defined as all tenors less than three years. Where applicable, U.S. dollar interest rates are floored at 0.00%. The following describes the simulation assumptions for the scenarios presented in Table 24:
Simulations are dynamic and reflect anticipated changes to our assets and liabilities.
Other macroeconomic variables that could be correlated with the changes in interest rates are held constant.
Mortgage prepayment and origination assumptions vary across scenarios and reflect only the impact of the higher or lower interest rates.
Wells Fargo & Company
39


Risk Management – Asset/Liability Management (continued)
Our base scenario deposit forecast incorporates mix changes consistent with the base interest rate trajectory. Deposit mix is modeled to be the same in the base scenario and the alternative scenarios. In higher interest rate scenarios, customer deposit activity that shifts balances into higher yielding products could impact expected net interest income.
The interest rate sensitivity of deposits is modeled using the historical behavior of our deposits portfolio and reflects the expectations of deposit products repricing as market interest rates change (referred to as deposit betas). Our actual experience in base and alternative scenarios may differ from expectations due to the lag or acceleration of deposit repricing, changes in consumer behavior, and other factors.
We hold the size of the projected debt and equity securities portfolios constant across scenarios.
Table 24: Net Interest Income Sensitivity Over the Next 12 Months Using Instantaneous Movements
($ in billions)
Sep 30, 2023Dec 31, 2022
Parallel shift:
+100 bps shift in interest rates$2.1 2.3 
-100 bps shift in interest rates(2.1)(1.7)
Steeper yield curve:
+100 bps shift in long-term interest rates1.1 0.8 
-100 bps shift in short-term interest rates(1.1)(1.0)
Flatter yield curve:
+100 bps shift in short-term interest rates1.0 1.5 
-100 bps shift in long-term interest rates(1.0)(0.7)
The changes in our interest rate sensitivity from December 31, 2022, to September 30, 2023, in Table 24 reflected updates to our base scenario, including expectations for balance sheet composition and interest rates. 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 magnitude of the benefit, if any, from higher interest rates may vary from our simulations, including because future deposit pricing and balances may be different from our current expectations.
The sensitivity results above do not capture noninterest income or expense impacts. Our interest rate sensitive noninterest income and expense are 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 2022 Form 10-K for additional information.
Interest rate sensitive noninterest income is also impacted by changes in earnings credit for noninterest-bearing deposits that reduce treasury management deposit-related service fees on commercial accounts, and by trading assets. In addition, the impact to net interest income does not include the fair value changes of trading securities, which, along with the effects of related economic hedges, are recorded in noninterest income. In addition to changes in interest rates, net interest income and noninterest income from trading securities may be impacted by the actual composition of the trading portfolio. For additional
information on our trading assets and liabilities, see Note 2 (Trading Activities) to Financial Statements in this Report.
We use the debt securities portfolio and exchange-traded and over-the-counter (OTC) interest rate derivatives to manage our interest rate exposures. As interest rates increase, changes in the fair value of AFS debt securities may negatively affect accumulated other comprehensive income (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 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 the debt securities portfolios. We use derivatives for asset/liability management in the following main ways:
to convert the cash flows from selected asset and/or liability instruments/portfolios including certain interest-earning deposits, commercial loans and long-term debt, from floating-rate payments to fixed-rate payments, or vice versa;
to reduce AOCI sensitivity of our AFS debt securities portfolio; and
to 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.

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 and Note 6 (Mortgage Banking Activities), Note 14 (Derivatives), and Note 15 (Fair Values of Assets and Liabilities) to Financial Statements in our 2022 Form 10-K.

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
40
Wells Fargo & Company


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 and the hedge effectiveness risk associated with mortgage loans held at fair value, and impairment of private equity investments. For information on our oversight of market risk, see the “Risk Management – Asset/Liability Management – Market Risk” section in our 2022 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 businesses and, to a lesser extent, other businesses of the Company. Debt securities held for trading, equity securities held for trading, trading loans, and trading derivatives are financial instruments used in our trading activities, and all are carried at fair value. 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 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. The Company uses VaR metrics complemented with sensitivity analysis and stress testing in measuring and monitoring market risk. For additional information on our monitoring activities, sensitivity analysis and stress testing, see the “Risk Management – Asset/Liability Management – Market Risk – Trading Activities” section in our 2022 Form 10-K.
Trading VaR is the measure used to provide insight into the market risk exhibited by the Company’s trading positions. 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 25 shows the Company’s Trading General VaR by risk category. The decrease in average Company Trading General VaR for the quarter ended September 30, 2023, compared with the same period a year ago, was primarily driven by changes in portfolio composition.
Table 25: Trading 1-Day 99% General VaR by Risk Category
Quarter ended
September 30, 2023June 30, 2023September 30, 2022
(in millions)Period
end
AverageLowHighPeriod
end
AverageLowHighPeriod
end
AverageLowHigh
Company Trading General VaR Risk Categories
Credit$35 41 31 52 50 39 21 51 37 33 26 41 
Interest rate24 35 20 53 42 44 29 65 32 28 22 34 
Equity22 20 17 25 19 19 13 24 24 23 19 28 
Commodity2 3 2 4 
Foreign exchange1 1 0 1 1
Diversification benefit (1)(56)(66)(78)(72)(64)(54)
Company Trading General VaR
$28 34 38 35 36 37 
(1)The period-end VaR was less than the sum of the VaR components described above due to portfolio diversification. 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. 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 2022 Form 10-K.
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. We also have marketable equity securities that include investments relating to our venture capital activities. For additional information, 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 ensure that we can 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 asset-based 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
Wells Fargo & Company
41


Risk Management – Asset/Liability Management (continued)
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 2022 Form 10-K.
Liquidity Standards We are subject to a rule issued by the FRB, OCC and FDIC that establishes a quantitative minimum liquidity requirement consistent with the liquidity coverage ratio (LCR) established by the Basel Committee on Banking Supervision (BCBS). 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 predominantly 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, 2023, we were compliant with the NSFR requirement.

Liquidity Coverage Ratio As of September 30, 2023, the Company, Wells Fargo Bank, N.A., and Wells Fargo National Bank West exceeded the minimum LCR requirement of 100%.
Table 26 presents the Company’s quarterly average values for the daily-calculated LCR and its components calculated pursuant to the LCR rule requirements. The LCR represents average HQLA divided by average projected net cash outflows, as each is defined under the LCR rule.
Table 26: Liquidity Coverage Ratio
Average for quarter ended
(in millions, except ratio)Sep 30, 2023Jun 30, 2023Sep 30, 2022
HQLA (1):
Eligible cash$154,258121,126 125,576 
Eligible securities (2)191,606227,955 238,678 
Total HQLA345,864349,081 364,254 
Projected net cash outflows (3)280,468283,609 296,495 
LCR123 %123 123 
(1)Excludes excess HQLA at certain subsidiaries that are 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 We maintain liquidity in the form of cash, interest-earning deposits with banks, and unencumbered high-quality, liquid debt securities. These assets make up our primary sources of liquidity. Our primary sources of liquidity are substantially the same in composition as HQLA under the LCR rule; however, our primary sources of liquidity will generally
exceed HQLA calculated under the LCR rule due to the applicable haircuts to HQLA and the exclusion of excess HQLA at our subsidiary IDIs required under the LCR rule. Our primary sources of liquidity are presented in Table 27 at fair value, which also includes encumbered securities that are not included as available HQLA in the calculation of the LCR.
Table 27: Primary Sources of Liquidity
September 30, 2023December 31, 2022
(in millions)TotalEncumberedUnencumberedTotalEncumberedUnencumbered
Interest-earning deposits with banks (1)$185,901  185,901 124,561 — 124,561 
Debt securities of U.S. Treasury and federal agencies 48,347 10,649 37,698 59,570 12,080 47,490 
Federal agency mortgage-backed securities
224,014 22,660 201,354 230,881 34,151 196,730 
Total$458,262 33,309 424,953 415,012 46,231 368,781 
(1)Excludes time deposits, which are included in interest-earning deposits with banks in our consolidated balance sheet.

Our interest-earning deposits with banks are mainly on deposit with the Federal Reserve. We believe the debt securities included in Table 27 provide quick and reliable sources of liquidity through sales or by pledging to obtain financing, regardless of market conditions. Debt securities within our HTM portfolio are not intended for sale but may be pledged to obtain financing.
As of September 30, 2023, we had approximately $451.6 billion of available borrowing capacity at various Federal Home Loan Banks and the Federal Reserve Discount Window, based on collateral pledged. Although available, we do not view this borrowing capacity as a primary source of liquidity.
In addition, liquidity is also available through the sale or financing of other debt securities, including trading and/or AFS debt securities, as well as through the sale, securitization, or financing of loans, to the extent such debt securities and loans are not encumbered.

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
42
Wells Fargo & Company


and certain of its direct and indirect subsidiaries. For additional information on the IHC, see the “Regulatory Matters – ‘Living Will’ Requirements and Related Matters” section in our 2023 Second Quarter Report on Form 10-Q. 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. Deposits were 144% and 145% of total loans at September 30, 2023, and December 31, 2022, respectively.
Table 28 presents a summary of our short-term borrowings, which generally mature in less than 30 days. The balances of
federal funds purchased and securities sold under agreements to repurchase may vary over time due to client activity, our own demand for financing, and our overall mix of liabilities. For additional information on the classification of our short-term borrowings, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2022 Form 10-K. We pledge certain financial instruments that we own to collateralize repurchase agreements and other securities financings. For additional information, see the “Pledged Assets” section of
Note 15 (Pledged Assets and Collateral) to Financial Statements in this Report.
Table 28: Short-Term Borrowings
(in millions)
Sep 30, 2023Dec 31, 2022
Federal funds purchased and securities sold under agreements to repurchase$80,889 30,623 
Other short-term borrowings (1)12,441 20,522 
Total
$93,330 51,145 
(1)Includes $0.0 billion and $7.0 billion of Federal Home Loan Bank (FHLB) advances at September 30, 2023, and December 31, 2022, respectively.
We access domestic and international capital markets for long-term funding through issuances of registered debt securities, private placements 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. We issued $6.0 billion of long-term debt in October 2023. Table 29 provides the aggregate carrying value of long-term debt maturities (based on contractual payment dates) for the remainder of 2023 and the following years thereafter, as of September 30, 2023.
Table 29: Maturity of Long-Term Debt
September 30, 2023
(in millions)Remaining 20232024202520262027ThereafterTotal
Wells Fargo & Company (Parent Only)
Senior notes$2,055 8,520 14,150 23,473 7,434 62,248 117,880 
Subordinated notes74 716 951 2,600 2,306 10,776 17,423 
Junior subordinated notes— — — — 352 773 1,125 
Total long-term debt – Parent
2,129 9,236 15,101 26,073 10,092 73,797 136,428 
Wells Fargo Bank, N.A. and other bank entities (Bank)
Senior notes (1)4,001 17,508 3,561 2,659 14,132 41,864 
Subordinated notes— — 146 — 27 2,987 3,160 
Junior subordinated notes— — — — 411 — 411 
Other bank debt (2)1,334 1,862 912 622 407 2,230 7,367 
Total long-term debt – Bank
5,335 19,370 4,619 3,281 848 19,349 52,802 
Other consolidated subsidiaries
Senior notes82 400 220 — 101 805 
Total long-term debt – Other consolidated subsidiaries
82 400 220 — 101 805 
Total long-term debt$7,466 28,688 20,120 29,574 10,940 93,247 190,035 
(1)Includes $36.0 billion of FHLB advances.
(2)Primarily relates to unfunded commitments for low-income housing tax credit (LIHTC) investments. For additional information, see Note 16 (Securitizations and Variable Interest Entities) to Financial Statements in our 2022 Form 10-K.
Wells Fargo & Company
43


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 rating agencies with regard to our credit ratings during third quarter 2023.
See the “Risk Factors” section in our 2022 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, 2023, are presented in Table 30.
Table 30: Credit Ratings as of September 30, 2023
Wells Fargo & Company Wells Fargo Bank, N.A. 
Senior debt 
Short-term 
borrowings 
Long-term 
deposits 
Short-term 
borrowings 
Moody’sA1P-1Aa1P-1
S&P Global RatingsBBB+A-2A+A-1
Fitch RatingsA+F1AAF1+
DBRS MorningstarAA (low)R-1 (middle)AAR-1 (high)

44
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. Retained earnings at September 30, 2023, increased $11.3 billion from December 31, 2022, predominantly as a result of $15.7 billion of Wells Fargo net income, partially offset by $4.4 billion of common and preferred stock dividends. During the first nine months of 2023, we issued $1.0 billion of common stock, substantially all of which was issued in connection with employee compensation and benefits. In the first nine months of 2023, we repurchased 220 million shares of common stock at a cost of $9.6 billion. For additional information about capital planning, see the “Capital Planning and Stress Testing” section below.
In July 2023, we issued $1.725 billion of our Preferred Stock, Series EE. In September 2023, we redeemed all of our Preferred Stock, Series Q.

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.
On July 27, 2023, federal banking regulators issued a proposed rule that would impact the way in which risk-based capital requirements are determined 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. The new requirements would be phased in over a three-year period beginning July 1, 2025. The Company expects a significant increase in its risk-weighted assets and a net increase in its capital requirements based on an assessment of the proposed rule. The Company is considering a range of potential actions to address the impact of the proposed rule, including balance sheet and capital optimization strategies.
Table 31 and Table 32 present the risk-based capital requirements applicable to the Company under the Standardized Approach and Advanced Approach, respectively, as of September 30, 2023.
Table 31: Risk-Based Capital Requirements – Standardized Approach
2994
Table 32: Risk-Based Capital Requirements – Advanced Approach
3003
In addition to the risk-based capital requirements described in Table 31 and Table 32, 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, 2023, 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 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 stress capital buffer is calculated annually based on data that can differ over time, our stress capital buffer, and thus our risk-based capital ratio requirements under the Standardized Approach, are subject to change in future periods. Our stress capital buffer for the period October 1, 2022, through September 30, 2023, was 3.20%. Our stress capital buffer for the period October 1, 2023, through September 30, 2024, is 2.90%.

Wells Fargo & Company
45


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 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 2023. 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 33 summarizes our CET1, Tier 1 capital, total capital, RWAs and capital ratios.
Table 33: Capital Components and Ratios

Standardized ApproachAdvanced Approach
($ in millions)Required
Capital
Ratios (1)
Sep 30,
2023
Dec 31,
2022
Required
Capital
Ratios (1)
Sep 30,
2023
Dec 31,
2022
Common Equity Tier 1(A)$136,164 133,527 136,164 133,527 
Tier 1 capital(B)155,219 152,567 155,219 152,567 
Total capital(C)188,766 186,747 178,367 177,258 
Risk-weighted assets(D)1,237,122 1,259,889 1,130,775 1,112,307 
Common Equity Tier 1 capital ratio(A)/(D)9.20 %11.01 *10.60 8.50 12.04 12.00 
Tier 1 capital ratio(B)/(D)10.70 12.55 *12.11 10.00 13.73 13.72 
Total capital ratio(C)/(D)12.70 15.26 *14.82 12.00 15.77 15.94 
*Denotes the binding ratio under the Standardized and Advanced Approaches at September 30, 2023.
(1)Represents the minimum ratios required to avoid restrictions on capital distributions and discretionary bonus payments at September 30, 2023.
46
Wells Fargo & Company


Table 34 provides information regarding the calculation and composition of our risk-based capital under the Standardized and Advanced Approaches.

Table 34: Risk-Based Capital Calculation and Components
(in millions) Sep 30,
2023
Dec 31,
2022
Total equity (1)$182,373 182,213 
Effect of accounting policy change (1) 338 
Total equity (as reported)182,373 181,875 
Adjustments:
Preferred stock(19,448)(19,448)
Additional paid-in capital on preferred stock157 173 
Noncontrolling interests(1,658)(1,986)
Total common stockholders’ equity$161,424 160,614 
Adjustments:
Goodwill(25,174)(25,173)
Certain identifiable intangible assets (other than MSRs)(132)(152)
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (2)
(878)(2,427)
Applicable deferred taxes related to goodwill and other intangible assets (3)
913 890 
CECL transition provision (4)
120 180 
Other(109)(405)
Common Equity Tier 1 under the Standardized and Advanced Approaches$136,164 133,527 
Preferred stock19,448 19,448 
Additional paid-in capital on preferred stock(157)(173)
Other(236)(235)
Total Tier 1 capital under the Standardized and Advanced Approaches(A)$155,219 152,567 
Long-term debt and other instruments qualifying as Tier 219,091 20,503 
Qualifying allowance for credit losses (5)
14,921 13,959 
Other(465)(282)
Total Tier 2 capital under the Standardized Approach(B)$33,547 34,180 
Total qualifying capital under the Standardized Approach(A)+(B)$188,766 186,747 
Long-term debt and other instruments qualifying as Tier 219,091 20,503 
Qualifying allowance for credit losses (5)
4,522 4,470 
Other(465)(282)
Total Tier 2 capital under the Advanced Approach(C)$23,148 24,691 
Total qualifying capital under the Advanced Approach(A)+(C)$178,367 177,258 
(1)In first quarter 2023, we adopted ASU 2018-12. We adopted this ASU with retrospective application, which required revision of prior period financial statements. Prior period risk-based capital and certain other regulatory related metrics were not revised. For additional information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.
(2)In third quarter 2023, we sold investments in certain private equity funds. As a result, we have removed the related goodwill and other intangible assets on investments in consolidated portfolio companies.
(3)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.
(4)In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of the current expected credit loss accounting standard (CECL) on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out period in which the benefit is reduced by 25% in year one, 50% in year two and 75% in year three.
(5)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.
Table 35 provides the composition of our RWAs under the Standardized and Advanced Approaches.

Table 35: Risk-Weighted Assets

Standardized ApproachAdvanced Approach (1)
(in millions)Sep 30,
2023
Dec 31,
2022
Sep 30,
2023
Dec 31,
2022
Risk-weighted assets (RWAs):
Credit risk$1,192,380 1,218,006 766,120 757,436 
Market risk44,742 41,883 44,742 41,883 
Operational risk — 319,913 312,988 
Total RWAs$1,237,122 1,259,889 1,130,775 1,112,307 
(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. 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.
Wells Fargo & Company
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Capital Management (continued)
Table 36 provides an analysis of changes in CET1.
Table 36: Analysis of Changes in Common Equity Tier 1
(in millions)
Common Equity Tier 1 at December 31, 2022
$133,527 
Cumulative effect from change in accounting policy (1)323 
Net income applicable to common stock14,822 
Common stock dividends(3,529)
Common stock issued, repurchased, and stock compensation-related items(8,630)
Changes in accumulated other comprehensive income (loss)(2,513)
Goodwill(1)
Certain identifiable intangible assets (other than MSRs)20 
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (2)
1,549 
Applicable deferred taxes related to goodwill and other intangible assets (3)
23 
CECL transition provision (4)
(60)
Other (5)
633 
Change in Common Equity Tier 12,637 
Common Equity Tier 1 at September 30, 2023
$136,164 
(1)Effective January 1, 2023, we adopted ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. For additional information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.
(2)In third quarter 2023, we sold investments in certain private equity funds. As a result, we have removed the related goodwill and other intangible assets on investments in consolidated portfolio companies.
(3)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.
(4)In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out period in which the benefit is reduced by 25% in year one, 50% in year two and 75% in year three.
(5)Includes $338 million related to our first quarter 2023 adoption of ASU 2018-12. For additional information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.
Table 37 presents net changes in the components of RWAs under the Standardized and Advanced Approaches.
Table 37: Analysis of Changes in RWAs
(in millions)
Standardized ApproachAdvanced Approach
Risk-weighted assets (RWAs) at December 31, 2022
$1,259,889 1,112,307 
Net change in credit risk RWAs
(25,626)8,684 
Net change in market risk RWAs
2,859 2,859 
Net change in operational risk RWAs
— 6,925 
Total change in RWAs
(22,767)18,468 
RWAs at September 30, 2023$1,237,122 1,130,775 
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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 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 38 provides a reconciliation of these non-GAAP financial measures to GAAP financial measures.
Table 38: Tangible Common Equity

Balance at period-endAverage balance
Quarter endedQuarter endedNine months ended
(in millions, except ratios)Sep 30,
2023
Jun 30,
2023
Sep 30,
2022
Sep 30,
2023
Jun 30,
2023
Sep 30,
2022
Sep 30,
2023
Sep 30,
2022
Total equity $182,373 181,952 178,478 184,828184,443 183,042 184,525183,350 
Adjustments:
Preferred stock (1)(19,448)(19,448)(20,057)(20,441)(19,448)(20,057)(19,782)(20,057)
Additional paid-in capital on preferred stock (1)157 173 136 171 173 135 172 135 
Unearned ESOP shares (1) — 646  — 646  646 
Noncontrolling interests(1,658)(1,761)(2,220)(1,775)(1,924)(2,258)(1,905)(2,370)
Total common stockholders’ equity(A)161,424 160,916 156,983 162,783 163,244 161,508 163,010 161,704 
Adjustments:
Goodwill(25,174)(25,175)(25,172)(25,174)(25,175)(25,177)(25,174)(25,179)
Certain identifiable intangible assets (other than MSRs)(132)(145)(171)(137)(140)(181)(141)(199)
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (2)
(878)(2,511)(2,378)(2,539)(2,487)(2,359)(2,489)(2,352)
Applicable deferred taxes related to goodwill and other intangible assets (3)
913 905 889 910 903 886 902 855 
Tangible common equity(B)$136,153 133,990 130,151 135,843 136,345 134,677 136,108 134,829 
Common shares outstanding(C)3,637.9 3,667.7 3,795.4 N/AN/AN/AN/AN/A
Net income applicable to common stock(D)N/AN/AN/A$5,450 4,659 3,313 $14,822 9,685 
Book value per common share (A)/(C)$44.37 43.87 41.36 N/AN/AN/AN/AN/A
Tangible book value per common share(B)/(C)37.43 36.53 34.29 N/AN/AN/AN/AN/A
Return on average common stockholders’ equity (ROE)(D)/(A)N/AN/AN/A13.28 %11.45 8.14 12.16 %8.01 
Return on average tangible common equity (ROTCE)(D)/(B)N/AN/AN/A15.92 13.71 9.76 14.56 9.60 
(1)In fourth quarter 2022, we redeemed all outstanding shares of our Employee Stock Ownership Plan (ESOP) Cumulative Convertible Preferred Stock in exchange for shares of the Company's common stock. For additional information, see Note 11 (Preferred Stock) to Financial Statements in our 2022 Form 10-K.
(2)In third quarter 2023, we sold investments in certain private equity funds. As a result, we have removed the related goodwill and other intangible assets on investments in consolidated portfolio companies.
(3)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 39 presents the leverage requirements applicable to the Company as of September 30, 2023.
Table 39: Leverage Requirements Applicable to the Company
1984

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Capital Management (continued)
In addition, our IDIs are required to maintain an SLR of at least 6.00% to be considered well capitalized under applicable regulatory capital adequacy rules and maintain a minimum Tier 1 leverage ratio of 4.00%.
Table 40 presents information regarding the calculation and components of the Company’s SLR and Tier 1 leverage ratio. At September 30, 2023, each of our IDIs exceeded their applicable SLR requirements.

Table 40: Leverage Ratios for the Company
($ in millions) Quarter ended September 30, 2023
Tier 1 capital(A)$155,219 
Total average assets1,892,002 
Less: Goodwill and other permitted Tier 1 capital deductions (net of deferred tax liabilities)27,209 
Total adjusted average assets1,864,793 
Plus adjustments for off-balance sheet exposures:
Derivatives (1)54,367 
Repo-style transactions (2)4,022 
Other (3)315,842 
Total off-balance sheet exposures374,231 
Total leverage exposure(B)$2,239,024 
Supplementary leverage ratio(A)/(B)6.93 %
Tier 1 leverage ratio (4)8.32 %
(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 credit equivalent amounts of other off-balance sheet exposures not already included as derivatives and repo-style transactions exposures.
(4)The Tier 1 leverage ratio consists of Tier 1 capital divided by total average assets, excluding goodwill and certain other items as determined under the rule.
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, 2023, are presented in Table 41.
Table 41: 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.
Table 42 provides our TLAC and eligible unsecured long-term debt and related ratios.
Table 42: TLAC and Eligible Unsecured Long-Term Debt
September 30, 2023
($ in millions)TLAC (1)Regulatory Minimum (2)Eligible Unsecured Long-term DebtRegulatory Minimum
Total eligible amount$296,668136,722 
Percentage of RWAs (3)23.98 %21.50 11.05 7.50 
Percentage of total leverage exposure13.25 9.50 6.11 4.50 
(1)TLAC ratios are calculated using the CECL transition provision issued by federal banking regulators.
(2)Represents the minimum required to avoid restrictions on capital distributions and discretionary bonus payments.
(3)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, 2023, 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 stress capital buffer, 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.
As part of the annual Comprehensive Capital Analysis and Review, 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.
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Wells Fargo & Company



Securities Repurchases
From time to time the Board authorizes the Company to repurchase shares of our common stock. Although we announce when the Board authorizes share repurchases, we typically do not give any public notice before we repurchase our shares. Various factors determine the amount of our share repurchases, including our capital requirements, the number of shares we expect to issue for employee benefit plans and any acquisitions, market conditions (including the trading price of our stock), and regulatory and legal considerations, including under the FRB’s
capital plan rule. Due to the various factors that may impact the amount of our share repurchases and the fact that we tend to be in the market regularly to satisfy repurchase considerations under our capital plan, our share repurchases occur at various price levels. We may suspend share repurchase activity at any time.
At September 30, 2023, we had remaining Board authority to repurchase up to approximately $29 billion of common stock, subject to regulatory and legal conditions.
For additional information about share repurchases during third quarter 2023, see Part II, Item 2 in this Report.
Regulatory Matters
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 certain consent orders applicable to the Company, see the “Overview” section in this Report. For a discussion of other significant regulations and regulatory oversight initiatives that have affected or may affect our business, see the “Regulatory Matters” and “Risk Factors” sections in our 2022 Form 10-K and the “Regulatory Matters” section in our 2023 First and Second Quarter Reports on Form 10-Q.
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Critical Accounting Policies 
Our significant accounting policies (see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2022 Form 10-K) 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. Six 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;
the valuation of residential MSRs;
the fair value of financial instruments;
income taxes;
liability for contingent litigation losses; 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 on these policies, see the “Critical Accounting Policies” section and Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2022 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 43 provides the significant accounting updates applicable to us that have been issued by the Financial Accounting Standards Board (FASB) but are not yet effective.
Table 43: Current Accounting Developments – Issued Standards
Description and Effective DateFinancial statement impact
Accounting Standards Update (ASU) 2023-02 – Investments – Equity Method and Joint Ventures (Topic 323):
Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method
The Update, effective January 1, 2024 (with early adoption permitted), permits entities to elect to account for additional tax credit investments using the proportional amortization method. The Update requires a separate accounting policy election for each tax credit program. For any tax credit program where the proportional amortization method is elected, all investments within that program that meet eligibility criteria are required to apply the proportional amortization method. The Update also requires additional disclosures for any tax credit program where the proportional amortization method is elected.The Update eliminates the low-income housing tax credit (LIHTC)-only scope limitation of the proportional amortization method and permits entities to account for all tax credit investments made primarily for the purpose of receiving income tax credits and income tax benefits using a consistent accounting method. Under the proportional amortization method, tax credit investments are carried at amortized cost and amortized in proportion to the income tax credits and income tax benefits received. The amortization of the investment and the related income tax credits and income tax benefits are recorded in income tax expense. The Update may be adopted on either a full retrospective or modified retrospective basis and early adoption is permitted.

Upon adoption of the Update, we will identify our tax credit programs and make a separate accounting policy election as to whether to apply the proportional amortization method for each program. For any investments that will apply the proportional amortization method upon adoption of the Update, the cumulative effect of the difference between the current carrying value and the carrying value under the proportional amortization method will be recorded as an adjustment to the opening balance of retained earnings, the period of which is dependent upon which transition method is selected.

We are currently evaluating the impact of the Update on our consolidated financial statements.
Other Accounting Developments
The following Update is applicable to us but is not expected to have a material impact on our consolidated financial statements:
ASU 2022-03 – Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions
Wells Fargo & Company
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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, 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) our expectations regarding our mortgage business and any related commitments or exposures; (viii) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (ix) future common stock dividends, common share repurchases and other uses of capital; (x) our targeted range for return on assets, return on equity, and return on tangible common equity; (xi) expectations regarding our effective income tax rate; (xii) the outcome of contingencies, such as legal proceedings; (xiii) environmental, social and governance related goals or commitments; and (xiv) 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 (including the conflict in Ukraine), and any slowdown in global economic growth;
the effect of the COVID-19 pandemic, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions;
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;
developments in our mortgage banking business, including any negative effects relating to our mortgage servicing, loan modification or foreclosure practices, and any changes in industry standards, regulatory or judicial requirements, or our strategic plans for the business;
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, net interest margin and our mortgage originations, mortgage servicing rights and mortgage loans held for sale;
significant turbulence or a disruption in the capital or financial markets, which could result in, among other things, reduced investor demand for mortgage loans, a reduction in the availability of funding or increased funding costs, and declines in asset values and/or recognition of impairments 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 the retail banking sales practices matter and 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 cyber attacks;
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 U.S. tax guidance and regulations 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, 2022.
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Wells Fargo & Company


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, market conditions, capital requirements (including under Basel capital standards), common stock issuance requirements, applicable law and regulations (including federal securities laws and federal banking regulations), and other factors deemed relevant by the Company, and may be subject to regulatory approval or conditions.
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, 2022, 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.
Wells Fargo & Company
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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 2022 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, 2023, 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, 2023.
 
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 2023 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)2023202220232022
Interest income
Debt securities$4,178 3,043 $11,998 8,308 
Loans held for sale87 120 278 386 
Loans14,755 10,158 42,188 25,492 
Equity securities152 156 516 519 
Other interest income2,921 1,017 7,299 1,526 
Total interest income22,093 14,494 62,279 36,231 
Interest expense
Deposits4,608 513 11,174 754 
Short-term borrowings1,133 158 2,664 175 
Long-term debt3,039 1,553 8,243 3,325 
Other interest expense208 172 594 460 
Total interest expense8,988 2,396 22,675 4,714 
Net interest income13,105 12,098 39,604 31,517 
Noninterest income
Deposit and lending-related fees1,551 1,647 4,572 5,191 
Investment advisory and other asset-based fees2,224 2,111 6,501 6,955 
Commissions and brokerage services fees567 562 1,756 1,641 
Investment banking fees492 375 1,194 1,108 
Card fees1,098 1,119 3,229 3,260 
Mortgage banking193 324 627 1,304 
Net gains from trading and securities
1,246 872 3,263 1,642 
Other (1)381 458 1,373 1,716 
Total noninterest income7,752 7,468 22,515 22,817 
Total revenue20,857 19,566 62,119 54,334 
Provision for credit losses1,197 784 4,117 577 
Noninterest expense
Personnel8,627 8,212 26,648 25,925 
Technology, telecommunications and equipment975 798 2,844 2,473 
Occupancy724 732 2,144 2,159 
Operating losses329 2,218 828 3,467 
Professional and outside services1,310 1,235 3,843 3,831 
Advertising and promotion215 126 553 327 
Restructuring charges   5 
Other (1)933 985 2,916 2,832 
Total noninterest expense13,113 14,306 39,776 41,019 
Income before income tax expense6,547 4,476 18,226 12,738 
Income tax expense (1)811 912 2,707 2,280 
Net income before noncontrolling interests5,736 3,564 15,519 10,458 
Less: Net loss from noncontrolling interests(31)(28)(177)(64)
Wells Fargo net income (1)$5,767 3,592 $15,696 10,522 
Less: Preferred stock dividends and other317 279 874 837 
Wells Fargo net income applicable to common stock$5,450 3,313 $14,822 9,685 
Per share information
Earnings per common share$1.49 0.87 $3.99 2.54 
Diluted earnings per common share1.48 0.86 3.96 2.52 
Average common shares outstanding3,648.8 3,796.5 3,710.9 3,807.0 
Diluted average common shares outstanding3,680.6 3,825.1 3,741.6 3,838.5 
(1)In first quarter 2023, we adopted ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. For additional information, see Note 1 (Summary of Significant Accounting Policies).
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)2023202220232022
Net income before noncontrolling interests (1)$5,736 3,564 15,519 10,458 
Other comprehensive income (loss), after tax:
Net change in debt securities(1,989)(2,408)(1,935)(11,176)
Net change in derivatives and hedging activities(407)(1,111)(639)(1,174)
Defined benefit plans adjustments21 (49)63 1 
Other (1)(59)(165)(2)(205)
Other comprehensive loss, after tax(2,434)(3,733)(2,513)(12,554)
Total comprehensive income (loss) before noncontrolling interests3,302 (169)13,006 (2,096)
Less: Other comprehensive income from noncontrolling interests2 2 2 3 
Less: Net loss from noncontrolling interests(31)(28)(177)(64)
Wells Fargo comprehensive income (loss)$3,331 (143)13,181 (2,035)
(1)In first quarter 2023, we adopted ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. For additional information, see Note 1 (Summary of Significant Accounting Policies).
The accompanying notes are an integral part of these statements.
Wells Fargo & Company
59



Wells Fargo & Company and Subsidiaries
Consolidated Balance Sheet (Unaudited)
(in millions, except shares)
Sep 30,
2023
Dec 31,
2022
Assets
Cash and due from banks$30,815 34,596 
Interest-earning deposits with banks187,081 124,561 
Federal funds sold and securities purchased under resale agreements 70,431 68,036 
Debt securities:
Trading, at fair value (includes assets pledged as collateral of $58,123 and $26,932)
97,075 86,155 
Available-for-sale, at fair value (amortized cost of $137,265 and $121,725, net of allowance for credit losses)
126,437 113,594 
Held-to-maturity, at amortized cost, net of allowance for credit losses (fair value $216,927 and $255,521)
267,214 297,059 
Loans held for sale (includes $2,879 and $4,220 carried at fair value)
4,308 7,104 
Loans942,424 955,871 
Allowance for loan losses(14,554)(12,985)
Net loans927,870 942,886 
Mortgage servicing rights (includes $8,457 and $9,310 carried at fair value)
9,526 10,480 
Premises and equipment, net8,559 8,350 
Goodwill25,174 25,173 
Derivative assets 21,096 22,774 
Equity securities (includes $19,997 and $28,383 carried at fair value; and assets pledged as collateral of $1,498 and $747)
56,026 64,414 
Other assets (1)77,649 75,838 
Total assets (2)$1,909,261 1,881,020 
Liabilities
Noninterest-bearing deposits$384,330 458,010 
Interest-bearing deposits969,680 925,975 
Total deposits1,354,010 1,383,985 
Short-term borrowings (includes $195 and $181 carried at fair value)
93,330 51,145 
Derivative liabilities (1)23,463 20,067 
Accrued expenses and other liabilities (includes $22,610 and $20,290 carried at fair value) (1)
66,050 68,740 
Long-term debt (includes $1,875 and $1,346 carried at fair value)
190,035 174,870 
Total liabilities (3)1,726,888 1,698,807 
Equity
Wells Fargo stockholders’ equity:
Preferred stock – aggregate liquidation preference of $20,216 and $20,216
19,448 19,448 
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 capital60,365 60,319 
Retained earnings (1)199,287 187,968 
Accumulated other comprehensive loss (1)(15,877)(13,362)
Treasury stock, at cost – 1,843,884,672 shares and 1,648,007,022 shares
(91,215)(82,853)
Unearned ESOP shares(429)(429)
Total Wells Fargo stockholders’ equity 180,715 180,227 
Noncontrolling interests1,658 1,986 
Total equity182,373 182,213 
Total liabilities and equity$1,909,261 1,881,020 
(1)In first quarter 2023, we adopted ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. For additional information, see Note 1 (Summary of Significant Accounting Policies).
(2)Our consolidated assets at September 30, 2023, and December 31, 2022, include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Debt securities, $0 million and $71 million; Loans, $4.7 billion and $4.8 billion; All other assets, $288 million and $191 million; and Total assets, $5.0 billion and $5.1 billion, respectively.
(3)Our consolidated liabilities at September 30, 2023, and December 31, 2022, include $129 million and $201 million, respectively, of VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo.
The accompanying notes are an integral part of these statements.
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Wells Fargo & Company and Subsidiaries
Consolidated Statement of Changes in Equity (Unaudited)
Wells Fargo stockholders’ equity
Preferred stockCommon stock
($ and shares in millions)SharesAmountSharesAmountAdditional
paid-in
capital
Retained
earnings
Accumulated
other
comprehensive
income (loss)
Treasury
stock
Unearned
ESOP
shares
Noncontrolling
interests
Total
equity
Balance June 30, 2023 4.7 $19,448 3,667.7 $9,136 60,173 195,164 (13,441)(89,860)(429)1,761 181,952 
Net income (loss)5,767 (31)5,736 
Other comprehensive income (loss),
net of tax
(2,436)2 (2,434)
Noncontrolling interests(74)(74)
Common stock issued4.0 (32)203 171 
Common stock repurchased(33.8)(1,494)(1,494)
Preferred stock issued0.1 1,725 (3)1,722 
Preferred stock redeemed (1) (0.1)(1,725)19 (19)(1,725)
Common stock dividends19 (1,295)(1,276)
Preferred stock dividends(298)(298)
Stock-based compensation199 199 
Net change in deferred compensation and related plans(42)(64)(106)
Net change   (29.8) 192 4,123 (2,436)(1,355) (103)421 
Balance September 30, 20234.7 $19,448 3,637.9 $9,136 60,365 199,287 (15,877)(91,215)(429)1,658 182,373 
Balance June 30, 2022 (2)5.3 $20,057 3,793.0 $9,136 60,024 184,439 (10,568)(84,906)(646)2,262 179,798 
Net income (loss) (2)3,592 (28)3,564 
Other comprehensive income (loss),
net of tax (2)
(3,735)2 (3,733)
Noncontrolling interests (16)(16)
Common stock issued2.5 (20)131 111 
Common stock repurchased (0.1)(5)(5)
Preferred stock issued    
Preferred stock redeemed     
Common stock dividends 15 (1,153)(1,138)
Preferred stock dividends (279)(279)
Stock-based compensation188 188 
Net change in deferred compensation and related plans(11)(1)(12)
Net change  2.4  192 2,140 (3,735)125  (42)(1,320)
Balance September 30, 20225.3 $20,057 3,795.4 $9,136 60,216 186,579 (14,303)(84,781)(646)2,220 178,478 
(1)Represents the impact of the redemption of Preferred Stock, Series Q, in third quarter 2023.
(2)In first quarter 2023, we adopted ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. For additional information, see Note 1 (Summary of Significant Accounting Policies).
The accompanying notes are an integral part of these statements.
Wells Fargo & Company
61



Wells Fargo & Company and Subsidiaries
Consolidated Statement of Changes in Equity (Unaudited)
Wells Fargo stockholders’ equity
Preferred stockCommon stock
($ and shares in millions)SharesAmountSharesAmountAdditional
paid-in
capital
Retained
earnings
Accumulated
other
comprehensive
income (loss)
Treasury
stock
Unearned
ESOP
shares
Noncontrolling
interests
Total
equity
Balance December 31, 2022 (1)4.7 $19,448 3,833.8 $9,136 60,319 187,968 (13,362)(82,853)(429)1,986 182,213 
Cumulative effect from change in accounting policy (2)323 323 
Balance January 1, 20234.7 19,448 3,833.8 9,136 60,319 188,291 (13,362)(82,853)(429)1,986 182,536 
Net income (loss)15,696 (177)15,519 
Other comprehensive income (loss),
net of tax
(2,515)2 (2,513)
Noncontrolling interests(153)(153)
Common stock issued24.5  (236)1,267 1,031 
Common stock repurchased(220.4)(9,586)(9,586)
Preferred stock issued0.1 1,725 (3)1,722 
Preferred stock redeemed (3) (0.1)(1,725)19 (19)(1,725)
Common stock dividends61 (3,590)(3,529)
Preferred stock dividends(855)(855)
Stock-based compensation910 910 
Net change in deferred compensation and related plans(941)(43)(984)
Net change   (195.9) 46 10,996 (2,515)(8,362) (328)(163)
Balance September 30, 20234.7 $19,448 3,637.9 $9,136 60,365 199,287 (15,877)(91,215)(429)1,658 182,373 
Balance December 31, 20215.3 $20,057 3,885.8 $9,136 60,196 180,322 (1,702)(79,757)(646)2,504 190,110 
Cumulative effect from change in accounting policy (1)(176)(44)(1)(221)
Balance January 1, 20225.3 20,057 3,885.8 9,136 60,196 180,146 (1,746)(79,757)(646)2,503 189,889 
Net income (loss) (1)10,522 (64)10,458 
Other comprehensive income (loss),
net of tax (1)
(12,557)3 (12,554)
Noncontrolling interests (222)(222)
Common stock issued19.9  (163)990 827 
Common stock repurchased (110.3)(6,027)(6,027)
Preferred stock issued    
Preferred stock redeemed      
Common stock dividends 44 (3,089)(3,045)
Preferred stock dividends (837)(837)
Stock-based compensation834 834 
Net change in deferred compensation and related plans(858)13 (845)
Net change  (90.4) 20 6,433 (12,557)(5,024) (283)(11,411)
Balance September 30, 20225.3 $20,057 3,795.4 $9,136 60,216 186,579 (14,303)(84,781)(646)2,220 178,478 
(1)In first quarter 2023, we adopted ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. For additional information, see Note 1 (Summary of Significant Accounting Policies).
(2)Effective January 1, 2023, we adopted ASU 2022-02 – Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. For additional information, see Note 1 (Summary of Significant Accounting Policies).
(3)Represents the impact of the redemption of Preferred Stock, Series Q, in third quarter 2023.
The accompanying notes are an integral part of these statements.
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Wells Fargo & Company and Subsidiaries
Consolidated Statement of Cash Flows (Unaudited)
Nine months ended September 30,
(in millions)20232022
Cash flows from operating activities:
Net income before noncontrolling interests (1)$15,519 10,458 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses4,117 577 
Changes in fair value of MSRs and LHFS carried at fair value188 (1,550)
Depreciation, amortization and accretion 4,777 5,253 
Deferred income tax expense (1)
738 476 
Other, net(53)(18,274)
Originations and purchases of loans held for sale(23,012)(59,971)
Proceeds from sales of and paydowns on loans originally classified as held for sale20,340 54,904 
Net change in:
Debt and equity securities, held for trading2,656 29,988 
Derivative assets and liabilities (1)4,684 4,329 
Other assets(6,184)(10,673)
Other accrued expenses and liabilities (1)(1,614)4,286 
Net cash provided by operating activities22,156 19,803 
Cash flows from investing activities:
Net change in:
Federal funds sold and securities purchased under resale agreements
(2,704)10,383 
Available-for-sale debt securities:
Proceeds from sales13,992 16,894 
Paydowns and maturities10,730 16,824 
Purchases(21,480)(38,834)
Held-to-maturity debt securities:
Paydowns and maturities13,880 22,807 
Purchases(4,225)(2,360)
Equity securities, not held for trading:
Proceeds from sales and capital returns1,680 3,732 
Purchases(3,407)(4,474)
Loans:
Loans originated by banking subsidiaries, net of principal collected8,477 (63,298)
Proceeds from sales of loans originally classified as held for investment3,147 10,934 
Purchases of loans(1,365)(504)
Principal collected on nonbank entities’ loans3,748 3,869 
Loans originated by nonbank entities(3,053)(3,044)
Other, net854 521 
Net cash provided (used) by investing activities20,274 (26,550)
Cash flows from financing activities:
Net change in:
Deposits(29,975)(84,324)
Short-term borrowings42,185 13,801 
Long-term debt:
Proceeds from issuance33,444 36,090 
Repayment(16,248)(17,192)
Preferred stock:
Proceeds from issuance1,722  
Redeemed(1,725) 
Cash dividends paid(796)(777)
Common stock:
Repurchased(9,501)(6,027)
Cash dividends paid(3,524)(3,040)
Other, net(453)(559)
Net cash provided (used) by financing activities
15,129 (62,028)
Net change in cash, cash equivalents, and restricted cash57,559 (68,775)
Cash, cash equivalents, and restricted cash at beginning of period (2)159,157 234,230 
Cash, cash equivalents, and restricted cash at end of period (2)$216,716 165,455 
Supplemental cash flow disclosures:
Cash paid for interest$20,882 4,264 
Net cash paid (refunded) for income taxes(1,936)3,863 
(1)In first quarter 2023, we adopted ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. For additional information, see Note 1 (Summary of Significant Accounting Policies).
(2)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. See Note 1 (Summary of Significant Accounting Policies) for noncash activities.
Wells Fargo & Company
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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 diversified financial services company. We provide banking, investment and mortgage products and services, as well as consumer and commercial finance, through banking locations and offices, the internet and other distribution channels to individuals, businesses and institutions in all 50 states, the District of Columbia, 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. We also hold a majority interest in a real estate investment trust, which has publicly traded preferred stock outstanding.
Our accounting and reporting policies conform with U.S. generally accepted accounting principles (GAAP) and practices in the financial services industry. For 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, 2022 (2022 Form 10-K). There were no material changes to these policies in the first nine months of 2023.
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));
valuations of residential mortgage servicing rights (MSRs) (Note 6 (Mortgage Banking Activities) and Note 13 (Securitizations and Variable Interest Entities));
valuations of financial instruments (Note 12 (Fair Values of Assets and Liabilities));
liabilities for contingent litigation losses (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 2022 Form 10-K.

Accounting Standards Adopted in 2023
In 2023, we adopted the following new accounting guidance:
Accounting Standards Update (ASU) 2022-02, Financial InstrumentsCredit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures
ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method
ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers
ASU 2018-12, Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts and subsequent related updates

ASU 2022-02 eliminates the accounting and reporting for troubled debt restructurings (TDRs) by creditors and introduces new required disclosures for loan modifications made to borrowers experiencing financial difficulty. The new required disclosures include information about modifications granted to borrowers experiencing financial difficulty in the form of principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions, or a combination of these modifications. The ASU also requires new disclosures for the financial effects of these modifications and for loan performance in the twelve months following the modification. The Update also amends the guidance for vintage disclosures to require disclosure of current period gross charge-offs by year of origination. See Note 5 (Loans and Related Allowance for Credit Losses) for additional information related to the new disclosures for loan modifications to borrowers experiencing financial difficulty and for gross charge-offs by year of origination, which are provided on a prospective basis.
The Update eliminates the requirement to use a discounted cash flow (DCF) approach to measure the allowance for credit losses (ACL) for TDRs and instead allows for the use of a current expected credit loss approach for all loans. Under a current expected credit loss approach, the impact of loan modifications and the subsequent performance of modified loans, including defaults, is reflected in the historical loss data used to calculate expected lifetime credit losses. Upon adoption on January 1, 2023, we discontinued utilizing a DCF approach to measure credit impairment for consumer loans and certain commercial loans previously modified in a TDR and we removed the interest concession component recognized in the ACL. We elected to apply the modified-retrospective transition approach method, resulting in a cumulative effect adjustment to retained earnings upon adoption, which reflects the difference between the pre-modification and post-modification effective interest rates that would have been recognized over the remaining life of the loans as interest income. Upon adoption, we recognized a decrease in our ACL of $429 million, pre-tax, and an increase to our retained earnings of $323 million, after tax. We continue to use a DCF approach for certain non-accruing, non-collateral dependent commercial loans.


64
Wells Fargo & Company


ASU 2022-01 establishes the portfolio layer method, which expands an entity's ability to achieve fair value hedge accounting for interest rate risk hedges of closed portfolios of financial assets. The Update also provides guidance on the accounting for hedged item basis adjustments under the portfolio layer method.
We adopted ASU 2022-01 on January 1, 2023 on a prospective basis. No cumulative effect adjustment to the opening balance of stockholders’ equity was required upon adoption, as impacts to us were reflected prospectively. The portfolio layer method improves our ability to use derivatives to hedge interest rate risk exposures associated with portfolios of financial assets, such as fixed-rate available-for-sale (AFS) debt securities and loans. The Update allows us to hedge a larger proportion of these portfolios by expanding the number and type of derivatives permitted as eligible hedges, as well as by increasing the scope of eligible hedged items to include both prepayable and nonprepayable assets. Unlike other fair value hedging relationships where basis adjustments adjust the carrying amount of the individual hedged item, basis adjustments related to active portfolio layer method hedges are maintained at a portfolio level and not allocated to the individual assets in the portfolio.
Upon adoption, any election to designate portfolio layer method hedges is applied prospectively. Additionally, the Update permits a one-time reclassification of debt securities from held-to-maturity (HTM) to AFS classification as long as the securities are designated in a portfolio layer method hedge no later than 30 days after the adoption date.
In January 2023, we reclassified fixed-rate debt securities with an aggregate fair value of $23.2 billion and amortized cost of $23.9 billion from HTM to AFS and designated interest rate swaps with notional amounts of $20.1 billion as fair value hedges using the portfolio layer method. The transfer of debt securities was recorded at fair value and resulted in approximately $566 million of unrealized losses associated with AFS debt securities being recorded to other comprehensive income, net of deferred taxes.
See Note 3 (Available-for-Sale and Held-to-Maturity Debt Securities) for additional information about the Company's portfolio layer method hedge basis adjustments and HTM to AFS transfers in connection with adoption of the Update and Note 11 (Derivatives) for disclosures regarding our portfolio layer method hedging relationships.

ASU 2021-08 amends Accounting Standards Codification (ASC) 805 – Business Combinations to require entities to recognize and measure contract assets and contract liabilities in a business combination in accordance with ASC 606 – Revenue Recognition. Prior to ASU 2021-08, there was diversity in practice related to recognition treatment, and acquirers generally measured such items at acquisition date fair value. We adopted this Update prospectively on January 1, 2023. This Update did not have a material impact to our consolidated financial statements.
ASU 2018-12 changes the accounting for long-duration insurance contracts or contract features that provide benefits to the policyholder in addition to the policyholder’s account value. These features, which the ASU defines as market risk benefits, protect the policyholder to some degree from capital markets risk and expose the insurer or reinsurer to that risk. The ASU requires all market risk benefits to be measured at fair value through earnings with changes in fair value attributable to our own credit risk recognized in other comprehensive income. We reinsure certain variable annuity products for a limited number of insurance clients with guaranteed minimum benefits which are accounted for as market risk benefits under the ASU. Our reinsurance business is no longer entering into new contracts.
We utilize a discounted cash flow model to value our market risk benefits. Market risk benefits are level 3 fair value liabilities because they are valued using significant unobservable inputs. The fair value of our market risk benefits is sensitive to changes in fixed income and equity markets, as well as policyholder behavior (e.g., withdrawals, lapses, utilization rate) and changes in mortality assumptions. Beginning first quarter 2023, we use derivative instruments, where feasible, to economically hedge the interest rate and equity markets volatility. The fair value of market risk benefits is measured at the contract level and is recognized in accrued expenses and other liabilities. We recognize changes in fair value for our market risk benefits, excluding the change in fair value related to our own credit risk, in noninterest income along with the changes in fair value of economic hedges. Changes in fair value attributable to our own credit risk are recorded in other comprehensive income. Upon adoption on January 1, 2023, as required under the ASU, we implemented the accounting changes for market risk benefits retrospectively, to the earliest period presented, which resulted in an after-tax cumulative effect adjustment to reduce retained earnings and accumulated other comprehensive income by $176 million and $44 million, respectively, as of January 1, 2022.
The ASU also requires more frequent updates for insurance assumptions, mandates the use of a standardized discount rate for traditional long-duration contracts, and simplifies the amortization of deferred acquisition costs. The accounting changes for the liability of future policyholder benefits for traditional long-duration contracts (included in accrued expenses and other liabilities) and deferred acquisition costs (included in other assets) did not have a material impact upon adoption.
Table 1.1 presents the impact of adoption to prior period financial statement line items within our consolidated statement of income and consolidated balance sheet for the three and nine months ended September 30, 2022, and as of December 31, 2022. These adjustments are also reflected in our consolidated statement of changes in equity and consolidated statement of cash flows.


Wells Fargo & Company
65


Note 1: Summary of Significant Accounting Policies (continued)
Table 1.1: Impact of Adoption of ASU 2018-12
Quarter ended September 30, 2022
Nine months ended September 30, 2022
($ in millions, except per share amounts)As reportedEffect of adoptionAs revisedAs reportedEffect of adoptionAs revised
Selected Income Statement Data
Noninterest income$7,407 61 7,468 22,608 209 22,817 
Noninterest expense14,327 (21)14,306 41,080 (61)41,019 
Income tax expense894 18 912 2,214 66 2,280 
Net income 3,528 64 3,592 10,318 204 10,522 
Diluted earnings per common share0.85 0.01 0.86 2.47 0.05 2.52 
At December 31, 2022
As reportedEffect of adoptionAs revised
Selected Balance Sheet Data
Other assets $75,834 4 75,838 
Derivative liabilities20,085 (18)20,067 
Accrued expenses and other liabilities69,056 (316)68,740 
Retained earnings187,649 319 187,968 
Accumulated other comprehensive income (loss)(13,381)19 (13,362)
Table 1.2 presents the transition adjustments required upon the adoption of ASU 2018-12 as of January 1, 2021.
Table 1.2: Transition Adjustment of ASU 2018-12
Dec 31,
2020
Transition adjustment upon adoptionJan 1, 2021
Selected Balance Sheet Data
Other assets $87,337 159 87,496 
Derivative liabilities16,509 (27)16,482 
Accrued expenses and other liabilities74,360 903 75,263 
Retained earnings162,683 (738)161,945 
Accumulated other comprehensive income194 20 214 
Supplemental Cash Flow Information
Significant noncash activities are presented in Table 1.3.
Table 1.3: Supplemental Cash Flow Information
Nine months ended September 30,
(in millions)20232022
Available-for-sale debt securities purchased from securitization of LHFS$ 1,506 
Held-to-maturity debt securities purchased from securitization of LHFS87 732 
Transfers from loans to LHFS968 6,820 
Transfers from available-for-sale debt securities to held-to-maturity debt securities3,687 48,591 
Transfers from held-to-maturity debt securities to available-for-sale debt securities (1)23,919  
(1)In first quarter 2023, we reclassified HTM debt securities to AFS debt securities in connection with the adoption of ASU 2022-01.

Subsequent Events
We have evaluated the effects of events that have occurred subsequent to September 30, 2023, and there have been no material events that would require recognition in our third quarter 2023 consolidated financial statements or disclosure in the Notes to the consolidated financial statements.
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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,
2023
Dec 31,
2022
Trading assets:
Debt securities$97,075 86,155 
Equity securities18,286 26,910 
Loans held for sale1,440 1,466 
Gross trading derivative assets84,295 77,148 
Netting (1)(63,502)(54,922)
Total trading derivative assets20,793 22,226 
Total trading assets137,594 136,757 
Trading liabilities:
Short sale and other liabilities22,742 20,304 
Long-term debt1,875 1,346 
Gross trading derivative liabilities85,283 77,698 
Netting (1)(62,938)(59,232)
Total trading derivative liabilities22,345 18,466 
Total trading liabilities$46,962 40,116 
(1)Represents balance sheet netting for trading derivative asset and liability balances, and trading portfolio level counterparty valuation adjustments.
Table 2.2 provides a summary of the net interest income earned from trading securities, and net gains and losses due to the realized and unrealized gains and losses from trading activities.
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)2023202220232022
Interest income:
Debt securities$1,056 626 $2,747 1,723 
Equity securities63 108 268 367 
Loans held for sale24 10 65 30 
Total interest income1,143 744 3,080 2,120 
Less: Interest expense163 153 467 443 
Net interest income980 591 2,613 1,677 
Net gains (losses) from trading activities (1):
Debt securities(2,935)(3,551)(2,033)(10,302)
Equity securities(388)(1,393)2,951 (5,823)
Loans held for sale8 3 33 13 
Long-term debt6 34 (15)57 
Derivatives (2)4,574 5,807 2,793 17,619 
Total net gains from trading activities1,265 900 3,729 1,564 
Total trading-related net interest and noninterest income$2,245 1,491 $6,342 3,241 
(1)Represents realized gains (losses) from our trading activities and unrealized gains (losses) due to changes in fair value of our trading positions.
(2)Excludes economic hedging of mortgage banking and asset/liability management activities, for which hedge results (realized and unrealized) are reported with the respective hedged activities.

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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).
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. The interest income reversed in the third quarter and first nine months of both 2023 and 2022 was insignificant.
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, 2023
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies$48,499 1 (2,157)(2,156)46,343 
Non-U.S. government securities163    163 
Securities of U.S. states and political subdivisions (2)20,975 4 (1,357)(1,353)19,622 
Federal agency mortgage-backed securities62,014 1 (7,475)(7,474)54,540 
Non-agency mortgage-backed securities (3)2,948  (145)(145)2,803 
Collateralized loan obligations1,834  (13)(13)1,821 
Other debt securities1,112 49 (16)33 1,145 
Total available-for-sale debt securities, excluding portfolio level basis adjustments137,545 55 (11,163)(11,108)126,437 
Portfolio level basis adjustments (4)(280)280  
Total available-for-sale debt securities137,265 55 (11,163)(10,828)126,437 
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies3,790  (1,786)(1,786)2,004 
Securities of U.S. states and political subdivisions18,862  (4,716)(4,716)14,146 
Federal agency mortgage-backed securities212,805  (43,331)(43,331)169,474 
Non-agency mortgage-backed securities (3)1,284 7 (164)(157)1,127 
Collateralized loan obligations28,747 36 (198)(162)28,585 
Other debt securities1,726  (135)(135)1,591 
Total held-to-maturity debt securities267,214 43 (50,330)(50,287)216,927 
Total$404,479 98 (61,493)(61,115)343,364 
December 31, 2022
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies$47,536 9 (2,260)(2,251)45,285 
Non-U.S. government securities162    162 
Securities of U.S. states and political subdivisions (2)10,958 20 (533)(513)10,445 
Federal agency mortgage-backed securities53,302 2 (5,167)(5,165)48,137 
Non-agency mortgage-backed securities (3)3,423 1 (140)(139)3,284 
Collateralized loan obligations4,071  (90)(90)3,981 
Other debt securities2,273 75 (48)27 2,300 
Total available-for-sale debt securities121,725 107 (8,238)(8,131)113,594 
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies16,202  (1,917)(1,917)14,285 
Securities of U.S. states and political subdivisions30,985 8 (4,385)(4,377)26,608 
Federal agency mortgage-backed securities216,966 30 (34,252)(34,222)182,744 
Non-agency mortgage-backed securities (3)1,253  (147)(147)1,106 
Collateralized loan obligations29,926 1 (727)(726)29,200 
Other debt securities1,727  (149)(149)1,578 
Total held-to-maturity debt securities297,059 39 (41,577)(41,538)255,521 
Total$418,784 146 (49,815)(49,669)369,115 
(1)Represents amortized cost of the securities, net of the ACL of $0 and $6 million related to AFS debt securities at September 30, 2023, and December 31, 2022, respectively, and $87 million and $85 million related to HTM debt securities at September 30, 2023, and December 31, 2022, 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 $5.5 billion at September 30, 2023, and $5.1 billion at December 31, 2022.
(3)Predominantly consists of commercial mortgage-backed securities at both September 30, 2023, and December 31, 2022.
(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).
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Table 3.2 details the breakout of purchases of and transfers to HTM debt securities by major category of security. The table excludes the transfer of HTM debt securities with a fair value of $23.2 billion to AFS debt securities in first quarter 2023 in
connection with the adoption of ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method. For additional information, see Note 1 (Summary of Significant Accounting Policies).

Table 3.2: Held-to-Maturity Debt Securities Purchases and Transfers
Quarter ended September 30,Nine months ended September 30,
(in millions)2023202220232022
Purchases of held-to-maturity debt securities (1):
Securities of U.S. states and political subdivisions
$  $ 843 
Federal agency mortgage-backed securities  4,225 2,051 
Non-agency mortgage-backed securities39 39 87 198 
Total purchases of held-to-maturity debt securities
39 39 4,312 3,092 
Transfers from available-for-sale debt securities to held-to-maturity debt securities (2):
Federal agency mortgage-backed securities 5,550 3,687 48,591 
Total transfers from available-for-sale debt securities to held-to-maturity debt securities$ 5,550 $3,687 48,591 
(1)Inclusive of securities purchased but not yet settled and noncash purchases from securitization of loans held for sale (LHFS).
(2)Represents fair value as of the date of the transfers. Debt securities transferred from available-for-sale to held-to-maturity had pre-tax unrealized losses recorded in AOCI of $0 and $320 million in the third quarter and first nine months of 2023, respectively, and $456 million and $4.3 billion in the third quarter and first nine months of 2022, respectively, at the time of the transfers.
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)2023202220232022
Interest income (1):
Available-for-sale
$1,332 777 $3,918 2,162 
Held-to-maturity
1,790 1,640 5,333 4,423 
Total interest income 3,122 2,417 9,251 6,585 
Provision for credit losses:
Available-for-sale
8 (2)(31)2 
Held-to-maturity
11 13 2 (1)
Total provision for credit losses19 11 (29)1 
Realized gains and losses (2):
Gross realized gains28 27 34 276 
Gross realized losses(22)(21)(24)(125)
Net realized gains $6 6 $10 151 
(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.
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, 2023, and December 31, 2022.
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.

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Note 3:  Available-for-Sale and Held-to-Maturity Debt Securities (continued)
Table 3.4: Investment Grade Debt Securities
Available-for-SaleHeld-to-Maturity
($ in millions)Fair value % investment gradeAmortized cost% investment grade
September 30, 2023
Total portfolio (1)$126,437 99 %$267,301 99 %
Breakdown by category:
Securities of U.S. Treasury and federal agencies (2)$100,883 100 %$216,594 100 %
Securities of U.S. states and political subdivisions19,622 99 18,873 100 
Collateralized loan obligations (3)1,821 100 28,781 100 
All other debt securities (4)4,111 95 3,053 62 
December 31, 2022
Total portfolio (1)$113,594 99 %$297,144 99 %
Breakdown by category:
Securities of U.S. Treasury and federal agencies (2)$93,422 100 %$233,169 100 %
Securities of U.S. states and political subdivisions10,445 99 31,000 100 
Collateralized loan obligations (3)3,981 100 29,972 100 
All other debt securities (4)5,746 89 3,003 63 
(1)99% were rated AA- and above at both September 30, 2023, and December 31, 2022.
(2)Includes federal agency mortgage-backed securities.
(3)100% were rated AA- and above at both September 30, 2023, and December 31, 2022.
(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, 2023, and December 31, 2022. Net charge-offs on debt securities were insignificant in the third quarter and first nine months of both 2023 and 2022.
Purchased debt securities with credit deterioration (PCD) are not considered to be in nonaccrual status, as payments from
issuers of these securities remain current. PCD securities were insignificant in the third quarter and first nine months of both 2023 and 2022.

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 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, 2023
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies
$(365)13,072 (1,792)32,149 (2,157)45,221 
Securities of U.S. states and political subdivisions
(827)10,208 (530)3,381 (1,357)13,589 
Federal agency mortgage-backed securities(723)14,256 (6,752)40,241 (7,475)54,497 
Non-agency mortgage-backed securities(2)40 (143)2,748 (145)2,788 
Collateralized loan obligations
  (13)1,799 (13)1,799 
Other debt securities(2)135 (14)447 (16)582 
Total available-for-sale debt securities$(1,919)37,711 (9,244)80,765 (11,163)118,476 
December 31, 2022
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies
$(291)9,870 (1,969)27,899 (2,260)37,769 
Securities of U.S. states and political subdivisions
(72)2,154 (461)2,382 (533)4,536 
Federal agency mortgage-backed securities(3,580)39,563 (1,587)8,481 (5,167)48,044 
Non-agency mortgage-backed securities(43)1,194 (97)2,068 (140)3,262 
Collateralized loan obligations
(65)3,195 (25)786 (90)3,981 
Other debt securities(31)1,591 (17)471 (48)2,062 
Total available-for-sale debt securities$(4,082)57,567 (4,156)42,087 (8,238)99,654 
(1)Excludes portfolio level basis adjustments.
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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 2022 Form 10-K.
Contractual Maturities
Table 3.6 and Table 3.7 show the remaining contractual maturities, amortized cost, net of the ACL, fair value and weighted average effective yields of AFS and HTM debt securities, respectively. The remaining contractual principal maturities for mortgage-backed securities (MBS) do not consider prepayments. Remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature.
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, 2023
Available-for-sale debt securities (1)(2): 
Securities of U.S. Treasury and federal agencies
Amortized cost, net$48,499 14,934 28,319 3,901 1,345 
Fair value46,343 14,603 26,888 3,590 1,262 
Weighted average yield1.60 %1.70 1.58 1.47 1.44 
Non-U.S. government securities
Amortized cost, net$163 2 137 24  
Fair value163 2 137 24  
Weighted average yield4.73 %5.80 4.61 5.34  
Securities of U.S. states and political subdivisions
Amortized cost, net$20,975 1,581 4,741 4,922 9,731 
Fair value19,622 1,573 4,667 4,460 8,922 
Weighted average yield3.05 %3.60 3.54 3.04 2.72 
Federal agency mortgage-backed securities
Amortized cost, net$62,014 4 183 764 61,063 
Fair value54,540 3 175 692 53,670 
Weighted average yield3.66 %3.05 1.99 2.55 3.68 
Non-agency mortgage-backed securities
Amortized cost, net$2,948   59 2,889 
Fair value2,803   28 2,775 
Weighted average yield5.32 %  3.38 5.36 
Collateralized loan obligations
Amortized cost, net$1,834   1,409 425 
Fair value1,821   1,401 420 
Weighted average yield6.96 %  6.97 6.94 
Other debt securities
Amortized cost, net$1,112 5 52 704 351 
Fair value1,145 5 52 704 384 
Weighted average yield6.81 %7.33 5.75 6.47 7.62 
Total available-for-sale debt securities
Amortized cost, net$137,545 16,526 33,432 11,783 75,804 
Fair value126,437 16,186 31,919 10,899 67,433 
Weighted average yield2.94 %1.88 1.86 3.16 3.62 
(1)Weighted average yields displayed by maturity bucket are weighted based on amortized cost without effect for any related hedging derivatives and are shown pre-tax.
(2)Amortized cost, net excludes portfolio level basis adjustments of $(280) million.
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Note 3:  Available-for-Sale and Held-to-Maturity Debt Securities (continued)
Table 3.7: Contractual Maturities – Held-to-Maturity Debt Securities
By remaining contractual maturity ($ in millions) TotalWithin
one year
After
one year
through
five years
After
five years
through
ten years
After
ten years
September 30, 2023
Held-to-maturity debt securities (1): 
Securities of U.S. Treasury and federal agencies
Amortized cost, net$3,790    3,790 
Fair value2,004    2,004 
Weighted average yield
1.58 %   1.58 
Securities of U.S. states and political subdivisions
Amortized cost, net$18,862 276 485 716 17,385 
Fair value14,146 274 458 656 12,758 
Weighted average yield
2.37 %2.67 1.65 2.79 2.37 
Federal agency mortgage-backed securities
Amortized cost, net$212,805    212,805 
Fair value169,474    169,474 
Weighted average yield
2.36 %   2.36 
Non-agency mortgage-backed securities
Amortized cost, net$1,284  40 36 1,208 
Fair value1,127  42 34 1,051 
Weighted average yield
3.25 % 4.17 4.34 3.18 
Collateralized loan obligations
Amortized cost, net$28,747  30 15,092 13,625 
Fair value28,585  31 15,051 13,503 
Weighted average yield
6.99 % 7.28 7.09 6.88 
Other debt securities
Amortized cost, net$1,726  1,726   
Fair value1,591  1,591   
Weighted average yield4.47 % 4.47   
Total held-to-maturity debt securities
Amortized cost, net$267,214 276 2,281 15,844 248,813 
Fair value216,927 274 2,122 15,741 198,790 
Weighted average yield
2.87 %2.67 3.91 6.89 2.60 
(1)Weighted average yields displayed by maturity bucket are weighted based on amortized cost, excluding unamortized basis adjustments related to the transfer of certain debt securities from AFS to HTM, and are shown pre-tax.
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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,
2023
Dec 31,
2022
Held for trading at fair value:
Marketable equity securities $7,620 17,180 
Nonmarketable equity securities (1)10,666 9,730 
Total equity securities held for trading (2)18,286 26,910 
Not held for trading:
Fair value:
Marketable equity securities1,674 1,436 
Nonmarketable equity securities 37 37 
Total equity securities not held for trading at fair value1,711 1,473 
Equity method:
Private equity3,234 2,836 
Tax-advantaged renewable energy (3)6,076 6,535 
New market tax credit and other276 298 
Total equity method9,586 9,669 
Other methods:
Low-income housing tax credit (LIHTC) investments (3)12,593 12,186 
Private equity (4)8,858 9,276 
Federal Reserve Bank stock and other at cost (5)4,992 4,900 
Total equity securities not held for trading37,740 37,504 
Total equity securities$56,026 64,414 
(1)Represents securities economically hedged with equity derivatives.
(2)Represents securities held as part of our customer accommodation trading activities. For additional information on these activities, see Note 2 (Trading Activities).
(3)See Note 13 (Securitizations and Variable Interest Entities) for information about tax credit investments.
(4)Represents nonmarketable equity securities accounted for under the measurement alternative, which were predominantly securities associated with our venture capital investments.
(5)Includes $3.5 billion of investments in Federal Reserve Bank stock at both September 30, 2023, and December 31, 2022, and $1.4 billion of investments in Federal Home Loan Bank stock at both September 30, 2023, and December 31, 2022.    
Net Gains and Losses Not Held for Trading
Table 4.2 provides a summary of the net gains and losses from equity securities not held for trading, which excludes equity method adjustments for our share of the investee’s earnings or
losses that are recognized in other noninterest income. Gains and losses for securities held for trading are reported in net gains from trading and securities.
Table 4.2: Net Gains (Losses) from Equity Securities Not Held for Trading
Quarter ended September 30,Nine months ended September 30,
(in millions)2023202220232022
Net gains (losses) from equity securities carried at fair value:
Marketable equity securities$(2)(22)$24 (250)
Nonmarketable equity securities18 (35)2 (73)
Total equity securities carried at fair value16 (57)26 (323)
Net gains (losses) from nonmarketable equity securities not carried at fair value (1):
Impairment write-downs (211)(389)(876)(1,403)
Net unrealized gains (2)
46 82 185 916 
Net realized gains from sale124 330 189 737 
Total nonmarketable equity securities not carried at fair value(41)23 (502)250 
Total net losses from equity securities not held for trading$(25)(34)$(476)(73)
(1)Includes amounts related to venture capital and private equity 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.
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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)2023202220232022
Net gains (losses) recognized in earnings during the period:
Gross unrealized gains from observable price changes$46 82 $214 916 
Gross unrealized losses from observable price changes  (29) 
Impairment write-downs
(209)(270)(863)(1,214)
Net realized gains from sale 12 36 90 
Total net losses recognized during the period$(163)$(176)$(642)(208)
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,
2023
Dec 31,
2022
Cumulative gains (losses):
Gross unrealized gains from observable price changes$7,239 7,141 
Gross unrealized losses from observable price changes(44)(14)
Impairment write-downs(3,550)(2,896)

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Note 5:  Loans and Related Allowance for Credit Losses
Table 5.1 presents total loans outstanding by portfolio segment and class of financing receivable. Outstanding balances include unearned income, net deferred loan fees or costs, and unamortized discounts and premiums. These amounts were less
than 1% of our total loans outstanding at both September 30, 2023, and December 31, 2022.
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 2023, we reversed accrued interest receivable of $31 million for our commercial portfolio segment and $188 million for our consumer portfolio segment, compared with $26 million and $100 million, respectively, for the same period a year ago.

Table 5.1: Loans Outstanding
(in millions) Sep 30,
2023
Dec 31,
2022
Commercial and industrial$382,527 386,806 
Commercial real estate152,486 155,802 
Lease financing16,038 14,908 
Total commercial551,051 557,516 
Residential mortgage263,174 269,117 
Credit card49,851 46,293 
Auto49,865 53,669 
Other consumer28,483 29,276 
Total consumer391,373 398,355 
Total loans$942,424 955,871 
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,
2023
Dec 31,
2022
Commercial and industrial$73,528 78,981 
Commercial real estate6,942 7,619 
Lease financing700 670 
Total non-U.S. commercial loans$81,170 87,270 
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 residential mortgage – first lien loans because their loan activity normally does not impact the ACL.
Table 5.3: Loan Purchases, Sales, and Transfers
20232022
(in millions)Commercial ConsumerTotalCommercialConsumerTotal
Quarter ended September 30,
Purchases$456 2 458 127 1 128 
Sales and net transfers (to)/from LHFS(711) (711)(785)(1,118)(1,903)
Nine months ended September 30,
Purchases$1,067 306 1,373 503 3 506 
Sales and net transfers (to)/from LHFS(2,394)(100)(2,494)(2,097)(1,141)(3,238)
Wells Fargo & Company
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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, 2023, and December 31, 2022, we had $1.4 billion and $1.8 billion, 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,
2023
Dec 31,
2022
Commercial and industrial (1)$390,642 388,504 
Commercial real estate22,785 29,518 
Total commercial413,427 418,022 
Residential mortgage (2)32,149 39,155 
Credit card159,611 145,526 
Other consumer (3)75,563 69,244 
Total consumer267,323 253,925 
Total unfunded credit commitments$680,750 671,947 
(1)Effective first quarter 2023, unfunded credit commitments exclude discretionary amounts where our approval or consent is required prior to any loan funding or commitment increase. Prior period balances have been revised to conform with the current period presentation.
(2)Includes lines of credit totaling $30.1 billion and $35.5 billion as of September 30, 2023, and December 31, 2022, respectively.
(3)Predominantly includes securities-based lines of credit.
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Wells Fargo & Company



Allowance for Credit Losses
Table 5.5 presents the allowance for credit losses (ACL) for loans, which consists of the allowance for loan losses and the allowance for unfunded credit commitments. The ACL for loans increased $1.5 billion from December 31, 2022, reflecting increases for
commercial real estate loans, primarily office loans, as well as for increases in credit card loan balances, partially offset by a decrease for residential mortgage loans related to the adoption of ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures.

Table 5.5: Allowance for Credit Losses for Loans
Quarter ended September 30,Nine months ended September 30,
($ in millions)2023202220232022
Balance, beginning of period$14,786 12,884 $13,609 13,788 
Cumulative effect from change in accounting policy (1)  (429) 
Balance, beginning of period, adjusted14,786 12,884 13,180 13,788 
Provision for credit losses1,143 773 4,111 576 
Interest income on certain loans (2) (26) (82)
Loan charge-offs:
Commercial and industrial(126)(85)(374)(209)
Commercial real estate(96)(3)(204)(6)
Lease financing(8)(11)(21)(20)
Total commercial(230)(99)(599)(235)
Residential mortgage(37)(43)(97)(136)
Credit card(503)(290)(1,407)(844)
Auto(223)(199)(623)(515)
Other consumer(124)(105)(339)(307)
Total consumer(887)(637)(2,466)(1,802)
Total loan charge-offs(1,117)(736)(3,065)(2,037)
Loan recoveries:
Commercial and industrial33 72 119 192 
Commercial real estate3 15 15 27 
Lease financing6 6 14 16 
Total commercial42 93 148 235 
Residential mortgage41 57 124 187 
Credit card83 88 247 267 
Auto85 78 275 230 
Other consumer16 21 53 70 
Total consumer225 244 699 754 
Total loan recoveries267 337 847 989 
Net loan charge-offs(850)(399)(2,218)(1,048)
Other(15)(7)(9)(9)
Balance, end of period$15,064 13,225 $15,064 13,225 
Components:
Allowance for loan losses$14,554 12,571 $14,554 12,571 
Allowance for unfunded credit commitments510 654 510 654 
Allowance for credit losses$15,064 13,225 $15,064 13,225 
Net loan charge-offs (annualized) as a percentage of average total loans0.36 %0.17 0.31 %0.15 
Allowance for loan losses as a percentage of total loans1.54 1.33 1.54 1.33 
Allowance for credit losses for loans as a percentage of total loans1.60 1.40 1.60 1.40 
(1)Represents the change in our allowance for credit losses for loans as a result of our adoption of ASU 2022–02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, on January 1, 2023. For additional information, see Note 1 (Summary of Significant Accounting Policies).
(2)Prior to the adoption of ASU 2022–02, loans with an allowance measured by discounting expected cash flows using the loan’s effective interest rate over the remaining life of the loan recognized changes in allowance attributable to the passage of time as interest income.
Wells Fargo & Company
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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
20232022
(in millions)CommercialConsumer TotalCommercial Consumer Total
Quarter ended September 30,
Balance, beginning of period$8,081 6,705 14,786 7,082 5,802 12,884 
Provision for credit losses433 710 1,143 (72)845 773 
Interest income on certain loans (1)
   (6)(20)(26)
Loan charge-offs
(230)(887)(1,117)(99)(637)(736)
Loan recoveries
42 225 267 93 244 337 
Net loan charge-offs
(188)(662)(850)(6)(393)(399)
Other
(16)1 (15)(7) (7)
Balance, end of period$8,310 6,754 15,064 6,991 6,234 13,225 
Nine months ended September 30,
Balance, beginning of period$6,956 6,653 13,609 7,791 5,997 13,788 
Cumulative effect from change in accounting policy (2)
27 (456)(429)   
Balance, beginning of period, adjusted6,983 6,197 13,180 7,791 5,997 13,788 
Provision for credit losses1,793 2,318 4,111 (769)1,345 576 
Interest income on certain loans (1)
   (22)(60)(82)
Loan charge-offs
(599)(2,466)(3,065)(235)(1,802)(2,037)
Loan recoveries
148 699 847 235 754 989 
Net loan charge-offs(451)(1,767)(2,218) (1,048)(1,048)
Other
(15)6 (9)(9) (9)
Balance, end of period$8,310 6,754 15,064 6,991 6,234 13,225 
(1)Prior to the adoption of ASU 2022–02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, on January 1, 2023, loans with an allowance measured by discounting expected cash flows using the loan’s effective interest rate over the remaining life of the loan recognized changes in allowance attributable to the passage of time as interest income.
(2)Represents the change in our allowance for credit losses for loans as a result of our adoption of ASU 2022–02. For additional information, see Note 1 (Summary of Significant Accounting Policies).

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, 2023, we had $519.2 billion and $31.9 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, 2023, which we monitor as part of our credit risk management practices; however, charge-offs are not a primary credit quality indicator for our loan portfolio.
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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)20232022202120202019Prior
September 30, 2023
Commercial and industrial
Pass
$32,939 42,757 23,556 9,084 12,495 5,914 242,720 383 369,848 
Criticized
721 1,311 1,392 429 245 528 8,053  12,679 
Total commercial and industrial33,660 44,068 24,948 9,513 12,740 6,442 250,773 383 382,527 
Gross charge-offs (1)86 18 28 4 6 6 226  374 
Commercial real estate
Pass
12,148 35,116 33,719 12,832 13,182 21,051 6,193 225 134,466 
Criticized1,921 4,169 4,329 1,911 2,875 2,471 344  18,020 
Total commercial real estate14,069 39,285 38,048 14,743 16,057 23,522 6,537 225 152,486 
Gross charge-offs1 79   80 44   204 
Lease financing
Pass
4,229 4,078 2,588 1,340 927 1,682   14,844 
Criticized
270 339 255 128 112 90   1,194 
Total lease financing
4,499 4,417 2,843 1,468 1,039 1,772   16,038 
Gross charge-offs1 5 6 4 3 2   21 
Total commercial loans
$52,228 87,770 65,839 25,724 29,836 31,736 257,310 608 551,051 
Term loans by origination yearRevolving loansRevolving loans converted to term loansTotal
20222021202020192018Prior
December 31, 2022
Commercial and industrial
Pass$61,646 31,376 11,128 13,656 3,285 5,739 247,594 842 375,266 
Criticized872 1,244 478 505 665 532 7,244  11,540 
Total commercial and industrial62,518 32,620 11,606 14,161 3,950 6,271 254,838 842 386,806 
Commercial real estate
Pass38,022 38,709 16,564 16,409 10,587 16,159 6,765 150 143,365 
Criticized2,785 2,794 965 2,958 1,088 1,688 159  12,437 
Total commercial real estate40,807 41,503 17,529 19,367 11,675 17,847 6,924 150 155,802 
Lease financing
Pass4,543 3,336 1,990 1,427 765 1,752   13,813 
Criticized330 275 190 169 94 37   1,095 
Total lease financing4,873 3,611 2,180 1,596 859 1,789   14,908 
Total commercial loans$108,198 77,734 31,315 35,124 16,484 25,907 261,762 992 557,516 
(1) Includes charge-offs on overdrafts, which are generally charged-off at 60 days past due.
Wells Fargo & Company
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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, 2023
Commercial and industrial$381,261 512 116 638 382,527 
Commercial real estate148,216 392 15 3,863 152,486 
Lease financing15,818 135  85 16,038 
Total commercial loans
$545,295 1,039 131 4,586 551,051 
December 31, 2022
Commercial and industrial$384,164 1,313 583 746 386,806 
Commercial real estate153,877 833 134 958 155,802 
Lease financing14,623 166  119 14,908 
Total commercial loans
$552,664 2,312 717 1,823 557,516 

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. Gross charge-offs by loan class are included in the following tables for the nine months ended September 30, 2023, which we monitor as part of our credit risk management practices; however, charge-offs are not a primary credit quality indicator for our loan portfolio.
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. 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.
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.
Table 5.9 provides the outstanding balances of our residential mortgage loans by our primary credit quality indicators.
LTV refers to the ratio comparing the loan’s outstanding balance to the property’s collateral value. Combined LTV (CLTV) refers to the combination of first lien mortgage and junior lien mortgage (including unused line amounts for credit line products) ratios. We obtain LTVs and CLTVs using a cascade approach which first uses values provided by automated valuation models (AVMs) for the property. If an AVM is not available, then the value is estimated using the original appraised value adjusted by the change in Home Price Index (HPI) for the property location. If an HPI is not available, the original appraised value is used. The HPI value is normally the only method considered for high value properties, generally with an original value of $1 million or more, as the AVM values have proven less accurate for these properties. Generally, we obtain available LTVs and CLTVs on a quarterly basis. Certain loans do not have an LTV or CLTV due to a lack of industry data availability and portfolios acquired from or serviced by other institutions.
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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)20232022202120202019PriorTotal
September 30, 2023
By delinquency status:
Current-29 DPD$11,065 46,639 63,271 35,617 19,698 62,054 8,466 6,852 253,662 
30-89 DPD1 61 45 26 19 702 43 145 1,042 
90+ DPD 14 9 8 20 352 26 210 639 
Government insured/guaranteed loans (1)1 14 45 104 119 7,548   7,831 
Total residential mortgage$11,067 46,728 63,370 35,755 19,856 70,656 8,535 7,207 263,174 
By FICO:
740+$10,230 43,033 59,643 33,743 18,358 52,443 6,706 4,160 228,316 
700-739616 2,380 2,465 1,252 842 4,486 926 994 13,961 
660-699160 863 815 393 305 2,343 434 627 5,940 
620-65935 219 190 96 73 1,051 160 313 2,137 
<6203 100 87 52 62 1,227 180 455 2,166 
No FICO available22 119 125 115 97 1,558 129 658 2,823 
Government insured/guaranteed loans (1)1 14 45 104 119 7,548   7,831 
Total residential mortgage$11,067 46,728 63,370 35,755 19,856 70,656 8,535 7,207 263,174 
By LTV/CLTV:
0-80%$10,901 40,290 62,569 35,476 19,566 62,796 8,403 7,044 247,045 
80.01-100%
140 6,237 679 105 106 131 98 114 7,610 
>100% (2)8 101 21 11 10 21 20 21 213 
No LTV available17 86 56 59 55 160 14 28 475 
Government insured/guaranteed loans (1)1 14 45 104 119 7,548   7,831 
Total residential mortgage$11,067 46,728 63,370 35,755 19,856 70,656 8,535 7,207 263,174 
Gross charge-offs$     43 4 50 97 
Term loans by origination yearRevolving loansRevolving loans converted to term loansTotal
(in millions)20222021202020192018Prior
December 31, 2022
By delinquency status:
Current-29 DPD$48,581 65,705 37,289 20,851 6,190 61,680 11,031 6,913 258,240 
30-89 DPD65 66 32 33 21 683 58 159 1,117 
90+ DPD6 17 15 25 15 530 32 260 900 
Government insured/guaranteed loans (1)9 59 133 148 200 8,311   8,860 
Total residential mortgage$48,661 65,847 37,469 21,057 6,426 71,204 11,121 7,332 269,117 
By FICO:
740+$43,976 61,450 35,221 19,437 5,610 51,551 8,664 4,139 230,048 
700-7393,245 2,999 1,419 941 314 4,740 1,159 1,021 15,838 
660-6991,060 851 438 306 169 2,388 567 656 6,435 
620-659211 248 106 82 50 1,225 223 349 2,494 
<62059 81 44 46 28 1,323 227 466 2,274 
No FICO available101 159 108 97 55 1,666 281 701 3,168 
Government insured/guaranteed loans (1)9 59 133 148 200 8,311   8,860 
Total residential mortgage$48,661 65,847 37,469 21,057 6,426 71,204 11,121 7,332 269,117 
By LTV/CLTV:
0-80%$40,869 64,613 37,145 20,744 6,155 62,593 10,923 7,188 250,230 
80.01-100%7,670 1,058 112 97 30 107 109 97 9,280 
>100% (2)48 20 13 6 3 23 28 16 157 
No LTV available65 97 66 62 38 170 61 31 590 
Government insured/guaranteed loans (1)9 59 133 148 200 8,311   8,860 
Total residential mortgage$48,661 65,847 37,469 21,057 6,426 71,204 11,121 7,332 269,117 
(1)Government insured or guaranteed loans represent loans whose repayments are predominantly insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA). Loans insured/guaranteed by the FHA/VA and 90+ DPD totaled $2.8 billion and $3.2 billion at September 30, 2023, and December 31, 2022, respectively.
(2)Reflects total loan balances with LTV/CLTV 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/CLTV.

Wells Fargo & Company
81


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.
For the nine months ended September 30, 2023, we had gross charge-offs in the credit card portfolio of $1.3 billion for revolving loans and $68 million for revolving loans converted to term loans.
Table 5.10: Credit Quality Indicators for Credit Card Loans
September 30, 2023December 31, 2022

Revolving loansRevolving loans converted to term loansRevolving loansRevolving loans converted to term loans
(in millions)TotalTotal
By delinquency status:
Current-29 DPD$48,244 321 48,565 45,131 223 45,354 
30-89 DPD596 42 638 457 27 484 
90+ DPD627 21 648 441 14 455 
Total credit cards$49,467 384 49,851 46,029 264 46,293 
By FICO:
740+$18,190 22 18,212 16,681 19 16,700 
700-73911,252 47 11,299 10,640 37 10,677 
660-69910,164 77 10,241 9,573 55 9,628 
620-6595,100 68 5,168 4,885 45 4,930 
<6204,591 169 4,760 4,071 107 4,178 
No FICO available170 1 171 179 1 180 
Total credit cards$49,467 384 49,851 46,029 264 46,293 
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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)20232022202120202019PriorTotal
September 30, 2023
By delinquency status:
Current-29 DPD$11,904 14,342 13,874 5,021 2,674 675 48,490 
30-89 DPD33 319 546 204 114 50 1,266 
90+ DPD2 32 49 15 7 4 109 
Total auto$11,939 14,693 14,469 5,240 2,795 729 49,865 
By FICO:
740+$8,003 7,222 6,119 2,152 1,211 278 24,985 
700-7391,907 2,219 2,128 828 438 106 7,626 
660-6991,217 1,969 1,975 735 365 90 6,351 
620-659501 1,334 1,421 500 241 66 4,063 
<620306 1,934 2,787 997 515 174 6,713 
No FICO available5 15 39 28 25 15 127 
Total auto$11,939 14,693 14,469 5,240 2,795 729 49,865 
Gross charge-offs$6 192 300 76 42 7 623 
Term loans by origination year
(in millions)20222021202020192018PriorTotal
December 31, 2022
By delinquency status:
Current-29 DPD$19,101 19,126 7,507 4,610 1,445 421 52,210 
30-89 DPD218 585 253 167 69 45 1,337 
90+ DPD23 56 22 13 4 4 122 
Total auto$19,342 19,767 7,782 4,790 1,518 470 53,669 
By FICO:
740+$9,361 8,233 3,193 2,146 664 166 23,763 
700-7393,090 3,033 1,287 788 238 64 8,500 
660-6992,789 2,926 1,163 641 192 58 7,769 
620-6592,021 2,156 796 421 130 47 5,571 
<6202,062 3,389 1,316 756 263 126 7,912 
No FICO available19 30 27 38 31 9 154 
Total auto$19,342 19,767 7,782 4,790 1,518 470 53,669 
Wells Fargo & Company
83


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)20232022202120202019PriorTotal
September 30, 2023
By delinquency status:
Current-29 DPD$2,965 2,456 697 197 118 70 21,734 116 28,353 
30-89 DPD14 32 10 2 1 2 15 4 80 
90+ DPD4 12 4 1 1 1 15 12 50 
Total other consumer$2,983 2,500 711 200 120 73 21,764 132 28,483 
By FICO:
740+$1,749 1,118 314 101 50 32 1,230 28 4,622 
700-739587 467 136 35 20 12 509 21 1,787 
660-699359 404 108 19 15 10 399 16 1,330 
620-659100 179 51 7 7 6 159 13 522 
<62044 148 54 9 9 7 144 15 430 
No FICO available (1)144 184 48 29 19 6 19,323 39 19,792 
Total other consumer$2,983 2,500 711 200 120 73 21,764 132 28,483 
Gross charge-offs (2)$108 119 40 7 7 5 44 9 339 
Term loans by origination yearRevolving loansRevolving loans converted to term loansTotal
(in millions)20222021202020192018Prior
December 31, 2022
By delinquency status:
Current-29 DPD$3,718 1,184 341 240 63 83 23,431 117 29,177 
30-89 DPD17 12 2 3 1 2 14 8 59 
90+ DPD5 5 1 1  1 13 14 40 
Total other consumer$3,740 1,201 344 244 64 86 23,458 139 29,276 
By FICO:
740+$1,908 546 174 112 21 50 1,660 43 4,514 
700-739726 216 62 44 10 13 568 18 1,657 
660-699527 177 34 33 9 8 449 19 1,256 
620-659204 81 13 14 4 5 181 11 513 
<62089 64 14 16 5 5 154 18 365 
No FICO available (1)286 117 47 25 15 5 20,446 30 20,971 
Total other consumer$3,740 1,201 344 244 64 86 23,458 139 29,276 
(1)Substantially all loans do not require a FICO score and are revolving securities-based loans originated by the Wealth and Investment Management operating segment.
(2)Includes charge-offs on overdrafts, which are generally charged-off at 60 days past due.
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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
Amortized costRecognized interest income
Nonaccrual loansNonaccrual loans without related allowance for credit losses (1)Nine months ended September 30,
(in millions)Sep 30,
2023
Dec 31,
2022
Sep 30,
2023
Dec 31,
2022
20232022
Commercial and industrial$638 746 75 174 14 57 
Commercial real estate3,863 958 270 134 22 44 
Lease financing85 119 6 5   
Total commercial 4,586 1,823 351 313 36 101 
Residential mortgage3,258 3,611 2,082 2,316 146 161 
Auto126 153   15 21 
Other consumer32 39   3 3 
Total consumer 3,416 3,803 2,082 2,316 164 185 
Total nonaccrual loans$8,002 5,626 2,433 2,629 200 286 
(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 $904 million and $1.0 billion at September 30, 2023, and December 31, 2022, respectively, which included $716 million and $771 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,
2023
Dec 31,
2022
Total:$3,634 4,340 
Less: FHA insured/VA guaranteed (1)2,696 3,005 
Total, not government insured/guaranteed$938 1,335 
By segment and class, not government insured/guaranteed:
Commercial and industrial$116 583 
Commercial real estate15 134 
Total commercial131 717 
Residential mortgage23 28 
Credit card648 455 
Auto99 111 
Other consumer37 24 
Total consumer807 618 
Total, not government insured/guaranteed$938 1,335 
(1)Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA.
Wells Fargo & Company
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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.
Our commercial loan modifications may include principal forgiveness, interest rate reductions, payment delays, term extensions, or a combination of these modifications. Commercial loan term extensions have terms that vary based on the borrower’s request and are evaluated by our credit teams on an individual basis.
Our consumer loan modifications vary based upon the loan product and the modification program offered to the borrower, and may include interest rate reductions, payment delays, term extensions, principal forbearance or forgiveness, or a combination of these modifications. Generally, our consumer loan modification programs modify the loan terms to achieve payment terms that are more affordable to the borrower and, as a result, increase the likelihood of full repayment of principal and interest.
Our residential mortgage loan modification programs may offer a short-term payment deferral based upon the borrower's demonstrated hardship, up to 12 months. If additional assistance is needed after 12 months, the borrower may request another loan modification. Modifications may also include a trial payment period of three months to determine if the borrower can perform in accordance with the proposed permanent loan modification terms. Loans in a trial payment period continue to advance through delinquency status and accrue interest according to their original terms. Loans in a trial payment period are excluded from our 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 $115 million at September 30, 2023.
Credit card loan modifications result in a reduction in the credit card interest rate and may be offered on a short-term or long-term basis. A short-term interest rate reduction program reduces the borrower’s interest rate for 12 months. A long-term interest rate reduction program provides a reduction of the interest rate over a fixed five-year term. During the modification period, the borrower’s revolving charge privileges are revoked.
Auto loan modifications generally include insignificant (e.g., three months or less) payment deferrals over the loan term.
The following disclosures provide information on loan modifications granted to borrowers experiencing financial difficulty 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, resulting in an amortized cost balance of zero at the end of the period, are not included in the disclosures below. Additionally, where amortized cost balances are presented below, accrued interest receivable is excluded. See Note 7 (Intangible Assets and Other Assets) for additional information on accrued interest receivable. Borrowers experiencing financial difficulty with modified terms mandated by a bankruptcy court are considered contractually modified loans and are included in these disclosures. These disclosures do not include loans discharged by a bankruptcy court as the only concession, which were insignificant for the third quarter and first nine months of 2023.
Table 5.15 presents the amortized cost of modified commercial loans by class of financing receivable and by modification type.
Table 5.15: Commercial Loan Modifications
Modification type (1)Modifications as a % of
loan class
($ in millions) Interest
rate
reduction
Payment delayTerm extensionTerm extension & payment delayAll other modifications and combinations Total
Quarter ended September 30, 2023
Commercial and industrial$8 1 187 97  293 0.08 %
Commercial real estate  335   335 0.22 
Total commercial$8 1 522 97  628 0.12 
Nine months ended September 30, 2023
Commercial and industrial$14 19 280 101 1 415 0.11 %
Commercial real estate8 1 442  1 452 0.30 
Total commercial$22 20 722 101 2 867 0.16 
(1)There were no principal forgiveness modifications for the third quarter and first nine months of 2023.
Table 5.15a presents the financial effects of modifications made to commercial loans presented by class of financing receivable.
Table 5.15a: Financial Effects of Commercial Loan Modifications
Weighted average interest rate reductionWeighted average payments deferred (months)Weighted average term extension (months)
Quarter ended September 30, 2023
Commercial and industrial15.28 %613
Commercial real estate1.95 623
Nine months ended September 30, 2023
Commercial and industrial14.49 %513
Commercial real estate3.54 1321
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Wells Fargo & Company



Commercial loans that received a modification during the third quarter and first nine months of 2023, and subsequently defaulted were insignificant. Defaults that occur on commercial modifications are reported based on a payment default definition of 90 days past due.
Table 5.15b provides past due information for modified commercial loans. 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. The table also includes the amount of gross charge-offs that occurred during the third quarter and first nine months of 2023, inclusive of charge-offs to loans with no amortized cost remaining at period end.
Table 5.15b: Payment Performance of Commercial Loan Modifications
By delinquency statusGross charge-offs
(in millions)Current-29 days past due (DPD)30-89 DPD90+ DPDTotalQuarter endedNine months ended
September 30, 2023
Commercial and industrial$275 27 2 304 27 42 
Commercial real estate449 2  451   
Total commercial$724 29 2 755 27 42 
Table 5.16 presents the amortized cost of modified consumer loans by class of financing receivable and by modification type.
Table 5.16: Consumer Loan Modifications
Modification type
($ in millions) Interest
rate
reduction
Payment delay (1)Term extensionInterest rate reduction & term extensionTerm extension & payment delayInterest rate reduction, term extension & payment delayAll other modifications and combinations (2)TotalModifications as a % of loan class
Quarter ended September 30, 2023
Residential mortgage$2 27 15 11 22 18 2 97 0.04 %
Credit card151       151 0.30 
Auto1 13      14 0.03 
Other consumer3 1  10    14 0.05 
Total consumer$157 41 15 21 22 18 2 276 0.07 
Nine months ended September 30, 2023
Residential mortgage$10 433 55 34 73 68 5 678 0.26 %
Credit card348       348 0.70 
Auto2 19      21 0.04 
Other consumer8 2  22    32 0.11 
Total consumer$368 454 55 56 73 68 5 1,079 0.28 
(1)Includes residential mortgage loan modifications that defer a set amount of principal to the end of the loan term.
(2)Includes principal forgiveness and other combinations of modifications.
Table 5.16a presents the financial effects of modifications made to consumer loans by class of financing receivable.
Table 5.16a: Financial Effects of Consumer Loan Modifications (1)
Weighted average interest rate reductionWeighted average payments deferred (months)Weighted average term extension (years)
Quarter ended September 30, 2023
Residential mortgage (2)1.68 %69.4
Credit card21.79 N/AN/A
Auto4.21 6N/A
Other consumer8.12 61.9
Nine months ended September 30, 2023
Residential mortgage (2)1.60 %49.7
Credit card21.41 N/AN/A
Auto4.02 6N/A
Other consumer10.10 52.4
(1)Principal forgiven was insignificant for the third quarter and first nine months of 2023.
(2)Excludes the financial effects of residential mortgage loans with a set amount of principal deferred to the end of the loan term. The weighted average period of principal deferred was 27.3 years and 27.0 years for the third quarter and first nine months of 2023, respectively.
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Note 5: Loans and Related Allowance for Credit Losses (continued)
Consumer loans that received a modification during the third quarter and first nine months of 2023, and subsequently defaulted during the respective period totaled $130 million and $251 million, respectively, and primarily related to payment delay modifications in the residential mortgage loan portfolio. Defaults that occur on consumer modifications are reported based on a payment default definition of 60 days past due.
Table 5.16b provides past due information for modified consumer loans. For loan modifications that include a payment
delay, payment performance is not included in the table below until the loan exits the deferral period and payments resume. The table also includes the amount of gross charge-offs that occurred during the third quarter and first nine months of 2023, inclusive of charge-offs to loans with no amortized cost remaining at period end.
Table 5.16b: Payment Performance of Consumer Loan Modifications
By delinquency statusGross charge-offs
(in millions)Current-29 days past due (DPD)30-89 DPD90+ DPDTotalQuarter endedNine months ended
September 30, 2023
Residential mortgage (1)$377 80 191 648 1 7 
Credit card (2)261 52 35 348 25 45 
Auto19 2  21 1 1 
Other consumer28 3 1 32 1 2 
Total$685 137 227 1,049 28 55 
(1)Includes loans that were past due prior to entering a payment delay modification. Delinquency advancement is paused during the deferral period and resumes upon exit. 
(2)Credit card loans that are past due at the time of the modification do not become current until they have three months of consecutive payment performance.
Commitments to lend additional funds on commercial loans that were modified during the nine months ended September 30, 2023, were $167 million, substantially all of which were in the commercial and industrial portfolio. Commitments to lend additional funds on consumer loans that were modified during the nine months ended September 30, 2023, were insignificant.

TROUBLED DEBT RESTRUCTURINGS (TDRs)  In January 2023, we adopted ASU 2022-02, which eliminated the accounting and reporting guidance for TDRs. For additional information, see Note 1 (Summary of Significant Accounting Policies). The following disclosures present TDR information for the periods ended December 31, 2022, and September 30, 2022. When, for economic or legal reasons related to a borrower’s financial difficulties, we grant a concession for other than an insignificant period of time to a borrower that we would not otherwise consider, the related loan is classified as a TDR, the balance of which totaled $9.2 billion at December 31, 2022. We do not consider loan resolutions such as foreclosure or short sale to be a TDR. In addition, COVID-19-related modifications are generally not classified as TDRs due to the relief under the CARES Act and the Interagency Statement. For additional information on the TDR relief, see Note 1 (Summary of Significant Accounting Policies) in our 2022 Form 10-K.
We may require some consumer borrowers experiencing financial difficulty to make trial payments, generally for a period of three to four months, according to the terms of a planned permanent modification, to determine if they can perform according to those terms. These arrangements represent trial modifications, which we classified and accounted for as TDRs through December 31, 2022, prior to the adoption of ASU 2022-02. While loans are in trial payment programs, their original terms are not considered modified and they continue to advance through delinquency status and accrue interest according to their original terms.
Commitments to lend additional funds on loans whose terms have been modified in a TDR amounted to $434 million at December 31, 2022.
Table 5.17 summarizes our TDR modifications by primary modification type and includes the financial effects of these modifications. For those loans that modify more than once, the table reflects each modification that occurred during the period. Loans that both modify and are paid off or written-off within the period, as well as changes in recorded investment during the period for loans modified in prior periods, are not included in the table.
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Wells Fargo & Company



Table 5.17: TDR Modifications
Primary modification type (1)Financial effects of modifications
($ in millions)Principal forgivenessInterest
rate
reduction
Other
concessions (2)
TotalCharge-
offs (3)
Weighted
average
interest
rate
reduction
Recorded
investment
related to
interest rate
reduction (4)
Quarter ended September 30, 2022
Commercial and industrial$7 4 76 87  14.26 %$4 
Commercial real estate 1 37 38  0.25 1 
Lease financing       
Total commercial7 5 113 125  12.15 5 
Residential mortgage 97 332 429 1 1.64 97 
Credit card 82  82  20.45 82 
Auto 2 8 10 2 3.87 2 
Other consumer 6 1 7 1 11.46 5 
Trial modifications (5)       
Total consumer 187 341 528 4 10.27 186 
Total$7 192 454 653 4 10.31 %$191 
Nine months ended September 30, 2022
Commercial and industrial$7 18 224 249  9.76 %$18 
Commercial real estate 11 102 113  0.94 11 
Lease financing  1 1    
Total commercial7 29 327 363  6.47 29 
Residential mortgage1 292 1,018 1,311 4 1.60 292 
Credit card 215  215  19.66 215 
Auto1 6 56 63 13 4.44 6 
Other consumer 13 2 15 1 11.37 12 
Trial modifications (5)  252 252    
Total consumer2 526 1,328 1,856 18 9.27 525 
Total$9 555 1,655 2,219 18 9.12 %$554 
(1)Amounts represent the recorded investment in loans after recognizing the effects of the TDR, if any. TDRs may have multiple types of concessions, but are presented only once in the first modification type based on the order presented in the table above. The reported amounts include loans remodified of $105 million for the quarter ended September 30, 2022, and $355 million for the first nine months of 2022.
(2)Other concessions include loans with payment (principal and/or interest) deferral, loans discharged in bankruptcy, loan renewals, term extensions and other interest and noninterest adjustments, but exclude modifications that also forgive principal and/or reduce the contractual interest rate. The reported amounts include loans that are new TDRs that may have COVID-19-related payment deferrals and exclude COVID-19-related payment deferrals on loans previously reported as TDRs given limited current financial effects other than payment deferral.
(3)Charge-offs include write-downs of the investment in the loan in the period it is contractually modified. The amount of charge-off will differ from the modification terms if the loan has been charged down prior to the modification based on our policies. In addition, there may be cases where we have a charge-off/down with no legal principal modification.
(4)Recorded investment related to interest rate reduction reflects the effect of reduced interest rates on loans with an interest rate concession as one of their concession types, which includes loans reported as a principal primary modification type that also have an interest rate concession.
(5)Trial modifications are granted a delay in payments due under the original terms during the trial payment period. However, these loans continue to advance through delinquency status and accrue interest according to their original terms. Any subsequent permanent modification generally includes interest rate related concessions; however, the exact concession type and resulting financial effect are usually not known until the loan is permanently modified. Trial modifications for the period are presented net of previously reported trial modifications that became permanent in the current period.
Table 5.18 summarizes permanent modification TDRs that defaulted during the period presented within 12 months of their permanent modification date. We are reporting these defaulted TDRs based on a payment default definition of 90 days past due for the commercial portfolio segment and 60 days past due for the consumer portfolio segment.

Table 5.18: Defaulted TDRs
Recorded investment of defaults 
September 30, 2022
(in millions) Quarter endedNine months ended
Commercial and industrial$1 53 
Commercial real estate3 13 
Lease financing  
Total commercial4 66 
Residential mortgage36 94 
Credit card12 25 
Auto4 17 
Other consumer 1 
Total consumer52 137 
Total$56 203 
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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 amortization method to commercial MSRs and apply the fair value method to residential MSRs. The amortized
cost of commercial MSRs was $1.1 billion and $1.2 billion, with an estimated fair value of $1.9 billion and $2.3 billion, at September 30, 2023 and 2022, respectively. Table 6.1 presents the changes in MSRs measured using the fair value method.
Table 6.1: Analysis of Changes in Fair Value MSRs
Quarter ended September 30,Nine months ended September 30,
(in millions)2023202220232022
Fair value, beginning of period$8,251 9,163 $9,310 6,920 
Originations/purchases36 204 131 868 
Sales and other (1)(51)1 (650)(249)
Net additions(15)205 (519)619 
Changes in fair value:
Due to valuation inputs or assumptions:
Market interest rates (2)562 760 699 3,408 
Servicing and foreclosure costs(11)(8)(9)(20)
Discount rates(20)(44)(45)42 
Prepayment estimates and other (3)(20)42 (43)(207)
Net changes in valuation inputs or assumptions511 750 602 3,223 
 Changes due to collection/realization of expected cash flows (4)(290)(290)(936)(934)
Total changes in fair value221 460 (334)2,289 
Fair value, end of period$8,457 9,828 $8,457 9,828 
(1)In the first nine months of 2022, MSRs decreased $244 million due to the sale of interest-only strips in second quarter 2022 related to excess servicing cash flows from agency residential mortgage-backed securitizations.
(2)Includes prepayment rate changes due to changes in market interest rates. MSRs are economically hedged with derivative instruments to reduce exposure to changes in market interest rates.
(3)Represents other changes in valuation model inputs or assumptions, including prepayment rate estimation changes that are independent of mortgage interest rate changes.
(4)Represents the reduction in the MSR fair value for the cash flows expected to be collected during the period, net of income accreted due to the passage of time.
Table 6.2 provides key weighted-average assumptions used in the valuation of residential MSRs and sensitivity of the current fair value of residential MSRs to immediate adverse changes in those assumptions. Amounts for residential MSRs include
purchased servicing rights as well as servicing rights resulting from the transfer of loans. See Note 12 (Fair Values of Assets and Liabilities) for additional information on key assumptions for residential MSRs.
Table 6.2: Assumptions and Sensitivity of Residential MSRs
($ in millions, except cost to service amounts)Sep 30, 2023Dec 31, 2022
Fair value of interests held$8,457 9,310 
Expected weighted-average life (in years)6.46.3
Key assumptions:
Prepayment rate assumption (1)8.5 %9.4 
Impact on fair value from 10% adverse change$244 288 
Impact on fair value from 25% adverse change586 688 
Discount rate assumption9.6 %9.1 
Impact on fair value from 100 basis point increase$340 368 
Impact on fair value from 200 basis point increase652 707 
Cost to service assumption ($ per loan)102 102 
Impact on fair value from 10% adverse change157 171 
Impact on fair value from 25% adverse change391 427 
(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.
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.
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Wells Fargo & Company


We present the components of our managed servicing portfolio in Table 6.3 at unpaid principal balance for loans serviced and subserviced for others and at carrying value for owned loans serviced.
Table 6.3: Managed Servicing Portfolio
(in billions)Sep 30, 2023Dec 31, 2022
Residential mortgage servicing:
Serviced and subserviced for others$592 681 
Owned loans serviced265 273 
Total residential servicing857 954 
Commercial mortgage servicing:
Serviced and subserviced for others554 577 
Owned loans serviced129 133 
Total commercial servicing683 710 
Total managed servicing portfolio$1,540 1,664 
Total serviced for others, excluding subserviced for others$1,136 1,246 
MSRs as a percentage of loans serviced for others0.84 %0.84 
Weighted average note rate (mortgage loans serviced for others)4.47 4.30 

At September 30, 2023, and December 31, 2022, we had servicer advances, net of an allowance for uncollectible amounts, of $1.9 billion and $2.5 billion, respectively. As the servicer of loans for others, we advance certain payments of principal, interest, taxes, insurance, and default-related expenses which are generally reimbursed within a short timeframe from cash flows from the trust, government-sponsored entities (GSEs), insurer or borrower.
The credit risk related to these advances is limited since the reimbursement is generally senior to cash payments to investors. We also advance payments of taxes and insurance for our owned
loans which are collectible from the 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. Servicing advances on owned loans are written-off when deemed uncollectible.
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)2023202220232022
Contractually specified servicing fees, late charges and ancillary fees$521 629 $1,635 1,909 
Unreimbursed servicing costs (1)(34)(35)(112)(116)
Amortization for commercial MSRs(59)(62)(182)(185)
Changes due to collection/realization of expected cash flows (2)(A)(290)(290)(936)(934)
Net servicing fees138 242 405 674 
Changes in fair value of MSRs due to valuation inputs or assumptions (3)(B)511 750 602 3,223 
Net derivative losses from economic hedges (4)
(569)(863)(715)(3,489)
Market-related valuation changes to MSRs, net of hedge results(58)(113)(113)(266)
Total net servicing income80 129 292 408 
Net gains on mortgage loan originations/sales (5)113 195 335 896 
Total mortgage banking noninterest income$193 324 $627 1,304 
Total changes in fair value of MSRs carried at fair value(A)+(B)$221 460 $(334)2,289 
(1)Includes costs associated with foreclosures, unreimbursed interest advances to investors, other interest costs and transaction costs associated with sales of MSRs.
(2)Represents the reduction in the MSR fair value for the cash flows expected to be collected during the period, net of income accreted due to the passage of time.
(3)Refer to the analysis of changes in fair value MSRs presented in Table 6.1 in this Note for more detail.
(4)See Note 11 (Derivatives) for additional information on economic hedges.
(5)Includes net gains (losses) of $119 million and $169 million in the third quarter and first nine months of 2023, respectively, and $568 million and $2.6 billion in the third quarter and first nine months of 2022, 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
Table 7.1 presents the gross carrying value of intangible assets and accumulated amortization.

Table 7.1: Intangible Assets
September 30, 2023December 31, 2022
(in millions)Gross carrying valueAccumulated amortizationNet carrying valueGross carrying valueAccumulated amortization Net carrying value
Amortized intangible assets:
MSRs
$5,023 (3,954)1,069 4,942 (3,772)1,170 
Customer relationship and other intangibles773 (641)132 754 (602)152 
Total amortized intangible assets$5,796 (4,595)1,201 5,696 (4,374)1,322 
Unamortized intangible assets:
MSRs (carried at fair value)$8,457 9,310 
Goodwill25,174 25,173 

Table 7.2 provides the current year and estimated future amortization expense for amortized intangible assets. We based our projections of amortization expense shown below on existing
asset balances at September 30, 2023. Future amortization expense may vary from these projections.
Table 7.2: Amortization Expense for Intangible Assets
(in millions)Amortized MSRs Customer relationship and other intangiblesTotal 
Nine months ended September 30, 2023 (actual)$182 39 221 
Estimate for the remainder of 2023$57 13 70 
Estimate for year ended December 31,
2024219 43 262 
2025190 35 225 
2026153 29 182 
2027121 2 123 
2028101 2 103 
Table 7.3 shows the allocation of goodwill to our reportable operating segments.
Table 7.3: Goodwill
(in millions)Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment ManagementCorporateConsolidated Company
December 31, 2022$16,418 2,931 5,375 344 105 25,173 
Foreign currency translation 1    1 
September 30, 2023$16,418 2,932 5,375 344 105 25,174 
Table 7.4 presents the components of other assets.
Table 7.4: Other Assets
(in millions)Sep 30, 2023Dec 31, 2022
Corporate/bank-owned life insurance (1)$19,735 20,807 
Accounts receivable (2)28,340 23,646 
Interest receivable:
AFS and HTM debt securities1,604 1,572 
Loans3,803 3,470 
Trading and other1,233 767 
Operating lease assets (lessor)5,477 5,790 
Operating lease ROU assets (lessee)3,567 3,837 
Other (3)(4)13,890 15,949 
Total other assets$77,649 75,838 
(1)Corporate/bank-owned life insurance is recorded at cash surrender value.
(2)Primarily includes derivatives clearinghouse receivables, trade date receivables, and servicer advances, which are recorded at amortized cost.
(3)Primarily includes income tax receivables, prepaid expenses, foreclosed assets, and venture capital and private equity investments in consolidated portfolio companies.
(4)In first quarter 2023, we adopted ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. For additional information, see Note 1 (Summary of Significant Accounting Policies).
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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 2022 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 $172 million and $186 million for the quarters ended September 30, 2023 and 2022, respectively, and $529 million and $559 million for the first nine months of 2023 and 2022, respectively.
Table 8.1: Leasing Revenue
Quarter ended September 30,Nine months ended September 30,
(in millions)2023202220232022
Interest income on lease financing$188 134 $533 438 
Other lease revenue:
Variable revenue on lease financing25 28 74 85 
Fixed revenue on operating leases241 243 735 730 
Variable revenue on operating leases9 17 33 46 
Other lease-related revenue (1)16 34 103 121 
Noninterest income on leases291 322 945 982 
Total leasing revenue$479 456 $1,478 1,420 
(1)    Predominantly includes net gains (losses) on disposition of assets leased under operating leases or lease financings.
As a Lessee
Substantially all of our leases are operating leases. 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, 2023Dec 31, 2022
ROU assets$3,567 3,837 
Lease liabilities4,170 4,465 
Table 8.3 provides the composition of our lease costs, which are predominantly included in occupancy expense.
Table 8.3: Lease Costs
Quarter ended September 30,Nine months ended September 30,
(in millions)2023202220232022
Fixed lease expense – operating leases$248 263 $747 769 
Variable lease expense
66 67 207 210 
Other (1)
(12)(7)(38)(25)
Total lease costs$302 323 $916 954 
(1)Predominantly includes gains recognized from sale leaseback transactions and sublease rental income.
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Note 9:  Preferred 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 July 2023, we issued $1.725 billion of our Preferred Stock, Series EE. In September 2023, we redeemed our Preferred Stock, Series Q, for a cost of $1.725 billion.
Table 9.1 summarizes information about our preferred stock.
Table 9.1: Preferred Stock
September 30, 2023December 31, 2022
(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 3,967,981 3,968 3,200 4,025,000 3,967,986 3,968 3,200 
Series Q
5.85% Fixed-to-Floating Non-Cumulative Perpetual Class A
Redeemed
    69,000 69,000 1,725 1,725 
Series R
6.625% Fixed-to-Floating Non-Cumulative Perpetual Class A
3/15/202434,500 33,600 840 840 34,500 33,600 840 840 
Series S
5.90% Fixed-to-Floating Non-Cumulative Perpetual Class A
6/15/202480,000 80,000 2,000 2,000 80,000 80,000 2,000 2,000 
Series U
5.875% Fixed-to-Floating Non-Cumulative Perpetual Class A
6/15/202580,000 80,000 2,000 2,000 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
3/15/202580,500 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     
Total4,776,800 4,714,427 $20,216 19,448 4,776,800 4,714,432 $20,216 19,448 
(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 for both quarters ended September 30, 2023, and September 30, 2022.

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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 INVESTIGATION The United States Securities and Exchange Commission (SEC) has undertaken an investigation regarding the cash sweep options that the Company provides to investment advisory clients at account opening.

AUTOMOBILE LENDING MATTERS On April 20, 2018, the Company entered into consent orders with the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB) to resolve, among other things, investigations by the agencies into the Company’s compliance risk management program and its past practices involving certain automobile collateral protection insurance (CPI) policies and certain mortgage interest rate lock extensions. Shareholders filed a putative securities fraud class action against the Company and its executive officers alleging material misstatements and omissions of CPI-related information in the Company’s public disclosures. In January 2020, the court dismissed this action as to all defendants except the Company and a former executive officer and limited the action to two alleged misstatements. On September 26, 2023, the court granted final approval of an agreement pursuant to which the Company paid $300 million to resolve this action. Additionally, a number of other lawsuits were filed by non-governmental parties seeking damages or other remedies related to these CPI policies and related to the unused portion of guaranteed automobile protection (GAP) waiver or insurance agreements. As previously disclosed, the Company entered into various settlements to resolve these lawsuits, while others were dismissed. In addition, federal and state government agencies, including the CFPB, have undertaken formal or informal inquiries, investigations, or examinations regarding these and other issues related to the origination, servicing, and collection of consumer auto loans, including related insurance products. On December 20, 2022, the Company entered into a consent order with the CFPB to resolve the CFPB’s investigations related to automobile lending, consumer deposit accounts, and mortgage lending. The consent order requires, among other things,
remediation to customers and the payment of a $1.7 billion civil penalty to the CFPB. As previously disclosed, the Company entered into an agreement to resolve investigations by state attorneys general.
COMPANY 401(K) PLAN MATTERS Federal government agencies, including the United States Department of Labor (Department of Labor), have undertaken reviews of 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. As previously disclosed, the Company entered into an agreement to resolve the Department of Labor’s review. 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 of these transactions.
CONSENT ORDER DISCLOSURE LITIGATION Wells Fargo shareholders brought a putative securities fraud class action in the United States District Court for the Southern District of New York alleging that the Company and certain of its current and former executive officers and directors made false or misleading statements regarding the Company’s efforts to comply with the February 2018 consent order with the Federal Reserve Board and the April 2018 consent orders with the CFPB and OCC. On September 8, 2023, the court granted final approval of an agreement pursuant to which the Company paid $1.0 billion to resolve this action. Allegations related to the Company’s efforts to comply with these three consent orders are also among the subjects of shareholder derivative lawsuits filed in California state and federal court.
HIRING PRACTICES MATTERS Government agencies, including the United States Department of Justice and the SEC, have undertaken formal or informal inquiries or investigations regarding the Company’s hiring practices related to diversity. The United States Department of Justice has since closed its investigation without taking action. A putative 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. Allegations related to the Company’s hiring practices related to diversity are also among the subjects of a shareholder derivative lawsuit pending in the United States District Court for the Northern District of California.
INTERCHANGE LITIGATION Plaintiffs representing a class of merchants have filed putative class actions, and individual merchants have filed individual actions, against Wells Fargo Bank, N.A., Wells Fargo & Company, Wachovia Bank, N.A., and Wachovia Corporation regarding the interchange fees associated with Visa and MasterCard payment card transactions. Visa, MasterCard, and several other banks and bank holding companies are also named as defendants in these actions. These actions have been consolidated in the United States District Court for the Eastern District of New York. The amended and consolidated complaint asserts claims against defendants based on alleged violations of federal and state antitrust laws and seeks
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Note 10:  Legal Actions (continued)
damages as well as injunctive relief. Plaintiff merchants allege that Visa, MasterCard, and payment card issuing banks unlawfully colluded to set interchange rates. Plaintiffs also allege that enforcement of certain Visa and MasterCard rules and alleged tying and bundling of services offered to merchants are anticompetitive. Wells Fargo and Wachovia, 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 from the Interchange Litigation. On July 13, 2012, Visa, MasterCard, and the financial institution defendants, including Wells Fargo, signed a memorandum of understanding with plaintiff merchants to resolve the consolidated class action and reached a separate settlement in principle of the consolidated individual actions. The settlement payments to be made by all defendants in the consolidated class and individual actions totaled approximately $6.6 billion before reductions applicable to certain merchants opting out of the settlement. The class settlement also provided for the distribution to class merchants of 10 basis points of default interchange across all credit rate categories for a period of eight consecutive months. The district court granted final approval of the settlement, which was appealed to the United States Court of Appeals for the Second Circuit by settlement objector merchants. Other merchants opted out of the settlement and are pursuing several individual actions. On June 30, 2016, the Second Circuit vacated the settlement agreement and reversed and remanded the consolidated action to the United States District Court for the Eastern District of New York for further proceedings. On November 23, 2016, prior class counsel filed a petition to the United States Supreme Court, seeking review of the reversal of the settlement by the Second Circuit, and the Supreme Court denied the petition on March 27, 2017. On November 30, 2016, the district court appointed lead class counsel for a damages class and an equitable relief class. The parties have entered into a settlement agreement to resolve the damages class claims pursuant to which defendants will pay a total of approximately $6.2 billion, which includes approximately $5.3 billion of funds remaining from the 2012 settlement and $900 million in additional funding. The Company’s allocated responsibility for the additional funding is approximately $94.5 million. The court granted final approval of the settlement on December 13, 2019, which was appealed to the United States Court of Appeals for the Second Circuit by settlement objector merchants. On March 15, 2023, the Second Circuit affirmed the damages class settlement. On September 27, 2021, the district court granted the plaintiffs’ motion for class certification in the equitable relief case. Several of the opt-out and direct action litigations have been settled while others remain pending.
RECORD-KEEPING INVESTIGATIONS The SEC and the United States Commodity Futures Trading Commission (CFTC) have undertaken investigations regarding the Company’s compliance with records retention requirements relating to business communications sent over unapproved electronic messaging channels. In August 2023, the Company entered into agreements pursuant to which it paid $125 million to the SEC and $75 million to the CFTC in order to resolve their investigations.
RMBS TRUSTEE LITIGATION In December 2014, Phoenix Light SF Limited (Phoenix Light) and certain related entities filed a complaint in the United States District Court for the Southern District of New York alleging claims against Wells Fargo Bank, N.A., in its capacity as trustee for a number of residential mortgage-backed securities (RMBS) trusts. Complaints raising similar allegations have been filed by Commerzbank AG in the Southern District of New York, IKB International and IKB Deutsche Industriebank (together, IKB) in New York state court, and Park Royal I LLC and Park Royal II LLC in New York state court. In each case, the plaintiffs allege that Wells Fargo Bank, N.A., as trustee, caused losses to investors, and plaintiffs assert causes of action based upon, among other things, the trustee’s alleged failure to notify and enforce repurchase obligations of mortgage loan sellers for purported breaches of representations and warranties, notify investors of alleged events of default, and abide by appropriate standards of care following alleged events of default. In July 2022, the district court dismissed Phoenix Light’s claims and certain of the claims asserted by Commerzbank AG, and subsequently entered judgment in each case in favor of Wells Fargo Bank, N.A. In August 2022, Phoenix Light and Commerzbank AG each appealed the district court’s decision to the United States Court of Appeals for the Second Circuit. Phoenix Light dismissed its appeal in May 2023, terminating its case. In October 2023, the Company reached an agreement in principle with IKB to resolve IKB’s claims. The Company previously settled two class actions filed by institutional investors and an action filed by the National Credit Union Administration with similar allegations.
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.
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 $1.6 billion as of September 30, 2023. 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 hedge accounting and derivatives held for customer accommodation trading or other purposes. For additional information on our derivatives activities, see Note 14 (Derivatives) in our 2022 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, 2023December 31, 2022
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$347,039 300 898 263,876 670 579 
Commodity contracts2,490 29 4 1,681 9 25 
Foreign exchange contracts4,832 57 500 15,544 161 1,015 
Total derivatives designated as qualifying hedging instruments386 1,402 840 1,619 
Derivatives not designated as hedging instruments
Economic hedges:
Interest rate contracts58,689 470 264 65,727 410 253 
Equity contracts (1)4,666  226 3,326  242 
Foreign exchange contracts28,409 394 278 38,139 490 968 
Credit contracts490 22  290 14  
Subtotal886 768 914 1,463 
Customer accommodation trading and other derivatives:
Interest rate contracts11,359,609 43,037 49,687 10,156,300 40,006 42,641 
Commodity contracts88,412 3,913 2,101 96,001 5,991 3,420 
Equity contracts450,904 13,613 10,633 390,427 9,573 8,012 
Foreign exchange contracts1,963,228 23,705 23,978 1,475,224 21,562 24,703 
Credit contracts61,196 56 25 45,359 52 36 
Subtotal84,324 86,424 77,184 78,812 
Total derivatives not designated as hedging instruments85,210 87,192 78,098 80,275 
Total derivatives before netting85,596 88,594 78,938 81,894 
Netting(64,500)(65,131)(56,164)(61,827)
Total$21,096 23,463 22,774 20,067 
(1)    In first quarter 2023, we adopted ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. For additional information, see Note 1 (Summary of Significant Accounting Policies).
Balance Sheet Offsetting
We execute substantially all of our derivative transactions under master netting arrangements. 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. We reflect all derivative balances and related cash collateral subject to 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 enforceable master netting arrangements, 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 (Pledged Assets and Collateral).
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Note 11: Derivatives (continued)


Table 11.2: Offsetting of Derivative Assets and Liabilities
September 30, 2023December 31, 2022
(in millions)Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
 Interest rate contracts
 Over-the-counter (OTC) $40,599 45,392 37,000 37,598 
 OTC cleared 1,323 1,641 649 845 
 Exchange traded 236 329 262 193 
 Total interest rate contracts42,158 47,362 37,911 38,636 
 Commodity contracts
 OTC 3,080 1,384 4,833 2,010 
 Exchange traded 566 598 876 1,134 
 Total commodity contracts3,646 1,982 5,709 3,144 
 Equity contracts
 OTC 6,794 6,546 4,269 4,475 
 Exchange traded 3,727 2,915 3,742 2,409 
 Total equity contracts10,521 9,461 8,011 6,884 
 Foreign exchange contracts
 OTC 24,022 23,858 21,537 26,127 
 Total foreign exchange contracts24,022 23,858 21,537 26,127 
 Credit contracts
 OTC 50 18 39 22 
 Total credit contracts50 18 39 22 
Total derivatives subject to enforceable master netting arrangements, gross 80,397 82,681 73,207 74,813 
 Less: Gross amounts offset
 Counterparty netting (1) (54,730)(54,780)(49,115)(49,073)
 Cash collateral netting (9,770)(10,351)(7,049)(12,754)
Total derivatives subject to enforceable master netting arrangements, net 15,897 17,550 17,043 12,986 
Derivatives not subject to enforceable master netting arrangements (2)5,199 5,913 5,731 7,081 
Total derivatives recognized in consolidated balance sheet, net 21,096 23,463 22,774 20,067 
 Non-cash collateral (3,935)(4,253)(3,517)(582)
Total Derivatives, net$17,161 19,210 19,257 19,485 
(1)Represents amounts with counterparties subject to enforceable master netting arrangements that have been offset in our consolidated balance sheet, including portfolio level counterparty valuation adjustments related to customer accommodation and other trading derivatives. Counterparty valuation adjustments related to derivative assets were $284 million and $372 million and debit valuation adjustments related to derivative liabilities were $334 million and $331 million as of September 30, 2023, and December 31, 2022, respectively, and were primarily related to interest rate contracts.
(2)In first quarter 2023, we adopted ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. For additional information, see Note 1 (Summary of Significant Accounting Policies).
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. 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 available-for-sale (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 20 (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 $976 million pre-tax of deferred net losses related to cash flow hedges in OCI at September 30, 2023, will be reclassified into net interest income during the next twelve months. For cash flow hedges as of September 30, 2023, 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 9 years. For additional information on our accounting hedges, see Note 1 (Summary of Significant Accounting Policies) in our 2022 Form 10-K.
Table 11.3 and Table 11.4 show the net gains (losses) related to derivatives in cash flow and fair value hedging relationships, respectively.
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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, 2023
Total amounts presented in the consolidated statement of income and other comprehensive income$14,755 2,921 (3,039)N/A(542)
Interest rate contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income(69)(135) (204)204 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A(757)
Total gains (losses) (pre-tax) on interest rate contracts(69)(135) (204)(553)
Foreign exchange contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income  (2)(2)2 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A 
Total gains (losses) (pre-tax) on foreign exchange contracts  (2)(2)2 
Total gains (losses) (pre-tax) recognized on cash flow hedges$(69)(135)(2)(206)(551)
Quarter ended September 30, 2022
Total amounts presented in the consolidated statement of income and other comprehensive income$10,158 1,017 (1,553)N/A(1,476)
Interest rate contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income12 15  27 (27)
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A(1,472)
Total gains (losses) (pre-tax) on interest rate contracts12 15  27 (1,499)
Foreign exchange contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income  (3)(3)3 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A(10)
Total gains (losses) (pre-tax) on foreign exchange contracts  (3)(3)(7)
Total gains (losses) (pre-tax) recognized on cash flow hedges$12 15 (3)24 (1,506)
Nine months ended September 30, 2023
Total amounts presented in the consolidated statement of income and other comprehensive income$42,188 7,299 (8,243)N/A(850)
Interest rate contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income(190)(308) (498)498 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A(1,374)
Total gains (losses) (pre-tax) on interest rate contracts(190)(308) (498)(876)
Foreign exchange contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income  (6)(6)6 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A 
Total gains (losses) (pre-tax) on foreign exchange contracts  (6)(6)6 
Total gains (losses) (pre-tax) recognized on cash flow hedges$(190)(308)(6)(504)(870)
Nine months ended September 30, 2022
Total amounts presented in the consolidated statement of income and other comprehensive income$25,492 1,526 (3,325)N/A(1,560)
Interest rate contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income7 53  60 (60)
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A(1,621)
Total gains (losses) (pre-tax) on interest rate contracts7 53  60 (1,681)
Foreign exchange contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income  (7)(7)7 
Net unrealized gains (losses) (pre-tax) recognized in OCIN/AN/AN/AN/A(26)
Total gains (losses) (pre-tax) on foreign exchange contracts  (7)(7)(19)
Total gains (losses) (pre-tax) recognized on cash flow hedges$7 53 (7)53 (1,700)
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Note 11: Derivatives (continued)


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 debtOtherDerivative gains (losses)Derivative gains (losses)
Quarter ended September 30, 2023
Total amounts presented in the consolidated statement of income and other comprehensive income$4,178 (4,608)(3,039)381 N/A(542)
Interest contracts
Amounts related to cash flows on derivatives263 (114)(956) (807)N/A
Recognized on derivatives668 5 (3,970) (3,297) 
Recognized on hedged items(659)11 3,973  3,325 N/A
Total gains (losses) (pre-tax) on interest rate contracts272 (98)(953) (779) 
Foreign exchange contracts
Amounts related to cash flows on derivatives  (38) (38)N/A
Recognized on derivatives  (10)(7)(17)9 
Recognized on hedged items  7 6 13 N/A
Total gains (losses) (pre-tax) on foreign exchange contracts  (41)(1)(42)9 
Commodity contracts
Recognized on derivatives   84 84  
Recognized on hedged items   (44)(44)N/A
Total gains (losses) (pre-tax) on commodity contracts   40 40  
Total gains (losses) (pre-tax) recognized on fair value hedges$272 (98)(994)39 (781)9 
Quarter ended September 30, 2022
Total amounts presented in the consolidated statement of income and other comprehensive income$3,043 (513)(1,553)458 N/A(1,476)
Interest contracts
Amounts related to cash flows on derivatives53 8 (66) (5)N/A
Recognized on derivatives1,821 (98)(6,218) (4,495) 
Recognized on hedged items(1,805)99 6,183  4,477 N/A
Total gains (losses) (pre-tax) on interest rate contracts69 9 (101) (23) 
Foreign exchange contracts
Amounts related to cash flows on derivatives  (69) (69)N/A
Recognized on derivatives  (283)(663)(946)30 
Recognized on hedged items  311 630 941 N/A
Total gains (losses) (pre-tax) on foreign exchange contracts  (41)(33)(74)30 
Commodity contracts
Recognized on derivatives   94 94  
Recognized on hedged items   (90)(90)N/A
Total gains (losses) (pre-tax) on commodity contracts   4 4  
Total gains (losses) (pre-tax) recognized on fair value hedges$69 9 (142)(29)(93)30 
(continued on following page)
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(continued from previous page)
Net interest incomeNoninterest incomeTotal recorded in net incomeTotal recorded in OCI
(in millions)Debt securitiesDepositsLong-term debtOtherDerivative gains (losses)Derivative gains (losses)
Nine months ended September 30, 2023
Total amounts presented in the consolidated statement of income and other comprehensive income
$11,998 (11,174)(8,243)1,373 N/A(850)
Interest contracts
Amounts related to cash flows on derivatives863 (226)(2,488) (1,851)N/A
Recognized on derivatives905 (166)(4,199) (3,460) 
Recognized on hedged items(904)181 4,188  3,465 N/A
Total gains (losses) (pre-tax) on interest rate contracts864 (211)(2,499) (1,846) 
Foreign exchange contracts
Amounts related to cash flows on derivatives  (189) (189)N/A
Recognized on derivatives  24 20 44 20 
Recognized on hedged items  (39)(15)(54)N/A
Total gains (losses) (pre-tax) on foreign exchange contracts  (204)5 (199)20 
Commodity contracts
Recognized on derivatives   181 181  
Recognized on hedged items   (109)(109)N/A
Total gains (losses) (pre-tax) on commodity contracts   72 72  
Total gains (losses) (pre-tax) recognized on fair value hedges
$864 (211)(2,703)77 (1,973)20 
Nine months ended September 30, 2022
Total amounts presented in the consolidated statement of income and other comprehensive income$8,308 (754)(3,325)1,716 N/A(1,560)
Interest contracts
Amounts related to cash flows on derivatives(33)72 751  790 N/A
Recognized on derivatives3,851 (313)(18,289) (14,751) 
Recognized on hedged items(3,806)310 18,124  14,628 N/A
Total gains (losses) (pre-tax) on interest rate contracts12 69 586  667  
Foreign exchange contracts
Amounts related to cash flows on derivatives  (86) (86)N/A
Recognized on derivatives  (1,054)(1,834)(2,888)140 
Recognized on hedged items  1,089 1,769 2,858 N/A
Total gains (losses) (pre-tax) on foreign exchange contracts  (51)(65)(116)140 
Commodity contracts
Recognized on derivatives   230 230  
Recognized on hedged items   (220)(220)N/A
Total gains (losses) (pre-tax) on commodity contracts   10 10  
Total gains (losses) (pre-tax) recognized on fair value hedges
$12 69 535 (55)561 140 
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Note 11: Derivatives (continued)


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, 2023
Available-for-sale debt securities (4)(5)$52,783 (3,828)13,844 552 
Other assets1,761 (86)  
Deposits(85,807)384   
Long-term debt(135,414)17,896   
December 31, 2022
Available-for-sale debt securities (4)$39,423 (3,859)16,100 722 
Other assets1,663 38   
Deposits(41,687)205 (10) 
Long-term debt(130,997)13,862 (5) 
(1)Does not include the carrying amount of hedged items where only foreign currency risk is the designated hedged risk. The carrying amount excluded $649 million and $739 million for available-for-sale debt securities as of September 30, 2023, and December 31, 2022, respectively. There was no carrying amount related to long-term debt at both September 30, 2023, and December 31, 2022.
(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 $33 million and $749 million of debt securities and long-term debt cumulative basis adjustments, respectively, as of September 30, 2023, and $39 million and $334 million of debt securities and long-term debt cumulative basis adjustments, respectively, as of December 31, 2022, on terminated hedges whereby the hedged items have subsequently been re-designated into existing hedges.
(4)Carrying amount represents the amortized cost.
(5)The balance includes cumulative basis adjustments of $(280) million for hedged items currently designated as of September 30, 2023, related to certain AFS debt securities designated as the hedged item in a fair value hedge using the portfolio layer method. At September 30, 2023, the aggregated designated hedged items using the portfolio layer method had a carrying amount of $23.8 billion from closed portfolios of financial assets totaling $26.6 billion.
Derivatives Not Designated as Hedging Instruments
Derivatives not designated as hedging instruments include economic hedges and derivatives entered into for customer accommodation trading purposes.
We use economic hedge derivatives to manage our exposure to interest rate risk, equity price risk, foreign currency risk, and credit risk. We also use economic hedge derivatives to mitigate the periodic earnings volatility caused by mismatches between the changes in fair value of the hedged item and hedging instrument recognized on our fair value accounting hedges.
Changes in the fair values of derivatives used to economically hedge the deferred compensation plan are reported in personnel expense.
For additional information on our derivatives activities, see Note 14 (Derivatives) in our 2022 Form 10-K.
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Table 11.6 shows the net gains (losses), recognized by income statement lines, related to derivatives not designated as hedging instruments.
Table 11.6: Gains (Losses) on Derivatives Not Designated as Hedging Instruments
Noninterest incomeNoninterest expense
(in millions)Mortgage bankingNet gains from trading and securitiesOtherTotalPersonnel expense
Quarter ended September 30, 2023
Net gains (losses) recognized on economic hedges derivatives:
Interest contracts (1)$(450) (251)(701) 
Equity contracts  66 66 179 
Foreign exchange contracts  337 337  
Credit contracts  5 5  
Subtotal (450) 157 (293)179 
Net gains (losses) recognized on customer accommodation trading and other derivatives:
Interest contracts (87)2,438  2,351  
Commodity contracts 79  79  
Equity contracts 818 (187)631  
Foreign exchange contracts 1,252  1,252  
Credit contracts (13) (13) 
Subtotal(87)4,574 (187)4,300  
Net gains (losses) recognized related to derivatives not designated as hedging instruments$(537)4,574 (30)4,007 179 
Quarter ended September 30, 2022
Net gains (losses) recognized on economic hedges derivatives:
Interest contracts (1)$(295) (29)(324) 
Equity contracts (2)  5 5 188 
Foreign exchange contracts  940 940  
Credit contracts  (2)(2) 
Subtotal (295) 914 619 188 
Net gains (losses) recognized on customer accommodation trading and other derivatives:
Interest contracts (275)3,861  3,586  
Commodity contracts 69  69  
Equity contracts 1,658 (35)1,623  
Foreign exchange contracts 240  240  
Credit contracts (21) (21) 
Subtotal(275)5,807 (35)5,497  
Net gains (losses) recognized related to derivatives not designated as hedging instruments$(570)5,807 879 6,116 188 
(continued on following page)
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Note 11: Derivatives (continued)


(continued from previous page)

Noninterest incomeNoninterest expense
(in millions)Mortgage bankingNet gains from trading and securitiesOtherTotalPersonnel expense
Nine months ended September 30, 2023
Net gains (losses) recognized on economic hedges derivatives:
Interest contracts (1)$(546) (301)(847) 
Equity contracts   (95)(95)(184)
Foreign exchange contracts  (356)(356) 
Credit contracts  4 4  
Subtotal(546) (748)(1,294)(184)
Net gains (losses) recognized on customer accommodation trading and other derivatives:
Interest contracts(98)2,601  2,503  
Commodity contracts 278  278  
Equity contracts (2,092)(370)(2,462) 
Foreign exchange contracts 2,046  2,046  
Credit contracts (40) (40) 
Subtotal(98)2,793 (370)2,325  
Net gains (losses) recognized related to derivatives not designated as hedging instruments$(644)2,793 (1,118)1,031 (184)
Nine months ended September 30, 2022
Net gains (losses) recognized on economic hedges derivatives:
Interest contracts (1)
$(933) (81)(1,014) 
Equity contracts (2)  21 21 1,031 
Foreign exchange contracts
  2,009 2,009  
Credit contracts
  5 5  
Subtotal
(933) 1,954 1,021 1,031 
Net gains (losses) recognized on customer accommodation trading and other derivatives:
Interest contracts
(1,087)9,866  8,779  
Commodity contracts
 286  286  
Equity contracts  6,562 (149)6,413  
Foreign exchange contracts
 885  885  
Credit contracts
 20  20  
Subtotal
(1,087)17,619 (149)16,383  
Net gains (losses) recognized related to derivatives not designated as hedging instruments$(2,020)17,619 1,805 17,404 1,031 
(1)Mortgage banking amounts for the third quarter and first nine months of 2023 are comprised of gains (losses) of $(569) million and $(715) million, respectively, related to derivatives used as economic hedges of MSRs measured at fair value offset by gains (losses) of $119 million and $169 million, respectively, related to derivatives used as economic hedges of mortgage loans held for sale and derivative loan commitments. The corresponding amounts for the third quarter and first nine months of 2022 are comprised of gains (losses) of $(863) million and $(3.5) billion, respectively, offset by gains (losses) of $568 million and $2.6 billion, respectively. For additional information on our mortgage banking interest contracts, see Note 6 (Mortgage Banking Activities).
(2)In first quarter 2023, we adopted ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. For additional information, see Note 1 (Summary of Significant Accounting Policies).
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Credit Derivatives
Credit derivative contracts are arrangements whose value is derived from the transfer of 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 generally use credit derivatives to assist customers with their risk management objectives by purchasing and selling credit protection on corporate debt obligations through the use of credit default swaps or through risk participation swaps to help manage counterparty exposure. We would be required to perform under the credit derivatives we sold in the event of default by the referenced obligors. Events of default include events such as bankruptcy, capital restructuring or lack of principal and/or interest payment.
Table 11.7 provides details of sold credit derivatives.

Table 11.7: Sold Credit Derivatives
Notional amount
(in millions)Protection soldProtection sold – non-investment grade
September 30, 2023
Credit default swaps$19,077 1,756 
Risk participation swaps6,677 6,429 
Total credit derivatives$25,754 8,185 
December 31, 2022
Credit default swaps$12,733 1,860 
Risk participation swaps6,728 6,518 
Total credit derivatives$19,461 8,378 

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, and does not take into consideration any recovery value from the referenced obligation or offset from collateral held or any economic hedges.
The amounts under non-investment grade represent the notional amounts of those credit derivatives on which we have a higher risk of being required to perform under the terms of the credit derivative and are a function of the underlying assets.
We consider the credit risk to be low if the underlying assets under 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.
Our maximum exposure to sold credit derivatives is managed through posted collateral and purchased credit derivatives with identical or similar reference positions in order to achieve our desired credit risk profile. The credit risk management is designed to provide an ability to recover a significant portion of any 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 11.8 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 11.8: Credit-Risk Contingent Features
(in billions)Sep 30,
2023
Dec 31,
2022
Net derivative liabilities with credit-risk contingent features
$24.5 20.7 
Collateral posted21.0 17.4 
Additional collateral to be posted upon a below investment grade credit rating (1)
3.5 3.3 
(1)Any credit rating below investment grade requires us to post the maximum amount of collateral.


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Note 12:  Fair Values of Assets and Liabilities
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 lower of cost or fair value (LOCOM) accounting, write-downs of individual assets or application of the measurement alternative for nonmarketable equity securities. 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 2022 Form 10-K for 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 Values of Assets and Liabilities) in our 2022 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 based on significant unobservable inputs. See Note 1 (Summary of Significant Accounting Policies) in our 2022 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, 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 unobservable inputs are 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, 2023December 31, 2022
(in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Trading debt securities:
Securities of U.S. Treasury and federal agencies
$32,004 3,674  35,678 28,844 4,530  33,374 
Collateralized loan obligations 811 60 871  540 150 690 
Corporate debt securities
 14,043 68 14,111  10,344 23 10,367 
Federal agency mortgage-backed securities 40,086  40,086  34,447  34,447 
Non-agency mortgage-backed securities 1,415 7 1,422  1,243 12 1,255 
Other debt securities 4,906 1 4,907  6,022  6,022 
Total trading debt securities
32,004 64,935 136 97,075 28,844 57,126 185 86,155 
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies46,343   46,343 45,285   45,285 
Non-U.S. government securities 163  163  162  162 
Securities of U.S. states and political subdivisions 19,496 126 19,622  10,332 113 10,445 
Federal agency mortgage-backed securities 54,540  54,540  48,137  48,137 
Non-agency mortgage-backed securities 2,803  2,803  3,284  3,284 
Collateralized loan obligations 1,821  1,821  3,981  3,981 
Other debt securities 979 166 1,145  2,137 163 2,300 
Total available-for-sale debt securities46,343 79,802 292 126,437 45,285 68,033 276 113,594 
Loans held for sale 2,398 481 2,879  3,427 793 4,220 
Mortgage servicing rights (residential)  8,457 8,457   9,310 9,310 
Derivative assets (gross):
Interest rate contracts
239 43,057 511 43,807 262 40,503 321 41,086 
Commodity contracts
 3,931 11 3,942  5,866 134 6,000 
Equity contracts140 13,246 227 13,613 112 9,051 410 9,573 
Foreign exchange contracts
 24,141 15 24,156 27 22,175 11 22,213 
Credit contracts
 51 27 78  44 22 66 
Total derivative assets (gross)379 84,426 791 85,596 401 77,639 898 78,938 
Equity securities:
Marketable9,271 14 9 9,294 18,527 86 3 18,616 
Nonmarketable 10,666 37 10,703  9,750 17 9,767 
Total equity securities9,271 10,680 46 19,997 18,527 9,836 20 28,383 
Other assets (1)
  110 110     
 Total assets prior to derivative netting$87,997 242,241 10,313 340,551 93,057 216,061 11,482 320,600 
Derivative netting (2)
(64,500)(56,164)
Total assets after derivative netting$276,051 264,436 
Derivative liabilities (gross):
Interest rate contracts
$(332)(43,133)(7,384)(50,849)(193)(40,377)(2,903)(43,473)
Commodity contracts
 (2,081)(24)(2,105) (3,325)(120)(3,445)
Equity contracts (1)
(132)(9,246)(1,481)(10,859)(118)(6,502)(1,634)(8,254)
Foreign exchange contracts
 (24,716)(40)(24,756)(29)(26,622)(35)(26,686)
Credit contracts
 (23)(2)(25) (33)(3)(36)
Total derivative liabilities (gross)(464)(79,199)(8,931)(88,594)(340)(76,859)(4,695)(81,894)
Short-sale and other liabilities (1)
(17,446)(5,296)(63)(22,805)(14,791)(5,513)(167)(20,471)
Long-term debt (1,875) (1,875) (1,346) (1,346)
Total liabilities prior to derivative netting$(17,910)$(86,370)(8,994)(113,274)(15,131)(83,718)(4,862)(103,711)
Derivative netting (2)
65,131 61,827 
Total liabilities after derivative netting$(48,143)(41,884)
(1)In first quarter 2023, we adopted ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. For additional information, see Note 1 (Summary of Significant Accounting Policies).
(2)Represents balance sheet netting of derivative asset and liability balances, related cash collateral, and portfolio level counterparty valuation adjustments. See Note 11 (Derivatives) for additional information.
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Note 12: Fair Values of Assets and Liabilities (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, 2023
Trading debt securities$132 12 5 (8)(3)22 (24)136 1 (6)
Available-for-sale debt securities230 15 33 (32)(3)49  292 (10)(6)
Loans held for sale486 (5)53 (38)(37)28 (6)481 (13)(7)
Mortgage servicing rights (residential) (8)8,251 221 36 (51)   8,457 511 (7)
Net derivative assets and liabilities:
Interest rate contracts
(5,638)(2,019)  813 (37)8 (6,873)(1,350)
Equity contracts
(1,381)5   68 (25)79 (1,254)50 
Other derivative contracts
(1)(32)6 (1)17  (2)(13)(13)
Total derivative contracts
(7,020)(2,046)6 (1)898 (62)85 (8,140)(1,313)(9)
Equity securities27 17 7 (6) 1  46 14 (6)
Other assets and liabilities
(58)105      47 105 (10)
Quarter ended September 30, 2022
Trading debt securities$169 (15)68 (43)  3 182 (15)(6)
Available-for-sale debt securities167 (9)225  (4)334  713  (6)
Loans held for sale1,072 (55)114 (36)(45)28 (4)1,074 (55)(7)
Mortgage servicing rights (residential) (8)9,163 460 204 1    9,828 750 (7)
Net derivative assets and liabilities:
Interest rate contracts(571)(2,220)  132 188 1 (2,470)(1,905)
Equity contracts(1,484)(135)  249 12 236 (1,122)133 
Other derivative contracts137 28 13 (8)28  5 203 70 
Total derivative contracts(1,918)(2,327)13 (8)409 200 242 (3,389)(1,702)(9)
Equity securities31 (1)1 (1) (3)(9)18 (1)(6)
Other assets and liabilities (11)
(549)60      (489)60 (10)
Nine months ended September 30, 2023
Trading debt securities$185 5 112 (156)(7)77 (80)136 (9)(6)
Available-for-sale debt securities276 (9)109 (32)(13)304 (343)292 (28)(6)
Loans held for sale793 (5)220 (267)(102)93 (251)481 (27)(7)
Mortgage servicing rights (residential) (8)9,310 (334)131 (650)   8,457 602 (7)
Net derivative assets and liabilities:
Interest rate contracts
(2,582)(4,594)1 (1)1,748 (1,467)22 (6,873)(3,082)
Equity contracts
(1,224)(458)  402 (80)106 (1,254)(48)
Other derivative contracts
9 (95)12 (3)68 (2)(2)(13)(67)
Total derivative contracts
(3,797)(5,147)13 (4)2,218 (1,549)126 (8,140)(3,197)(9)
Equity securities20 1 11 (9) 23  46 3 (6)
Other assets and liabilities
(167)214      47 214 (10)
Nine months ended September 30, 2022
Trading debt securities$241 (52)161 (135)(6)5 (32)182 (48)(6)
Available-for-sale debt securities186 (35)279 (25)(14)460 (138)713 (1)(6)
Loans held for sale1,033 (173)293 (106)(175)214 (12)1,074 (163)(7)
Mortgage servicing rights (residential) (8)6,920 2,289 868 (249)   9,828 3,223 (7)
Net derivative assets and liabilities:
Interest rate contracts127 (3,179)  778 (197)1 (2,470)(2,348)
Equity contracts (11)(417)(149)  1,118 (584)(1,090)(1,122)512 
Other derivative contracts5 94 13 (8)100  (1)203 179 
Total derivative contracts(285)(3,234)13 (8)1,996 (781)(1,090)(3,389)(1,657)(9)
Equity securities8,910 3 1 (3) 2 (8,895)18 (2)(6)
Other assets and liabilities (11)
(791)302      (489)302 (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 $(9) million and $(28) million for the third quarter and first nine months of 2023, respectively, and $(9) million and $(36) million for the third quarter and first nine months of 2022, respectively. Net gains (losses) included in other comprehensive income for other assets and liabilities were $(13) million and $(8) million for the third quarter and first nine months of 2023, respectively, and $1 million and $102 million for the third quarter and first nine months of 2022, 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. During first quarter 2022, we transferred $8.9 billion of non-marketable equity securities and $1.4 billion of related economic hedging derivative assets (equity contracts) out of Level 3 due to our election to measure fair value of these instruments as a portfolio. Under this election, the unit of valuation is the portfolio-level, rather than each individual instrument. The unobservable inputs previously significant to the valuation of the instruments individually are no longer significant, as those unobservable inputs offset under the portfolio election.
(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 $(8) million and $(25) million for the third quarter and first nine months of 2023, respectively, and $0 for both the third quarter and first nine months of 2022. Net unrealized gains (losses) included in other comprehensive income for other assets and liabilities were $(13) million and $(8) million for the third quarter and first nine months of 2023, respectively, and $1 million and $102 million for the third quarter and first nine months of 2022, respectively.
(6)Included in net gains from trading and securities on our consolidated statement of income.
(7)Included in mortgage banking income on our consolidated statement of income.
(8)For additional information on the changes in mortgage servicing rights, see Note 6 (Mortgage Banking Activities).
(9)Included in mortgage banking income, net gains from trading and securities, and other noninterest income on our consolidated statement of income.
(10)Included in other noninterest income on our consolidated statement of income.
(11)In first quarter 2023, we adopted ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. For additional information, see Note 1 (Summary of Significant Accounting Policies).
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Table 12.3 provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value on a recurring basis.
The significant unobservable inputs for Level 3 assets inherent in the fair values obtained from third-party vendors are not included in the table, as the specific inputs applied are not
provided by the vendor (for additional information on vendor-developed valuations, see Note 15 (Fair Values of Assets and Liabilities) in our 2022 Form 10-K).
Weighted averages of inputs are calculated using outstanding unpaid principal balance for cash instruments, such as loans and securities, and notional amounts for derivative instruments.
Table 12.3: Valuation Techniques – Recurring Basis
($ in millions, except cost to service amounts)Fair Value Level 3Valuation TechniqueSignificant
Unobservable Input
Range of Inputs Weighted
Average
September 30, 2023
Trading and available-for-sale debt securities$162 Discounted cash flowDiscount rate0.0 -14.5 %6.4 
136 Market comparable pricingComparability adjustment(40.9)-39.0 (4.3)
130 Market comparable pricingMultiples1.4x-13.4x4.3x
Loans held for sale481 Discounted cash flowDefault rate0.0 -24.2 %1.0 
Discount rate2.9 -15.3 10.2 
Loss severity0.0 -56.8 17.3 
Prepayment rate3.3 -12.4 10.6 
Mortgage servicing rights (residential)8,457 Discounted cash flowCost to service per loan (1)$52 -506 102 
Discount rate9.2 -13.8 %9.6 
Prepayment rate (2)7.1 -21.9 8.5 
Net derivative assets and (liabilities):
Interest rate contracts
(6,703)Discounted cash flowDiscount rate4.0 -5.5 5.0 
(57)Discounted cash flowDefault rate0.4 -5.0 1.4 
Loss severity50.0 -50.0 50.0 
Prepayment rate22.0 -22.0 22.0 
Interest rate contracts: derivative loan
commitments
(113)Discounted cash flowFall-out factor1.0 -99.0 25.0 
Initial-value servicing(310.6)-141.0 bps(191.1)
Equity contracts
(1,024)Discounted cash flowConversion factor(7.2)-0.0 %(6.7)
Weighted average life0.8-2.3yrs1.3
(230)Option modelCorrelation factor(70.0)-99.0 %29.9 
Volatility factor6.5 -98.0 35.4 
 Insignificant Level 3 assets, net of liabilities (3)80 
Total Level 3 assets, net of liabilities$1,319 (4)
December 31, 2022
Trading and available-for-sale debt securities$157 Discounted cash flowDiscount rate2.7 -12.5 %6.4 
185 Market comparable pricingComparability adjustment(33.6)-14.1 (4.8)
119 Market comparable pricingMultiples1.1x-7.4x4.0x
Loans held for sale793 Discounted cash flowDefault rate0.0 -25.0 %0.7 
Discount rate2.9 -13.4 9.5 
Loss severity0.0 -53.6 15.7 
Prepayment rate3.5 -14.2 10.7 
Mortgage servicing rights (residential)9,310 Discounted cash flowCost to service per loan (1)$52 -550 102 
Discount rate8.7 -14.1 %9.1 
Prepayment rate (2)8.1 -21.9 9.4 
Net derivative assets and (liabilities):
Interest rate contracts(2,411)Discounted cash flowDiscount rate3.2 -4.9 4.2 
(63)Discounted cash flowDefault rate0.4 -5.0 2.3 
Loss severity50.0 -50.0 50.0 
Prepayment rate2.8 -22.0 18.7 
Interest rate contracts: derivative loan
commitments
(108)Discounted cash flowFall-out factor1.0 -99.0 41.0 
Initial-value servicing(9.3)-141.0  bps 11.5 
Equity contracts (3)(1,000)Discounted cash flowConversion factor(12.2)-0.0 %(9.9)
Weighted average life0.5-1.5 yrs 0.8
(224)Option modelCorrelation factor(77.0)-99.0 %49.5 
Volatility factor6.5 -96.5 37.3 
 Insignificant Level 3 liabilities, net of assets (3)(138)
Total Level 3 assets, net of liabilities$6,620 (4)
(1)The high end of the range of inputs is for servicing modified loans. For non-modified loans, the range is $52 - $170 at September 30, 2023, and $52 - $178 at December 31, 2022.
(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.
(3)In first quarter 2023, we adopted ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. For additional information, see Note 1 (Summary of Significant Accounting Policies).
(4)Consists of total Level 3 assets of $10.3 billion and $11.5 billion and total Level 3 liabilities of $9.0 billion and $4.9 billion, before netting of derivative balances, at September 30, 2023, and December 31, 2022, respectively.
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 Values of Assets and Liabilities) in our 2022 Form 10-K.
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Note 12: Fair Values of Assets and Liabilities (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 application of LOCOM accounting, write-downs of individual assets, or application of the measurement alternative for certain nonmarketable equity securities.
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, 2023, and December 31, 2022, and for which a nonrecurring fair value adjustment was recorded during the nine months ended September 30, 2023, and the year ended December 31, 2022.

Table 12.4: Fair Value on a Nonrecurring Basis

September 30, 2023December 31, 2022
(in millions)Level 2 Level 3 Total Level 2 Level 3 Total 
Loans held for sale (1)$383 346 729 838 554 1,392 
Loans:
Commercial590  590 285  285 
Consumer81  81 512  512 
Total loans671  671 797  797 
Mortgage servicing rights (commercial)
    75 75 
Nonmarketable equity securities
1,102 1,341 2,443 1,926 2,818 4,744 
Other assets
1,871 53 1,924 1,862 296 2,158 
Total assets at fair value on a nonrecurring basis
$4,027 1,740 5,767 5,423 3,743 9,166 
(1)Consists of commercial mortgages and residential mortgage – first lien loans.
Table 12.5 presents the gains (losses) on certain 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 Adjustment

Nine months ended September 30,
(in millions)20232022
Loans held for sale$(33)(87)
Loans:
Commercial(329)(72)
Consumer(550)(544)
Total loans(879)(616)
Mortgage servicing rights (commercial) 4 
Nonmarketable equity securities (1)(681)(357)
Other assets (2)(180)(319)
Total$(1,773)(1,375)
(1)Includes impairment of nonmarketable equity securities and observable price changes related to nonmarketable equity securities accounted for under the measurement alternative.
(2)Includes impairment of operating lease ROU assets, valuation of physical commodities, valuation losses on foreclosed real estate and other collateral owned, and impairment of venture capital and private equity investments in consolidated portfolio companies.

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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 and determined using an internal model. The table is limited to financial instruments that had nonrecurring fair value adjustments during the periods
presented. Weighted averages of inputs are calculated using outstanding unpaid principal balance for cash instruments, such as loans, and carrying value prior to the nonrecurring fair value measurement for nonmarketable equity securities and venture capital and private equity investments in consolidated portfolio companies.
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, 2023
Loans held for sale$346 Discounted cash flowDefault rate0.1 -97.1 %16.3 
Discount rate4.8 -14.06.4 
Loss severity7.1 -53.516.4 
Prepayment rate2.9 -24.712.3 
Nonmarketable equity securities429 Market comparable pricingComparability adjustment(100.0)-(5.0)(34.0)
911 Market comparable pricingMultiples0.7x-27.1x8.4x
Insignificant Level 3 assets54 
Total$1,740 
December 31, 2022
Loans held for sale$143 Discounted cash flowDefault rate0.1 -86.1 %13.8 
Discount rate3.8 -13.89.0 
Loss severity8.1 -43.818.6 
Prepayment rate2.3 -23.418.6 
411 Market comparable pricingComparability adjustment(8.2)-(0.9)(4.3)
Mortgage servicing rights (commercial)75 Discounted cash flowCost to service per loan$3,775 -3,7753,775 
Discount rate5.2 -5.2 %5.2 
Prepayment rate0.0 -20.66.7 
Nonmarketable equity securities1,461 Market comparable pricingComparability adjustment(100.0)-(4.0)(30.1)
1,352 Market comparable pricingMultiples0.8x-18.7x9.9x
Other assets (2)234 Market comparable pricingMultiples6.4 -8.07.1 
Insignificant Level 3 assets67 
Total$3,743 
(1)See Note 15 (Fair Values of Assets and Liabilities) in our 2022 Form 10-K for additional information on the valuation technique(s) and significant unobservable inputs used in the valuation of Level 3 assets.
(2)Represents venture capital and private equity investments in consolidated portfolio companies.
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Note 12: Fair Values of Assets and Liabilities (continued)
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 Values of Assets and Liabilities) in our 2022 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, 2023December 31, 2022
(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)$2,879 3,166 (287)4,220 4,614 (394)
Long-term debt (2)(1,875)(2,444)569 (1,346)(1,775)429 
(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, 2023, and December 31, 2022.
(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
20232022
(in millions)Mortgage banking noninterest incomeNet gains from trading and securitiesOther noninterest incomeMortgage banking noninterest incomeNet gains from trading and securitiesOther noninterest income
Quarter ended September 30,
Loans held for sale$30 8 (44)(149)3  
Long-term debt 10   34  
Nine months ended September 30,
Loans held for sale$161 33 (48)(752)13  
Long-term debt (11)  57  
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 2023 and 2022.
For 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 derived using observable secondary bond market information. These impacts are recorded within the debit valuation adjustments (DVA) in OCI. See
Note 20 (Other Comprehensive Income) for additional information.
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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 $602 million and $737 million at September 30, 2023, and December 31, 2022, 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, 2023
Financial assets
Cash and due from banks (1)
$30,815 30,815   30,815 
Interest-earning deposits with banks (1) 187,081 186,858 223  187,081 
Federal funds sold and securities purchased under resale agreements (1)
70,431  70,431  70,431 
Held-to-maturity debt securities
267,214 2,003 212,206 2,718 216,927 
Loans held for sale1,429  982 481 1,463 
Loans, net (2)
911,923  53,251 808,555 861,806 
Nonmarketable equity securities (cost method)
4,992   5,059 5,059 
Total financial assets$1,473,885 219,676 337,093 816,813 1,373,582 
Financial liabilities
Deposits (3)
$176,712  122,361 52,764 175,125 
Short-term borrowings
93,135  93,135  93,135 
Long-term debt (4)
188,140  186,887 1,894 188,781 
Total financial liabilities$457,987  402,383 54,658 457,041 
December 31, 2022
Financial assets
Cash and due from banks (1)
$34,596 34,596   34,596 
Interest-earning deposits with banks (1)
124,561 124,338 223  124,561 
Federal funds sold and securities purchased under resale agreements (1)
68,036  68,036  68,036 
Held-to-maturity debt securities
297,059 14,285 238,552 2,684 255,521 
Loans held for sale2,884  2,208 719 2,927 
Loans, net (2)
928,049  57,532 836,831 894,363 
Nonmarketable equity securities (cost method)
4,900   4,961 4,961 
Total financial assets$1,460,085 173,219 366,551 845,195 1,384,965 
Financial liabilities
Deposits (3)$66,887  46,745 18,719 65,464 
Short-term borrowings
50,964  50,970  50,970 
Long-term debt (4)
173,502  172,783 999 173,782 
Total financial liabilities$291,353  270,498 19,718 290,216 
(1)Amounts consist of financial instruments for which carrying value approximates fair value.
(2)Excludes lease financing with a carrying amount of $15.8 billion and $14.7 billion at September 30, 2023, and December 31, 2022, respectively.
(3)Excludes deposit liabilities with no defined or contractual maturity of $1.2 trillion and $1.3 trillion at September 30, 2023, and December 31, 2022, respectively.
(4)Excludes obligations under finance leases of $20 million and $22 million at September 30, 2023, and December 31, 2022, 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 exceed 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 other 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 U.S. GOVERNMENT SPONSORED ENTITIES AND TRANSACTIONS WITH GINNIE MAE In the normal course of business we sell residential and commercial mortgage loans to government-sponsored entities (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 Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (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 also retain servicing rights on the transferred loans. As a servicer, we 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, 2023, and December 31, 2022, we recorded assets and related liabilities of $1.1 billion and $743 million, respectively, where we did not exercise our option to repurchase eligible loans. We repurchased loans of $49 million and $240 million, during the third quarter and first nine months of 2023, respectively, and $574 million and $2.1 billion during the third quarter and first nine months of 2022, 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, 2023, and December 31, 2022, our liability for these repurchase and recourse arrangements was $185 million and $167 million, respectively, and the maximum exposure to loss was $13.5 billion and $13.8 billion at September 30, 2023 and December 31, 2022, 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 also typically 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. Our servicing role related to nonconforming commercial mortgage loan securitizations is limited to primary or master servicer. 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 to VIEs where we have continuing involvement in the form of financing. We account for these transfers as sales, and 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 securities. Each of these interests are initially measured at fair value. Servicing rights are classified as Level 3 measurements, and generally securities are classified as Level 2. The majority of our transfers relate to residential mortgage securitizations with the GSEs or GNMA and
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generally result in no gain or loss because the loans are measured at fair value on a recurring basis. Additionally, we may transfer certain government insured loans that we previously repurchased. These 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
20232022
(in millions)Residential mortgagesCommercial mortgagesResidential mortgagesCommercial mortgages
Quarter ended September 30,
Assets sold $2,810 3,189 14,447 3,061 
Proceeds from transfer (1)2,810 3,243 14,447 3,121 
Net gains (losses) on sale 54  60 
Continuing involvement (2):
Servicing rights recognized$36 27 193 32 
Securities recognized (3) 39  39 
Nine months ended September 30,
Assets sold $11,188 6,488 64,438 11,439 
Proceeds from transfer (1)11,188 6,606 64,490 11,629 
Net gains (losses) on sale 118 52 190 
Continuing involvement (2):
Servicing rights recognized$129 61 833 102 
Securities recognized (3) 87 2,062 176 
(1)Represents cash proceeds and the fair value of non-cash beneficial interests recognized at securitization settlement.
(2)Represents assets or liabilities recognized at securitization settlement date related to our continuing involvement in the transferred assets.
(3)Represents debt securities obtained at securitization settlement held for investment purposes that are classified as available-for-sale or held-to-maturity. In 2022, these predominantly related to agency securities. Excludes trading debt securities held temporarily for market-marking purposes, which are sold to third parties at or shortly after securitization settlement, of $1.3 billion and $5.0 billion during the third quarter and first nine months of 2023, respectively, and $3.0 billion and $13.3 billion during the third quarter and first nine months of 2022, 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 also provide seller financing in the form of loans. We received cash flows of $58 million and $199 million during the third quarter and first nine months of 2023, respectively, and $95 million and $399 million, during the third quarter and first nine months of 2022, respectively, related to principal and interest payments on these securities and loans, which 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
20232022
Quarter ended September 30,
Prepayment rate (1)16.0 %15.0 
Discount rate9.9 8.5 
Cost to service ($ per loan) $131 101 
Nine months ended September 30,
Prepayment rate (1)17.2 %11.9 
Discount rate9.7 7.7 
Cost to service ($ per loan) $171 114 
(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 Values of Assets and Liabilities) 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, 2023 and 2022, we transferred securities of $10.6 billion and $15.7 billion, respectively, to resecuritization VIEs, and retained securities of $284 million and $622 million, respectively. These amounts are not included in Table 13.1. Related total VIE assets were $111.9 billion and $112.0 billion at September 30, 2023, and December 31, 2022, respectively. As of September 30, 2023, and December 31, 2022, we held $1.1 billion and $793 million of securities, respectively.
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Note 13: Securitizations and Variable Interest Entities (continued)
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. Table 13.3 excludes mortgage loans sold to
and held or securitized by GSEs or GNMA of $621.1 billion and $704.5 billion at September 30, 2023, and December 31, 2022, respectively. Delinquent loans include loans 90 days or more past due and loans in bankruptcy, regardless of delinquency status. Delinquent loans and foreclosed assets related to loans sold to and held or securitized by GSEs or GNMA were $3.4 billion and $4.6 billion at September 30, 2023, and December 31, 2022, 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, 2023Dec 31, 2022Sep 30, 2023Dec 31, 202220232022
Commercial$66,232 67,029 899 912 89 24 
Residential8,591 9,201 415 501 12 13 
Total off-balance sheet sold or securitized loans$74,823 76,230 1,314 1,413 101 37 
(1)Includes $184 million and $274 million of commercial foreclosed assets and $29 million and $25 million of residential foreclosed assets at September 30, 2023, and December 31, 2022, respectively.
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. Nonconforming mortgage loan securitizations also include commercial mortgage loan securitizations sponsored by third parties where we did not originate or transfer the loans but serve as master servicer and invest in securities that could be potentially significant to the VIE.
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 and other securitizations collateralized by asset classes other than mortgages. Collateral may include rental properties, asset-backed securities, student loans 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.

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” 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.
“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.

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Table 13.4: Unconsolidated VIEs
Carrying value – asset (liability)
(in millions)Total
VIE assets 
LoansDebt
securities (1)
Equity securitiesAll other
assets (2)
Debt and other liabilitiesNet assets 
September 30, 2023
Nonconforming mortgage loan securitizations$152,670  2,410  569 (12)2,967 
Commercial real estate loans5,597 5,580   17  5,597 
Other1,949 240  43 10  293 
Total$160,216 5,820 2,410 43 596 (12)8,857 
Maximum exposure to loss
LoansDebt
securities (1)
Equity securitiesAll other
assets (2)
Debt, guarantees,
and other commitments
Total exposure 
Nonconforming mortgage loan securitizations$ 2,410  569 12 2,991 
Commercial real estate loans5,580   17 701 6,298 
Other240  43 10 158 451 
Total$5,820 2,410 43 596 871 9,740 
Carrying value – asset (liability)

(in millions)
Total
VIE assets
LoansDebt
securities (1)
Equity
securities
All other
assets (2)
Debt and other liabilitiesNet assets 
December 31, 2022
Nonconforming mortgage loan securitizations$154,464  2,420  617 (13)3,024 
Commercial real estate loans5,627 5,611   16  5,627 
Other2,174 292 1 43 21  357 
Total$162,265 5,903 2,421 43 654 (13)9,008 
Maximum exposure to loss
LoansDebt
securities (1)
Equity
securities
All other
assets (2)
Debt,
guarantees,
and other commitments
Total exposure
Nonconforming mortgage loan securitizations$ 2,420  617 13 3,050 
Commercial real estate loans5,611   16 705 6,332 
Other292 1 43 21 228 585 
Total$5,903 2,421 43 654 946 9,967 
(1)Includes $234 million and $172 million of securities classified as trading at September 30, 2023, and December 31, 2022, respectively.
(2)All other assets includes mortgage servicing rights, derivative assets, and other assets (predominantly servicing advances).
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 tax credits and other tax benefits. 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 $18.7 billion at both September 30, 2023, and December 31, 2022. We also had loans to tax credit VIEs with a carrying value of $2.2 billion and $2.0 billion at September 30, 2023, and December 31, 2022, respectively.
Our maximum exposure to loss for tax credit VIEs at September 30, 2023, and December 31, 2022, was $29.3 billion and $28.0 billion, respectively. Our maximum exposure to loss included total unfunded equity and lending commitments of $8.4 billion and $7.3 billion at September 30, 2023, and December 31, 2022, respectively. See Note 14 (Guarantees and Other Commitments) for additional information about commitments to purchase equity securities.
Our affordable housing equity investments qualify for the low-income housing tax credit (LIHTC). For additional information on our LIHTC investments, see Note 16 (Securitizations and Variable Interest Entities) in our 2022 Form 10-K.


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 may securitize dealer floor plan loans in a revolving master trust entity. As servicer and residual interest holder, we control the key decisions of the trust and consolidate the entity. The total VIE assets held by the master trust represent a majority of the total VIE assets presented for this category in Table 13.5. 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 service the underlying collateral.

OTHER VIE STRUCTURES Other VIEs relate to total return swaps and municipal tender option bond (MTOB) transactions.


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Note 13: Securitizations and Variable Interest Entities (continued)
Table 13.5 presents a summary of financial assets and liabilities of our consolidated VIEs. The carrying value represents assets and liabilities recorded 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 13.5: Transactions with Consolidated VIEs
Carrying value – asset (liability)
(in millions)Total
VIE assets 
LoansDebt
securities
All other
assets (1)
Liabilities (2)
September 30, 2023
Commercial and industrial loans and leases$7,438 4,694  202 (129)
Other86   86  
Total consolidated VIEs$7,524 4,694  288 (129)
December 31, 2022
Commercial and industrial loans and leases$7,148 4,802  190 (129)
Other72  71 1 (72)
Total consolidated VIEs$7,220 4,802 71 191 (201)
(1)All other assets includes cash and due from banks, and other assets.
(2)Liabilities include short-term borrowings, and accrued expenses and other liabilities.
Other Transactions
In addition to the transactions included in the previous tables, we have 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 are receivables from us, we do not consolidate the VIEs even though we own all of the voting equity shares of the VIEs, have fully guaranteed the obligations of the VIEs, and may have 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 $411 million and $401 million at September 30, 2023, and December 31, 2022, respectively.

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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 2022 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, 2023
Standby letters of credit (1)
$90 15,105 4,237 3,129 13 22,484 7,441 
Direct pay letters of credit (1)10 1,242 2,480 371 5 4,098 922 
Loans and LHFS sold with recourse (2)24 192 2,176 3,400 7,980 13,748 10,870 
Exchange and clearing house guarantees 8,548    8,548  
Other guarantees and indemnifications (3) 684 8 1 95 788 637 
Total guarantees$124 25,771 8,901 6,901 8,093 49,666 19,870 
December 31, 2022
Standby letters of credit (1)$112 14,014 4,694 3,058 53 21,819 7,071 
Direct pay letters of credit (1)13 1,593 2,734 465 5 4,797 1,283 
Loans and LHFS sold with recourse (2)16 322 1,078 3,408 8,906 13,714 11,399 
Exchange and clearing house guarantees 4,623    4,623  
Other guarantees and indemnifications (3) 548 1 10 201 760 515 
Total guarantees$141 21,100 8,507 6,941 9,165 45,713 20,268 
(1)Standby and direct pay letters of credit are reported net of syndications and participations.
(2)Represents recourse provided, predominantly to the GSEs, on loans sold under various programs and arrangements.
(3)Includes indemnifications provided to certain third-party clearing agents. Estimated maximum exposure to loss was $52 million and $157 million with related collateral of $558 million and $1.3 billion as of September 30, 2023, and December 31, 2022, respectively.
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.

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 $127 million and a liability of $15 million at September 30, 2023, and December 31, 2022, 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, 2023, the maximum exposure to loss was $38.3 billion, with $35.4 billion expiring in three years or less compared with $23.4 billion and
$21.3 billion, respectively, at December 31, 2022. See Note 11 (Derivatives) for additional information regarding written derivative contracts.

REPRESENTATIONS OR WARRANTIES We record a liability for mortgage loans that we expect to repurchase pursuant to various representations or warranties. See Note 13 (Securitizations and Variable Interest Entities) for further discussion and related amounts. Additionally, when we sell MSRs, we may provide indemnifications for losses incurred due to material breaches of contractual representations or warranties as well as other recourse arrangements. At September 30, 2023, our liability for these indemnification arrangements was $10 million and the maximum exposure to loss was $844 million, with $609 million expiring in three years or less.

MERCHANT PROCESSING SERVICES We provide debit and credit card transaction processing services through payment networks directly for merchants and as a sponsor for merchant processing servicers, including our joint venture with a third party that is accounted for as an equity method investment. In our role as the merchant acquiring bank, we have a potential obligation in connection with payment and delivery 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 processed in the preceding four months, which is generally the lifecycle for a charge-back transaction. As of September 30, 2023, our potential maximum exposure was approximately $780.0 billion, and related losses, including those from our joint venture entity, were insignificant.


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Note 14:  Guarantees and Other Commitments (continued)
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 $826 million and $948 million at September 30, 2023, and December 31, 2022, respectively. These guarantees rank on parity with all of the Parent’s other unsecured and unsubordinated indebtedness.

OTHER COMMITMENTS We may enter into commitments to purchase debt and equity securities for various business or investment purposes. As of both September 30, 2023, and December 31, 2022, we had commitments to purchase debt securities of $100 million and commitments to purchase equity securities of $8.9 billion and $3.8 billion, respectively. As of September 30, 2023, our commitments to purchase equity securities predominantly included Federal Reserve Bank stock and renewable energy investments.
As part of maintaining our memberships in certain clearing organizations, we are required to stand ready to provide liquidity to sustain market clearing activity in the event unforeseen events occur or are deemed likely to occur. Certain of these obligations are guarantees of other members’ performance and accordingly are included in Table 14.1 in Other guarantees and indemnifications.
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 $14.5 billion and $19.9 billion as of September 30, 2023, and December 31, 2022, respectively. The amount of our unfunded contractual commitments for repurchase and securities lending agreements was $3.8 billion and $1.6 billion as of September 30, 2023, and December 31, 2022, 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).
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Note 15:  Pledged Assets and Collateral
Pledged Assets
Table 15.1 provides the carrying amount of on-balance sheet pledged assets as well as the fair value of other pledged collateral not recognized on our consolidated balance sheet, which we have received from third parties, have the right to repledge and have repledged. These amounts include assets pledged in transactions accounted for as secured borrowings, which are presented parenthetically on our consolidated balance sheet.

TRADING RELATED ACTIVITY Our trading businesses may pledge debt and equity securities in connection with securities sold under agreements to repurchase (repurchase agreements) and securities lending arrangements. The collateral that we pledge related to our trading activities may include our own collateral as well as collateral that we have received from third parties and have the right to repledge. Substantially all of the collateral we pledge related to trading activity is eligible to be repledged or sold by the secured party.
NON-TRADING RELATED ACTIVITY As part of our liquidity management strategy, we may pledge loans, debt securities, and other financial assets to secure trust and public deposits, borrowings and letters of credit from Federal Home Loan Banks (FHLBs) and the Board of Governors of the Federal Reserve System (FRB) and for other purposes as required or permitted by law or insurance statutory requirements. Substantially all of the non-trading activity pledged collateral is not eligible to be repledged or sold by the secured party.

VIE RELATED We pledge assets in connection with various types of transactions entered into with VIEs. 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 VIE assets.
Table 15.1: Pledged Assets
(in millions)
Sep 30,
2023
Dec 31,
2022
Related to trading activities:
Off-balance sheet repledged third-party owned debt and equity securities$61,231 38,191 
Trading debt securities and other
59,183 28,284 
Equity securities
2,428 1,477 
Total pledged assets related to trading activities122,842 67,952 
Related to non-trading activities:
Loans
410,663 344,000 
Debt securities:
Available-for-sale
64,014 50,538 
Held-to-maturity
242,792 17,477 
Equity securities276 141 
Total pledged assets related to non-trading activities
717,745 412,156 
Related to VIEs:
Consolidated VIE assets4,982 5,064 
Loans eligible for repurchase from GNMA securitizations 1,126 749 
Total pledged assets related to VIEs6,108 5,813 
Total pledged assets
$846,695 485,921 
Securities and Other Collateralized 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 primarily 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. We also enter into resale agreements
involving collateral other than securities, such as loans, as part of our commercial lending business activities.

OFFSETTING OF SECURITIES AND OTHER COLLATERALIZED FINANCING ACTIVITIES Table 15.2 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. Collateralized financings, and those with a single 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.

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Note 15:  Pledged Assets and Collateral (continued)
Collateral we pledged consists of non-cash instruments, such as securities or loans, and is not netted on our consolidated balance sheet against the related liability. Collateral we received includes securities or loans and 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. 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, U.S. GAAP requires disclosure in this table to limit 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 15.2, we also have balance sheet netting related to derivatives that is disclosed in Note 11 (Derivatives).
Table 15.2: Offsetting – Securities and Other Collateralized Financing Activities
(in millions)
Sep 30,
2023
Dec 31,
2022
Assets:
Resale and securities borrowing agreements
Gross amounts recognized$114,518 114,729 
Gross amounts offset in consolidated balance sheet (1)(23,231)(24,464)
Net amounts in consolidated balance sheet (2)91,287 90,265 
Collateral not recognized in consolidated balance sheet (3)(90,555)(89,592)
Net amount (4)$732 673 
Liabilities:
Repurchase and securities lending agreements
Gross amounts recognized $104,106 55,054 
Gross amounts offset in consolidated balance sheet (1)(23,231)(24,464)
Net amounts in consolidated balance sheet (5)80,875 30,590 
Collateral pledged but not netted in consolidated balance sheet (6)(80,677)(30,383)
Net amount (4)$198 207 
(1)Represents recognized amount of resale and repurchase agreements with counterparties subject to enforceable MRAs that have been offset in our consolidated balance sheet.
(2)Includes $70.3 billion and $68.0 billion classified on our consolidated balance sheet in federal funds sold and securities purchased under resale agreements at September 30, 2023, and December 31, 2022, respectively. Also includes $20.9 billion and $22.3 billion classified on our consolidated balance sheet in loans at September 30, 2023, and December 31, 2022, respectively.
(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. At September 30, 2023, and December 31, 2022, we have received total collateral with a fair value of $140.7 billion and $136.6 billion, respectively, all of which we have the right to sell or repledge. These amounts include securities we have sold or repledged to others with a fair value of $71.8 billion and $59.1 billion at September 30, 2023, and December 31, 2022, respectively.
(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)Amount is classified 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. At September 30, 2023, and December 31, 2022, we have pledged total collateral with a fair value of $106.5 billion and $56.3 billion, respectively, substantially all of which may be sold or repledged by the counterparty.
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 primarily 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 15.3 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.
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Table 15.3: Gross Obligations by Underlying Collateral Type
(in millions)
Sep 30,
2023
Dec 31,
2022
Repurchase agreements:
Securities of U.S. Treasury and federal agencies
$35,407 27,857 
Securities of U.S. States and political subdivisions
386 83 
Federal agency mortgage-backed securities
47,212 8,386 
Non-agency mortgage-backed securities
1,605 682 
Corporate debt securities
6,886 6,541 
Asset-backed securities
2,606 1,529 
Equity securities
1,478 711 
Other
64 300 
Total repurchases
95,644 46,089 
Securities lending arrangements:
Securities of U.S. Treasury and federal agencies
225 278 
Federal agency mortgage-backed securities
5 58 
Corporate debt securities
155 206 
Equity securities (1)
8,055 8,356 
Other
22 67 
Total securities lending
8,462 8,965 
Total repurchases and securities lending
$104,106 55,054 
(1)Equity securities are generally exchange traded and represent collateral received from third parties that has been repledged. We received the collateral through either margin lending agreements or contemporaneous securities borrowing transactions with other counterparties.
Table 15.4 provides the contractual maturities of our gross obligations under repurchase and securities lending agreements.
Table 15.4: Contractual Maturities of Gross Obligations
(in millions)
Overnight/continuousUp to 30 days30-90 days>90 daysTotal gross obligation
September 30, 2023
Repurchase agreements$51,009 21,029 15,264 8,342 95,644 
Securities lending arrangements8,362   100 8,462 
Total repurchases and securities lending (1)
$59,371 21,029 15,264 8,442 104,106 
December 31, 2022
Repurchase agreements$36,251 734 2,884 6,220 46,089 
Securities lending arrangements8,965    8,965 
Total repurchases and securities lending (1)
$45,216 734 2,884 6,220 55,054 
(1)Securities lending is executed under agreements that allow either party to terminate the transaction without notice, while repurchase agreements have a term structure to them that technically matures at a point in time. The overnight/continuous repurchase agreements require election of both parties to roll the trade rather than the election to terminate the arrangement as in securities lending.
Wells Fargo & Company
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Note 16:  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 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.

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.

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 allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, 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 third quarter 2023, we sold investments in certain private equity funds, which had a minimal impact to net income.

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 AND EXPENSE SHARING 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 or enterprise function (included in Corporate), expense is generally allocated based on the cost and use of the service provided.

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 low-income 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 16.1 presents our results by operating segment.
Table 16.1: Operating Segments

(in millions)
Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment ManagementCorporate (1)Reconciling Items (2)Consolidated
Company
Quarter ended September 30, 2023
Net interest income (3)$7,633 2,519 2,319 1,007 (269)(104)13,105 
Noninterest income1,948 886 2,604 2,695 21 (402)7,752 
Total revenue9,581 3,405 4,923 3,702 (248)(506)20,857 
Provision for credit losses768 52 324 (10)63  1,197 
Noninterest expense5,913 1,543 2,182 3,006 469  13,113 
Income (loss) before income tax expense (benefit)2,900 1,810 2,417 706 (780)(506)6,547 
Income tax expense (benefit)727 453 601 177 (641)(506)811 
Net income (loss) before noncontrolling interests2,173 1,357 1,816 529 (139) 5,736 
Less: Net income (loss) from noncontrolling interests 3   (34) (31)
Net income (loss)
$2,173 1,354 1,816 529 (105) 5,767 
Quarter ended September 30, 2022
Net interest income (3)$7,102 1,991 2,270 1,088 (248)(105)12,098 
Noninterest income2,175 961 1,790 2,577 345 (380)7,468 
Total revenue9,277 2,952 4,060 3,665 97 (485)19,566 
Provision for credit losses917 (168)32 8 (5) 784 
Noninterest expense6,758 1,526 1,900 2,796 1,326  14,306 
Income (loss) before income tax expense (benefit)1,602 1,594 2,128 861 (1,224)(485)4,476 
Income tax expense (benefit)401 409 536 222 (171)(485)912 
Net income (loss) before noncontrolling interests1,201 1,185 1,592 639 (1,053) 3,564 
Less: Net income (loss) from noncontrolling interests 3   (31) (28)
Net income (loss)$1,201 1,182 1,592 639 (1,022) 3,592 
Nine months ended September 30, 2023
Net interest income (3) $22,556 7,509 7,139 3,060 (344)(316)39,604 
Noninterest income5,844 2,572 7,317 7,971 147 (1,336)22,515 
Total revenue28,400 10,081 14,456 11,031 (197)(1,652)62,119 
Provision for credit losses2,509 35 1,509 25 39  4,117 
Noninterest expense17,978 4,925 6,486 9,041 1,346  39,776 
Income (loss) before income tax expense (benefit)7,913 5,121 6,461 1,965 (1,582)(1,652)18,226 
Income tax expense (benefit)1,985 1,281 1,617 492 (1,016)(1,652)2,707 
Net income (loss) before noncontrolling interests5,928 3,840 4,844 1,473 (566) 15,519 
Less: Net income (loss) from noncontrolling interests 9   (186) (177)
Net income (loss)$5,928 3,831 4,844 1,473 (380) 15,696 
Nine months ended September 30, 2022
Net interest income (3)$19,470 4,932 6,317 2,803 (1,685)(320)31,517 
Noninterest income6,877 2,839 4,786 8,324 1,185 (1,194)22,817 
Total revenue26,347 7,771 11,103 11,127 (500)(1,514)54,334 
Provision for credit losses1,340 (491)(226)(36)(10) 577 
Noninterest expense19,189 4,535 5,723 8,882 2,690  41,019 
Income (loss) before income tax expense (benefit)5,818 3,727 5,606 2,281 (3,180)(1,514)12,738 
Income tax expense (benefit)1,454 938 1,420 574 (592)(1,514)2,280 
Net income (loss) before noncontrolling interests4,364 2,789 4,186 1,707 (2,588) 10,458 
Less: Net income (loss) from noncontrolling interests 9   (73) (64)
Net income (loss)$4,364 2,780 4,186 1,707 (2,515) 10,522 
(continued on following page)
Wells Fargo & Company
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Note 16: Operating Segments (continued)
(continued from previous page)

Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment Management Corporate (1) Reconciling Items (2)Consolidated
Company
Quarter ended September 30, 2023
Loans (average)$335,545 224,416 291,651 82,195 9,386  943,193 
Assets (average)376,249 243,661 559,647 88,987 623,339  1,891,883 
Deposits (average)801,061 160,556 157,212 107,500 113,978  1,340,307 
Nine months ended September 30, 2023
Loans (average)$336,725 224,361 292,610 82,948 9,252  945,896 
Assets (average)378,826 246,322 552,888 89,957 610,047  1,878,040 
Deposits (average)821,741 165,887 158,337 115,418 86,707  1,348,090 
Loans (period-end)334,956 225,771 290,330 82,331 9,036  942,424 
Assets (period-end)376,151 245,159 557,642 88,854 641,455  1,909,261 
Deposits (period-end)798,897 160,368 162,776 103,255 128,714  1,354,010 
Quarter ended September 30, 2022
Loans (average)$335,644 208,997 306,240 85,472 9,112  945,465 
Assets (average)379,672 230,934 560,509 91,862 617,712  1,880,689 
Deposits (average)888,037 180,231 156,830 158,367 24,386  1,407,851 
Nine months ended September 30, 2022
Loans (average)$330,557 201,857 296,557 85,386 9,163  923,520 
Assets (average)377,929 223,312 558,773 91,763 648,967  1,900,744 
Deposits (average)889,366 189,664 163,578 172,516 23,909  1,439,033 
Loans (period-end)337,352 214,585 299,693 85,180 9,096  945,906 
Assets (period-end)380,755 239,588 550,695 91,299 615,382  1,877,719 
Deposits (period-end)886,991 172,727 154,550 148,890 34,993  1,398,151 
(1)In first quarter 2023, we adopted ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. For additional information, see Note 1 (Summary of Significant Accounting Policies).
(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 low-income 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.
(3)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.
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Note 17: Revenue and Expenses
Revenue
Our revenue includes net interest income on financial instruments and noninterest income. Table 17.1 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 16 (Operating Segments). For a description of our revenue from contracts with customers, see Note 20 (Revenue and Expenses) in our 2022 Form 10-K.
Table 17.1: 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, 2023
Net interest income (2)$7,633 2,519 2,319 1,007 (269)(104)13,105 
Noninterest income:
Deposit-related fees670 257 247 5   1,179 
Lending-related fees (2)31 133 206 2   372 
Investment advisory and other asset-based fees (3) 19 41 2,164   2,224 
Commissions and brokerage services fees  75 492   567 
Investment banking fees 13 545  (66) 492 
Card fees:
Card interchange and network revenue (4)909 56 14 1   980 
Other card fees (2)118      118 
Total card fees1,027 56 14 1   1,098 
Mortgage banking (2)105  91 (3)  193 
Net gains (losses) from trading activities (2) (2)1,193 25 49  1,265 
Net gains (losses) from debt securities (2)
 25   (19) 6 
Net gains (losses) from equity securities (2) (6)18  (37) (25)
Lease income (2) 153 4  134  291 
Other (2)115 238 170 9 (40)(402)90 
Total noninterest income1,948 886 2,604 2,695 21 (402)7,752 
Total revenue$9,581 3,405 4,923 3,702 (248)(506)20,857 
Quarter ended September 30, 2022
Net interest income (2)$7,102 1,991 2,270 1,088 (248)(105)12,098 
Noninterest income:
Deposit-related fees773 256 255 5   1,289 
Lending-related fees (2)32 126 198 2   358 
Investment advisory and other asset-based fees (3) 13 32 2,066   2,111 
Commissions and brokerage services fees   76 486   562 
Investment banking fees 14 392  (31) 375 
Card fees:
Card interchange and network revenue (4)915 60 15 1   991 
Other card fees (2)128      128 
Total card fees1,043 60 15 1   1,119 
Mortgage banking (2)212  115 (3)  324 
Net gains (losses) from trading activities (2)
 (4)674 16 214  900 
Net gains from debt securities (2)    6  6 
Net gains (losses) from equity securities (2)
12 85 (2)(1)(128) (34)
Lease income (2) 176 1  145  322 
Other (2)(5)103 235 34 5 139 (380)136 
Total noninterest income2,175 961 1,790 2,577 345 (380)7,468 
Total revenue$9,277 2,952 4,060 3,665 97 (485)19,566 
Nine months ended September 30, 2023
Net interest income (2)$22,556 7,509 7,139 3,060 (344)(316)39,604 
Noninterest income:
Deposit-related fees2,008 741 730 16 (3) 3,492 
Lending-related fees (2)90 393 591 6   1,080 
Investment advisory and other asset-based fees (3) 54 112 6,335   6,501 
Commissions and brokerage services fees  229 1,527   1,756 
Investment banking fees(4)48 1,249  (99) 1,194 
Card fees:
Card interchange and network revenue (4)2,701 171 46 3 2  2,923 
Other card fees (2)306      306 
Total card fees3,007 171 46 3 2  3,229 
Mortgage banking (2)397  239 (9)  627 
Net gains (losses) from trading activities (2) (9)3,531 69 138  3,729 
Net gains (losses) from debt securities (2)
 25   (15) 10 
Net gains (losses) from equity securities (2)
 (16)1 (2)(459) (476)
Lease income (2) 489 50  406  945 
Other (2)346 676 539 26 177 (1,336)428 
Total noninterest income5,844 2,572 7,317 7,971 147 (1,336)22,515 
Total revenue$28,400 10,081 14,456 11,031 (197)(1,652)62,119 
(continued on following page)
Wells Fargo & Company
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Note 17: 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, 2022
Net interest income (2)$19,470 4,932 6,317 2,803 (1,685)(320)31,517 
Noninterest income:
Deposit-related fees2,397 894 828 19   4,138 
Lending-related fees (2)100 369 578 6   1,053 
Investment advisory and other asset-based fees (3) 25 74 6,848 8  6,955 
Commissions and brokerage services fees  242 1,399   1,641 
Investment banking fees(3)44 1,161  (94) 1,108 
Card fees:
Card interchange and network revenue (4)2,669 171 44 3   2,887 
Other card fees (2)373      373 
Total card fees3,042 171 44 3   3,260 
Mortgage banking (2)1,077  236 (9)  1,304 
Net gains (losses) from trading activities (2)
 (4)1,280 28 260  1,564 
Net gains from debt securities (2) 5   146  151 
Net gains (losses) from equity securities (2)(5)104 (9)(2)(161) (73)
Lease income (2) 534 14  434  982 
Other (2)(5)269 697 338 32 592 (1,194)734 
Total noninterest income6,877 2,839 4,786 8,324 1,185 (1,194)22,817 
Total revenue$26,347 7,771 11,103 11,127 (500)(1,514)54,334 
(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 low-income 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 $230 million and $684 million for the third quarter and first nine months of 2023, respectively, and $231 million and $747 million for the third quarter and first nine months of 2022, respectively.
(4)The cost of credit card rewards and rebates of $652 million and $1.9 billion for the third quarter and first nine months of 2023, respectively, and $577 million and $1.6 billion for the third quarter and first nine months of 2022, respectively, are presented net against the related revenue.
(5)In first quarter 2023, we adopted ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. For additional information, see Note 1 (Summary of Significant Accounting Policies).
Expenses
OPERATING LOSSES Operating losses consist of expenses related to:
Legal actions such as litigation and regulatory matters. For additional information on legal actions, see Note 10 (Legal Actions);
Customer remediation activities, which are associated with our efforts to identify areas or instances where customers may have experienced financial harm and provide remediation as appropriate. We have accrued for the probable and estimable costs related to our customer remediation activities, which amounts may change based on additional facts and information, as well as ongoing reviews and communications with our regulators; and
Other business activities such as deposit overdraft losses, fraud losses, and isolated instances of customer redress.
Table 17.2 provides the components of our operating losses included in our consolidated statement of income.
Table 17.2: Operating Losses
Quarter ended September 30,Nine months ended September 30,
($ in millions)
2023202220232022
Legal actions
$175 984 $115 1,097 
Customer remediation
(30)978 133 1,615 
Other
184 256 580 755 
Total operating losses
$329 2,218 $828 3,467 
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 EXPENSES Regulatory Charges and Assessments expense, which is included in other noninterest expense, was $277 million and $849 million in the third quarter and first nine months of 2023, respectively, compared with $207 million and $640 million in the same periods a year ago, and primarily consisted of Federal Deposit Insurance Corporation (FDIC) deposit assessment expense.
In May 2023, the FDIC proposed a rule to recover by special assessment losses to the FDIC deposit insurance fund as a result of bank failures in the first half of 2023. Under the proposed rule, the FDIC would collect a special assessment based on a calculation using an insured depository institution’s estimated amount of uninsured deposits. As currently proposed, the amount of our special assessment may be up to $1.8 billion (pre-tax). We expect to expense the entire amount upon the FDIC’s finalization of the rule, which we expect to occur in fourth quarter 2023. The proposed rule may be changed prior to finalization and any changes may affect the timing or amount of the special assessment.
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Wells Fargo & Company


Note 18: 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 21 (Employee Benefits) in our 2022 Form 10-K.

Table 18.1 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 18.1: Net Periodic Benefit Cost
20232022
Pension benefits Pension benefits 
(in millions)Qualified 
Non- 
qualified 
Other 
benefits 
Qualified 
Non- 
qualified 
Other 
benefits 
Quarter ended September 30,
Service cost$6   5   
Interest cost101 5 3 95 3 1 
Expected return on plan assets(126) (5)(119) (5)
Amortization of net actuarial loss (gain)35 1 (7)34 3 (6)
Amortization of prior service credit  (2)  (2)
Settlement loss   48   
Net periodic benefit cost
$16 6 (11)63 6 (12)
Nine months ended September 30,
Service cost$19   15   
Interest cost302 14 11 244 8 6 
Expected return on plan assets(378) (18)(384) (16)
Amortization of net actuarial loss (gain)105 3 (19)100 9 (17)
Amortization of prior service credit   (7)  (7)
Settlement loss   157 1  
Net periodic benefit cost
$48 17 (33)132 18 (34)

Wells Fargo & Company
129


Note 19: Earnings and Dividends Per Common Share
Table 19.1 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 19.1: Earnings Per Common Share Calculations
Quarter ended September 30,Nine months ended September 30,
(in millions, except per share amounts)2023202220232022
Wells Fargo net income (1)$5,767 3,592 $15,696 10,522 
Less: Preferred stock dividends and other (2)
317 279 874 837 
Wells Fargo net income applicable to common stock (numerator)
$5,450 3,313 $14,822 9,685 
Earnings per common share
Average common shares outstanding (denominator)3,648.8 3,796.5 3,710.9 3,807.0 
Per share$1.49 0.87 $3.99 2.54 
Diluted earnings per common share
Average common shares outstanding3,648.8 3,796.5 3,710.9 3,807.0 
Add:
Restricted share rights (3)
31.8 28.6 30.7 31.5 
Diluted average common shares outstanding (denominator)3,680.6 3,825.1 3,741.6 3,838.5 
Per share$1.48 0.86 $3.96 2.52 
(1)In first quarter 2023, we adopted ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. For additional information, see Note 1 (Summary of Significant Accounting Policies).
(2)The balance for the quarter and the nine months ended September 30, 2023, includes $19 million from the elimination of discounts or issuance costs associated with redemptions of preferred stock.
(3)Calculated using the treasury stock method.
Table 19.2 presents the outstanding securities that were anti-dilutive and therefore not included in the calculation of diluted earnings per common share.
Table 19.2: Outstanding Anti-Dilutive Securities
Weighted-average shares
Quarter ended September 30,Nine months ended September 30,
(in millions)2023202220232022
Convertible Preferred Stock, Series L (1)25.3 25.3 25.3 25.3 
Restricted share rights (2) 0.3 0.2 0.2 
(1)    Calculated using the if-converted method.
(2)    Calculated using the treasury stock method.
Table 19.3 presents dividends declared per common share.
Table 19.3: Dividends Declared Per Common Share
Quarter ended September 30,Nine months ended September 30,
2023202220232022
Per common share$0.35 0.30 $0.95 0.80 
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Wells Fargo & Company


Note 20: Other Comprehensive Income 
Table 20.1 provides the components of other comprehensive income (OCI), reclassifications to net income by income statement line item, and the related tax effects.



Table 20.1: Summary of Other Comprehensive Income
Quarter ended September 30,Nine months ended September 30,
2023202220232022
(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$(2,790)686 (2,104)(3,373)829 (2,544)(2,989)737 (2,252)(15,067)3,709 (11,358)
Reclassification of net (gains) losses to net income152 (37)115 180 (44)136 421 (104)317 242 (60)182 
Net change(2,638)649 (1,989)(3,193)785 (2,408)(2,568)633 (1,935)(14,825)3,649 (11,176)
Derivatives and hedging activities:
Fair Value Hedges:
Change in fair value of excluded components on fair value hedges (1)9 (2)7 30 (7)23 20 (5)15 140 (34)106 
Cash Flow Hedges:
Net unrealized gains (losses) arising during the period on cash flow hedges(757)187 (570)(1,482)366 (1,116)(1,374)340 (1,034)(1,647)407 (1,240)
Reclassification of net (gains) losses to net income206 (50)156 (24)6 (18)504 (124)380 (53)13 (40)
Net change(542)135 (407)(1,476)365 (1,111)(850)211 (639)(1,560)386 (1,174)
Defined benefit plans adjustments:
Net actuarial and prior service gains (losses) arising during the period   (143)36 (107)   (244)61 (183)
Reclassification of amounts to noninterest expense (2)27 (6)21 77 (19)58 82 (19)63 243 (59)184 
Net change27 (6)21 (66)17 (49)82 (19)63 (1)2 1 
Debit valuation adjustments (DVA) and other:
Net unrealized gains (losses) arising during the period (3)(13)3 (10)12 (3)9 (22)5 (17)125 (27)98 
Reclassification of net (gains) losses to net income            
Net change(13)3 (10)12 (3)9 (22)5 (17)125 (27)98 
Foreign currency translation adjustments:
Net unrealized gains (losses) arising during the period(48)(1)(49)(174) (174)17 (2)15 (301)(2)(303)
Reclassification of net (gains) losses to net income            
Net change(48)(1)(49)(174) (174)17 (2)15 (301)(2)(303)
Other comprehensive income (loss)$(3,214)780 (2,434)(4,897)1,164 (3,733)(3,341)828 (2,513)(16,562)4,008 (12,554)
Less: Other comprehensive income from noncontrolling interests, net of tax2 2 2 3 
Wells Fargo other comprehensive loss, net of tax$(2,436)(3,735)(2,515)(12,557)
(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 18 (Employee Benefits) for additional information).
(3)In first quarter 2023, we adopted ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. For additional information, see Note 1 (Summary of Significant Accounting Policies).
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Note 20: Other Comprehensive Income (continued)
Table 20.2 provides the accumulated OCI (AOCI) balance activity on an after-tax basis.


Table 20.2: Accumulated OCI Balances
(in millions)Debt
securities
Fair value hedges (1)Cash flow hedges (2)Defined 
 benefit 
 plans 
 adjustments
Debit valuation adjustments
(DVA)
and other
Foreign 
 currency 
 translation 
adjustments 
Accumulated 
 other 
comprehensive income (loss)
Quarter ended September 30, 2023
Balance, beginning of period$(9,781)(69)(1,423)(1,859)7 (316)(13,441)
Net unrealized gains (losses) arising during the period(2,104)7 (570) (10)(49)(2,726)
Amounts reclassified from accumulated other comprehensive income115  156 21   292 
Net change(1,989)7 (414)21 (10)(49)(2,434)
Less: Other comprehensive income from noncontrolling interests     2 2 
Balance, end of period (3)(4)$(11,770)(62)(1,837)(1,838)(3)(367)(15,877)
Quarter ended September 30, 2022
Balance, beginning of period$(8,103)(60)(173)(2,005)4 (272)(10,609)
Transition adjustment (3)    41  41 
Balance, beginning of period (3)(8,103)(60)(173)(2,005)45 (272)(10,568)
Net unrealized gains (losses) arising during the period(2,544)23 (1,116)(107)9 (174)(3,909)
Amounts reclassified from accumulated other comprehensive income136  (18)58   176 
Net change(2,408)23 (1,134)(49)9 (174)(3,733)
Less: Other comprehensive income from noncontrolling interests
     2 2 
Balance, end of period (3)(4)$(10,511)(37)(1,307)(2,054)54 (448)(14,303)
Nine months ended September 30, 2023
Balance, beginning of period$(9,835)(77)(1,183)(1,901)(6)(380)(13,382)
Transition adjustment (3)20 20 
Balance, beginning of period (3)(9,835)(77)(1,183)(1,901)14 (380)(13,362)
Net unrealized gains (losses) arising during the period(2,252)15 (1,034) (17)15 (3,273)
Amounts reclassified from accumulated other comprehensive income317  380 63   760 
Net change(1,935)15 (654)63 (17)15 (2,513)
Less: Other comprehensive income from noncontrolling interests
     2 2 
Balance, end of period (3)(4)$(11,770)(62)(1,837)(1,838)(3)(367)(15,877)
Nine months ended September 30, 2022
Balance, beginning of period$665 (143)(27)(2,055) (142)(1,702)
Transition adjustment (3)    (44) (44)
Balance, beginning of period (3)665 (143)(27)(2,055)(44)(142)(1,746)
Net unrealized gains (losses) arising during the period(11,358)106 (1,240)(183)98 (303)(12,880)
Amounts reclassified from accumulated other comprehensive income182  (40)184   326 
Net change(11,176)106 (1,280)1 98 (303)(12,554)
Less: Other comprehensive income from noncontrolling interests     3 3 
Balance, end of period (3)(4)$(10,511)(37)(1,307)(2,054)54 (448)(14,303)
(1)Substantially all of the amounts for fair value hedges are foreign exchange contracts.
(2)Substantially all of the amounts for cash flow hedges are interest rate contracts.
(3)In first quarter 2023, we adopted ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. For additional information, see Note 1 (Summary of Significant Accounting Policies).
(4)AOCI related to debt securities includes after-tax unrealized gains or losses associated with the transfer of securities from AFS to HTM of $3.6 billion at both September 30, 2023 and 2022, respectively. These amounts are subsequently amortized from AOCI into earnings over the same period as the related unamortized premiums and discounts.
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Note 21:  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 21.1 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.
At September 30, 2023, the Bank and our other insured depository institutions were considered well-capitalized under the requirements of the Federal Deposit Insurance Act.

Table 21.1: Regulatory Capital Information

Wells Fargo & Company Wells Fargo Bank, N.A.
Standardized ApproachAdvanced ApproachStandardized ApproachAdvanced Approach
(in millions, except ratios)September 30, 2023December 31, 2022September 30, 2023December 31, 2022September 30, 2023December 31, 2022September 30, 2023December 31, 2022
Regulatory capital:
Common Equity Tier 1$136,164 133,527 136,164 133,527 141,532 140,644 141,532 140,644 
Tier 1155,219 152,567 155,219 152,567 141,532 140,644 141,532 140,644 
Total188,766 186,747 178,367 177,258 165,197 163,885 155,056 154,292 
Assets:
Risk-weighted assets 1,237,122 1,259,889 1,130,775 1,112,307 1,146,182 1,177,300 969,932 977,713 
Adjusted average assets1,864,793 1,846,954 1,864,793 1,846,954 1,661,115 1,685,401 1,661,115 1,685,401 
Regulatory capital ratios:
Common Equity Tier 1 capital11.01 %*10.60 12.04 12.00 12.35 *11.95 14.59 14.39 
Tier 1 capital12.55 *12.11 13.73 13.72 12.35 *11.95 14.59 14.39 
Total capital15.26 *14.82 15.77 15.94 14.41 *13.92 15.99 15.78 
Required minimum capital ratios:
Common Equity Tier 1 capital9.20 9.20 8.50 8.50 7.00 7.00 7.00 7.00 
Tier 1 capital10.70 10.70 10.00 10.00 8.50 8.50 8.50 8.50 
Total capital12.70 12.70 12.00 12.00 10.50 10.50 10.50 10.50 
Wells Fargo & CompanyWells Fargo Bank, N.A.
September 30, 2023December 31, 2022September 30, 2023December 31, 2022
Regulatory leverage:
Total leverage exposure (1)$2,239,024 2,224,789 2,019,348 2,058,568 
Supplementary leverage ratio (1)6.93 %6.86 7.01 6.83 
Tier 1 leverage ratio (2)8.32 8.26 8.52 8.34 
Required minimum leverage:
Supplementary leverage ratio5.00 5.00 6.00 6.00 
Tier 1 leverage ratio4.00 4.00 4.00 4.00 
*Denotes the binding ratio under the Standardized and Advanced Approaches at September 30, 2023.
(1)The supplementary leverage ratio consists of Tier 1 capital divided by total leverage exposure. Total leverage exposure consists of total average assets, less goodwill and other permitted Tier 1 capital deductions (net of deferred tax liabilities), plus certain off-balance sheet exposures.
(2)The Tier 1 leverage ratio consists of Tier 1 capital divided by total average assets, excluding goodwill and certain other items as determined under the rule.
At September 30, 2023, 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%. The G-SIB surcharge is not applicable to the Bank. In addition, the CET1, Tier 1 and total capital ratio requirements for the Company included a stress capital buffer of 3.20% under the Standardized Approach and a capital conservation buffer of 2.50% under the Advanced Approach. The capital ratio requirements for the Bank included a capital conservation buffer of 2.50% under both the Standardized and Advanced Approaches. The Company is required to maintain these risk-based capital ratios and to maintain a supplementary leverage ratio (SLR) of at least 5.00% (composed of a 3.00% minimum requirement plus a supplementary leverage buffer of 2.00%) to
avoid restrictions on capital distributions and discretionary bonus payments. The Bank is required to maintain an SLR of at least 6.00% to be considered well-capitalized under applicable regulatory capital adequacy rules.
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 annual Comprehensive Capital Analysis and Review exercise and has also published guidance regarding its supervisory expectations for capital planning, including capital policies
Wells Fargo & Company
133


Note 21: Regulatory Capital Requirements and Other Restrictions (continued)
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, under 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, 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 25 (Regulatory Capital Requirements and Other Restrictions) in our 2022 Form 10-K.
Cash Restrictions
Cash and cash equivalents may be restricted as to usage or withdrawal. Table 21.2 provides a summary of restrictions on cash and cash equivalents.
Table 21.2: Nature of Restrictions on Cash and Cash Equivalents
(in millions)
Sep 30,
2023
Dec 31,
2022
Reserve balance for non-U.S. central banks
$233 238 
Segregated for benefit of brokerage customers under federal and other brokerage regulations
564 898 
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Wells Fargo & Company


Glossary of Acronyms
ACLAllowance for credit lossesHTMHeld-to-maturity
AFSAvailable-for-saleLCRLiquidity coverage ratio
AOCIAccumulated other comprehensive incomeLHFSLoans held for sale
ARMAdjustable-rate mortgageLIBORLondon Interbank Offered Rate
ASCAccounting Standards CodificationLIHTCLow-income housing tax credit
ASUAccounting Standards UpdateLOCOMLower of cost or fair value
AVMAutomated valuation modelLTVLoan-to-value
BCBSBasel Committee on Banking SupervisionMBSMortgage-backed securities
BHCBank holding companyMSRMortgage servicing right
CCARComprehensive Capital Analysis and ReviewNAVNet asset value
CDCertificate of depositNPANonperforming asset
CECLCurrent expected credit lossNSFRNet stable funding ratio
CET1Common Equity Tier 1OCCOffice of the Comptroller of the Currency
CFPBConsumer Financial Protection BureauOCIOther comprehensive income
CLOCollateralized loan obligationOTCOver-the-counter
CLTVCombined loan-to-valuePCDPurchased credit-deteriorated
CPICollateral protection insurancePTPPPre-tax pre-provision profit
CRECommercial real estateRMBSResidential mortgage-backed securities
DPDDays past dueROAReturn on average assets
ESOPEmployee Stock Ownership PlanROEReturn on average equity
FASBFinancial Accounting Standards BoardROTCEReturn on average tangible common equity
FDICFederal Deposit Insurance CorporationRWAsRisk-weighted assets
FHAFederal Housing AdministrationSECSecurities and Exchange Commission
FHLBFederal Home Loan BankS&PStandard & Poor’s Global Ratings
FHLMCFederal Home Loan Mortgage CorporationSLRSupplementary leverage ratio
FICOFair Isaac Corporation (credit rating)SOFRSecured Overnight Financing Rate
FNMAFederal National Mortgage AssociationSPESpecial purpose entity
FRBBoard of Governors of the Federal Reserve SystemTDRTroubled debt restructuring
GAAPGenerally accepted accounting principlesTLACTotal Loss Absorbing Capacity
GNMAGovernment National Mortgage AssociationVADepartment of Veterans Affairs
GSEGovernment-sponsored entityVaRValue-at-Risk
G-SIBGlobal systemically important bankVIEVariable interest entity
HQLAHigh-quality liquid assetsWIMWealth and Investment Management

Wells Fargo & Company
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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
 
The following table shows Company repurchases of its common stock for each calendar month in the quarter ended September 30, 2023.

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)
July12,064,081 $45.80 $29,999 
August45,817 43.41 29,997 
September21,695,693 42.66 29,072 
Total33,805,591 
(1)All shares were repurchased under an authorization covering up to 500 million shares of common stock approved by the Board of Directors (Board) and publicly announced by the Company on January 15, 2021, or an authorization covering up to $30 billion of common stock approved by the Board and publicly announced by the Company on July 25, 2023. Unless modified or revoked by the Board, the authorization announced on July 25, 2023, does not expire and supersedes the prior share repurchase authority approved by the Board.


Item 5.    Other Information
 
Trading Plans
During the three months ended September 30, 2023, 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.
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Wells Fargo & Company


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 
Filed herewith.
Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed June 29, 2023.
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.
Incorporated by reference to Exhibit 22 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023.
Filed herewith.
Filed herewith.
Furnished herewith.
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.
Wells Fargo & Company
137


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.
 
Dated: October 31, 2023    WELLS FARGO & COMPANY
 
 
By:/s/ MUNEERA S. CARR
Muneera S. Carr
Executive Vice President,
Chief Accounting Officer and Controller
(Principal Accounting Officer)

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Wells Fargo & Company