Wells Fargo & Company 8-K, filed Jan 8, 2021

Wells Fargo & Company (WFC)

8-K 2021-01-08 For: 2021-01-08

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Added on April 05, 2026

About this 8-K

Wells Fargo & Company filed this 8-K on January 8, 2021.

Items reported

Item 8.01: Other events
Item 9.01: Financial statements and exhibits

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Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, par value $1-2/3	WFC	NYSE
7.5% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L	WFC.PRL	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series N	WFC.PRN	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series O	WFC.PRO	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series P	WFC.PRP	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of 5.85% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series Q	WFC.PRQ	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series R	WFC.PRR	NYSE


Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series W	WFC.PRW	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series X	WFC.PRX	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Y	WFC.PRY	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Z	WFC.PRZ	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series AA	WFC.PRA	NYSE
Guarantee of 5.80% Fixed-to-Floating Rate Normal Wachovia Income Trust Securities of Wachovia Capital Trust III	WFC/TP	NYSE
Guarantee of Medium-Term Notes, Series A, due October 30, 2028 of Wells Fargo Finance LLC	WFC/28A	NYSE


Exhibit No.	Description	Location
99.1	Revised Historical Financial Information to Reflect Changes to Operating Segments	Filed herewith
104	Cover Page Interactive Data File	Embedded within the Inline XBRL document


Dated:	January 8, 2021	WELLS FARGO & COMPANY

		By:	/s/ MUNEERA S. CARR
			Muneera S. Carr
			Executive Vice President, Chief Accounting Officer and Controller



			Pages




















Operating Segments
Operating Segment Information and Basis for Presentation			3
Combined Operating Segment Results			4
Consumer Banking and Lending Segment			6
Commercial Banking Segment			8
Corporate and Investment Banking Segment			10
Wealth and Investment Management Segment			12
Corporate			13



						Quarter ended September 30, 2020
($ in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate	Reconciling Items (1)	Consolidated Company
Net interest income	$	5,918	1,437	1,712	718	(308)	(109)	9,368
Noninterest income	3,228		923	1,575	2,915	1,477	(624)	9,494
Total revenue	9,146		2,360	3,287	3,633	1,169	(733)	18,862
Provision for credit losses	640		339	(121)	(10)	(79)	—	769
Noninterest expense	7,345		1,762	1,991	3,009	1,122	—	15,229
Income (loss) before income tax expense (benefit)	1,161		259	1,417	634	126	(733)	2,864
Income tax expense (benefit)	290		63	355	157	513	(733)	645
Net income (loss) before noncontrolling interests	871		196	1,062	477	(387)	—	2,219
Less: Net income from noncontrolling interests	—		1	—	3	180	—	184
Net income (loss)	$	871	195	1,062	474	(567)	—	2,035

						Quarter ended June 30, 2020
Net interest income	$	5,717	1,590	1,961	720	11	(119)	9,880
Noninterest income	1,891		898	2,078	2,806	902	(619)	7,956
Total revenue	7,608		2,488	4,039	3,526	913	(738)	17,836
Provision for credit losses	3,102		2,295	3,756	255	126	—	9,534
Noninterest expense	6,933		1,759	2,044	3,014	801	—	14,551
Income (loss) before income tax expense (benefit)	(2,427)		(1,566)	(1,761)	257	(14)	(738)	(6,249)
Income tax expense (benefit)	(650)		(394)	(408)	63	(1,790)	(738)	(3,917)
Net income (loss) before noncontrolling interests	(1,777)		(1,172)	(1,353)	194	1,776	—	(2,332)
Less: Net income from noncontrolling interests	—		1	—	7	39	—	47
Net income (loss)	$	(1,777)	(1,173)	(1,353)	187	1,737	—	(2,379)

						Quarter ended March 31, 2020
Net interest income	$	6,002	1,774	2,019	840	817	(140)	11,312
Noninterest income	2,647		728	1,369	2,724	(411)	(652)	6,405
Total revenue	8,649		2,502	3,388	3,564	406	(792)	17,717
Provision for credit losses	1,569		1,041	1,125	8	262	—	4,005
Noninterest expense	6,257		1,697	1,870	2,972	252	—	13,048
Income (loss) before income tax expense (benefit)	823		(236)	393	584	(108)	(792)	664
Income tax expense (benefit)	205		(61)	101	149	557	(792)	159
Net income (loss) before noncontrolling interests	618		(175)	292	435	(665)	—	505
Less: Net income (loss) from noncontrolling interests	—		1	—	(12)	(137)	—	(148)
Net income (loss)	$	618	(176)	292	447	(528)	—	653



						Quarter ended December 31, 2019
($ in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate	Reconciling Items (1)	Consolidated Company
Net interest income	$	6,233	1,877	1,999	885	349	(143)	11,200
Noninterest income	2,849		1,018	1,330	3,075	1,024	(636)	8,660
Total revenue	9,082		2,895	3,329	3,960	1,373	(779)	19,860
Provision for credit losses	485		30	77	(1)	53	—	644
Noninterest expense	7,421		1,812	1,821	3,673	887	—	15,614
Income (loss) before income tax expense (benefit)	1,176		1,053	1,431	288	433	(779)	3,602
Income tax expense (benefit)	544		260	358	72	223	(779)	678
Net income before noncontrolling interests	632		793	1,073	216	210	—	2,924
Less: Net income from noncontrolling interests	—		1	—	3	47	—	51
Net income	$	632	792	1,073	213	163	—	2,873

						Quarter ended September 30, 2019
Net interest income	$	6,422	2,035	1,972	960	386	(150)	11,625
Noninterest income	2,728		989	1,700	2,931	2,598	(561)	10,385
Total revenue	9,150		3,024	3,672	3,891	2,984	(711)	22,010
Provision for credit losses	571		63	30	1	30	—	695
Noninterest expense	7,712		1,719	1,893	3,327	548	—	15,199
Income (loss) before income tax expense (benefit)	867		1,242	1,749	563	2,406	(711)	6,116
Income tax expense (benefit)	604		309	437	141	524	(711)	1,304
Net income before noncontrolling interests	263		933	1,312	422	1,882	—	4,812
Less: Net income from noncontrolling interests	—		1	1	—	200	—	202
Net income	$	263	932	1,311	422	1,682	—	4,610

						Quarter ended June 30, 2019
Net interest income	$	6,544	2,124	2,021	1,005	557	(156)	12,095
Noninterest income	3,434		1,146	1,569	2,921	980	(561)	9,489
Total revenue	9,978		3,270	3,590	3,926	1,537	(717)	21,584
Provision for credit losses	448		(4)	32	(1)	28	—	503
Noninterest expense	6,048		1,791	1,859	3,159	592	—	13,449
Income (loss) before income tax expense (benefit)	3,482		1,483	1,699	768	917	(717)	7,632
Income tax expense (benefit)	870		368	425	191	157	(717)	1,294
Net income before noncontrolling interests	2,612		1,115	1,274	577	760	—	6,338
Less: Net income from noncontrolling interests	—		2	—	3	127	—	132
Net income	$	2,612	1,113	1,274	574	633	—	6,206

						Quarter ended March 31, 2019
Net interest income	$	6,587	2,148	2,013	1,067	658	(162)	12,311
Noninterest income	3,094		1,001	1,624	2,888	1,257	(566)	9,298
Total revenue	9,681		3,149	3,637	3,955	1,915	(728)	21,609
Provision for credit losses	680		101	34	3	27	—	845
Noninterest expense	5,817		1,746	1,859	3,204	1,290	—	13,916
Income (loss) before income tax expense (benefit)	3,184		1,302	1,744	748	598	(728)	6,848
Income tax expense (benefit)	796		329	438	186	(140)	(728)	881
Net income before noncontrolling interests	2,388		973	1,306	562	738	—	5,967
Less: Net income (loss) from noncontrolling interests	—		2	(2)	3	104	—	107
Net income	$	2,388	971	1,308	559	634	—	5,860


	Quarter ended
($ in millions)	Sep 30, 2020		Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Income Statement
Net interest income	$	5,918	5,717	6,002	6,233	6,422	6,544	6,587
Noninterest income:
Deposit-related fees	708		575	879	919	947	911	805
Card fees	860		749	819	938	938	939	857
Mortgage banking	1,544		256	342	673	342	656	643
Other	116		311	607	319	501	928	789
Total noninterest income	3,228		1,891	2,647	2,849	2,728	3,434	3,094
Total revenue	9,146		7,608	8,649	9,082	9,150	9,978	9,681
Provision for credit losses	640		3,102	1,569	485	571	448	680
Noninterest expense	7,345		6,933	6,257	7,421	7,712	6,048	5,817
Income (loss) before income tax expense (benefit)	1,161		(2,427)	823	1,176	867	3,482	3,184
Income tax expense (benefit)	290		(650)	205	544	604	870	796
Net income (loss)	$	871	(1,777)	618	632	263	2,612	2,388
Revenue by Line of Business
Consumer and Small Business Banking	$	4,721	4,401	4,861	5,098	5,324	5,433	5,293
Consumer Lending:
Home Lending	2,527		1,477	1,876	1,960	1,832	2,578	2,447
Credit Card	1,345		1,196	1,375	1,470	1,438	1,413	1,386
Auto	404		388	380	387	394	394	392
Personal Lending	149		146	157	167	162	160	163
Total revenue	$	9,146	7,608	8,649	9,082	9,150	9,978	9,681
Selected Balance Sheet Data (average)
Loans by Line of Business:
Home Lending	$	270,036	262,209	276,827	278,030	276,422	276,403	276,990
Auto	49,770		49,611	49,493	48,516	47,508	46,383	46,031
Credit Card	35,965		36,539	39,756	39,898	39,204	38,154	38,182
Small Business	18,100		14,887	9,715	9,748	9,851	10,074	10,140
Personal Lending	5,912		6,385	6,771	6,868	6,826	6,806	6,979
Total loans	$	379,783	369,631	382,562	383,060	379,811	377,820	378,322
Total deposits	756,485		715,144	652,706	646,082	635,876	625,637	608,355
Allocated capital	48,000		48,000	48,000	46,000	46,000	46,000	46,000

Selected Balance Sheet Data (period-end)
Loans by Line of Business:
Home Lending	$	273,635	258,582	275,395	278,325	277,688	275,769	275,552
Auto	49,442		49,924	49,779	49,124	47,975	46,883	46,109
Credit Card	36,021		36,018	38,582	41,013	39,629	38,820	38,279
Small Business	17,993		18,116	9,753	9,695	9,840	10,049	10,165
Personal Lending	5,724		6,113	6,692	6,845	6,857	6,786	6,833
Total loans	$	382,815	368,753	380,201	385,002	381,989	378,307	376,938
Total deposits	759,425		746,602	672,603	647,152	641,217	631,560	630,004


	Quarter ended
($ in millions, unless otherwise noted)	Sep 30, 2020			Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1)	6.6		%	(15.5)	4.6	4.7	1.5	22.0	20.3
Efficiency ratio (2)	80.3			91.1	72.3	81.7	84.3	60.6	60.1
Headcount (#)	131,516			133,876	133,394	134,881	136,788	138,287	139,685
Retail bank branches (#)	5,229			5,300	5,329	5,352	5,393	5,442	5,479
Digital active customers (# in millions) (3)	32.0			31.1	31.1	30.3	30.2	30.0	30.2
Mobile active customers (# in millions) (3)	25.9			25.2	24.9	24.4	24.3	23.9	23.5

Consumer and Small Business Banking:
Deposit spread (4)	1.8		%	1.8	2.0	2.2	2.3	2.5	2.6
Debit card purchase volume ($ in billions) (5)	$	102.9		93.1	90.6	95.2	92.6	93.2	86.6
Debit card purchase transactions (# in millions) (5)	2,273			2,027	2,195	2,344	2,344	2,336	2,165

Home Lending:
Mortgage banking fees:
Net servicing income	$	331		(666)	257	12	(162)	258	346
Net gains on mortgage loan origination/sales activities	1,213			922	85	661	504	398	297
Total mortgage banking fees	1,544			256	342	673	342	656	643

Originations ($ in billions):
Retail	32.8			30.5	23.1	27.5	27.6	26.7	14.6
Correspondent	28.8			28.7	24.9	32.3	30.3	26.5	18.5
Total originations	$	61.6		59.2	48.0	59.8	57.9	53.2	33.1

% of originations held for sale (HFS)	78.1		%	71.8	69.6	69.6	66.0	62.1	66.8
Third party mortgage loans serviced (period-end) ($ in billions) (6)	$	917.6		989.5	1,037.5	1,063.4	1,083.0	1,107.3	1,124.9
Mortgage servicing rights (MSR) carrying value (period-end)	6,355			6,819	8,126	11,517	11,072	12,096	13,336
Ratio of MSR carrying value (period-end) to third party mortgage loans serviced (period-end) (6)	0.69		%	0.69	0.78	1.08	1.02	1.09	1.19
Home lending loans 30+ days or more delinquency rate (7)(8)	0.56			0.54	0.71	0.64	0.67	0.75	0.91

Credit Card:
Point of sale (POS) volume ($ in billions)	$	21.3		17.5	19.9	23.1	22.5	22.5	20.1
New accounts (# in thousands) (9)	212			255	315	366	469	498	507
Credit card loans 30+ days or more delinquency rate (8)	1.76		%	2.10	2.60	2.63	2.52	2.31	2.47

Auto:
Auto originations ($ in billions)	$	5.4		5.6	6.5	6.8	6.9	6.3	5.4
Auto loans 30+ days or more delinquency rate (8)	1.67		%	1.70	2.31	2.56	2.35	2.28	2.30

Personal Lending:
New funded balances	$	323		315	667	708	812	702	607


	Quarter ended
($ in millions)	Sep 30, 2020			Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	134,531		158,982	154,308	154,525	156,797	160,020	160,045
Commercial real estate	52,017			53,157	53,288	53,727	54,333	54,712	54,906
Lease financing and other	15,345			16,284	17,261	17,211	17,059	16,919	17,248
Total loans	$	201,893		228,423	224,857	225,463	228,189	231,651	232,199

Loans by Line of Business:
Middle Market Banking	$	110,289		122,319	116,232	116,098	119,089	121,498	122,256
Asset-Based Lending and Leasing	90,530			105,061	107,437	108,154	107,908	108,931	108,705
Other	1,074			1,043	1,188	1,211	1,192	1,222	1,238
Total loans	$	201,893		228,423	224,857	225,463	228,189	231,651	232,199

Total deposits	$	197,976		206,495	193,454	192,334	184,984	184,242	186,161
Allocated capital	19,500			19,500	19,500	20,500	20,500	20,500	20,500

Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	128,270		142,315	170,893	153,601	156,833	159,899	161,121
Commercial real estate	51,297			52,802	53,531	53,526	54,023	54,926	54,723
Lease financing and other	15,180			15,662	17,179	17,654	17,393	17,036	16,970
Total loans	$	194,747		210,779	241,603	224,781	228,249	231,861	232,814

Loans by Line of Business:
Middle Market Banking	$	105,851		115,105	125,192	115,187	118,331	121,327	121,512
Asset-Based Lending and Leasing	88,087			94,976	115,371	108,470	108,306	109,282	109,907
Other	809			698	1,040	1,124	1,612	1,252	1,395
Total loans	$	194,747		210,779	241,603	224,781	228,249	231,861	232,814

Total deposits	$	198,556		203,777	209,495	194,469	191,777	183,788	181,307

Selected Metrics
Return on allocated capital	3.0		%	(25.2)	(4.7)	14.3	17.0	20.7	18.1
Efficiency ratio	74.7			70.7	67.8	62.6	56.8	54.8	55.4
Headcount (#)	24,091			24,107	24,036	23,871	24,009	24,345	24,062


	Quarter ended
($ in millions)	Sep 30, 2020		Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	165,445	190,861	178,254	171,078	167,443	165,873	169,627
Commercial real estate	84,408		82,726	79,988	79,776	79,363	79,935	80,150
Total loans	$	249,853	273,587	258,242	250,854	246,806	245,808	249,777

Loans by Line of Business:
Banking	$	88,936	105,983	96,844	92,796	89,807	89,354	91,033
Commercial Real Estate	109,482		110,594	105,194	103,714	103,692	104,210	105,452
Markets	51,435		57,010	56,204	54,344	53,307	52,244	53,292
Total loans	$	249,853	273,587	258,242	250,854	246,806	245,808	249,777
Trading-related assets:
Trading account securities	$	100,193	106,836	123,327	127,677	118,540	107,912	109,389
Reverse repurchase agreements/securities borrowed	68,818		70,335	89,132	93,047	93,882	90,265	79,362
Derivative assets	23,640		22,380	18,284	14,014	14,983	12,026	9,956
Total trading-related assets	$	192,651	199,551	230,743	234,738	227,405	210,203	198,707
Total assets	503,966		535,655	551,987	542,910	532,063	509,089	499,228
Total deposits	226,129		239,637	266,167	258,781	244,169	226,761	224,457
Allocated capital	34,000		34,000	34,000	31,500	31,500	31,500	31,500

Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	157,193	171,859	206,620	173,985	168,670	165,257	166,695
Commercial real estate	83,920		83,715	81,152	79,451	79,045	80,392	80,461
Total loans	$	241,113	255,574	287,772	253,436	247,715	245,649	247,156

Loans by Line of Business:
Banking	$	83,128	91,093	118,682	93,117	90,555	88,293	89,281
Commercial Real Estate	108,240		109,402	109,937	103,938	103,807	104,344	105,044
Markets	49,745		55,079	59,153	56,381	53,353	53,012	52,831
Total loans	$	241,113	255,574	287,772	253,436	247,715	245,649	247,156
Trading-related assets:
Trading account securities	$	100,157	97,708	110,544	124,808	129,595	102,743	104,394
Reverse repurchase agreements/securities borrowed	61,027		70,949	79,560	90,077	94,162	97,643	85,684
Derivative assets	23,844		22,757	24,834	14,382	15,054	13,221	11,279
Total trading-related assets	$	185,028	191,414	214,938	229,267	238,811	213,607	201,357
Total assets	490,694		510,545	574,660	538,383	547,121	516,918	504,410