How Does Wells Fargo Make its Money?
Wells Fargo is one of the largest banks in the United States, serving approximately one in three American households and more than 10% of small businesses. The company provides a diversified set of banking, investment, mortgage, and consumer and commercial finance services through its four operating segments. Wells Fargo has been undergoing a multi-year transformation following its 2016 fake-accounts scandal, with a focus on risk management and efficiency improvements.
Wells Fargo (WFC) Business Model
Wells Fargo operates in the banking sector. Below is a summary of Wells Fargo’s revenue streams, how the company generates income, and the key financial metrics from its most recent annual report. This breakdown uses data from Wells Fargo’s 2024 fiscal year filings with the SEC.
Wells Fargo Competitors
Wells Fargo’s key competitors and comparable public companies in the banking sector include JPMorgan Chase, Bank of America, Citigroup, and Goldman Sachs. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Wells Fargo stacks up by comparing their revenue breakdown, margins, and growth metrics.
Wells Fargo Competitors
Wells Fargo’s key competitors and comparable public companies in the banking sector include JPMorgan Chase, Bank of America, Citigroup, and Goldman Sachs. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Wells Fargo stacks up by comparing their revenue breakdown, margins, and growth metrics.
Wells Fargo Competitors
Wells Fargo’s key competitors and comparable public companies in the banking sector include JPMorgan Chase, Bank of America, Citigroup, and Goldman Sachs. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Wells Fargo stacks up by comparing their revenue breakdown, margins, and growth metrics.
Wells Fargo Competitors
Wells Fargo’s key competitors and comparable public companies in the banking sector include JPMorgan Chase, Bank of America, Citigroup, and Goldman Sachs. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Wells Fargo stacks up by comparing their revenue breakdown, margins, and growth metrics.
Wells Fargo Competitors
Wells Fargo’s key competitors and comparable public companies in the banking sector include JPMorgan Chase, Bank of America, Citigroup, and Goldman Sachs. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Wells Fargo stacks up by comparing their revenue breakdown, margins, and growth metrics.
Wells Fargo Competitors
Wells Fargo’s key competitors and comparable public companies in the banking sector include JPMorgan Chase, Bank of America, Citigroup, and Goldman Sachs. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Wells Fargo stacks up by comparing their revenue breakdown, margins, and growth metrics.
Wells Fargo Competitors
Wells Fargo’s key competitors and comparable public companies in the banking sector include JPMorgan Chase, Bank of America, Citigroup, and Goldman Sachs. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Wells Fargo stacks up by comparing their revenue breakdown, margins, and growth metrics.
Revenue Breakdown
| Segment | 2024 | 2023 | YoY Growth |
|---|---|---|---|
| Consumer Banking & Lending | $36,100 | $36,700 | -1.6% |
| Commercial Banking | $12,900 | $12,200 | +5.7% |
| Corporate & Investment Banking | $19,300 | $17,500 | +10.3% |
| Wealth & Investment Management | $15,200 | $14,000 | +8.6% |
| Total Revenue | $82,300 | $78,500 | +4.8% |
Consumer Banking & Lending — 44% of Revenue
Commercial Banking — 16% of Revenue
Corporate & Investment Banking — 23% of Revenue
Wealth & Investment Management — 18% of Revenue
Income Statement Overview
| Metric | 2024 | 2023 |
|---|---|---|
| Total Revenue | $82,300 | $78,500 |
| Cost of Revenue | $13,429 | $14,699 |
| Gross Profit | $68,871 | $63,801 |
| Operating Expenses | $54,600 | $55,560 |
| Operating Income | $14,271 | $8,241 |
| Net Income | $19,100 | $17,600 |
All values in millions USD unless otherwise stated.
Key Financial Metrics
- Gross Margin: 83.7%
- Operating Margin: 17.3%
- Revenue Growth: 4.8%
Is Wells Fargo Profitable?
Yes, Wells Fargo is profitable. The company reported net income of $19,100 on total revenue of $82,300. With an operating margin of 17.3%, Wells Fargo demonstrates solid profitability for the banking sector. The gross margin of 83.7% reflects Wells Fargo’s pricing power and cost structure.
What to Watch
- Progress on lifting the Fed’s asset cap imposed after the 2016 scandal
- Net interest income trajectory as interest rates shift
- Continued cost-cutting and efficiency improvements under CEO Charlie Scharf
- Growth in credit card and investment advisory fee income
Wells Fargo (WFC) Financial Summary
Wells Fargo (WFC) is a banking company that generated $82,300 in total revenue in fiscal year 2024. Revenue grew 4.8% year-over-year. The company earned $19,100 in net income, making it profitable. For a deeper look at Wells Fargo’s revenue breakdown, business segments, and financial performance, review the detailed analysis above.