Operator Welcome, and thank you for joining the Wells Fargo fourth-quarter 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks,

Wells Fargo & Co (WFC) reports robust fee-based revenue growth and significant capital returns, despite facing challenges in loan demand and commercial real estate.

Wells Fargo closed 2024 with a strong fourth quarter, reporting a $5.1 billion net income and a 47% year-over-year earnings increase. Asset-based lending and leasing revenue declined 12% year over year to $1.