Wells Fargo & Company and Google Cloud have expanded their strategic relationship to deploy agentic AI tools across the bank. As an early adopter of Google Agentspace, Wells Fargo is equipping teams with AI agents that will help improve the customer experience, automate routine tasks and unlock new levels of innovation. With a strong commitment to responsible AI, Wells Fargo and Google Cloud are focused on modernizing financial services and empowering employees with generative AI solutions to deliver more personalized support and services. This strategic relationship reflects Wells Fargo's dedication to innovation and transforming how the bank serves its customers.

In other news, Wells Fargo & Company has announced that the board of directors of Wells Fargo intends to appoint Charlie Scharf, CEO of Wells Fargo, as chairman of the board. When Scharf becomes chairman, the board intends to appoint a lead independent director to support the board's continued independent oversight.

In addition, the board awarded Scharf a one-time special equity grant consisting of $30 million in Restricted Share Rights and 1,046,000 Stock Options.

These actions reflect the board's desire to retain Scharf as the CEO of the company and to recognize his leadership in transforming Wells Fargo, including creating significant shareholder value and positioning the company for future success. Under his leadership, Scharf has built an outstanding management team, significantly strengthened the company's risk and control infrastructure, improved its reputation, achieved critical regulatory milestones and delivered a strong financial performance, while making strategic investments in driving growth of the core businesses.

The award will vest (and become exercisable for stock options) on a pro rata basis following the fourth, fifth and sixth anniversaries of the grant date. The board believes the award design, coupled with our stock ownership policy, promotes further alignment of Scharf's compensation with long-term shareholder value creation.

"We are thrilled to recognize Charlie's significant contributions to Wells Fargo and are planning to appoint him as chairman of the board," said Steven Black, current chairman of the board, Wells Fargo. "We also plan to appoint a lead independent director to maintain independent board leadership. The special equity award is designed to acknowledge Charlie's role in leading Wells Fargo through an unprecedented transformation, creating shareholder value and positioning the company for the future. We look forward to Charlie's continued guidance and strategic direction as we navigate the future."

"Over the last several years, our Operating Committee and our 213,000 employees have executed a multifaceted transformation under extremely difficult circumstances," Scharf said. "It is a privilege to lead Wells Fargo and our talented and dedicated team, and I look forward to building on our significant momentum to continue improving our performance and market position in everything we do."

More information about the board's leadership and the equity award is available in the Company's Form 8-K filed with the Securities and Exchange Commission.