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This statistic highlights Wells Fargo’s Revenue by Segment, split across Commercial Banking, Consumer Banking and Lending, Corporate and Investment Banking, and Wealth and Investment Management, reported on a quarterly basis from Q1 2016 onwards.
Wells Fargo & Company is a financial holding company, and a bank holding company incorporated under the Bank Holding Company Act of 1956(BHC Act). Its primary function is to serve as a holding company for its subsidiaries.
|Segment||Revenue in Q1 2020||Revenue in Q4 2020||Revenue in Q1 2021||Revenue Share in Q1 2021|
|Consumer Banking and Lending||$8.47||$8.61||$8.65||46%|
|Corporate and Investment Banking||$3.39||$3.11||$3.62||19%|
|Wealth and Investment Management||$3.56||$3.79||$3.54||19%|
(All figures in billion, except percentages)
Wells Fargo’s total revenue increased from $18.33 billion in Q1 2020 to $18.92 billion in Q1 2021, marking a 3% growth on a year-on-year basis. There was slight growth compared to the previous quarter’s earnings of $18.87 billion.
Wells Fargo’s revenue is further bifurcated into the following segments:
Commercial banking offers financial services to private, family-owned, and publicly traded businesses. Banking and credit products across different industrial sectors and municipalities, secured loan and leasing goods, and treasury management are among the products and services offered.
Wells Fargo’s Commercial Banking declined by 12% from $2.5 billion in Q1 2020 to $2.21 billion in Q1 2021. It also decreased by 8% from $2.39 billion earned in Q4 2020. Commercial Banking contributed to 12% of the company’s total revenue in Q1 2021.
Consumer Banking and Lending
Consumer Banking and Lending provides a wide range of financial products and services to individuals and small enterprises with annual sales of up to $5 million. Checking and savings accounts, credit and debit cards, as well as house, vehicle, personal, and small business financing, are all examples of financial goods and services provided by Wells Fargo.
Wells Fargo’s revenue from Consumer Banking and Lending increased from $8.47 billion in Q1 2020 to $8.65 billion in Q1 2021, up by 2% on a year-on-year basis. It also grew by 0.5% compared to Q4 2020 where it was $8.61 billion. In Q1 2021, this segment accounted for a 46% share of Wells Fargo’s revenue.
Corporate comprises corporate treasury and enterprise activities in support of the reportable operational segments, net of allocations, as well as investment portfolio and associated venture capital and private equity partnerships. Corporate also includes any restructuring expenses incurred as a result of cost-cutting measures.
Wells Fargo’s revenue from Corporate stood at $0.89 billion in Q1 2021. It was up by 119% compared to $0.41 earned in Q1 2020, but it fell by 9% from $0.98 billion in Q4 2020. Wells Fargo’s revenue from Corporate accounted for 5% of the company’s revenue in Q1 2021.
Corporate and Investment Banking
Corporate and Investment Banking provides capital markets, banking, and financial products and services to government, corporate, commercial real estate, and institutional clients throughout the world. Investment banking, corporate banking, treasury management, commercial real estate financing and servicing, equities and fixed income solutions, as well as sales, trading, and research capabilities are among the products and services offered.
In Q1 2021, Wells Fargo’s revenue from Corporate and Investment Banking amounted to $3.62 billion. It grew by 7% compared to $3.39 billion in Q1 2020 and by 17% from $3.11 billion in Q4 2020. Corporate and Investment banking contributed to 19% of Wells Fargo’s revenue in Q1 2021.
Wealth and Investment Management
Wealth and Investment Management offers individualized wealth management, investment, and retirement products and services to customers through a network of U.S.-based companies, including Wells Fargo Advisors and The Private Bank. They provide brokerage services to customers as well as financial planning, private banking, credit, and fiduciary services to high-net-worth and ultra-high-net-worth individuals and families.
Wells Fargo’s Wealth and Investment Management revenue declined from $3.56 billion in Q1 2020 to $3.54 billion in Q1 2021, down by 1% on a year-on-year basis. It also declined by 6% compared to $3.79 billion earned in Q4 2020. This segment contributed to 19% of Wells Fargo’s revenue in Q1 2021.
About Wells Fargo & Company
Wells Fargo & Company is a global financial services company based in the United States that was formed in 1852 by Henry Wells and William Fargo. Its corporate headquarters is situated in San Francisco, California. Its common stocks are traded on the New York Stock Exchange under the ticker ‘WFC’. Wells Fargo & company own various subsidiaries worldwide. Their main subsidiary Wells Fargo Bank, N.A is the 4th largest bank in the U.S. Wells Fargo & Company offers a diverse range of banking, investing, and mortgage products and services, as well as consumer and commercial financing, to people, companies, and institutions through banking branches and offices, the internet (www.wellsfargo.com), and other distribution channels. JPMorgan Chase, Bank of America, and Citigroup are among Wells Fargo & Company’s top competitors.
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