Wells Fargo & Company Files 2023 Annual Report on Form 10-K

TL;DR

<b>Wells Fargo & Company has submitted its 2023 10-K filing, detailing its financial performance and corporate structure for the fiscal year ending December 31, 2023.</b>

AI Summary

WELLS FARGO & COMPANY/MN (WFC-PA) filed a Annual Report (10-K) with the SEC on February 20, 2024. Wells Fargo & Company filed its 2023 Annual Report on Form 10-K on February 20, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 420 Montgomery Street, San Francisco, CA 94104. Wells Fargo & Company is classified under SIC code 6021 for National Commercial Banks. The filing includes details on various preferred stock series, including Series R with a 6.625% fixed-to-floating rate.

Why It Matters

For investors and stakeholders tracking WELLS FARGO & COMPANY/MN, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Wells Fargo's financial health, operational performance, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's stability and future prospects. The detailed financial data and disclosures within the 10-K are essential for regulatory compliance and for providing transparency to the market regarding the company's financial position and strategic direction.

Risk Assessment

Risk Level: medium — WELLS FARGO & COMPANY/MN shows moderate risk based on this filing. The company operates in the highly regulated financial services industry, facing risks related to economic downturns, interest rate fluctuations, and compliance with evolving regulations, as evidenced by the numerous disclosures in its 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Wells Fargo's performance and potential challenges in the current economic environment.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting Period)
• 2024-02-20 — Filing Date (10-K Submission)
• 6021 — SIC Code (National Commercial Banks)
• 6.625% — Preferred Stock Rate (Series R)

Key Players & Entities

• WELLS FARGO & COMPANY/MN (company) — Filer
• 0000072971 (company) — Central Index Key
• 6021 (company) — Standard Industrial Classification
• 410449260 (company) — IRS Number
• DE (company) — State of Incorporation
• 4156724450 (company) — Business Phone
• NYSE (company) — Stock Exchange
• 6.625% (dollar_amount) — Preferred Stock Series R rate

FAQ

Industry Context

Wells Fargo operates as a national commercial bank, a sector characterized by significant regulatory oversight and sensitivity to macroeconomic conditions.

Regulatory Implications

As a major financial institution, Wells Fargo is subject to extensive regulation by federal and state authorities, including the Federal Reserve and the OCC, impacting its operations and capital requirements.

What Investors Should Do

1. Analyze the detailed financial statements and management's discussion and analysis within the 10-K to understand revenue streams, expenses, and profitability for FY2023.
2. Review the risk factors section to identify potential challenges and their impact on Wells Fargo's business operations and financial stability.
3. Compare key financial metrics from this 10-K with previous filings and industry benchmarks to assess performance trends and competitive positioning.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-20: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year 2023, providing updated financial and operational information compared to the previous year's filings.

Key Financial Figures

• $1 — ich Registered Common Stock, par value $1-2/3 WFC New York Stock Exchange ( NYS
• $42.68 — .3 billion, based on a closing price of $42.68. At February 9, 2024, 3,577,443,489 sha
• $1.9 — 1, 2023, we had assets of approximately $1.9 trillion, loans of $936.7 billion, depo
• $936.7 b — f approximately $1.9 trillion, loans of $936.7 billion, deposits of $1.4 trillion and st
• $1.4 — n, loans of $936.7 billion, deposits of $1.4 trillion and stockholders' equity of $1
• $185.7 billion — .4 trillion and stockholders' equity of $185.7 billion. Based on assets, we were the fourth la
• $1.7 — y's principal subsidiary with assets of $1.7 trillion, or 90% of the Company's asset
• $200 million — During 2023, we invested approximately $200 million in a variety of employee learning and d
• $10 billion — quired has total consolidated assets of $10 billion or more. Prior FRB approval is required

Filing Documents

• wfc-20231231.htm (10-K) — 1801KB
• wfc-1231x2023xex4c.htm (EX-4.C) — 320KB
• wfc-1231x2023xex10a.htm (EX-10.A) — 368KB
• wfc-1231x2023xex10b.htm (EX-10.B) — 675KB
• wfc-20231231_d2.htm (EX-13) — 11411KB
• wfc-1231x2023xex21.htm (EX-21) — 11KB
• wfc-1231x2023xex23.htm (EX-23) — 18KB
• wfc-1231x2023xex24.htm (EX-24) — 7KB
• wfc-1231x2023xex31a.htm (EX-31.A) — 11KB
• wfc-1231x2023xex31b.htm (EX-31.B) — 11KB
• wfc-1231x2023xex32a.htm (EX-32.A) — 7KB
• wfc-1231x2023xex32b.htm (EX-32.B) — 6KB
• wfc-1231x2023xex97.htm (EX-97) — 23KB
• wfc-1231x2023xex99.htm (EX-99) — 3KB
• exhibit10a-image_1.jpg (GRAPHIC) — 111KB
• exhibit10a-image_2.jpg (GRAPHIC) — 240KB
• image_0a.jpg (GRAPHIC) — 7KB
• kpmgsignature.jpg (GRAPHIC) — 9KB
• wfc-20231231_g1.jpg (GRAPHIC) — 49KB
• wfc-20231231_g2.jpg (GRAPHIC) — 48KB
• wfc-20231231_g3.jpg (GRAPHIC) — 28KB
• wfc-20231231_g4.jpg (GRAPHIC) — 9KB
• wflogo.jpg (GRAPHIC) — 10KB
• 0000072971-24-000064.txt (&nbsp;) — 62830KB
• wfc-20231231.xsd (EX-101.SCH) — 272KB
• wfc-20231231_cal.xml (EX-101.CAL) — 408KB
• wfc-20231231_def.xml (EX-101.DEF) — 1915KB
• wfc-20231231_lab.xml (EX-101.LAB) — 2915KB
• wfc-20231231_pre.xml (EX-101.PRE) — 2313KB
• wfc-20231231_htm.xml (XML) — 15409KB

– Items 1, 1A, 1C and 3; Part II – Items 5, 7, 7A, 8 and 9A; and

Part I – Items 1, 1A, 1C and 3; Part II – Items 5, 7, 7A, 8 and 9A; and

– Item 15

Part IV– Item 15 2. Portions of the Company's Proxy Statement for the Annual Meeting of Shareholders to be held April 23, 2024 ("2024 Proxy Statement")

– Items 10, 11, 12, 13 and 14

Part III – Items 10, 11, 12, 13 and 14 PART I.

BUSINESS

ITEM 1. BUSINESS Wells Fargo & Company is a corporation organized under the laws of Delaware and a financial holding company and a bank holding company registered under the Bank Holding Company Act of 1956, as amended (BHC Act). Its principal business is to act as a holding company for its subsidiaries. References in this report to "the Parent" mean the holding company. References to "we," "our," "us" or "the Company" mean the holding company and its subsidiaries that are consolidated for financial reporting purposes. At December 31, 2023, we had assets of approximately $1.9 trillion, loans of $936.7 billion, deposits of $1.4 trillion and stockholders' equity of $185.7 billion. Based on assets, we were the fourth largest bank holding company in the United States. At December 31, 2023, Wells Fargo Bank, N.A. was the Company's principal subsidiary with assets of $1.7 trillion, or 90% of the Company's assets. Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports, are available for free at www.wellsfargo.com/about/investor-relations/filings as soon as reasonably practicable after they are electronically filed with or furnished to the Securities and Exchange Commission (SEC). They are also available for free on the SEC's website at www.sec.gov 1 . DESCRIPTION OF BUSINESS General We are a leading financial services company that provides a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through banking locations and offices, the internet (www.wellsfargo.com) and other distribution channels to individuals, businesses and institutions in all 50 states, the District of Columbia and in countries outside the U.S. We provide consumer financial products and services including checking and savings accounts, credit and debit cards, and auto, mortgage and home equity, and small business lending. In addition, we offer financial plannin

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View this 10-K filing on SEC EDGAR