v3.26.1
Operating Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Operating Segments
Note 16:  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. We also provide personalized wealth management and financial planning services through our branch channel.

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, 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, 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 investments. Corporate also includes 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 16.1 includes the allocated expenses from Corporate to the reportable operating segments within the relevant personnel and nonpersonnel 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 16.1 presents our results by operating segment.


Table 16.1: Operating Segments

(in millions)
Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment Management
Corporate
Reconciling Items (1)
Consolidated
Company
Quarter ended June 30, 2026
Net interest income (2)
$7,742 2,047 2,273 919 (589)(75)12,317 
Noninterest income2,546 1,071 3,152 2,973 1,002 (439)10,305 
Total revenue10,288 3,118 5,425 3,892 413 (514)22,622 
Provision for credit losses945 131 (181)17 2 — 914 
Personnel expense3,678 899 1,532 2,571 171 — 8,851 
Nonpersonnel expense2,608 513 965 589 135 — 4,810 
Total noninterest expense
6,286 1,412 2,497 3,160 306 — 13,661 
Income (loss) before income tax expense (benefit)3,057 1,575 3,109 715 105 (514)8,047 
Income tax expense (benefit)767 397 780 178 (206)(514)1,402 
Net income before noncontrolling interests2,290 1,178 2,329 537 311 — 6,645 
Less: Net income from noncontrolling interests
— 2 — — 236 — 238 
Net income$2,290 1,176 2,329 537 75 — 6,407 
Quarter ended June 30, 2025
Net interest income (2)
$7,305 1,983 1,815 785 (103)(77)11,708 
Noninterest income2,383 950 2,858 2,653 662 (392)9,114 
Total revenue9,688 2,933 4,673 3,438 559 (469)20,822 
Provision for credit losses945 (43)103 12 (12)— 1,005 
Personnel expense3,778 982 1,452 2,327 170 — 8,709 
Nonpersonnel expense2,401 537 799 538 395 — 4,670 
Total noninterest expense6,179 1,519 2,251 2,865 565 — 13,379 
Income (loss) before income tax expense (benefit)2,564 1,457 2,319 561 6 (469)6,438 
Income tax expense (benefit)641 369 582 141 (348)(469)916 
Net income before noncontrolling interests1,923 1,088 1,737 420 354 — 5,522 
Less: Net income from noncontrolling interests
— 2 — — 26 — 28 
Net income$1,923 1,086 1,737 420 328 — 5,494 
Six months ended June 30, 2026
Net interest income (2) 
$15,293 4,035 4,457 1,824 (1,049)(147)24,413 
Noninterest income4,993 2,203 6,246 5,943 1,230 (960)19,655 
Total revenue20,286 6,238 10,703 7,767 181 (1,107)44,068 
Provision for credit losses1,763 281 (6)7 4 — 2,049 
Personnel expense
7,669 1,973 3,332 5,268 202 — 18,444 
Nonpersonnel expense5,206 1,047 1,857 1,154 283 — 9,547 
Total noninterest expense
12,875 3,020 5,189 6,422 485 — 27,991 
Income (loss) before income tax expense (benefit)5,648 2,937 5,520 1,338 (308)(1,107)14,028 
Income tax expense (benefit)1,417 740 1,382 333 (672)(1,107)2,093 
Net income before noncontrolling interests
4,231 2,197 4,138 1,005 364 — 11,935 
Less: Net income from noncontrolling interests— 4 — — 271 — 275 
Net income
$4,231 2,193 4,138 1,005 93 — 11,660 
Six months ended June 30, 2025
Net interest income (2)
$14,344 3,960 3,605 1,515 (67)(154)23,203 
Noninterest income4,727 1,898 6,132 5,327 449 (765)17,768 
Total revenue19,071 5,858 9,737 6,842 382 (919)40,971 
Provision for credit losses1,684 144 103 23 (17)— 1,937 
Personnel expense7,808 2,121 3,160 4,808 286 — 18,183 
Nonpersonnel expense
4,713 1,068 1,567 1,003 736 — 9,087 
Total noninterest expense
12,521 3,189 4,727 5,811 1,022 — 27,270 
Income (loss) before income tax expense (benefit)4,866 2,525 4,907 1,008 (623)(919)11,764 
Income tax expense (benefit)1,211 641 1,229 239 (963)(919)1,438 
Net income before noncontrolling interests3,655 1,884 3,678 769 340 — 10,326 
Less: Net income (loss) from noncontrolling interests
— 4 — — (66)— (62)
Net income
$3,655 1,880 3,678 769 406 — 10,388 
(continued from previous page)

Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment Management
 Corporate
Reconciling Items (1)
Consolidated
Company
Quarter ended June 30, 2026
Loans (average)$337,828 237,127 359,373 91,143 1,008 — 1,026,479 
Assets (average)371,072 260,885 825,944 97,261 672,761 — 2,227,923 
Deposits (average)828,363 189,534 234,762 109,788 103,153 — 1,465,600 
Six months ended June 30, 2026
Loans (average)$336,554 233,116 350,891 89,772 1,003 — 1,011,336 
Assets (average)370,226 256,866 814,025 95,828 661,293 — 2,198,238 
Deposits (average)822,524 187,726 224,610 110,937 94,660 — 1,440,457 
Loans (period-end)340,939 239,808 355,752 93,804 812 — 1,031,115 
Assets (period-end)382,087 265,871 862,472 99,784 671,987 — 2,282,201 
Deposits (period-end)832,165 198,805 250,097 110,599 109,739 — 1,501,405 
Quarter ended June 30, 2025
Loans (average)$319,033 226,461 285,886 81,271 4,068 — 916,719 
Assets (average)354,912 248,974 641,499 86,976 601,010 — 1,933,371 
Deposits (average)805,537 177,994 202,420 99,458 46,242 — 1,331,651 
Six months ended June 30, 2025
Loans (average)$320,243 225,140 281,610 81,101 4,380 — 912,474 
Assets (average)355,894 247,796 626,352 86,885 609,627 — 1,926,554 
Deposits (average)802,725 180,413 203,163 100,770 48,398 — 1,335,469 
Loans (period-end)320,005 229,544 290,578 81,327 2,964 — 924,418 
Assets (period-end)357,369 254,467 658,029 86,848 624,556 — 1,981,269 
Deposits (period-end)806,572 179,848 208,048 97,318 48,917 — 1,340,703 
(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.