Wells Fargo(WFC)2025-02-25 21:36Real Estate and Operations - As of December 31, 2024, the total square footage of properties occupied for business operations is 61.3 million square feet, with 55.1 million square feet in the United States and 6.2 million square feet internationally[76]. - The company held 4.4 million square feet of real estate as of December 31, 2024, that was vacant pending disposition or leased to third-party tenants[76]. - The company continues to evaluate its owned and leased properties, which may lead to potential disposals impacting future operating results[77]. Shareholder Information - As of February 14, 2025, there were 197,936 holders of record of the company's common stock, reflecting a stable shareholder base[80]. - The company reported a gross revenue of de minimis from accounts related to the Government of Iran, indicating minimal financial impact from these activities[92]. Stock Repurchase - In the fourth quarter of 2024, the company repurchased a total of 57,832,364 shares of its common stock, with a total value of approximately 64.39, 74.13 respectively[83]. Leadership and Management - The company’s Chief Executive Officer, Charles W. Scharf, has served in this role since October 2019, indicating leadership stability[109]. - The company’s risk management strategies are detailed in the 2024 Annual Report, emphasizing a structured approach to operational risks[74]. Equity Compensation Plans - As of December 31, 2024, the total number of shares to be issued upon exercise of outstanding options, warrants, and rights is 72,033,042, with 80,149,229 shares remaining available for future issuance under equity compensation plans[119]. - The equity compensation plans approved by security holders include 68,303,017 shares to be issued, with a weighted average exercise price of $0.00 and 78,379,648 shares available for future issuance[119]. - The equity compensation plans not approved by security holders consist of 3,730,025 shares to be issued, with 1,769,581 shares remaining available for future issuance[119]. - The 2022 Long-Term Incentive Plan includes 62,041,896 shares subject to restricted share rights and a maximum of 4,976,505 performance shares[119]. Compensation Plans and Amendments - The Deferred Compensation Plan allows eligible employees to defer salary and bonuses, with amounts treated as invested in selected earnings options[125]. - The Non-Qualified Deferred Compensation Plan for Independent Contractors allows participants to defer eligible compensation, with no future deferrals permitted under this plan[126]. - The Norwest Corporation Directors' Formula Stock Award Plan allows non-employee directors to defer receipt of awards, with no future stock awards or deferrals permitted[127]. - The Company has adopted insider trading policies to promote compliance with insider trading laws and NYSE listing standards[115]. - Additional information regarding executive compensation will be included in the Company's 2025 Proxy Statement[117]. - The Wells Fargo Bonus Plan has been amended effective January 1, 2025, and January 1, 2024[137]. - The Deferred Compensation Plan has been amended effective July 1, 2023, and January 1, 2022[138]. - The Supplemental 401(k) Plan has been amended effective July 1, 2023, and January 1, 2022[139]. - The Supplemental Cash Balance Plan has been amended effective July 1, 2023, and January 1, 2022[139]. - The Non-Employee Director Compensation Program is set to be effective April 1, 2025, and April 1, 2022[139]. - The Directors Stock Compensation and Deferral Plan has seen multiple amendments, the latest effective April 1, 2013[138]. - The company has incorporated various amendments to its compensation plans over the years, reflecting ongoing adjustments to align with market conditions[137][138][139]. - The amendments to the Deferred Compensation Plan include changes effective from 2020 to 2023, indicating a focus on long-term employee retention strategies[138]. - The company continues to enhance its compensation structures to remain competitive in attracting and retaining talent[137][139]. - The amendments to the Supplemental 401(k) Plan and other compensation plans demonstrate the company's commitment to employee benefits and financial security[139]. Financial Reporting and Compliance - The Company's consolidated financial statements are set forth in the 2024 Annual Report to Shareholders[131]. - The 2024 Annual Report to Shareholders has been filed[141]. - The Mandatory Clawback Policy is effective as of October 2, 2023[141]. - The company has incorporated various amendments to its Elective Deferral Plan and Savings Restoration Plan, with the latest effective January 1, 2022[140]. - The principal executive and financial officers have certified the financial reports pursuant to the Sarbanes-Oxley Act of 2002[141]. - The company has a detailed description of Replacement Capital Covenants included in its Annual Report[141]. - The company has filed its XBRL Taxonomy Extension documents for financial reporting[141]. - The company has executed powers of attorney for its directors, empowering Steven D. Black to sign documents on their behalf[147]. - The company has reported on its subsidiaries and their roles in securities collateralization[141]. - The company has included a consent from its Independent Registered Public Accounting Firm in the filings[141].