Revenue of $3.6 billion however increased by $94 million during the quarter, driven largely by heightened net interest income and bigger gains on deferred compensation plan investments, the firm said.

Non-interest expense grew by $121 million - or 4 per cent - from the prior quarter, which again it attributed primarily to higher deferred compensation plan expense as well as higher project spend for technology platform enhancements.

Meanwhile, net income was up by 5 per cent year-on-year in this segment while revenue rose by 6 per cent, as strong growth in asset-based fees and higher net interest income were partially offset by lower gains on deferred compensation plan investments and lower brokerage transaction revenue.

Wealth management client assets of $255 billion were also up by 5 per cent year-on-year while the provision for credit losses was up $33 million and $19 million from the previous quarter and prior year-quarter, respectively.

Within WBR, wealth management serves affluent and high net worth clients while Abbot Downing, a Wells Fargo business, is focused on the ultra high net worth.

Wells Fargo & Company reported diluted earnings per common share of $4.10 for 2014, up 5 per cent from $3.89 in 2013. Full-year net income, meanwhile, was $23.1 billion - up from $21.9 billion in 2013. For the final quarter of the year, net income was $5.7 billion, up slightly from $5.6 billion a year ago.