Wells Fargo Raises Provision for Credit Losses to More Than $1 Billion

Group 1 - Wells Fargo set aside over $1 billion in the fourth quarter for potential loan defaults, an increase from $681 million in the third quarter [1] - The increase in provisions for credit losses is attributed to higher balances in commercial and industrial, auto, and credit card loans [1] - For the fourth quarter of 2024, Wells Fargo reported a provision of $1.095 billion [1] Group 2 - Net charge-offs for Wells Fargo were reported at $1 billion, up from $954 million in the third quarter [2] - The net charge-offs for the fourth quarter of 2024 were $1.2 billion [2]