富国银行 2025年度报告

Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December31, 2025Commission File Number 001-2979 WELLS FARGO & COMPANY(Exact name of registrant as specified in its charter) 333 Market Street, San Francisco, California 94105(Address of principal executive offices) (Zip code)Registrant’s telephone number, including area code:415-371-2921Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the SecuritiesAct.YesNo Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.YesNo Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days.YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§ 232.405 of this chapter)during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule12b-2 of the Exchange Act. Large accelerated filerAccelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in thefiling reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act). At June30, 2025, the aggregate market value of common stock held by non-affiliates was approximately $257.3 billion, based on a closing price of$80.12. At February13, 2026, 3,085,635,641 shares of common stock were outstanding. Documents Incorporated by Reference Incorporated Documents 1. Portions of the Company’s Annual Report to Shareholders for the year ended December31, 2025(“2025 Annual Report to Shareholders”)2. Portions of the Company’s Proxy Statement for the 2026 Annual Meeting of Shareholders(“2026Proxy Statement”) Human CapitalOur people are what set Wells Fargo apart and are critical to our PART I. success. Wells Fargo continues to invest in our employees byoffering market-competitive compensation, career-developmentopportunities, a broad array of benefits, and strong work-lifeprograms. We want to be recognized as a great company foreveryone by maintaining recruitment and career developmentpractices that support our employees and provide anenvironment that welcomes people from different backgroundsand with different experiences. ITEM 1.BUSINESS Wells Fargo & Company is a corporation organized under thelaws of Delaware and a financial holding company and a bankholding company registered under the Bank Holding CompanyAct of 1956, as amended (BHC Act). Its principal business is toact as a holding company for its subsidiaries. References in thisreport to “the Parent” mean the holding company. References to“we,” “our,” “us” or “the Company” mean the holding companyand its subsidiaries that are consolidated for financial reportingpurposes. At December 31, 2025, we had approximately 205,000 activeemployees, with approximately 76% based in the United States.Our global workforce was 50% female and 50% male. In theU.S., 50% of our workforce identified as white, 49% identified asother races/ethnicities, and 1% did not declare. At December 31, 2025, we had assets of approximately$2.1tril