美国富国银行Wells Fargo & Company（WFC）2025年年度报告「NYSE」（英文版）（200页）.pdf

1、2025 Annual Report CEO Letter Dear Shareholders,As I reflect on 2025,I am pleased to review a year of important achievement,strategic advancement,and renewed momentum at Wells Fargo.Since 2019,the management team has led a transformation of our company.This year we achieved a critical milestone:the

2、Federal Reserves lifting of the asset cap in June 2025,a restriction that had constrained our growth since 2018.Their decision validates the exhaustive efforts of my more than 200,000 partners,who have rebuilt Wells Fargo into a more resilient and disciplined institution focused on serving our custo

3、mers and delivering sustainable value to you.In addition,multiple consent orders were terminated,and stronger growth in all our core businesses make me proud of our 2025 results.These achievements build on the foundational work we have completed over the past several years to strengthen our risk and

4、 control framework,enhance operational efficiency,and invest in business resources,technology,and talent.These efforts have not only helped us satisfy regulatory requirements but have also enabled us to operate more effectively and deliver better results.These results are part of our consistent stra

5、tegy to simplify the company,improve returns and invest to position the company to grow.We substantially completed our efforts to refocus and simplify the company by exiting or selling 12 businesses,with the last sale closing on January 1,2026.We achieved the goal we set after fourth quarter 2020 to

6、 increase our return on tangible common equity(ROTCE)1 from 8%to 15%by increasing efficiency,managing capital effectively,and not just protecting important investments to create a faster growing company,but increasing the level of investments to support that growth.I will discuss later in this lette