Company: WFC-PC
Filing Date: 2025-03-19
Form Type: DEF 14A
Source: 0000072971-25-000090
Chunk: 32

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-03-19
Form: DEF 14A
Chunk 32
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 appropriate circumstances, including misconduct and risk management failure                              |     | No repricing of stock options without shareholder approval                                                                                                                     |
| Stock Ownership Policy includes minimum ownership requirements, a compliance period to reach requirement, and additional holding requirements that extend one year after retirement |     | No hedging of Company securities by directors, executive officers, or other employees under our Code of Conduct                                                                |
| Year-round engagement with shareholders on executive compensation and governance issues                                                                                             |     | No excessive perquisites for executive officers                                                                                                                                |

2024 Performance Highlights

During 2024, the Company delivered strong performance. We continued to improve the Company’s earnings capacity through increased fee revenue and a focus on efficiency, while also increasing capital return to shareholders. We grew net income and diluted earnings per share, and we continued to reduce expenses and focus on our efficiency initiatives. Our disciplined approach to managing expense levels has been consistent and an important part of our success.

We have made continued progress in strengthening the Company’s risk and control infrastructure in 2024, with the Office of the Comptroller of the Currency ( OCC ) terminating a consent order it issued in 2016 regarding sales practices. In the first quarter of 2025, our 2022 consent order with the Consumer Financial Protection Bureau terminated, the Federal Reserve Board of Governors terminated two longstanding consent orders, and the OCC terminated a 2018 consent order related to the Company’s compliance risk management program. The closure of these consent orders reflect our continued discipline in managing regulatory commitments and is another indication that our team is establishing the right processes and controls to meet our regulators’ and our own expectations.

We continued to advance our business strategy, including making investments in our core businesses. We are starting to see improved growth and increased market share in parts of the Company that we believe will drive higher returns over time. For example, while maintaining our credit standards, our credit card products generated over 2.4 million new accounts in 2024. The momentum in this business is also demonstrated by strong credit card spend, up over $17 billion in 2024 from the prior year. We continued to make investments in talent and technology to strengthen CIB, which led to increased U.S. market share in investment banking with share gains in debt and equity capital markets and increased revenue in our advisory business in 2024. Finally, we continued enhancing the Wells Fargo Mobile® app for customers and saw meaningful growth: over 40% of consumer checking accounts were opened digitally; mobile active customers grew by 1.5 million,