The Common Equity Tier 1 (CET1) ratio was 11.09% under the Standardized Approach, exceeding regulatory requirements. The company repurchased 45 million shares of common stock at a cost of $3.5 billion.

On April 29, 2025, the board authorized the repurchase of up to an additional $40 billion of common stock, signaling confidence in future performance and capital generation.

The company declared dividends on its outstanding preferred stock, indicating a continued commitment to returning capital to preferred shareholders.

The ACL for loans decreased $84 million from December 31, 2024, to $14.6 billion at March 31, 2025. The allowance coverage for total loans was 1.59% at March 31, 2025, compared with 1.60% at December 31, 2024.

The provision for credit losses for loans was $925 million in first quarter 2025, compared with $926 million in the same period a year ago.

Nonperforming assets (NPAs) increased $289 million, or 4%, from December 31, 2024, driven by an increase in commercial and industrial nonaccrual loans. NPAs represented 0.90% of total loans at March 31, 2025.

Total deposits (average and period-end) increased reflecting a reduction in customer migration to higher yielding alternatives. Total deposits (average) decreased from $1,353,836 million to $1,339,328 million.

Total loans (average and period-end) decreased due to a decline in loan balances in our Home Lending business reflecting our more focused strategy for Home Lending, including paydowns of legacy residential mortgage loans; and a decline in loan balances in our Auto business as paydowns exceeded originations reflecting our actions related to credit tightening.

Total trading-related assets (average and period-end) increased reflecting higher trading account securities driven by growth across all asset classes; and an increased volume of reverse repurchase agreements.

On April 28, 2025, the Company announced the consent order with the Consumer Financial Protection Bureau (CFPB) requiring the Company to enhance its compliance risk management program and its management of customer remediation activities had terminated.

On March 17, 2025, the Company announced the Office of the Comptroller of the Currency (OCC) had terminated the consent order requiring the Company to improve the execution, risk management, and oversight of loss mitigation activities in its Home Lending business.

On September 12, 2024, the Company announced that Wells Fargo Bank, N.A. entered into a formal agreement with the OCC requiring the bank to enhance its anti-money laundering and sanctions risk management practices.