v3.25.4
Operating Segments
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Operating Segments
Note 19:  Operating Segments
Our management reporting is organized into four reportable operating segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. All other business activities that are not included in the reportable operating segments have been included in Corporate. We define our reportable operating segments based on the product or service provided and the type of customer served, and their results are based on our management reporting process. The management reporting process measures the performance of the reportable operating segments based on the Company’s management structure, and the results are regularly reviewed with our Chief Executive Officer (CEO) and relevant senior management. Our CEO is the chief operating decision maker (CODM) and reviews actual and forecasted operating segment net income for assessing performance and deciding how to allocate resources. The management reporting process is based on U.S. GAAP and includes specific adjustments, such as funds transfer pricing for asset/liability management, shared revenue and expenses, and taxable-equivalent adjustments to consistently reflect income from taxable and tax-exempt sources, which allows management to assess performance consistently across the operating segments.

Consumer Banking and Lending offers diversified financial products and services for consumers and small businesses. These financial products and services include checking and savings accounts, credit and debit cards as well as home, auto, personal, and small business lending.

Commercial Banking provides financial solutions to private, family owned and certain public companies. Products and services include banking and credit products across multiple industry sectors and municipalities, secured lending and lease products, and treasury management.

Corporate and Investment Banking delivers a suite of capital markets, banking, and financial products and services to corporate, commercial real estate, government and institutional clients globally. Products and services include corporate banking, investment banking, treasury management, commercial real estate lending and capital markets, equity and fixed income solutions as well as sales, trading, and research capabilities.

Wealth and Investment Management provides personalized wealth management, brokerage, financial planning, lending, private banking, trust and fiduciary products and services to affluent, high-net worth and ultra-high-net worth clients. We operate through financial advisors in our brokerage and wealth offices, consumer bank branches, independent offices, and digitally through WellsTrade® and Intuitive Investor®.
Corporate includes corporate treasury and enterprise functions, net of expense allocations, in support of the reportable operating segments (including funds transfer pricing, capital, and liquidity), as well as our investment portfolio and venture capital and private equity investments. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company as well as results for previously divested businesses.

Basis of Presentation
FUNDS TRANSFER PRICING. Corporate treasury manages a funds transfer pricing methodology that considers interest rate risk, liquidity risk, and other product characteristics. Operating segments pay a funding charge for their assets and receive a funding credit for their deposits, both of which are included in net interest income. The net impact of the funding charges or credits is recognized in corporate treasury.

REVENUE SHARING AND EXPENSE ALLOCATIONS. When lines of business jointly serve customers, the line of business that is responsible for providing the product or service recognizes revenue or expense with a referral fee paid or an allocation of cost to the other line of business based on established internal revenue-sharing agreements.

When a line of business uses a service provided by another line of business, expense is generally allocated based on the cost and use of the service provided. Enterprise functions, such as operations, technology, and risk management, are included in Corporate with an allocation of their applicable costs to the reportable operating segments based on the level of support provided by the enterprise function. We periodically assess and update our revenue sharing and expense allocation methodologies.

Table 19.1 includes the allocated expenses from Corporate to the reportable operating segments within the relevant personnel and non-personnel expense lines. Personnel expense is a significant expense for our reportable operating segments. Nonpersonnel expense includes other expense categories that are consistent with those presented on our consolidated statement of income, such as technology, telecommunications and equipment expense, occupancy expense, and professional and outside services expense.

TAXABLE-EQUIVALENT ADJUSTMENTS. Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for affordable housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results.
Table 19.1 presents our results by operating segment.
Table 19.1: Operating Segments

(in millions)
Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment Management
Corporate
Reconciling Items (1)
Consolidated
Company
Year ended December 31, 2025
Net interest income (2) 
$29,183 7,902 7,557 3,684 (539)(303)47,484 
Noninterest income8,179 4,076 11,675 12,644 1,286 (1,645)36,215 
Total revenue37,362 11,978 19,232 16,328 747 (1,948)83,699 
Provision for credit losses3,362 288 74 — (66)— 3,658 
Personnel expense
14,091 3,957 6,104 11,061 1,068 — 36,281 
Nonpersonnel expense9,424 2,120 3,332 2,457 1,228 — 18,561 
Total noninterest expense
23,515 6,077 9,436 13,518 2,296 — 54,842 
Income (loss) before income tax expense (benefit)10,485 5,613 9,722 2,810 (1,483)(1,948)25,199 
Income tax expense (benefit)2,620 1,421 2,439 691 (1,382)(1,948)3,841 
Net income (loss) before noncontrolling interests7,865 4,192 7,283 2,119 (101)— 21,358 
Less: Net income from noncontrolling interests— 8 — — 12 — 20 
Net income (loss)$7,865 4,184 7,283 2,119 (113)— 21,338 
Year ended December 31, 2024
Net interest income (2)
$28,303 9,096 7,935 3,473 (791)(340)47,676 
Noninterest income7,898 3,682 11,409 11,963 1,129 (1,461)34,620 
Total revenue36,201 12,778 19,344 15,436 338 (1,801)82,296 
Provision for credit losses3,561 290 521 (22)(16)— 4,334 
Personnel expense13,864 4,090 6,067 10,424 1,284 — 35,729 
Nonpersonnel expense
9,410 2,100 2,962 2,460 1,937 — 18,869 
Total noninterest expense
23,274 6,190 9,029 12,884 3,221 — 54,598 
Income (loss) before income tax expense (benefit)9,366 6,298 9,794 2,574 (2,867)(1,801)23,364 
Income tax expense (benefit)2,357 1,599 2,456 672 (1,884)(1,801)3,399 
Net income (loss) before noncontrolling interests7,009 4,699 7,338 1,902 (983)— 19,965 
Less: Net income from noncontrolling interests
— 10 — — 233 — 243 
Net income (loss)$7,009 4,689 7,338 1,902 (1,216)— 19,722 
Year ended December 31, 2023
Net interest income (2)
$30,185 10,034 9,498 3,966 (888)(420)52,375 
Noninterest income7,734 3,415 9,693 10,725 431 (1,776)30,222 
Total revenue37,919 13,449 19,191 14,691 (457)(2,196)82,597 
Provision for credit losses3,299 75 2,007 6 12 — 5,399 
Personnel expense14,626 4,366 5,910 9,746 1,181 — 35,829 
Nonpersonnel expense
9,398 2,189 2,708 2,318 3,120 — 19,733 
Total noninterest expense
24,024 6,555 8,618 12,064 4,301 — 55,562 
Income (loss) before income tax expense (benefit)10,596 6,819 8,566 2,621 (4,770)(2,196)21,636 
Income tax expense (benefit)2,657 1,704 2,140 657 (2,355)(2,196)2,607 
Net income (loss) before noncontrolling interests
7,939 5,115 6,426 1,964 (2,415)— 19,029 
Less: Net income (loss) from noncontrolling interests— 11 — — (124)— (113)
Net income (loss)
$7,939 5,104 6,426 1,964 (2,291)— 19,142 
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Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment Management
 Corporate
Reconciling Items (1)
Consolidated
Company
Year ended December 31, 2025 (3)
Loans (average)$322,052 223,399 293,089 86,019 2,932 — 927,491 
Assets (average)356,372 246,205 667,299 92,681 623,701 — 1,986,258 
Deposits (average)779,994 178,432 206,251 127,257 55,311 — 1,347,245 
Loans (period-end)332,481 228,627 333,509 90,635 915 — 986,167 
Assets (period-end)373,494 252,001 787,751 96,721 638,664 — 2,148,631 
Deposits (period-end)790,962 190,004 224,146 147,616 73,479 — 1,426,207 
Year ended December 31, 2024
Loans (average)$325,163 223,057 277,039 83,005 7,112 — 915,376 
Assets (average)360,907 245,707 568,035 90,024 652,024 — 1,916,697 
Deposits (average)774,660 172,129 192,592 107,689 98,845 — 1,345,915 
Loans (period-end)321,430 223,318 278,680 84,340 4,977 — 912,745 
Assets (period-end)361,663 246,569 597,278 90,536 633,799 — 1,929,845 
Deposits (period-end)783,490 188,650 212,948 127,008 59,708 — 1,371,804 
(1)Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for affordable housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results.
(2)Net interest income is interest earned on assets minus the interest paid on liabilities to fund those assets. Segment interest earned includes actual interest income on segment assets as well as a funding credit for their deposits. Segment interest paid on liabilities includes actual interest expense on segment liabilities as well as a funding charge for their assets.
(3)In third quarter 2025, we prospectively transferred approximately $8 billion of loans and approximately $6 billion of deposits related to certain business customers from the Commercial Banking operating segment to Consumer, Small and Business Banking in the Consumer Banking and Lending operating segment.