[Consolidated Results](index=3&type=section&id=Consolidated%20Results) [Summary Financial Data](index=3&type=section&id=Summary%20Financial%20Data) Wells Fargo & Company reported strong financial performance for Q3 2025, with total revenue increasing by 3% QoQ and 5% YoY, and net income applicable to common stock growing by 2% QoQ and 10% YoY. Diluted EPS rose by 4% QoQ and 17% YoY. The company also saw increases in average loans and assets, while maintaining stable capital ratios **Selected Income Statement Data (Quarter ended Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | % Change QoQ | % Change YoY | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Total revenue | $21,436M | $20,822M | $20,366M | 3% | 5% | | Noninterest expense | $13,846M | $13,379M | $13,067M | 3% | 6% | | Pre-tax pre-provision profit (PTPP) | $7,590M | $7,443M | $7,299M | 2% | 4% | | Provision for credit losses | $681M | $1,005M | $1,065M | (32)% | (36)% | | Wells Fargo net income | $5,589M | $5,494M | $5,114M | 2% | 9% | | Wells Fargo net income applicable to common stock | $5,341M | $5,214M | $4,852M | 2% | 10% | | Diluted earnings per common share | $1.66 | $1.60 | $1.42 | 4% | 17% | | Dividends declared per common share | $0.45 | $0.40 | $0.40 | 13% | 13% | | Book value per common share | $52.30 | $51.13 | $49.26 | 2% | 6% | | Tangible book value per common share | $44.18 | $43.18 | $41.76 | 2% | 6% | **Selected Balance Sheet Data (Period-End Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | % Change QoQ | % Change YoY | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Loans | $943,102M | $924,418M | $909,711M | 2% | 4% | | Assets | $2,062,926M | $1,981,269M | $1,922,125M | 4% | 7% | | Deposits | $1,367,361M | $1,340,703M | $1,349,646M | 2% | 1% | | Headcount | 210,821 | 212,804 | 220,167 | (1)% | (4)% | | Common Equity Tier 1 (CET1) - Standardized | 11.0% | 11.1% | 11.3% | - | - | | Tier 1 leverage ratio | 7.7% | 8.0% | 8.3% | - | - | | Supplementary Leverage Ratio (SLR) | 6.4% | 6.7% | 6.9% | - | - | - Provision for credit losses decreased significantly by **32% QoQ** and **36% YoY**, indicating improved credit quality or a more favorable economic outlook[4](index=4&type=chunk) [Consolidated Statement of Income](index=5&type=section&id=Consolidated%20Statement%20of%20Income) The consolidated statement of income shows a 3% QoQ increase in total revenue, driven by a 5% increase in interest income and a 4% increase in total noninterest income. Net interest income also grew by 2% QoQ. Noninterest expense increased by 3% QoQ, primarily due to personnel expenses **Consolidated Statement of Income (Quarter ended Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | % Change QoQ | % Change YoY | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Interest income | $22,419M | $21,320M | $22,998M | 5% | (3)% | | Interest expense | $10,469M | $9,612M | $11,308M | 9% | (7)% | | Net interest income | $11,950M | $11,708M | $11,690M | 2% | 2% | | Total noninterest income | $9,486M | $9,114M | $8,676M | 4% | 9% | | Total revenue | $21,436M | $20,822M | $20,366M | 3% | 5% | | Provision for credit losses | $681M | $1,005M | $1,065M | (32)% | (36)% | | Total noninterest expense | $13,846M | $13,379M | $13,067M | 3% | 6% | | Income before income tax expense | $6,909M | $6,438M | $6,234M | 7% | 11% | | Wells Fargo net income | $5,589M | $5,494M | $5,114M | 2% | 9% | - Investment banking fees showed significant growth, increasing by **21% QoQ** and **25% YoY**, contributing to the overall noninterest income growth[12](index=12&type=chunk) - Card fees increased by **4% QoQ** and **12% YoY**, partly due to the acquisition of the remaining interest in the merchant services joint venture in April 2025, which now includes its revenue in card fees[12](index=12&type=chunk) [Consolidated Balance Sheet](index=6&type=section&id=Consolidated%20Balance%20Sheet) The consolidated balance sheet at September 30, 2025, shows a 4% QoQ increase in total assets, primarily driven by increases in federal funds sold and securities purchased under resale agreements, and debt securities. Total liabilities also increased by 5% QoQ, mainly due to a 23% rise in short-term borrowings. Total equity remained stable QoQ **Consolidated Balance Sheet (Period-End Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | % Change QoQ | % Change YoY | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Total assets | $2,062,926M | $1,981,269M | $1,922,125M | 4% | 7% | | Loans | $943,102M | $924,418M | $909,711M | 2% | 4% | | Debt securities (Trading, AFS, HTM) | $578,143M | $533,916M | $529,832M | 8% | 9% | | Total deposits | $1,367,361M | $1,340,703M | $1,349,646M | 2% | 1% | | Short-term borrowings | $230,649M | $187,995M | $111,894M | 23% | 106% | | Total liabilities | $1,879,914M | $1,798,315M | $1,737,114M | 5% | 8% | | Total equity | $183,012M | $182,954M | $185,011M | 0% | (1)% | | Treasury stock | $(123,148)M | $(117,244)M | $(107,479)M | (5)% | (15)% | - Federal funds sold and securities purchased under resale agreements increased by **47% QoQ** and **47% YoY**, indicating increased liquidity management activities[15](index=15&type=chunk) [Average Balances and Interest Rates (Taxable-Equivalent Basis)](index=7&type=section&id=Average%20Balances%20and%20Interest%20Rates%20%28Taxable-Equivalent%20Basis%29) Average interest-earning assets increased by 4% QoQ, primarily driven by federal funds sold and securities purchased under resale agreements. Total interest-bearing liabilities also increased by 6% QoQ, mainly due to a 43% rise in short-term borrowings. The net interest margin on a taxable-equivalent basis slightly decreased to 2.61% from 2.68% QoQ **Average Balances (Quarter ended Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | % Change QoQ | % Change YoY | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Total interest-earning assets | $1,832,510M | $1,762,160M | $1,754,068M | 4% | 4% | | Loans | $928,677M | $916,719M | $910,255M | 1% | 2% | | Total interest-bearing liabilities | $1,414,181M | $1,334,659M | $1,314,429M | 6% | 8% | | Interest-bearing deposits | $984,197M | $970,684M | $986,206M | 1% | 0% | | Short-term borrowings | $211,959M | $147,917M | $109,902M | 43% | 93% | **Average Interest Rates (Quarter ended Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :-------------------------------- | :----------- | :----------- | :----------- | | Total interest-earning assets | 4.88% | 4.87% | 5.24% | | Loans | 5.97% | 5.95% | 6.41% | | Total interest-bearing liabilities | 2.94% | 2.89% | 3.43% | | Interest-bearing deposits | 2.09% | 2.09% | 2.60% | | Net interest margin on a taxable-equivalent basis | 2.61% | 2.68% | 2.67% | - The average interest rate on total interest-earning assets remained stable QoQ at **4.88%**, while the rate on total interest-bearing liabilities increased to **2.94%** from **2.89% QoQ**[17](index=17&type=chunk) [Reportable Operating Segment Results](index=8&type=section&id=Reportable%20Operating%20Segment%20Results) [Combined Segment Results](index=8&type=section&id=Combined%20Segment%20Results) In Q3 2025, all reportable operating segments except Corporate reported positive net income. Consumer Banking and Lending, Commercial Banking, and Corporate and Investment Banking were the largest contributors to net income. Total revenue increased across most segments QoQ, with Corporate and Investment Banking showing the highest growth **Combined Segment Net Income (Quarter ended Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Segment | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :-------------------------------- | :----------- | :----------- | :----------- | | Consumer Banking and Lending | $2,185M | $1,863M | $1,924M | | Commercial Banking | $1,162M | $1,086M | $1,318M | | Corporate and Investment Banking | $1,966M | $1,737M | $1,992M | | Wealth and Investment Management | $591M | $480M | $529M | | Corporate | $(315)M | $328M | $(649)M | | Consolidated Company | $5,589M | $5,494M | $5,114M | **Combined Segment Total Revenue (Quarter ended Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Segment | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :-------------------------------- | :----------- | :----------- | :----------- | | Consumer Banking and Lending | $9,650M | $9,228M | $9,124M | | Commercial Banking | $3,041M | $2,933M | $3,333M | | Corporate and Investment Banking | $4,879M | $4,673M | $4,911M | | Wealth and Investment Management | $4,196M | $3,898M | $3,878M | | Corporate | $176M | $559M | $(337)M | | Consolidated Company | $21,436M | $20,822M | $20,366M | - The Corporate segment reported a net loss of **$315 million** in Q3 2025, a significant decrease from a net income of **$328 million** in Q2 2025, but an improvement from a loss of **$649 million** in Q3 2024[18](index=18&type=chunk) [Consumer Banking and Lending Segment](index=10&type=section&id=Consumer%20Banking%20and%20Lending) The Consumer Banking and Lending segment reported a 14% QoQ increase in net income to $2,185 million, driven by higher total revenue and a decrease in provision for credit losses. Total revenue grew by 5% QoQ, with significant increases in card fees and mortgage banking. Average total loans increased by 3% YoY, while average total deposits remained stable **Consumer Banking and Lending Income Statement (Quarter ended Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | % Change QoQ | % Change YoY | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Net interest income | $7,505M | $7,199M | $7,149M | 4% | 5% | | Total noninterest income | $2,145M | $2,029M | $1,975M | 6% | 9% | | Total revenue | $9,650M | $9,228M | $9,124M | 5% | 6% | | Provision for credit losses | $767M | $945M | $930M | (19)% | (18)% | | Net income | $2,185M | $1,863M | $1,924M | 17% | 14% | **Consumer Banking and Lending Selected Metrics (Quarter ended Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :-------------------------------- | :----------- | :----------- | :----------- | | Return on allocated capital | 18.5% | 15.9% | 16.3% | | Efficiency ratio | 62% | 63% | 62% | | Digital active customers ( in millions) | 37.0 | 36.6 | 35.8 | | Mobile active customers ( in millions) | 32.5 | 32.1 | 31.2 | | Credit card purchase volume ($ in billions) | $47.4 | $46.4 | $43.4 | | Auto loan originations ($ in billions) | $8.8 | $6.9 | $4.1 | - In Q3 2025, approximately **$8 billion** of loans and **$6 billion** of deposits were prospectively transferred from Commercial Banking to Consumer, Small and Business Banking within this segment[27](index=27&type=chunk) [Commercial Banking Segment](index=12&type=section&id=Commercial%20Banking) The Commercial Banking segment's net income increased by 7% QoQ to $1,162 million, despite a 2% QoQ decrease in net interest income and a 9% YoY decrease in total revenue. The segment saw a significant 191% QoQ increase in provision for credit losses, though it remained lower YoY. Average total loans decreased by 3% QoQ, partly due to a transfer of certain business customers **Commercial Banking Income Statement (Quarter ended Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | % Change QoQ | % Change YoY | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Net interest income | $1,949M | $1,983M | $2,289M | (2)% | (15)% | | Total noninterest income | $1,092M | $950M | $1,044M | 15% | 5% | | Total revenue | $3,041M | $2,933M | $3,333M | 4% | (9)% | | Provision for credit losses | $39M | $(43)M | $85M | 191% | (54)% | | Net income | $1,162M | $1,086M | $1,318M | 7% | (12)% | **Commercial Banking Selected Balance Sheet Data (Average, Quarter ended Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | % Change QoQ | % Change YoY | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Commercial and industrial loans | $166,946M | $167,134M | $161,967M | 0% | 3% | | Commercial real estate loans | $37,605M | $44,373M | $44,756M | (15)% | (16)% | | Total loans | $219,356M | $226,461M | $222,116M | (3)% | (1)% | | Total deposits | $171,976M | $177,994M | $173,158M | (3)% | (1)% | - The decrease in Commercial Real Estate loans by **15% QoQ** and **16% YoY** significantly impacted the total loan portfolio for the segment[34](index=34&type=chunk) [Corporate and Investment Banking Segment](index=14&type=section&id=Corporate%20and%20Investment%20Banking) The Corporate and Investment Banking segment reported a 13% QoQ increase in net income to $1,966 million, driven by a 4% QoQ increase in total revenue. Investment banking fees saw a substantial 18% QoQ and 24% YoY growth. Average total loans increased by 4% QoQ and 8% YoY, with significant growth in Markets loans **Corporate and Investment Banking Income Statement (Quarter ended Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | % Change QoQ | % Change YoY | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Net interest income | $1,870M | $1,815M | $1,909M | 3% | (2)% | | Total noninterest income | $3,009M | $2,858M | $3,002M | 5% | 0% | | Total revenue | $4,879M | $4,673M | $4,911M | 4% | (1)% | | Provision for credit losses | $(107)M | $103M | $26M | NM | NM | | Net income | $1,966M | $1,737M | $1,992M | 13% | (1)% | **Corporate and Investment Banking Selected Balance Sheet Data (Average, Quarter ended Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | % Change QoQ | % Change YoY | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Commercial and industrial loans | $214,774M | $202,473M | $183,255M | 6% | 17% | | Commercial real estate loans | $81,121M | $83,413M | $91,963M | (3)% | (12)% | | Total loans | $295,895M | $285,886M | $275,218M | 4% | 8% | | Total trading-related assets | $306,440M | $274,599M | $234,210M | 12% | 31% | | Total deposits | $204,056M | $202,420M | $194,315M | 1% | 5% | - Net gains from trading activities increased by **16% QoQ** and **4% YoY**, contributing to the segment's noninterest income[36](index=36&type=chunk) [Wealth and Investment Management Segment](index=16&type=section&id=Wealth%20and%20Investment%20Management) The Wealth and Investment Management segment's net income increased by 23% QoQ and 12% YoY to $591 million, driven by an 8% QoQ and 8% YoY increase in total revenue. Investment advisory and other asset-based fees grew by 7% QoQ and 8% YoY. Total client assets increased by 5% QoQ and 8% YoY, reaching $2,473 billion **Wealth and Investment Management Income Statement (Quarter ended Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | % Change QoQ | % Change YoY | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Net interest income | $974M | $891M | $842M | 9% | 16% | | Total noninterest income | $3,222M | $3,007M | $3,036M | 7% | 6% | | Total revenue | $4,196M | $3,898M | $3,878M | 8% | 8% | | Provision for credit losses | $(14)M | $12M | $16M | NM | NM | | Net income | $591M | $480M | $529M | 23% | 12% | **Wealth and Investment Management Selected Metrics (Period-End Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :-------------------------------- | :----------- | :----------- | :----------- | | Return on allocated capital | 35.1% | 28.7% | 31.5% | | Efficiency ratio | 82% | 83% | 81% | | Total client assets ($ in billions) | $2,473 | $2,346 | $2,294 | | Total loans (average) | $86,150M | $84,871M | $82,797M | | Total deposits (average) | $127,377M | $123,611M | $107,991M | - Advisory assets increased by **6% QoQ** and **11% YoY**, reaching **$1,104 billion**, contributing to the growth in investment advisory fees[40](index=40&type=chunk) [Corporate Segment](index=17&type=section&id=Corporate) The Corporate segment reported a net loss of $315 million in Q3 2025, a significant decline from a net income of $328 million in Q2 2025, primarily due to a 69% QoQ decrease in total revenue and a 41% YoY increase in income tax benefit. Noninterest expense increased by 15% QoQ. Average total deposits decreased significantly by 40% YoY **Corporate Segment Income Statement (Quarter ended Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | % Change QoQ | % Change YoY | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Net interest income | $(273)M | $(103)M | $(415)M | NM | 34% | | Total noninterest income | $449M | $662M | $78M | (32)% | 476% | | Total revenue | $176M | $559M | $(337)M | (69)% | 152% | | Provision for credit losses | $(4)M | $(12)M | $8M | 67% | NM | | Noninterest expense | $650M | $565M | $580M | 15% | 12% | | Net income (loss) | $(315)M | $328M | $(649)M | NM | 51% | **Corporate Segment Selected Balance Sheet Data (Average, Quarter ended Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | % Change QoQ | % Change YoY | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Available-for-sale debt securities | $188,103M | $172,879M | $147,093M | 9% | 28% | | Held-to-maturity debt securities | $214,409M | $220,364M | $242,621M | (3)% | (12)% | | Total assets | $636,359M | $601,010M | $648,930M | 6% | (2)% | | Total deposits | $55,201M | $46,242M | $92,662M | 19% | (40)% | - The Corporate segment includes corporate treasury and enterprise functions, investment portfolio, and venture capital/private equity investments, as well as results for previously divested businesses[41](index=41&type=chunk) [Credit-Related Information](index=18&type=section&id=Credit-Related%20Information) [Consolidated Loans Outstanding – Period-End Balances, Average Balances, and Average Interest Rates](index=18&type=section&id=Consolidated%20Loans%20Outstanding%20%E2%80%93%20Period-End%20Balances%2C%20Average%20Balances%2C%20and%20Average%20Interest%20Rates) Consolidated period-end loans increased by 2% QoQ and 4% YoY to $943,102 million, driven by growth in commercial and industrial loans and consumer loans (credit card, auto, other consumer). Commercial real estate loans continued to decline. Average interest rates on total loans remained stable QoQ at 5.97% **Period-End Loans (Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Loan Type | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | $ Change QoQ | $ Change YoY | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Commercial and industrial | $417,904M | $402,150M | $372,750M | $15,754M | $45,154M | | Commercial real estate | $130,250M | $132,560M | $141,410M | $(2,310)M | $(11,160)M | | Total commercial | $563,465M | $549,770M | $530,642M | $13,695M | $32,823M | | Residential mortgage | $243,910M | $245,755M | $252,676M | $(1,845)M | $(8,766)M | | Credit card | $56,996M | $55,318M | $55,046M | $1,678M | $1,950M | | Auto | $46,041M | $42,878M | $42,815M | $3,163M | $3,226M | | Other consumer | $32,690M | $30,697M | $28,532M | $1,993M | $4,158M | | Total consumer | $379,637M | $374,648M | $379,069M | $4,989M | $568M | | Total loans | $943,102M | $924,418M | $909,711M | $18,684M | $33,391M | **Average Interest Rates on Loans (Quarter ended Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Loan Type | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :-------------------------------- | :----------- | :----------- | :----------- | | Commercial and industrial | 6.26% | 6.29% | 7.16% | | Commercial real estate | 6.15% | 6.17% | 6.90% | | Credit card | 12.70% | 12.65% | 12.73% | | Auto | 5.59% | 5.48% | 5.22% | | Total loans | 5.97% | 5.95% | 6.41% | [Net Loan Charge-offs](index=19&type=section&id=Net%20Loan%20Charge-offs) Total net loan charge-offs decreased by 5% QoQ and 15% YoY to $942 million in Q3 2025. This reduction was primarily driven by lower charge-offs in credit card and other consumer loans. Commercial real estate charge-offs increased QoQ but decreased significantly YoY **Net Loan Charge-offs by Product (Quarter ended Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Product | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | $ Change QoQ | $ Change YoY | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Commercial and industrial | $131M | $179M | $129M | $(48)M | $2M | | Commercial real estate | $107M | $61M | $184M | $46M | $(77)M | | Total commercial | $250M | $247M | $323M | $3M | $(73)M | | Credit card | $571M | $622M | $601M | $(51)M | $(30)M | | Auto | $50M | $30M | $83M | $20M | $(33)M | | Other consumer | $93M | $101M | $127M | $(8)M | $(34)M | | Total consumer | $692M | $750M | $788M | $(58)M | $(96)M | | Total net loan charge-offs | $942M | $997M | $1,111M | $(55)M | $(169)M | **Net Loan Charge-offs by Segment (Quarter ended Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Segment | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :-------------------------------- | :----------- | :----------- | :----------- | | Consumer Banking and Lending | $766M | $818M | $871M | | Commercial Banking | $83M | $98M | $50M | | Corporate and Investing Banking | $94M | $75M | $196M | | Wealth and Investment Management | $(1)M | $6M | $(5)M | | Total net loan charge-offs | $942M | $997M | $1,111M | [Changes in Allowance for Credit Losses for Loans](index=20&type=section&id=Changes%20in%20Allowance%20for%20Credit%20Losses%20for%20Loans) The allowance for credit losses for loans decreased by 2% QoQ and 3% YoY to $14,311 million at period-end September 30, 2025. This was primarily due to a decrease in the provision for credit losses and lower net loan charge-offs. The allowance for loan losses as a percentage of total loans was 1.46% **Changes in Allowance for Credit Losses for Loans (Quarter ended Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | $ Change QoQ | $ Change YoY | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Balance, beginning of period | $14,568M | $14,552M | $14,789M | $16M | $(221)M | | Provision for credit losses for loans | $687M | $1,007M | $1,059M | $(320)M | $(372)M | | Net loan charge-offs | $(942)M | $(997)M | $(1,111)M | $55M | $169M | | Balance, end of period | $14,311M | $14,568M | $14,739M | $(257)M | $(428)M | | Allowance for loan losses to total net loan charge-offs (annualized) | 3.68x | 3.49x | 3.24x | - | - | | Allowance for loan losses as a percentage of total loans | 1.46% | 1.51% | 1.58% | - | - | - The ratio of allowance for loan losses to total net loan charge-offs improved to **3.68x**, indicating a stronger coverage of potential losses[46](index=46&type=chunk) [Allocation of the Allowance for Credit Losses for Loans](index=21&type=section&id=Allocation%20of%20the%20Allowance%20for%20Credit%20Losses%20for%20Loans) The allocation of allowance for credit losses (ACL) for loans shows that commercial loans account for 52.8% of the total ACL, while consumer loans account for 47.2%. Commercial real estate loans have the highest ACL as a percentage of loan class at 2.28%, followed by credit card loans at 8.61% **Allocation of Allowance for Credit Losses for Loans by Product (Sep 30, 2025):** | Product | ACL ($ in millions) | ACL as % of loan class | | :-------------------------------- | :------------------ | :--------------------- | | Commercial and industrial | $4,376 | 1.05% | | Commercial real estate | $2,965 | 2.28% | | Lease financing | $211 | 1.38% | | Total commercial | $7,552 | 1.34% | | Residential mortgage | $569 | 0.23% | | Credit card | $4,907 | 8.61% | | Auto | $717 | 1.56% | | Other consumer | $566 | 1.73% | | Total consumer | $6,759 | 1.78% | | Total allowance for credit losses for loans | $14,311 | 1.52% | **Allocation of Allowance for Credit Losses for Loans by Segment (Sep 30, 2025):** | Segment | ACL ($ in millions) | ACL as % of loan class | | :-------------------------------- | :------------------ | :--------------------- | | Consumer Banking and Lending | $7,599 | 2.32% | | Commercial Banking | $2,184 | 0.98% | | Corporate and Investing Banking | $4,275 | 1.41% | | Wealth and Investment Management | $251 | 0.29% | | Corporate | $2 | 0.22% | | Total allowance for credit losses for loans | $14,311 | 1.52% | [Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)](index=22&type=section&id=Nonperforming%20Assets%20%28Nonaccrual%20Loans%20and%20Foreclosed%20Assets%29) Total nonperforming assets decreased by 2% QoQ and 7% YoY to $7,832 million at September 30, 2025. This reduction was primarily driven by a decrease in commercial real estate nonaccrual loans. Nonaccrual loans as a percentage of total loans stood at 0.81% **Nonaccrual Loans by Product (Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Product | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | $ Change QoQ | $ Change YoY | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Commercial and industrial | $1,050M | $925M | $743M | $125M | $307M | | Commercial real estate | $3,334M | $3,556M | $4,115M | $(222)M | $(781)M | | Total commercial | $4,459M | $4,563M | $4,952M | $(104)M | $(493)M | | Residential mortgage | $3,057M | $3,090M | $3,086M | $(33)M | $(29)M | | Total consumer | $3,155M | $3,194M | $3,220M | $(39)M | $(65)M | | Total nonaccrual loans | $7,614M | $7,757M | $8,172M | $(143)M | $(558)M | | Foreclosed assets | $218M | $207M | $212M | $11M | $6M | | Total nonperforming assets | $7,832M | $7,964M | $8,384M | $(132)M | $(552)M | - Nonaccrual loans in the Corporate and Investment Banking segment decreased by **$636 million YoY**, contributing significantly to the overall reduction in nonperforming assets[49](index=49&type=chunk) [Commercial Loan Portfolio – Commercial and Industrial Loans and Lease Financing by Industry and Commercial Real Estate Loans by Property Type](index=23&type=section&id=Commercial%20Loan%20Portfolio%20%E2%80%93%20Commercial%20and%20Industrial%20Loans%20and%20Lease%20Financing%20by%20Industry%20and%20Commercial%20Real%20Estate%20Loans%20by%20Property%20Type) The commercial loan portfolio shows that 'Financials except banks' is the largest industry for commercial and industrial loans and lease financing, with $183,637 million outstanding. For commercial real estate loans, 'Apartments' represent the largest property type with $37,677 million outstanding. Nonaccrual loans for 'Office' property type remain the highest at $2,450 million **Commercial and Industrial Loans and Lease Financing by Industry (Sep 30, 2025):** | Industry | Nonaccrual loans | Loans outstanding balance | Total commitments | | :-------------------------------- | :--------------- | :------------------------ | :---------------- | | Financials except banks | $165M | $183,637M | $293,425M | | Technology, telecom and media | $117M | $25,353M | $65,988M | | Real estate and construction | $70M | $29,329M | $60,547M | | Retail | $85M | $20,454M | $43,224M | | Materials and commodities | $104M | $14,217M | $34,747M | | Total commercial and industrial loans and lease financing | $1,125M | $433,215M | $850,945M | **Commercial Real Estate Loans by Property Type (Sep 30, 2025):** | Property Type | Nonaccrual loans | Loans outstanding balance | Total commitments | | :-------------------------------- | :--------------- | :------------------------ | :---------------- | | Apartments | $287M | $37,677M | $41,732M | | Industrial/warehouse | $46M | $23,854M | $30,020M | | Office | $2,450M | $23,670M | $24,613M | | Hotel/motel | $289M | $11,882M | $12,262M | | Retail (excluding shopping center) | $96M | $10,714M | $11,687M | | Total commercial real estate loans | $3,334M | $130,250M | $145,354M | - Nonaccrual loans for the 'Office' property type within Commercial Real Estate decreased by **$800 million YoY**, but still represent the largest portion of nonaccrual CRE loans[51](index=51&type=chunk) [Equity](index=24&type=section&id=Equity) [Tangible Common Equity](index=24&type=section&id=Tangible%20Common%20Equity) Tangible common equity (TCE), a non-GAAP measure, remained stable QoQ at $139,119 million at September 30, 2025. Tangible book value per common share increased by 2% QoQ to $44.18. Return on average tangible common equity (ROTCE) was 15.2% for Q3 2025, consistent with the prior quarter and up from 13.9% YoY **Tangible Book Value per Common Share Reconciliation (Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | % Change QoQ | % Change YoY | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Total equity | $183,012M | $182,954M | $185,011M | 0% | (1)% | | Total common stockholders' equity | $164,687M | $164,644M | $164,801M | 0% | 0% | | Tangible common equity | $139,119M | $139,057M | $139,711M | 0% | 0% | | Common shares outstanding (in millions) | 3,148.9 | 3,220.4 | 3,345.5 | (2)% | (6)% | | Book value per common share | $52.30 | $51.13 | $49.26 | 2% | 6% | | Tangible book value per common share | $44.18 | $43.18 | $41.76 | 2% | 6% | **Return on Average Tangible Common Equity (ROTCE) Reconciliation (Quarter ended Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :-------------------------------- | :----------- | :----------- | :----------- | | Net income applicable to common stock | $5,341M | $5,214M | $4,852M | | Average tangible common equity | $139,539M | $137,697M | $139,346M | | Return on average common stockholders' equity (ROE) | 12.8% | 12.8% | 11.7% | | Return on average tangible common equity (ROTCE) | 15.2% | 15.2% | 13.9% | [Risk-Based Capital Ratios Under Basel III](index=26&type=section&id=Risk-Based%20Capital%20Ratios%20Under%20Basel%20III) Wells Fargo maintained strong capital adequacy under Basel III in Q3 2025. The Common Equity Tier 1 (CET1) ratio under the Standardized Approach was 11.0%, slightly down from 11.1% QoQ, and 12.7% under the Advanced Approach, stable QoQ. Total risk-weighted assets (RWAs) increased by 1% QoQ under the Standardized Approach **Risk-Based Capital Ratios Under Basel III (Sep 30, 2025 vs. Jun 30, 2025 vs. Sep 30, 2024):** | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :-------------------------------- | :----------- | :----------- | :----------- | | Common Equity Tier 1 (CET1) - Standardized Approach | 11.0% | 11.1% | 11.3% | | Tier 1 capital - Standardized Approach | 12.3% | 12.5% | 12.8% | | Total capital - Standardized Approach | 14.8% | 15.0% | 15.5% | | Risk-weighted assets (RWAs) - Standardized Approach ($ in billions) | $1,243.8 | $1,225.9 | $1,219.9 | | Common Equity Tier 1 (CET1) - Advanced Approach | 12.7% | 12.7% | 12.7% | | Tier 1 capital - Advanced Approach | 14.2% | 14.3% | 14.4% | | Total capital - Advanced Approach | 16.2% | 16.2% | 16.4% | | Risk-weighted assets (RWAs) - Advanced Approach ($ in billions) | $1,072.8 | $1,070.4 | $1,089.3 | - The company must calculate its CET1, Tier 1, and total capital ratios under both the Standardized and Advanced Approaches, as per Basel III capital rules[57](index=57&type=chunk)

Investment Rating - The report does not explicitly state an investment rating for the banking industry in 2025 [2] Core Insights - The Chinese banking industry is expected to achieve growth in performance and risk control in 2025, supported by favorable macroeconomic conditions and coordinated monetary and fiscal policies [9][14] - The banking sector is facing challenges such as narrowing net interest margins, rising non-performing loans, and increased competition from fintech companies [10][12] - The report emphasizes the importance of digital transformation and refined management in retail banking, as well as the need for banks to adapt to new consumer demands [11][14] Summary by Sections Macroeconomic and Financial Situation Review - In the first half of 2025, China's GDP grew by 5.3%, outperforming market expectations, driven by a recovery in consumption and investment [9][21] - The global economic recovery remains uneven, with geopolitical tensions and inflationary pressures posing challenges [8][19] - Domestic policies have focused on expanding domestic demand and stabilizing expectations, with a proactive fiscal policy and moderately loose monetary policy [9][10] Performance Analysis of Listed Banks - In the first half of 2025, the total assets of commercial banks reached 402.9 trillion yuan, a year-on-year increase of 8.9% [11] - The non-performing loan ratio improved to 1.49%, while the provision coverage ratio rose to 211.97%, indicating strengthened risk mitigation capabilities [11][12] - The net interest margin for commercial banks was 1.42%, a decrease of 0.12 percentage points year-on-year, marking a historical low [12][46] Business Observations of Listed Banks - Retail banking is entering a phase of "refined management dividends," with a focus on digital transformation to meet new wealth management needs [11][14] - The report highlights the ongoing transformation of bank wealth management and the challenges and opportunities in this area [11][14] - The banking sector is increasingly aligning its services with national strategic needs, focusing on technology, green finance, and inclusive finance [14][49]

Market Overview - The Dow Jones Industrial Average rose by 587.98 points, or 1.29%, closing at 46067.58 points, while the Nasdaq increased by 2.21% to 22694.61 points, and the S&P 500 gained 1.56% to 6654.72 points [1][5] - The market rebound was attributed to President Trump's softened stance on trade tensions, alleviating investor concerns [2][3] - Analysts expect S&P 500 companies to report an 8.8% year-over-year increase in earnings for the third quarter [3] Sector Performance - Broadcom's stock surged by 9.9% after announcing a partnership with OpenAI to produce its first self-developed AI chip, contributing to a nearly 5% rise in the Philadelphia Semiconductor Index [1][5] - Other tech stocks also performed well, with Tesla up 5.4%, Google up 3.0%, Amazon up 1.7%, Meta up 1.5%, and Apple up 1.0% [1] - The Nasdaq China Golden Dragon Index rose by 3.2%, with Alibaba and JD.com both increasing over 4% [1] Upcoming Financial Reports - Major U.S. banks, including JPMorgan Chase, Goldman Sachs, Citigroup, and Wells Fargo, are set to release their quarterly earnings on Tuesday, which will be crucial for assessing market trends amid ongoing government shutdowns [2]

LIVE Big Banks, BlackRock Post Strong Start to Earnings Season Last Updated: Updated 1 day ago Big Bank Profits Expected to Climb as Credit Concerns Ripple Across Wall Street By Rebecca Ungarino Analysts expect the four biggest U.S. banks to tell shareholders this week that their profit and revenue rose from a year earlier, even as investors voice concerns over credit quality and lending standards that two high-profile corporate bankruptcies highlighted this fall. JPMorgan Chase, Citigroup, and Wells Fargo ...

在美国联邦政府停摆之际，美股三季度财报季将于本周开启，美国大型银行周二将率先发布业绩报告。 机构预测显示，美国企业第三季度盈利增速可能低于今年上半年，部分原因是关税影响或逐步显现。与 此同时，投资者正密切关注人工智能（AI）巨额支出获得回报的信号，这对于能否化解有关估值担忧 非常关键。 本文字数：2118，阅读时长大约3分钟 作者 |第一财经 樊志菁 2025.10.14 银行股能否不负众望 当地时间14日盘前，摩根大通、富国银行、花旗集团和高盛集团将率先发布财报；周三，美国银行和摩 根士丹利也将公布业绩。 西北互助财富管理公司（Northwestern Mutual Wealth Management）股票首席投资组合经理斯塔基（Matt Stucky）表示，投资银行业务活动增加，预计将推动金融机构在第三季度取得强劲业绩。"对于业务多 元化的银行而言，资本市场和投资银行带来的手续费收入是一大优势领域。此外，由于本季度股市创下 历史新高，财富管理手续费收入也有所增长。" KBW分析师麦格拉蒂（Chris McGratty）表示，未来几年银行盈利将实现两位数的同比增长。自2022年 美联储启动加息、导致银行业务 ...

Core Viewpoint - Wells Fargo is positioned for potential earnings growth in the upcoming third-quarter report, with analysts generally optimistic about its future performance despite some conservative price targets [2][4][5]. Company Overview - Wells Fargo & Company is a significant entity in the financial services sector, providing a diverse range of banking, investment, mortgage, and finance products through four main segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management [1]. Stock Performance and Analyst Outlook - The stock consensus target price for Wells Fargo has risen from $80.69 to $95.33 over the past year, indicating a positive trend and favorable analyst sentiment [2][6]. - Analyst David Long from Raymond James has set a more cautious price target of $60, reflecting a conservative outlook despite expectations of stronger earnings [2][4]. Upcoming Earnings Season - The U.S. bank earnings season is critical for investors, with Wells Fargo scheduled to release its third-quarter earnings on October 14, 2025. This report will be the first full quarterly update since the Federal Reserve lifted the bank's $1.95 trillion asset cap in May 2025 [3][6]. - There is an expectation that Wells Fargo will report stronger earnings, driven by a resurgence in investment banking activities, which could lead to an earnings beat [4][5][6].

Market Overview - US stock market experienced a significant rise, with the Dow Jones increasing by 587.98 points (1.29%) to close at 46067.58 points, the Nasdaq rising by 2.21% to 22694.61 points, and the S&P 500 gaining 1.56% to 6654.72 points [2] - Broadcom's stock surged by 9.9% following the announcement of a partnership with OpenAI to produce its first self-developed AI chip, contributing to a nearly 5% increase in the Philadelphia Semiconductor Index [2] - Major tech stocks also saw gains, with Tesla up 5.4%, Google up 3.0%, Amazon up 1.7%, Meta up 1.5%, Apple up 1.0%, and Oracle up 5.1% after several brokerages raised its target price [2] Trade Tensions and Market Sentiment - President Trump's recent comments on trade tensions have eased investor concerns, stating "everything will be fine," which has positively impacted market sentiment [3] - Analysts suggest that the market is beginning to view the trade dispute as a negotiation strategy rather than a full-blown trade war, leading to a rebound in stock prices [4] Upcoming Earnings Season - The focus is shifting to the upcoming earnings season, with major banks like JPMorgan, Goldman Sachs, Citigroup, and Wells Fargo set to report quarterly results [4] - Analysts expect an 8.8% year-over-year growth in earnings for S&P 500 companies in the third quarter [4] Commodity Prices - International oil prices saw a slight increase, with WTI crude oil rising by 1.00% to $59.49 per barrel and Brent crude oil increasing by 0.94% to $63.32 per barrel [6] - Gold prices reached a new historical high, with COMEX gold futures for October delivery rising by 3.34% to $4108.60 per ounce [6]

Core Viewpoint - The article discusses the positive market reaction following President Trump's easing of trade tensions, which led to significant gains in major stock indices and specific technology stocks, particularly in the semiconductor sector due to a partnership between Broadcom and OpenAI [3][5]. Market Performance - The Dow Jones Industrial Average rose by 587.98 points, or 1.29%, closing at 46,067.58 points. The Nasdaq Composite increased by 2.21% to 22,694.61 points, while the S&P 500 gained 1.56%, ending at 6,654.72 points [3]. - Broadcom's stock surged by 9.9% after announcing a collaboration with OpenAI to produce its first self-developed AI chip, contributing to a nearly 5% rise in the Philadelphia Semiconductor Index [3]. Technology Sector Highlights - Major technology stocks saw significant increases: Tesla up 5.4%, Google up 3.0%, Amazon up 1.7%, Meta up 1.5%, and Apple up 1.0%. Oracle also rose by 5.1% as several brokerages raised its target stock price [3]. - The Nasdaq China Golden Dragon Index increased by 3.2%, with Alibaba and JD.com both rising over 4%, Baidu up 3.3%, Pinduoduo up 2.6%, and NetEase up 1.7% [3]. Trade Tensions and Market Sentiment - Recent trade tensions had caused the S&P 500 and Nasdaq to experience their largest weekly declines in nearly six months. However, Trump's recent comments have alleviated some investor concerns [4][5]. - Analysts suggest that the market's reaction indicates a shift in sentiment, with expectations of a potential agreement between the U.S. and China becoming more favorable [5]. Upcoming Earnings Season - The focus is shifting to the upcoming earnings season, with major banks like JPMorgan, Goldman Sachs, Citigroup, and Wells Fargo set to report quarterly results. This earnings season is seen as a critical indicator of market trends and economic conditions [5][6]. Economic Indicators - Analysts expect a year-over-year earnings growth of 8.8% for S&P 500 companies in the third quarter [6]. - Federal Reserve officials are discussing the need for further interest rate cuts due to rising risks in the job market and the impact of trade tariffs on inflation [6]. Commodity Market - International oil prices saw slight increases, with WTI crude oil rising by 1.00% to $59.49 per barrel and Brent crude oil up by 0.94% to $63.32 per barrel [7]. - Gold prices reached a new historical high, with COMEX gold futures for October delivery rising by 3.34% to $4,108.60 per ounce [7].

2025.10. 14 本文字数：2118，阅读时长大约3分钟 作者 | 第一财经 樊志菁 在美国联邦政府停摆之际，美股三季度财报季将于本周开启，美国大型银行周二将率先发布业绩报 告。机构预测显示，美国企业第三季度盈利增速可能低于今年上半年，部分原因是关税影响或逐步显 现。与此同时，投资者正密切关注人工智能（AI）巨额支出获得回报的信号，这对于能否化解有关估 值担忧非常关键。 银行股能否不负众望 当地时间14日盘前，摩根大通、富国银行、花旗集团和高盛集团将率先发布财报；周三，美国银行 和摩根士丹利也将公布业绩。 西北互助财富管理公司（Northwestern Mutual Wealth Management）股票首席投资组合经理斯 塔基（Matt Stucky）表示，投资银行业务活动增加，预计将推动金融机构在第三季度取得强劲业 绩。"对于业务多元化的银行而言，资本市场和投资银行带来的手续费收入是一大优势领域。此外， 由于本季度股市创下历史新高，财富管理手续费收入也有所增长。" KBW分析师麦格拉蒂（Chris McGratty）表示，未来几年银行盈利将实现两位数的同比增长。自 2022年美联储启动加息、导致银 ...

Market Performance - The Dow gained 587 points (+1.29%), the S&P 500 added 102 points (+1.56%), the Nasdaq rose 490 points (+2.21%), and the Russell 2000 increased by 66 points (+2.79%) following a significant sell-off on Friday [1] AI and Quantum Computing Stocks - Investors looking for entry points into AI and Big Tech drove quantum computing stocks higher, with Rigetti (RGTI) up 25% and D-Wave (QBTS) up 23% [2] - Shares of U.S. Antimony (UAMY) and Critical Metals (CRML) surged by 36.8% and 55.4%, respectively, due to ongoing discussions about rare earth minerals [2] Broadcom and OpenAI Partnership - Broadcom (AVGO) entered a deal with OpenAI to produce approximately 10 gigawatts of custom chips valued at around $10 billion, resulting in a 9.9% increase in Broadcom's shares [3] Upcoming Earnings Reports - Major banks are set to report Q3 earnings, with JPMorgan expected to see a 10.5% growth in earnings and 5.2% in revenues, Citigroup anticipated to post 21.2% earnings growth and 3.7% revenue growth, and Wells Fargo projecting 2% earnings growth and 4% revenue growth [4] - Goldman Sachs (GS) and BlackRock (BLK) will also release their quarterly earnings reports, along with Johnson & Johnson (JNJ) and Domino's Pizza (DPZ) [5]