The Revenue LinesNarrow moat

Wells Fargo (WFC) — moat facet

Wells Fargo's consumer bank produces 44% of segment revenue; the investment bank is taking the growth.

Wells Fargo reports four operating segments, and in 2025 they produced very different results. Consumer Banking and Lending earned revenue of $37,362 million, Corporate and Investment Banking $19,232 million, Wealth and Investment Management $16,328 million and Commercial Banking $11,978 million1.

Segment revenue, 2025 ($M)Consumer Banking and Lending — 44%Corporate and Investment Banking — 23%Wealth and Investment Management — 19%Commercial Banking — 14%Wells Fargo Form 10-K FY2025; excludes Corporate (747) and reconciling items (-1,948)
One large line and three smaller ones.

The four add up to $84,900 million, more than the bank's reported revenue of $83,699 million2. The difference is two items outside the segments: Corporate, which holds the treasury, the investment portfolio, venture capital and results of divested businesses3, and Reconciling Items of minus $1,948 million, which remove the taxable-equivalent adjustments that the segments include4. Corporate revenue was $747 million in 2025 and minus $457 million in 20235.

Profit is spread differently from revenue. Consumer Banking and Lending earned about 37% of company net income, Corporate and Investment Banking about 34%, Commercial Banking about 20% and Wealth and Investment Management about 10%6.

Corporate's figures move a great deal. Its revenue was $5,357 million in 2020 and $8,495 million in 20217, and its net loss was $4,082 million in 20228; these are the treasury and investment results the segments do not carry.

The segments have existed in this form since 2020, with 2018 and 2019 restated9. Before that the bank reported Community Banking, Wholesale Banking and Wealth and Investment Management10.

The balance between them is shifting. Corporate and Investment Banking has taken most of the growth since the asset cap was lifted, while the consumer bank, which holds the moat, has grown least.

The fee lines cut across the segments. In 2025 investment advisory and other asset-based fees were $10,498 million, net gains from trading $5,147 million, deposit-related fees $5,099 million, card fees $4,589 million, investment banking fees $3,027 million, commissions and brokerage $2,556 million and mortgage banking $1,152 million11. Goodwill shows where the bank bought its businesses: $16,418 million of the $24,967 million total sits in Consumer Banking and Lending12.

Before 2020 the bank reported on another basis. In 2018 Community Banking produced $46,913 million of revenue and $10,394 million of net income, Wholesale Banking $28,706 million and $11,032 million, and Wealth and Investment Management $16,376 million and $2,580 million13. The restated 2018 figures on today's basis were $39,915 million for Consumer Banking and Lending and $13,080 million for Commercial Banking14.

Loans and deposits sit unevenly across the four. In 2025 the consumer bank gathered average deposits of $779,994 million against loans of $322,052 million, while Commercial Banking and Corporate and Investment Banking lent more than they gathered15. The consumer bank's surplus of about $458 billion16 is what funds the rest of the company.

Keep an eye on the consumer bank's share of segment revenue, about 44% in 202517. A steady decline would mean Wells Fargo was becoming more of a wholesale bank and less of the deposit franchise that makes it worth owning.

Moat trajectory: Holding steady

Consumer bank 44% of segment revenue in 2025; CIB growing fastest after the cap.

The number that tests this moat
Moat Explorer calc
Consumer Banking and Lending share of segment revenue
About 44% (2025: $37,362M of $84,900M)

Reliance on the deposit franchise; a steady fall would mean more earnings from contested wholesale businesses.

How it's calculated: Consumer Banking and Lending revenue divided by the sum of the four segments' revenue, FY2025 10-K segment note: 37,362 / (37,362 + 11,978 + 19,232 + 16,328).
Source: Moat Explorer calculation from Wells Fargo filings ↗
Dig deeper
DIG DEEPER 01
Consumer Banking and Lending
Wells Fargo's consumer bank produces 44% of segment revenue and funds the whole company with cheap deposits.
DIG DEEPER 02
Commercial Banking
Wells Fargo's commercial bank earned a fifth less in 2025 than in 2023, and it is hiring bankers to reverse it.
DIG DEEPER 03
Corporate and Investment Banking
Wells Fargo's investment bank is its cheapest segment to run and the one taking most of the balance sheet the cap released.
DIG DEEPER 04
Wealth and Investment Management
Wells Fargo's wealth business earns the best return on capital in the bank and keeps less than a fifth of its revenue.
References
  1. ReportedConsumer Banking and Lending earned revenue of $37,362 million, Corporate and Investment Banking $19,232 million, Wealth and Investment Management $16,328 million and Commercial Banking $11,978 million.
    Wells Fargo 2025 Annual Report to Shareholders (financial statements, MD&A and segment note), part of the Form 10-K for fiscal 2025 - operating segment note and segment tables (Table 19.1, revenue by line of business, selected metrics). — FY2025 · publ. 24 February 2026 · source ↗
  2. Moat Explorer calcThe four add up to $84,900 million, more than the bank's reported revenue of $83,699 million.
    Moat Explorer calculation from Wells Fargo's reported figures ($ millions unless stated). Deposits: cost of total deposits = interest on interest-bearing deposits / (average interest-bearing + average noninterest-bearing deposits): 2020 2,804 / 1,376,011 = 0.20%; 2021 388 / 1,437,812 = 0.03%; 2022 2,349 / 1,424,269 = 0.16%; 2023 16,503 / 1,346,282 = 1.23%; 2024 24,282 / 1,345,915 = 1.80%; 2025 20,449 / (987,198 + 360,047 = 1,347,245) = 1.52%. Bank of America 2025: 34,513 / (1,469,705 + 514,477 = 1,984,182) = 1.74%. Gap to JPMorgan 1.80% - 1.52% = 0.28 points x 1,347,245 = about 3,772 (about $3.8 billion); gap to Bank of America 1.74% - 1.52% = 0.22 points. Noninterest-bearing share of average deposits: 2020 412,669 / 1,376,011 = 30.0%; 2021 499,644 / 1,437,812 = 34.8%; 2022 505,770 / 1,424,269 = 35.5%; 2023 399,737 / 1,346,282 = 29.7%; 2024 352,379 / 1,345,915 = 26.2%; 2025 360,047 / 1,347,245 = 26.7%. Average deposits 2023-2025 range 1,345,915 to 1,347,245 = 1,330 (about $1.3 billion). Period-end deposits 1,371,804 / 1,335,991 - 1 = 2.7% (Dec 2017 to Dec 2024); Dec 2025 to Jun 2026 1,501,405 - 1,426,207 = 75,198 (about $75 billion). Consumer Banking and Lending share of average deposits Q2 2026 828.4 / 1,465.6 = 57%. Held-to-maturity: Dec 2024 carrying 234,948 - fair value 193,779 = 41,169 unrealised loss; June 2026 loss 32,408 / common equity 165,000 = 19.6%. Balance sheet: total assets 2,282,201 / 1,951,757 - 1 = 16.9% above the 2017 cap level; 2,282,201 - 1,929,845 = 352,356 (about $352 billion); 2,282,201 / 1,929,845 - 1 = 18.3% (about 18%). CIB total assets 862,472 / 597,278 - 1 = 44%. Average loans Q2 2026 1,026.5 - 916.7 = 109.8; CIB 359.4 - 285.9 = 73.5; 73.5 / 109.8 = 67% (about two-thirds). CIB share of average loans 359.4 / 1,026.5 = 35.0% (Q2 2026); 285.9 / 916.7 = 31.2% (Q2 2025). Trading-related assets 401.5 / 283.7 - 1 = 41.5%; Markets loans 111.2 / 79.0 - 1 = 40.8%; CIB average loans 359.4 / 285.9 - 1 = 25.7%. Tangible common equity / total assets: Dec 2024 135.6 / 1,929.8 = 7.0%; June 2026 139.7 / 2,282.2 = 6.1%. Branches 4,079 - 5,032 = -953; 4,079 / 5,032 - 1 = -19%. Mobile active customers 33.7 / 29.9 - 1 = 13%. Headcount 197,466 / 212,804 - 1 = -7%. Personnel expense 36,281 / noninterest expense 54,842 = 66% (about two-thirds). Efficiency gap to JPMorgan (66% - 52%) x 83,699 = about 11,718 (about $11.7 billion). JPMorgan deposits 2,559,320 / 1,426,207 - 1 = 79%; market value 911.91 / 250.90 = 3.6 times. Capital: CET1 headroom 10.3% - 8.5% = 1.8 points. Returned 2025 (17.7 billion buybacks + 6.5 billion dividends - 1.053 billion preferred dividends) / 20.285 billion net income to common = 114%. Average diluted shares 3,242.3 / 5,108.3 - 1 = -36.5% (2016 to 2025). EPS 6.26 / 4.12 - 1 = 52%. Revenue 83,699 / 86,057 - 1 = -2.7% (2015 to 2025). Trailing twelve months to June 2026: revenue 21,436 + 21,292 + 21,446 + 22,622 = 86,796; net income 5,589 + 5,361 + 5,253 + 6,407 = 22,610; EPS 1.66 + 1.62 + 1.60 + 2.00 = 6.88. First half 2026: net income 5,253 + 6,407 = 11,660; net interest income 12,096 + 12,317 = 24,413; noninterest expense 14,330 + 13,661 = 27,991, about 50.3% of the ~55,700 guidance. Market value 250.90 / 298.75 - 1 = -16% (end 2017 to Sept 2026). Segments (2025): revenue 37,362 + 11,978 + 19,232 + 16,328 = 84,900; plus Corporate 747, less Reconciling Items 1,948 = 83,699. Shares of segment revenue: Consumer Banking and Lending 37,362 / 84,900 = 44%; Commercial Banking 11,978 / 84,900 = 14%; CIB 19,232 / 84,900 = 23%; Wealth and Investment Management 16,328 / 84,900 = 19%. Shares of company net income 21,338: Consumer Banking and Lending 7,865 = 37%; CIB 7,283 = 34%; Commercial Banking 4,184 = 20%; Wealth and Investment Management 2,119 = 10%. CIB share of segment net income 7,283 / (7,865 + 4,184 + 7,283 + 2,119 = 21,451) = 34%; of total revenue 19,232 / 83,699 = 23%. Wealth net income / revenue 2,119 / 16,328 = 13%. Commercial Banking net income 4,184 / 5,104 - 1 = -18%. CIB Banking 2,522 + 2,507 + 2,008 = 7,037. Investment banking 2,008 / 1,404 - 1 = 43%. Credit card revenue 6,375 / 5,809 - 1 = 10%; Auto 1,016 / 1,464 - 1 = -31%. Advisory assets 1,127 / 891 - 1 = 26%. Consumer Banking and Lending share of Q2 2026 revenue 10,288 / 22,622 = 45%. Consumer Banking and Lending provision 3,362 / total provision 3,658 = 92%. Markets loans 111.2 - 79.0 = 32.2; 32.2 / 73.5 = 44% of the CIB loan increase. Investment banking share of CIB revenue 1,404 / 19,191 = 7% (2023); 2,008 / 19,232 = 10% (2025). Debit plus credit card purchase volume 530.5 + 186.0 = 716.5 billion. More deposits: noninterest-bearing deposits 505,770 - 360,047 = 145,723 (about $146 billion, 2022 to 2025); average deposits 1,424,269 - 1,347,245 = 77,024 (about $77 billion). Interest on interest-bearing deposits 24,282 - 20,449 = 3,833 (about $3.8 billion). Bank of America 2024 all-in deposit cost 38,442 / 1,924,106 = 2.00%. JPMorgan average deposits 2,506,565 / 1,347,245 = 1.9 times. Average loans to average deposits Q2 2026 1,026.5 / 1,465.6 = 70%. Bank of America deposits 2,018,729 / 1,426,207 - 1 = 42%. Held-to-maturity share of total assets 198,573 / 2,282,201 = 8.7% (June 2026); 208,023 / 2,148,631 = 9.7% (Dec 2025). More balance sheet and valuation: branches closed 5,032 - 4,777 = 255 (2021); 4,598 - 4,311 = 287 (2023); 4,177 - 4,090 = 87 (2025); 4,090 - 4,079 = 11 (H1 2026); 4,311 - 4,079 = 232 (end 2023 to June 2026). Second half 2025 assets 2,148,631 - 1,981,269 = 167,362 (about $167 billion). Market value 233.86 / 298.75 - 1 = -22% (end 2017 to end 2024); Bank of America 394.32 / 250.90 - 1 = 57%; market value over trailing net income 250.90 / 22.61 = 11.1 times. Risk-weighted assets 137.7 / 0.103 = about 1,337 billion (about $1.34 trillion). Total equity 182,323 / 2,282,201 = 8.0%. 2016 penalties 100 + 35 + 50 = 185 million. Commercial Banking net interest income 7,902 / 11,978 = 66%. Consumer Banking and Lending deposit surplus 779,994 - 322,052 = 457,942 (about $458 billion) - capital, balance sheet, valuation, returns and comparisons with JPMorgan and Bank of America. — Length additions: held-to-maturity Dec 2025 208,023 - 175,797 = 32,226; carrying value 208,023 - 198,573 = 9,450 (about $9.5 billion in six months). Interest on interest-bearing deposits 16,503 / 2,349 = 7.0 (about seven times). Consumer Banking and Lending net interest income 29,183 / 37,362 = 78%. Average deposits per branch 1,437,812 / 4,777 = 301 (2021); 1,347,245 / 4,090 = 329 (2025). Deposits Dec 2024 to Jun 2026 1,501,405 - 1,371,804 = 129,601 (about $130 billion). TLAC cushion 23.22 - 21.50 = 1.72 points; 22.81 - 21.50 = 1.31 points. CIB assets 862,472 / 2,282,201 = 38%; CIB period-end assets 787,751 / 597,278 - 1 = 32%. CIB investment banking 1,814 / 1,404 - 1 = 29%; 2,008 / 1,814 - 1 = 11%; Q2 2026 628 / 5,425 = 12%. CIB revenue per dollar of expense 19,232 / 9,436 = 2.04; Consumer Banking and Lending 37,362 / 23,515 = 1.59. CRE 5,083 / 19,232 = 26%. Q2 2026 expense 13,661 / 13,379 - 1 = 2.1%; revenue 22,622 / 20,822 - 1 = 8.6%. Headcount 205 - 197 = 8 thousand. Average assets per employee 1,933.4 / 212,804 = $9.1 million (Q2 2025); 2,227.9 / 197,466 = $11.3 million (Q2 2026), +24%. Personnel expense per employee 36,281 / 205,000 = 0.177 ($177,000). Efficiency gap to Bank of America (66% - 61.65%) x 83,699 = 3,641 (about $3.6 billion). Risk-weighted assets about 1,340 billion x 1% = about $13 billion per point; 9.80% - 8.50% = 1.30 points x 1,340 = about $17 billion. Stockholders equity 180,190 / 206,936 - 1 = -12.9%. Charge-offs 876 x 4 = 3,504 (about $3.5 billion); 14,129 / 139,700 = 10.1%. JPMorgan cost of total deposits 2024 2.08% against Wells Fargo 1.80%. ROTCE H1 2026 16.1% - 14.4% = 1.7 points. Target 17.5% x 139.7 = 24.4 billion; 24.4 / 20.285 = 1.20. Net income 6,407 x 4 = 25,628 (about $25.6 billion). H1 2026 expense 27,991 / 55,700 = 50.3%; net interest income 24,413 / 50,000 = 48.8%. Credit card revenue 6,375 / 5,908 - 1 = 7.9%; Auto 1,016 / 1,464 - 1 = -30.6%. Home Lending 3,364 / 37,362 = 9.0%; originations 26.3 / 986.2 = 2.7%. Buybacks 22.7 billion / 79.80 = 284 million shares; 284 / 3,085.6 = 9.2%. Tangible book 1 / 1.79 = 0.56. Dividend 0.50 x 4 x 3.02 billion = 6.04 (about $6.0 billion). Accounts 16 million / 32.8 million = 49%. Remediation 236 / 160,700 = 0.15%. Advisory assets 1,127 / 2,509 = 45%. Investment banking fees 3,027 / 83,699 = 3.6%. Advisory fees 10,498 / 36,215 = 29%. Branches 4,090 - 4,079 = 11. Buyback runway 22.7 / 17.7 = 1.3 years (about fifteen months); 22.7 / (7 x 2) = 1.6 years. Deposits 1,347,245 / 1,376,011 - 1 = -2.1%. Q2 2026 consumer bank share 10,288 / 22,622 = 45%. Card fees 4,589 / mortgage banking 1,152 = 4.0. 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Wells Fargo's annual reports, Forms 10-Q, earnings releases and presentations, JPMorgan's and Bank of America's Forms 10-K and market data; operands shown in the source line.
  3. ReportedThe difference is two items outside the segments: Corporate, which holds the treasury, the investment portfolio, venture capital and results of divested businesses, and Reconciling Items of minus $1,948 million, which remove the taxable-equivalent adjustments that the segments include.
    Wells Fargo second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - segment results and business descriptions. — Q2 2026 · publ. 14 July 2026 · source ↗
  4. ReportedThe difference is two items outside the segments: Corporate, which holds the treasury, the investment portfolio, venture capital and results of divested businesses, and Reconciling Items of minus $1,948 million, which remove the taxable-equivalent adjustments that the segments include.
    Wells Fargo 2025 Annual Report to Shareholders (financial statements, MD&A and segment note), part of the Form 10-K for fiscal 2025 - operating segment note and segment tables (Table 19.1, revenue by line of business, selected metrics). — FY2025 · publ. 24 February 2026 · source ↗
  5. ReportedCorporate revenue was $747 million in 2025 and minus $457 million in 2023.
    Wells Fargo 2025 Annual Report to Shareholders (financial statements, MD&A and segment note), part of the Form 10-K for fiscal 2025 - operating segment note and segment tables (Table 19.1, revenue by line of business, selected metrics). — FY2025 · publ. 24 February 2026 · source ↗
  6. Moat Explorer calcConsumer Banking and Lending earned about 37% of company net income, Corporate and Investment Banking about 34%, Commercial Banking about 20% and Wealth and Investment Management about 10%.
    Moat Explorer calculation from Wells Fargo's reported figures ($ millions unless stated). Deposits: cost of total deposits = interest on interest-bearing deposits / (average interest-bearing + average noninterest-bearing deposits): 2020 2,804 / 1,376,011 = 0.20%; 2021 388 / 1,437,812 = 0.03%; 2022 2,349 / 1,424,269 = 0.16%; 2023 16,503 / 1,346,282 = 1.23%; 2024 24,282 / 1,345,915 = 1.80%; 2025 20,449 / (987,198 + 360,047 = 1,347,245) = 1.52%. Bank of America 2025: 34,513 / (1,469,705 + 514,477 = 1,984,182) = 1.74%. Gap to JPMorgan 1.80% - 1.52% = 0.28 points x 1,347,245 = about 3,772 (about $3.8 billion); gap to Bank of America 1.74% - 1.52% = 0.22 points. Noninterest-bearing share of average deposits: 2020 412,669 / 1,376,011 = 30.0%; 2021 499,644 / 1,437,812 = 34.8%; 2022 505,770 / 1,424,269 = 35.5%; 2023 399,737 / 1,346,282 = 29.7%; 2024 352,379 / 1,345,915 = 26.2%; 2025 360,047 / 1,347,245 = 26.7%. Average deposits 2023-2025 range 1,345,915 to 1,347,245 = 1,330 (about $1.3 billion). Period-end deposits 1,371,804 / 1,335,991 - 1 = 2.7% (Dec 2017 to Dec 2024); Dec 2025 to Jun 2026 1,501,405 - 1,426,207 = 75,198 (about $75 billion). Consumer Banking and Lending share of average deposits Q2 2026 828.4 / 1,465.6 = 57%. Held-to-maturity: Dec 2024 carrying 234,948 - fair value 193,779 = 41,169 unrealised loss; June 2026 loss 32,408 / common equity 165,000 = 19.6%. Balance sheet: total assets 2,282,201 / 1,951,757 - 1 = 16.9% above the 2017 cap level; 2,282,201 - 1,929,845 = 352,356 (about $352 billion); 2,282,201 / 1,929,845 - 1 = 18.3% (about 18%). CIB total assets 862,472 / 597,278 - 1 = 44%. Average loans Q2 2026 1,026.5 - 916.7 = 109.8; CIB 359.4 - 285.9 = 73.5; 73.5 / 109.8 = 67% (about two-thirds). CIB share of average loans 359.4 / 1,026.5 = 35.0% (Q2 2026); 285.9 / 916.7 = 31.2% (Q2 2025). Trading-related assets 401.5 / 283.7 - 1 = 41.5%; Markets loans 111.2 / 79.0 - 1 = 40.8%; CIB average loans 359.4 / 285.9 - 1 = 25.7%. Tangible common equity / total assets: Dec 2024 135.6 / 1,929.8 = 7.0%; June 2026 139.7 / 2,282.2 = 6.1%. Branches 4,079 - 5,032 = -953; 4,079 / 5,032 - 1 = -19%. Mobile active customers 33.7 / 29.9 - 1 = 13%. Headcount 197,466 / 212,804 - 1 = -7%. Personnel expense 36,281 / noninterest expense 54,842 = 66% (about two-thirds). Efficiency gap to JPMorgan (66% - 52%) x 83,699 = about 11,718 (about $11.7 billion). JPMorgan deposits 2,559,320 / 1,426,207 - 1 = 79%; market value 911.91 / 250.90 = 3.6 times. Capital: CET1 headroom 10.3% - 8.5% = 1.8 points. Returned 2025 (17.7 billion buybacks + 6.5 billion dividends - 1.053 billion preferred dividends) / 20.285 billion net income to common = 114%. Average diluted shares 3,242.3 / 5,108.3 - 1 = -36.5% (2016 to 2025). EPS 6.26 / 4.12 - 1 = 52%. Revenue 83,699 / 86,057 - 1 = -2.7% (2015 to 2025). Trailing twelve months to June 2026: revenue 21,436 + 21,292 + 21,446 + 22,622 = 86,796; net income 5,589 + 5,361 + 5,253 + 6,407 = 22,610; EPS 1.66 + 1.62 + 1.60 + 2.00 = 6.88. First half 2026: net income 5,253 + 6,407 = 11,660; net interest income 12,096 + 12,317 = 24,413; noninterest expense 14,330 + 13,661 = 27,991, about 50.3% of the ~55,700 guidance. Market value 250.90 / 298.75 - 1 = -16% (end 2017 to Sept 2026). Segments (2025): revenue 37,362 + 11,978 + 19,232 + 16,328 = 84,900; plus Corporate 747, less Reconciling Items 1,948 = 83,699. Shares of segment revenue: Consumer Banking and Lending 37,362 / 84,900 = 44%; Commercial Banking 11,978 / 84,900 = 14%; CIB 19,232 / 84,900 = 23%; Wealth and Investment Management 16,328 / 84,900 = 19%. Shares of company net income 21,338: Consumer Banking and Lending 7,865 = 37%; CIB 7,283 = 34%; Commercial Banking 4,184 = 20%; Wealth and Investment Management 2,119 = 10%. CIB share of segment net income 7,283 / (7,865 + 4,184 + 7,283 + 2,119 = 21,451) = 34%; of total revenue 19,232 / 83,699 = 23%. Wealth net income / revenue 2,119 / 16,328 = 13%. Commercial Banking net income 4,184 / 5,104 - 1 = -18%. CIB Banking 2,522 + 2,507 + 2,008 = 7,037. Investment banking 2,008 / 1,404 - 1 = 43%. Credit card revenue 6,375 / 5,809 - 1 = 10%; Auto 1,016 / 1,464 - 1 = -31%. Advisory assets 1,127 / 891 - 1 = 26%. Consumer Banking and Lending share of Q2 2026 revenue 10,288 / 22,622 = 45%. Consumer Banking and Lending provision 3,362 / total provision 3,658 = 92%. Markets loans 111.2 - 79.0 = 32.2; 32.2 / 73.5 = 44% of the CIB loan increase. Investment banking share of CIB revenue 1,404 / 19,191 = 7% (2023); 2,008 / 19,232 = 10% (2025). Debit plus credit card purchase volume 530.5 + 186.0 = 716.5 billion. More deposits: noninterest-bearing deposits 505,770 - 360,047 = 145,723 (about $146 billion, 2022 to 2025); average deposits 1,424,269 - 1,347,245 = 77,024 (about $77 billion). Interest on interest-bearing deposits 24,282 - 20,449 = 3,833 (about $3.8 billion). Bank of America 2024 all-in deposit cost 38,442 / 1,924,106 = 2.00%. JPMorgan average deposits 2,506,565 / 1,347,245 = 1.9 times. Average loans to average deposits Q2 2026 1,026.5 / 1,465.6 = 70%. Bank of America deposits 2,018,729 / 1,426,207 - 1 = 42%. Held-to-maturity share of total assets 198,573 / 2,282,201 = 8.7% (June 2026); 208,023 / 2,148,631 = 9.7% (Dec 2025). More balance sheet and valuation: branches closed 5,032 - 4,777 = 255 (2021); 4,598 - 4,311 = 287 (2023); 4,177 - 4,090 = 87 (2025); 4,090 - 4,079 = 11 (H1 2026); 4,311 - 4,079 = 232 (end 2023 to June 2026). Second half 2025 assets 2,148,631 - 1,981,269 = 167,362 (about $167 billion). Market value 233.86 / 298.75 - 1 = -22% (end 2017 to end 2024); Bank of America 394.32 / 250.90 - 1 = 57%; market value over trailing net income 250.90 / 22.61 = 11.1 times. Risk-weighted assets 137.7 / 0.103 = about 1,337 billion (about $1.34 trillion). Total equity 182,323 / 2,282,201 = 8.0%. 2016 penalties 100 + 35 + 50 = 185 million. Commercial Banking net interest income 7,902 / 11,978 = 66%. Consumer Banking and Lending deposit surplus 779,994 - 322,052 = 457,942 (about $458 billion) - segment shares, margins and growth. — Length additions: held-to-maturity Dec 2025 208,023 - 175,797 = 32,226; carrying value 208,023 - 198,573 = 9,450 (about $9.5 billion in six months). Interest on interest-bearing deposits 16,503 / 2,349 = 7.0 (about seven times). Consumer Banking and Lending net interest income 29,183 / 37,362 = 78%. Average deposits per branch 1,437,812 / 4,777 = 301 (2021); 1,347,245 / 4,090 = 329 (2025). Deposits Dec 2024 to Jun 2026 1,501,405 - 1,371,804 = 129,601 (about $130 billion). TLAC cushion 23.22 - 21.50 = 1.72 points; 22.81 - 21.50 = 1.31 points. CIB assets 862,472 / 2,282,201 = 38%; CIB period-end assets 787,751 / 597,278 - 1 = 32%. CIB investment banking 1,814 / 1,404 - 1 = 29%; 2,008 / 1,814 - 1 = 11%; Q2 2026 628 / 5,425 = 12%. CIB revenue per dollar of expense 19,232 / 9,436 = 2.04; Consumer Banking and Lending 37,362 / 23,515 = 1.59. CRE 5,083 / 19,232 = 26%. Q2 2026 expense 13,661 / 13,379 - 1 = 2.1%; revenue 22,622 / 20,822 - 1 = 8.6%. Headcount 205 - 197 = 8 thousand. Average assets per employee 1,933.4 / 212,804 = $9.1 million (Q2 2025); 2,227.9 / 197,466 = $11.3 million (Q2 2026), +24%. Personnel expense per employee 36,281 / 205,000 = 0.177 ($177,000). Efficiency gap to Bank of America (66% - 61.65%) x 83,699 = 3,641 (about $3.6 billion). Risk-weighted assets about 1,340 billion x 1% = about $13 billion per point; 9.80% - 8.50% = 1.30 points x 1,340 = about $17 billion. Stockholders equity 180,190 / 206,936 - 1 = -12.9%. Charge-offs 876 x 4 = 3,504 (about $3.5 billion); 14,129 / 139,700 = 10.1%. JPMorgan cost of total deposits 2024 2.08% against Wells Fargo 1.80%. ROTCE H1 2026 16.1% - 14.4% = 1.7 points. Target 17.5% x 139.7 = 24.4 billion; 24.4 / 20.285 = 1.20. Net income 6,407 x 4 = 25,628 (about $25.6 billion). H1 2026 expense 27,991 / 55,700 = 50.3%; net interest income 24,413 / 50,000 = 48.8%. Credit card revenue 6,375 / 5,908 - 1 = 7.9%; Auto 1,016 / 1,464 - 1 = -30.6%. Home Lending 3,364 / 37,362 = 9.0%; originations 26.3 / 986.2 = 2.7%. Buybacks 22.7 billion / 79.80 = 284 million shares; 284 / 3,085.6 = 9.2%. Tangible book 1 / 1.79 = 0.56. Dividend 0.50 x 4 x 3.02 billion = 6.04 (about $6.0 billion). Accounts 16 million / 32.8 million = 49%. Remediation 236 / 160,700 = 0.15%. Advisory assets 1,127 / 2,509 = 45%. Investment banking fees 3,027 / 83,699 = 3.6%. Advisory fees 10,498 / 36,215 = 29%. Branches 4,090 - 4,079 = 11. Buyback runway 22.7 / 17.7 = 1.3 years (about fifteen months); 22.7 / (7 x 2) = 1.6 years. Deposits 1,347,245 / 1,376,011 - 1 = -2.1%. Q2 2026 consumer bank share 10,288 / 22,622 = 45%. Card fees 4,589 / mortgage banking 1,152 = 4.0. 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Wells Fargo's annual reports, Forms 10-Q, earnings releases and presentations, JPMorgan's and Bank of America's Forms 10-K and market data; operands shown in the source line.
  7. ReportedIts revenue was $5,357 million in 2020 and $8,495 million in 2021, and its net loss was $4,082 million in 2022; these are the treasury and investment results the segments do not carry.
    Wells Fargo 2022 Annual Report, part of the Form 10-K for fiscal 2022 - segment results for 2020-2021, average balance tables for 2020-2022, branch counts and the 2020 provision. — FY2022 · publ. February 2023 · source ↗
  8. ReportedIts revenue was $5,357 million in 2020 and $8,495 million in 2021, and its net loss was $4,082 million in 2022; these are the treasury and investment results the segments do not carry.
    Wells Fargo 2023 Annual Report, part of the Form 10-K for fiscal 2023 - restated 2021-2022 results and ROTCE, segment results for 2022 and the termination of the 2016 consent orders. — FY2023 · publ. February 2024 · source ↗
  9. ReportedThe segments have existed in this form since 2020, with 2018 and 2019 restated.
    Wells Fargo 2020 Annual Report, part of the Form 10-K for fiscal 2020 - the current four operating segments, with 2018-2019 restated. — FY2020 · publ. February 2021 · source ↗
  10. ReportedBefore that the bank reported Community Banking, Wholesale Banking and Wealth and Investment Management.
    Wells Fargo 2018 Annual Report, Form 10-K Exhibit 13 - segment results on the former basis (Community Banking, Wholesale Banking, Wealth and Investment Management). — FY2018 · publ. February 2019 · source ↗
  11. ReportedIn 2025 investment advisory and other asset-based fees were $10,498 million, net gains from trading $5,147 million, deposit-related fees $5,099 million, card fees $4,589 million, investment banking fees $3,027 million, commissions and brokerage $2,556 million and mortgage banking $1,152 million.
    Wells Fargo 2025 Annual Report to Shareholders (financial statements, MD&A and segment note), part of the Form 10-K for fiscal 2025 - segment revenue by line of business and selected metrics (branches, digital customers, client and advisory assets, card and mortgage volumes). — FY2025 · publ. 24 February 2026 · source ↗
  12. ReportedGoodwill shows where the bank bought its businesses: $16,418 million of the $24,967 million total sits in Consumer Banking and Lending.
    Wells Fargo 2025 Annual Report to Shareholders (financial statements, MD&A and segment note), part of the Form 10-K for fiscal 2025 - operating segment note and segment tables (Table 19.1, revenue by line of business, selected metrics). — FY2025 · publ. 24 February 2026 · source ↗
  13. ReportedIn 2018 Community Banking produced $46,913 million of revenue and $10,394 million of net income, Wholesale Banking $28,706 million and $11,032 million, and Wealth and Investment Management $16,376 million and $2,580 million.
    Wells Fargo 2018 Annual Report, Form 10-K Exhibit 13 - segment results on the former basis (Community Banking, Wholesale Banking, Wealth and Investment Management). — FY2018 · publ. February 2019 · source ↗
  14. ReportedThe restated 2018 figures on today's basis were $39,915 million for Consumer Banking and Lending and $13,080 million for Commercial Banking.
    Wells Fargo 2020 Annual Report, part of the Form 10-K for fiscal 2020 - the current four operating segments, with 2018-2019 restated. — FY2020 · publ. February 2021 · source ↗
  15. ReportedIn 2025 the consumer bank gathered average deposits of $779,994 million against loans of $322,052 million, while Commercial Banking and Corporate and Investment Banking lent more than they gathered.
    Wells Fargo 2025 Annual Report to Shareholders (financial statements, MD&A and segment note), part of the Form 10-K for fiscal 2025 - operating segment note and segment tables (Table 19.1, revenue by line of business, selected metrics). — FY2025 · publ. 24 February 2026 · source ↗
  16. Moat Explorer calcThe consumer bank's surplus of about $458 billion is what funds the rest of the company.
    Moat Explorer calculation from Wells Fargo's reported figures ($ millions unless stated). Deposits: cost of total deposits = interest on interest-bearing deposits / (average interest-bearing + average noninterest-bearing deposits): 2020 2,804 / 1,376,011 = 0.20%; 2021 388 / 1,437,812 = 0.03%; 2022 2,349 / 1,424,269 = 0.16%; 2023 16,503 / 1,346,282 = 1.23%; 2024 24,282 / 1,345,915 = 1.80%; 2025 20,449 / (987,198 + 360,047 = 1,347,245) = 1.52%. Bank of America 2025: 34,513 / (1,469,705 + 514,477 = 1,984,182) = 1.74%. Gap to JPMorgan 1.80% - 1.52% = 0.28 points x 1,347,245 = about 3,772 (about $3.8 billion); gap to Bank of America 1.74% - 1.52% = 0.22 points. Noninterest-bearing share of average deposits: 2020 412,669 / 1,376,011 = 30.0%; 2021 499,644 / 1,437,812 = 34.8%; 2022 505,770 / 1,424,269 = 35.5%; 2023 399,737 / 1,346,282 = 29.7%; 2024 352,379 / 1,345,915 = 26.2%; 2025 360,047 / 1,347,245 = 26.7%. Average deposits 2023-2025 range 1,345,915 to 1,347,245 = 1,330 (about $1.3 billion). Period-end deposits 1,371,804 / 1,335,991 - 1 = 2.7% (Dec 2017 to Dec 2024); Dec 2025 to Jun 2026 1,501,405 - 1,426,207 = 75,198 (about $75 billion). Consumer Banking and Lending share of average deposits Q2 2026 828.4 / 1,465.6 = 57%. Held-to-maturity: Dec 2024 carrying 234,948 - fair value 193,779 = 41,169 unrealised loss; June 2026 loss 32,408 / common equity 165,000 = 19.6%. Balance sheet: total assets 2,282,201 / 1,951,757 - 1 = 16.9% above the 2017 cap level; 2,282,201 - 1,929,845 = 352,356 (about $352 billion); 2,282,201 / 1,929,845 - 1 = 18.3% (about 18%). CIB total assets 862,472 / 597,278 - 1 = 44%. Average loans Q2 2026 1,026.5 - 916.7 = 109.8; CIB 359.4 - 285.9 = 73.5; 73.5 / 109.8 = 67% (about two-thirds). CIB share of average loans 359.4 / 1,026.5 = 35.0% (Q2 2026); 285.9 / 916.7 = 31.2% (Q2 2025). Trading-related assets 401.5 / 283.7 - 1 = 41.5%; Markets loans 111.2 / 79.0 - 1 = 40.8%; CIB average loans 359.4 / 285.9 - 1 = 25.7%. Tangible common equity / total assets: Dec 2024 135.6 / 1,929.8 = 7.0%; June 2026 139.7 / 2,282.2 = 6.1%. Branches 4,079 - 5,032 = -953; 4,079 / 5,032 - 1 = -19%. Mobile active customers 33.7 / 29.9 - 1 = 13%. Headcount 197,466 / 212,804 - 1 = -7%. Personnel expense 36,281 / noninterest expense 54,842 = 66% (about two-thirds). Efficiency gap to JPMorgan (66% - 52%) x 83,699 = about 11,718 (about $11.7 billion). JPMorgan deposits 2,559,320 / 1,426,207 - 1 = 79%; market value 911.91 / 250.90 = 3.6 times. Capital: CET1 headroom 10.3% - 8.5% = 1.8 points. Returned 2025 (17.7 billion buybacks + 6.5 billion dividends - 1.053 billion preferred dividends) / 20.285 billion net income to common = 114%. Average diluted shares 3,242.3 / 5,108.3 - 1 = -36.5% (2016 to 2025). EPS 6.26 / 4.12 - 1 = 52%. Revenue 83,699 / 86,057 - 1 = -2.7% (2015 to 2025). Trailing twelve months to June 2026: revenue 21,436 + 21,292 + 21,446 + 22,622 = 86,796; net income 5,589 + 5,361 + 5,253 + 6,407 = 22,610; EPS 1.66 + 1.62 + 1.60 + 2.00 = 6.88. First half 2026: net income 5,253 + 6,407 = 11,660; net interest income 12,096 + 12,317 = 24,413; noninterest expense 14,330 + 13,661 = 27,991, about 50.3% of the ~55,700 guidance. Market value 250.90 / 298.75 - 1 = -16% (end 2017 to Sept 2026). Segments (2025): revenue 37,362 + 11,978 + 19,232 + 16,328 = 84,900; plus Corporate 747, less Reconciling Items 1,948 = 83,699. Shares of segment revenue: Consumer Banking and Lending 37,362 / 84,900 = 44%; Commercial Banking 11,978 / 84,900 = 14%; CIB 19,232 / 84,900 = 23%; Wealth and Investment Management 16,328 / 84,900 = 19%. Shares of company net income 21,338: Consumer Banking and Lending 7,865 = 37%; CIB 7,283 = 34%; Commercial Banking 4,184 = 20%; Wealth and Investment Management 2,119 = 10%. CIB share of segment net income 7,283 / (7,865 + 4,184 + 7,283 + 2,119 = 21,451) = 34%; of total revenue 19,232 / 83,699 = 23%. Wealth net income / revenue 2,119 / 16,328 = 13%. Commercial Banking net income 4,184 / 5,104 - 1 = -18%. CIB Banking 2,522 + 2,507 + 2,008 = 7,037. Investment banking 2,008 / 1,404 - 1 = 43%. Credit card revenue 6,375 / 5,809 - 1 = 10%; Auto 1,016 / 1,464 - 1 = -31%. Advisory assets 1,127 / 891 - 1 = 26%. Consumer Banking and Lending share of Q2 2026 revenue 10,288 / 22,622 = 45%. Consumer Banking and Lending provision 3,362 / total provision 3,658 = 92%. Markets loans 111.2 - 79.0 = 32.2; 32.2 / 73.5 = 44% of the CIB loan increase. Investment banking share of CIB revenue 1,404 / 19,191 = 7% (2023); 2,008 / 19,232 = 10% (2025). Debit plus credit card purchase volume 530.5 + 186.0 = 716.5 billion. More deposits: noninterest-bearing deposits 505,770 - 360,047 = 145,723 (about $146 billion, 2022 to 2025); average deposits 1,424,269 - 1,347,245 = 77,024 (about $77 billion). Interest on interest-bearing deposits 24,282 - 20,449 = 3,833 (about $3.8 billion). Bank of America 2024 all-in deposit cost 38,442 / 1,924,106 = 2.00%. JPMorgan average deposits 2,506,565 / 1,347,245 = 1.9 times. Average loans to average deposits Q2 2026 1,026.5 / 1,465.6 = 70%. Bank of America deposits 2,018,729 / 1,426,207 - 1 = 42%. Held-to-maturity share of total assets 198,573 / 2,282,201 = 8.7% (June 2026); 208,023 / 2,148,631 = 9.7% (Dec 2025). More balance sheet and valuation: branches closed 5,032 - 4,777 = 255 (2021); 4,598 - 4,311 = 287 (2023); 4,177 - 4,090 = 87 (2025); 4,090 - 4,079 = 11 (H1 2026); 4,311 - 4,079 = 232 (end 2023 to June 2026). Second half 2025 assets 2,148,631 - 1,981,269 = 167,362 (about $167 billion). Market value 233.86 / 298.75 - 1 = -22% (end 2017 to end 2024); Bank of America 394.32 / 250.90 - 1 = 57%; market value over trailing net income 250.90 / 22.61 = 11.1 times. Risk-weighted assets 137.7 / 0.103 = about 1,337 billion (about $1.34 trillion). Total equity 182,323 / 2,282,201 = 8.0%. 2016 penalties 100 + 35 + 50 = 185 million. Commercial Banking net interest income 7,902 / 11,978 = 66%. Consumer Banking and Lending deposit surplus 779,994 - 322,052 = 457,942 (about $458 billion) - capital, balance sheet, valuation, returns and comparisons with JPMorgan and Bank of America. — Length additions: held-to-maturity Dec 2025 208,023 - 175,797 = 32,226; carrying value 208,023 - 198,573 = 9,450 (about $9.5 billion in six months). Interest on interest-bearing deposits 16,503 / 2,349 = 7.0 (about seven times). Consumer Banking and Lending net interest income 29,183 / 37,362 = 78%. Average deposits per branch 1,437,812 / 4,777 = 301 (2021); 1,347,245 / 4,090 = 329 (2025). Deposits Dec 2024 to Jun 2026 1,501,405 - 1,371,804 = 129,601 (about $130 billion). TLAC cushion 23.22 - 21.50 = 1.72 points; 22.81 - 21.50 = 1.31 points. CIB assets 862,472 / 2,282,201 = 38%; CIB period-end assets 787,751 / 597,278 - 1 = 32%. CIB investment banking 1,814 / 1,404 - 1 = 29%; 2,008 / 1,814 - 1 = 11%; Q2 2026 628 / 5,425 = 12%. CIB revenue per dollar of expense 19,232 / 9,436 = 2.04; Consumer Banking and Lending 37,362 / 23,515 = 1.59. CRE 5,083 / 19,232 = 26%. Q2 2026 expense 13,661 / 13,379 - 1 = 2.1%; revenue 22,622 / 20,822 - 1 = 8.6%. Headcount 205 - 197 = 8 thousand. Average assets per employee 1,933.4 / 212,804 = $9.1 million (Q2 2025); 2,227.9 / 197,466 = $11.3 million (Q2 2026), +24%. Personnel expense per employee 36,281 / 205,000 = 0.177 ($177,000). Efficiency gap to Bank of America (66% - 61.65%) x 83,699 = 3,641 (about $3.6 billion). Risk-weighted assets about 1,340 billion x 1% = about $13 billion per point; 9.80% - 8.50% = 1.30 points x 1,340 = about $17 billion. Stockholders equity 180,190 / 206,936 - 1 = -12.9%. Charge-offs 876 x 4 = 3,504 (about $3.5 billion); 14,129 / 139,700 = 10.1%. JPMorgan cost of total deposits 2024 2.08% against Wells Fargo 1.80%. ROTCE H1 2026 16.1% - 14.4% = 1.7 points. Target 17.5% x 139.7 = 24.4 billion; 24.4 / 20.285 = 1.20. Net income 6,407 x 4 = 25,628 (about $25.6 billion). H1 2026 expense 27,991 / 55,700 = 50.3%; net interest income 24,413 / 50,000 = 48.8%. Credit card revenue 6,375 / 5,908 - 1 = 7.9%; Auto 1,016 / 1,464 - 1 = -30.6%. Home Lending 3,364 / 37,362 = 9.0%; originations 26.3 / 986.2 = 2.7%. Buybacks 22.7 billion / 79.80 = 284 million shares; 284 / 3,085.6 = 9.2%. Tangible book 1 / 1.79 = 0.56. Dividend 0.50 x 4 x 3.02 billion = 6.04 (about $6.0 billion). Accounts 16 million / 32.8 million = 49%. Remediation 236 / 160,700 = 0.15%. Advisory assets 1,127 / 2,509 = 45%. Investment banking fees 3,027 / 83,699 = 3.6%. Advisory fees 10,498 / 36,215 = 29%. Branches 4,090 - 4,079 = 11. Buyback runway 22.7 / 17.7 = 1.3 years (about fifteen months); 22.7 / (7 x 2) = 1.6 years. Deposits 1,347,245 / 1,376,011 - 1 = -2.1%. Q2 2026 consumer bank share 10,288 / 22,622 = 45%. Card fees 4,589 / mortgage banking 1,152 = 4.0. 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Wells Fargo's annual reports, Forms 10-Q, earnings releases and presentations, JPMorgan's and Bank of America's Forms 10-K and market data; operands shown in the source line.
  17. Moat Explorer calcKeep an eye on the consumer bank's share of segment revenue, about 44% in 2025.
    Moat Explorer calculation from Wells Fargo's reported figures ($ millions unless stated). Deposits: cost of total deposits = interest on interest-bearing deposits / (average interest-bearing + average noninterest-bearing deposits): 2020 2,804 / 1,376,011 = 0.20%; 2021 388 / 1,437,812 = 0.03%; 2022 2,349 / 1,424,269 = 0.16%; 2023 16,503 / 1,346,282 = 1.23%; 2024 24,282 / 1,345,915 = 1.80%; 2025 20,449 / (987,198 + 360,047 = 1,347,245) = 1.52%. Bank of America 2025: 34,513 / (1,469,705 + 514,477 = 1,984,182) = 1.74%. Gap to JPMorgan 1.80% - 1.52% = 0.28 points x 1,347,245 = about 3,772 (about $3.8 billion); gap to Bank of America 1.74% - 1.52% = 0.22 points. Noninterest-bearing share of average deposits: 2020 412,669 / 1,376,011 = 30.0%; 2021 499,644 / 1,437,812 = 34.8%; 2022 505,770 / 1,424,269 = 35.5%; 2023 399,737 / 1,346,282 = 29.7%; 2024 352,379 / 1,345,915 = 26.2%; 2025 360,047 / 1,347,245 = 26.7%. Average deposits 2023-2025 range 1,345,915 to 1,347,245 = 1,330 (about $1.3 billion). Period-end deposits 1,371,804 / 1,335,991 - 1 = 2.7% (Dec 2017 to Dec 2024); Dec 2025 to Jun 2026 1,501,405 - 1,426,207 = 75,198 (about $75 billion). Consumer Banking and Lending share of average deposits Q2 2026 828.4 / 1,465.6 = 57%. Held-to-maturity: Dec 2024 carrying 234,948 - fair value 193,779 = 41,169 unrealised loss; June 2026 loss 32,408 / common equity 165,000 = 19.6%. Balance sheet: total assets 2,282,201 / 1,951,757 - 1 = 16.9% above the 2017 cap level; 2,282,201 - 1,929,845 = 352,356 (about $352 billion); 2,282,201 / 1,929,845 - 1 = 18.3% (about 18%). CIB total assets 862,472 / 597,278 - 1 = 44%. Average loans Q2 2026 1,026.5 - 916.7 = 109.8; CIB 359.4 - 285.9 = 73.5; 73.5 / 109.8 = 67% (about two-thirds). CIB share of average loans 359.4 / 1,026.5 = 35.0% (Q2 2026); 285.9 / 916.7 = 31.2% (Q2 2025). Trading-related assets 401.5 / 283.7 - 1 = 41.5%; Markets loans 111.2 / 79.0 - 1 = 40.8%; CIB average loans 359.4 / 285.9 - 1 = 25.7%. Tangible common equity / total assets: Dec 2024 135.6 / 1,929.8 = 7.0%; June 2026 139.7 / 2,282.2 = 6.1%. Branches 4,079 - 5,032 = -953; 4,079 / 5,032 - 1 = -19%. Mobile active customers 33.7 / 29.9 - 1 = 13%. Headcount 197,466 / 212,804 - 1 = -7%. Personnel expense 36,281 / noninterest expense 54,842 = 66% (about two-thirds). Efficiency gap to JPMorgan (66% - 52%) x 83,699 = about 11,718 (about $11.7 billion). JPMorgan deposits 2,559,320 / 1,426,207 - 1 = 79%; market value 911.91 / 250.90 = 3.6 times. Capital: CET1 headroom 10.3% - 8.5% = 1.8 points. Returned 2025 (17.7 billion buybacks + 6.5 billion dividends - 1.053 billion preferred dividends) / 20.285 billion net income to common = 114%. Average diluted shares 3,242.3 / 5,108.3 - 1 = -36.5% (2016 to 2025). EPS 6.26 / 4.12 - 1 = 52%. Revenue 83,699 / 86,057 - 1 = -2.7% (2015 to 2025). Trailing twelve months to June 2026: revenue 21,436 + 21,292 + 21,446 + 22,622 = 86,796; net income 5,589 + 5,361 + 5,253 + 6,407 = 22,610; EPS 1.66 + 1.62 + 1.60 + 2.00 = 6.88. First half 2026: net income 5,253 + 6,407 = 11,660; net interest income 12,096 + 12,317 = 24,413; noninterest expense 14,330 + 13,661 = 27,991, about 50.3% of the ~55,700 guidance. Market value 250.90 / 298.75 - 1 = -16% (end 2017 to Sept 2026). Segments (2025): revenue 37,362 + 11,978 + 19,232 + 16,328 = 84,900; plus Corporate 747, less Reconciling Items 1,948 = 83,699. Shares of segment revenue: Consumer Banking and Lending 37,362 / 84,900 = 44%; Commercial Banking 11,978 / 84,900 = 14%; CIB 19,232 / 84,900 = 23%; Wealth and Investment Management 16,328 / 84,900 = 19%. Shares of company net income 21,338: Consumer Banking and Lending 7,865 = 37%; CIB 7,283 = 34%; Commercial Banking 4,184 = 20%; Wealth and Investment Management 2,119 = 10%. CIB share of segment net income 7,283 / (7,865 + 4,184 + 7,283 + 2,119 = 21,451) = 34%; of total revenue 19,232 / 83,699 = 23%. Wealth net income / revenue 2,119 / 16,328 = 13%. Commercial Banking net income 4,184 / 5,104 - 1 = -18%. CIB Banking 2,522 + 2,507 + 2,008 = 7,037. Investment banking 2,008 / 1,404 - 1 = 43%. Credit card revenue 6,375 / 5,809 - 1 = 10%; Auto 1,016 / 1,464 - 1 = -31%. Advisory assets 1,127 / 891 - 1 = 26%. Consumer Banking and Lending share of Q2 2026 revenue 10,288 / 22,622 = 45%. Consumer Banking and Lending provision 3,362 / total provision 3,658 = 92%. Markets loans 111.2 - 79.0 = 32.2; 32.2 / 73.5 = 44% of the CIB loan increase. Investment banking share of CIB revenue 1,404 / 19,191 = 7% (2023); 2,008 / 19,232 = 10% (2025). Debit plus credit card purchase volume 530.5 + 186.0 = 716.5 billion. More deposits: noninterest-bearing deposits 505,770 - 360,047 = 145,723 (about $146 billion, 2022 to 2025); average deposits 1,424,269 - 1,347,245 = 77,024 (about $77 billion). Interest on interest-bearing deposits 24,282 - 20,449 = 3,833 (about $3.8 billion). Bank of America 2024 all-in deposit cost 38,442 / 1,924,106 = 2.00%. JPMorgan average deposits 2,506,565 / 1,347,245 = 1.9 times. Average loans to average deposits Q2 2026 1,026.5 / 1,465.6 = 70%. Bank of America deposits 2,018,729 / 1,426,207 - 1 = 42%. Held-to-maturity share of total assets 198,573 / 2,282,201 = 8.7% (June 2026); 208,023 / 2,148,631 = 9.7% (Dec 2025). More balance sheet and valuation: branches closed 5,032 - 4,777 = 255 (2021); 4,598 - 4,311 = 287 (2023); 4,177 - 4,090 = 87 (2025); 4,090 - 4,079 = 11 (H1 2026); 4,311 - 4,079 = 232 (end 2023 to June 2026). Second half 2025 assets 2,148,631 - 1,981,269 = 167,362 (about $167 billion). Market value 233.86 / 298.75 - 1 = -22% (end 2017 to end 2024); Bank of America 394.32 / 250.90 - 1 = 57%; market value over trailing net income 250.90 / 22.61 = 11.1 times. Risk-weighted assets 137.7 / 0.103 = about 1,337 billion (about $1.34 trillion). Total equity 182,323 / 2,282,201 = 8.0%. 2016 penalties 100 + 35 + 50 = 185 million. Commercial Banking net interest income 7,902 / 11,978 = 66%. Consumer Banking and Lending deposit surplus 779,994 - 322,052 = 457,942 (about $458 billion) - segment shares, margins and growth. — Length additions: held-to-maturity Dec 2025 208,023 - 175,797 = 32,226; carrying value 208,023 - 198,573 = 9,450 (about $9.5 billion in six months). Interest on interest-bearing deposits 16,503 / 2,349 = 7.0 (about seven times). Consumer Banking and Lending net interest income 29,183 / 37,362 = 78%. Average deposits per branch 1,437,812 / 4,777 = 301 (2021); 1,347,245 / 4,090 = 329 (2025). Deposits Dec 2024 to Jun 2026 1,501,405 - 1,371,804 = 129,601 (about $130 billion). TLAC cushion 23.22 - 21.50 = 1.72 points; 22.81 - 21.50 = 1.31 points. CIB assets 862,472 / 2,282,201 = 38%; CIB period-end assets 787,751 / 597,278 - 1 = 32%. CIB investment banking 1,814 / 1,404 - 1 = 29%; 2,008 / 1,814 - 1 = 11%; Q2 2026 628 / 5,425 = 12%. CIB revenue per dollar of expense 19,232 / 9,436 = 2.04; Consumer Banking and Lending 37,362 / 23,515 = 1.59. CRE 5,083 / 19,232 = 26%. Q2 2026 expense 13,661 / 13,379 - 1 = 2.1%; revenue 22,622 / 20,822 - 1 = 8.6%. Headcount 205 - 197 = 8 thousand. Average assets per employee 1,933.4 / 212,804 = $9.1 million (Q2 2025); 2,227.9 / 197,466 = $11.3 million (Q2 2026), +24%. Personnel expense per employee 36,281 / 205,000 = 0.177 ($177,000). Efficiency gap to Bank of America (66% - 61.65%) x 83,699 = 3,641 (about $3.6 billion). Risk-weighted assets about 1,340 billion x 1% = about $13 billion per point; 9.80% - 8.50% = 1.30 points x 1,340 = about $17 billion. Stockholders equity 180,190 / 206,936 - 1 = -12.9%. Charge-offs 876 x 4 = 3,504 (about $3.5 billion); 14,129 / 139,700 = 10.1%. JPMorgan cost of total deposits 2024 2.08% against Wells Fargo 1.80%. ROTCE H1 2026 16.1% - 14.4% = 1.7 points. Target 17.5% x 139.7 = 24.4 billion; 24.4 / 20.285 = 1.20. Net income 6,407 x 4 = 25,628 (about $25.6 billion). H1 2026 expense 27,991 / 55,700 = 50.3%; net interest income 24,413 / 50,000 = 48.8%. Credit card revenue 6,375 / 5,908 - 1 = 7.9%; Auto 1,016 / 1,464 - 1 = -30.6%. Home Lending 3,364 / 37,362 = 9.0%; originations 26.3 / 986.2 = 2.7%. Buybacks 22.7 billion / 79.80 = 284 million shares; 284 / 3,085.6 = 9.2%. Tangible book 1 / 1.79 = 0.56. Dividend 0.50 x 4 x 3.02 billion = 6.04 (about $6.0 billion). Accounts 16 million / 32.8 million = 49%. Remediation 236 / 160,700 = 0.15%. Advisory assets 1,127 / 2,509 = 45%. Investment banking fees 3,027 / 83,699 = 3.6%. Advisory fees 10,498 / 36,215 = 29%. Branches 4,090 - 4,079 = 11. Buyback runway 22.7 / 17.7 = 1.3 years (about fifteen months); 22.7 / (7 x 2) = 1.6 years. Deposits 1,347,245 / 1,376,011 - 1 = -2.1%. Q2 2026 consumer bank share 10,288 / 22,622 = 45%. Card fees 4,589 / mortgage banking 1,152 = 4.0. 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Wells Fargo's annual reports, Forms 10-Q, earnings releases and presentations, JPMorgan's and Bank of America's Forms 10-K and market data; operands shown in the source line.
Sources
Generated September 28, 2026