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 by type of product and customer segment, 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 and relevant senior management. 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 with annual sales generally up to $10 million. 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 servicing, 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 allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments as well as our investment portfolio and affiliated venture capital and private equity businesses. In addition, Corporate includes all restructuring charges related to our efficiency initiatives. See Note 20 (Revenue and Expenses) for additional information on restructuring charges. 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 AND EXPENSE SHARING 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 or enterprise function (included in Corporate), expense is generally allocated based on the cost and use of the service provided.

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 low-income 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 Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate	Reconciling Items (1)	Consolidated Company






















Year ended December 31, 2022
Net interest income (2)	$	27,044	7,289	8,733	3,927	(1,607)	(436)	44,950
Noninterest income	8,766		3,631	6,509	10,895	609	(1,575)	28,835
Total revenue	35,810		10,920	15,242	14,822	(998)	(2,011)	73,785
Provision for credit losses	2,276		(534)	(185)	(25)	2	—	1,534
Noninterest expense	26,277		6,058	7,560	11,613	5,774	—	57,282
Income (loss) before income tax expense (benefit)	7,257		5,396	7,867	3,234	(6,774)	(2,011)	14,969
Income tax expense (benefit)	1,816		1,366	1,989	812	(1,885)	(2,011)	2,087
Net income (loss) before noncontrolling interests	5,441		4,030	5,878	2,422	(4,889)	—	12,882
Less: Net income (loss) from noncontrolling interests	—		12	—	—	(312)	—	(300)
Net income (loss)	$	5,441	4,018	5,878	2,422	(4,577)	—	13,182
Year ended December 31, 2021
Net interest income (2)	$	22,807	4,960	7,410	2,570	(1,541)	(427)	35,779
Noninterest income	12,070		3,589	6,429	11,776	10,036	(1,187)	42,713
Total revenue	34,877		8,549	13,839	14,346	8,495	(1,614)	78,492
Provision for credit losses	(1,178)		(1,500)	(1,439)	(95)	57	—	(4,155)
Noninterest expense	24,648		5,862	7,200	11,734	4,387	—	53,831
Income (loss) before income tax expense (benefit)	11,407		4,187	8,078	2,707	4,051	(1,614)	28,816
Income tax expense (benefit)	2,852		1,045	2,019	680	596	(1,614)	5,578
Net income before noncontrolling interests	8,555		3,142	6,059	2,027	3,455	—	23,238
Less: Net income (loss) from noncontrolling interests	—		8	(3)	—	1,685	—	1,690
Net income	$	8,555	3,134	6,062	2,027	1,770	—	21,548
Year ended December 31, 2020
Net interest income (2)	$	23,378	6,134	7,509	2,988	441	(494)	39,956
Noninterest income	10,638		3,041	6,419	10,225	4,916	(931)	34,308
Total revenue	34,016		9,175	13,928	13,213	5,357	(1,425)	74,264
Provision for credit losses	5,662		3,744	4,946	249	(472)	—	14,129
Noninterest expense	26,976		6,323	7,703	10,912	5,716	—	57,630
Income (loss) before income tax expense (benefit)	1,378		(892)	1,279	2,052	113	(1,425)	2,505
Income tax expense (benefit)	302		(208)	330	514	(670)	(1,425)	(1,157)
Net income (loss) before noncontrolling interests	1,076		(684)	949	1,538	783	—	3,662
Less: Net income (loss) from noncontrolling interests	—		5	(1)	—	281	—	285
Net income (loss)	$	1,076	(689)	950	1,538	502	—	3,377














Year ended December 31, 2022
Loans (average)	$	332,433	206,032	296,984	85,228	9,143	—	929,820
Assets (average)	379,213		227,935	557,396	91,748	638,017	—	1,894,309
Deposits (average)	883,130		186,079	161,720	164,883	28,457	—	1,424,269

Loans (period-end)	340,529		223,529	298,377	84,273	9,163	—	955,871
Assets (period-end)	387,710		250,198	550,177	91,717	601,214	—	1,881,016
Deposits (period-end)	859,695		173,942	157,217	138,760	54,371	—	1,383,985





Year ended December 31, 2021
Loans (average)	$	333,885	181,237	257,036	82,364	9,766	—	864,288
Assets (average)	388,208		198,761	523,344	88,503	743,089	—	1,941,905
Deposits (average)	834,739		197,269	189,176	176,562	40,066	—	1,437,812

Loans (period-end)	326,574		190,348	284,374	84,101	9,997	—	895,394
Assets (period-end)	378,620		210,810	546,549	90,754	721,335	—	1,948,068
Deposits (period-end)	883,674		205,428	168,609	192,548	32,220	—	1,482,479

(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 low-income 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.