Company: WFC-PC
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000072971-25-000129
Chunk: 87

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 1
Chunk 87
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 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.

114Wells Fargo & Company

Table 17.1 presents our results by operating segment.Table 17.1:  Operating Segments(in millions)Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment ManagementCorporateReconciling Items (1)ConsolidatedCompanyQuarter ended March 31, 2025Net interest income (2) $6,943 1,977 1,790 826 36 (77)11,495 Noninterest income1,970 948 3,274 3,048 (213)(373)8,654 Total revenue8,913 2,925 5,064 3,874 (177)(450)20,149 Provision for credit losses739 187 — 11 (5)— 932 Personnel expense3,694 1,139 1,708 2,817 116 — 9,474 Nonpersonnel expense2,234 531 768 543 341 — 4,417 Total noninterest expense5,928 1,670 2,476 3,360 457 — 13,891 Income (loss) before income tax expense (benefit)2,246 1,068 2,588 503 (629)(450)5,326 Income tax expense (benefit)557 272 647 111 (615)(450)522 Net income (loss) before noncontrolling interests1,689 796 1,941 392 (14)— 4,804 Less: Net income (loss) from noncontrolling interests— 2 — — (92)— (90)Net income$1,689 794 1,941 392 78 — 4,894