Compare · Financials
Citigroup vs. Wells Fargo: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
Citigroup
1 · What it sells
Citigroup moves money, trades, lends and advises for companies and investors in nearly 160 countries and jurisdictions and issues U.S. credit cards, with revenue of $85.2 billion in FY2025.
Sources and detail on the Citigroup page2 · Who pays it
Companies, governments and institutions brought in 60% of FY2025 revenue through Services, Markets and Banking, U.S. cardholders and retail-bank customers 25%, wealth clients 10% and other businesses 5%.
Sources and detail on the Citigroup page3 · What it keeps from $100
Of every $100 that came in during FY2025, Citi paid $49.4 in interest to depositors and lenders and kept $8.6 as profit, after a $1.2 billion Russia loss and a $726 million Banamex impairment.
Sources and detail on the Citigroup page4 · Where the operating profit comes from
Services earned $7.1 billion of FY2025 income from continuing operations, Markets $5.9 billion, U.S. Personal Banking $3.1 billion, Banking $2.3 billion and Wealth $1.5 billion, while All Other lost $5.5 billion.
Sources and detail on the Citigroup page5 · The one thing to watch
Citi held 51% of Banamex's voting stock at Sep 30, 2026 and expects an approximate $9 billion loss when it deconsolidates Banamex in early 2027, the CFO said on Oct 13, 2026.
Sources and detail on the Citigroup page
Wells Fargo
1 · What it sells
Wells Fargo takes deposits, makes consumer and business loans and sells wealth management and investment banking services, with $1,048.1 billion of loans at Sep 30, 2026.
Sources and detail on the Wells Fargo page2 · Who pays it
Wells Fargo gives no revenue by customer; by segment, people and small businesses brought in 44% of FY2025 segment revenue, large companies and institutions 23%, wealth clients 19% and commercial clients 14%.
Sources and detail on the Wells Fargo page3 · What it keeps from $100
Of every $100 that came in during FY2025, Wells Fargo paid $32.2 in interest to depositors and lenders and $29.4 to employees (including $953 million of severance, of which $612 million in Q4 the company called a notable item, and a special award after the asset cap was removed) and kept $17.3 as net income, with operating profit before credit losses and tax (pre-provision profit) of $28.9 billion.
Sources and detail on the Wells Fargo page4 · Where the operating profit comes from
Of FY2025 segment net income, Consumer Banking and Lending earned $7,865 million, Corporate and Investment Banking $7,283 million, Commercial Banking $4,184 million and Wealth and Investment Management $2,119 million.
Sources and detail on the Wells Fargo page5 · The one thing to watch
The net interest margin was 2.43% in Q3 FY2026, down from 2.61% in Q3 FY2025, while the company said average loans grew 11% over the same year.
Sources and detail on the Wells Fargo page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
Citigroup
Where $100 went · FY2025
| Interest paid to depositors and lenders | $49.4 |
|---|---|
| Employees | $17.6 |
| Technology, offices and other operating costs | $15.1 |
| Provisions for credit losses and for benefits and claims | $6.1 |
| Income tax | $3.2 |
| Kept as profit | $8.6 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 that came in (interest income $142,864 million plus noninterest revenue $25,433 million = $168,297 million): each line = line ÷ $168,297 million × 100. Profit is income from continuing operations, before $146 million to minority holders of subsidiaries and $1,114 million of preferred dividends.
Wells Fargo
Where $100 went · FY2025
| Interest paid to depositors and lenders | $32.2 |
|---|---|
| Employees | $29.4 |
| Technology, offices, outside services and other costs | $15.0 |
| Provision for credit losses | $3.0 |
| Income tax | $3.1 |
| Kept as net income | $17.3 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 that came in (interest earned $87,314 million plus noninterest income $36,215 million = $123,529 million): each line = line ÷ $123,529 million × 100. The $20 million paid to minority owners of subsidiaries rounds to $0.0 and is left out. Net income includes $1,053 million of preferred stock dividends and other. The employee line includes $953 million of severance (of which $612 million of Q4 FY2025 severance, which the company called a notable item in its Q4 2025 earnings release, S9) and a special award to employees after the asset cap was removed (amount not given).
Line items differ because each company groups its costs its own way in its filings. Only on Citigroup's receipt: Technology, offices and other operating costs; Provisions for credit losses and for benefits and claims; Kept as profit. Only on Wells Fargo's receipt: Technology, offices, outside services and other costs; Provision for credit losses; Kept as net income.
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
Citigroup
Wells Fargo
See the numbers
Net income
Citigroup
Wells Fargo
See the numbers
Free cash flow
Citigroup
Not on the Citigroup page.
Wells Fargo
Not on the Wells Fargo page.
See the numbers
Who pays each company
Citigroup
- Companies, governments and institutions · 60.4% of revenueFees, interest and trading income in Services, Markets and Banking
- U.S. cardholders and retail-bank customers · 24.6% of revenueInterest and fees on credit cards and U.S. retail bank accounts (U.S. Personal Banking)
- Wealth clients · 10.0% of revenueAdvice, investment and lending fees and interest from wealthier clients
- Other businesses · 5.0% of revenueMexico consumer banking (Banamex), Korea and central treasury (All Other)
Wells Fargo
- People and small businesses · 44.0% of revenueInterest on cards and on home, auto and personal loans, plus account and card fees (Consumer Banking and Lending)
- Large companies and institutions · 22.7% of revenueInterest on corporate and real estate loans, deal fees and trading (Corporate and Investment Banking)
- Wealth and brokerage clients · 19.2% of revenueAdvisory and asset-based fees, commissions and interest (Wealth and Investment Management)
- Commercial clients · 14.1% of revenueInterest on loans and leases to private, family-owned and public companies, plus treasury management fees (Commercial Banking)
Revenue by segment
Citigroup
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Markets | $22.0B | 25.8% |
| Services | $21.3B | 24.9% |
| U.S. Personal Banking | $21.0B | 24.6% |
| Wealth | $8.6B | 10.0% |
| Banking | $8.2B | 9.6% |
| All Other | $4.3B | 5.0% |
Wells Fargo
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Consumer Banking and Lending | $37.4B | 44.0% |
| Corporate and Investment Banking | $19.2B | 22.7% |
| Wealth and Investment Management | $16.3B | 19.2% |
| Commercial Banking | $12.0B | 14.1% |
Debt and cash
Citigroup
Not on the Citigroup page.
Wells Fargo
Not on the Wells Fargo page.
Who owns each company
Citigroup
- One class of shares.
- Officers and directors as a group: 0.1% of shares (as of Mar 23, 2026).
- Vanguard Capital Management: 7.2% (as of Apr 29, 2026).
- BlackRock, Inc.: 6.9% (as of Apr 24, 2025).
Wells Fargo
- One class of shares.
- Officers and directors as a group: 0.1% of shares (as of Feb 9, 2026).
- BlackRock: 8.6% (as of Jan 26, 2024).
- Vanguard Capital Management: 7.5% (as of Apr 30, 2026).
- FMR LLC: 4.7% (as of Nov 5, 2026).
Sources: Citigroup S15, S4, S16, S17 · Wells Fargo S12, S5, S13, S14, S15
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: execution, demand, regulation, pricing. Every risk is on each company's page.
Citigroup
- Card partner agreements (customer or supplier concentration)Citi's five largest co-brand and store card relationships made up about 12% of its FY2025 revenue. The agreements have fixed terms, and Citi says it may not keep them on existing terms or at all.
Wells Fargo
- Lawsuits and investigations (legal cases)The Q3 FY2026 10-Q lists class actions and government inquiries, including anti-money laundering and fair-access-to-banking investigations. It puts the high end of reasonably possible losses above accruals at about $1.5 billion.
Key facts
- How does Citigroup make money compared with Wells Fargo?
- Citigroup's revenue by segment in FY2025: Markets 25.8%, Services 24.9%, U.S. Personal Banking 24.6%, Wealth 10.0%, Banking 9.6%, and 1 more. Wells Fargo's revenue by segment in FY2025: Consumer Banking and Lending 44.0%, Corporate and Investment Banking 22.7%, Wealth and Investment Management 19.2%, Commercial Banking 14.1%.
- Which is bigger by revenue, Citigroup or Wells Fargo?
- Citigroup reported $85.2B of revenue in FY2025, and Wells Fargo reported $83.7B in FY2025.
- How much net income did Citigroup and Wells Fargo report?
- Citigroup reported net income of $13.2B in FY2025, and Wells Fargo reported $20.3B in FY2025.
- How much of every $100 did Citigroup and Wells Fargo keep as net income?
- Citigroup kept $8.6 of every $100 that came in during FY2025, and Wells Fargo kept $17.3 in FY2025 (Cityfort calculation from each company's annual report).
- When do Citigroup's and Wells Fargo's fiscal years end?
- Citigroup: December 31. Wells Fargo: Fiscal year ends on December 31 (calendar year).
Built from each company's page. Citigroup updated Nov 6, 2026; Wells Fargo updated Nov 6, 2026.
Sources
Citigroup
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), Citigroup Inc. (SEC EDGAR), Feb 20, 2026
- S2Form 10-K, fiscal year 2023 (ended Dec 31, 2023), Citigroup Inc. (SEC EDGAR), Feb 23, 2024
- S3Form 10-K, fiscal year 2021 (ended Dec 31, 2021), Citigroup Inc. (SEC EDGAR), Feb 28, 2022
- S4Form 10-Q, third quarter 2026 (ended Sep 30, 2026), Citigroup Inc. (SEC EDGAR), Nov 5, 2026
- S6Form 10-Q, first quarter 2026 (ended Mar 31, 2026), Citigroup Inc. (SEC EDGAR), May 7, 2026
- S152026 proxy statement (DEF 14A), Citigroup Inc. (SEC EDGAR), Apr 2, 2026
- S16Schedule 13G, Vanguard Capital Management, Citigroup common stock (event Mar 31, 2026), Vanguard Capital Management (SEC EDGAR), Apr 29, 2026
- S17Schedule 13G/A, The Vanguard Group, Citigroup common stock (event Mar 13, 2026), The Vanguard Group (SEC EDGAR), Mar 26, 2026
Wells Fargo
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), Wells Fargo & Company (SEC EDGAR), Feb 24, 2026
- S22025 Annual Report to Shareholders (Exhibit 13 to the FY2025 Form 10-K): Financial Review, risk factors, financial statements, Wells Fargo & Company (SEC EDGAR), Feb 24, 2026
- S32023 Annual Report to Shareholders (Exhibit 13 to the FY2023 Form 10-K), Wells Fargo & Company (SEC EDGAR), Feb 20, 2024
- S5Form 10-Q, quarter ended Sep 30, 2026 (Q3 FY2026), Wells Fargo & Company (SEC EDGAR), Oct 28, 2026
- S122026 proxy statement (DEF 14A, filed Mar 18, 2026), Wells Fargo & Company (SEC EDGAR), Mar 18, 2026
- S13Schedule 13G by Vanguard Capital Management on Wells Fargo & Co (event date Mar 31, 2026), Vanguard Capital Management (SEC EDGAR), Apr 30, 2026
- S14Schedule 13G/A by The Vanguard Group on Wells Fargo & Co (event date Mar 13, 2026: 0 shares), The Vanguard Group (SEC EDGAR), Mar 27, 2026
- S15Schedule 13G/A by FMR LLC on Wells Fargo & Company (event date Sep 30, 2026: 4.7%), FMR LLC (SEC EDGAR), Nov 5, 2026
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