来源：格隆汇APP 格隆汇8月5日｜"我们一直在美国例外论的环境下进行贸易，美国无疑是世界上最强大的经济体。在我 看来，情况已经不同了，"富国银行十国集团外汇策略主管Erik Nelson表示。"存在潜在的结构性担忧 ——美联储的独立性、数据质量，应有尽有。当涉及到经济背景时，所有这些都在朝着错误的方向发 展。在可预见的未来，人们将倾向于逢高卖出美元。" ...

PART I Financial Information [Item 1. Financial Statements](index=57&type=section&id=Item%201.%20Financial%20Statements) This section presents Wells Fargo's unaudited consolidated financial statements for Q2 2025, with notes on accounting policies, loans, and regulatory capital [Consolidated Financial Statements](index=57&type=section&id=Consolidated%20Financial%20Statements) Wells Fargo's consolidated financial statements show Q2 2025 net income of **$10.4 billion** on **$41.0 billion** revenue, with total assets at **$1.98 trillion** Consolidated Statement of Income Highlights (Six Months Ended June 30) | Metric (in millions) | 2025 | 2024 | | :--- | :--- | :--- | | **Total revenue** | **$40,971** | **$41,552** | | Net interest income | $23,203 | $24,150 | | Noninterest income | $17,768 | $17,402 | | Provision for credit losses | $1,937 | $2,174 | | Total noninterest expense | $27,270 | $27,631 | | **Wells Fargo net income** | **$10,388** | **$9,529** | Consolidated Balance Sheet Highlights (Period-End) | Metric (in millions) | Jun 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total assets** | **$1,981,269** | **$1,929,845** | | Net loans | $910,457 | $898,562 | | Total debt securities | $533,916 | $519,131 | | Total deposits | $1,340,703 | $1,371,804 | | **Total equity** | **$182,954** | **$181,066** | [Notes to Financial Statements](index=62&type=section&id=Notes%20to%20Financial%20Statements) Detailed notes disclose accounting policies, securities, loans, credit losses, derivatives, fair value, segment results, and regulatory capital - There were no material changes to the company's significant accounting policies in the first half of 2025[357](index=357&type=chunk) - The company has evaluated subsequent events through the filing date and determined there were no material events requiring recognition or disclosure[362](index=362&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (Financial Review)](index=2&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%20%28Financial%20Review%29) Management reviews Wells Fargo's Q2 and H1 2025 financial performance, highlighting a 12% Q2 net income increase, strong capital, and the Federal Reserve's asset growth cap removal [Summary Financial Data](index=2&type=section&id=Summary%20Financial%20Data) Q2 2025 summary financial data shows increased net income and diluted EPS, stable noninterest expense, and a strong Common Equity Tier 1 (CET1) ratio of **11.13%** Q2 2025 Selected Financial Data | Metric ($ in millions, except per share) | Q2 2025 | Q2 2024 | % Change YoY | | :--- | :--- | :--- | :--- | | Total revenue | $20,822 | $20,689 | 1% | | Noninterest expense | $13,379 | $13,293 | 1% | | Provision for credit losses | $1,005 | $1,236 | (19%) | | Wells Fargo net income | $5,494 | $4,910 | 12% | | Diluted EPS | $1.60 | $1.33 | 20% | Six Months Ended June 30 Selected Financial Data | Metric ($ in millions, except per share) | 2025 | 2024 | % Change YoY | | :--- | :--- | :--- | :--- | | Total revenue | $40,971 | $41,552 | (1%) | | Noninterest expense | $27,270 | $27,631 | (1%) | | Provision for credit losses | $1,937 | $2,174 | (11%) | | Wells Fargo net income | $10,388 | $9,529 | 9% | | Diluted EPS | $2.98 | $2.53 | 18% | [Overview](index=3&type=section&id=Overview) Wells Fargo provides diversified financial services, with recent developments including the Federal Reserve's asset growth cap removal, a dividend increase, and a reduced stress capital buffer (SCB) to **3.70%** - On June 3, 2025, the Federal Reserve Board (FRB) removed the limitation on growth in total assets that was imposed in a 2018 consent order[18](index=18&type=chunk) - The Board of Directors approved an increase in the Q3 2025 common stock dividend to $0.45 per share[19](index=19&type=chunk) - The company's Stress Capital Buffer (SCB) was revised down to 3.70% from 3.80% and is expected to decrease further to 2.50% for the period starting October 1, 2025, pending potential regulatory changes[20](index=20&type=chunk) [Earnings Performance](index=5&type=section&id=Earnings%20Performance) Q2 2025 net income rose to **$5.5 billion** from **$4.9 billion** year-over-year, driven by higher noninterest income and lower credit provisions, with H1 2025 net income increasing to **$10.4 billion** Q2 2025 vs Q2 2024 Performance Drivers ($ in millions) | Component | Q2 2025 | Q2 2024 | $ Change | | :--- | :--- | :--- | :--- | | Net interest income | $11,708 | $11,923 | ($215) | | Noninterest income | $9,114 | $8,766 | $348 | | Provision for credit losses | $1,005 | $1,236 | ($231) | | Noninterest expense | $13,379 | $13,293 | $86 | | Income tax expense | $916 | $1,251 | ($335) | | **Wells Fargo net income** | **$5,494** | **$4,910** | **$584** | Operating Segment Net Income (in millions) | Segment | Q2 2025 | Q2 2024 | $ Change | | :--- | :--- | :--- | :--- | | Consumer Banking and Lending | $1,863 | $1,777 | $86 | | Commercial Banking | $1,086 | $1,182 | ($96) | | Corporate and Investment Banking | $1,737 | $1,785 | ($48) | | Wealth and Investment Management | $480 | $484 | ($4) | | Corporate | $328 | ($318) | $646 | [Balance Sheet Analysis](index=25&type=section&id=Balance%20Sheet%20Analysis) As of June 30, 2025, total assets increased by **$51.4 billion** to **$2.0 trillion**, with loans growing 1% to **$924.4 billion** and deposits declining 2% to **$1.34 trillion** - Total assets increased by **$51.4 billion** to **$2.0 trillion** at June 30, 2025, compared to December 31, 2024[125](index=125&type=chunk) Loan Portfolio Composition ($ in millions) | Loan Type | Jun 30, 2025 | Dec 31, 2024 | % Change | | :--- | :--- | :--- | :--- | | Commercial | $549,770 | $534,159 | 3% | | Consumer | $374,648 | $378,586 | (1%) | | **Total loans** | **$924,418** | **$912,745** | **1%** | Deposit Composition ($ in millions) | Deposit Type | Jun 30, 2025 | Dec 31, 2024 | % Change | | :--- | :--- | :--- | :--- | | Noninterest-bearing | $370,844 | $383,616 | (3%) | | Interest-bearing | $969,859 | $988,188 | (2%) | | **Total deposits** | **$1,340,703** | **$1,371,804** | **(2%)** | [Off-Balance Sheet Arrangements](index=27&type=section&id=Off-Balance%20Sheet%20Arrangements) The company uses off-balance sheet arrangements, including unfunded credit commitments, transactions with unconsolidated entities (VIEs), guarantees, and derivatives, for customer needs and risk management - Key off-balance sheet arrangements include unfunded credit commitments, transactions with unconsolidated entities (VIEs), guarantees, and derivatives[138](index=138&type=chunk) [Risk Management](index=28&type=section&id=Risk%20Management) This section details the company's management of credit risk and asset/liability, with nonaccrual loans stable at **0.84%**, ACL at **$14.6 billion**, and strong liquidity with an LCR of **121%** Credit Quality Overview | Metric | Jun 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total nonaccrual loans | $7,757 million | $7,730 million | | Nonaccrual loans as a % of total loans | 0.84% | 0.85% | | Allowance for credit losses (ACL) for loans | $14,568 million | $14,636 million | | ACL for loans as a % of total loans | 1.58% | 1.60% | Net Interest Income Sensitivity (Next 12 Months) | Scenario | Estimated Impact ($ in billions) | | :--- | :--- | | +100 bps parallel shift | $1.8 | | -100 bps parallel shift | ($2.1) | | -200 bps parallel shift | ($4.6) | - The Liquidity Coverage Ratio (LCR) was **121%** for Q2 2025, exceeding the regulatory minimum of **100%**[250](index=250&type=chunk)[253](index=253&type=chunk) [Capital Management](index=44&type=section&id=Capital%20Management) Wells Fargo maintains robust capital, with a CET1 ratio of **11.13%** (exceeding **9.70%** minimum) and a TLAC ratio of **24.42%** (above **21.50%** minimum), repurchasing **88 million** shares for **$6.6 billion** in H1 2025 Key Capital Ratios (Standardized Approach) | Ratio | Jun 30, 2025 | Required Minimum | | :--- | :--- | :--- | | Common Equity Tier 1 (CET1) | 11.13% | 9.70% | | Tier 1 capital | 12.45% | 11.20% | | Total capital | 15.02% | 13.20% | - The Total Loss Absorbing Capacity (TLAC) ratio was **24.42%**, exceeding the regulatory minimum of **21.50%**[309](index=309&type=chunk) - In the first half of 2025, the company repurchased **88 million** shares of common stock for **$6.6 billion** and paid **$3.2 billion** in dividends[317](index=317&type=chunk) [Regulation and Supervision](index=50&type=section&id=Regulation%20and%20Supervision) The Federal Reserve Board removed the company's asset growth limitation on June 3, 2025, a key part of the 2018 consent order, with other governance and risk management provisions remaining in effect - On June 3, 2025, the Federal Reserve Board removed the Company's limitation on growth in total assets, a key part of the 2018 consent order; other provisions of the order remain in place[321](index=321&type=chunk) [Critical Accounting Policies](index=51&type=section&id=Critical%20Accounting%20Policies) Management identified five critical accounting policies requiring significant, subjective, and complex judgments, fundamental to understanding the company's financial results - The five critical accounting policies involve significant management judgment and govern: the allowance for credit losses, fair value measurements, income taxes, liability for legal actions, and goodwill impairment[326](index=326&type=chunk)[327](index=327&type=chunk) [Current Accounting Developments](index=52&type=section&id=Current%20Accounting%20Developments) The company is evaluating new FASB accounting standards, including ASU 2023-09, which will enhance annual income tax disclosures effective for the 2025 annual financial statements - ASU 2023-09 will require more detailed disclosures in the annual income tax rate reconciliation and a breakdown of income taxes paid by jurisdiction, effective for the 2025 annual report[329](index=329&type=chunk) [Forward-Looking Statements](index=53&type=section&id=Forward-Looking%20Statements) This section cautions that the report contains forward-looking statements regarding future performance, credit quality, capital, and strategic plans, subject to inherent risks and uncertainties - The report includes forward-looking statements about future financial performance, credit quality, capital levels, and strategic objectives[331](index=331&type=chunk) - Actual results may differ materially from forward-looking statements due to various risks, including economic conditions, regulatory changes, interest rate environment, and operational breaches[332](index=332&type=chunk)[333](index=333&type=chunk)[334](index=334&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section, cross-referenced to 'Risk Management – Asset/Liability Management', details the company's exposure to market risk factors like interest rates, credit spreads, and foreign exchange rates - The content for this item is located within the 'Risk Management' section of the MD&A, specifically under 'Asset/Liability Management' and 'Market Risk'[9](index=9&type=chunk)[237](index=237&type=chunk) [Item 4. Controls and Procedures](index=56&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during Q2 2025 - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of June 30, 2025[340](index=340&type=chunk) - No changes in the second quarter of 2025 materially affected the Company's internal control over financial reporting[341](index=341&type=chunk) PART II Other Information [Item 1. Legal Proceedings](index=130&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates Note 10 to the Financial Statements, detailing ongoing judicial, regulatory, and governmental proceedings related to the company's business activities - Information regarding legal proceedings is detailed in Note 10 of the financial statements[730](index=730&type=chunk) [Item 1A. Risk Factors](index=130&type=section&id=Item%201A.%20Risk%20Factors) This section incorporates the 'Risk Factors' section from the Financial Review, which refers to the more detailed discussion in the company's 2024 Annual Report on Form 10-K - Information regarding risk factors is found in the 'Risk Factors' section of the Financial Review, which refers to the 2024 Form 10-K[731](index=731&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=130&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2025, Wells Fargo repurchased **43.9 million** shares under a **$30 billion** authorization, with approximately **$40.8 billion** remaining available as of June 30, 2025 Common Stock Repurchases for Q2 2025 | Calendar Month | Total Shares Repurchased (shares) | Weighted Average Price Paid ($) | | :--- | :--- | :--- | | April | 29,592,437 | $66.60 | | May | 14,296,659 | $73.11 | | June | — | — | | **Total** | **43,889,096** | **N/A** | - As of June 30, 2025, the company had approximately **$40.8 billion** remaining under its stock repurchase authorizations[322](index=322&type=chunk) [Item 5. Other Information](index=130&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during Q2 2025 - No director or officer adopted or terminated a Rule 10b5-1 trading plan during Q2 2025[734](index=734&type=chunk) [Item 6. Exhibits](index=131&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents, award agreements, and required CEO/CFO certifications - Exhibits filed include corporate governance documents, executive compensation agreements, and required CEO/CFO certifications[737](index=737&type=chunk)

Investment Rating - The report maintains an "In-Line" investment rating for the industry, with a cautious view on midcap banks and a positive outlook for large cap banks [5][3]. Core Insights - The regulatory landscape for US banks is expected to undergo significant changes, with proposals for lower capital requirements likely to double excess capital and risk-weighted asset (RWA) capacity at large cap banks [1][4]. - The Federal Reserve is moving quickly on regulatory reforms, with a broad consensus anticipated on many proposals, including stress test transparency and GSIB surcharge adjustments [3][4]. - The expected increase in excess capital for large cap banks is projected to rise from $118 billion in Q2 2025 to $228 billion following the implementation of new regulations [7][9]. Summary by Sections Regulatory Changes - Key changes anticipated over the next year include lower stress capital buffers (SCBs) from the 2025 stress test, enhanced stress test transparency, and reforms to the GSIB surcharge and supplementary leverage ratio (SLR) [7][10]. - The Basel III Endgame finalization is expected to provide clarity for banks to optimize capital, supporting loan demand and capital markets activity [10][11]. Capital and RWA Capacity - Large cap banks currently have $118 billion of excess capital, which is expected to increase to $157 billion after a lower 2025 SCB, $172 billion post-SLR reform, and $228 billion post-GSIB surcharge reform [9][17]. - Incremental RWA capacity for large cap banks is projected to double from $0.9 trillion in Q2 2025 to $1.9 trillion following regulatory changes [9][19]. Earnings Impact - A sensitivity analysis indicates that optimizing excess capital could lead to a median increase of 24% in consensus 2026 earnings per share (EPS) across large cap banks, midcap banks, and consumer finance coverage [10][34]. - Regional banks are expected to benefit significantly from faster M&A approvals, which should enhance capital positions and growth opportunities [10][11]. Company-Specific Opportunities - Citigroup is projected to increase its excess capital from $16 billion to $31 billion post-GSIB surcharge reform, with significant buyback plans [32]. - Bank of America is expected to see its excess capital rise from $10 billion to $33 billion, with strong buyback potential and loan growth [32]. - JPMorgan Chase anticipates an increase in excess capital from $38 billion to $60 billion, benefiting from lower GSIB surcharges [32]. - Goldman Sachs is positioned to benefit from a rebound in capital markets, with expected buybacks of $17 billion in 2025 [32][33]. - Wells Fargo is projected to increase its excess capital from $13 billion to $34 billion, allowing for organic growth and share repurchases [32].

格隆汇8月4日｜富国银行将Cloudflare的目标价从225美元上调至250美元，维持"增持"评级。(格隆汇) ...

Economic Overview - The unemployment rate in the U.S. increased by 0.1 percentage points to 4.2% in July, with non-farm payrolls adding only 73,000 jobs, significantly below the expected 100,000 [1][5] - The job growth figures for May and June were also revised downward, indicating a cooling labor market [5] Market Reaction - Following the employment data release, U.S. stock indices collectively declined, with the Dow Jones falling by 1.23%, the S&P 500 down by 1.60%, and the Nasdaq dropping by 2.24% [1] - The week saw the Dow Jones experiencing its worst performance since early April, with a total decline of 2.92% [1] Federal Reserve Implications - The probability of a 25 basis point rate cut by the Federal Reserve in September surged from 37.7% to 75.5% following the disappointing employment data [5] - President Trump expressed dissatisfaction with the labor statistics and announced the dismissal of the Bureau of Labor Statistics director, Erica McEntyre, accusing her of manipulating employment data for political purposes [5][6] Federal Reserve Board Changes - Federal Reserve Board member Adriana Kugler announced her resignation effective August 8, allowing Trump to make new appointments to the board ahead of schedule [6]

Economic Indicators - The unemployment rate in the U.S. increased by 0.1 percentage points to 4.2% in July, with non-farm payrolls adding only 73,000 jobs, significantly below the expected 100,000 [1][5] - The job additions for May and June were also revised downwards, indicating a cooling labor market [5] Market Reactions - Following the employment data release, U.S. stock indices experienced significant declines, with the Dow Jones falling by 1.23%, S&P 500 down by 1.60%, and Nasdaq dropping by 2.24% [1] - The week saw the Dow Jones decline by 2.92%, marking its worst weekly performance since early April [1] Federal Reserve Expectations - The weak employment data has led to increased speculation regarding a potential interest rate cut by the Federal Reserve, with the likelihood of a cut in September rising from 40% to nearly 90% [7] Global Market Impact - European stock indices also fell, with the FTSE 100 down by 0.70%, CAC 40 down by 2.91%, and DAX down by 2.66% due to concerns over tariffs affecting global economic growth [9] Commodity Prices - International oil prices fell due to potential production increases by OPEC and its allies, with WTI crude oil futures dropping by 2.79% and Brent crude by 2.83% on the day [11][12] - Conversely, international gold prices rose by 1.53% to $3,399.80 per ounce, driven by increased market demand for safe-haven assets amid economic uncertainty, with a weekly increase of 1.92% [14]

Market Performance - The three major U.S. stock indices closed lower, with the Dow Jones down 1.23% at 43,588.58 points, the S&P 500 down 1.60% at 6,238.01 points, and the Nasdaq down 2.24% at 20,650.13 points, marking the largest decline since April [3][4] - The U.S. stock market lost over $1 trillion in market capitalization due to investor concerns about economic prospects [3] Employment Data - The U.S. non-farm payrolls for July showed an increase of only 73,000 jobs, significantly below expectations, with the unemployment rate rising slightly to 4.2% [4][6] - Previous months' non-farm employment data were revised down sharply, with May's figures adjusted from 144,000 to just 19,000, and June's from 147,000 to 14,000 [4][6] Federal Reserve and Interest Rate Expectations - Following the weak employment data, the probability of a 25 basis point rate cut by the Federal Reserve in September surged from less than 40% to nearly 90% [6] - The bond market saw a decline in U.S. Treasury yields across the board, with the 2-year yield down 6.76%, the 5-year down 5.13%, and the 10-year down 3.23% [5] Political Developments - President Trump called for the dismissal of the Bureau of Labor Statistics director, citing concerns over inflated employment data ahead of the 2024 elections [8][11] - Federal Reserve Governor Adriana Kugler announced her resignation effective August 8, which allows Trump to appoint a new member to the Federal Reserve Board earlier than expected [11]

Wells Fargo said it plans to name Chief Executive Charlie Scharf to the additional post of chairman, rewarding the executive who led the bank back from a scandal involving the creation of millions of fake customer accounts https://t.co/SUwjuQMehp ...

Core Viewpoint - Bragar Eagel & Squire, P.C. is investigating potential claims against Wells Fargo due to allegations of misleading statements regarding its diversity hiring practices and the conduct of fake job interviews [1][6][7]. Group 1: Allegations and Investigations - A class action complaint was filed against Wells Fargo on June 28, 2022, concerning the period from February 24, 2021, to June 9, 2022, focusing on potential breaches of fiduciary duties by the board of directors [1]. - Reports indicated that Wells Fargo's diverse hiring policy led to fake job interviews, where candidates were interviewed for positions already promised to others [3][5]. - Federal prosecutors have opened a criminal inquiry into Wells Fargo's hiring practices, investigating whether the bank violated federal laws by conducting these fake interviews [5]. Group 2: Impact on Stock Price - Following the publication of the New York Times article on May 19, 2022, Wells Fargo's stock price fell by $0.44, or 1.04%, closing at $41.67 per share [4]. - After the June 9, 2022, revelations regarding the federal inquiry, Wells Fargo's stock price dropped by $3.68, or 8.62%, closing at $38.99 per share [5]. Group 3: Company Response - In response to the allegations, Wells Fargo temporarily paused its diverse slate hiring policy and announced a review of its guidelines to ensure proper implementation [5]. - The company confirmed the pause in its diverse slate guidelines in a press release, emphasizing the need for clarity among hiring managers and recruiters [5].

Group 1 - Wells Fargo has raised its S&P 500 index target range for the end of 2025 to 6300-6500, up from the previous forecast of 5900-6100 [1] - The GDP growth forecast for the United States in 2025 has been increased from 1% to 1.3% [1]