Form 8-K WELLS FARGO & COMPANY/MN For: Jan 15

January 15, 2021 7:47 AM

Exhibit 99.1


			News Release \| January 15, 2021 Wells Fargo Reports Fourth Quarter 2020 Net Income of $3.0 billion, or $0.64 per Diluted Share

Company-wide Financial Summary


		Quarter ended
		Dec 31, 2020			Dec 31, 2019
Selected Income Statement Data ($ in millions except per share amounts)
	Total revenue	$	17,925		19,860
	Noninterest expense	14,802			15,614
	Provision for credit losses	(179)			644
	Net income	2,992			2,873
	Diluted earnings per common share	0.64			0.60

Selected Balance Sheet Data ($ in billions)
	Average loans	$	899.7		956.5
	Average deposits	1,380.1			1,321.9
	CET11	11.6		%	11.1

Performance Metrics
	ROE2	6.4		%	5.9
	ROTCE3	7.7			7.1


Operating Segments and Other Highlights4

Consumer Banking and Lending

◦Average loans of $373.9 billion, down 2%

◦Average deposits of $763.2 billion, up 18%

Commercial Banking

◦Average loans of $190.9 billion, down 15%

◦Average deposits of $203.6 billion, up 6%

Corporate and Investment Banking

◦Average loans of $239.8 billion, down 4%

◦Average trading-related assets of $190.4 billion, down 19%

◦Average deposits of $205.8 billion, down 20%

Wealth and Investment Management

◦Total client assets of $2.0 trillion, up 6%

◦Average loans of $80.1 billion, up 5%

◦Average deposits of $169.9 billion, up 22%

Capital

◦The Company’s Board of Directors approved an increase in the Company’s authority to repurchase common stock by an additional 500 million shares, bringing the total authorized amount to 667 million common shares


Fourth quarter 2020 results included:

◦$(781) million, or ($0.14) per share, impact of restructuring charges

◦$757 million, or $0.14 per share, reserve release due to the announced sale of our student loan portfolio

◦$(321) million, or ($0.06) per share, impact of customer remediation accruals


Chief Executive Officer Charlie Scharf commented on the quarter, “Although our financial performance improved and we earned $3.0 billion in the fourth quarter, our results continued to be impacted by the unprecedented operating environment and the required work to put our substantial legacy issues behind us.” “Our agenda is clear and we are making progress. We have prioritized and are moving forward on our risk and control buildout – the recently terminated BSA/AML consent order is just one of many, but it is an important step forward; we have a new management team in place; the disciplines we use to manage the company are completely different than one year ago; we have clarified our strategic priorities and are exiting certain non-strategic businesses; and we have identified and are implementing a series of actions to improve our financial performance,” Scharf added. “With a more consistent broad-based recovery and as we continue to press forward with our agenda, we expect you will see that this franchise is capable of much more” Scharf concluded.

1 Represents the lower of our Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach and under the Advanced Approach. See tables on pages 25-26 of the 4Q20 Quarterly Supplement for more information on CET1. CET1 is a preliminary estimate.

2 Return on equity (ROE) represents Wells Fargo net income (loss) applicable to common stock divided by average common stockholders’ equity.

3 Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 23-24 of the 4Q20 Quarterly Supplement.

4 Comparisons in the bullet points are for fourth quarter 2020 versus fourth quarter 2019, unless otherwise specified.

Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Annual Report on Form 10-K for the year ended December 31, 2020, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.

Selected Company-wide Financial Information


					Quarter ended		Dec 31, 2020 % Change from			Year ended
		Dec 31, 2020			Sep 30, 2020	Dec 31, 2019	Sep 30, 2020		Dec 31, 2019	Dec 31, 2020			Dec 31, 2019
Earnings ($ in millions except per share amounts)
	Net interest income	$	9,275		9,368	11,200	(1)	%	(17)	$	39,835		47,231
	Noninterest income	8,650			9,494	8,660	(9)		—	32,505			37,832
	Total revenue	17,925			18,862	19,860	(5)		(10)	72,340			85,063
	Net charge-offs	584			731	769	(20)		(24)	3,370			2,762
	Increase (decrease) in the allowance for credit losses	(763)			38	(125)	NM		510	10,759			(75)
	Provision for credit losses	(179)			769	644	NM		NM	14,129			2,687
	Noninterest expense	14,802			15,229	15,614	(3)		(5)	57,630			58,178
	Income tax expense (benefit)	108			645	678	(83)		(84)	(3,005)			4,157

	Wells Fargo net income	$	2,992		2,035	2,873	47		4	$	3,301		19,549
	Diluted earnings per common share	0.64			0.42	0.60	52		7	0.41			4.05

Balance Sheet Data (average) ($ in billions)
	Loans	$	899.7		931.7	956.5	(3)		(6)	$	941.8		951.0
	Deposits	1,380.1			1,399.0	1,321.9	(1)		4	1,376.0			1,286.3
	Assets	1,926.9			1,947.7	1,941.8	(1)		(1)	1,943.5			1,913.4

Financial Ratios
	Return on assets (ROA)	0.62		%	0.42	0.59				0.17		%	1.02
	Return on equity (ROE)	6.4			4.2	5.9				1.0			10.2
	Return on average tangible common equity (ROTCE) (a)	7.7			5.1	7.1				1.3			12.2
	Efficiency ratio (b)	83			81	79				80			68
	Net interest margin	2.13			2.13	2.53				2.27			2.73

NM – Not meaningful

(a)Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 23-24 of the 4Q20 Quarterly Supplement.

(b)The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).

Fourth Quarter 2020 vs. Fourth Quarter 2019

◦Net interest income decreased 17%, primarily due to the impact of lower interest rates, which drove a repricing of the balance sheet, lower loan balances primarily due to weak demand and elevated prepayments, lower investment securities balances, and higher mortgage-backed securities premium amortization

◦Noninterest income was slightly down. Higher mortgage banking fees and gains in our affiliated venture capital and private equity partnerships were more than offset by the gain on the sale of our commercial real estate brokerage business in fourth quarter 2019, as well as lower deposit-related fees and net gains from trading activities

◦Noninterest expense decreased 5%, predominantly due to lower operating losses. Fourth quarter 2020 operating losses included $321 million of customer remediation accruals, while fourth quarter 2019 included $1.5 billion of litigation accruals. Additionally, travel expense and advertising expense declined as a result of the COVID-19 pandemic, while professional and outside services expense declined primarily due to efficiency initiatives. These decreases were partially offset by $781 million of restructuring charges

◦Provision for credit losses decreased $823 million, predominantly due to a $757 million reserve release due to the announced sale of our student loan portfolio, as well as lower net charge-offs

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Selected Company-wide Capital and Liquidity Information


					Quarter ended
($ in billions)		Dec 31, 2020			Sep 30, 2020	Dec 31, 2019
Capital:
	Total equity	$	185.9		182.0	188.0
	Common stockholders’ equity	164.8			161.1	166.7
	Tangible common equity (a)	136.9			133.2	138.5
	CET1 (b)	11.6		%	11.4	11.1
	Total loss absorbing capacity (TLAC) (c)	25.8			25.8	23.3

Liquidity:
	LCR (d)	133			134	120

(b)Represents the lower of our Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach and under the Advanced Approach. See tables on pages 25-26 of the 4Q20 Quarterly Supplement for more information on CET1. CET1 is a preliminary estimate.

(c)TLAC is a preliminary estimate.

(d)Liquidity coverage ratio (LCR) is calculated as high-quality liquid assets divided by projected net cash outflows, as each is defined under the LCR rule. LCR is a preliminary estimate.

Selected Company-wide Loan Credit Information


					Quarter ended
($ in millions)		Dec 31, 2020			Sep 30, 2020	Dec 31, 2019
Provision for credit losses for loans		$	(144)		751	644
Net loan charge-offs		584			683	769
	As a % of average total loans (annualized)	0.26		%	0.29	0.32

Total nonaccrual loans		$	8,728		8,022	5,346
	As a % of total loans	0.98		%	0.87	0.56
Total nonperforming assets		$	8,887		8,178	5,649
	As a % of total loans	1.00		%	0.89	0.59

Allowance for credit losses for loans		$	19,713		20,471	10,456
	As a % of total loans	2.22		%	2.22	1.09

Fourth Quarter 2020 vs. Third Quarter 2020

◦Net loan charge-offs as a percentage of average loans was 0.26% (annualized) for both commercial and consumer loans. Both portfolios saw declines in losses and net charge-off rates. Commercial net loan charge-offs were impacted by a small number of credit exposures in the commercial real estate portfolio. Consumer losses decreased as the impacts of government stimulus programs and customer accommodations, including payment deferrals, continued to impact performance

◦Nonperforming assets increased 9%. Nonaccrual loans increased $706 million predominantly due to increases in the commercial real estate, residential mortgage, and lease financing portfolios, partially offset by a decrease in the commercial and industrial portfolio

◦Allowance for credit losses for loans decreased $758 million predominantly due to the announced sale of our student loan portfolio

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Business Segment Performance

We reorganized our management reporting into four reportable operating segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. All other business activities that are not included in the reportable operating segments have been included in Corporate. We define our operating segments by type of product and customer segment, and their results are based on our management reporting process. The management reporting process measures the performance of the operating segments based on the Company’s management structure, and the results are regularly reviewed by our Chief Executive Officer and Operating Committee. Prior period operating segment results have been revised to reflect this reorganization. The reorganization did not impact the previously reported consolidated financial results of the Company.

Consumer Banking and Lending offers diversified financial products and services for consumers and small businesses with annual sales generally up to $5 million. These financial products and services include checking and savings accounts, credit and debit cards, as well as home, auto, personal, and small business lending.

Selected Financial Information


			Quarter ended				Dec 31, 2020 % Change from
			Dec 31, 2020		Sep 30, 2020	Dec 31, 2019	Sep 30, 2020		Dec 31, 2019
Earnings (in millions)
	Consumer and Small Business Banking		$	4,701	4,721	5,098	—	%	(8)
	Consumer Lending:
		Home Lending	1,995		2,527	1,960	(21)		2
		Credit Card	1,372		1,345	1,470	2		(7)
		Auto	403		404	387	—		4
		Personal Lending	142		149	167	(5)		(15)

	Total revenue		8,613		9,146	9,082	(6)		(5)
	Provision for credit losses		351		640	485	(45)		(28)
	Noninterest expense		6,441		7,345	7,421	(12)		(13)

	Net income		$	1,364	871	632	57		116

Average balances (in billions)
	Loans		$	373.9	379.8	383.1	(2)		(2)
	Deposits		763.2		756.5	646.1	1		18

Fourth Quarter 2020 vs. Fourth Quarter 2019

◦Revenue decreased 5%

▪Consumer and Small Business Banking was down 8% primarily due to the impact of lower interest rates and lower deposit-related fees on reduced transaction activity and higher fee waivers provided in response to the COVID-19 pandemic

▪Home Lending was up 2% as higher mortgage banking results were partially offset by lower net interest income, primarily driven by lower loan balances

▪Credit Card was down 7% driven by lower balances and lower fees due to reduced activity as a result of the COVID-19 pandemic

▪Auto was up 4% on higher net interest income, while Personal Lending was down 15% driven by lower loan balances

◦Noninterest expense decreased 13%, predominantly due to lower operating losses and marketing and advertising expense

◦Provision for credit losses decreased $134 million driven by lower net charge-offs across the consumer loan portfolios, which included the impacts of government stimulus programs and customer payment deferral activities

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Commercial Banking provides financial solutions to private, family owned and certain public companies. Products and services include banking and credit products across multiple industry sectors and municipalities, secured lending and lease products, and treasury management.

Selected Financial Information


		Quarter ended				Dec 31, 2020 % Change from
		Dec 31, 2020		Sep 30, 2020	Dec 31, 2019	Sep 30, 2020		Dec 31, 2019
Earnings (in millions)
	Middle Market Banking	$	1,149	1,196	1,545	(4)	%	(26)
	Asset-Based Lending and Leasing	1,029		976	1,085	5		(5)
	Other	210		188	265	12		(21)
	Total revenue	2,388		2,360	2,895	1		(18)
	Provision for credit losses	69		339	30	(80)		130
	Noninterest expense	1,690		1,762	1,812	(4)		(7)

	Net income	$	473	195	792	143		(40)

Average balances (in billions)
	Loans	$	190.9	201.9	225.5	(5)		(15)
	Deposits	203.6		198.0	192.3	3		6

Fourth Quarter 2020 vs. Fourth Quarter 2019

◦Revenue decreased 18%

▪Middle Market Banking was down 26% primarily due to the impact of lower interest rates and lower loan balances due to reduced demand and line utilization driven by clients’ liquidity needs, as well as a soft economic environment

▪Asset-Based Lending and Leasing was down 5% driven by the impact of lower interest rates and lower loan balances on reduced loan demand and line utilization

◦Noninterest expense decreased 7% primarily driven by lower personnel expense as a result of efficiency initiatives, as well as lower professional and outside services expense

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Corporate and Investment Banking delivers a suite of capital markets, banking and financial products and services to corporate, commercial real estate, government and institutional clients globally. Products and services include corporate banking, investment banking, treasury management, commercial real estate lending and servicing, equity and fixed income solutions, as well as sales, trading, and research capabilities.

Selected Financial Information


			Quarter ended				Dec 31, 2020 % Change from
			Dec 31, 2020		Sep 30, 2020	Dec 31, 2019	Sep 30, 2020		Dec 31, 2019
Earnings (in millions)
	Banking:
		Lending	$	424	422	451	—	%	(6)
		Treasury Management and Payments	384		395	527	(3)		(27)
		Investment Banking	348		295	358	18		(3)
	Total Banking		1,156		1,112	1,336	4		(13)
	Commercial Real Estate		964		835	862	15		12
	Markets:
		Fixed Income, Currencies, and Commodities (FICC)	889		1,005	897	(12)		(1)
		Equities	194		312	257	(38)		(25)
		Credit Adjustment (CVA/DVA) and Other	(67)		62	14	NM		NM
	Total Markets		1,016		1,379	1,168	(26)		(13)
	Other		(30)		(39)	(37)	(23)		(19)
	Total revenue		3,106		3,287	3,329	(6)		(7)
	Provision for credit losses		186		(121)	77	NM		142
	Noninterest expense		1,798		1,991	1,821	(10)		(1)

	Net income		$	841	1,062	1,073	(21)		(22)

Average balances (in billions)
	Loans		$	239.8	249.9	250.9	(4)		(4)
	Deposits		205.8		226.1	258.8	(9)		(20)

NM – Not meaningful

Fourth Quarter 2020 vs. Fourth Quarter 2019

◦Revenue decreased 7%

▪Banking was down 13% primarily due to lower Treasury Management and Payments revenue, predominantly driven by the impact of lower interest rates and lower deposit balances, predominantly due to actions taken to manage under the asset cap

▪Commercial Real Estate was up 12% primarily driven by our low income housing business, which in fourth quarter 2019 included lower revenue due to the timing of expected tax benefit recognition

▪Markets was down 13% primarily due to lower Credit Adjustment revenue driven by wider credit spreads and lower Equities revenue primarily driven by lower equity derivatives trading and lower equity financing revenue

◦Provision for credit losses increased $109 million primarily driven by higher losses in the commercial real estate portfolio

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Wealth and Investment Management provides personalized wealth management, investment and retirement products and services to clients across U.S.-based businesses including Wells Fargo Advisors, The Private Bank, Abbot Downing, and Wells Fargo Asset Management. We serve clients’ brokerage needs, and deliver financial planning, private banking, credit and fiduciary services to high-net worth and ultra-high-net worth individuals and families.

Selected Financial Information


		Quarter ended				Dec 31, 2020 % Change from
		Dec 31, 2020		Sep 30, 2020	Dec 31, 2019	Sep 30, 2020		Dec 31, 2019
Earnings (in millions)
	Net interest income	$	715	718	885	—	%	(19)
	Noninterest income	3,074		2,915	3,075	5		—
	Total revenue	3,789		3,633	3,960	4		(4)
	Provision for credit losses	(4)		(10)	(1)	(60)		300
	Noninterest expense	3,056		3,009	3,673	2		(17)

	Net income	$	548	474	213	16		157

Average balances (in billions)
	Loans	$	80.1	79.0	76.4	1		5
	Deposits	169.9		169.5	139.0	—		22

Fourth Quarter 2020 vs. Fourth Quarter 2019

◦Revenue decreased 4%, predominantly driven by lower net interest income as a result of lower interest rates. Noninterest income was flat as higher asset-based fees were offset by lower deferred compensation plan investment results (largely offset by lower deferred compensation plan expense)

▪In second quarter 2020, we entered into arrangements to transition our economic hedges of our deferred compensation plan liabilities from equity securities to derivative instruments. As a result of this transition, changes in the fair value of derivatives used to economically hedge the deferred compensation plan are reported in personnel expense along with deferred compensation plan expense and, therefore, revenue will no longer be impacted by changes in deferred compensation valuations

◦Noninterest expense decreased 17%, primarily due to lower operating losses and lower deferred compensation plan expense. Additionally, fourth quarter 2019 included $158 million of software impairment expense

◦Total client assets increased 6% to a record $2.0 trillion primarily driven by higher market valuations

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Corporate includes corporate treasury and staff functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and affiliated venture capital and private equity partnerships. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company. In addition, Corporate includes results for previously divested businesses.

Selected Financial Information


		Quarter ended				Dec 31, 2020 % Change from
		Dec 31, 2020		Sep 30, 2020	Dec 31, 2019	Sep 30, 2020		Dec 31, 2019
Earnings (in millions)
	Net interest income	$	(273)	(308)	349	(11)	%	NM
	Noninterest income	1,248		1,477	1,024	(16)		22
	Total revenue	975		1,169	1,373	(17)		(29)
	Provision for credit losses	(781)		(79)	53	889		NM
	Noninterest expense	1,817		1,122	887	62		105

	Net income (loss)	$	(234)	(567)	163	(59)		NM

NM – Not meaningful

Fourth Quarter 2020 vs. Fourth Quarter 2019

◦Revenue decreased 29%

▪Net interest income was down primarily due to the impact of lower interest rates

▪Noninterest income increased 22% driven by higher net gains on equity and debt securities. This increase was partially offset by a $362 million gain on the sale of our commercial real estate brokerage business in fourth quarter 2019

◦Noninterest expense increased predominantly due to $781 million of restructuring charges

◦Provision for credit losses decreased $834 million predominantly due to the announced sale of our student loan portfolio

Conference Call

The Company will host a live conference call on Friday, January 15, at 7:00 a.m. PT (10:00 a.m. ET). You may listen to the call by dialing 866-872-5161 (U.S. and Canada) or 440-424-4922 (International). The call will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and

https://engage.vevent.com/rt/wells_fargo_ao/index.jsp?seid=527.

A replay of the conference call will be available beginning at approximately 11:00 a.m. PT (2:00 p.m. ET) on Friday,

January 15 through Friday, January 29. Please dial 855-859-2056 (U.S. and Canada) or 404-537-3406 (International) and enter Conference ID: 6849835. The replay will also be available online at

https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and

https://engage.vevent.com/rt/wells_fargo_ao/index.jsp?seid=527.

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Forward-Looking Statements

This document contains forward-looking statements. In addition, we may make forward-looking statements in our other documents filed or furnished with the Securities and Exchange Commission, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company, including our outlook for future growth; (ii) our noninterest expense and efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses, our allowance for credit losses, and the economic scenarios considered to develop the allowance; (iv) our expectations regarding net interest income and net interest margin; (v) loan growth or the reduction or mitigation of risk in our loan portfolios; (vi) future capital or liquidity levels, ratios or targets; (vii) the performance of our mortgage business and any related exposures; (viii) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (ix) future common stock dividends, common share repurchases and other uses of capital; (x) our targeted range for return on assets, return on equity, and return on tangible common equity; (xi) expectations regarding our effective income tax rate; (xii) the outcome of contingencies, such as legal proceedings; and (xiii) the Company’s plans, objectives and strategies.

Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:

•current and future economic and market conditions, including the effects of declines in housing prices, high unemployment rates, U.S. fiscal debt, budget and tax matters, geopolitical matters, and any slowdown in global economic growth;

•the effect of the COVID-19 pandemic, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions;

•our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms;

•financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation relating to bank products and services;

•developments in our mortgage banking business, including the extent of the success of our mortgage loan modification efforts, the amount of mortgage loan repurchase demands that we receive, any negative effects relating to our mortgage servicing, loan modification or foreclosure practices, and the effects of regulatory or judicial requirements or guidance impacting our mortgage banking business and any changes in industry standards;

•our ability to realize any efficiency ratio or expense target as part of our expense management initiatives, including as a result of business and economic cyclicality, seasonality, changes in our business composition and operating environment, growth in our businesses and/or acquisitions, and unexpected expenses relating to, among other things, litigation and regulatory matters;

•the effect of the current interest rate environment or changes in interest rates or in the level or composition of our assets or liabilities on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgage loans held for sale;

•significant turbulence or a disruption in the capital or financial markets, which could result in, among other things, reduced investor demand for mortgage loans, a reduction in the availability of funding or increased funding costs, and declines in asset values and/or recognition of impairments of securities held in our debt securities and equity securities portfolios;

•the effect of a fall in stock market prices on our investment banking business and our fee income from our brokerage, asset and wealth management businesses;

•negative effects from the retail banking sales practices matter and from other instances where customers may have experienced financial harm, including on our legal, operational and compliance costs, our ability to engage in

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certain business activities or offer certain products or services, our ability to keep and attract customers, our ability to attract and retain qualified employees, and our reputation;

•resolution of regulatory matters, litigation, or other legal actions, which may result in, among other things, additional costs, fines, penalties, restrictions on our business activities, reputational harm, or other adverse consequences;

•a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks;

•the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin;

•fiscal and monetary policies of the Federal Reserve Board;

•changes to U.S. tax guidance and regulations, as well as the effect of discrete items on our effective income tax rate;

•our ability to develop and execute effective business plans and strategies; and

•the other risk factors and uncertainties described under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019 and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.

In addition to the above factors, we also caution that the amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of the Company, market conditions, capital requirements (including under Basel capital standards), common stock issuance requirements, applicable law and regulations (including federal securities laws and federal banking regulations), and other factors deemed relevant by the Company’s Board of Directors, and may be subject to regulatory approval or conditions.

For more information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019 and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov5.

Any forward-looking statement made by us speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Forward-looking Non-GAAP Financial Measures. From time to time management may discuss forward-looking non-GAAP financial measures, such as forward-looking estimates or targets for return on average tangible common equity. We are unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant to future results.

5 We do not control this website. Wells Fargo has provided this link for your convenience, but does not endorse and is not responsible for the content, links, privacy policy, or security policy of this website.

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About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10% of all middle market companies in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management. Wells Fargo ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health and a low-carbon economy.

Contact Information

Media

Peter Gilchrist, 704-715-3213

peter.gilchrist@wellsfargo.com

Ancel Martinez, 415-222-3858

ancel.martinez@wellsfargo.com

Investor Relations

John M. Campbell, 415-396-0523

john.m.campbell@wellsfargo.com

# # #

-11-

Exhibit 99.2

4Q20 Quarterly Supplement

Wells Fargo & Company and Subsidiaries

QUARTERLY FINANCIAL DATA

TABLE OF CONTENTS



			Pages
Consolidated Results

Summary Financial Data			1


Consolidated Statement of Income			3


Consolidated Balance Sheet			4
Average Balances and Interest Rates (Taxable-Equivalent Basis)			5









Reportable Operating Segment Results
Combined Segment Results			6
Consumer Banking and Lending			8
Commercial Banking			10
Corporate and Investment Banking			12
Wealth and Investment Management			14
Corporate			15

Credit-Related Information
Consolidated Loans Outstanding – Period End			16
Net Loan Charge-offs			17
Changes in Allowance for Credit Losses for Loans			18
Allocation of the Allowance for Credit Losses for Loans			19
Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)			20


Commercial and Industrial Loans and Lease Financing by Industry			21
Commercial Real Estate Loans by Property Type			22

Equity
Tangible Common Equity			23
Risk-Based Capital Ratios Under Basel III – Standardized Approach			25
Risk-Based Capital Ratios Under Basel III – Advanced Approach			26




Other
Deferred Compensation and Related Hedges			27

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA


	Quarter ended							Dec 31, 2020 % Change from			Year ended
(in millions, except per share amounts)	Dec 31, 2020			Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2020		Dec 31, 2019	Dec 31, 2020			Dec 31, 2019	% Change
Selected Income Statement Data
Total revenue	$	17,925		18,862	17,836	17,717	19,860	(5)	%	(10)	$	72,340		85,063	(15)	%
Total noninterest expense	14,802			15,229	14,551	13,048	15,614	(3)		(5)	57,630			58,178	(1)
Pre-tax pre-provision profit (PTPP) (1)	3,123			3,633	3,285	4,669	4,246	(14)		(26)	14,710			26,885	(45)
Provision for credit losses	(179)			769	9,534	4,005	644	NM		NM	14,129			2,687	426
Wells Fargo net income (loss)	2,992			2,035	(2,379)	653	2,873	47		4	3,301			19,549	(83)
Wells Fargo net income (loss) applicable to common stock	2,642			1,720	(2,694)	42	2,546	54		4	1,710			17,938	(90)

Common Share Data
Diluted earnings (loss) per common share	0.64			0.42	(0.66)	0.01	0.60	52		7	0.41			4.05	(90)
Dividends declared per common share	0.10			0.10	0.51	0.51	0.51	—		(80)	1.22			1.92	(36)
Common shares outstanding	4,144.0			4,132.5	4,119.6	4,096.4	4,134.4	—		—








Average common shares outstanding	4,137.6			4,123.8	4,105.5	4,104.8	4,197.1	—		(1)	4,118.0			4,393.1	(6)
Diluted average common shares outstanding (2)	4,151.3			4,132.2	4,105.5	4,135.3	4,234.6	—		(2)	4,134.2			4,425.4	(7)
Book value per common share (3)	$	39.76		38.99	38.67	39.71	40.31	2		(1)
Tangible book value per common share (3)(4)	33.04			32.23	31.88	32.90	33.50	3		(1)





Selected Equity Data (period-end)
Total equity	185,920			182,032	180,122	183,330	187,984	2		(1)
Common stockholders' equity	164,778			161,109	159,322	162,654	166,669	2		(1)
Tangible common equity (4)	136,935			133,179	131,329	134,787	138,506	3		(1)

Performance Ratios
Return on average assets (ROA)(5)	0.62		%	0.42	(0.49)	0.13	0.59				0.17		%	1.02
Return on average equity (ROE)(6)	6.4			4.2	(6.6)	0.1	5.9				1.0			10.2
Return on average tangible common equity (ROTCE)(4)	7.7			5.1	(8.0)	0.1	7.1				1.3			12.2
Efficiency ratio (7)	83			81	82	74	79				80			68
Net interest margin on a taxable-equivalent basis	2.13			2.13	2.25	2.58	2.53				2.27			2.73

NM – Not meaningful

(1)Pre-tax pre-provision profit (PTPP) is total revenue less total noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.

(2)For second quarter 2020, diluted average common shares outstanding equaled average common shares outstanding because our securities convertible into common shares had an anti-dilutive effect.

(3)Book value per common share is common stockholders' equity divided by common shares outstanding. Tangible book value per common share is tangible common equity divided by common shares outstanding.

(4)Tangible common equity, tangible book value per common share, and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 23 and 24.

(5)Represents Wells Fargo net income (loss) divided by average assets.

(6)Represents Wells Fargo net income (loss) applicable to common stock divided by average common stockholders’ equity.

(7)The efficiency ratio is total noninterest expense divided by total revenue (net interest income and noninterest income).

-1-

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA (continued)


	Quarter ended							Dec 31, 2020 % Change from			Year ended
($ in millions, unless otherwise noted)	Dec 31, 2020			Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2020		Dec 31, 2019	Dec 31, 2020		Dec 31, 2019	% Change
Selected Balance Sheet Data (average)
Loans	$	899,704		931,708	971,266	965,046	956,536	(3)	%	(6)	$	941,788	950,956	(1)	%
Assets	1,926,872			1,947,672	1,948,939	1,950,659	1,941,843	(1)		(1)	1,943,501		1,913,444	2
Deposits	1,380,100			1,399,028	1,386,656	1,337,963	1,321,913	(1)		4	1,376,011		1,286,261	7

Selected Balance Sheet Data (period-end)
Debt securities	501,207			476,421	472,580	501,563	497,125	5		1
Loans	887,637			920,082	935,155	1,009,843	962,265	(4)		(8)
Allowance for loan losses	18,516			19,463	18,926	11,263	9,551	(5)		94
Equity securities	62,260			51,169	52,494	54,047	68,241	22		(9)
Assets	1,955,163			1,922,220	1,968,766	1,981,349	1,927,555	2		1
Deposits	1,404,381			1,383,215	1,410,711	1,376,532	1,322,626	2		6

Headcount (#)	268,531			274,931	276,013	272,267	271,924	(2)		(1)

Capital and other metrics (1)
Risk-based capital ratios and components (2):
Standardized Approach:
CET1	11.6		%	11.4	11.0	10.7	11.1
Tier 1 capital	13.3			13.1	12.6	12.2	12.8
Total capital	16.5			16.3	15.9	15.2	15.8
Risk-weighted assets (RWAs) (in billions)	$	1,192.0		1,185.6	1,213.1	1,262.8	1,245.9	1		(4)

Advanced Approach:
CET1	11.9		%	11.5	11.1	11.4	11.9
Tier 1 capital	13.7			13.2	12.8	13.1	13.6
Total capital	16.1			15.7	15.3	15.6	16.2
Risk-weighted assets (RWAs) (in billions) (3)	$	1,158.1		1,172.0	1,195.4	1,181.3	1,165.1	(1)		(1)

Tier 1 leverage ratio	8.3		%	8.1	8.0	8.0	8.3
Liquidity Coverage Ratio (LCR)	133			134	129	121	120
Supplementary Leverage Ratio (SLR)	8.1			7.8	7.5	6.8	7.1
Total Loss Absorbing Capacity (TLAC)	25.8			25.8	25.3	23.3	23.3

(1)Ratios and metrics for December 31, 2020, are preliminary estimates.

(2)See tables on pages 25 and 26 for more information on Common Equity Tier 1 (CET1), tier 1 capital, and total capital. Beginning January 1, 2018, the requirements for calculating CET1 and tier 1 capital, along with RWAs became fully phased-in. Accordingly, the information presented reflects fully phased-in CET1, tier 1 capital, and RWAs, but reflects total capital still in accordance with Transition Requirements.

(3)Amount for December 31, 2019, has been revised as a result of a decrease in RWAs under the Advanced Approach due to the correction of duplicated operational loss amounts.

-2-

Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME


	Quarter ended						Dec 31, 2020 % Change from			Year ended
(in millions, except per share amounts)	Dec 31, 2020		Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2020		Dec 31, 2019	Dec 31, 2020		Dec 31, 2019	% Change







Interest income	$	10,470	10,800	11,801	14,727	15,595	(3)	%	(33)	$	47,798	66,083	(28)	%





Interest expense	1,195		1,432	1,921	3,415	4,395	(17)		(73)	7,963		18,852	(58)
Net interest income	9,275		9,368	9,880	11,312	11,200	(1)		(17)	39,835		47,231	(16)
Noninterest income
Deposit-related fees	1,333		1,299	1,142	1,447	1,530	3		(13)	5,221		5,819	(10)
Lending-related fees	356		352	323	350	358	1		(1)	1,381		1,474	(6)
Brokerage fees	2,440		2,336	2,117	2,482	2,380	4		3	9,375		9,237	1
Trust and investment management fees	747		737	687	701	728	1		3	2,872		3,038	(5)
Investment banking fees	486		441	547	391	464	10		5	1,865		1,797	4
Card fees	943		912	797	892	1,020	3		(8)	3,544		4,016	(12)
Mortgage banking	1,207		1,590	317	379	783	(24)		54	3,493		2,715	29
Net gains (losses) from trading activities	(60)		361	807	64	131	NM		NM	1,172		993	18
Net gains (losses) on debt securities	160		264	212	237	(8)	(39)		NM	873		140	524
Net gains (losses) from equity securities	884		649	533	(1,401)	451	36		96	665		2,843	(77)
Lease income	224		333	335	353	344	(33)		(35)	1,245		1,614	(23)
Other	(70)		220	139	510	479	NM		NM	799		4,146	(81)
Total noninterest income	8,650		9,494	7,956	6,405	8,660	(9)		—	32,505		37,832	(14)
Total revenue	17,925		18,862	17,836	17,717	19,860	(5)		(10)	72,340		85,063	(15)



Provision for credit losses	(179)		769	9,534	4,005	644	NM		NM	14,129		2,687	426
Noninterest expense
Personnel	8,948		8,624	8,916	8,323	8,819	4		1	34,811		35,128	(1)
Technology, telecommunications and equipment	838		791	672	798	936	6		(10)	3,099		3,276	(5)
Occupancy	826		851	871	715	749	(3)		10	3,263		2,945	11
Operating losses	621		1,219	1,219	464	1,916	(49)		(68)	3,523		4,321	(18)
Professional and outside services	1,664		1,760	1,676	1,606	1,789	(5)		(7)	6,706		6,745	(1)
Leases (1)	227		291	244	260	286	(22)		(21)	1,022		1,155	(12)
Advertising and promotion	138		144	137	181	244	(4)		(43)	600		1,076	(44)
Restructuring charges	781		718	—	—	—	9		NM	1,499		—	NM
Other	759		831	816	701	875	(9)		(13)	3,107		3,532	(12)
Total noninterest expense	14,802		15,229	14,551	13,048	15,614	(3)		(5)	57,630		58,178	(1)
Income (loss) before income tax expense (benefit)	3,302		2,864	(6,249)	664	3,602	15		(8)	581		24,198	(98)
Income tax expense (benefit)	108		645	(3,917)	159	678	(83)		(84)	(3,005)		4,157	NM
Net income (loss) before noncontrolling interests	3,194		2,219	(2,332)	505	2,924	44		9	3,586		20,041	(82)
Less: Net income (loss) from noncontrolling interests	202		184	47	(148)	51	10		296	285		492	(42)
Wells Fargo net income (loss)	$	2,992	2,035	(2,379)	653	2,873	47		4	$	3,301	19,549	(83)
Less: Preferred stock dividends and other	350		315	315	611	327	11		7	1,591		1,611	(1)
Wells Fargo net income (loss) applicable to common stock	$	2,642	1,720	(2,694)	42	2,546	54		4	$	1,710	17,938	(90)
Per share information
Earnings (loss) per common share	$	0.64	0.42	(0.66)	0.01	0.61	52		5	$	0.42	4.08	(90)
Diluted earnings (loss) per common share	0.64		0.42	(0.66)	0.01	0.60	52		7	0.41		4.05	(90)

NM – Not meaningful

(1)Represents expenses for assets we lease to customers.

-3-

Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET


							Dec 31, 2020 % Change from
(in millions)	Dec 31, 2020		Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2020		Dec 31, 2019
Assets
Cash and due from banks	$	28,236	25,535	24,704	22,738	21,757	11	%	30
Interest-earning deposits with banks	236,376		221,235	237,799	128,071	119,493	7		98
Total cash, cash equivalents, and restricted cash	264,612		246,770	262,503	150,809	141,250	7		87
Federal funds sold and securities purchased under resale agreements	65,672		69,304	79,289	86,465	102,140	(5)		(36)
Debt securities:
Trading, at fair value	75,095		73,253	74,679	80,425	79,733	3		(6)
Available-for-sale, at fair value	220,392		220,573	228,899	251,229	263,459	—		(16)
Held-to-maturity, at amortized cost	205,720		182,595	169,002	169,909	153,933	13		34


Loans held for sale (1)	36,384		25,004	33,694	23,678	24,319	46		50
Loans	887,637		920,082	935,155	1,009,843	962,265	(4)		(8)
Allowance for loan losses	(18,516)		(19,463)	(18,926)	(11,263)	(9,551)	(5)		94
Net loans	869,121		900,619	916,229	998,580	952,714	(3)		(9)
Mortgage servicing rights (1)	7,437		7,680	8,180	9,532	12,947	(3)		(43)


Premises and equipment, net	8,895		8,977	9,025	9,108	9,309	(1)		(4)
Goodwill	26,392		26,387	26,385	26,381	26,390	—		—
Derivative assets	25,846		23,715	22,776	25,023	14,203	9		82
Equity securities	62,260		51,169	52,494	54,047	68,241	22		(9)
Other assets	87,337		86,174	85,611	96,163	78,917	1		11
Total assets	$	1,955,163	1,922,220	1,968,766	1,981,349	1,927,555	2		1
Liabilities
Noninterest-bearing deposits	$	467,068	447,011	432,857	379,678	344,496	4		36
Interest-bearing deposits	937,313		936,204	977,854	996,854	978,130	—		(4)
Total deposits	1,404,381		1,383,215	1,410,711	1,376,532	1,322,626	2		6
Short-term borrowings	58,999		55,224	60,485	92,289	104,512	7		(44)
Derivative liabilities	16,509		13,767	11,368	15,618	9,079	20		82
Accrued expenses and other liabilities	76,404		72,271	75,159	76,238	75,163	6		2
Long-term debt	212,950		215,711	230,921	237,342	228,191	(1)		(7)
Total liabilities	1,769,243		1,740,188	1,788,644	1,798,019	1,739,571	2		2
Equity
Wells Fargo stockholders’ equity:
Preferred stock	21,136		21,098	21,098	21,347	21,549	—		(2)
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares	9,136		9,136	9,136	9,136	9,136	—		—
Additional paid-in capital	60,197		60,035	59,923	59,849	61,049	—		(1)
Retained earnings	162,890		160,913	159,952	165,308	166,697	1		(2)
Cumulative other comprehensive income (loss)	194		(750)	(798)	(1,564)	(1,311)	NM		NM
Treasury stock (2)	(67,791)		(68,384)	(69,050)	(70,215)	(68,831)	(1)		(2)
Unearned ESOP shares	(875)		(875)	(875)	(1,143)	(1,143)	—		(23)
Total Wells Fargo stockholders’ equity	184,887		181,173	179,386	182,718	187,146	2		(1)
Noncontrolling interests	1,033		859	736	612	838	20		23
Total equity	185,920		182,032	180,122	183,330	187,984	2		(1)
Total liabilities and equity	$	1,955,163	1,922,220	1,968,766	1,981,349	1,927,555	2		1

NM – Not meaningful

(1)In fourth quarter 2020, loans held for sale and mortgage loans held for sale were combined into a single line item, and mortgage servicing rights measured at fair value and at amortized cost were combined into a single line item. Prior period balances have been revised to conform with the current period presentation.

(2)Number of shares of treasury stock were 1,337,799,931, 1,349,294,592, 1,362,252,882, 1,385,401,170, and 1,347,385,537 at December 31, September 30, June 30 and March 31, 2020, and December 31, 2019, respectively.

-4-

Wells Fargo & Company and Subsidiaries

AVERAGE BALANCES AND INTEREST RATES (TAXABLE-EQUIVALENT BASIS)(1)


	Quarter ended					Dec 31, 2020 % Change from		Year ended		% Change
($ in millions)	Dec 31, 2020			Sep 30, 2020	Jun 30, 2020		Mar 31, 2020		Dec 31, 2019				Sep 30, 2020		Dec 31, 2019				Dec 31, 2020		Dec 31, 2019
Average Balances

Assets
Interest-earning deposits with banks	$	222,010		216,958	176,327		129,522		127,287		2	%		74		$	186,386			135,741		37	%
Federal funds sold and securities purchased under resale agreements	67,023			80,431	76,384		107,555		109,201		(17)			(39)		82,798				99,286		(17)
Debt securities	500,616			481,961	495,297		511,512		518,496		4			(3)		497,313				505,454		(2)
Loans held for sale (2)	29,436			31,023	27,610		21,846		25,350		(5)			16		27,493				21,516		28
Loans:
Commercial loans	476,468			497,744	545,318		520,514		512,590		(4)			(7)		509,886				511,460		—
Consumer loans	423,236			433,964	425,948		444,532		443,946		(2)			(5)		431,902				439,496		(2)
Total loans	899,704			931,708	971,266		965,046		956,536		(3)			(6)		941,788				950,956		(1)
Equity securities	25,744			25,185	27,417		37,532		38,278		2			(33)		28,950				35,930		(19)
Other	7,896			6,974	7,715		7,431		6,478		13			22		7,505				5,579		35
Total interest-earning assets	$	1,752,429		1,774,240	1,782,016		1,780,444		1,781,626		(1)			(2)		$	1,772,233			1,754,462		1
Total noninterest-earning assets	174,443			173,432	166,923		170,215		160,217		1			9		171,268				158,982		8
Total assets	$	1,926,872		1,947,672	1,948,939		1,950,659		1,941,843		(1)			(1)		$	1,943,501			1,913,444		2
Liabilities
Interest-bearing deposits	$	925,729		959,270	978,194		990,636		970,175		(3)			(5)		$	963,342			942,150		2
Short-term borrowings	57,304			57,292	63,535		102,977		115,949		—			(51)		70,206				115,337		(39)
Long-term debt	214,223			222,862	232,395		229,002		230,430		(4)			(7)		224,587				232,491		(3)
Other liabilities	25,949			27,679	29,947		30,199		27,279		(6)			(5)		28,435				25,771		10
Total interest-bearing liabilities	$	1,223,205		1,267,103	1,304,071		1,352,814		1,343,833		(3)			(9)		$	1,286,570			1,315,749		(2)
Noninterest-bearing demand deposits	454,371			439,758	408,462		347,327		351,738		3			29		412,669				344,111		20
Other noninterest-bearing liabilities	63,548			57,961	52,298		62,348		53,879		10			18		59,048				55,963		6
Total liabilities	$	1,741,124		1,764,822	1,764,831		1,762,489		1,749,450		(1)			—		$	1,758,287			1,715,823		2
Total equity	185,748			182,850	184,108		188,170		192,393		2			(3)		185,214				197,621		(6)
Total liabilities and equity	$	1,926,872		1,947,672	1,948,939		1,950,659		1,941,843		(1)			(1)		$	1,943,501			1,913,444		2

Average Interest Rates

Interest-earning assets
Interest-earning deposits with banks	0.10		%	0.11	0.12		1.18		1.63							0.29		%		2.12
Federal funds sold and securities purchased under resale agreements	0.05			0.02	0.01		1.42		1.72							0.47				2.18
Debt securities	1.96			2.10	2.46		2.81		2.84							2.34				3.06
Loans held for sale (2)	3.56			3.07	3.45		3.82		3.91							3.45				4.14
Loans:
Commercial loans	2.67			2.60	2.76		3.65		3.90							2.93				4.27
Consumer loans	4.20			4.33	4.45		4.83		4.92							4.46				5.11
Total loans	3.39			3.41	3.50		4.20		4.37							3.63				4.65
Equity securities	2.04			1.61	1.70		2.22		2.81							1.92				2.69
Other	—			(0.02)	(0.02)		0.77		1.36							0.18				1.62
Total interest-earning assets	2.41			2.45	2.68		3.35		3.51							2.72				3.80
Interest-bearing liabilities
Interest-bearing deposits	0.07			0.13	0.24		0.71		0.85							0.29				0.92
Short-term borrowings	(0.08)			(0.08)	(0.10)		1.14		1.50							0.36				2.01
Long-term debt	1.78			1.86	2.13		2.17		3.02							1.99				3.16
Other liabilities	1.38			1.33	1.53		1.90		2.04							1.54				2.13
Total interest-bearing liabilities	0.39			0.45	0.59		1.01		1.30							0.62				1.43

Interest rate spread on a taxable-equivalent basis (3)	2.02			2.00	2.09		2.34		2.21							2.10				2.37
Net interest margin on a taxable-equivalent basis (3)	2.13			2.13	2.25		2.58		2.53							2.27				2.73

(1)The average balance amounts represent amortized costs. The interest rates are based on interest income or expense amounts for the period and are annualized, if applicable. Interest rates include the effects of hedge and risk management activities associated with the respective asset and liability categories.

(2)In fourth quarter 2020, loans held for sale and mortgage loans held for sale were combined into a single line item. Prior period balances have been revised to conform with the current period presentation.

(3)Includes taxable-equivalent adjustments of $107 million, $109 million, $119 million, $140 million, and $143 million for the quarters ended December 31, September 30, June 30 and March 31, 2020, and December 31, 2019, respectively, and $475 million and $611 million for the years ended December 31, 2020 and 2019, respectively, predominantly related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.

-5-

Wells Fargo & Company and Subsidiaries

COMBINED SEGMENT RESULTS (1)



						Quarter ended December 31, 2020
(in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate (2)	Reconciling Items (3)	Consolidated Company
Net interest income	$	5,741	1,390	1,809	715	(273)	(107)	9,275
Noninterest income	2,872		998	1,297	3,074	1,248	(839)	8,650
Total revenue	8,613		2,388	3,106	3,789	975	(946)	17,925
Provision for credit losses	351		69	186	(4)	(781)	—	(179)
Noninterest expense	6,441		1,690	1,798	3,056	1,817	—	14,802
Income (loss) before income tax expense (benefit)	1,821		629	1,122	737	(61)	(946)	3,302
Income tax expense (benefit)	457		154	282	183	(22)	(946)	108
Net income (loss) before noncontrolling interests	1,364		475	840	554	(39)	—	3,194
Less: Net income (loss) from noncontrolling interests	—		2	(1)	6	195	—	202
Net income (loss)	$	1,364	473	841	548	(234)	—	2,992

						Quarter ended September 30, 2020
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 December 31, 2019
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

(1)The management reporting process is based on U.S. GAAP with specific adjustments, such as for funds transfer pricing for asset/liability management, for shared revenues and expenses, and tax-equivalent adjustments to consistently reflect income from taxable and tax-exempt sources. We define our operating segments by product type and customer segment.

(2)All other business activities that are not included in the reportable operating segments have been included in Corporate. Corporate includes corporate treasury and staff functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and affiliated venture capital and private equity partnerships. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company. In addition, Corporate includes results for previously divested businesses.

(3)Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for low-income housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results.

-6-

Wells Fargo & Company and Subsidiaries

COMBINED SEGMENT RESULTS (continued) (1)



						Year ended December 31, 2020
(in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate (2)	Reconciling Items (3)	Consolidated Company
Net interest income	$	23,378	6,191	7,501	2,993	247	(475)	39,835
Noninterest income	10,638		3,547	6,319	11,519	3,216	(2,734)	32,505
Total revenue	34,016		9,738	13,820	14,512	3,463	(3,209)	72,340
Provision for credit losses	5,662		3,744	4,946	249	(472)	—	14,129
Noninterest expense	26,976		6,908	7,703	12,051	3,992	—	57,630
Income (loss) before income tax expense (benefit)	1,378		(914)	1,171	2,212	(57)	(3,209)	581
Income tax expense (benefit)	302		(238)	330	552	(742)	(3,209)	(3,005)
Net income (loss) before noncontrolling interests	1,076		(676)	841	1,660	685	—	3,586
Less: Net income (loss) from noncontrolling interests	—		5	(1)	4	277	—	285
Net income (loss)	$	1,076	(681)	842	1,656	408	—	3,301

						Year ended December 31, 2019
Net interest income	$	25,786	8,184	8,005	3,917	1,950	(611)	47,231
Noninterest income	12,105		4,154	6,223	11,815	5,859	(2,324)	37,832
Total revenue	37,891		12,338	14,228	15,732	7,809	(2,935)	85,063
Provision for credit losses	2,184		190	173	2	138	—	2,687
Noninterest expense	26,998		7,068	7,432	13,363	3,317	—	58,178
Income (loss) before income tax expense (benefit)	8,709		5,080	6,623	2,367	4,354	(2,935)	24,198
Income tax expense (benefit)	2,814		1,266	1,658	590	764	(2,935)	4,157
Net income before noncontrolling interests	5,895		3,814	4,965	1,777	3,590	—	20,041
Less: Net income (loss) from noncontrolling interests	—		6	(1)	9	478	—	492
Net income	$	5,895	3,808	4,966	1,768	3,112	—	19,549

-7-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT


	Quarter ended						Dec 31, 2020 % Change from			Year ended
($ in millions)	Dec 31, 2020		Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2020		Dec 31, 2019	Dec 31, 2020		Dec 31, 2019	% Change
Income Statement
Net interest income	$	5,741	5,918	5,717	6,002	6,233	(3)	%	(8)	$	23,378	25,786	(9)	%
Noninterest income:
Deposit-related fees	742		708	575	879	919	5		(19)	2,904		3,582	(19)
Card fees	890		860	749	819	938	3		(5)	3,318		3,672	(10)
Mortgage banking	1,082		1,544	256	342	673	(30)		61	3,224		2,314	39
Other	158		116	311	607	319	36		(50)	1,192		2,537	(53)
Total noninterest income	2,872		3,228	1,891	2,647	2,849	(11)		1	10,638		12,105	(12)
Total revenue	8,613		9,146	7,608	8,649	9,082	(6)		(5)	34,016		37,891	(10)
Provision for credit losses	351		640	3,102	1,569	485	(45)		(28)	5,662		2,184	159
Noninterest expense	6,441		7,345	6,933	6,257	7,421	(12)		(13)	26,976		26,998	—
Income (loss) before income tax expense (benefit)	1,821		1,161	(2,427)	823	1,176	57		55	1,378		8,709	(84)
Income tax expense (benefit)	457		290	(650)	205	544	58		(16)	302		2,814	(89)
Net income (loss)	$	1,364	871	(1,777)	618	632	57		116	$	1,076	5,895	(82)
Revenue by Line of Business
Consumer and Small Business Banking	$	4,701	4,721	4,401	4,861	5,098	—		(8)	$	18,684	21,148	(12)
Consumer Lending:
Home Lending	1,995		2,527	1,477	1,876	1,960	(21)		2	7,875		8,817	(11)
Credit Card	1,372		1,345	1,196	1,375	1,470	2		(7)	5,288		5,707	(7)
Auto	403		404	388	380	387	—		4	1,575		1,567	1
Personal Lending	142		149	146	157	167	(5)		(15)	594		652	(9)
Total revenue	$	8,613	9,146	7,608	8,649	9,082	(6)		(5)	$	34,016	37,891	(10)
Selected Balance Sheet Data (average)
Loans by Line of Business:
Home Lending	$	265,292	270,036	262,209	276,827	278,030	(2)		(5)	$	268,586	276,962	(3)
Auto	48,966		49,770	49,611	49,493	48,516	(2)		1	49,460		47,117	5
Credit Card	36,135		35,965	36,539	39,756	39,898	—		(9)	37,093		38,865	(5)
Small Business	17,929		18,100	14,887	9,715	9,748	(1)		84	15,173		9,951	52
Personal Lending	5,547		5,912	6,385	6,771	6,868	(6)		(19)	6,151		6,871	(10)
Total loans	$	373,869	379,783	369,631	382,562	383,060	(2)		(2)	$	376,463	379,766	(1)
Total deposits	763,177		756,485	715,144	652,706	646,082	1		18	722,085		629,110	15
Allocated capital	48,000		48,000	48,000	48,000	46,000	—		4	48,000		46,000	4

Selected Balance Sheet Data (period-end)
Loans by Line of Business:
Home Lending	$	253,942	273,635	258,582	275,395	278,325	(7)		(9)	$	253,942	278,325	(9)
Auto	49,072		49,442	49,924	49,779	49,124	(1)		—	49,072		49,124	—
Credit Card	36,664		36,021	36,018	38,582	41,013	2		(11)	36,664		41,013	(11)
Small Business	17,743		17,993	18,116	9,753	9,695	(1)		83	17,743		9,695	83
Personal Lending	5,375		5,724	6,113	6,692	6,845	(6)		(21)	5,375		6,845	(21)
Total loans	$	362,796	382,815	368,753	380,201	385,002	(5)		(6)	$	362,796	385,002	(6)
Total deposits	784,565		759,425	746,602	672,603	647,152	3		21	784,565		647,152	21

-8-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT (continued)


	Quarter ended							Dec 31, 2020 % Change from			Year ended
($ in millions, unless otherwise noted)	Dec 31, 2020			Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2020		Dec 31, 2019	Dec 31, 2020			Dec 31, 2019	% Change
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1)	10.7		%	6.6	(15.5)	4.6	4.7				1.6		%	12.1
Efficiency ratio (2)	75			80	91	72	82				79			71
Headcount (#)	125,034			131,516	133,876	133,394	134,881	(5)	%	(7)	125,034			134,881	(7)	%
Retail bank branches (#)	5,032			5,229	5,300	5,329	5,352	(4)		(6)	5,032			5,352	(6)
Digital active customers (# in millions) (3)	32.0			32.0	31.1	31.1	30.3	—		6	32.0			30.3	6
Mobile active customers (# in millions) (3)	26.0			25.9	25.2	24.9	24.4	—		7	26.0			24.4	7

Consumer and Small Business Banking:
Deposit spread (4)	1.7		%	1.8	1.8	2.0	2.2				1.8		%	2.4
Debit card purchase volume ($ in billions) (5)	$	105.3		102.9	93.1	90.6	95.2	2		11	$	391.9		367.6	7
Debit card purchase transactions (# in millions) (5)	2,297			2,273	2,027	2,195	2,344	1		(2)	8,792			9,189	(4)

Home Lending:
Mortgage banking fees:
Net servicing income	$	(82)		331	(666)	257	12	NM		NM	$	(160)		454	NM
Net gains on mortgage loan origination/sales activities	1,164			1,213	922	85	661	(4)		76	3,384			1,860	82
Total mortgage banking fees	1,082			1,544	256	342	673	(30)		61	3,224			2,314	39

Originations ($ in billions):
Retail	32.3			32.8	30.5	23.1	27.5	(2)		17	118.7			96.4	23
Correspondent	21.6			28.8	28.7	24.9	32.3	(25)		(33)	104.0			107.6	(3)
Total originations	$	53.9		61.6	59.2	48.0	59.8	(13)		(10)	$	222.7		204.0	9

% of originations held for sale (HFS)	75.2		%	78.1	71.8	69.6	69.6				73.9		%	66.1
Third party mortgage loans serviced (period-end) ($ in billions) (6)	$	856.7		917.6	989.5	1,037.5	1,063.4	(7)		(19)	$	856.7		1,063.4	(19)
Mortgage servicing rights (MSR) carrying value (period-end)	6,125			6,355	6,819	8,126	11,517	(4)		(47)	6,125			11,517	(47)
Ratio of MSR carrying value (period-end) to third party mortgage loans serviced (period-end) (6)	0.71		%	0.69	0.69	0.78	1.08				0.71		%	1.08
Home lending loans 30+ days or more delinquency rate (7)(8)	0.64			0.56	0.54	0.71	0.64				0.64			0.64

Credit Card:
Point of sale (POS) volume ($ in billions)	$	22.9		21.3	17.5	19.9	23.1	8		(1)	$	81.6		88.2	(7)
New accounts (# in thousands) (9)	240			212	255	315	366	13		(34)	1,022			1,840	(44)
Credit card loans 30+ days or more delinquency rate (8)	2.17		%	1.76	2.10	2.60	2.63				2.17		%	2.63

Auto:
Auto originations ($ in billions)	$	5.3		5.4	5.6	6.5	6.8	(2)		(22)	$	22.8		25.4	(10)
Auto loans 30+ days or more delinquency rate (8)	1.77		%	1.67	1.70	2.31	2.56				1.77		%	2.56

Personal Lending:
New funded balances	$	294		323	315	667	708	(9)		(58)	$	1,599		2,829	(43)

NM – Not meaningful

(1)Return on allocated capital is segment net income (loss) applicable to common stock divided by segment average allocated capital. Segment net income (loss) applicable to common stock is segment net income (loss) less allocated preferred stock dividends.

(2)Efficiency ratio is segment noninterest expense divided by segment total revenue (net interest income and noninterest income).

(3)Digital and mobile active customers is the number of consumer and small business customers who have logged on via a digital or mobile device, respectively, in the prior 90 days. Digital active customers includes both online and mobile customers.

(4)Deposit spread is (i) the internal funds transfer pricing credit on segment deposits minus interest paid to customers for segment deposits, divided by (ii) average segment deposits.

(5)Debit card purchase volume and transactions reflect combined activity for both consumer and business debit card purchases.

(6)Excludes residential mortgage loans subserviced for others.

(7)Excludes residential mortgage loans insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) and loans held for sale.

(8)Beginning in second quarter 2020, customer payment deferral activities instituted in response to the COVID-19 pandemic may have delayed the recognition of delinquencies for those customers who would have otherwise moved into past due status.

(9)Excludes certain private label new account openings.

-9-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT


	Quarter ended						Dec 31, 2020 % Change from			Year ended
($ in millions)	Dec 31, 2020		Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2020		Dec 31, 2019	Dec 31, 2020		Dec 31, 2019	% Change
Income Statement
Net interest income	$	1,390	1,437	1,590	1,774	1,877	(3)	%	(26)	$	6,191	8,184	(24)	%
Noninterest income:
Deposit-related fees	311		309	297	302	334	1		(7)	1,219		1,175	4
Lending-related fees	138		140	125	128	131	(1)		5	531		524	1
Lease income	73		186	189	198	185	(61)		(61)	646		931	(31)
Other	476		288	287	100	368	65		29	1,151		1,524	(24)
Total noninterest income	998		923	898	728	1,018	8		(2)	3,547		4,154	(15)
Total revenue	2,388		2,360	2,488	2,502	2,895	1		(18)	9,738		12,338	(21)
Provision for credit losses	69		339	2,295	1,041	30	(80)		130	3,744		190	NM
Noninterest expense	1,690		1,762	1,759	1,697	1,812	(4)		(7)	6,908		7,068	(2)
Income (loss) before income tax expense (benefit)	629		259	(1,566)	(236)	1,053	143		(40)	(914)		5,080	NM
Income tax expense (benefit)	154		63	(394)	(61)	260	144		(41)	(238)		1,266	NM
Less: Net income from noncontrolling interests	2		1	1	1	1	100		100	5		6	(17)
Net income (loss)	$	473	195	(1,173)	(176)	792	143		(40)	$	(681)	3,808	NM

Revenue by Line of Business
Middle Market Banking	$	1,149	1,196	1,267	1,455	1,545	(4)		(26)	$	5,067	6,691	(24)
Asset-Based Lending and Leasing	1,029		976	1,014	843	1,085	5		(5)	3,862		4,814	(20)
Other	210		188	207	204	265	12		(21)	809		833	(3)
Total revenue	$	2,388	2,360	2,488	2,502	2,895	1		(18)	$	9,738	12,338	(21)

Revenue by Product
Lending and leasing	$	1,170	1,323	1,393	1,411	1,387	(12)		(16)	$	5,297	5,904	(10)
Treasury management and payments	805		803	808	982	1,109	—		(27)	3,398		4,698	(28)
Other	413		234	287	109	399	76		4	1,043		1,736	(40)
Total revenue	$	2,388	2,360	2,488	2,502	2,895	1		(18)	$	9,738	12,338	(21)

NM – Not meaningful

-10-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT (continued)


	Quarter ended							Dec 31, 2020 % Change from			Year ended
($ in millions)	Dec 31, 2020			Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2020		Dec 31, 2019	Dec 31, 2020			Dec 31, 2019	% Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	125,524		134,531	158,982	154,308	154,525	(7)	%	(19)	$	143,263		157,829	(9)	%
Commercial real estate	50,441			52,017	53,157	53,288	53,727	(3)		(6)	52,220			54,416	(4)
Lease financing and other	14,937			15,345	16,284	17,261	17,211	(3)		(13)	15,953			17,109	(7)
Total loans	$	190,902		201,893	228,423	224,857	225,463	(5)		(15)	$	211,436		229,354	(8)

Loans by Line of Business:
Middle Market Banking	$	102,692		110,289	122,319	116,232	116,098	(7)		(12)	$	112,848		119,717	(6)
Asset-Based Lending and Leasing	87,092			90,530	105,061	107,437	108,154	(4)		(19)	97,482			108,422	(10)
Other	1,118			1,074	1,043	1,188	1,211	4		(8)	1,106			1,215	(9)
Total loans	$	190,902		201,893	228,423	224,857	225,463	(5)		(15)	$	211,436		229,354	(8)

Total deposits	$	203,590		197,976	206,495	193,454	192,334	3		6	$	200,381		186,942	7
Allocated capital	19,500			19,500	19,500	19,500	20,500	—		(5)	19,500			20,500	(5)

Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	124,253		128,270	142,315	170,893	153,601	(3)		(19)	$	124,253		153,601	(19)
Commercial real estate	49,903			51,297	52,802	53,531	53,526	(3)		(7)	49,903			53,526	(7)
Lease financing and other	14,821			15,180	15,662	17,179	17,654	(2)		(16)	14,821			17,654	(16)
Total loans	$	188,977		194,747	210,779	241,603	224,781	(3)		(16)	$	188,977		224,781	(16)

Loans by Line of Business:
Middle Market Banking	$	101,193		105,851	115,105	125,192	115,187	(4)		(12)	$	101,193		115,187	(12)
Asset-Based Lending and Leasing	86,811			88,087	94,976	115,371	108,470	(1)		(20)	86,811			108,470	(20)
Other	973			809	698	1,040	1,124	20		(13)	973			1,124	(13)
Total loans	$	188,977		194,747	210,779	241,603	224,781	(3)		(16)	$	188,977		224,781	(16)

Total deposits	$	208,284		198,556	203,777	209,495	194,469	5		7	$	208,284		194,469	7

Selected Metrics
Return on allocated capital	8.6		%	3.0	(25.2)	(4.7)	14.3				(4.5)		%	17.5
Efficiency ratio	71			75	71	68	63				71			57
Headcount (#)	22,410			24,091	24,107	24,036	23,871	(7)		(6)	22,410			23,871	(6)

-11-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT


	Quarter ended						Dec 31, 2020 % Change from			Year ended
($ in millions)	Dec 31, 2020		Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2020		Dec 31, 2019	Dec 31, 2020		Dec 31, 2019	% Change
Income Statement
Net interest income	$	1,809	1,712	1,961	2,019	1,999	6	%	(10)	$	7,501	8,005	(6)	%
Noninterest income:
Deposit-related fees	272		272	261	257	268	—		1	1,062		1,029	3
Lending-related fees	178		171	163	172	176	4		1	684		710	(4)
Investment banking fees	459		428	588	477	477	7		(4)	1,952		1,804	8
Net gains (losses) on trading activities	(28)		374	809	35	147	NM		NM	1,190		1,022	16
Other	416		330	257	428	262	26		59	1,431		1,658	(14)
Total noninterest income	1,297		1,575	2,078	1,369	1,330	(18)		(2)	6,319		6,223	2
Total revenue	3,106		3,287	4,039	3,388	3,329	(6)		(7)	13,820		14,228	(3)
Provision for credit losses	186		(121)	3,756	1,125	77	NM		142	4,946		173	NM
Noninterest expense	1,798		1,991	2,044	1,870	1,821	(10)		(1)	7,703		7,432	4
Income (loss) before income tax expense (benefit)	1,122		1,417	(1,761)	393	1,431	(21)		(22)	1,171		6,623	(82)
Income tax expense (benefit)	282		355	(408)	101	358	(21)		(21)	330		1,658	(80)
Less: Net loss from noncontrolling interests	(1)		—	—	—	—	NM		NM	(1)		(1)	—
Net income (loss)	$	841	1,062	(1,353)	292	1,073	(21)		(22)	$	842	4,966	(83)

Revenue by Line of Business
Banking:
Lending	$	424	422	464	457	451	—		(6)	$	1,767	1,811	(2)
Treasury Management and Payments	384		395	403	498	527	(3)		(27)	1,680		2,290	(27)
Investment Banking	348		295	444	361	358	18		(3)	1,448		1,370	6
Total Banking	1,156		1,112	1,311	1,316	1,336	4		(13)	4,895		5,471	(11)
Commercial Real Estate	964		835	817	883	862	15		12	3,499		4,038	(13)
Markets:
Fixed Income, Currencies, and Commodities (FICC)	889		1,005	1,506	914	897	(12)		(1)	4,314		3,760	15
Equities	194		312	302	396	257	(38)		(25)	1,204		1,078	12
Credit Adjustment (CVA/DVA) and Other	(67)		62	139	(108)	14	NM		NM	26		(6)	NM
Total Markets	1,016		1,379	1,947	1,202	1,168	(26)		(13)	5,544		4,832	15
Other	(30)		(39)	(36)	(13)	(37)	(23)		(19)	(118)		(113)	4
Total revenue	$	3,106	3,287	4,039	3,388	3,329	(6)		(7)	$	13,820	14,228	(3)

NM – Not meaningful

-12-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT (continued)


	Quarter ended							Dec 31, 2020 % Change from			Year ended
($ in millions)	Dec 31, 2020			Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2020		Dec 31, 2019	Dec 31, 2020			Dec 31, 2019	% Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	155,669		165,445	190,861	178,254	171,078	(6)	%	(9)	$	172,492		168,506	2	%
Commercial real estate	84,175			84,408	82,726	79,988	79,776	—		6	82,832			79,804	4
Total loans	$	239,844		249,853	273,587	258,242	250,854	(4)		(4)	$	255,324		248,310	3

Loans by Line of Business:
Banking	$	82,413		88,936	105,983	96,844	92,796	(7)		(11)	$	93,501		90,749	3
Commercial Real Estate	107,838			109,482	110,594	105,194	103,714	(2)		4	108,279			104,261	4
Markets	49,593			51,435	57,010	56,204	54,344	(4)		(9)	53,544			53,300	—
Total loans	$	239,844		249,853	273,587	258,242	250,854	(4)		(4)	$	255,324		248,310	3
Trading-related assets:
Trading account securities	$	108,972		100,193	106,836	123,327	127,677	9		(15)	$	109,803		115,937	(5)
Reverse repurchase agreements/securities borrowed	57,835			68,818	70,335	89,132	93,047	(16)		(38)	71,485			89,190	(20)
Derivative assets	23,604			23,640	22,380	18,284	14,014	—		68	21,986			12,762	72
Total trading-related assets	$	190,411		192,651	199,551	230,743	234,738	(1)		(19)	$	203,274		217,889	(7)
Total assets	496,315			503,966	535,655	551,987	542,910	(2)		(9)	521,861			520,973	—
Total deposits	205,797			226,129	239,637	266,167	258,781	(9)		(20)	234,332			238,651	(2)
Allocated capital	34,000			34,000	34,000	34,000	31,500	—		8	34,000			31,500	8

Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	160,000		157,193	171,859	206,620	173,985	2		(8)	$	160,000		173,985	(8)
Commercial real estate	84,456			83,920	83,715	81,152	79,451	1		6	84,456			79,451	6
Total loans	$	244,456		241,113	255,574	287,772	253,436	1		(4)	$	244,456		253,436	(4)

Loans by Line of Business:
Banking	$	84,640		83,128	91,093	118,682	93,117	2		(9)	$	84,640		93,117	(9)
Commercial Real Estate	107,207			108,240	109,402	109,937	103,938	(1)		3	107,207			103,938	3
Markets	52,609			49,745	55,079	59,153	56,381	6		(7)	52,609			56,381	(7)
Total loans	$	244,456		241,113	255,574	287,772	253,436	1		(4)	$	244,456		253,436	(4)
Trading-related assets:
Trading account securities	$	109,311		100,157	97,708	110,544	124,808	9		(12)	$	109,311		124,808	(12)
Reverse repurchase agreements/securities borrowed	57,248			61,027	70,949	79,560	90,077	(6)		(36)	57,248			90,077	(36)
Derivative assets	25,916			23,844	22,757	24,834	14,382	9		80	25,916			14,382	80
Total trading-related assets	$	192,475		185,028	191,414	214,938	229,267	4		(16)	$	192,475		229,267	(16)
Total assets	508,793			490,694	510,545	574,660	538,383	4		(5)	508,793			538,383	(5)
Total deposits	203,004			212,532	236,620	260,281	261,134	(4)		(22)	203,004			261,134	(22)

Selected Metrics
Return on allocated capital	8.8		%	11.4	(17.1)	2.4	12.4				1.4		%	14.7
Efficiency ratio	58			61	51	55	55				56			52

Headcount (#)	8,178			8,205	8,213	7,965	7,918	—		3	8,178			7,918	3

-13-

Wells Fargo & Company and Subsidiaries

WEALTH AND INVESTMENT MANAGEMENT SEGMENT


	Quarter ended							Dec 31, 2020 % Change from			Year ended
($ in millions, unless otherwise noted)	Dec 31, 2020			Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2020		Dec 31, 2019	Dec 31, 2020			Dec 31, 2019	% Change
Income Statement
Net interest income	$	715		718	720	840	885	—	%	(19)	$	2,993		3,917	(24)	%
Noninterest income:
Brokerage fees	2,370			2,265	2,038	2,397	2,303	5		3	9,070			8,947	1
Trust and investment management fees	618			610	571	584	611	1		1	2,383			2,407	(1)
Other	86			40	197	(257)	161	115		(47)	66			461	(86)
Total noninterest income	3,074			2,915	2,806	2,724	3,075	5		—	11,519			11,815	(3)
Total revenue	3,789			3,633	3,526	3,564	3,960	4		(4)	14,512			15,732	(8)
Provision for credit losses	(4)			(10)	255	8	(1)	(60)		300	249			2	NM
Noninterest expense	3,056			3,009	3,014	2,972	3,673	2		(17)	12,051			13,363	(10)
Income before income tax expense	737			634	257	584	288	16		156	2,212			2,367	(7)
Income tax expense	183			157	63	149	72	17		154	552			590	(6)
Less: Net income (loss) from noncontrolling interests	6			3	7	(12)	3	100		100	4			9	(56)
Net income	$	548		474	187	447	213	16		157	$	1,656		1,768	(6)

Selected Balance Sheet Data (average)
Total loans	$	80,109		79,001	78,091	77,883	76,359	1		5	$	78,775		74,986	5
Total deposits	169,858			169,476	165,152	145,439	138,972	—		22	162,521			139,151	17
Allocated capital	9,000			9,000	9,000	9,000	9,000	—		—	9,000			9,000	—

Selected Balance Sheet Data (period-end)
Total loans	80,785			79,472	78,101	78,182	77,140	2		5	80,785			77,140	5	%
Total deposits	175,515			168,185	168,311	162,453	143,873	4		22	175,515			143,873	22

Selected Metrics
Return on allocated capital	23.6		%	20.3	7.7	19.3	8.7				17.8		%	19.0
Efficiency ratio	81			83	86	83	93				83			85
Headcount (#)	29,515			30,229	30,310	30,474	30,818	(2)		(4)	29,515			30,818	(4)




Advisory assets ($ in billions)	$	853		779	743	661	778	9		10	$	853		778	10

Total client assets ($ in billions)	2,005			1,855	1,785	1,611	1,886	8		6	2,005			1,886	6

Annualized revenue per advisor ($ in thousands) (1)	1,013			943	900	912	1,002	7		1	942			985	(4)
Total financial and wealth advisors (#)	13,513			13,793	14,206	14,364	14,414	(2)		(6)	13,513			14,414	(6)
Wells Fargo Asset Management assets under management ($ in billions)	$	603		607	578	518	509	(1)		18	$	603		509	18

NM – Not meaningful

(1)Represents annualized total revenue (excluding Wells Fargo Asset Management) divided by average total financial and wealth advisors for the period.

-14-

Wells Fargo & Company and Subsidiaries

CORPORATE (1)


	Quarter ended						Dec 31, 2020 % Change from			Year ended
($ in millions)	Dec 31, 2020		Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2020		Dec 31, 2019	Dec 31, 2020		Dec 31, 2019	% Change
Income Statement
Net interest income	$	(273)	(308)	11	817	349	(11)	%	NM	$	247	1,950	(87)	%
Noninterest income	1,248		1,477	902	(411)	1,024	(16)		22	3,216		5,859	(45)
Total revenue	975		1,169	913	406	1,373	(17)		(29)	3,463		7,809	(56)
Provision for credit losses	(781)		(79)	126	262	53	889		NM	(472)		138	NM
Noninterest expense	1,817		1,122	801	252	887	62		105	3,992		3,317	20
Income (loss) before income tax expense (benefit)	(61)		126	(14)	(108)	433	NM		NM	(57)		4,354	NM
Income tax expense (benefit)	(22)		513	(1,790)	557	223	NM		NM	(742)		764	NM
Less: Net income (loss) from noncontrolling interests	195		180	39	(137)	47	8		315	277		478	(42)
Net income (loss)	$	(234)	(567)	1,737	(528)	163	(59)		NM	$	408	3,112	(87)






Selected Balance Sheet Data (average)
Cash, cash equivalents, and restricted cash	$	221,335	215,317	173,729	122,425	120,256	3		84	$	183,393	130,504	41
Available-for-sale debt securities	207,008		211,180	223,222	244,834	254,118	(2)		(19)	221,493		252,099	(12)
Held-to-maturity debt securities	191,123		175,748	166,127	157,788	151,683	9		26	172,755		147,303	17
Equity securities	9,905		11,729	13,289	13,598	13,280	(16)		(25)	12,123		12,883	(6)
Total loans	14,980		21,178	21,534	21,502	20,800	(29)		(28)	19,790		18,540	7
Total assets	710,736		700,932	653,833	627,547	624,721	1		14	673,440		621,316	8
Total deposits	37,678		48,962	60,228	80,197	85,744	(23)		(56)	56,692		92,407	(39)

Selected Balance Sheet Data (period-end)
Cash, cash equivalents, and restricted cash	$	235,239	220,005	236,183	123,916	111,384	7		111	$	235,239	111,384	111
Available-for-sale debt securities	208,694		208,543	217,339	239,051	250,801	—		(17)	208,694		250,801	(17)
Held-to-maturity debt securities	204,858		181,744	168,162	169,070	153,142	13		34	204,858		153,142	34
Equity securities	10,006		10,706	12,249	14,036	13,390	(7)		(25)	10,006		13,390	(25)
Total loans	10,623		21,935	21,948	22,085	21,906	(52)		(52)	10,623		21,906	(52)
Total assets	726,861		694,622	711,421	621,076	608,712	5		19	726,861		608,712	19
Total deposits	33,013		44,517	55,401	71,700	75,998	(26)		(57)	33,013		75,998	(57)

Headcount (#)	83,394		80,890	79,507	76,398	74,436	3		12	83,394		74,436	12

NM – Not meaningful

(1)All other business activities that are not included in the reportable operating segments have been included in Corporate. Corporate includes corporate treasury and staff functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and affiliated venture capital and private equity partnerships. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company. In addition, Corporate includes results for previously divested businesses.

-15-

Wells Fargo & Company and Subsidiaries

CONSOLIDATED LOANS OUTSTANDING – PERIOD END


	Quarter ended						Dec 31, 2020 $ Change from
(in millions)	Dec 31, 2020		Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2020	Dec 31, 2019
Commercial:
Commercial and industrial	$	318,805	320,913	350,116	405,020	354,125	(2,108)	(35,320)
Real estate mortgage	121,720		121,910	123,967	122,767	121,824	(190)	(104)
Real estate construction	21,805		22,519	21,694	20,812	19,939	(714)	1,866
Lease financing	16,087		16,947	17,410	19,136	19,831	(860)	(3,744)
Total commercial	478,417		482,289	513,187	567,735	515,719	(3,872)	(37,302)
Consumer:
Residential mortgage – first lien	276,674		294,990	277,945	292,920	293,847	(18,316)	(17,173)
Residential mortgage – junior lien	23,286		25,162	26,839	28,527	29,509	(1,876)	(6,223)
Credit card	36,664		36,021	36,018	38,582	41,013	643	(4,349)
Auto	48,187		48,450	48,808	48,568	47,873	(263)	314
Other consumer	24,409		33,170	32,358	33,511	34,304	(8,761)	(9,895)
Total consumer	409,220		437,793	421,968	442,108	446,546	(28,573)	(37,326)
Total loans	$	887,637	920,082	935,155	1,009,843	962,265	(32,445)	(74,628)

-16-

Wells Fargo & Company and Subsidiaries

NET LOAN CHARGE-OFFS


	Quarter ended
	Dec 31, 2020				Sep 30, 2020				Jun 30, 2020				Mar 31, 2020				Dec 31, 2019				Dec 31, 2020 $ Change from
($ in millions)	Net loan charge-offs		As a % of average loans (1)		Net loan charge-offs		As a % of average loans (1)		Net loan charge-offs		As a % of average loans (1)		Net loan charge-offs		As a % of average loans (1)		Net loan charge-offs		As a % of average loans (1)		Sep 30, 2020		Dec 31, 2019
By product:
Commercial:
Commercial and industrial	$	111	0.14	%	$	274	0.33	%	$	521	0.55	%	$	333	0.37	%	$	168	0.19	%	$	(163)	(57)
Real estate mortgage	162		0.53		56		0.18		67		0.22		(2)		(0.01)		4		0.01		106		158
Real estate construction	—		—		(2)		(0.03)		(1)		(0.02)		(16)		(0.32)		—		—		2		—
Lease financing	35		0.83		28		0.66		15		0.33		9		0.19		31		0.63		7		4
Total commercial	308		0.26		356		0.29		602		0.44		324		0.25		203		0.16		(48)		105
Consumer:
Residential mortgage – first lien	(3)		—		(1)		—		2		—		(3)		—		(3)		—		(2)		—
Residential mortgage – junior lien	(24)		(0.39)		(14)		(0.22)		(12)		(0.17)		(5)		(0.07)		(16)		(0.20)		(10)		(8)
Credit card	190		2.09		245		2.71		327		3.60		377		3.81		350		3.48		(55)		(160)
Auto	51		0.43		31		0.25		106		0.88		82		0.68		87		0.73		20		(36)
Other consumer	62		0.88		66		0.80		88		1.09		134		1.59		148		1.71		(4)		(86)
Total consumer	276		0.26		327		0.30		511		0.48		585		0.53		566		0.51		(51)		(290)
Total net charge-offs	$	584	0.26	%	$	683	0.29	%	$	1,113	0.46	%	$	909	0.38	%	$	769	0.32	%	$	(99)	(185)
By segment:
Consumer Banking and Lending	$	332	0.35	%	$	369	0.39	%	$	553	0.60	%	$	621	0.65	%	$	593	0.62	%	$	(37)	(261)
Commercial Banking	81		0.17		175		0.34		120		0.21		165		0.29		45		0.08		(94)		36
Corporate and Investing Banking	177		0.29		117		0.19		401		0.58		47		0.07		77		0.12		60		100
Wealth and Investment Management	(3)		(0.01)		(2)		(0.01)		1		0.01		1		0.01		(1)		(0.01)		(1)		(2)
Corporate	(3)		(0.08)		24		0.45		38		0.70		75		1.39		55		1.05		(27)		(58)
Total net charge-offs	$	584	0.26	%	$	683	0.29	%	$	1,113	0.46	%	$	909	0.38	%	$	769	0.32	%	$	(99)	(185)

(1) Quarterly net charge-offs (recoveries) as a percentage of average loans are annualized.

-17-

Wells Fargo & Company and Subsidiaries

CHANGES IN ALLOWANCE FOR CREDIT LOSSES FOR LOANS


	Quarter ended							Dec 31, 2020 $ Change from		Year ended Dec 31,
(in millions)	Dec 31, 2020			Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2020	Dec 31, 2019	2020	2019	$ Change
Balance, beginning of period	$	20,471		20,436	12,022	10,456	10,613	35	9,858	10,456	10,707	(251)
Cumulative effect from change in accounting policies (1)	—			—	—	(1,337)	—	—	—	(1,337)	—	(1,337)
Allowance for purchased credit-deteriorated (PCD) loans (2)	—			—	—	8	—	—	—	8	-	8
Balance, beginning of quarter, adjusted	20,471			20,436	12,022	9,127	10,613	35	9,858	9,127	10,707	(1,580)
Provision for credit losses	(144)			751	9,565	3,833	644	(895)	(788)	14,005	2,687	11,318

Interest income on certain loans (3)	(36)			(41)	(38)	(38)	(35)	5	(1)	(153)	(147)	(6)






























Net loan charge-offs:
Commercial:
Commercial and industrial	(111)			(274)	(521)	(333)	(168)	163	57	(1,239)	(607)	(632)
Real estate mortgage	(162)			(56)	(67)	2	(4)	(106)	(158)	(283)	(6)	(277)
Real estate construction	—			2	1	16	—	(2)	—	19	12	7
Lease financing	(35)			(28)	(15)	(9)	(31)	(7)	(4)	(87)	(51)	(36)
Total commercial	(308)			(356)	(602)	(324)	(203)	48	(105)	(1,590)	(652)	(938)
Consumer:
Residential mortgage – first lien	3			1	(2)	3	3	2	—	5	50	(45)
Residential mortgage – junior lien	24			14	12	5	16	10	8	55	66	(11)
Credit card	(190)			(245)	(327)	(377)	(350)	55	160	(1,139)	(1,370)	231
Auto	(51)			(31)	(106)	(82)	(87)	(20)	36	(270)	(306)	36
Other consumer	(62)			(66)	(88)	(134)	(148)	4	86	(350)	(550)	200
Total consumer	(276)			(327)	(511)	(585)	(566)	51	290	(1,699)	(2,110)	411
Net loan charge-offs	(584)			(683)	(1,113)	(909)	(769)	99	185	(3,289)	(2,762)	(527)
Other	6			8	—	9	3	(2)	3	23	(29)	52
Balance, end of period	$	19,713		20,471	20,436	12,022	10,456	(758)	9,257	19,713	10,456	9,257
Components:
Allowance for loan losses	$	18,516		19,463	18,926	11,263	9,551	(947)	8,965	18,516	9,551	8,965
Allowance for unfunded credit commitments	1,197			1,008	1,510	759	905	189	292	1,197	905	292
Allowance for credit losses for loans	$	19,713		20,471	20,436	12,022	10,456	(758)	9,257	19,713	10,456	9,257
Net loan charge-offs (annualized) as a percentage of average total loans	0.26		%	0.29	0.46	0.38	0.32			0.35	0.29
Allowance for loan losses as a percentage of:
Total loans	2.09			2.12	2.02	1.12	0.99			2.09	0.99
Nonaccrual loans	212			243	249	183	179			212	179

Total net loan charge-offs (annualized)	797			716	423	308	313			563	346
Allowance for credit losses for loans as a percentage of:
Total loans	2.22			2.22	2.19	1.19	1.09			2.22	1.09
Nonaccrual loans	226			255	269	195	196			226	196

(1)Represents the overall decrease in our allowance for credit losses for loans as a result of our adoption of Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (CECL), on January 1, 2020.

(2)Represents the allowance for credit losses for purchased credit-impaired (PCI) loans that automatically became PCD loans with the adoption of ASU 2016-13.

(3)Loans with an allowance for credit losses measured by discounting expected cash flows using the loan’s effective interest rate over the remaining life of the loan recognize changes in the allowance for credit losses attributable to the passage of time as interest income.

-18-

Wells Fargo & Company and Subsidiaries

ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES FOR LOANS


	Dec 31, 2020				Sep 30, 2020				Jun 30, 2020				Mar 31, 2020				Jan 1, 2020 (1)
($ in millions)	ACL		ACL as % of loan class		ACL		ACL as % of loan class		ACL		ACL as % of loan class		ACL		ACL as % of loan class		ACL		ACL as % of loan class
By product:
Commercial:
Commercial and industrial	$	7,230	2.27	%	$	7,845	2.44	%	$	8,109	2.32	%	$	4,231	1.04	%	$	2,491	0.70	%
Real estate mortgage	3,167		2.60		2,517		2.06		2,395		1.93		848		0.69		702		0.58
Real estate construction	410		1.88		521		2.31		484		2.23		36		0.17		42		0.21
Lease financing	709		4.41		659		3.89		681		3.91		164		0.86		149		0.75
Total commercial	11,516		2.41		11,542		2.39		11,669		2.27		5,279		0.93		3,384		0.66
Consumer:
Residential mortgage - first lien	1,600		0.58		1,519		0.51		1,541		0.55		836		0.29		845		0.29
Residential mortgage - junior lien	653		2.80		710		2.82		725		2.70		125		0.44		78		0.26
Credit card	4,082		11.13		4,082		11.33		3,777		10.49		3,481		9.02		2,913		7.10
Auto	1,230		2.55		1,225		2.53		1,174		2.41		1,016		2.09		719		1.50
Other consumer	632		2.59		1,393		4.20		1,550		4.79		1,285		3.83		1,188		3.46
Total consumer	8,197		2.00		8,929		2.04		8,767		2.08		6,743		1.53		5,743		1.29
Total allowance for credit losses for loans	$	19,713	2.22	%	$	20,471	2.22	%	$	20,436	2.19	%	$	12,022	1.19	%	$	9,127	0.95	%
By segment:
Consumer Banking and Lending	$	9,593	2.64	%	9,593		2.51	%	9,329		2.53	%	6,806		1.79	%	5,863		1.52	%
Commercial Banking	4,586		2.43		4,586		2.35		4,458		2.12		2,297		0.95		1,482		0.66
Corporate and Investing Banking	5,155		2.11		5,155		2.14		5,405		2.11		2,064		0.72		997		0.39
Wealth and Investment Management	375		0.46		375		0.47		383		0.49		128		0.16		122		0.16
Corporate	4		0.04		762		3.47		861		3.92		727		3.29		663		3.03
Total allowance for credit losses for loans	$	19,713	2.22	%	20,471		2.22	%	20,436		2.19	%	12,022		1.19	%	9,127		0.95	%

(1)Reflects our allowance for credit losses as a result of our adoption of CECL on January 1, 2020.

-19-

Wells Fargo & Company and Subsidiaries

NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)


	Dec 31, 2020				Sep 30, 2020				Jun 30, 2020				Mar 31, 2020				Dec 31, 2019				Dec 31, 2020 $ Change from
(in millions)	Balance		% of total loans		Balance		% of total loans		Balance		% of total loans		Balance		% of total loans		Balance		% of total loans		Sep 30, 2020		Dec 31, 2019
By product:
Nonaccrual loans:
Commercial:
Commercial and industrial	$	2,698	0.85	%	$	2,834	0.88	%	$	2,896	0.83	%	$	1,779	0.44	%	$	1,545	0.44	%	$	(136)	1,153
Real estate mortgage	1,774		1.46		1,343		1.10		1,217		0.98		944		0.77		573		0.47		431		1,201
Real estate construction	48		0.22		34		0.15		34		0.16		21		0.10		41		0.21		14		7
Lease financing	259		1.61		187		1.10		138		0.79		131		0.68		95		0.48		72		164
Total commercial	4,779		1.00		4,398		0.91		4,285		0.83		2,875		0.51		2,254		0.44		381		2,525
Consumer:
Residential mortgage - first lien (1)(2)	2,957		1.07		2,641		0.90		2,393		0.86		2,372		0.81		2,150		0.73		316		807
Residential mortgage - junior lien (2)	754		3.24		767		3.05		753		2.81		769		2.70		796		2.70		(13)		(42)
Auto	202		0.42		176		0.36		129		0.26		99		0.20		106		0.22		26		96
Other consumer	36		0.15		40		0.12		45		0.14		41		0.12		40		0.12		(4)		(4)
Total consumer	3,949		0.97		3,624		0.83		3,320		0.79		3,281		0.74		3,092		0.69		325		857
Total nonaccrual loans	8,728		0.98		8,022		0.87		7,605		0.81		6,156		0.61		5,346		0.56		706		3,382



Foreclosed assets	$	159			156				195				252				303				3		(144)
Total nonperforming assets	$	8,887	1.00	%	$	8,178	0.89	%	$	7,800	0.83	%	$	6,408	0.63	%	$	5,649	0.59	%	$	709	3,238
By segment:
Consumer Banking and Lending	$	3,895	1.07	%	$	3,625	0.95	%	$	3,361	0.91	%	$	3,366	0.89	%	$	3,204	0.83	%	$	270	691
Commercial Banking	2,511		1.33		1,899		0.98		1,697		0.81		1,631		0.68		1,398		0.62		612		1,113
Corporate and Investing Banking	2,198		0.90		2,402		1.00		2,509		0.98		1,186		0.41		824		0.33		(204)		1,374
Wealth and Investment Management	262		0.32		224		0.28		204		0.26		201		0.26		196		0.25		38		66
Corporate	21		0.20		28		0.13		29		0.13		24		0.11		27		—		(7)		(6)
Total nonperforming assets	$	8,887	1.00	%	$	8,178	0.89	%	$	7,800	0.83	%	$	6,408	0.63	%	$	5,649	0.59	%	$	709	3,238

(1)Amounts are not comparative due to our adoption of CECL on January 1, 2020. Prior to January 1, 2020, pools of individual PCI loans were excluded because they continued to earn interest income from the accretable yield at the pool level. With the adoption of CECL, the pools were discontinued and performance is based on contractual terms for individual loans.

(2)Residential mortgage loans predominantly insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) are not placed on nonaccrual status because they are insured or guaranteed.

-20-

Wells Fargo & Company and Subsidiaries

COMMERCIAL AND INDUSTRIAL LOANS AND LEASE FINANCING BY INDUSTRY


	Dec 31, 2020							Sep 30, 2020							Dec 31, 2019
($ in millions)	Nonaccrual loans		Loans outstanding	% of total loans		Total commitments (1)		Nonaccrual loans		Loans outstanding	% of total loans		Total commitments (1)		Nonaccrual loans		Loans outstanding	% of total loans		Total commitments (1)
Financials except banks	$	160	117,726	13	%	$	206,999	$	204	108,597	12	%	$	193,838	$	112	117,312	12	%	$	200,848
Technology, telecom and media	144		23,061	3		56,500		100		24,517	3		56,417		28		22,447	2		53,343
Real estate and construction	133		23,113	3		51,526		287		24,959	3		52,995		47		22,011	2		48,217
Retail	94		17,393	2		41,669		149		19,243	2		42,250		105		19,923	2		41,938
Equipment, machinery and parts manufacturing	81		18,158	2		41,332		95		19,586	2		40,649		36		23,457	2		42,040
Materials and commodities	39		12,071	1		33,879		48		13,188	1		35,885		33		16,375	2		39,369
Health care and pharmaceuticals	145		15,322	2		32,154		163		16,074	2		32,304		28		14,920	2		30,168
Oil, gas and pipelines	953		10,471	1		30,055		1,188		11,138	1		31,344		615		13,562	1		35,445
Food and beverage manufacturing	17		12,401	1		28,908		30		12,051	1		28,597		9		14,991	2		29,172
Automobile related	79		11,817	1		25,034		24		12,031	1		25,240		24		15,996	2		26,310
Commercial services	107		10,284	1		24,442		145		10,618	*		24,467		50		10,455	*		22,713
Utilities	2		5,031	*		18,564		9		5,922	*		19,315		224		5,995	*		19,390
Entertainment and recreation	263		9,884	1		17,551		85		9,643	1		16,849		44		13,462	1		19,854
Transportation services	573		9,236	1		15,531		390		10,216	1		16,642		224		10,957	*		17,660
Diversified or miscellaneous	7		5,437	*		14,717		16		4,965	—		14,043		4		4,600	*		11,290
Insurance and fiduciaries	2		3,297	*		14,334		2		3,463	*		14,814		1		5,525	*		15,596
Banks	—		12,789	1		13,842		—		12,975	1		13,982		—		20,070	*		20,728
Agribusiness	81		6,314	*		11,642		40		6,829	*		12,419		35		7,539	*		12,901
Government and education	9		5,464	*		11,065		10		5,413	*		11,691		6		5,363	*		12,267
Other (2)	$	68	5,623	*		$	23,315	$	36	6,432	2	%	$	13,946	$	15	8,996	1	%	$	21,698
Total	$	2,957	334,892	33	%	$	713,059	$	3,021	337,860	37	%	$	697,687	$	1,640	373,956	39	%	$	720,947

*Less than 1%.

(1)Total commitments consists of loans outstanding plus unfunded credit commitments, excluding issued letters of credit.

(2)No other single industry had total loans outstanding in excess of $3.8 billion, $5.0 billion, and $4.7 billion at December 31, 2020, September 30, 2020, and December 31, 2019, respectively.

-21-

Wells Fargo & Company and Subsidiaries

COMMERCIAL REAL ESTATE LOANS BY PROPERTY TYPE


	Dec 31, 2020							Sep 30, 2020							Dec 31, 2019
($ in millions)	Nonaccrual loans		Loans outstanding	% of total loans		Total commitments (1)		Nonaccrual loans		Loans outstanding	% of total loans		Total commitments (1)		Nonaccrual loans		Loans outstanding	% of total loans		Total commitments (1)
Office buildings	$	274	37,251	4	%	$	43,059	$	280	37,347	4	%	$	42,855	$	111	37,107	4	%	$	42,907
Apartments	30		27,909	3		35,092		30		27,435	3		35,038		9		24,658	2		32,576
Industrial/warehouse	87		17,108	2		19,069		77		17,730	2		19,887		83		17,305	2		19,588
Retail (excluding shopping center)	286		13,808	2		14,444		172		14,053	2		14,603		133		14,720	2		15,395
Hotel/motel	273		12,134	1		12,770		159		12,288	1		13,038		16		11,778	1		13,187
Shopping center	588		11,441	1		12,065		408		11,732	1		12,422		2		12,129	1		13,275
Institutional	93		6,692	*		7,923		95		6,215	*		7,667		49		5,541	*		7,193
Mixed use properties	98		6,192	*		7,424		91		6,217	*		7,434		93		6,864	1		8,289
Collateral pool	—		2,970	*		3,546		—		2,850	*		3,420		—		2,526	*		3,009
1-4 family structure	—		1,346	*		3,400		—		1,523	*		3,517		4		1,533	*		3,278
Other	93		6,674	*		8,376		65		7,039	*		8,995		114		7,602	1		9,002
Total	$	1,822	143,525	16	%	$	167,168	$	1,377	144,429	16	%	$	168,876	$	614	141,763	15	%	$	167,699

*Less than 1%.

(1)Total commitments consists of loans outstanding plus unfunded credit commitments, excluding issued letters of credit.

-22-

Wells Fargo & Company and Subsidiaries
TANGIBLE COMMON EQUITY

We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than MSRs) and goodwill and other intangibles on nonmarketable equity securities, net of applicable deferred taxes. The ratios are (i) tangible book value per common share, which represents tangible common equity divided by common shares outstanding; and (ii) return on average tangible common equity (ROTCE), which represents our annualized earnings as a percentage of tangible common equity. The methodology of determining tangible common equity may differ among companies. Management believes that tangible book value per common share and return on average tangible common equity, which utilize tangible common equity, are useful financial measures because they enable management, investors, and others to assess the Company’s use of equity.

The tables below provide a reconciliation of these non-GAAP financial measures to GAAP financial measures.


								Dec 31, 2020 % Change from
(in millions, except ratios)		Dec 31, 2020		Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2020		Dec 31, 2019
Tangible book value per common share:
Total equity		$	185,920	182,032	180,122	183,330	187,984	2	%	(1)
Adjustments:
Preferred stock		(21,136)		(21,098)	(21,098)	(21,347)	(21,549)	—		(2)
Additional paid-in capital on preferred stock		152		159	159	140	(71)	(4)		NM
Unearned ESOP shares		875		875	875	1,143	1,143	—		(23)
Noncontrolling interests		(1,033)		(859)	(736)	(612)	(838)	20		23
Total common stockholders' equity	(A)	164,778		161,109	159,322	162,654	166,669	2		(1)
Adjustments:
Goodwill		(26,392)		(26,387)	(26,385)	(26,381)	(26,390)	—		—
Certain identifiable intangible assets (other than MSRs)		(342)		(366)	(389)	(413)	(437)	(7)		(22)
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(1,965)		(2,019)	(2,050)	(1,894)	(2,146)	(3)		(8)
Applicable deferred taxes related to goodwill and other intangible assets (1)		856		842	831	821	810	2		6
Tangible common equity	(B)	$	136,935	133,179	131,329	134,787	138,506	3		(1)
Common shares outstanding	(C)	4,144.0		4,132.5	4,119.6	4,096.4	4,134.4	—		—
Book value per common share	(A)/(C)	$	39.76	38.99	38.67	39.71	40.31	2		(1)
Tangible book value per common share	(B)/(C)	33.04		32.23	31.88	32.90	33.50	3		(1)

NM – Not meaningful

-23-

Wells Fargo & Company and Subsidiaries
TANGIBLE COMMON EQUITY (continued)


		Quarter ended							Dec 31, 2020 % Change from			Year ended
(in millions, except ratios)		Dec 31, 2020			Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2020		Dec 31, 2019	Dec 31, 2020			Dec 31, 2019	% Change
Return on average tangible common equity:
Net income applicable to common stock	(A)	$	2,642		1,720	(2,694)	42	2,546	54	%	4	$	1,710		17,938	(90)	%
Average total equity		185,748			182,850	184,108	188,170	192,393	2		(3)	185,214			197,621	(6)
Adjustments:
Preferred stock		(21,223)			(21,098)	(21,344)	(21,794)	(21,549)	1		(2)	(21,364)			(22,522)	(5)
Additional paid-in capital on preferred stock		156			158	140	135	(71)	(1)		NM	148			(81)	NM
Unearned ESOP shares		875			875	1,140	1,143	1,143	—		(23)	1,007			1,306	(23)
Noncontrolling interests		(887)			(761)	(643)	(785)	(945)	17		(6)	(769)			(962)	(20)
Average common stockholders’ equity	(B)	164,669			162,024	163,401	166,869	170,971	2		(4)	164,236			175,362	(6)
Adjustments:
Goodwill		(26,390)			(26,388)	(26,384)	(26,387)	(26,389)	—		—	(26,387)			(26,409)	—
Certain identifiable intangible assets (other than MSRs)		(354)			(378)	(402)	(426)	(449)	(6)		(21)	(389)			(493)	(21)
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(1,889)			(2,045)	(1,922)	(2,152)	(2,223)	(8)		(15)	(2,002)			(2,174)	(8)
Applicable deferred taxes related to goodwill and other intangible assets (1)		852			838	828	818	807	2		6	834			792	5
Average tangible common equity	(C)	$	136,888		134,051	135,521	138,722	142,717	2		(4)	136,292			147,078	(7)
Return on average common stockholders’ equity (ROE) (annualized)	(A)/(B)	6.4		%	4.2	(6.6)	0.1	5.9				1.0		%	10.2
Return on average tangible common equity (ROTCE) (annualized)	(A)/(C)	7.7			5.1	(8.0)	0.1	7.1				1.3			12.2

NM – Not meaningful

(1)Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period end.

-24-

Wells Fargo & Company and Subsidiaries

RISK-BASED CAPITAL RATIOS UNDER BASEL III – STANDARDIZED APPROACH (1)


		Estimated							Dec 31, 2020 % Change from
(in billions, except ratio)		Dec 31, 2020			Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2020		Dec 31, 2019
Total equity		$	185.9		182.0	180.1	183.3	188.0	2	%	(1)
Adjustments:
Preferred stock		(21.1)			(21.1)	(21.1)	(21.3)	(21.5)	—		(2)
Additional paid-in capital on preferred stock		0.2			0.2	0.2	0.1	(0.1)	—		NM
Unearned ESOP shares		0.9			0.9	0.9	1.1	1.1	—		(18)
Noncontrolling interests		(1.0)			(0.9)	(0.7)	(0.6)	(0.8)	11		25
Total common stockholders' equity		164.8			161.1	159.4	162.6	166.7	2		(1)
Adjustments:
Goodwill		(26.4)			(26.4)	(26.4)	(26.4)	(26.4)	—		—
Certain identifiable intangible assets (other than MSRs)		(0.3)			(0.4)	(0.4)	(0.4)	(0.4)	(25)		(25)
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(2.0)			(2.0)	(2.1)	(1.9)	(2.1)	—		(5)
Applicable deferred taxes related to goodwill and other intangible assets (2)		0.9			0.8	0.8	0.8	0.8	13		13
CECL transition provision (3)		1.7			1.9	1.9	—	—	(11)		NM
Other		(0.4)			(0.2)	(0.1)	—	0.3	100		NM
Common Equity Tier 1	(A)	138.3			134.9	133.1	134.7	138.8	3		—


Preferred stock		21.1			21.1	21.1	21.3	21.5	—		(2)
Additional paid-in capital on preferred stock		(0.2)			(0.2)	(0.2)	(0.1)	0.1	—		NM
Unearned ESOP shares		(0.9)			(0.9)	(0.9)	(1.1)	(1.1)	—		(18)
Other		(0.2)			(0.2)	(0.2)	(0.5)	(0.3)	—		(33)
Total Tier 1 capital	(B)	158.2			154.7	152.9	154.3	158.9	2		—

Long-term debt and other instruments qualifying as Tier 2		24.4			25.0	25.5	25.8	26.5	(2)		(8)
Qualifying allowance for credit losses (4)		14.1			14.1	14.4	12.0	10.5	—		34
Other		(0.2)			(0.2)	(0.2)	(0.2)	(0.2)	—		—





Effect of Basel III Transition Requirements		0.1			0.1	0.1	0.1	0.5	—		(80)
Total qualifying capital (Basel III Transition Requirements)	(C)	$	196.6		193.8	192.6	192.1	196.2	1		—

Total risk-weighted assets (RWAs)	(D)	$	1,192.0		1,185.6	1,213.1	1,262.8	1,245.9	1		(4)

Common Equity Tier 1 to total RWAs	(A)/(D)	11.6		%	11.4	11.0	10.7	11.1
Tier 1 capital to total RWAs	(B)/(D)	13.3			13.1	12.6	12.2	12.8
Total capital to total RWAs	(C)/(D)	16.5			16.3	15.9	15.2	15.8

NM – Not meaningful

(1)The Basel III capital rules for calculating CET1 and tier 1 capital, along with RWAs, are fully phased-in. However, the requirements for determining total capital are still in accordance with Transition Requirements and are scheduled to be fully phased-in by the end of 2021. The Basel III capital rules provide for two capital frameworks: the Standardized Approach and the Advanced Approach applicable to certain institutions. Accordingly, in the assessment of our capital adequacy, we must report the lower of our CET1, tier 1 and total capital ratios calculated under the Standardized Approach and under the Advanced Approach.

(2)Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period end.

(3)In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out of the benefits. The impact of the CECL transition provision on our regulatory capital at December 31, 2020, was an increase in capital of $1.7 billion, reflecting a $991 million (post-tax) increase in capital recognized upon our initial adoption of CECL, offset by 25% of the $10.8 billion increase in our ACL under CECL from January 1, 2020, through December 31, 2020.

(4)Under the Standardized Approach, the allowance for credit losses is includable in Tier 2 Capital up to 1.25% of Standardized credit RWAs with any excess allowance for credit losses deducted from total RWAs.

-25-

Wells Fargo & Company and Subsidiaries

RISK-BASED CAPITAL RATIOS UNDER BASEL III – ADVANCED APPROACH (1)


		Estimated							Dec 31, 2020 % Change from
(in billions, except ratio)		Dec 31, 2020			Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2020		Dec 31, 2019
Total equity		$	185.9		182.0	180.1	183.3	188.0	2	%	(1)
Adjustments:
Preferred stock		(21.1)			(21.1)	(21.1)	(21.3)	(21.5)	—		(2)
Additional paid-in capital on preferred stock		0.2			0.2	0.2	0.1	(0.1)	—		NM
Unearned ESOP shares		0.9			0.9	0.9	1.1	1.1	—		(18)
Noncontrolling interests		(1.0)			(0.9)	(0.7)	(0.6)	(0.8)	11		25
Total common stockholders' equity		164.8			161.1	159.4	162.6	166.7	2		(1)
Adjustments:
Goodwill		(26.4)			(26.4)	(26.4)	(26.4)	(26.4)	—		—
Certain identifiable intangible assets (other than MSRs)		(0.3)			(0.4)	(0.4)	(0.4)	(0.4)	(25)		(25)
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(2.0)			(2.0)	(2.1)	(1.9)	(2.1)	—		(5)
Applicable deferred taxes related to goodwill and other intangible assets (2)		0.9			0.8	0.8	0.8	0.8	13		13
CECL transition provision (3)		1.7			1.9	1.9	—	—	(11)		NM
Other		(0.4)			(0.2)	(0.1)	—	0.3	100		NM
Common Equity Tier 1	(A)	138.3			134.9	133.1	134.7	138.8	3		—


Preferred stock		21.1			21.1	21.1	21.3	21.5	—		(2)
Additional paid-in capital on preferred stock		(0.2)			(0.2)	(0.2)	(0.1)	0.1	—		NM
Unearned ESOP shares		(0.9)			(0.9)	(0.9)	(1.1)	(1.1)	—		(18)
Other		(0.2)			(0.2)	(0.2)	(0.5)	(0.3)	—		(33)
Total Tier 1 capital	(B)	158.2			154.7	152.9	154.3	158.9	2		—

Long-term debt and other instruments qualifying as Tier 2		24.4			25.0	25.5	25.8	26.5	(2)		(8)
Qualifying allowance for credit losses (4)		4.4			4.5	4.6	4.0	2.6	(2)		69
Other		(0.2)			(0.2)	(0.2)	(0.2)	(0.2)	—		—





Effect of Basel III Transition Requirements		0.1			0.1	0.1	0.1	0.5	—		(80)
Total qualifying capital (Basel III Transition Requirements)	(C)	$	186.9		184.2	182.8	184.0	188.3	1		(1)

Total RWAs (5)	(D)	$	1,158.1		1,172.0	1,195.4	1,181.3	1,165.1	(1)		(1)

Common Equity Tier 1 to total RWAs (5)	(A)/(D)	11.9		%	11.5	11.1	11.4	11.9
Tier 1 capital to total RWAs (5)	(B)/(D)	13.7			13.2	12.8	13.1	13.6
Total capital to total RWAs (5)	(C)/(D)	16.1			15.7	15.3	15.6	16.2

NM – Not meaningful

(4)Under the Advanced Approach, the allowance for credit losses that exceeds expected credit losses is eligible for inclusion in Tier 2 Capital, to the extent the excess allowance does not exceed 0.60% of Advanced credit RWAs with any excess allowance for credit losses deducted from total RWAs.

(5)Amount for December 31, 2019, has been revised as a result of a decrease in RWAs under the Advanced Approach due to the correction of duplicated operational loss amounts.

-26-

Wells Fargo & Company and Subsidiaries

DEFERRED COMPENSATION AND RELATED HEDGES


	Quarter ended						Year ended
(in millions)	Dec 31, 2020		Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Dec 31, 2020	Dec 31, 2019
Net interest income	$	—	—	3	12	26	15	70
Net gains (losses) from equity securities	1		1	346	(621)	236	(273)	664
Total revenue (losses) from deferred compensation plan investments	1		1	349	(609)	262	(258)	734
Change in deferred compensation plan liabilities	470		220	490	(598)	263	582	739
Net derivative (gains) losses from economic hedges of deferred compensation (1)	(422)		(215)	(141)	—	—	(778)	—
Personnel expense	48		5	349	(598)	263	(196)	739
Income (loss) before income tax expense	$	(47)	(4)	—	(11)	(1)	(62)	(5)

(1)In second quarter 2020, we entered into arrangements to transition our economic hedges of our deferred compensation plan liabilities from equity securities to derivative instruments. Changes in the fair value of derivatives used as economic hedges are presented within the same financial statement line as the related business activity being hedged.

-27-

24Q20 Financial Results  Helped 3.6 million consumer and small business customers by deferring payments and waiving fees  Funded approximately 194,000 loans totaling $10.5 billion under the Paycheck Protection Program and provided an additional $51 million in liquidity for Community Development Financial Institutions (CDFIs) and African American owned Minority Depository Institutions (MDIs)  Helped over 635,000 homeowners with new low-rate loans to either purchase a home or refinance an existing mortgage: over 265,000 purchases and nearly 370,000 refis  Closed $2.1 billion in new commitments for affordable housing under the GSE and FHA programs (77 properties nationwide with 12,560 total units including 10,650 rent restricted affordable units)  The Renewable Energy & Environmental Finance group provided approximately $2.4 billion in financing to the renewable energy industry in 2020, a nearly $1 billion increase over 2019  During the height of the market volatility caused by the COVID-19 pandemic, Wells Fargo Investment Institute (WFII) hosted daily market volatility calls for clients; overall WFII hosted 44 market volatility calls in the first half of 2020 with more than 150,000 participants Supporting customers, communities and employees in 2020 Supporting Our Customers Helping Our Communities and Small Businesses  Charitable Contributions: Deployed $475 million in philanthropic contributions, including: - $225 million in philanthropic contributions for COVID-19 relief - More than $84 million through the Open for Business Fund helping entrepreneurs keep roughly 50,000 small business jobs  Investing in Minority Depository Institutions: (MDIs): Announced the planned investment of up to $50 million in African American MDIs  Fighting Hunger: Provided 82 million meals to families in need, resulting from a combination of food bank events and a $10 million donation to Feeding America  Addressing Housing Insecurity: Kept 200,000 individuals housed through our support of rent relief, eviction prevention and other housing initiatives  Aided more than 23,000 employees via a $25 million grant to the WE Care employee relief fund  More than 22,000 employees utilized enhanced childcare benefits amid the pandemic  Raised minimum hourly pay levels in a majority of U.S. markets with more than 25,000 employees receiving a pay adjustment Assisting Employees

34Q20 Financial Results 4Q20 results Financial Results ROE: 6.4% ROTCE: 7.7%1 Efficiency ratio: 83%2 Credit Quality Capital and Liquidity CET1: 11.6%3 LCR: 133%4  Net Income of $3.0 billion, or $0.64 per diluted common share – Revenue of $17.9 billion, down 10% – Noninterest expense of $14.8 billion, down 5%  Results included:  Effective income tax rate of 3.5%  Average loans of $899.7 billion, down 6%  Average deposits of $1.4 trillion, up 4%  Provision for credit losses of $(179) million, down $823 million – Total net charge-offs of $584 million, down $185 million • Net loan charge-offs of 0.26% of average loans (annualized), down from 0.32% – Allowance for credit losses for loans of $19.7 billion, down $758 million from 3Q20 predominantly due to the announced sale of our student loan portfolio  Common Equity Tier 1 (CET1) capital of $138.3 billion3  CET1 ratio of 11.6% under the Standardized Approach and 11.9% under the Advanced Approach3  Common stock dividend of $0.10 per share, or $414 million  The Company’s Board of Directors approved an increase in the Company’s authority to repurchase common stock by an additional 500 million shares, bringing the total authorized amount to 667 million common shares Comparisons in the bullet points are for 4Q20 versus 4Q19, unless otherwise noted. 1. Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 22. 2. The efficiency ratio is noninterest expense divided by total revenue. 3. See page 23 for additional information regarding Common Equity Tier 1 (CET1) capital and ratios. CET1 is a preliminary estimate. 4. Liquidity coverage ratio (LCR) is calculated as high-quality liquid assets divided by projected net cash outflows, as each is defined under the LCR rule. LCR is a preliminary estimate. ($ in millions, except EPS) Pre-tax Income EPS Restructuring charges impact (781)$ (0.14)$ Reserve release due to the announced sale of our student loan portfolio 757 0.14 Customer remediation accruals impact (321) (0.06)

44Q20 Financial Results 4Q20 earnings NM- Not meaningful 1. Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 22. $ in millions (mm), except per share data 4Q20 3Q20 4Q19 vs. 3Q20 vs. 4Q19 Net interest income $ 9,275 9,368 11,200 $ (93) (1,925) Noninterest income 8,650 9,494 8,660 (844) (10) Total revenue 17,925 18,862 19,860 (937) (1,935) Net charge-offs 584 731 769 (147) (185) Change in the allowance for credit losses (763) 38 (125) (801) (638) Provision for credit losses (179) 769 644 (948) (823) Noninterest expense 14,802 15,229 15,614 (427) (812) Pre-tax income 3,302 2,864 3,602 438 (300) Income tax expense 108 645 678 (537) (570) Effective income tax rate (%) 3.5 % 24.1 19.1 n.m. n.m. Net income $ 2,992 2,035 2,873 $ 957 119 Diluted earnings per common share $ 0.64 0.42 0.60 $ 0.22 0.04 Diluted average common shares (mm) # 4,151.3 4,132.2 4,234.6 19 (83) Return on equity (ROE) 6.4 % 4.2 5.9 220 bps 50 bps Return on average tangible common equity (ROTCE) 1 7.7 5.1 7.1 260 60 Efficiency ratio 83 81 79 200 400

54Q20 Financial Results Credit quality of the loan portfolio  Both commercial and consumer loan portfolios saw declines in losses and net charge-off rates - Commercial net loan charge-offs were impacted by a small number of credit exposures in the commercial real estate portfolio - Consumer losses decreased as the impacts of government stimulus programs and customer accommodations, including payment deferrals, continued to impact performance  Nonperforming assets increased $709 million, or 9%, to $8.9 billion – Nonaccrual loans increased $706 million primarily due to increases in the commercial real estate, residential mortgage, and lease financing portfolios, partially offset by a decrease in the commercial and industrial portfolio Provision Expense and Net Charge-offs on Loans ($ in millions) Allowance for Credit Losses for Loans ($ in millions)  Allowance for credit losses for loans down $758 million almost entirely due to the announced sale of our student loan portfolio  Allowance coverage for total loans stable reflecting continued uncertainty due to COVID-19 Comparisons in the bullet points are for 4Q20 versus 3Q20. 644 3,833 9,565 751 (144) 769 909 1,113 683 584 0.32% 0.38% 0.46% 0.29% 0.26% 4Q19 1Q20 2Q20 3Q20 4Q20 Provision for Loan Losses Net Charge-offs Net Charge-off Ratio 6,245 5,279 11,669 11,542 11,516 4,211 6,743 8,767 8,929 8,197 10,456 12,022 20,436 20,471 19,713 1.09% 1.19% 2.19% 2.22% 2.22% 4Q19 1Q20 2Q20 3Q20 4Q20 Commercial Consumer Allowance coverage for total loans

64Q20 Financial Results Consumer loan deferrals due to COVID-19  $14.3 billion unpaid principal balance (UPB) of modified consumer loans were still in deferral as of 12/31/20, down from $22.7 billion as of 9/30/201 1. Excludes student loans in deferral due to the announced sale of our student loan portfolio and the transfer of these loans to loans held for sale. Prior period amounts of other consumer loans have been revised to exclude student loan balances in deferral of $740 million and $1.0 billion at September 30, 2020 and June 30, 2020, respectively. 2. Excludes $15.9 billion, $19.1 billion and $7.1 billion at December 31, 2020, September 30, 2020 and June 30, 2020, respectively, of residential mortgage-first lien loans insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) that were primarily repurchased from GNMA loan securitization pools. FHA/VA loans are entitled to payment deferrals of scheduled principal and interest up to a total of 12 months. ($ in millions) % of loan class % of loan class % of loan class Residential mortgage-first lien $ 10,544 4 % $ 16,994 6 % $ 25,194 9 % Residential mortgage-junior lien 1,355 6 1,848 7 2,812 10 Credit card 373 1 783 2 2,616 7 Auto 1,911 4 2,796 6 4,880 10 Other consumer 1 126 1 317 1 638 3 Total Consumer 2 $ 14,309 3 % $ 22,738 5 % $ 36,140 10 % Unpaid principal balance of modified loans still in deferral period As of September 30, 2020 As of June 30, 2020As of December 31, 2020 Unpaid principal balance of modified loans still in deferral period Unpaid principal balance of modified loans still in deferral period

74Q20 Financial Results Average loans and deposits  Average loans down $56.8 billion, or 6%, year-over-year (YoY), and down $32.0 billion, or 3%, from 3Q20 driven by lower commercial and industrial loans and residential real estate loans  Total average loan yield of 3.39%, down 2 bps from 3Q20 and down 98 bps YoY reflecting the repricing impacts of lower interest rates, as well as continued loan mix changes  Average deposits up $58.2 billion, or 4%, YoY driven by growth in Consumer Banking and Lending, and Wealth and Investment Management deposits  Average deposits down $18.9 billion, or 1%, from 3Q20 reflecting targeted actions to manage to the asset cap, primarily in Corporate and Investment Banking, Corporate Treasury and Commercial Banking  Average deposit cost of 5 bps, down 4 bps from 3Q20 and 57 bps YOY reflecting the lower interest rate environment Average Loans Outstanding ($ in billions) Average Deposits and Rates ($ in billions) 512.6 520.5 545.3 497.7 476.5 443.9 444.5 426.0 434.0 423.2 956.5 965.0 971.3 931.7 899.7 4.37% 4.20% 3.50% 3.41% 3.39% 4Q19 1Q20 2Q20 3Q20 4Q20 Commercial Loans Consumer Loans Total Average Loan Yield 646.1 652.7 715.1 756.5 763.2 192.3 193.5 206.5 198.0 203.6 258.8 266.2 239.6 226.1 205.8 139.0 145.4 165.2 169.5 169.9 85.7 80.2 60.2 49.0 37.7 1,321.9 1,338.0 1,386.7 1,399.0 1,380.1 4Q19 1Q20 2Q20 3Q20 4Q20 Consumer Banking and Lending Commercial Banking Corporate and Investment Banking Wealth and Investment Management Corporate Average Deposit Cost 0.62% 0.52% 0.17% 0.09% 0.05%

84Q20 Financial Results Net interest income  Net interest income decreased $1.9 billion, or 17%, YoY reflecting the impact of lower interest rates, which drove a repricing of the balance sheet, lower loans primarily due to weak customer demand and elevated prepayments, lower investment securities, as well as higher mortgage- backed securities (MBS) premium amortization (4Q20 MBS premium amortization was $646 million vs. $445 million in 4Q19)  Net interest income decreased $93 million, or 1%, from 3Q20 reflecting lower loan balances on lower customer demand and elevated prepayments, and the impact of lower interest rates, which drove a repricing of the balance sheet Net Interest Income ($ in millions) 11,200 11,312 9,880 9,368 9,275 2.53% 2.58% 2.25% 2.13% 2.13% 4Q19 1Q20 2Q20 3Q20 4Q20 Net Interest Income Net Interest Margin

94Q20 Financial Results Noninterest expense  Noninterest expense down 5% from 4Q19 - Operating losses down $1.3 billion and included $321 million of customer remediation accruals primarily for a variety of historical matters, compared with a 4Q19 which included $1.5 billion of litigation accruals - Other non-personnel expense down 9% on lower travel expense and advertising expense as a result of the COVID-19 pandemic, and lower professional and outside services expense due to efficiency initiatives - Partially offset by $781 million of restructuring charges, primarily severance expense, as well as technology impairments and facility closure costs  Noninterest expense down 3% from 3Q20 - Personnel expense up 4% on higher incentive compensation expense - Other non-personnel expense down 5% benefitting from efficiency initiatives Noninterest Expense ($ in millions) 8,819 8,323 8,916 8,624 8,948 1,916 464 1,219 1,219 621 718 781 4,879 4,261 4,416 4,668 4,452 15,614 13,048 14,551 15,229 14,802 4Q19 1Q20 2Q20 3Q20 4Q20 Personnel Expense Operating Losses Restructuring Charges Other Non-personnel Expense

104Q20 Financial Results Consumer Banking and Lending  Total revenue down 5% YoY and 6% from 3Q20 - CSBB revenue down 8% YoY primarily due to the impact of lower interest rates and lower deposit-related fees on reduced transaction activity and higher fee waivers provided in response to the COVID-19 pandemic - Home Lending revenue down 21% from 3Q20 on lower servicing income and MSR valuation adjustments reflecting higher prepayments; lower mortgage originations were offset by higher spreads - Credit Card revenue up 2% from 3Q20 on higher net interest income on lower customer payment deferrals, as well as seasonally higher spend volume  Provision for credit losses down from a 3Q20 build in allowance for credit losses (ACL) - Net loan charge-offs of $332 million, down $37 million from 3Q20 on lower credit card losses and higher home lending recoveries  Noninterest expense down 12% from 3Q20 driven by lower operating losses reflecting lower customer remediation expense ($329 million in 4Q20 vs. $871 million in 3Q20) Summary Financials 1. Return on allocated capital is segment net income (loss) applicable to common stock divided by segment average allocated capital. Segment net income (loss) applicable to common stock is segment net income (loss) less allocated preferred stock dividends. 2. Efficiency ratio is segment noninterest expense divided by segment total revenue. 3. Digital and mobile active customers is the number of consumer and small business customers who have logged on via a digital or mobile device, respectively, in the prior 90 days. $ in millions (mm) 4Q20 vs. 3Q20 vs. 4Q19 Revenue by line of business: Consumer and Small Business Banking (CSBB) $ 4,701 $ (20) (397) Consumer Lending: Home Lending 1,995 (532) 35 Credit Card 1,372 27 (98) Auto 403 (1) 16 Personal Lending 142 (7) (25) Total revenue 8,613 (533) (469) Provision for credit losses 351 (289) (134) Noninterest expense 6,441 (904) (980) Pre-tax income 1,821 660 645 Net income $ 1,364 $ 493 732 4Q20 3Q20 4Q19 Return on allocated capital 1 10.7 % 6.6 4.7 Efficiency ratio 2 75 80 82 Retail bank branches # 5,032 5,229 5,352 Digital (online and mobile) active customers 3 (mm) 32.0 32.0 30.3 Mobile active customers 3 (mm) 26.0 25.9 24.4 Selected Metrics $ in billions, unless otherwise noted 4Q20 3Q20 4Q19 Balances Loans $ 373.9 379.8 383.1 Deposits 763.2 756.5 646.1 Credit Performance Net charge-offs as a % of average loans 0.35 % 0.39 0.62 Average Balances and Selected Credit Metrics

114Q20 Financial Results Consumer Banking and Lending Mortgage Loan Originations ($ in billions) Auto Loan Originations ($ in billions) Credit Card POS Volume ($ in billions) Debit Card Point of Sale (POS) Volume and Transactions1 1. Debit card purchase volume and transactions reflect combined activity for both consumer and business debit card purchases. 6.8 6.5 5.6 5.4 5.3 4Q19 1Q20 2Q20 3Q20 4Q20 27.5 23.1 30.5 32.8 32.3 32.3 24.9 28.7 28.8 21.6 59.8 48.0 59.2 61.6 53.9 50% 52% 62% 51% 52% 4Q19 1Q20 2Q20 3Q20 4Q20 Retail Correspondent Refinances as a % of Originations 23.1 19.9 17.5 21.3 22.9 4Q19 1Q20 2Q20 3Q20 4Q20 95.2 90.6 93.1 102.9 105.3 2.3 2.2 2.0 2.3 2.3 4Q19 1Q20 2Q20 3Q20 4Q20 POS Volume ($ in billions) POS Transactions (billions)

124Q20 Financial Results Commercial Banking  Total revenue down 18% YoY and up 1% from 3Q20 - Middle Market Banking revenue down 26% YoY and 4% from 3Q20 due to the impact of lower interest rates and lower loan balances - Asset-Based Lending and Leasing revenue up 5% from 3Q20 on higher loan syndication fees and net gains on equity securities  Provision for credit losses down 80% from a 3Q20 ACL build - Net loan charge-off ratio of 17 bps, down 17 bps from 3Q20 driven largely by lower losses in Middle Market Banking  Noninterest expense down 4% from 3Q20 on lower lease expense, as well as lower personnel expense reflecting efficiency initiatives Summary Financials $ in millions 4Q20 vs. 3Q20 vs. 4Q19 Revenue by line of business: Middle Market Banking $ 1,149 $ (47) (396) Asset-Based Lending and Leasing 1,029 53 (56) Other 210 22 (55) Total revenue 2,388 28 (507) Provision for credit losses 69 (270) 39 Noninterest expense 1,690 (72) (122) Pre-tax income 629 370 (424) Net income $ 473 $ 278 (319) 4Q20 3Q20 4Q19 Return on allocated capital 8.6 % 3.0 14.3 Efficiency ratio 71 75 63 Average loans by line of business ($ in billions) Middle Market Banking $ 102.7 110.3 116.1 Asset-based Lending and Leasing and Other 88.2 91.6 109.4 Total loans $ 190.9 201.9 225.5 Average deposits 203.6 198.0 192.3 Selected Metrics

134Q20 Financial Results Corporate and Investment Banking  Total revenue down 7% YoY and 6% from 3Q20 – Banking revenue down 13% YoY primarily due to lower Treasury Management and Payments revenue predominantly driven by the impact of lower interest rates and lower deposit balances, and up 4% from 3Q20 on higher Investment Banking revenue driven by higher advisory fees and equities origination – Commercial Real Estate revenue up 15% from 3Q20 on higher CMBS volumes and improved gain on sale margins, as well as an increase in low income housing tax credit income – Markets revenue down 26% from 3Q20 on lower trading volumes across FICC and Equities, as well as lower Credit Adjustment and Other revenue  Provision for credit losses up from a 3Q20 ACL release – Net loan charge-off ratio of 29 bps, up 10 bps from 3Q20 on higher commercial real estate losses  Noninterest expense down 10% from 3Q20 primarily reflecting lower personnel expense driven by lower revenue-based incentive compensation Summary Financials $ in millions 4Q20 vs. 3Q20 vs. 4Q19 Revenue by line of business: Banking: Lending $ 424 $ 2 (27) Treasury Management and Payments 384 (11) (143) Investment Banking 348 53 (10) Total Banking 1,156 44 (180) Commercial Real Estate 964 129 102 Markets: Fixed Income, Currencies and Commodities (FICC) 889 (116) (8) Equities 194 (118) (63) Credit Adjustment (CVA/DVA) and Other (67) (129) (81) Total Markets 1,016 (363) (152) Other (30) 9 7 Total revenue 3,106 (181) (223) Provision for credit losses 186 307 109 Noninterest expense 1,798 (193) (23) Pre-tax income 1,122 (295) (309) Net income $ 841 $ (221) (232) 4Q20 3Q20 4Q19 Return on allocated capital 8.8 % 11.4 12.4 Efficiency ratio 58 61 55 Selected Metrics Loans by line of business 4Q20 3Q20 4Q19 Banking $ 82.4 88.9 92.8 Commercial Real Estate 107.8 109.5 103.7 Markets 49.6 51.4 54.3 Total loans $ 239.8 249.9 250.9 Deposits 205.8 226.1 258.8 Trading-related assets 190.4 192.7 234.7 Average Balances ($ in billions)

144Q20 Financial Results Wealth and Investment Management  Net interest income down 19% YoY driven by the impact of lower interest rates, partially offset by higher loan and deposit balances  Noninterest income up 5% from 3Q20 primarily driven by higher asset-based fees, as well as higher retail brokerage transactional activity  Noninterest expense down 17% YoY primarily due to lower operating losses and deferred compensation plan expense, as well as lower equipment expense from a 4Q19 which included $158 million of software impairment expense; up 2% from 3Q20 primarily reflecting higher financial advisor commission expense Summary Financials 1. Represents annualized revenue (excluding Wells Fargo Asset Management) divided by average total financial and wealth advisors for the period. $ in millions 4Q20 vs. 3Q20 vs. 4Q19 Net interest income $ 715 $ (3) (170) Noninterest income 3,074 159 (1) Total revenue 3,789 156 (171) Provision for credit losses (4) 6 (3) Noninterest expense 3,056 47 (617) Pre-tax income 737 103 449 Net income $ 548 $ 74 335 4Q20 3Q20 4Q19 Return on allocated capital 23.6 % 20.3 8.7 Efficiency ratio 81 83 93 Average loans $ 80.1 79.0 76.4 Average deposits 169.9 169.5 139.0 - Client assets Advisory assets 853 779 778 Other client assets 1,152 1,076 1,108 Total client assets $ 2,005 1,855 1,886 Annualized revenue per advisor ($ in thousands) 1 1,013 943 1,002 Wells Fargo Asset Management assets under management 603 607 509 Selected Metrics ($ in billions, unless otherwise noted)

154Q20 Financial Results Corporate  Net interest income down YoY primarily due to the impact of lower interest rates  Noninterest income down from 3Q20 on lower results in our affiliated private equity and venture capital partnerships  Provision for credit losses reflected a $757 million reserve release due to the announced sale of our student loan portfolio  Noninterest expense up from 3Q20 on higher incentive compensation, the timing of expense recoveries from operating segments, and higher restructuring charges ($781 million in 4Q20 vs. $718 million in 3Q20)  Income tax benefit reflected the positive impact from the resolution of certain legacy tax matters Summary Financials $ in millions 4Q20 vs. 3Q20 vs. 4Q19 Net interest income $ (273) $ 35 (622) Noninterest income 1,248 (229) 224 Total revenue 975 (194) (398) Provision for credit losses (781) (702) (834) Noninterest expense 1,817 695 930 Pre-tax income (loss) (61) (187) (494) Income tax expense (benefit) (22) (535) (245) Less: Net income (loss) from noncontrolling interests 195 15 148 Net income (loss) $ (234) $ 333 (397)

164Q20 Financial Results 2021 net interest income expectations 2021 Net Interest Income Expectations Annualized 4Q20 $36.8B Expected Full Year 2021 Rates/repricing Balance sheet/ mix  Currently expect 2021 net interest income to be flat to down 4% from the annualized 4Q20 level of $36.8 billion – Expectations reflect the announced sale of our student loan portfolio which accounts for approximately 1% of the decline – Expectations influenced by interest rate environment that remains below levels at which the majority of the portfolio was originated – Expectations assume the asset cap will remain in place for 2021  Range recognizes uncertainties and existing pressures including: – Soft industry loan demand – Recent market credit spread tightening – Elevated mortgage market prepayment levels ~0% to 4% decline

174Q20 Financial Results Organizational structure optimization 35% Branch rationalization and staffing 20% Consumer Lending origination and service costs 14% Commercial Banking transformation 13% Real estate and third party spend efficiencies 8% Other 10% Building a stronger Wells Fargo Our goal is to build a more efficient company with a streamlined organizational structure and less complexity in processes and products to better serve our customers Summary  Building the right risk and control infrastructure to strengthen our company continues to be our top priority ‒ Investments in risk management infrastructure and remediating legacy regulatory issues are excluded from efficiency initiatives and are critical for our success ‒ Efficiency initiatives are rigorously reviewed to help ensure no impact on our risk and regulatory work ‒ Many of these efficiency initiatives are designed to reduce risk and improve customer service  Execution on a portfolio of 250+ efficiency initiatives is in process ‒ In excess of $8 billion of potential gross saves identified ‒ Targeting “net” expense reductions each year ‒ We will continue to invest across our businesses ‒ Restructuring charges will continue to be recognized over time ‒ Targeting payback of <2 years for most initiatives ‒ Formalizing program to obtain additional feedback and ideas from employees ‒ Business divestitures not included among initiatives  Initiatives are expected to be executed over a span of 3-4 years ‒ Additional pipeline of efficiency initiative concepts being vetted % of potential gross saves identified Breakdown of Efficiency Initiatives

184Q20 Financial Results  ~46mm sq. ft. of office real estate expected to be reduced by 15-20% by year-end 2024  Optimizing professional services spend through reduction in non-regulatory consulting engagements and use of managed resources  Ensuring we are realizing scale benefits with third party vendors C o m p a n y -w id e i n it ia ti v e s  Eliminated management layers and increased span of control – Reduced 1 - 2 layers of management across businesses and functions since May 2020 – Increased average span of control by ~10%  Expect additional efficiencies across most areas as we continue to streamline the company  Continue to invest in risk, regulatory, control, and business capabilities  Shifting our technology delivery practices to an agile framework expected to increase the quality and speed to market Real Estate and Third Party Spend Efficiencies Organizational Structure Optimization Selected efficiency initiatives B u s in e s s -s p e c if ic i n it ia ti v e s  Increased automation of Home Lending’s retail origination and servicing processes  Home Lending servicing efficiencies expected over the next 3-4 years as processes become more efficient and technology-driven  Improved auto loan origination system and scorecard credit decision tools expected to enable increased decision automation to more than 70% by 2022 and improved automated controls  Continue ongoing review of branch locations; expect to consolidate additional branches and evolve network as customer needs change – 329 branch consolidations completed in 2020 and ~250 expected in 2021  Optimization of branch staffing resulted in ~20% reduction in 2020 driven by lower customer transaction volume and a shift to digital – Will continue to adjust staffing throughout 2021 in response to changing customer needs, traffic patterns and transaction volumes  Tiering of coverage model and optimization of operations and other back-office teams expected to reduce headcount and expenses  Consolidation of Commercial Banking lending platforms from 13 to 6  Standardization and automation of customer onboarding expected to lead to a reduction in completion time Branch Rationalization and Staffing Consumer Lending Origination and Service Costs Commercial Banking Transformation

194Q20 Financial Results 2021 Expense Expectations 2021 expense outlook  Operating losses – Have been elevated over a number of years; 2020 impacted by customer remediation accruals of $2.2 billion – Still have outstanding litigation and regulatory issues that can be unpredictable – 2021 outlook includes ~$1 billion of operating losses (e.g., litigation, customer remediation accruals, fraud, theft, etc.)  Restructuring and divestiture-related charges ‒ 2020 restructuring charges reflect what we believe will be needed for 2021 headcount reductions ‒ Smaller amounts expected throughout 2021 (e.g., one-off real estate-related expenses, etc.) ‒ Does not include charges related to business exits  Remaining expenses ‒ Reductions largely driven by savings from ongoing efficiency initiatives ‒ Partially offset by incremental investments in personnel and technology, including investments in risk and regulatory-related work, and other items 2020 Expense $57.6 ($2.2) ($1.5) ~$53Customer remediation accruals Restructuring charges ($ in billions) 2021 Outlook (ex. restructuring charges and business exits) ($1.5) Expected Net Expense Reduction ($3.7) $1.6 $0.6 Identified efficiency initiatives Other itemsInvestments $0.5 Expected revenue- related compensation 2020 Expense (ex. customer remediation accruals and restructuring charges) ~$54 Expected net expense reduction

204Q20 Financial Results Path to higher returns Note: Path to higher returns represents a hypothetical scenario. Percentages may not add up due to rounding. 4Q20 ROTCE Longer-term ROTCE Expected efficiency initiatives Optimized capital levels Pro forma ROTCE ~1-2% 8% ~1% ~10% ~15%  Clear path to generate better returns by executing on efficiency initiatives, improving risk and controls, investing in our businesses, and optimizing capital  Returns comparable to peers achievable over time; requires: ‒ Moderate balance sheet growth once the asset cap is lifted ‒ Modest increase in interest rates or further steepening of the curve ‒ Ongoing progress on incremental efficiency initiatives beyond 2021 ‒ Small impact from returns on growth-related investments in our businesses ‒ Continued execution on our risk, regulatory, and controls work Path to Higher ROTCE

Appendix

224Q20 Financial Results Tangible Common Equity We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than MSRs) and goodwill and other intangibles on nonmarketable equity securities, net of applicable deferred taxes. One of these ratios is return on average ta ngible common equity (ROTCE), which represents our annualized earnings as a percentage of tangible common equity. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity, which utilizes tangible common equity, is a useful financial measure because it enables management, investors, and others to assess the Company ’s use of equity. The table below provides a reconciliation of this non-GAAP financial measure to GAAP financial measures. Quarter ended (in millions, except ratios) Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Return on average tangible common equity: Net income applicable to common stock (A) $ 2,642 1,720 (2,694) 42 2,546 Average total equity 185,748 182,850 184,108 188,170 192,393 Adjustments: Preferred stock (21,223) (21,098) (21,344) (21,794) (21,549) Additional paid-in capital on preferred stock 156 158 140 135 (71) Unearned ESOP shares 875 875 1,140 1,143 1,143 Noncontrolling interests (887) (761) (643) (785) (945) Average common stockholders’ equity (B) 164,669 162,024 163,401 166,869 170,971 Adjustments: Goodwill (26,390) (26,388) (26,384) (26,387) (26,389) Certain identifiable intangible assets (other than MSRs) (354) (378) (402) (426) (449) Goodwill and other intangibles on nonmarketable equity securities (included in other assets) (1,889) (2,045) (1,922) (2,152) (2,223) Applicable deferred taxes related to goodwill and other intangible assets (1) 852 838 828 818 807 Average tangible common equity (C) $ 136,888 134,051 135,521 138,722 142,717 Return on average common stockholders’ equity (ROE) (annualized) (A)/(B) 6.4 % 4.2 (6.6) 0.1 5.9 Return on average tangible common equity (ROTCE) (annualized) (A)/(C) 7.7 5.1 (8.0) 0.1 7.1 (1) Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period end.

234Q20 Financial Results Common Equity Tier 1 under Basel III RISK-BASED CAPITAL RATIOS UNDER BASEL III (1) Estimated (in billions, except ratio) Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Total equity $ 185.9 182.0 180.1 183.3 188.0 Adjustments: Preferred stock (21.1) (21.1) (21.1) (21.3) (21.5) Additional paid-in capital on preferred stock 0.2 0.2 0.2 0.1 (0.1) Unearned ESOP shares 0.9 0.9 0.9 1.1 1.1 Noncontrolling interests (1.0) (0.9) (0.7) (0.6) (0.8) Total common stockholders' equity 164.8 161.1 159.4 162.6 166.7 Adjustments: Goodwill (26.4) (26.4) (26.4) (26.4) (26.4) Certain identifiable intangible assets (other than MSRs) (0.3) (0.4) (0.4) (0.4) (0.4) Goodwill and other intangibles on nonmarketable equity securities (included in other assets) (2.0) (2.0) (2.1) (1.9) (2.1) Applicable deferred taxes related to goodwill and other intangible assets (2) 0.9 0.8 0.8 0.8 0.8 CECL transition provision (3) 1.7 1.9 1.9 — — Other (0.4) (0.2) (0.1) — 0.3 Common Equity Tier 1 (A) 138.3 134.9 133.1 134.7 138.8 Total risk-weighted assets (RWAs) under Standardized Approach (B) $ 1,192.0 1,185.6 1,213.1 1,262.8 1,245.9 Total RWAs under Advanced Approach (4) (C) 1,158.1 1,172.0 1,195.4 1,181.3 1,165.1 Common Equity Tier 1 to total RWAs under Standardized Approach (A)/(B) 11.6 % 11.4 11.0 10.7 11.1 Common Equity Tier 1 to total RWAs under Advanced Approach (4) (A)/(C) 11.9 11.5 11.1 11.4 11.9 (1) The Basel III capital rules for calculating CET1 and tier 1 capital, along with risk-weighted assets (RWAs), are fully phased-in. However, the requirements for determining total capital are still in accordance with Transition Requirements and are scheduled to be fully phased-in by the end of 2021. The Basel III capital rules provide for two capital frameworks: the Standardized Approach and the Advanced Approach applicable to certain institutions. Accordingly, in the assessment of our capital adequacy, we must report the lower of our CET1, tier 1 and total capital ratios calculated under the Standardized Approach and under the Advanced Approach. (2) Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period end. (3) In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of the current expected credit loss (CECL) accounting standard on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out of the benefits. The impact of the CECL transition provision on our regulatory capital at December 31, 2020, was an increase in capital of $1.7 billion, reflecting a $991 million (post-tax) increase in capital recognized upon our initial adoption of CECL, offset by 25% of the $10.8 billion increase in our ACL under CECL from January 1, 2020, through December 31, 2020. (4) Amount for December 31, 2019, has been revised as a result of a decrease in RWAs under the Advanced Approach due to the correction of duplicated operational loss amounts.

244Q20 Financial Results Disclaimer and forward-looking statements Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Annual Report on Form 10-K for the year ended December 31, 2020, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information. This document contains forward-looking statements. In addition, we may make forward-looking statements in our other documents filed or furnished with the Securities and Exchange Commission, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company, including our outlook for future growth; (ii) our noninterest expense and efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses, our allowance for credit losses, and the economic scenarios considered to develop the allowance; (iv) our expectations regarding net interest income and net interest margin; (v) loan growth or the reduction or mitigation of risk in our loan portfolios; (vi) future capital or liquidity levels, ratios or targets; (vii) the performance of our mortgage business and any related exposures; (viii) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (ix) future common stock dividends, common share repurchases and other uses of capital; (x) our targeted range for return on assets, return on equity, and return on tangible common equity; (xi) expectations regarding our effective income tax rate; (xii) the outcome of contingencies, such as legal proceedings; and (xiii) the Company’s plans, objectives and strategies. Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Investors are urged to not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For more information about factors that could cause actual results to differ materially from expectations, refer to the “Forward-Looking Statements” discussion in Wells Fargo’s press release announcing our fourth quarter 2020 results and in our most recent Quarterly Report on Form 10-Q, as well as to Wells Fargo’s other reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.

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Form 8-K WELLS FARGO & COMPANY/MN For: Jan 15

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