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Consolidated Statement of Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Interest income    
Debt securities $ 3,472 $ 3,941
Mortgage loans held for sale 197 152
Loans held for sale 12 24
Loans 10,065 11,354
Equity securities 206 210
Other interest income 775 1,322
Total interest income 14,727 17,003
Interest expense    
Deposits 1,742 2,026
Short-term borrowings 291 596
Long-term debt 1,240 1,927
Other interest expense 142 143
Total interest expense 3,415 4,692
Net interest income 11,312 12,311
Provision for credit losses, debt securities 172 0 [1]
Provision for credit losses, loans 3,833 845
Net interest income after provision for credit losses 7,307 11,466
Noninterest income    
Mortgage banking 379 708
Insurance 95 96
Net gains from trading activities 64 357
Net gains on debt securities 237 125
Net gains (losses) from equity securities (1,401) 814
Lease income 352 443
Other 372 574
Total noninterest income 6,405 9,298
Noninterest expense    
Salaries 4,721 4,425
Commission and incentive compensation 2,463 2,845
Employee benefits 1,130 1,938
Technology and equipment 661 661
Net occupancy 715 717
Core deposit and other intangibles 23 28
FDIC and other deposit assessments 118 159
Other 3,217 3,143
Total noninterest expense 13,048 13,916
Income before income tax expense 664 6,848
Income tax expense 159 881
Net income before noncontrolling interests 505 5,967
Less: Net income (loss) from noncontrolling interests (148) 107
Wells Fargo net income 653 5,860
Less: Preferred stock dividends and other 611 353
Wells Fargo net income applicable to common stock $ 42 $ 5,507
Per share information    
Earnings per common share (in dollars per share) $ 0.01 $ 1.21
Diluted earnings per common share (in dollars per share) $ 0.01 $ 1.20
Average common shares outstanding (in shares) 4,104.8 4,551.5
Diluted average common shares outstanding (in shares) 4,135.3 4,584.0
Service charges on deposit accounts [Member]    
Noninterest income    
Fee income $ 1,209 $ 1,094
Trust and investment fees [Member]    
Noninterest income    
Fee income 3,574 3,373
Card fees [Member]    
Noninterest income    
Fee income 892 944
Other fees [Member]    
Noninterest income    
Fee income $ 632 $ 770
[1]
(1)
Prior to our adoption of Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (CECL), on January 1, 2020, provision for credit losses from debt securities was not applicable and is therefore presented as $0 for the prior period. For more information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.