Q: What is Wells Fargo (WFC) Q3 2024 Earnings Call Transcript Summary?
**Wells Fargo (WFC) Q3 2024 Earnings Call Summary**
**Bullish Points:**
1. Net income of $5.1 billion, diluted earnings per share of $1.42, ROE of 11.7%, and ROTCE of 13.9%, all up from the second quarter.
2. Fee-based revenue has grown 16% during the first nine months of the year.
3. Headcount has declined every quarter for four years and was down 20% since the third quarter of 2020.
4. Expenses in the third quarter were down from both the second quarter and a year ago.
5. Credit card portfolio balances have grown for 13 consecutive quarters.
6. Deposit balances in customer-facing businesses continue to grow.
7. Repurchased $3.5 billion of common stock in the quarter and $15.6 billion during the first three quarters of this year, up over 60% from a year ago.
8. Increased common stock dividend in the third quarter by 14%.
9. Nearly 2 million new credit card accounts this year.
10. Mobile active users increased by 1.6 million or 5% from last year.
**Bearish Points:**
1. Average loans declined from the second quarter.
2. Commercial loan demand remains weak.
3. Overall deposits declined slightly from the second quarter.
4. Continued expectation of additional charge-offs in the commercial real estate office portfolio.
5. More pronounced stress in certain customer segments with lower deposit and asset levels.
6. Net interest income declined $233 million or 2% from the second quarter.
7. Sale of approximately $16 billion of securities resulted in net losses of $447 million or $0.10 per share.
8. Consumer small and business banking revenue declined 5% from a year ago.
9. Credit card revenue declined 2% from a year ago.
10. Auto revenue decreased 24% from a year ago.
For more information about Wells Fargo's earnings call, you can read the relevant news: Wells Fargo (WFC) Q3 2024 Earnings Call Transcript
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