and high net worth clients with a range of wealth management solutions, including financial planning, private banking, credit, investment management, and trust. Abbot Downing, a Wells Fargo business, provides wealth management services to high net worth families and individuals, as well as their endowments and foundations. Brokerage serves customers’ advisory, brokerage, and financial needs as part of the full-service brokerage firm in the United States. Retirement provides institutional retirement and trust services (including 401(k) and pension plan record keeping) for businesses, retail retirement solutions for individuals, and reinsurance services for the life insurance industry. Loan Portfolio As of December 31, 2012, the company’s loan portfolio included commercial loans, such as commercial and industrial, real estate mortgage, real estate construction, lease financing, and foreign loans; and consumer loans, such as real estate 1-4 family first mortgage, real estate 1-4 family junior lien mortgage, credit card, and other revolving credit and installment loans. Investment Portfolio As of December 31, 2012, the company’s investment portfolio included securities of U.S. treasury and federal agencies; securities of U.S. states and political subdivisions; mortgage-backed securities; and other debt securities. Deposits As of December 31, 2012, the company’s deposits included noninterest-bearing, interest-bearing checking, market rate and other savings, savings certificates, and foreign deposits. Customers As of December 31, 2012, the company provided banking, insurance, investments, mortgage, and consumer and commercial finance from approximately 9,000 domestic stores, 12,000 ATMs, and the Internet (wellsfargo.com) under ownership and lease agreements. The company has offices in approximately 35 countries. Strategy The company’s primary strategy is to increase the number of its products its customers utilize and to offer them all of the financial products that fulfill their needs. Its cross-sell strategy, diversified business model, and the breadth of its geographic reach facilitate growth in both strong and weak economic cycles, as it could improve by expanding the number of products its current customers have with the company, gain new customers in its extended markets, and increase market share in various businesses. Regulation and Supervision As a bank holding company, the company is subject to regulation under the Bank Holding Company Act of 1956, as amended and to inspection, examination, and supervision by its primary regulator, the Board of Governors of the Federal Reserve System (FRB). The company is also subject to the disclosure and regulatory requirements of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, both as administered by the Securities and Exchange Commission (SEC). The company’s subsidiary national banks, and their subsidiaries, are subject to regulation and examination primarily by the Office of the Comptroller of the Currency and also by the Federal Deposit Insurance Corporation (FDIC), the FRB, the Consumer Financial Protection Bureau, the SEC, and the Commodities Futures Trading Commission (CFTC). Its state-chartered bank is subject to primary federal regulation and examination by the FDIC, and in addition, is regulated and examined by its state banking department. Majority of the company’s nonbank subsidiaries are also subject to regulation by the FRB and other applicable federal and state agencies. Its insurance subsidiaries are subject to regulation by applicable state insurance regulatory agencies, as well as the FRB. The company’s brokerage subsidiaries are regulated by the SEC, the Financial Industry Regulatory Authority, and in some cases, the CFTC and the Municipal Securities Rulemaking Board, and state securities regulators. In addition, the Dodd-Frank Wall Street Reform and Consumer Protection Act also prohibits the company’s ability to merge, acquire all or substantially all of the assets of, or acquire control of another company if its total resulting consolidated liabilities would exceed 10% of t