Wells Fargo Company (WFC) 10-Q Quarterly Report Mon Nov 01 2021


		Quarter ended
		Sep 30, 2021			Sep 30, 2020
Selected Income Statement Data ($ in millions except per share amounts)
	Total revenue	$	18,834		19,316
	Noninterest expense	13,303			15,229
	Provision for credit losses	(1,395)			769
	Net income	5,122			3,216
	Diluted earnings per common share	1.17			0.70

Selected Balance Sheet Data ($ in billions)
	Average loans	$	854.0		931.7
	Average deposits	1,450.9			1,399.0
	CET11	11.6		%	11.4

Performance Metrics
	ROE2	11.1		%	7.2
	ROTCE3	13.2			8.7


Operating Segments and Other Highlights


	Quarter ended		Sep 30, 2021 % Change from
($ in billions)	Sep 30, 2021			Jun 30, 2021		Sep 30, 2020
Average loans
Consumer Banking and Lending	$	325.6		(2)	%	(14)
Commercial Banking	178.6			—		(12)
Corporate and Investment Banking	257.3			2		3
Wealth and Investment Management	82.8			1		5

Average deposits
Consumer Banking and Lending	848.4			2		12
Commercial Banking	199.2			3		11
Corporate and Investment Banking	189.4			(1)		(16)
Wealth and Investment Management	176.6			1		4

Capital

◦Repurchased 114.2 million shares, or $5.3 billion, of common stock in third quarter 2021

◦Increased the common stock dividend to $0.20 per share, up from $0.10 per share in the prior quarter


Third quarter 2021 results included:

◦$1.7 billion, or $0.30 per share, decrease in the allowance for credit losses

◦$(250) million, or $(0.05) per share, impact of an operating loss associated with the September 2021 Office of the Comptroller of the Currency (OCC) enforcement action


Chief Executive Officer Charlie Scharf commented on the quarter, “The actions we’re taking to improve operating effectiveness and financial returns are coming through in our results, in addition to the benefits we’re experiencing from the economic recovery. We recorded a $1.7 billion pre-tax reduction in the allowance for credit losses and had strong equity gains. More importantly, charge-offs were low, net interest income stabilized and period-end loans grew for the first time since first quarter 2020. Expenses continued to decline as we made progress on our efficiency initiatives, and we increased our capital return to shareholders by repurchasing $5.3 billion of common stock and increasing our dividend.” “While the recent expiration of the 2018 CFPB consent order regarding retail sales practices is an important milestone in our progress to correct our past practices, the recent OCC enforcement actions are a reminder that the significant deficiencies that existed when I arrived must remain our top priority. We are a different company today and the operational and cultural changes we’ve made are enabling us to execute with significantly greater discipline than we have in the past. I believe we are making significant progress, and I remain confident in our ability to continue to close the remaining gaps over the next several years, though we may continue to have setbacks along the way,” Scharf continued. “The investments we’re making in risk and regulatory-related work come alongside investments we’re making in customer experience. These include new digital and mobile capabilities, a new digital infrastructure strategy, and new products with unique value propositions, including the Wells Fargo ReflectSM Card, which is the second new product in our redesigned portfolio of consumer credit cards,” Scharf added. “Finally, we continue to invest in our communities. We have donated $305 million from our Open for Business Fund, which has helped nearly 150,000 small businesses across the country navigate the challenges posed by the COVID-19 pandemic. Business owners have used the funding to pay their employees, pivot to new business models, buy needed supplies, and meet other business needs. We’re really proud of it,” Scharf concluded.

1 Represents the lower of our Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach and under the Advanced Approach. See tables on pages 27-28 of the 3Q21 Quarterly Supplement for more information on CET1. CET1 is a preliminary estimate.

2 Return on equity (ROE) represents Wells Fargo net income (loss) applicable to common stock divided by average common stockholders’ equity.

3 Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 25-26 of the 3Q21 Quarterly Supplement.

The following information was filed by Wells Fargo Company (WFC) on Thursday, October 14, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Wells Fargo Company provided additional information to their SEC Filing as exhibits

Exhibit 3.A: Articles Of Incorporation

Exhibit 31.A: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.B: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.A: Section 1350 Certification

Exhibit 32.B: Section 1350 Certification

Ticker: WFC
CIK: 72971
Form Type: 10-Q Quarterly Report
Accession Number: 0000072971-21-000317
Submitted to the SEC: Mon Nov 01 2021 5:19:43 PM EST
Accepted by the SEC: Mon Nov 01 2021
Period: Thursday, September 30, 2021
Industry: National Commercial Banks

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Wells Fargo Companymn (WFC) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

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