EX-99.2 3 wfc4qer01-14x22ex992xsuppl.htm EX-99.2 Document
Exhibit 99.2
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4Q21 Quarterly Supplement



Wells Fargo & Company and Subsidiaries
QUARTERLY FINANCIAL DATA
TABLE OF CONTENTS
Pages
Consolidated Results
Average Balances and Interest Rates (Taxable-Equivalent Basis)
Reportable Operating Segment Results
Consumer Banking and Lending
Commercial Banking
Corporate and Investment Banking
Wealth and Investment Management
Corporate
Credit-Related Information
Consolidated Loans Outstanding – Period End Balances, Average Balances, and Average Interest Rates
Net Loan Charge-offs
Changes in Allowance for Credit Losses for Loans
Allocation of the Allowance for Credit Losses for Loans
Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)
Commercial and Industrial Loans and Lease Financing by Industry
Commercial Real Estate Loans by Property Type
Equity
Tangible Common Equity
Risk-Based Capital Ratios Under Basel III – Standardized Approach
Risk-Based Capital Ratios Under Basel III – Advanced Approach
Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Annual Report on Form 10-K for the year ended December 31, 2021, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.



Wells Fargo & Company and Subsidiaries
SUMMARY FINANCIAL DATA
Quarter endedDec 31, 2021
% Change from
Year ended
(in millions, except per share amounts)Dec 31,
2021
Sep 30,
2021
Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2021
Dec 31,
2020
Dec 31,
2021
Dec 31,
2020
%
Change
Selected Income Statement Data
Total revenue$20,856 18,834 20,270 18,532 18,489 11 %13 $78,492 74,264 %
Noninterest expense13,198 13,303 13,341 13,989 14,802 (1)(11)53,831 57,630 (7)
Pre-tax pre-provision profit (PTPP) (1)7,658 5,531 6,929 4,543 3,687 38 108 24,661 16,634 48 
Provision for credit losses(452)(1,395)(1,260)(1,048)(179)68 NM(4,155)14,129 NM
Wells Fargo net income5,750 5,122 6,040 4,636 3,091 12 86 21,548 3,377 538
Wells Fargo net income applicable to common stock5,470 4,787 5,743 4,256 2,741 14 100 20,256 1,786 NM
Common Share Data
Diluted earnings (loss) per common share1.38 1.17 1.38 1.02 0.66 18 109 4.95 0.43 NM
Dividends declared per common share0.20 0.20 0.10 0.10 0.10 — 100 0.60 1.22 (51)
Common shares outstanding3,885.8 3,996.9 4,108.0 4,141.1 4,144.0 (3)(6)
Average common shares outstanding3,927.6 4,056.3 4,124.6 4,141.3 4,137.6 (3)(5)4,061.9 4,118.0 (1)
Diluted average common shares outstanding3,964.7 4,090.4 4,156.1 4,171.0 4,151.3 (3)(4)4,096.2 4,134.2 (1)
Book value per common share (2)$43.32 42.47 41.74 40.27 39.71 
Tangible book value per common share (2)(3) 36.35 35.54 34.95 33.49 32.99 10 
Selected Equity Data (period-end)
Total equity190,110 191,071 193,127 188,034 185,712 (1)
Common stockholders' equity168,331 169,753 171,453 166,748 164,570 (1)
Tangible common equity (3)141,254 142,047 143,577 138,702 136,727 (1)
Performance Ratios
Return on average assets (ROA) (4)1.17 %1.04 1.25 0.97 0.64 1.11 %0.17 
Return on average equity (ROE) (5)12.8 11.1 13.6 10.3 6.6 12.0 1.1 
Return on average tangible common equity (ROTCE) (3) 15.3 13.2 16.3 12.4 8.0 14.3 1.3 
Efficiency ratio (6)63 71 66 75 80 69 78 
Net interest margin on a taxable-equivalent basis2.11 2.03 2.02 2.05 2.16 2.05 2.28 
NM – Not meaningful
(1)Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.
(2)Book value per common share is common stockholders' equity divided by common shares outstanding. Tangible book value per common share is tangible common equity divided by common shares outstanding.
(3)Tangible common equity, tangible book value per common share, and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 25 and 26.
(4)Represents Wells Fargo net income divided by average assets.
(5)Represents Wells Fargo net income applicable to common stock divided by average common stockholders’ equity.
(6)The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).




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Wells Fargo & Company and Subsidiaries
SUMMARY FINANCIAL DATA (continued)
Quarter endedDec 31, 2021
% Change from
Year ended
($ in millions, unless otherwise noted)Dec 31,
2021
Sep 30,
2021
Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2021
Dec 31,
2020
Dec 31,
2021
Dec 31,
2020
%
Change
Selected Balance Sheet Data (average)
Loans$875,036 854,024 854,747 873,439 899,704 %(3)$864,288 941,788 (8)%
Assets1,943,430 1,949,700 1,939,879 1,934,425 1,925,013 — 1,941,905 1,941,709 — 
Deposits1,470,027 1,450,941 1,435,824 1,393,472 1,380,100 1,437,812 1,376,011 
Selected Balance Sheet Data (period-end)
Debt securities537,531 542,993 533,565 505,826 501,207 (1)
Loans895,394 862,827 852,300 861,572 887,637 
Allowance for credit losses for loans13,788 14,705 16,391 18,043 19,713 (6)(30)
Equity securities72,886 66,526 64,547 57,702 60,008 10 21 
Assets1,948,068 1,954,901 1,945,996 1,957,264 1,952,911 — — 
Deposits1,482,479 1,470,379 1,440,472 1,437,119 1,404,381 
Headcount (#) (period-end)249,435 253,871 259,196 264,513 268,531 (2)(7)
Capital and other metrics (1)
Risk-based capital ratios and components (2):
Standardized Approach:
Common Equity Tier 1 (CET1)11.4 %11.6 12.1 11.8 11.6 
Tier 1 capital12.9 13.2 13.7 13.5 13.3 
Total capital15.9 16.2 16.8 16.8 16.5 
Risk-weighted assets (RWAs) (in billions)$1,238.0 1,218.9 1,188.7 1,179.0 1,193.7 
Advanced Approach:
Common Equity Tier 1 (CET1)12.6 %12.4 12.7 12.6 11.9 
Tier 1 capital14.3 14.1 14.5 14.4 13.7 
Total capital16.7 16.5 16.9 16.9 16.1 
Risk-weighted assets (RWAs) (in billions)$1,116.7 1,138.6 1,126.5 1,109.4 1,158.4 (2)(4)
Tier 1 leverage ratio8.3 %8.4 8.5 8.4 8.3 
Supplementary Leverage Ratio (SLR)
6.9 6.9 7.1 7.9 8.1 
Total Loss Absorbing Capacity (TLAC) Ratio (3)
23.0 23.7 25.1 25.2 25.7 
Liquidity Coverage Ratio (LCR) (4)
118 119 123 127 133 
(1)Ratios and metrics for December 31, 2021, are preliminary estimates.
(2)See the tables on pages 27 and 28 for more information on CET1, tier 1 capital, and total capital. The information presented reflects fully phased-in CET1, tier 1 capital, and RWAs, but reflects total capital in accordance with transition requirements.
(3)Represents TLAC divided by the greater of RWAs determined under the Standardized and Advanced Approaches, which is our binding TLAC ratio.
(4)Represents high-quality liquid assets divided by projected net cash outflows, as each is defined under the LCR rule.

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Wells Fargo & Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
Quarter endedDec 31, 2021
% Change from
Year ended
(in millions, except per share amounts)Dec 31,
2021
Sep 30,
2021
Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2021
Dec 31,
2020
Dec 31,
2021
Dec 31,
2020
%
Change
Interest income$10,121 9,834 9,693 10,046 10,550 %(4)$39,694 47,919 (17)%
Interest expense859 925 893 1,238 1,195 (7)(28)3,915 7,963 (51)
Net interest income9,262 8,909 8,800 8,808 9,355 (1)35,779 39,956 (10)
Noninterest income
Deposit-related fees1,462 1,416 1,342 1,255 1,333 10 5,475 5,221 
Lending-related fees357 365 362 361 356 (2)— 1,445 1,381 
Investment advisory and other asset-based fees2,579 2,882 2,794 2,756 2,598 (11)(1)11,011 9,863 12 
Commissions and brokerage services fees558 525 580 636 589 (5)2,299 2,384 (4)
Investment banking fees669 547 570 568 486 22 38 2,354 1,865 26 
Card fees1,071 1,078 1,077 949 943 (1)14 4,175 3,544 18 
Mortgage banking1,035 1,259 1,336 1,326 1,207 (18)(14)4,956 3,493 42 
Net gains (losses) from trading activities(177)92 21 348 (60)NMNM284 1,172 (76)
Net gains on debt securities119 283 — 151 160 (58)(26)553 873 (37)
Net gains from equity securities2,470 869 2,696 392 884 184 179 6,427 665 866 
Lease income46 322 313 315 224 (86)(79)996 1,245 (20)
Other1,405 287 379 667 414 390 239 2,738 2,602 
Total noninterest income11,594 9,925 11,470 9,724 9,134 17 27 42,713 34,308 24 
Total revenue20,856 18,834 20,270 18,532 18,489 11 13 78,492 74,264 
Provision for credit losses(452)(1,395)(1,260)(1,048)(179)68 NM(4,155)14,129 NM
Noninterest expense
Personnel8,475 8,690 8,818 9,558 8,948 (2)(5)35,541 34,811 
Technology, telecommunications and equipment827 741 815 844 838 12 (1)3,227 3,099 
Occupancy725 738 735 770 826 (2)(12)2,968 3,263 (9)
Operating losses512 540 303 213 621 (5)(18)1,568 3,523 (55)
Professional and outside services1,468 1,417 1,450 1,388 1,664 (12)5,723 6,706 (15)
Leases (1)195 220 226 226 227 (11)(14)867 1,022 (15)
Advertising and promotion225 153 132 90 138 47 63 600 600 — 
Restructuring charges66 (4)13 781 NM(92)76 1,499 (95)
Other705 803 866 887 759 (12)(7)3,261 3,107 
Total noninterest expense13,198 13,303 13,341 13,989 14,802 (1)(11)53,831 57,630 (7)
Income before income tax expense (benefit)8,110 6,926 8,189 5,591 3,866 17 110 28,816 2,505 NM
Income tax expense (benefit)1,711 1,521 1,445 901 574 12 198 5,578 (1,157)NM
Net income before noncontrolling interests6,399 5,405 6,744 4,690 3,292 18 94 23,238 3,662 535
Less: Net income from noncontrolling interests649 283 704 54 201 129 223 1,690 285 493
Wells Fargo net income$5,750 5,122 6,040 4,636 3,091 12 86 $21,548 3,377 538
Less: Preferred stock dividends and other280 335 297 380 350 (16)(20)1,292 1,591 (19)
Wells Fargo net income applicable to common stock$5,470 4,787 5,743 4,256 2,741 14 100 $20,256 1,786 NM
Per share information
Earnings per common share$1.39 1.18 1.39 1.03 0.66 18 111 $4.99 0.43 NM
Diluted earnings per common share1.38 1.17 1.38 1.02 0.66 18 109 4.95 0.43 NM
NM – Not meaningful
(1)Represents expenses for assets we lease to customers.
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Wells Fargo & Company and Subsidiaries
CONSOLIDATED BALANCE SHEET
Dec 31, 2021
% Change from
(in millions)Dec 31,
2021
Sep 30,
2021
Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2021
Dec 31,
2020
Assets
Cash and due from banks$24,616 25,509 25,304 28,339 28,236 (4)%(13)
Interest-earning deposits with banks209,614 241,178 248,869 258,394 236,376 (13)(11)
Total cash, cash equivalents, and restricted cash234,230 266,687 274,173 286,733 264,612 (12)(11)
Federal funds sold and securities purchased under resale agreements66,223 67,807 70,149 79,502 65,672 (2)
Debt securities:
Trading, at fair value88,265 94,943 82,727 72,784 75,095 (7)18 
Available-for-sale, at fair value177,244 185,557 189,897 200,850 220,392 (4)(20)
Held-to-maturity, at amortized cost272,022 262,493 260,941 232,192 205,720 32 
Loans held for sale23,617 24,811 25,594 35,434 36,384 (5)(35)
Loans895,394 862,827 852,300 861,572 887,637 
Allowance for loan losses(12,490)(13,517)(15,148)(16,928)(18,516)33 
Net loans882,904 849,310 837,152 844,644 869,121 
Mortgage servicing rights8,189 8,148 8,009 8,832 7,437 10 
Premises and equipment, net8,571 8,599 8,745 8,760 8,895 — (4)
Goodwill25,180 26,191 26,194 26,290 26,392 (4)(5)
Derivative assets 21,478 27,060 25,415 25,429 25,846 (21)(17)
Equity securities72,886 66,526 64,547 57,702 60,008 10 21 
Other assets67,259 66,769 72,453 78,112 87,337 (23)
Total assets$1,948,068 1,954,901 1,945,996 1,957,264 1,952,911 — — 
Liabilities
Noninterest-bearing deposits$527,748 529,051 504,108 494,087 467,068 — 13 
Interest-bearing deposits954,731 941,328 936,364 943,032 937,313 
Total deposits1,482,479 1,470,379 1,440,472 1,437,119 1,404,381 
Short-term borrowings34,409 41,980 45,635 58,920 58,999 (18)(42)
Derivative liabilities 9,424 12,976 14,551 14,930 16,509 (27)(43)
Accrued expenses and other liabilities70,957 75,513 72,555 74,949 74,360 (6)(5)
Long-term debt160,689 162,982 179,656 183,312 212,950 (1)(25)
Total liabilities1,757,958 1,763,830 1,752,869 1,769,230 1,767,199 — (1)
Equity
Wells Fargo stockholders’ equity:
Preferred stock20,057 20,270 20,820 21,170 21,136 (1)(5)
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares
9,136 9,136 9,136 9,136 9,136 — — 
Additional paid-in capital60,196 60,134 60,018 59,854 60,197 — — 
Retained earnings180,322 175,709 171,765 166,458 162,683 11 
Cumulative other comprehensive income (loss)(1,702)(1,177)(564)(1,250)194 (45)NM
Treasury stock (1)(79,757)(74,169)(69,038)(67,589)(67,791)(8)(18)
Unearned ESOP shares(646)(875)(875)(875)(875)26 26 
Total Wells Fargo stockholders’ equity187,606 189,028 191,262 186,904 184,680 (1)
Noncontrolling interests2,504 2,043 1,865 1,130 1,032 23 143 
Total equity190,110 191,071 193,127 188,034 185,712 (1)
Total liabilities and equity$1,948,068 1,954,901 1,945,996 1,957,264 1,952,911 — — 
NM – Not meaningful
(1)Number of shares of treasury stock were 1,596,009,977, 1,484,890,493, 1,373,813,200, 1,340,691,115, and 1,337,799,931 at December 31, September 30, June 30, and March 31, 2021, and December 31, 2020, respectively.
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Wells Fargo & Company and Subsidiaries
AVERAGE BALANCES AND INTEREST RATES (TAXABLE-EQUIVALENT BASIS)(1)
Quarter endedDec 31, 2021
% Change from
Year ended%
Change
 ($ in millions)Dec 31, 2021Sep 30, 2021Jun 30, 2021Mar 31, 2021Dec 31, 2020Sep 30, 2021Dec 31, 2020Dec 31, 2021Dec 31, 2020
Average Balances
Assets
Interest-earning deposits with banks$216,061 250,314 255,237 223,437 222,010 (14)%(3)$236,281 186,386 27 %
Federal funds sold and securities purchased under resale agreements65,388 68,912 72,513 72,148 67,023 (5)(2)69,720 82,798 (16)
Trading debt securities92,597 88,476 84,612 87,383 93,877 (1)88,282 94,731 (7)
Available-for-sale debt securities178,770 179,237 192,418 206,946 214,042 — (16)189,237 229,077 (17)
Held-to-maturity debt securities264,695 261,182 237,812 216,826 192,697 37 245,304 173,505 41 
Loans held for sale24,149 24,490 27,173 34,554 29,436 (1)(18)27,554 27,493 — 
Loans875,036 854,024 854,747 873,439 899,704 (3)864,288 941,788 (8)
Equity securities35,711 32,790 29,773 29,434 25,744 39 31,946 28,950 10 
Other11,514 10,070 9,103 9,498 7,896 14 46 10,052 7,505 34 
Total interest-earning assets1,763,921 1,769,495 1,763,388 1,753,665 1,752,429 — 1,762,664 1,772,233 (1)
Total noninterest-earning assets179,509 180,205 176,491 180,760 172,584 — 179,241 169,476 
Total assets$1,943,430 1,949,700 1,939,879 1,934,425 1,925,013 — $1,941,905 1,941,709 — 
Liabilities
Interest-bearing deposits$938,682 941,014 941,746 931,116 925,729 — $938,168 963,342 (3)
Short-term borrowings37,845 43,899 48,505 59,082 57,304 (14)(34)47,265 70,206 (33)
Long-term debt161,335 174,643 181,101 198,340 214,223 (8)(25)178,742 224,587 (20)
Other liabilities28,245 30,387 27,718 28,875 25,949 (7)28,809 28,435 
Total interest-bearing liabilities1,166,107 1,189,943 1,199,070 1,217,413 1,223,205 (2)(5)1,192,984 1,286,570 (7)
Noninterest-bearing demand deposits531,345 509,927 494,078 462,356 454,371 17 499,644 412,669 21 
Other noninterest-bearing liabilities55,234 55,789 55,763 65,582 61,993 (1)(11)58,058 57,781 — 
Total liabilities1,752,686 1,755,659 1,748,911 1,745,351 1,739,569 — 1,750,686 1,757,020 — 
Total equity190,744 194,041 190,968 189,074 185,444 (2)191,219 184,689 
 Total liabilities and equity$1,943,430 1,949,700 1,939,879 1,934,425 1,925,013 — $1,941,905 1,941,709 — 
Average Interest Rates
Interest-earning assets
Interest-earning deposits with banks0.16 %0.15 0.11 0.10 0.10 0.13 %0.29 
Federal funds sold and securities purchased under resale agreements(0.01)0.03 0.02 0.04 0.05 0.02 0.47 
Trading debt securities2.39 2.33 2.37 2.45 2.40 2.39 2.69 
Available-for-sale debt securities1.55 1.57 1.43 1.63 1.78 1.55 2.29 
Held-to-maturity debt securities1.86 1.87 1.86 1.90 1.95 1.87 2.21 
Loans held for sale2.79 2.81 2.85 3.85 3.56 3.14 3.45 
Loans3.32 3.29 3.33 3.34 3.43 3.32 3.64 
Equity securities2.16 1.78 1.77 1.87 2.04 1.91 1.92 
Other0.09 0.09 0.04 0.03 — 0.06 0.18 
Total interest-earning assets2.31 2.24 2.23 2.33 2.43 2.28 2.73 
Interest-bearing liabilities
Interest-bearing deposits0.04 0.04 0.04 0.05 0.07 0.04 0.29 
Short-term borrowings(0.14)(0.06)(0.09)(0.06)(0.08)(0.09)0.36 
Long-term debt1.71 1.71 1.57 2.07 1.78 1.78 1.99 
Other liabilities1.38 1.15 1.47 1.50 1.38 1.37 1.54 
Total interest-bearing liabilities0.29 0.31 0.30 0.41 0.39 0.33 0.62 
Interest rate spread on a taxable-equivalent basis (2)2.02 1.93 1.93 1.92 2.04 1.95 2.11 
Net interest margin on a taxable-equivalent basis (2)2.11 2.03 2.02 2.05 2.16 2.05 2.28 
(1)The average balance amounts represent amortized costs. The interest rates are based on interest income or expense amounts for the period and are annualized, if applicable. Interest rates include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(2)Includes taxable-equivalent adjustments of $106 million, $105 million, $109 million, $107 million and $120 million for the quarters ended December 31, September 30, June 30, and March 31, 2021 and December 31, 2020, respectively, and $427 million and $494 million for the years ended December 31, 2021 and 2020, respectively, predominantly related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.
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Wells Fargo & Company and Subsidiaries
COMBINED SEGMENT RESULTS (1)
Quarter ended December 31, 2021
(in millions)Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment ManagementCorporate (2)Reconciling Items (3)Consolidated
Company
Net interest income$5,867 1,273 1,982 666 (420)(106)9,262 
Noninterest income2,866 1,011 1,530 2,982 3,540 (335)11,594 
Total revenue8,733 2,284 3,512 3,648 3,120 (441)20,856 
Provision for credit losses126 (384)(194)(3)3  (452)
Noninterest expense6,126 1,393 1,765 2,898 1,016  13,198 
Income (loss) before income tax expense (benefit)2,481 1,275 1,941 753 2,101 (441)8,110 
Income tax expense (benefit)619 318 488 189 538 (441)1,711 
Net income before noncontrolling interests1,862 957 1,453 564 1,563  6,399 
Less: Net income (loss) from noncontrolling interests 3 (1) 647  649 
Net income$1,862 954 1,454 564 916  5,750 
Quarter ended September 30, 2021
Net interest income$5,707 1,231 1,866 637 (427)(105)8,909 
Noninterest income3,097 845 1,519 2,981 1,752 (269)9,925 
Total revenue8,804 2,076 3,385 3,618 1,325 (374)18,834 
Provision for credit losses(518)(335)(460)(73)(9)— (1,395)
Noninterest expense6,053 1,396 1,797 2,917 1,140 — 13,303 
Income (loss) before income tax expense (benefit)3,269 1,015 2,048 774 194 (374)6,926 
Income tax expense (benefit)818 254 518 195 110 (374)1,521 
Net income before noncontrolling interests2,451 761 1,530 579 84 — 5,405 
Less: Net income from noncontrolling interests— — — 281 — 283 
Net income (loss)$2,451 759 1,530 579 (197)— 5,122 
Quarter ended December 31, 2020
Net interest income$5,741 1,439 1,811 714 (230)(120)9,355 
Noninterest income2,872 814 1,343 2,733 1,692 (320)9,134 
Total revenue8,613 2,253 3,154 3,447 1,462 (440)18,489 
Provision for credit losses351 69 186 (4)(781)— (179)
Noninterest expense6,441 1,547 1,798 2,770 2,246 — 14,802 
Income (loss) before income tax expense (benefit)1,821 637 1,170 681 (3)(440)3,866 
Income tax expense (benefit)457 163 282 171 (59)(440)574 
Net income before noncontrolling interests1,364 474 888 510 56 — 3,292 
Less: Net income (loss) from noncontrolling interests— (1)— 200 — 201 
Net income (loss)$1,364 472 889 510 (144)— 3,091 
(1)The management reporting process is based on U.S. GAAP and includes specific adjustments, such as for funds transfer pricing for asset/liability management, shared revenues and expenses, and taxable-equivalent adjustments to consistently reflect income from taxable and tax-exempt sources, which allows management to assess performance across the operating segments. We define our operating segments by type of product and customer segment.
(2)All other business activities that are not included in the reportable operating segments have been included in Corporate. 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. 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 previously divested businesses.
(3)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.
-8-


Wells Fargo & Company and Subsidiaries
COMBINED SEGMENT RESULTS (continued) (1)
Year ended December 31, 2021
(in millions)Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment ManagementCorporate (2)Reconciling Items (3)Consolidated
Company
Net interest income$22,807 4,960 7,410 2,570 (1,541)(427)35,779 
Noninterest income12,070 3,589 6,429 11,776 10,036 (1,187)42,713 
Total revenue34,877 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 expense24,648 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 interests8,555 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$23,378 6,134 7,509 2,988 441 (494)39,956 
Noninterest income10,638 3,041 6,419 10,225 4,916 (931)34,308 
Total revenue34,016 9,175 13,928 13,213 5,357 (1,425)74,264 
Provision for credit losses5,662 3,744 4,946 249 (472)— 14,129 
Noninterest expense26,976 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 interests1,076 (684)949 1,538 783 — 3,662 
Less: Net income (loss) from noncontrolling interests— (1)— 281 — 285 
Net income (loss)$1,076 (689)950 1,538 502 — 3,377 
(1)The management reporting process is based on U.S. GAAP and includes specific adjustments, such as for funds transfer pricing for asset/liability management, shared revenues and expenses, and taxable-equivalent adjustments to consistently reflect income from taxable and tax-exempt sources, which allows management to assess performance across the operating segments. We define our operating segments by type of product and customer segment.
(2)All other business activities that are not included in the reportable operating segments have been included in Corporate. 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. 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 previously divested businesses.
(3)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.
-9-


Wells Fargo & Company and Subsidiaries
CONSUMER BANKING AND LENDING SEGMENT
Quarter endedDec 31, 2021
% Change from
Year ended
($ in millions)Dec 31,
2021
Sep 30,
2021
Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2021
Dec 31,
2020
Dec 31,
2021
Dec 31,
2020
%
Change
Income Statement
Net interest income $5,867 5,707 5,618 5,615 5,741 %$22,807 23,378 (2)%
Noninterest income:
Deposit-related fees 853 799 732 661 742 15 3,045 2,904 
Card fees 1,007 1,014 1,017 892 890 (1)13 3,930 3,318 18 
Mortgage banking 905 1,168 1,158 1,259 1,082 (23)(16)4,490 3,224 39 
Other101 116 161 227 158 (13)(36)605 1,192 (49)
Total noninterest income 2,866 3,097 3,068 3,039 2,872 (7)— 12,070 10,638 13 
Total revenue 8,733 8,804 8,686 8,654 8,613 (1)34,877 34,016 
Net charge-offs408 302 359 370 332