Average loans decreased by 3% year-over-year, from $943.193 billion to $910.255 billion. This decrease is driven by declines in both commercial and consumer loan portfolios.

Average deposits increased slightly by 0.1% year-over-year, from $1.340 trillion to $1.341 trillion. The increase is driven by growth in Corporate and Investment Banking and Commercial Banking, partially offset by reductions in Consumer Banking and Lending and Corporate.

The company is subject to a number of consent orders and other regulatory actions, which may require the company to undertake certain changes to its business, operations, products and services, and risk management practices. The company continues to engage with regulators to address these orders.

Noninterest expense decreased slightly by 0.4% year-over-year, from $13.113 billion to $13.067 billion. This decrease is primarily due to lower professional and outside services expense, largely offset by higher technology, telecommunications and equipment expense.

The efficiency ratio increased by 1.6% year-over-year, from 63% to 64%. This increase indicates a slight decrease in operational efficiency as noninterest expenses decreased less than total revenue.

The company continues to work to address the provisions of consent orders with the Federal Reserve Board, the CFPB, and the OCC. The company is also working to remediate customers affected by past practices.

The company is subject to a number of consent orders and other regulatory actions, which may require the company to undertake certain changes to its business, operations, products and services, and risk management practices. Failure to satisfy the requirements of a regulatory action on a timely basis could result in additional fines, penalties, business restrictions, limitations on subsidiary capital distributions, increased capital or liquidity requirements, enforcement actions, and other adverse consequences.

The company is exposed to interest rate risk because assets and liabilities may mature or reprice at different times or by different amounts, short-term and long-term market interest rates may change independently or with different magnitudes, and the remaining maturity for various assets or liabilities may shorten or lengthen as interest rates change.

The company is exposed to credit risk, which is the risk of loss associated with a borrower or counterparty default. Credit risk exists with many of the company's assets and exposures such as debt security holdings, certain derivatives, and loans.

Wells Fargo ranked No. 34 on Fortune's 2024 rankings of America's largest corporations. This indicates a strong position in the market.

Wells Fargo ranked fourth in assets and third in the market value of its common stock among all U.S. banks at September 30, 2024. This indicates a strong competitive position in the banking sector.

The company operates in a highly competitive financial services industry, which may impact its market share and profitability.

Noninterest expenses decreased slightly year-over-year, primarily due to lower professional and outside services expenses, partially offset by higher technology, telecommunications and equipment expenses. This indicates some improvement in operational efficiency.

The efficiency ratio remained relatively stable year-over-year, increasing from 63% to 64%. This indicates that the company's operational efficiency has not changed significantly.

The company continues to implement efficiency initiatives to reduce spending on consultants and contractors, which may lead to further improvements in operational efficiency in the future.

Technology, telecommunications and equipment expenses increased by 17% year-over-year, from $975 million to $1.142 billion. This increase is primarily due to higher expense for the amortization of internally developed software.

The company continues to invest in digital capabilities, as evidenced by the increase in technology, telecommunications and equipment expenses. This may lead to improvements in customer experience and operational efficiency.

The company is subject to risks related to a failure in or breach of its operational or security systems or infrastructure, or those of its third-party vendors or other service providers, including as a result of cyber attacks.

The company maintained a strong capital position in the first nine months of 2024, with total equity of $185.0 billion at September 30, 2024, compared with $187.4 billion at December 31, 2023. The company's Common Equity Tier 1 (CET1) ratio was 11.34%, which exceeds the regulatory minimum and buffers of 8.90%.

The company's total loss absorbing capacity (TLAC) as a percentage of total risk-weighted assets was 25.29%, compared with the regulatory minimum of 21.50%. This indicates the company has sufficient capital to absorb potential losses.

The company's liquidity coverage ratio (LCR) was 127%, which continued to exceed the regulatory minimum of 100%. This indicates the company has sufficient liquidity to meet its obligations.

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.

The company's work to build a better company includes 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.

The company is working with its regulatory agencies in an effort to address issues and provide remediation as appropriate.

The company's net interest income and net interest margin decreased in both the third quarter and first nine months of 2024, compared with the same periods a year ago, driven by the impact of higher interest rates on interest-bearing liabilities, including a deposit mix shift to interest-bearing deposits, as well as lower loan balances, partially offset by higher interest rates on interest-earning assets.

The company is subject to a number of consent orders and other regulatory actions, which may require the company to undertake certain changes to its business, operations, products and services, and risk management practices. The company is also subject to new regulations such as the overdraft fees proposal and debit card interchange fees proposal.

The company is subject to the impact of economic 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, and any slowdown in global economic growth.