Form 8-K WELLS FARGO & COMPANY/MN For: Apr 14

April 14, 2021 7:47 AM

Exhibit 99.1


			News Release \| April 14, 2021 Wells Fargo Reports First Quarter 2021 Net Income of $4.7 billion, or $1.05 per Diluted Share

Company-wide Financial Summary


		Quarter ended
		Mar 31, 2021			Mar 31, 2020
Selected Income Statement Data ($ in millions except per share amounts)
	Total revenue	$	18,063		17,717
	Noninterest expense	13,989			13,048
	Provision for credit losses	(1,048)			4,005
	Net income	4,742			653
	Diluted earnings per common share	1.05			0.01

Selected Balance Sheet Data ($ in billions)
	Average loans	$	873.4		965.0
	Average deposits	1,393.5			1,338.0
	CET11	11.8		%	10.7

Performance Metrics
	ROE2	10.6		%	0.1
	ROTCE3	12.7			0.1


Operating Segments and Other Highlights4

Consumer Banking and Lending

◦Average loans of $353.1 billion, down 8%

◦Average deposits of $789.4 billion, up 21%

Commercial Banking

◦Average loans of $183.1 billion, down 19%

◦Average deposits of $208.0 billion, up 8%

Corporate and Investment Banking

◦Average loans of $246.1 billion, down 5%

◦Average trading-related assets of $197.4 billion, down 14%

◦Average deposits of $194.5 billion, down 27%

Wealth and Investment Management

◦Total client assets of $2.1 trillion, up 28%

◦Average loans of $80.8 billion, up 4%

◦Average deposits of $173.7 billion, up 19%

Capital

◦Repurchased 17.2 million shares, or $596 million, of common stock in first quarter 2021


First quarter 2021 results included:

◦$1.6 billion, or $0.28 per share, decrease in the allowance for credit losses

◦$208 million gain on the sale of student loans and $104 million write-down of related goodwill (net impact of $0.02 per share)


Chief Executive Officer Charlie Scharf commented on the quarter, “Our results for the quarter, which included a $1.6 billion pre-tax reduction in the allowance for credit losses, reflected an improving U.S. economy, continued focus on our strategic priorities, and ongoing support for our customers and our communities. Charge-offs are at historic lows and we are making changes to improve our operations and efficiency, but low interest rates and tepid loan demand continued to be a headwind for us in the quarter.” “We are keenly focused on the priorities I outlined last quarter. Our work to build the appropriate risk and control environment remains our top priority. This is a multiyear effort and there is still much to do, but I am confident we are making progress, though it is not always a straight line. We are steadfast in our commitment to do this work which should ultimately satisfy our regulatory obligations,” Scharf added. “We are also moving forward with our commitment to simplify the company and focus our resources on our core customers. We announced sales of our Asset Management and Corporate Trust businesses in the quarter and we are increasing resources dedicated to initiatives to help drive growth in our core franchises,” Scharf continued. “We have asked so much of the entire Wells Fargo team and I am proud of all the work they have done to support our customers and the communities we serve. We will continue to do all we can to support an equitable recovery and work to help those most in need of our support,” 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 24-25 of the 1Q21 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 22-23 of the 1Q21 Quarterly Supplement.

4 Comparisons in the bullet points are for first quarter 2021 versus first quarter 2020, unless otherwise specified.

Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, 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		Mar 31, 2021 % Change from
		Mar 31, 2021			Dec 31, 2020	Mar 31, 2020	Dec 31, 2020		Mar 31, 2020
Earnings ($ in millions except per share amounts)
	Net interest income	$	8,798		9,275	11,312	(5)	%	(22)
	Noninterest income	9,265			8,650	6,405	7		45
	Total revenue	18,063			17,925	17,717	1		2
	Net charge-offs	523			584	941	(10)		(44)
	Change in the allowance for credit losses	(1,571)			(763)	3,064	NM		NM
	Provision for credit losses	(1,048)			(179)	4,005	NM		NM
	Noninterest expense	13,989			14,802	13,048	(5)		7
	Income tax expense	326			108	159	202		105

	Wells Fargo net income	$	4,742		2,992	653	58		626
	Diluted earnings per common share	1.05			0.64	0.01	64		NM

Balance Sheet Data (average) ($ in billions)
	Loans	$	873.4		899.7	965.0	(3)		(9)
	Deposits	1,393.5			1,380.1	1,338.0	1		4
	Assets	1,936.7			1,926.9	1,950.7	1		(1)

Financial Ratios
	Return on assets (ROA)	0.99		%	0.62	0.13
	Return on equity (ROE)	10.6			6.4	0.1
	Return on average tangible common equity (ROTCE) (a)	12.7			7.7	0.1
	Efficiency ratio (b)	77			83	74
	Net interest margin on a taxable-equivalent basis	2.05			2.13	2.58

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 22-23 of the 1Q21 Quarterly Supplement.

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

First Quarter 2021 vs. First Quarter 2020

◦Net interest income decreased 22%, primarily due to the impact of lower interest rates, which drove a repricing of the balance sheet, lower loan balances primarily due to soft demand and elevated prepayments, as well as unfavorable hedge ineffectiveness accounting results, and higher mortgage-backed securities premium amortization

◦Noninterest income increased 45%, as first quarter 2020 included securities impairments and lower deferred compensation plan investment results primarily due to lower market valuations driven by the COVID-19 pandemic. First quarter 2021 included stronger mortgage production results, improved trading and higher investment banking fees, and higher asset-based fees in Wealth and Investment Management, partially offset by lower gains on loan sales and lower deposit fees in Consumer and Small Business Banking

◦Noninterest expense increased 7%, as first quarter 2020 included the impact of lower deferred compensation plan expense. First quarter 2021 included higher incentive and revenue-related compensation, including the impact of higher market valuations on stock-based compensation, which was partially offset by lower operating losses and efficiency initiatives to reduce spend on consultants and contractors

◦Provision for credit losses decreased $5.1 billion. First quarter 2021 included a $1.6 billion decrease in the allowance for credit losses due to continued improvements in the economic environment and lower net charge-offs, while first quarter 2020 included a $3.1 billion increase in the allowance for credit losses

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Selected Company-wide Capital and Liquidity Information


					Quarter ended
($ in billions)		Mar 31, 2021			Dec 31, 2020	Mar 31, 2020
Capital:
	Total equity	$	188.3		185.9	183.3
	Common stockholders’ equity	167.1			164.8	162.7
	Tangible common equity (a)	139.0			136.9	134.8
	CET1 (b)	11.8		%	11.6	10.7
	Total loss absorbing capacity (TLAC) (c)	25.2			25.7	23.3

Liquidity:
	LCR (d)	127			133	121

(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 24-25 of the 1Q21 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 Credit Information


					Quarter ended
($ in millions)		Mar 31, 2021			Dec 31, 2020	Mar 31, 2020

Net charge-offs		$	523		584	941
	Net loan charge-offs as a % of average total loans (annualized)	0.24		%	0.26	0.38

Total nonaccrual loans		$	8,055		8,728	6,156
	As a % of total loans	0.93		%	0.98	0.61
Total nonperforming assets		$	8,195		8,887	6,408
	As a % of total loans	0.95		%	1.00	0.63

Allowance for credit losses for loans		$	18,043		19,713	12,022
	As a % of total loans	2.09		%	2.22	1.19

First Quarter 2021 vs. Fourth Quarter 2020

◦Net loan charge-offs remained low in both our commercial and consumer portfolios. Commercial net loan charge-offs as a percentage of average loans was 0.13% (annualized), down from 0.26%, while the consumer net loan charge-off rate was 0.37% (annualized), up from 0.26%

◦Nonperforming assets decreased 8%. Nonaccrual loans decreased $673 million primarily due to decreases in the energy, commercial real estate, and residential mortgage portfolios

-3-

Business Segment Performance

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				Mar 31, 2021 % Change from
			Mar 31, 2021		Dec 31, 2020	Mar 31, 2020	Dec 31, 2020		Mar 31, 2020
Earnings (in millions)
	Consumer and Small Business Banking		$	4,550	4,701	4,861	(3)	%	(6)
	Consumer Lending:
		Home Lending	2,227		1,995	1,876	12		19
		Credit Card	1,346		1,372	1,375	(2)		(2)
		Auto	403		403	380	—		6
		Personal Lending	128		142	157	(10)		(18)

	Total revenue		8,654		8,613	8,649	—		—
	Provision for credit losses		(419)		351	1,569	NM		NM
	Noninterest expense		6,267		6,441	6,257	(3)		—

	Net income		$	2,104	1,364	618	54		240

Average balances (in billions)
	Loans		$	353.1	373.9	382.6	(6)		(8)
	Deposits		789.4		763.2	652.7	3		21

NM – Not meaningful

First Quarter 2021 vs. First Quarter 2020

◦Revenue was flat

▪Consumer and Small Business Banking was down 6% primarily due to the impact of lower interest rates and lower deposit-related fees due to higher average checking account balances and higher COVID-19 related fee waivers

▪Home Lending was up 19% as higher retail mortgage originations and a higher gain on sale margin were partially offset by lower gains on loan portfolio sales and lower net interest income primarily driven by lower loan balances

▪Credit Card was down 2% primarily driven by lower balances on elevated payment rates

▪Auto was up 6% on higher net interest income, while Personal Lending was down 18% driven by lower loan balances

◦Noninterest expense was flat as higher revenue-related expense in Home Lending and investments in operations and technology were offset by lower operating losses and lower branch staffing expense due to efficiency initiatives, as well as a decline in advertising expense

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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. In March 2021, we announced an agreement to sell our Corporate Trust Services business and expect to move the business from the Commercial Banking operating segment to Corporate in second quarter 2021.

Selected Financial Information


		Quarter ended				Mar 31, 2021 % Change from
		Mar 31, 2021		Dec 31, 2020	Mar 31, 2020	Dec 31, 2020		Mar 31, 2020
Earnings (in millions)
	Middle Market Banking	$	1,159	1,149	1,455	1	%	(20)
	Asset-Based Lending and Leasing	898		1,029	843	(13)		7
	Other	151		210	204	(28)		(26)
	Total revenue	2,208		2,388	2,502	(8)		(12)
	Provision for credit losses	(399)		69	1,041	NM		NM
	Noninterest expense	1,766		1,690	1,697	4		4

	Net income (loss)	$	637	473	(176)	35		462

Average balances (in billions)
	Loans	$	183.1	190.9	224.9	(4)		(19)
	Deposits	208.0		203.6	193.5	2		8

NM – Not meaningful

First Quarter 2021 vs. First Quarter 2020

◦Revenue decreased 12%

▪Middle Market Banking was down 20% primarily due to the impact of lower interest rates, as well as lower loan balances due to reduced client demand and line utilization

▪Asset-Based Lending and Leasing was up 7% as first quarter 2020 included equity securities impairments primarily due to lower market valuations. This was partially offset by lower net interest income in first quarter 2021 from lower loan balances on reduced demand and line utilization

◦Noninterest expense increased 4% primarily driven by higher technology expense, partially offset by lower headcount and consulting expense related to efficiency initiatives

-5-

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				Mar 31, 2021 % Change from
			Mar 31, 2021		Dec 31, 2020	Mar 31, 2020	Dec 31, 2020		Mar 31, 2020
Earnings (in millions)
	Banking:
		Lending	$	453	424	457	7	%	(1)
		Treasury Management and Payments	370		384	498	(4)		(26)
		Investment Banking	416		348	361	20		15
	Total Banking		1,239		1,156	1,316	7		(6)
	Commercial Real Estate		931		964	883	(3)		5
	Markets:
		Fixed Income, Currencies, and Commodities (FICC)	1,144		889	914	29		25
		Equities	252		194	396	30		(36)
		Credit Adjustment (CVA/DVA) and Other	36		(67)	(108)	154		133
	Total Markets		1,432		1,016	1,202	41		19
	Other		21		(30)	(13)	170		262
	Total revenue		3,623		3,106	3,388	17		7
	Provision for credit losses		(284)		186	1,125	NM		NM
	Noninterest expense		1,833		1,798	1,870	2		(2)

	Net income		$	1,574	841	292	87		439

Average balances (in billions)
	Loans		$	246.1	239.8	258.2	3		(5)
	Deposits		194.5		205.8	266.2	(5)		(27)

NM – Not meaningful

First Quarter 2021 vs. First Quarter 2020

◦Revenue increased 7%

▪Banking was down 6% primarily driven by the impact of lower interest rates and lower deposit balances predominantly due to actions taken to manage under the asset cap, partially offset by higher advisory fees and equity and debt origination fees

▪Commercial Real Estate was up 5% primarily driven by higher commercial mortgage-backed securities gain on sale margins and improved results in the low income housing business, partially offset by the impact of lower interest rates

▪Markets was up 19% on increased client demand for asset-backed finance products, other credit products and municipal bonds, partially offset by lower demand for rates products and lower revenue in equities and commodities

◦Noninterest expense decreased 2% primarily driven by lower operating losses, partially offset by higher revenue-related compensation

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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 and The Private Bank. 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. In February 2021, we announced an agreement to sell Wells Fargo Asset Management and moved the business from the Wealth and Investment Management operating segment to Corporate. Prior period balances have been revised to conform with the current period presentation.

Selected Financial Information


		Quarter ended				Mar 31, 2021 % Change from
		Mar 31, 2021		Dec 31, 2020	Mar 31, 2020	Dec 31, 2020		Mar 31, 2020
Earnings (in millions)
	Net interest income	$	657	714	838	(8)	%	(22)
	Noninterest income	2,887		2,733	2,432	6		19
	Total revenue	3,544		3,447	3,270	3		8
	Provision for credit losses	(43)		(4)	8	NM		NM
	Noninterest expense	3,028		2,770	2,657	9		14

	Net income	$	419	510	453	(18)		(8)

Total client assets (in billions)		2,062		2,005	1,611	3		28

Average balances (in billions)
	Loans	$	80.8	80.1	77.9	1		4
	Deposits	173.7		169.8	145.4	2		19

NM – Not meaningful

First Quarter 2021 vs. First Quarter 2020

◦Revenue increased 8%, as first quarter 2021 included higher asset-based fees, partially offset by lower net interest income as a result of lower interest rates. Additionally, first quarter 2020 included lower deferred compensation plan investment results

◦Noninterest expense increased 14%, as first quarter 2021 included higher revenue-related compensation. Additionally, first quarter 2020 included lower deferred compensation plan expense

◦Total client assets increased 28%, primarily driven by higher market valuations

-7-

Corporate includes corporate treasury and enterprise 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, including our student loan and rail car leasing businesses, as well as results for previously divested businesses. In February 2021, we announced an agreement to sell Wells Fargo Asset Management and moved the business from the Wealth and Investment Management operating segment to Corporate. Prior period balances have been revised to conform with the current period presentation.

Selected Financial Information


		Quarter ended				Mar 31, 2021 % Change from
		Mar 31, 2021		Dec 31, 2020	Mar 31, 2020	Dec 31, 2020		Mar 31, 2020
Earnings (in millions)
	Net interest income	$	(430)	(272)	819	(58)	%	NM
	Noninterest income	1,319		1,589	(119)	(17)		NM
	Total revenue	889		1,317	700	(32)		27
	Provision for credit losses	97		(781)	262	112		(63)
	Noninterest expense	1,095		2,103	567	(48)		93

	Net income (loss)	$	8	(196)	(534)	104		101

NM – Not meaningful

First Quarter 2021 vs. First Quarter 2020

◦Revenue increased 27%

▪Net interest income was down primarily due to the impact of lower interest rates and unfavorable hedge ineffectiveness accounting results

▪Noninterest income was up, as first quarter 2020 included equity securities impairments in our affiliated venture capital and private equity partnerships and lower deferred compensation plan investment results. First quarter 2021 included a gain on the sale of student loans

◦Noninterest expense increased 93%, as first quarter 2020 included lower deferred compensation plan expense. First quarter 2021 included higher stock-based compensation on higher market valuations and a $104 million write-down of goodwill associated with the sale of student loans

Conference Call

The Company will host a live conference call on Wednesday, April 14, 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://edge.media-server.com/mmc/p/9wej5fnq.

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

April 14 through Wednesday, April 28. Please dial 855-859-2056 (U.S. and Canada) or 404-537-3406 (International) and enter Conference ID: 3298001. The replay will also be available online at

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

https://edge.media-server.com/mmc/p/9wej5fnq.

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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; (xiii) environmental, social and governance related goals or commitments; and (xiv) 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;

•current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including rules and regulations relating to bank products and financial 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 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 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;

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•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, 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, 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 and small businesses 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

Investor Relations

John M. Campbell, 415-396-0523

john.m.campbell@wellsfargo.com

# # #

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Exhibit 99.2

1Q21 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			7
Commercial Banking			9
Corporate and Investment Banking			11
Wealth and Investment Management			13
Corporate			14

Credit-Related Information
Consolidated Loans Outstanding – Period End Balances, Average Balances, and Average Interest Rates			15
Net Loan Charge-offs			16
Changes in Allowance for Credit Losses for Loans			17
Allocation of the Allowance for Credit Losses for Loans			18
Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)			19


Commercial and Industrial Loans and Lease Financing by Industry			20
Commercial Real Estate Loans by Property Type			21

Equity
Tangible Common Equity			22
Risk-Based Capital Ratios Under Basel III – Standardized Approach			24
Risk-Based Capital Ratios Under Basel III – Advanced Approach			25




Other
Deferred Compensation and Related Hedges			26

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA


	Quarter ended							Mar 31, 2021 % Change from
(in millions, except per share amounts)	Mar 31, 2021			Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2020		Mar 31, 2020
Selected Income Statement Data
Total revenue	$	18,063		17,925	18,862	17,836	17,717	1	%	2
Noninterest expense	13,989			14,802	15,229	14,551	13,048	(5)		7
Pre-tax pre-provision profit (PTPP) (1)	4,074			3,123	3,633	3,285	4,669	30		(13)
Provision for credit losses	(1,048)			(179)	769	9,534	4,005	NM		NM
Wells Fargo net income (loss)	4,742			2,992	2,035	(2,379)	653	58		626
Wells Fargo net income (loss) applicable to common stock	4,363			2,642	1,720	(2,694)	42	65		NM

Common Share Data
Diluted earnings (loss) per common share	1.05			0.64	0.42	(0.66)	0.01	64		NM
Dividends declared per common share	0.10			0.10	0.10	0.51	0.51	—		(80)
Common shares outstanding	4,141.1			4,144.0	4,132.5	4,119.6	4,096.4	—		1
Average common shares outstanding	4,141.3			4,137.6	4,123.8	4,105.5	4,104.8	—		1
Diluted average common shares outstanding (2)	4,171.0			4,151.3	4,132.2	4,105.5	4,135.3	—		1
Book value per common share (3)	$	40.34		39.76	38.99	38.67	39.71	1		2
Tangible book value per common share (3)(4)	33.57			33.04	32.23	31.88	32.90	2		2





Selected Equity Data (period-end)
Total equity	188,348			185,920	182,032	180,122	183,330	1		3
Common stockholders' equity	167,062			164,778	161,109	159,322	162,654	1		3
Tangible common equity (4)	139,016			136,935	133,179	131,329	134,787	2		3

Performance Ratios
Return on average assets (ROA)(5)	0.99		%	0.62	0.42	(0.49)	0.13
Return on average equity (ROE)(6)	10.6			6.4	4.2	(6.6)	0.1
Return on average tangible common equity (ROTCE)(4)	12.7			7.7	5.1	(8.0)	0.1
Efficiency ratio (7)	77			83	81	82	74
Net interest margin on a taxable-equivalent basis	2.05			2.13	2.13	2.25	2.58

NM – Not meaningful

(1)Pre-tax pre-provision profit (PTPP) is total revenue less 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 22 and 23.

(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 noninterest expense divided by total revenue (net interest income and noninterest income).

-1-

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA (continued)


	Quarter ended							Mar 31, 2021 % Change from
($ in millions, unless otherwise noted)	Mar 31, 2021			Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2020		Mar 31, 2020
Selected Balance Sheet Data (average)
Loans	$	873,439		899,704	931,708	971,266	965,046	(3)	%	(9)
Assets	1,936,710			1,926,872	1,947,672	1,948,939	1,950,659	1		(1)
Deposits	1,393,472			1,380,100	1,399,028	1,386,656	1,337,963	1		4

Selected Balance Sheet Data (period-end)
Debt securities	505,826			501,207	476,421	472,580	501,563	1		1
Loans	861,572			887,637	920,082	935,155	1,009,843	(3)		(15)
Allowance for credit losses for loans	18,043			19,713	20,471	20,436	12,022	(8)		50
Equity securities	59,981			62,260	51,169	52,494	54,047	(4)		11
Assets	1,959,543			1,955,163	1,922,220	1,968,766	1,981,349	—		(1)
Deposits	1,437,119			1,404,381	1,383,215	1,410,711	1,376,532	2		4

Headcount (#) (period-end)	264,513			268,531	274,931	276,013	272,267	(1)		(3)

Capital and other metrics (1)
Risk-based capital ratios and components (2):
Standardized Approach:
CET1	11.8		%	11.6	11.4	11.0	10.7
Tier 1 capital	13.5			13.3	13.1	12.6	12.2
Total capital	16.7			16.5	16.3	15.9	15.2
Risk-weighted assets (RWAs) (in billions)	$	1,179.4		1,193.7	1,185.6	1,213.1	1,262.8	(1)		(7)

Advanced Approach:
CET1	12.6		%	11.9	11.5	11.1	11.4
Tier 1 capital	14.3			13.7	13.2	12.8	13.1
Total capital	16.9			16.1	15.7	15.3	15.6
Risk-weighted assets (RWAs) (in billions)	$	1,112.2		1,158.4	1,172.0	1,195.4	1,181.3	(4)		(6)

Tier 1 leverage ratio	8.4		%	8.3	8.1	8.0	8.0
Liquidity Coverage Ratio (LCR)	127			133	134	129	121
Supplementary Leverage Ratio (SLR) (3)	7.9			8.1	7.8	7.5	6.8
Total Loss Absorbing Capacity (TLAC)	25.2			25.7	25.8	25.3	23.3

(1)Ratios and metrics for March 31, 2021, are preliminary estimates.

(2)See the tables on pages 24 and 25 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)In April 2020, the Board of Governors of the Federal Reserve System (FRB) issued an interim final rule that temporarily allowed a bank holding company to exclude on-balance sheet amounts of U.S. Treasury securities and deposits at Federal Reserve Banks from the calculation of its total leverage exposure in the denominator of the SLR. The interim final rule expired on April 1, 2021. The Company's SLR at March 31, 2021, would have been 6.9% without relying on the FRB’s April 2020 interim final rule.

-2-

Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME


	Quarter ended						Mar 31, 2021 % Change from
(in millions, except per share amounts)	Mar 31, 2021		Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2020		Mar 31, 2020







Interest income	$	10,036	10,470	10,800	11,801	14,727	(4)	%	(32)





Interest expense	1,238		1,195	1,432	1,921	3,415	4		(64)
Net interest income	8,798		9,275	9,368	9,880	11,312	(5)		(22)
Noninterest income
Deposit-related fees	1,255		1,333	1,299	1,142	1,447	(6)		(13)
Lending-related fees	361		356	352	323	350	1		3
Investment advisory and other asset-based fees (1)	2,756		2,598	2,505	2,254	2,506	6		10
Commissions and brokerage services fees (1)	636		589	568	550	677	8		(6)
Investment banking fees	568		486	441	547	391	17		45
Card fees	949		943	912	797	892	1		6
Mortgage banking	1,326		1,207	1,590	317	379	10		250
Net gains (losses) from trading activities	348		(60)	361	807	64	680		444
Net gains (losses) on debt securities	151		160	264	212	237	(6)		(36)
Net gains (losses) from equity securities	392		884	649	533	(1,401)	(56)		128
Lease income	315		224	333	335	353	41		(11)
Other	208		(70)	220	139	510	397		(59)
Total noninterest income	9,265		8,650	9,494	7,956	6,405	7		45
Total revenue	18,063		17,925	18,862	17,836	17,717	1		2



Provision for credit losses	(1,048)		(179)	769	9,534	4,005	NM		NM
Noninterest expense
Personnel	9,558		8,948	8,624	8,916	8,323	7		15
Technology, telecommunications and equipment	844		838	791	672	798	1		6
Occupancy	770		826	851	871	715	(7)		8
Operating losses	213		621	1,219	1,219	464	(66)		(54)
Professional and outside services	1,388		1,664	1,760	1,676	1,606	(17)		(14)
Leases (2)	226		227	291	244	260	—		(13)
Advertising and promotion	90		138	144	137	181	(35)		(50)
Restructuring charges	13		781	718	—	—	(98)		NM
Other	887		759	831	816	701	17		27
Total noninterest expense	13,989		14,802	15,229	14,551	13,048	(5)		7
Income (loss) before income tax expense (benefit)	5,122		3,302	2,864	(6,249)	664	55		671
Income tax expense (benefit)	326		108	645	(3,917)	159	202		105
Net income (loss) before noncontrolling interests	4,796		3,194	2,219	(2,332)	505	50		850
Less: Net income (loss) from noncontrolling interests	54		202	184	47	(148)	(73)		136
Wells Fargo net income (loss)	$	4,742	2,992	2,035	(2,379)	653	58		626
Less: Preferred stock dividends and other	379		350	315	315	611	8		(38)
Wells Fargo net income (loss) applicable to common stock	$	4,363	2,642	1,720	(2,694)	42	65		NM
Per share information
Earnings (loss) per common share	$	1.05	0.64	0.42	(0.66)	0.01	64		NM
Diluted earnings (loss) per common share	1.05		0.64	0.42	(0.66)	0.01	64		NM

NM – Not meaningful

(1)In first quarter 2021, trust and investment management fees and asset-based brokerage fees were combined into a single line item for investment advisory and other asset-based fees, and brokerage commissions and other brokerage services fees were combined into a single line item for commissions and brokerage services fees. Prior period balances have been revised to conform with the current period presentation.

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

-3-

Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET


							Mar 31, 2021 % Change from
(in millions)	Mar 31, 2021		Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2020		Mar 31, 2020
Assets
Cash and due from banks	$	28,339	28,236	25,535	24,704	22,738	—	%	25
Interest-earning deposits with banks	258,394		236,376	221,235	237,799	128,071	9		102
Total cash, cash equivalents, and restricted cash	286,733		264,612	246,770	262,503	150,809	8		90
Federal funds sold and securities purchased under resale agreements	79,502		65,672	69,304	79,289	86,465	21		(8)
Debt securities:
Trading, at fair value	72,784		75,095	73,253	74,679	80,425	(3)		(10)
Available-for-sale, at fair value	200,850		220,392	220,573	228,899	251,229	(9)		(20)
Held-to-maturity, at amortized cost	232,192		205,720	182,595	169,002	169,909	13		37
Loans held for sale	35,434		36,384	25,004	33,694	23,678	(3)		50
Loans	861,572		887,637	920,082	935,155	1,009,843	(3)		(15)
Allowance for loan losses	(16,928)		(18,516)	(19,463)	(18,926)	(11,263)	9		(50)
Net loans	844,644		869,121	900,619	916,229	998,580	(3)		(15)
Mortgage servicing rights	8,832		7,437	7,680	8,180	9,532	19		(7)
Premises and equipment, net	8,760		8,895	8,977	9,025	9,108	(2)		(4)
Goodwill	26,290		26,392	26,387	26,385	26,381	—		—
Derivative assets	25,429		25,846	23,715	22,776	25,023	(2)		2
Equity securities	59,981		62,260	51,169	52,494	54,047	(4)		11
Other assets	78,112		87,337	86,174	85,611	96,163	(11)		(19)
Total assets	$	1,959,543	1,955,163	1,922,220	1,968,766	1,981,349	—		(1)
Liabilities
Noninterest-bearing deposits	$	494,087	467,068	447,011	432,857	379,678	6		30
Interest-bearing deposits	943,032		937,313	936,204	977,854	996,854	1		(5)
Total deposits	1,437,119		1,404,381	1,383,215	1,410,711	1,376,532	2		4
Short-term borrowings	58,920		58,999	55,224	60,485	92,289	—		(36)
Derivative liabilities	14,930		16,509	13,767	11,368	15,618	(10)		(4)
Accrued expenses and other liabilities	76,914		76,404	72,271	75,159	76,238	1		1
Long-term debt	183,312		212,950	215,711	230,921	237,342	(14)		(23)
Total liabilities	1,771,195		1,769,243	1,740,188	1,788,644	1,798,019	—		(1)
Equity
Wells Fargo stockholders’ equity:
Preferred stock	21,170		21,136	21,098	21,098	21,347	—		(1)
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	59,854		60,197	60,035	59,923	59,849	(1)		—
Retained earnings	166,772		162,890	160,913	159,952	165,308	2		1
Cumulative other comprehensive income (loss)	(1,250)		194	(750)	(798)	(1,564)	NM		20
Treasury stock (1)	(67,589)		(67,791)	(68,384)	(69,050)	(70,215)	—		4
Unearned ESOP shares	(875)		(875)	(875)	(875)	(1,143)	—		23
Total Wells Fargo stockholders’ equity	187,218		184,887	181,173	179,386	182,718	1		2
Noncontrolling interests	1,130		1,033	859	736	612	9		85
Total equity	188,348		185,920	182,032	180,122	183,330	1		3
Total liabilities and equity	$	1,959,543	1,955,163	1,922,220	1,968,766	1,981,349	—		(1)

NM – Not meaningful

(1)Number of shares of treasury stock were 1,340,691,115, 1,337,799,931, 1,349,294,592, 1,362,252,882, and 1,385,401,170 at March 31, 2021, and December 31, September 30, June 30, and March 31, 2020, respectively.

-4-

Wells Fargo & Company and Subsidiaries

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


	Quarter ended							Mar 31, 2021 % Change from
($ in millions)	Mar 31, 2021			Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2020		Mar 31, 2020
Average Balances

Assets
Interest-earning deposits with banks	$	223,437		222,010	216,958	176,327	129,522	1	%	73
Federal funds sold and securities purchased under resale agreements	72,148			67,023	80,431	76,384	107,555	8		(33)
Trading debt securities	87,383			93,877	88,021	96,049	101,062	(7)		(14)
Available-for-sale debt securities	206,946			214,042	217,556	232,444	252,559	(3)		(18)
Held-to-maturity debt securities	216,826			192,697	176,384	166,804	157,891	13		37
Loans held for sale	34,554			29,436	31,023	27,610	21,846	17		58


Loans	873,439			899,704	931,708	971,266	965,046	(3)		(9)
Equity securities	29,434			25,744	25,185	27,417	37,532	14		(22)
Other	9,498			7,896	6,974	7,715	7,431	20		28
Total interest-earning assets	$	1,753,665		1,752,429	1,774,240	1,782,016	1,780,444	—		(2)
Total noninterest-earning assets	183,045			174,443	173,432	166,923	170,215	5		8
Total assets	$	1,936,710		1,926,872	1,947,672	1,948,939	1,950,659	1		(1)
Liabilities
Interest-bearing deposits	$	931,116		925,729	959,270	978,194	990,636	1		(6)
Short-term borrowings	59,082			57,304	57,292	63,535	102,977	3		(43)
Long-term debt	198,340			214,223	222,862	232,395	229,002	(7)		(13)
Other liabilities	28,875			25,949	27,679	29,947	30,199	11		(4)
Total interest-bearing liabilities	$	1,217,413		1,223,205	1,267,103	1,304,071	1,352,814	—		(10)
Noninterest-bearing demand deposits	462,356			454,371	439,758	408,462	347,327	2		33
Other noninterest-bearing liabilities	67,609			63,548	57,961	52,298	62,348	6		8
Total liabilities	$	1,747,378		1,741,124	1,764,822	1,764,831	1,762,489	—		(1)
Total equity	189,332			185,748	182,850	184,108	188,170	2		1
Total liabilities and equity	$	1,936,710		1,926,872	1,947,672	1,948,939	1,950,659	1		(1)

Average Interest Rates

Interest-earning assets
Interest-earning deposits with banks	0.10		%	0.10	0.11	0.12	1.18
Federal funds sold and securities purchased under resale agreements	0.04			0.05	0.02	0.01	1.42
Trading debt securities	2.45			2.40	2.49	2.76	3.05
Available-for-sale debt securities	1.63			1.78	1.96	2.44	2.87
Held-to-maturity debt securities	1.90			1.95	2.09	2.33	2.56
Loans held for sale	3.85			3.56	3.07	3.45	3.82


Loans	3.33			3.39	3.41	3.50	4.20
Equity securities	1.87			2.04	1.61	1.70	2.22
Other	0.03			—	(0.02)	(0.02)	0.77
Total interest-earning assets	2.33			2.41	2.45	2.68	3.35
Interest-bearing liabilities
Interest-bearing deposits	0.05			0.07	0.13	0.24	0.71
Short-term borrowings	(0.06)			(0.08)	(0.08)	(0.10)	1.14
Long-term debt	2.07			1.78	1.86	2.13	2.17
Other liabilities	1.50			1.38	1.33	1.53	1.90
Total interest-bearing liabilities	0.41			0.39	0.45	0.59	1.01

Interest rate spread on a taxable-equivalent basis (2)	1.92			2.02	2.00	2.09	2.34
Net interest margin on a taxable-equivalent basis (2)	2.05			2.13	2.13	2.25	2.58

(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)Includes taxable-equivalent adjustments of $105 million, $107 million, $109 million, $119 million, and $140 million for the quarters ended March 31, 2021, and December 31, September 30, June 30 and March 31, 2020, 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 March 31, 2021
(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	$	5,615	1,283	1,778	657	(430)	(105)	8,798
Noninterest income	3,039		925	1,845	2,887	1,319	(750)	9,265
Total revenue	8,654		2,208	3,623	3,544	889	(855)	18,063
Provision for credit losses	(419)		(399)	(284)	(43)	97	—	(1,048)
Noninterest expense	6,267		1,766	1,833	3,028	1,095	—	13,989
Income (loss) before income tax expense (benefit)	2,806		841	2,074	559	(303)	(855)	5,122
Income tax expense (benefit)	702		203	500	140	(364)	(855)	326
Net income before noncontrolling interests	2,104		638	1,574	419	61	—	4,796
Less: Net income from noncontrolling interests	—		1	—	—	53	—	54
Net income	$	2,104	637	1,574	419	8	—	4,742

						Quarter ended December 31, 2020
Net interest income	$	5,741	1,390	1,809	714	(272)	(107)	9,275
Noninterest income	2,872		998	1,297	2,733	1,589	(839)	8,650
Total revenue	8,613		2,388	3,106	3,447	1,317	(946)	17,925
Provision for credit losses	351		69	186	(4)	(781)	—	(179)
Noninterest expense	6,441		1,690	1,798	2,770	2,103	—	14,802
Income (loss) before income tax expense (benefit)	1,821		629	1,122	681	(5)	(946)	3,302
Income tax expense (benefit)	457		154	282	171	(10)	(946)	108
Net income before noncontrolling interests	1,364		475	840	510	5	—	3,194
Less: Net income (loss) from noncontrolling interests	—		2	(1)	—	201	—	202
Net income (loss)	$	1,364	473	841	510	(196)	—	2,992

						Quarter ended March 31, 2020
Net interest income	$	6,002	1,774	2,019	838	819	(140)	11,312
Noninterest income	2,647		728	1,369	2,432	(119)	(652)	6,405
Total revenue	8,649		2,502	3,388	3,270	700	(792)	17,717
Provision for credit losses	1,569		1,041	1,125	8	262	—	4,005
Noninterest expense	6,257		1,697	1,870	2,657	567	—	13,048
Income (loss) before income tax expense (benefit)	823		(236)	393	605	(129)	(792)	664
Income tax expense (benefit)	205		(61)	101	152	554	(792)	159
Net income (loss) before noncontrolling interests	618		(175)	292	453	(683)	—	505
Less: Net income (loss) from noncontrolling interests	—		1	—	—	(149)	—	(148)
Net income (loss)	$	618	(176)	292	453	(534)	—	653

(1)The management reporting process is based on U.S. GAAP and includes specific adjustments, such as for funds transfer pricing for asset/liability management, shared revenues and expenses, and taxable-equivalent adjustments to consistently reflect income from taxable and tax-exempt sources, which allows management to assess performance across the operating segments. We define our operating segments by type of product 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 enterprise 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, including our student loan and rail car leasing businesses, as well as previously divested businesses. In February 2021, we announced an agreement to sell Wells Fargo Asset Management and moved the business from the Wealth and Investment Management operating segment to Corporate. In March 2021, we announced an agreement to sell our Corporate Trust Services business and expect to move the business from the Commercial Banking operating segment to Corporate in second quarter 2021. Prior period balances have been revised to conform with the current period presentation.

(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

CONSUMER BANKING AND LENDING SEGMENT


	Quarter ended						Mar 31, 2021 % Change from
($ in millions)	Mar 31, 2021		Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2020		Mar 31, 2020
Income Statement
Net interest income	$	5,615	5,741	5,918	5,717	6,002	(2)	%	(6)
Noninterest income:
Deposit-related fees	661		742	708	575	879	(11)		(25)
Card fees	892		890	860	749	819	—		9
Mortgage banking	1,259		1,082	1,544	256	342	16		268
Other	227		158	116	311	607	44		(63)
Total noninterest income	3,039		2,872	3,228	1,891	2,647	6		15
Total revenue	8,654		8,613	9,146	7,608	8,649	—		—
Net charge-offs	370		332	369	553	621	11		(40)
Change in the allowance for credit losses	(789)		19	271	2,549	948	NM		NM
Provision for credit losses	(419)		351	640	3,102	1,569	NM		NM
Noninterest expense	6,267		6,441	7,345	6,933	6,257	(3)		—
Income (loss) before income tax expense (benefit)	2,806		1,821	1,161	(2,427)	823	54		241
Income tax expense (benefit)	702		457	290	(650)	205	54		242
Net income (loss)	$	2,104	1,364	871	(1,777)	618	54		240
Revenue by Line of Business
Consumer and Small Business Banking	$	4,550	4,701	4,721	4,401	4,861	(3)		(6)
Consumer Lending:
Home Lending	2,227		1,995	2,527	1,477	1,876	12		19
Credit Card	1,346		1,372	1,345	1,196	1,375	(2)		(2)
Auto	403		403	404	388	380	—		6
Personal Lending	128		142	149	146	157	(10)		(18)
Total revenue	$	8,654	8,613	9,146	7,608	8,649	—		—
Selected Balance Sheet Data (average)
Loans by Line of Business:
Home Lending	$	243,036	265,292	270,036	262,209	276,827	(8)		(12)
Auto	49,518		48,966	49,770	49,611	49,493	1		—
Credit Card	35,205		36,135	35,965	36,539	39,756	(3)		(11)
Small Business	20,137		17,929	18,100	14,887	9,715	12		107
Personal Lending	5,185		5,547	5,912	6,385	6,771	(7)		(23)
Total loans	$	353,081	373,869	379,783	369,631	382,562	(6)		(8)
Total deposits	789,439		763,177	756,485	715,144	652,706	3		21
Allocated capital	48,000		48,000	48,000	48,000	48,000	—		—

Selected Balance Sheet Data (period-end)
Loans by Line of Business:
Home Lending	$	230,478	253,942	273,635	258,582	275,395	(9)		(16)
Auto	50,007		49,072	49,442	49,924	49,779	2		—
Credit Card	34,246		36,664	36,021	36,018	38,582	(7)		(11)
Small Business	20,820		17,743	17,993	18,116	9,753	17		113
Personal Lending	4,998		5,375	5,724	6,113	6,692	(7)		(25)
Total loans	$	340,549	362,796	382,815	368,753	380,201	(6)		(10)
Total deposits	837,765		784,565	759,425	746,602	672,603	7		25

NM – Not meaningful

-7-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT (continued)


	Quarter ended							Mar 31, 2021 % Change from
($ in millions, unless otherwise noted)	Mar 31, 2021			Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2020		Mar 31, 2020
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1)	17.2		%	10.7	6.6	(15.5)	4.6
Efficiency ratio (2)	72			75	80	91	72
Headcount (#) (period-end)	123,547			125,034	131,516	133,876	133,394	(1)	%	(7)
Retail bank branches (#)	4,944			5,032	5,229	5,300	5,329	(2)		(7)
Digital active customers (# in millions) (3)	32.9			32.0	32.0	31.1	31.1	3		6
Mobile active customers (# in millions) (3)	26.7			26.0	25.9	25.2	24.9	3		7

Consumer and Small Business Banking:
Deposit spread (4)	1.6		%	1.7	1.8	1.8	2.0
Debit card purchase volume ($ in billions) (5)	$	108.5		105.3	102.9	93.1	90.6	3		20
Debit card purchase transactions (# in millions) (5)	2,266			2,297	2,273	2,027	2,195	(1)		3

Home Lending:
Mortgage banking fees:
Net servicing income	$	(123)		(82)	331	(666)	257	(50)		NM
Net gains on mortgage loan originations/sales	1,382			1,164	1,213	922	85	19		NM
Total mortgage banking fees	$	1,259		1,082	1,544	256	342	16		268

Originations ($ in billions):
Retail	$	33.6		32.3	32.8	30.5	23.1	4		45
Correspondent	18.2			21.6	28.8	28.7	24.9	(16)		(27)
Total originations	$	51.8		53.9	61.6	59.2	48.0	(4)		8

% of originations held for sale (HFS)	75.8		%	75.2	78.1	71.8	69.6
Third party mortgage loans serviced (period-end) ($ in billions) (6)	$	801.0		856.7	917.6	989.5	1,037.5	(7)		(23)
Mortgage servicing rights (MSR) carrying value (period-end)	7,536			6,125	6,355	6,819	8,126	23		(7)
Ratio of MSR carrying value (period-end) to third party mortgage loans serviced (period-end) (6)	0.94		%	0.71	0.69	0.69	0.78
Home lending loans 30+ days or more delinquency rate (7)(8)	0.56			0.64	0.56	0.54	0.71

Credit Card:
Point of sale (POS) volume ($ in billions)	$	21.1		22.9	21.3	17.5	19.9	(8)		6
New accounts (# in thousands) (9)	266			240	212	255	315	11		(16)
Credit card loans 30+ days or more delinquency rate (8)	2.01		%	2.17	1.76	2.10	2.60

Auto:
Auto originations ($ in billions)	$	7.0		5.3	5.4	5.6	6.5	32		8
Auto loans 30+ days or more delinquency rate (8)	1.22		%	1.77	1.67	1.70	2.31

Personal Lending:
New funded balances	$	413		294	323	315	667	40		(38)

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.

-8-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT


	Quarter ended							Mar 31, 2021 % Change from
($ in millions)	Mar 31, 2021			Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2020		Mar 31, 2020
Income Statement
Net interest income	$	1,283		1,390	1,437	1,590	1,774	(8)	%	(28)
Noninterest income:
Deposit-related fees	317			311	309	297	302	2		5
Lending-related fees	136			138	140	125	128	(1)		6
Lease income	174			73	186	189	198	138		(12)
Other	298			476	288	287	100	(37)		198
Total noninterest income	925			998	923	898	728	(7)		27
Total revenue	2,208			2,388	2,360	2,488	2,502	(8)		(12)
Net charge-offs	39			81	219	120	170	(52)		(77)
Change in the allowance for credit losses	(438)			(12)	120	2,175	871	NM		NM
Provision for credit losses	(399)			69	339	2,295	1,041	NM		NM
Noninterest expense	1,766			1,690	1,762	1,759	1,697	4		4
Income (loss) before income tax expense (benefit)	841			629	259	(1,566)	(236)	34		456
Income tax expense (benefit)	203			154	63	(394)	(61)	32		433
Less: Net income from noncontrolling interests	1			2	1	1	1	(50)		—
Net income (loss)	$	637		473	195	(1,173)	(176)	35		462

Revenue by Line of Business
Middle Market Banking	$	1,159		1,149	1,196	1,267	1,455	1		(20)
Asset-Based Lending and Leasing	898			1,029	976	1,014	843	(13)		7
Other	151			210	188	207	204	(28)		(26)
Total revenue	$	2,208		2,388	2,360	2,488	2,502	(8)		(12)

Revenue by Product
Lending and leasing	$	1,193		1,170	1,323	1,393	1,411	2		(15)
Treasury management and payments	749			805	803	808	982	(7)		(24)
Other	266			413	234	287	109	(36)		144
Total revenue	$	2,208		2,388	2,360	2,488	2,502	(8)		(12)

Selected Metrics
Return on allocated capital	12.3		%	8.6	3.0	(25.2)	(4.7)
Efficiency ratio	80			71	75	71	68
Headcount (#) (period-end)	22,657			22,410	24,091	24,107	24,036	1		(6)

NM – Not meaningful

-9-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT (continued)


	Quarter ended						Mar 31, 2021 % Change from
($ in millions)	Mar 31, 2021		Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2020		Mar 31, 2020
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	120,929	125,524	134,531	158,982	154,308	(4)	%	(22)
Commercial real estate	48,574		50,441	52,017	53,157	53,288	(4)		(9)
Lease financing and other	13,640		14,937	15,345	16,284	17,261	(9)		(21)
Total loans	$	183,143	190,902	201,893	228,423	224,857	(4)		(19)

Loans by Line of Business:
Middle Market Banking	$	104,379	102,692	110,289	122,319	116,232	2		(10)
Asset-Based Lending and Leasing and Other	78,764		88,210	91,604	106,104	108,625	(11)		(27)


Total loans	$	183,143	190,902	201,893	228,423	224,857	(4)		(19)

Total deposits	207,993		203,590	197,976	206,495	193,454	2		8
Allocated capital	19,500		19,500	19,500	19,500	19,500	—		—

Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	119,322	124,253	128,270	142,315	170,893	(4)		(30)
Commercial real estate	47,832		49,903	51,297	52,802	53,531	(4)		(11)
Lease financing and other	13,534		14,821	15,180	15,662	17,179	(9)		(21)
Total loans	$	180,688	188,977	194,747	210,779	241,603	(4)		(25)

Loans by Line of Business:
Middle Market Banking	$	102,372	101,193	105,851	115,105	125,192	1		(18)
Asset-Based Lending and Leasing and Other	78,316		87,784	88,896	95,674	116,411	(11)		(33)


Total loans	$	180,688	188,977	194,747	210,779	241,603	(4)		(25)

Total deposits	210,088		208,284	198,556	203,777	209,495	1		—

NM – Not meaningful

-10-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT


	Quarter ended							Mar 31, 2021 % Change from
($ in millions)	Mar 31, 2021			Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2020		Mar 31, 2020
Income Statement
Net interest income	$	1,778		1,809	1,712	1,961	2,019	(2)	%	(12)
Noninterest income:
Deposit-related fees	266			272	272	261	257	(2)		4
Lending-related fees	183			178	171	163	172	3		6
Investment banking fees	611			459	428	588	477	33		28
Net gains (losses) on trading activities	331			(28)	374	809	35	NM		846
Other	454			416	330	257	428	9		6
Total noninterest income	1,845			1,297	1,575	2,078	1,369	42		35
Total revenue	3,623			3,106	3,287	4,039	3,388	17		7
Net charge-offs	37			177	117	401	47	(79)		(21)
Change in the allowance for credit losses	(321)			9	(238)	3,355	1,078	NM		NM
Provision for credit losses	(284)			186	(121)	3,756	1,125	NM		NM
Noninterest expense	1,833			1,798	1,991	2,044	1,870	2		(2)
Income (loss) before income tax expense (benefit)	2,074			1,122	1,417	(1,761)	393	85		428
Income tax expense (benefit)	500			282	355	(408)	101	77		395
Less: Net loss from noncontrolling interests	—			(1)	—	—	—	100		—
Net income (loss)	$	1,574		841	1,062	(1,353)	292	87		439

Revenue by Line of Business
Banking:
Lending	$	453		424	422	464	457	7		(1)
Treasury Management and Payments	370			384	395	403	498	(4)		(26)
Investment Banking	416			348	295	444	361	20		15
Total Banking	1,239			1,156	1,112	1,311	1,316	7		(6)
Commercial Real Estate	931			964	835	817	883	(3)		5
Markets:
Fixed Income, Currencies, and Commodities (FICC)	1,144			889	1,005	1,506	914	29		25
Equities	252			194	312	302	396	30		(36)
Credit Adjustment (CVA/DVA) and Other	36			(67)	62	139	(108)	154		133
Total Markets	1,432			1,016	1,379	1,947	1,202	41		19
Other	21			(30)	(39)	(36)	(13)	170		262
Total revenue	$	3,623		3,106	3,287	4,039	3,388	17		7

Selected Metrics
Return on allocated capital	17.8		%	8.8	11.4	(17.1)	2.4
Efficiency ratio	51			58	61	51	55
Headcount (#) (period-end)	8,249			8,178	8,205	8,213	7,965	1		4

NM – Not meaningful

-11-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT (continued)


	Quarter ended						Mar 31, 2021 % Change from
($ in millions)	Mar 31, 2021		Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2020		Mar 31, 2020
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	162,290	155,669	165,445	190,861	178,254	4	%	(9)
Commercial real estate	83,858		84,175	84,408	82,726	79,988	—		5
Total loans	$	246,148	239,844	249,853	273,587	258,242	3		(5)

Loans by Line of Business:
Banking	$	86,536	82,413	88,936	105,983	96,844	5		(11)
Commercial Real Estate	107,609		107,838	109,482	110,594	105,194	—		2
Markets	52,003		49,593	51,435	57,010	56,204	5		(7)
Total loans	$	246,148	239,844	249,853	273,587	258,242	3		(5)
Trading-related assets:
Trading account securities	$	106,358	108,972	100,193	106,836	123,327	(2)		(14)
Reverse repurchase agreements/securities borrowed	63,965		57,835	68,818	70,335	89,132	11		(28)
Derivative assets	27,102		23,604	23,640	22,380	18,284	15		48
Total trading-related assets	$	197,425	190,411	192,651	199,551	230,743	4		(14)
Total assets	511,813		496,315	503,966	535,655	551,987	3		(7)
Total deposits	194,501		205,797	226,129	239,637	266,167	(5)		(27)
Allocated capital	34,000		34,000	34,000	34,000	34,000	—		—

Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	163,808	160,000	157,193	171,859	206,620	2		(21)
Commercial real estate	84,836		84,456	83,920	83,715	81,152	—		5
Total loans	$	248,644	244,456	241,113	255,574	287,772	2		(14)

Loans by Line of Business:
Banking	$	88,042	84,640	83,128	91,093	118,682	4		(26)
Commercial Real Estate	108,508		107,207	108,240	109,402	109,937	1		(1)
Markets	52,094		52,609	49,745	55,079	59,153	(1)		(12)
Total loans	$	248,644	244,456	241,113	255,574	287,772	2		(14)
Trading-related assets:
Trading account securities	$	100,586	109,311	100,157	97,708	110,544	(8)		(9)
Reverse repurchase agreements/securities borrowed	71,282		57,248	61,027	70,949	79,560	25		(10)
Derivative assets	24,228		25,916	23,844	22,757	24,834	(7)		(2)
Total trading-related assets	$	196,096	192,475	185,028	191,414	214,938	2		(9)
Total assets	512,340		508,793	490,694	510,545	574,660	1		(11)
Total deposits	188,920		203,004	212,532	236,620	260,281	(7)		(27)

-12-

Wells Fargo & Company and Subsidiaries

WEALTH AND INVESTMENT MANAGEMENT SEGMENT (1)


	Quarter ended							Mar 31, 2021 % Change from
($ in millions, unless otherwise noted)	Mar 31, 2021			Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2020		Mar 31, 2020
Income Statement
Net interest income	$	657		714	717	719	838	(8)	%	(22)
Noninterest income:
Investment advisory and other asset-based fees (2)	2,306			2,134	2,043	1,835	2,073	8		11
Commissions and brokerage services fees (2)	555			518	497	470	593	7		(6)
Other	26			81	33	182	(234)	(68)		111
Total noninterest income	2,887			2,733	2,573	2,487	2,432	6		19
Total revenue	3,544			3,447	3,290	3,206	3,270	3		8
Net charge-offs	—			(3)	(2)	1	1	100		(100)
Change in the allowance for credit losses	(43)			(1)	(8)	254	7	NM		NM
Provision for credit losses	(43)			(4)	(10)	255	8	NM		NM
Noninterest expense	3,028			2,770	2,742	2,743	2,657	9		14
Income before income tax expense	559			681	558	208	605	(18)		(8)
Income tax expense	140			171	139	52	152	(18)		(8)

Net income	$	419		510	419	156	453	(18)		(8)

Selected Metrics
Return on allocated capital	18.9		%	22.6	18.4	6.6	20.2
Efficiency ratio	85			80	83	86	81
Headcount (#) (period-end)	27,993			28,306	28,996	29,088	29,266	(1)		(4)
Advisory assets ($ in billions)	$	885		853	779	743	661	4		34
Other brokerage assets and deposits ($ in billions)	1,177			1,152	1,076	1,042	950	2		24
Total client assets ($ in billions)	$	2,062		2,005	1,855	1,785	1,611	3		28
Annualized revenue per advisor ($ in thousands) (3)	1,058			1,010	940	898	909	5		16
Total financial and wealth advisors (#) (period-end)	13,277			13,513	13,793	14,206	14,364	(2)		(8)

Selected Balance Sheet Data (average)
Total loans	$	80,839		80,109	79,001	78,091	77,883	1		4
Total deposits	173,678			169,815	169,441	165,103	145,388	2		19
Allocated capital	8,750			8,750	8,750	8,750	8,750	—		—

Selected Balance Sheet Data (period-end)
Total loans	81,175			80,785	79,472	78,101	78,182	—		4
Total deposits	175,999			175,483	168,132	168,249	162,370	—		8

NM – Not meaningful

(1)In February 2021, we announced an agreement to sell Wells Fargo Asset Management and moved the business from the Wealth and Investment Management operating segment to Corporate. Prior period balances have been revised to conform with the current period presentation.

(2)In first quarter 2021, trust and investment management fees and asset-based brokerage fees were combined into a single line item for investment advisory and other asset-based fees, and brokerage commissions and other brokerage services fees were combined into a single line item for commissions and brokerage services fees. Prior period balances have been revised to conform with the current period presentation.

(3)Represents annualized total revenue divided by average total financial and wealth advisors for the period.

-13-

Wells Fargo & Company and Subsidiaries

CORPORATE (1)


	Quarter ended						Mar 31, 2021 % Change from
($ in millions, unless otherwise noted)	Mar 31, 2021		Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2020		Mar 31, 2020
Income Statement
Net interest income	$	(430)	(272)	(307)	12	819	(58)	%	NM
Noninterest income	1,319		1,589	1,819	1,221	(119)	(17)		NM
Total revenue	889		1,317	1,512	1,233	700	(32)		27
Net charge-offs	77		(3)	28	39	102	NM		(25)
Change in the allowance for credit losses	20		(778)	(107)	87	160	103		(88)
Provision for credit losses	97		(781)	(79)	126	262	112		(63)
Noninterest expense	1,095		2,103	1,389	1,072	567	(48)		93
Income (loss) before income tax expense (benefit)	(303)		(5)	202	35	(129)	NM		NM
Income tax expense (benefit)	(364)		(10)	531	(1,779)	554	NM		NM
Less: Net income (loss) from noncontrolling interests	53		201	183	46	(149)	(74)		136
Net income (loss)	$	8	(196)	(512)	1,768	(534)	104		101






Selected Metrics
Headcount (#) (period-end) (2)	82,067		84,603	82,123	80,729	77,606	(3)		6
Wells Fargo Asset Management assets under management ($ in billions)	$	590	603	607	578	518	(2)		14

Selected Balance Sheet Data (average)
Cash, cash equivalents, and restricted cash	$	222,797	221,356	215,341	173,753	122,459	1		82
Available-for-sale debt securities	200,421		207,008	211,180	223,222	244,834	(3)		(18)
Held-to-maturity debt securities	217,346		191,123	175,748	166,127	157,788	14		38
Equity securities	10,904		10,201	12,034	13,604	13,970	7		(22)
Total loans	10,228		14,980	21,178	21,534	21,502	(32)		(52)
Total assets	727,440		712,230	702,453	655,408	629,210	2		16
Total deposits	27,861		37,721	48,997	60,277	80,248	(26)		(65)

Selected Balance Sheet Data (period-end)
Cash, cash equivalents, and restricted cash	$	257,887	235,260	220,025	236,213	123,943	10		108
Available-for-sale debt securities	188,724		208,694	208,543	217,339	239,051	(10)		(21)
Held-to-maturity debt securities	231,352		204,858	181,744	168,162	169,070	13		37
Equity securities	11,093		10,305	11,010	12,546	14,358	8		(23)
Total loans	10,516		10,623	21,935	21,948	22,085	(1)		(52)
Total assets	753,730		728,463	696,209	713,056	622,795	3		21
Total deposits	24,347		33,045	44,570	55,463	71,783	(26)		(66)

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 enterprise 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, including our student loan and rail car leasing businesses, as well as previously divested businesses. In February 2021, we announced an agreement to sell Wells Fargo Asset Management and moved the business from the Wealth and Investment Management operating segment to Corporate. In March 2021, we announced an agreement to sell our Corporate Trust Services business and expect to move the business from the Commercial Banking operating segment to Corporate in second quarter 2021. Prior period balances have been revised to conform with the current period presentation.

(2)Beginning in first quarter 2021, employees who were notified of displacement remained as headcount in their respective operating segment rather than included in Corporate.

-14-

Wells Fargo & Company and Subsidiaries

CONSOLIDATED LOANS OUTSTANDING – PERIOD-END BALANCES, AVERAGE BALANCES, AND AVERAGE INTEREST RATES


	Quarter ended							Mar 31, 2021 $ Change from
(in millions)	Mar 31, 2021			Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2020	Mar 31, 2020
Period-End Loans
Commercial and industrial	$	319,055		318,805	320,913	350,116	405,020	250	(85,965)
Real estate mortgage	121,198			121,720	121,910	123,967	122,767	(522)	(1,569)
Real estate construction	21,533			21,805	22,519	21,694	20,812	(272)	721
Lease financing	15,734			16,087	16,947	17,410	19,136	(353)	(3,402)
Total commercial	477,520			478,417	482,289	513,187	567,735	(897)	(90,215)
Residential mortgage – first lien	254,363			276,674	294,990	277,945	292,920	(22,311)	(38,557)
Residential mortgage – junior lien	21,308			23,286	25,162	26,839	28,527	(1,978)	(7,219)
Credit card	34,246			36,664	36,021	36,018	38,582	(2,418)	(4,336)
Auto	49,210			48,187	48,450	48,808	48,568	1,023	642
Other consumer	24,925			24,409	33,170	32,358	33,511	516	(8,586)
Total consumer	384,052			409,220	437,793	421,968	442,108	(25,168)	(58,056)
Total loans	$	861,572		887,637	920,082	935,155	1,009,843	(26,065)	(148,271)

Average Loans
Commercial and industrial	$	318,311		315,924	335,046	382,345	359,161	2,387	(40,850)
Real estate mortgage	120,734			121,228	123,391	123,525	121,788	(494)	(1,054)
Real estate construction	21,755			22,559	22,216	21,361	20,277	(804)	1,478
Lease financing	15,799			16,757	17,091	18,087	19,288	(958)	(3,489)
Total commercial	476,599			476,468	497,744	545,318	520,514	131	(43,915)
Residential mortgage – first lien	266,251			287,361	290,607	280,878	293,556	(21,110)	(27,305)
Residential mortgage – junior lien	22,321			24,210	26,018	27,700	28,905	(1,889)	(6,584)
Credit card	35,205			36,135	35,965	36,539	39,756	(930)	(4,551)
Auto	48,680			48,033	48,718	48,441	48,258	647	422
Other consumer	24,383			27,497	32,656	32,390	34,057	(3,114)	(9,674)
Total consumer	396,840			423,236	433,964	425,948	444,532	(26,396)	(47,692)
Total loans	$	873,439		899,704	931,708	971,266	965,046	(26,265)	(91,607)

Average Interest Rates
Commercial and industrial	2.47		%	2.50	2.46	2.56	3.47
Real estate mortgage	2.73			2.81	2.81	3.03	3.92
Real estate construction	3.10			3.13	3.13	3.37	4.54
Lease financing	4.33			4.34	3.41	4.34	4.40
Total commercial	2.62			2.67	2.60	2.76	3.65
Residential mortgage – first lien	3.11			3.12	3.24	3.44	3.61
Residential mortgage – junior lien	4.13			4.16	4.13	4.24	5.14
Credit card	11.90			11.80	11.70	10.78	12.21
Auto	4.66			4.82	4.90	4.99	4.96
Other consumer	3.87			4.55	5.25	5.45	6.32
Total consumer	4.18			4.20	4.33	4.45	4.83
Total loans	3.33		%	3.39	3.41	3.50	4.20

-15-

Wells Fargo & Company and Subsidiaries

NET LOAN CHARGE-OFFS


	Quarter ended
	Mar 31, 2021				Dec 31, 2020				Sep 30, 2020				Jun 30, 2020				Mar 31, 2020				Mar 31, 2021 $ 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)		Dec 31, 2020		Mar 31, 2020
By product:
Commercial:
Commercial and industrial	$	88	0.11	%	$	111	0.14	%	$	274	0.33	%	$	521	0.55	%	$	333	0.37	%	$	(23)	(245)
Real estate mortgage	46		0.16		162		0.53		56		0.18		67		0.22		(2)		(0.01)		(116)		48
Real estate construction	—		—		—		—		(2)		(0.03)		(1)		(0.02)		(16)		(0.32)		—		16
Lease financing	15		0.40		35		0.83		28		0.66		15		0.33		9		0.19		(20)		6
Total commercial	149		0.13		308		0.26		356		0.29		602		0.44		324		0.25		(159)		(175)
Consumer:
Residential mortgage – first lien	(24)		(0.04)		(3)		—		(1)		—		2		—		(3)		—		(21)		(21)
Residential mortgage – junior lien	(19)		(0.35)		(24)		(0.39)		(14)		(0.22)		(12)		(0.17)		(5)		(0.07)		5		(14)
Credit card	236		2.71		190		2.09		245		2.71		327		3.60		377		3.81		46		(141)
Auto	52		0.44		51		0.43		31		0.25		106		0.88		82		0.68		1		(30)
Other consumer	119		1.97		62		0.88		66		0.80		88		1.09		134		1.59		57		(15)
Total consumer	364		0.37		276		0.26		327		0.30		511		0.48		585		0.53		88		(221)
Total net charge-offs	$	513	0.24	%	$	584	0.26	%	$	683	0.29	%	$	1,113	0.46	%	$	909	0.38	%	$	(71)	(396)
By segment:
Consumer Banking and Lending	$	370	0.42	%	$	332	0.35	%	$	369	0.39	%	$	553	0.60	%	$	621	0.65	%	$	38	(251)
Commercial Banking	39		0.09		81		0.17		175		0.34		120		0.21		165		0.30		(42)		(126)
Corporate and Investing Banking	36		0.06		177		0.29		117		0.19		401		0.59		47		0.07		(141)		(11)
Wealth and Investment Management	—		—		(3)		(0.01)		(2)		(0.01)		1		0.01		1		0.01		3		(1)
Corporate	68		2.70		(3)		(0.08)		24		0.45		38		0.71		75		1.40		71		(7)
Total net charge-offs	$	513	0.24	%	$	584	0.26	%	$	683	0.29	%	$	1,113	0.46	%	$	909	0.38	%	$	(71)	(396)

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

-16-

Wells Fargo & Company and Subsidiaries

CHANGES IN ALLOWANCE FOR CREDIT LOSSES FOR LOANS


	Quarter ended							Mar 31, 2021 $ Change from
(in millions)	Mar 31, 2021			Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2020	Mar 31, 2020
Balance, beginning of period	$	19,713		20,471	20,436	12,022	10,456	(758)	9,257
Cumulative effect from change in accounting policies (1)	—			—	—	—	(1,337)	—	1,337
Allowance for purchased credit-deteriorated (PCD) loans (2)	—			—	—	—	8	—	(8)
Balance, beginning of period, adjusted	19,713			20,471	20,436	12,022	9,127	(758)	10,586
Provision for credit losses	(1,117)			(144)	751	9,565	3,833	(973)	(4,950)

Interest income on certain loans (3)	(41)			(36)	(41)	(38)	(38)	(5)	(3)






























Net loan charge-offs:
Commercial:
Commercial and industrial	(88)			(111)	(274)	(521)	(333)	23	245
Real estate mortgage	(46)			(162)	(56)	(67)	2	116	(48)
Real estate construction	—			—	2	1	16	—	(16)
Lease financing	(15)			(35)	(28)	(15)	(9)	20	(6)
Total commercial	(149)			(308)	(356)	(602)	(324)	159	175
Consumer:
Residential mortgage – first lien	24			3	1	(2)	3	21	21
Residential mortgage – junior lien	19			24	14	12	5	(5)	14
Credit card	(236)			(190)	(245)	(327)	(377)	(46)	141
Auto	(52)			(51)	(31)	(106)	(82)	(1)	30
Other consumer	(119)			(62)	(66)	(88)	(134)	(57)	15
Total consumer	(364)			(276)	(327)	(511)	(585)	(88)	221
Net loan charge-offs	(513)			(584)	(683)	(1,113)	(909)	71	396
Other	1			6	8	—	9	(5)	(8)
Balance, end of period	$	18,043		19,713	20,471	20,436	12,022	(1,670)	6,021
Components:
Allowance for loan losses	$	16,928		18,516	19,463	18,926	11,263	(1,588)	5,665
Allowance for unfunded credit commitments	1,115			1,197	1,008	1,510	759	(82)	356
Allowance for credit losses for loans	$	18,043		19,713	20,471	20,436	12,022	(1,670)	6,021

Ratio of allowance for loan losses to total net loan charge-offs (annualized)	8.13x			7.97	7.16	4.23	3.08
Allowance for loan losses as a percentage of:
Total loans	1.96		%	2.09	2.12	2.02	1.12
Nonaccrual loans	210			212	243	249	183

Allowance for credit losses for loans as a percentage of:
Total loans	2.09			2.22	2.22	2.19	1.19
Nonaccrual loans	224			226	255	269	195

(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.

-17-

Wells Fargo & Company and Subsidiaries

ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES FOR LOANS


	Mar 31, 2021				Dec 31, 2020				Sep 30, 2020				Jun 30, 2020				Mar 31, 2020
($ 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	$	6,512	2.04	%	$	7,230	2.27	%	$	7,845	2.44	%	$	8,109	2.32	%	$	4,231	1.04	%
Real estate mortgage	3,156		2.60		3,167		2.60		2,517		2.06		2,395		1.93		848		0.69
Real estate construction	410		1.90		410		1.88		521		2.31		484		2.23		36		0.17
Lease financing	604		3.84		709		4.41		659		3.89		681		3.91		164		0.86
Total commercial	10,682		2.24		11,516		2.41		11,542		2.39		11,669		2.27		5,279		0.93
Consumer:
Residential mortgage - first lien	1,202		0.47		1,600		0.58		1,519		0.51		1,541		0.55		836		0.29
Residential mortgage - junior lien	428		2.01		653		2.80		710		2.82		725		2.70		125		0.44
Credit card	4,082		11.92		4,082		11.13		4,082		11.33		3,777		10.49		3,481		9.02
Auto	1,108		2.25		1,230		2.55		1,225		2.53		1,174		2.41		1,016		2.09
Other consumer	541		2.17		632		2.59		1,393		4.20		1,550		4.79		1,285		3.83
Total consumer	7,361		1.92		8,197		2.00		8,929		2.04		8,767		2.08		6,743		1.53
Total allowance for credit losses for loans	$	18,043	2.09	%	$	19,713	2.22	%	$	20,471	2.22	%	$	20,436	2.19	%	$	12,022	1.19	%
By segment:
Consumer Banking and Lending	$	8,782	2.58	%	$	9,593	2.64	%	$	9,593	2.51	%	$	9,329	2.53	%	$	6,806	1.79	%
Commercial Banking	4,138		2.29		4,586		2.43		4,586		2.35		4,458		2.12		2,297		0.95
Corporate and Investing Banking	4,798		1.93		5,155		2.11		5,155		2.14		5,405		2.11		2,064		0.72
Wealth and Investment Management	332		0.41		375		0.46		375		0.47		383		0.49		128		0.16
Corporate	(7)		(0.07)		4		0.04		762		3.47		861		3.92		727		3.29
Total allowance for credit losses for loans	$	18,043	2.09	%	$	19,713	2.22	%	$	20,471	2.22	%	$	20,436	2.19	%	$	12,022	1.19	%

-18-

Wells Fargo & Company and Subsidiaries

NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)


	Mar 31, 2021				Dec 31, 2020				Sep 30, 2020				Jun 30, 2020				Mar 31, 2020				Mar 31, 2021 $ Change from
(in millions)	Balance		% of total loans		Balance		% of total loans		Balance		% of total loans		Balance		% of total loans		Balance		% of total loans		Dec 31, 2020		Mar 31, 2020
By product:
Nonaccrual loans:
Commercial:
Commercial and industrial	$	2,223	0.70	%	$	2,698	0.85	%	$	2,834	0.88	%	$	2,896	0.83	%	$	1,779	0.44	%	$	(475)	444
Real estate mortgage	1,703		1.41		1,774		1.46		1,343		1.10		1,217		0.98		944		0.77		(71)		759
Real estate construction	55		0.26		48		0.22		34		0.15		34		0.16		21		0.10		7		34
Lease financing	249		1.58		259		1.61		187		1.10		138		0.79		131		0.68		(10)		118
Total commercial	4,230		0.89		4,779		1.00		4,398		0.91		4,285		0.83		2,875		0.51		(549)		1,355
Consumer:
Residential mortgage – first lien (1)	2,859		1.12		2,957		1.07		2,641		0.90		2,393		0.86		2,372		0.81		(98)		487
Residential mortgage – junior lien (1)	747		3.51		754		3.24		767		3.05		753		2.81		769		2.70		(7)		(22)
Auto	181		0.37		202		0.42		176		0.36		129		0.26		99		0.20		(21)		82
Other consumer	38		0.15		36		0.15		40		0.12		45		0.14		41		0.12		2		(3)
Total consumer	3,825		1.00		3,949		0.97		3,624		0.83		3,320		0.79		3,281		0.74		(124)		544
Total nonaccrual loans	8,055		0.93		8,728		0.98		8,022		0.87		7,605		0.81		6,156		0.61		(673)		1,899



Foreclosed assets	140				159				156				195				252				(19)		(112)
Total nonperforming assets	$	8,195	0.95	%	$	8,887	1.00	%	$	8,178	0.89	%	$	7,800	0.83	%	$	6,408	0.63	%	$	(692)	1,787
By segment:
Consumer Banking and Lending	$	3,763	1.10	%	$	3,895	1.07	%	$	3,625	0.95	%	$	3,361	0.91	%	$	3,366	0.89	%	$	(132)	397
Commercial Banking	2,511		1.39		2,511		1.33		1,899		0.98		1,697		0.81		1,631		0.68		—		880
Corporate and Investing Banking	1,618		0.65		2,198		0.90		2,402		1.00		2,509		0.98		1,186		0.41		(580)		432
Wealth and Investment Management	294		0.36		262		0.32		224		0.28		204		0.26		201		0.26		32		93
Corporate	9		0.09		21		0.20		28		0.13		29		0.13		24		0.11		(12)		(15)
Total nonperforming assets	$	8,195	0.95	%	$	8,887	1.00	%	$	8,178	0.89	%	$	7,800	0.83	%	$	6,408	0.63	%	$	(692)	1,787

(1)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.

-19-

Wells Fargo & Company and Subsidiaries

COMMERCIAL AND INDUSTRIAL LOANS AND LEASE FINANCING BY INDUSTRY


	Mar 31, 2021							Dec 31, 2020							Mar 31, 2020
($ 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	$	130	119,793	14	%	$	212,236	$	160	117,726	13	%	$	206,999	$	95	126,270	13	%	$	204,143
Technology, telecom and media	90		21,582	3		55,433		144		23,061	3		56,500		57		26,896	3		56,462
Real estate and construction	146		23,867	3		53,829		133		23,113	3		51,526		49		27,222	3		48,977
Retail	84		17,129	2		40,975		94		17,393	2		41,669		204		27,844	3		43,801
Equipment, machinery and parts manufacturing	66		16,537	2		39,986		81		18,158	2		41,332		58		25,054	2		44,641
Materials and commodities	43		12,591	1		34,138		39		12,071	1		33,879		57		19,118	2		39,385
Health care and pharmaceuticals	42		15,020	2		31,610		145		15,322	2		32,154		81		18,785	2		32,230
Oil, gas and pipelines	635		9,906	1		30,124		953		10,471	1		30,055		549		14,287	1		34,443
Food and beverage manufacturing	18		12,061	1		29,160		17		12,401	1		28,908		12		16,908	2		31,004
Commercial services	85		10,322	1		25,730		107		10,284	1		24,442		120		12,684	1		22,989
Auto related	74		11,297	1		25,113		79		11,817	1		25,034		24		17,436	2		26,032
Utilities	67		6,270	*		19,012		2		5,031	*		18,564		147		8,598	*		21,545
Insurance and fiduciaries	1		3,947	*		18,050		2		3,297	*		14,334		1		7,292	*		16,481
Entertainment and recreation	255		9,483	1		17,108		263		9,884	1		17,551		65		16,163	2		20,532
Diversified or miscellaneous	28		6,304	*		16,802		7		5,437	*		14,717		3		4,844	*		10,892
Transportation services	554		8,889	1		15,372		573		9,236	*		15,531		336		11,901	1		17,853
Banks	—		13,292	2		14,209		—		12,789	1		13,842		—		20,282	2		20,948
Agribusiness	71		6,056	*		11,453		81		6,314	*		11,642		37		6,994	*		12,137
Government and education	9		5,182	*		10,792		9		5,464	*		11,065		7		5,548	*		11,918
Other	74		5,261	*		19,232		68		5,623	*		23,315		8		10,030	1		21,877
Total	$	2,472	334,789	39	%	$	720,364	$	2,957	334,892	33	%	$	713,059	$	1,910	424,156	42	%	$	738,290

*Less than 1%.

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

-20-

Wells Fargo & Company and Subsidiaries

COMMERCIAL REAL ESTATE LOANS BY PROPERTY TYPE


	Mar 31, 2021							Dec 31, 2020							Mar 31, 2020
($ 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	$	258	37,084	4	%	$	42,796	$	274	37,251	4	%	$	43,059	$	145	37,492	4	%	$	43,691
Apartments	30		27,965	3		34,832		30		27,909	3		35,092		12		25,745	3		33,637
Industrial/warehouse	85		17,168	2		19,422		87		17,108	2		19,069		77		17,400	2		19,711
Retail (excluding shopping center)	293		13,582	2		14,159		286		13,808	2		14,444		127		14,312	1		15,141
Hotel/motel	324		12,262	1		12,788		273		12,134	1		12,770		79		12,180	1		13,326
Shopping center	470		11,124	1		11,748		588		11,441	1		12,065		279		12,068	1		13,093
Institutional	82		6,698	*		8,146		93		6,692	*		7,923		61		5,975	*		7,682
Mixed use properties	105		6,142	*		7,432		98		6,192	*		7,424		95		6,632	*		8,011
Collateral pool	—		2,979	*		3,624		—		2,970	*		3,546		—		2,714	*		3,700
1-4 family structure	—		1,372	*		3,354		—		1,346	*		3,400		—		1,520	*		3,075
Other	111		6,355	*		8,164		93		6,674	*		8,376		90		7,541	*		8,132
Total	$	1,758	142,731	17	%	$	166,465	$	1,822	143,525	16	%	$	167,168	$	965	143,579	14	%	$	169,199

*Less than 1%.

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

-21-

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.


								Mar 31, 2021 % Change from
(in millions, except ratios)		Mar 31, 2021		Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2020		Mar 31, 2020
Tangible book value per common share:
Total equity		$	188,348	185,920	182,032	180,122	183,330	1	%	3
Adjustments:
Preferred stock		(21,170)		(21,136)	(21,098)	(21,098)	(21,347)	—		1
Additional paid-in capital on preferred stock		139		152	159	159	140	(9)		(1)
Unearned ESOP shares		875		875	875	875	1,143	—		(23)
Noncontrolling interests		(1,130)		(1,033)	(859)	(736)	(612)	(9)		(85)
Total common stockholders' equity	(A)	167,062		164,778	161,109	159,322	162,654	1		3
Adjustments:
Goodwill		(26,290)		(26,392)	(26,387)	(26,385)	(26,381)	—		—
Certain identifiable intangible assets (other than MSRs)		(322)		(342)	(366)	(389)	(413)	6		22
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(2,300)		(1,965)	(2,019)	(2,050)	(1,894)	(17)		(21)
Applicable deferred taxes related to goodwill and other intangible assets (1)		866		856	842	831	821	1		5
Tangible common equity	(B)	$	139,016	136,935	133,179	131,329	134,787	2		3
Common shares outstanding	(C)	4,141.1		4,144.0	4,132.5	4,119.6	4,096.4	—		1
Book value per common share	(A)/(C)	$	40.34	39.76	38.99	38.67	39.71	1		2
Tangible book value per common share	(B)/(C)	33.57		33.04	32.23	31.88	32.90	2		2

-22-

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


		Quarter ended							Mar 31, 2021 % Change from
(in millions, except ratios)		Mar 31, 2021			Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2020		Mar 31, 2020
Return on average tangible common equity:
Net income applicable to common stock	(A)	$	4,363		2,642	1,720	(2,694)	42	65	%	NM
Average total equity		189,332			185,748	182,850	184,108	188,170	2		1
Adjustments:
Preferred stock		(21,840)			(21,223)	(21,098)	(21,344)	(21,794)	(3)		—
Additional paid-in capital on preferred stock		145			156	158	140	135	(7)		7
Unearned ESOP shares		875			875	875	1,140	1,143	—		(23)
Noncontrolling interests		(1,115)			(887)	(761)	(643)	(785)	(26)		(42)
Average common stockholders’ equity	(B)	167,397			164,669	162,024	163,401	166,869	2		—
Adjustments:
Goodwill		(26,383)			(26,390)	(26,388)	(26,384)	(26,387)	—		—
Certain identifiable intangible assets (other than MSRs)		(330)			(354)	(378)	(402)	(426)	7		23
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(2,217)			(1,889)	(2,045)	(1,922)	(2,152)	(17)		(3)
Applicable deferred taxes related to goodwill and other intangible assets (1)		863			852	838	828	818	1		6
Average tangible common equity	(C)	$	139,330		136,888	134,051	135,521	138,722	2		—
Return on average common stockholders’ equity (ROE) (annualized)	(A)/(B)	10.6		%	6.4	4.2	(6.6)	0.1
Return on average tangible common equity (ROTCE) (annualized)	(A)/(C)	12.7			7.7	5.1	(8.0)	0.1

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.

-23-

Wells Fargo & Company and Subsidiaries

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


		Estimated							Mar 31, 2021 % Change from
(in billions, except ratio)		Mar 31, 2021			Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2020		Mar 31, 2020
Total equity		$	188.3		185.9	182.0	180.1	183.3	1	%	3
Adjustments:
Preferred stock		(21.2)			(21.1)	(21.1)	(21.1)	(21.3)	—		—
Additional paid-in capital on preferred stock		0.2			0.1	0.2	0.1	0.1	100		100
Unearned ESOP shares		0.9			0.9	0.9	0.9	1.1	—		(18)
Noncontrolling interests		(1.1)			(1.0)	(0.9)	(0.7)	(0.6)	(10)		(83)
Total common stockholders' equity		167.1			164.8	161.1	159.3	162.6	1		3
Adjustments:
Goodwill		(26.3)			(26.4)	(26.4)	(26.4)	(26.4)	—		—
Certain identifiable intangible assets (other than MSRs)		(0.3)			(0.3)	(0.4)	(0.4)	(0.4)	—		25
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(2.3)			(2.0)	(2.0)	(2.1)	(1.9)	(15)		(21)
Applicable deferred taxes related to goodwill and other intangible assets (2)		0.9			0.9	0.8	0.8	0.8	—		13
CECL transition provision (3)		1.3			1.7	1.9	1.9	—	(24)		NM
Other		(0.8)			(0.4)	(0.1)	(0.1)	—	(100)		NM
Common Equity Tier 1	(A)	139.6			138.3	134.9	133.0	134.7	1		4


Preferred stock		21.2			21.1	21.1	21.1	21.3	—		—
Additional paid-in capital on preferred stock		(0.2)			(0.1)	(0.2)	(0.1)	(0.1)	(100)		(100)
Unearned ESOP shares		(0.9)			(0.9)	(0.9)	(0.9)	(1.1)	—		18
Other		(0.1)			(0.2)	(0.2)	(0.2)	(0.5)	50		80
Total Tier 1 capital	(B)	159.6			158.2	154.7	152.9	154.3	1		3

Long-term debt and other instruments qualifying as Tier 2		23.9			24.4	25.0	25.5	25.8	(2)		(7)
Qualifying allowance for credit losses (4)		14.1			14.1	14.1	14.4	12.0	—		18
Other		(0.2)			(0.1)	(0.1)	(0.3)	(0.1)	(100)		(100)





Effect of Basel III Transition Requirements		0.1			0.1	0.1	0.1	0.1	—		—
Total qualifying capital (Basel III Transition Requirements)	(C)	$	197.5		196.7	193.8	192.6	192.1	—		3

Total risk-weighted assets (RWAs)	(D)	$	1,179.4		1,193.7	1,185.6	1,213.1	1,262.8	(1)		(7)

Common Equity Tier 1 to total RWAs	(A)/(D)	11.8		%	11.6	11.4	11.0	10.7
Tier 1 capital to total RWAs	(B)/(D)	13.5			13.3	13.1	12.6	12.2
Total capital to total RWAs	(C)/(D)	16.7			16.5	16.3	15.9	15.2

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 March 31, 2021, was an increase in capital of $1.3 billion, reflecting a $991 million (post-tax) increase in capital recognized upon our initial adoption of CECL, offset by 25% of the $9.2 billion increase in our ACL under CECL from January 1, 2020, through March 31, 2021.

(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.

-24-

Wells Fargo & Company and Subsidiaries

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


		Estimated							Mar 31, 2021 % Change from
(in billions, except ratio)		Mar 31, 2021			Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2020		Mar 31, 2020
Total equity		$	188.3		185.9	182.0	180.1	183.3	1	%	3
Adjustments:
Preferred stock		(21.2)			(21.1)	(21.1)	(21.1)	(21.3)	—		—
Additional paid-in capital on preferred stock		0.2			0.1	0.2	0.1	0.1	100		100
Unearned ESOP shares		0.9			0.9	0.9	0.9	1.1	—		(18)
Noncontrolling interests		(1.1)			(1.0)	(0.9)	(0.7)	(0.6)	(10)		(83)
Total common stockholders' equity		167.1			164.8	161.1	159.3	162.6	1		3
Adjustments:
Goodwill		(26.3)			(26.4)	(26.4)	(26.4)	(26.4)	—		—
Certain identifiable intangible assets (other than MSRs)		(0.3)			(0.3)	(0.4)	(0.4)	(0.4)	—		25
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(2.3)			(2.0)	(2.0)	(2.1)	(1.9)	(15)		(21)
Applicable deferred taxes related to goodwill and other intangible assets (2)		0.9			0.9	0.8	0.8	0.8	—		13
CECL transition provision (3)		1.3			1.7	1.9	1.9	—	(24)		NM
Other		(0.8)			(0.4)	(0.1)	(0.1)	—	(100)		NM
Common Equity Tier 1	(A)	139.6			138.3	134.9	133.0	134.7	1		4


Preferred stock		21.2			21.1	21.1	21.1	21.3	—		—
Additional paid-in capital on preferred stock		(0.2)			(0.1)	(0.2)	(0.1)	(0.1)	(100)		(100)
Unearned ESOP shares		(0.9)			(0.9)	(0.9)	(0.9)	(1.1)	—		18
Other		(0.1)			(0.2)	(0.2)	(0.2)	(0.5)	50		80
Total Tier 1 capital	(B)	159.6			158.2	154.7	152.9	154.3	1		3

Long-term debt and other instruments qualifying as Tier 2		23.9			24.4	25.0	25.5	25.8	(2)		(7)
Qualifying allowance for credit losses (4)		4.3			4.4	4.5	4.6	4.0	(2)		8
Other		(0.3)			(0.2)	(0.1)	(0.3)	(0.1)	(50)		NM





Effect of Basel III Transition Requirements		0.1			0.1	0.1	0.1	0.1	—		—
Total qualifying capital (Basel III Transition Requirements)	(C)	$	187.6		186.9	184.2	182.8	184.1	—		2

Total RWAs	(D)	$	1,112.2		1,158.4	1,172.0	1,195.4	1,181.3	(4)		(6)

Common Equity Tier 1 to total RWAs	(A)/(D)	12.6		%	11.9	11.5	11.1	11.4
Tier 1 capital to total RWAs	(B)/(D)	14.3			13.7	13.2	12.8	13.1
Total capital to total RWAs	(C)/(D)	16.9			16.1	15.7	15.3	15.6

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.

-25-

Wells Fargo & Company and Subsidiaries

DEFERRED COMPENSATION AND RELATED HEDGES


	Quarter ended
(in millions)	Mar 31, 2021		Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Net interest income	$	—	—	—	3	12
Net gains (losses) from equity securities	—		1	1	346	(621)
Total revenue (losses) from deferred compensation plan investments	—		1	1	349	(609)
Decrease (increase) in deferred compensation plan liabilities	(165)		(470)	(220)	(490)	598
Net derivative gains from economic hedges of deferred compensation (1)	160		422	215	141	—
Decrease (increase) in personnel expense	(5)		(48)	(5)	(349)	598
Loss before income tax expense	$	(5)	(47)	(4)	—	(11)

(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.

-26-

21Q21 Financial Results  Helped 3.7 million consumer and small business customers by deferring payments and waiving fees  Funded approximately 264,000 loans totaling $13.2 billion under the Paycheck Protection Program and facilitated an additional $118 million in liquidity for Community Development Financial Institutions (CDFIs) and African American owned Minority Depository Institutions (MDIs) - More than $6 billion to small businesses located in either a low-to- moderate income (LMI) area or a Majority-Minority census tract - In 1Q21, funded ~70,000 loans totaling $2.8 billion • Average loan size of $40,000, which was down 26% from last year  Helped nearly 792,000 homeowners with new low-rate loans to either purchase a home or refinance an existing mortgage: nearly 312,000 purchases and nearly 480,000 refis  Since 2012 through February 2021, Wells Fargo has invested $521 million in NeighborhoodLIFT and other LIFT programs to help more than 24,700 individuals and families buy homes by providing homebuyer education and down payment assistance  Closed $2.4 billion in new commitments for affordable housing under the GSE and FHA programs (117 properties nationwide with 20,121 total units including 17,776 rent restricted affordable units) Actively helping our customers and communities Supporting Our Customers Supporting Our Communities  Charitable Contributions: Deployed $530 million in philanthropic contributions, including: - More than $125 million through the Open for Business Fund granted to 75 CDFIs to help a projected 22,800 small business owners maintain more than 66,000 jobs (August 2020 – March 2021); committed to donating roughly $420 million in grants through 2021  Investing in Minority Depository Institutions (MDIs): In 2020, announced the planned investment of up to $50 million in African American owned MDIs, and have announced 11 investments in 2021  Employee Engagement: Created employee engagement opportunities in 1Q21, including MLK Jr. Day and Black History Month, resulting in 90K+ hours of volunteerism recorded  Expanding Spending with Diverse Suppliers: Increased our annual spending to nearly $1.4 billion in 2020, representing 12% of our total controllable spending, and surpassing the financial services industry average of 9.3%1 Supporting Sustainability in Our Communities and in Our Operations All data cited on this slide is from January 1, 2020 – March 31, 2021, unless otherwise noted. 1. Source: Financial Services Roundtable for Supplier Diversity. 2. Renewable energy sources include on-site solar, long-term contracts that support net new sources of offsite renewable energy, and the purchase of renewable energy certificates.  Announced goal of achieving net zero greenhouse gas emissions by 2050 - 100% of the company’s global electricity needs met by renewable energy since 20172  Over $11 billion in renewable energy financing since 2006 - The Renewable Energy & Environmental Finance group provided approximately $2.8 billion in financing to the renewable energy industry (January 2020 – March 2021)

31Q21 Financial Results 1Q21 results Financial Results ROE: 10.6% ROTCE: 12.7%1 Efficiency ratio: 77%2 Credit Quality Capital and Liquidity CET1: 11.8%3 LCR: 127%4  Net Income of $4.7 billion, or $1.05 per diluted common share – Revenue of $18.1 billion, up 2% – Noninterest expense of $14.0 billion, up 7% – Results included:  Effective income tax rate of 6.4% included net discrete income tax benefits related to closing out prior years’ tax matters  Average loans of $873.4 billion, down 9%  Average deposits of $1.4 trillion, up 4%  Provision for credit losses of $(1.0) billion, down $5.1 billion – Total net charge-offs of $523 million, down $418 million • Net loan charge-offs of 0.24% of average loans (annualized) – Allowance for credit losses for loans of $18.0 billion, down $1.7 billion from 4Q20  Common Equity Tier 1 (CET1) capital of $139.6 billion3  CET1 ratio of 11.8% under the Standardized Approach and 12.6% under the Advanced Approach3  Common stock dividend of $0.10 per share, or $414 million  Repurchased 17.2 million shares of common stock, or $596 million, in the quarter Comparisons in the bullet points are for 1Q21 versus 1Q20, unless otherwise noted. 1. Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 18. 2. The efficiency ratio is noninterest expense divided by total revenue. 3. See page 19 for additional information regarding Common Equity Tier 1 (CET1) capital and ratios. CET1 is a preliminary estimate. 4. Liquidity coverage ratio (LCR) is calculated as high-quality liquid assets divided by projected net cash outflows, as each is defined under the LCR rule. LCR is a preliminary estimate. ($ in millions, except EPS) Pre-tax Income EPS Change in the allowance for credit losses $1,571 0.28 Sale of student loans (Gain = $208 and goodwill write-down = $104) 104 0.02

41Q21 Financial Results 1Q21 earnings 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 18. $ in millions (mm), except per share data 1Q21 4Q20 1Q20 vs. 4Q20 vs. 1Q20 Net interest income $8,798 9,275 11,312 ($477) (2,514) Noninterest income 9,265 8,650 6,405 615 2,860 Total revenue 18,063 17,925 17,717 138 346 Net charge-offs 523 584 941 (61) (418) Change in the allowance for credit losses (1,571) (763) 3,064 (808) (4,635) Provision for credit losses (1,048) (179) 4,005 (869) (5,053) Noninterest expense 13,989 14,802 13,048 (813) 941 Pre-tax income 5,122 3,302 664 1,820 4,458 Income tax expense 326 108 159 218 167 Effective income tax rate (%) 6.4 % 3.5 19.6 295 bps (1,315) bps Net income $4,742 2,992 653 $1,750 4,089 Diluted earnings per common share $1.05 0.64 0.01 $0.41 1.04 Diluted average common shares (mm) # 4,171.0 4,151.3 4,135.3 20 36 Return on equity (ROE) 10.6 % 6.4 0.1 419 bps 1,047 bps Return on average tangible common equity (ROTCE)1 12.7 7.7 0.1 502 1,258 Efficiency ratio 77 83 74 (520) 380

51Q21 Financial Results $ in millions Student Loan Portfolio Wells Fargo Asset Management 1 Corporate Trust Services Select P&L items 2020 Revenue $570 1,299 566 2020 Noninterest expense 185 1,139 549 Balance Sheet Loans (HFS), as of 12/31/20 9,684 na na Deposits, as of 12/31/20 na na 18,868 Other details Estimated pre-tax gain on sale 355 ~ 500 - 600 ~ 650 Anticipated closing date 1H21 2H21 2H21 Business and portfolio divestitures  The first phase of the previously announced sale of student loans closed in 1Q21, and the majority of the remaining student loan portfolio closed in early April  In 1Q21, we announced agreements to sell Wells Fargo Asset Management1 and our Corporate Trust Services business  Additionally, we have announced the sale of our Canadian Direct Equipment Finance business and Wells Fargo Advisors’ exit of the international segment, neither of which is expected to have a material financial impact 1. Wells Fargo will own a 9.9% equity interest and will continue to serve as a client and distribution partner. Student loan sales estimate 1Q21 2Q21 Total Pre-tax gain on sale $208 147 355 Goodwill write-down 104 79 183 Net pre-tax gain on sale $104 68 172

61Q21 Financial Results Credit quality  Commercial net loan charge-offs down $159 million on declines across all asset classes including a $116 million decline in commercial real estate losses  Consumer net loan charge-offs increased $88 million largely driven by higher losses in other consumer loans and credit card  Nonperforming assets decreased $692 million, or 8%, driven by a $673 million decline in nonaccrual loans reflecting declines in commercial nonaccruals primarily driven by a decline in energy and commercial real estate nonaccruals Provision for Credit Losses and Net Charge-offs ($ in millions) Allowance for Credit Losses for Loans ($ in millions)  Allowance for credit losses for loans down $1.7 billion due to continued improvements in the economic environment  Allowance coverage for total loans down 13 bps from 4Q20, but up 90 bps from 1Q20 due to forecasted credit deterioration in 1Q20 associated with the COVID-19 pandemic Comparisons in the bullet points are for 1Q21 versus 4Q20, unless otherwise noted. 5,279 11,669 11,542 11,516 10,682 6,743 8,767 8,929 8,197 7,361 12,022 20,436 20,471 19,713 18,043 1.19% 2.19% 2.22% 2.22% 2.09% 1Q20 2Q20 3Q20 4Q20 1Q21 Commercial Consumer Allowance coverage for total loans 4,005 9,534 769 (179) (1,048) 941 1,114 731 584 523 0.38% 0.46% 0.29% 0.26% 0.24% 1Q20 2Q20 3Q20 4Q20 1Q21 Provision for Credit Losses Net Charge-offs Net Loan Charge-off Ratio

71Q21 Financial Results Credit quality by operating segment $ in millions Net Charge-offs Change in the Allowance for Credit Losses Total Allocation of Allowance for Credit Losses for Loans (as of 3/31/21) Consumer Banking and Lending $370 (789) (419) $8,782 Commerical Banking 39 (438) (399) 4,138 Corporate and Investment Banking 37 (321) (284) 4,798 Wealth and Investment Management - (43) (43) 332 Corporate 77 20 97 (7) Total $523 (1,571) (1,048) $18,043 1Q21 Provision for Credit Losses

81Q21 Financial Results Average loans and deposits  Average loans down $91.6 billion, or 9%, year-over-year (YoY), and down $26.3 billion, or 3%, from 4Q20 on lower consumer loans predominantly driven by a $23.0 billion decline in consumer real estate loans  Total average loan yield of 3.33%, down 6 bps from 4Q20 and down 87 bps YoY reflecting the repricing impacts of lower interest rates, as well as lower consumer real estate loans  Average deposits up $55.5 billion, or 4%, YoY, and up $13.4 billion, or 1%, from 4Q20 as growth in Consumer Banking and Lending, Wealth and Investment Management, and Commercial Banking deposits was partially offset by targeted actions to manage to the asset cap, primarily in Corporate and Investment Banking, and Corporate Treasury  Average deposit cost of 3 bps, down 2 bps from 4Q20 and 49 bps YoY reflecting the lower interest rate environment Average Loans Outstanding ($ in billions) Average Deposits and Rates ($ in billions) Average Deposit Cost 0.52% 0.17% 0.09% 0.05% 0.03% 520.5 545.3 497.7 476.5 476.6 444.5 426.0 434.0 423.2 396.8 965.0 971.3 931.7 899.7 873.4 4.20% 3.50% 3.41% 3.39% 3.33% 1Q20 2Q20 3Q20 4Q20 1Q21 Commercial Loans Consumer Loans Total Average Loan Yield 652.7 715.1 756.5 763.2 789.4 193.5 206.5 198.0 203.6 208.0 266.2 239.6 226.1 205.8 194.5 145.4 165.2 169.5 169.9 173.7 80.2 60.2 49.0 37.7 27.9 1,338.0 1,386.7 1,399.0 1,380.1 1,393.5 1Q20 2Q20 3Q20 4Q20 1Q21 Corporate Wealth and Investment Management Corporate and Investment Banking Commercial Banking Consumer Banking and Lending

91Q21 Financial Results Net interest income  Net interest income decreased $2.5 billion, or 22%, YoY reflecting the impact of lower interest rates, which drove a repricing of the balance sheet, lower loan balances due to soft demand and elevated prepayments, as well as unfavorable hedge ineffectiveness accounting results, and higher mortgage-backed securities (MBS) premium amortization – 1Q21 MBS premium amortization was $616 million vs. $361 million in 1Q20 and $646 million in 4Q20  Net interest income decreased $477 million, or 5%, from 4Q20 reflecting 2 fewer days in the quarter, unfavorable hedge ineffectiveness accounting results, continued repricing of the balance sheet, and lower loan balances Net Interest Income ($ in millions) 11,312 9,880 9,368 9,275 8,798 2.58% 2.25% 2.13% 2.13% 2.05% 1Q20 2Q20 3Q20 4Q20 1Q21 Net Interest Income Net Interest Margin

101Q21 Financial Results Noninterest expense Noninterest Expense ($ in millions)  Noninterest expense up 7% from 1Q20 – Personnel expense up 15% • Higher incentives and revenue-related compensation, including the impact of higher market valuations on stock-based compensation • 1Q21 deferred compensation expense was $5 million vs. $(598) million in 1Q20 • Partially offset by a decline in salaries expense on lower headcount – 1Q21 included a $104 million goodwill write-down related to the sale of student loans – All other expense down 4% on lower professional services expense largely driven by efficiency initiatives, as well as lower advertising and promotion expense  Noninterest expense down 5% from 4Q20 – Personnel expense up 7% due to seasonally higher payroll tax and 401(k) plan expense, as well as higher incentives and revenue-related compensation – Non-personnel expense down $1.4 billion, or 24%, largely driven by lower restructuring charges and lower operating losses 8,323 8,916 8,624 8,948 9,558 464 1,219 1,219 621 213 718 781 13 4,261 4,416 4,668 4,452 4,101 104 13,048 14,551 15,229 14,802 13,989 1Q20 2Q20 3Q20 4Q20 1Q21 Goodwill Write-down All Other Expenses Restructuring Charges Operating Losses Personnel Expense 1Q20 2Q20 3Q20 4Q20 1Q21 272 276 275 269 265 Headcount (Period-end, '000s)

111Q21 Financial Results Consumer Banking and Lending  Total revenue up modestly YoY and from 4Q20 – CSBB down 6% YoY primarily due to the impact of lower interest rates and lower deposit-related fees on higher average checking account balances and higher COVID-19 related fee waivers – Home Lending up 19% YoY on higher retail originations and gain on sale margins, partially offset by lower gains on loan portfolio sales and lower net interest income, and up 12% from 4Q20 due to higher mortgage banking income primarily related to the re-securitization of loans we purchased from mortgage-backed securities last year and higher retail originations – Credit Card down 2% both YoY and from 4Q20 primarily driven by lower loan balances  Noninterest expense down 3% from 4Q20 driven by lower operating losses, professional services expense, and advertising and promotion expense 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) 1Q21 vs. 4Q20 vs. 1Q20 Revenue by line of business: Consumer and Small Business Banking (CSBB) $4,550 ($151) (311) Consumer Lending: Home Lending 2,227 232 351 Credit Card 1,346 (26) (29) Auto 403 - 23 Personal Lending 128 (14) (29) Total revenue 8,654 41 5 Provision for credit losses (419) (770) (1,988) Noninterest expense 6,267 (174) 10 Pre-tax income 2,806 985 1,983 Net income $2,104 $740 1,486 1Q21 4Q20 1Q20 Return on allocated capital1 17.2 % 10.7 4.6 Efficiency ratio2 72 75 72 Retail bank branches # 4,944 5,032 5,329 Digital (online and mobile) active customers3 (mm) 32.9 32.0 31.1 Mobile active customers3 (mm) 26.7 26.0 24.9 Selected Metrics $ in billions 1Q21 4Q20 1Q20 Balances Loans $353.1 373.9 382.6 Deposits 789.4 763.2 652.7 Credit Performance Net charge-offs as a % of average loans 0.42 % 0.35 0.65 Average Balances and Selected Credit Metrics Summary Financials

121Q21 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. 90.6 93.1 102.9 105.3 108.5 2.2 2.0 2.3 2.3 2.3 1Q20 2Q20 3Q20 4Q20 1Q21 POS Volume ($ in billions) POS Transactions (billions) 23.1 30.5 32.8 32.3 33.6 24.9 28.7 28.8 21.6 18.2 48.0 59.2 61.6 53.9 51.8 52% 62% 51% 52% 64% 1Q20 2Q20 3Q20 4Q20 1Q21 Retail Correspondent Refinances as a % of Originations 6.5 5.6 5.4 5.3 7.0 1Q20 2Q20 3Q20 4Q20 1Q21 19.9 17.5 21.3 22.9 21.1 1Q20 2Q20 3Q20 4Q20 1Q21

131Q21 Financial Results Commercial Banking  Total revenue down 12% YoY and 8% from 4Q20 – Middle Market Banking revenue down 20% YoY as the impact of lower interest rates, as well as lower loan balances due to lower demand and line utilization was partially offset by higher deposit balances – Asset-Based Lending and Leasing revenue up 7% YoY as 1Q20 included equity securities impairments due to lower market valuations, which was partially offset by lower net interest income in 1Q21 from lower loan balances, and down 13% from 4Q20 on lower net interest income on lower loan balances, as well as lower net gains on equity securities  Noninterest expense increased 4% YoY primarily driven by higher technology spend, partially offset by lower headcount and consulting expense related to efficiency initiatives $ in millions 1Q21 vs. 4Q20 vs. 1Q20 Revenue by line of business: Middle Market Banking $1,159 $10 (296) Asset-Based Lending and Leasing 898 (131) 55 Other 151 (59) (53) Total revenue 2,208 (180) (294) Provision for credit losses (399) (468) (1,440) Noninterest expense 1,766 76 69 Pre-tax income 841 212 1,077 Net income $637 $164 813 1Q21 4Q20 1Q20 Return on allocated capital 12.3 % 8.6 (4.7) Efficiency ratio 80 71 68 Average loans by line of business ($ in billions) Middle Market Banking $104.4 102.7 116.2 Asset-based Lending and Leasing and Other 78.8 88.2 108.6 Total loans $183.2 190.9 224.8 Average deposits 208.0 203.6 193.5 Selected Metrics 1. In March 2021, we announced an agreement to sell our Corporate Trust Services (CTS) business and expect to move the business from the Commercial Banking operating segment to Corporate in 2Q21. Summary Financials1

141Q21 Financial Results Summary Financials Corporate and Investment Banking  Total revenue up 7% YoY and 17% from 4Q20 – Banking revenue down 6% YoY on lower interest rates and lower deposit balances, partially offset by higher advisory fees, and equity and debt origination fees, and up 7% from 4Q20 primarily on higher Investment Banking revenue as strength in debt and equity originations was partially offset by lower advisory fees – Commercial Real Estate revenue up 5% YoY driven by higher commercial mortgage-backed securities’ gain on sale margins, and improved results in the low income housing business, partially offset by the impact of lower interest rates – Markets revenue up 19% YoY, and up 41% from 4Q20 on strong client demand for spread products including asset-backed finance and credit products, partially offset by lower commodities revenue on market volatility  Noninterest expense up 2% from 4Q20 primarily reflecting seasonally higher personnel expense $ in millions 1Q21 vs. 4Q20 vs. 1Q20 Revenue by line of business: Banking: Lending $453 $29 (4) Treasury Management and Payments 370 (14) (128) Investment Banking 416 68 55 Total Banking 1,239 83 (77) Commercial Real Estate 931 (33) 48 Markets: Fixed Income, Currencies and Commodities (FICC) 1,144 255 230 Equities 252 58 (144) Credit Adjustment (CVA/DVA) and Other 36 103 144 Total Markets 1,432 416 230 Other 21 51 34 Total revenue 3,623 517 235 Provision for credit losses (284) (470) (1,409) Noninterest expense 1,833 35 (37) Pre-tax income 2,074 952 1,681 Net income $1,574 $733 1,282 1Q21 4Q20 1Q20 Return on allocated capital 17.8 % 8.8 2.4 Efficiency ratio 51 58 55 Selected Metrics Loans by line of business 1Q21 4Q20 1Q20 Banking $86.5 82.4 96.8 Commercial Real Estate 107.6 107.8 105.2 Markets 52.0 49.6 56.2 Total loans $246.1 239.8 258.2 Deposits 194.5 205.8 266.2 Trading-related assets 197.4 190.4 230.7 Average Balances ($ in billions)

151Q21 Financial Results Wealth and Investment Management  Total revenue up 8% YoY and up 3% from 4Q20 – Net interest income down 22% YoY driven by the impact of lower interest rates, partially offset by higher deposit and loan balances – Noninterest income up 19% YoY and included higher asset-based fees, and up 6% from 4Q20 predominantly driven by higher asset-based fees and retail brokerage transactional activity. Additionally, 1Q20 results included higher deferred compensation plan investment results (largely P&L neutral)  Noninterest expense up 14% YoY and included higher revenue-related compensation, and up 9% from 4Q20 on seasonally higher personnel expense. Additionally, 1Q20 results included higher deferred compensation plan expense (largely P&L neutral)  Total client assets increased 28% YoY to $2.1 trillion, primarily driven by higher market valuations 1. In February 2021, we announced an agreement to sell Wells Fargo Asset Management and moved the business from the Wealth and Investment Management operating segment to Corporate. Prior period balances have been revised to conform with the current period presentation. 2. Represents annualized revenue divided by average total financial and wealth advisors for the period. $ in millions 1Q21 vs. 4Q20 vs. 1Q20 Net interest income $657 ($57) (181) Noninterest income 2,887 154 455 Total revenue 3,544 97 274 Provision for credit losses (43) (39) (51) Noninterest expense 3,028 258 371 Pre-tax income 559 (122) (46) Net income $419 ($91) (34) 1Q21 4Q20 1Q20 Return on allocated capital 18.9 % 22.6 20.2 Efficiency ratio 85 80 81 Average loans $80.8 80.1 77.9 Average deposits 173.7 169.8 145.4 Client assets Advisory assets 885 853 661 Other brokerage assets and deposits 1,177 1,152 950 Total client assets $2,062 2,005 1,611 Annualized revenue per advisor ($ in thousands) 2 1,058 1,010 909 Total financial and wealth advisors 13,277 13,513 14,364 Selected Metrics ($ in billions, unless otherwise noted) Summary Financials1

161Q21 Financial Results Corporate  Net interest income down YoY primarily due to the impact of lower interest rates and unfavorable hedge ineffectiveness accounting results  Noninterest income up YoY from a 1Q20 that included equity impairments in our affiliated venture capital and private equity partnerships, and a $208 million gain on the sale of student loans in 1Q21  Provision for credit losses up from a 4Q20 that included a $757 million reserve release due to the announced sale of our student loan portfolio  Noninterest expense down from 4Q20 on lower restructuring charges $ in millions 1Q21 vs. 4Q20 vs. 1Q20 Net interest income ($430) ($158) (1,249) Noninterest income 1,319 (270) 1,438 Total revenue 889 (428) 189 Provision for credit losses 97 878 (165) Noninterest expense 1,095 (1,008) 528 Pre-tax income (loss) (303) (298) (174) Income tax expense (benefit) (364) (354) (918) Less: Net income (loss) from noncontrolling interests 53 (148) 202 Net income (loss) $8 $204 542 1Q21 4Q20 1Q20 Wells Fargo Asset Management assets under management $590 603 518 Selected Metrics ($ in billions) 1. In February 2021, we announced an agreement to sell Wells Fargo Asset Management and moved the business from the Wealth and Investment Management operating segment to Corporate. In March 2021, we announced an agreement to sell our Corporate Trust Services (CTS) business and expect to move the business from the Commercial Banking operating segment to Corporate in 2Q21. Prior period balances have been revised to conform with the current period presentation. Summary Financials1

Appendix

181Q21 Financial Results Tangible Common Equity 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. One of these ratios is 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 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) Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Return on average tangible common equity: Net income applicable to common stock (A) $ 4,363 2,642 1,720 (2,694) 42 Average total equity 189,332 185,748 182,850 184,108 188,170 Adjustments: Preferred stock (21,840) (21,223) (21,098) (21,344) (21,794) Additional paid-in capital on preferred stock 145 156 158 140 135 Unearned ESOP shares 875 875 875 1,140 1,143 Noncontrolling interests (1,115) (887) (761) (643) (785) Average common stockholders’ equity (B) 167,397 164,669 162,024 163,401 166,869 Adjustments: Goodwill (26,383) (26,390) (26,388) (26,384) (26,387) Certain identifiable intangible assets (other than MSRs) (330) (354) (378) (402) (426) Goodwill and other intangibles on nonmarketable equity securities (included in other assets) (2,217) (1,889) (2,045) (1,922) (2,152) Applicable deferred taxes related to goodwill and other intangible assets (1) 863 852 838 828 818 Average tangible common equity (C) $ 139,330 136,888 134,051 135,521 138,722 Return on average common stockholders’ equity (ROE) (annualized) (A)/(B) 10.6 % 6.4 4.2 (6.6) 0.1 Return on average tangible common equity (ROTCE) (annualized) (A)/(C) 12.7 7.7 5.1 (8.0) 0.1 (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.

191Q21 Financial Results Common Equity Tier 1 under Basel III Wells Fargo & Company and Subsidiaries RISK-BASED CAPITAL RATIOS UNDER BASEL III (1) Estimated (in billions, except ratio) Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Total equity $ 188.3 185.9 182.0 180.1 183.3 Adjustments: Preferred stock (21.2) (21.1) (21.1) (21.1) (21.3) Additional paid-in capital on preferred stock 0.2 0.1 0.2 0.1 0.1 Unearned ESOP shares 0.9 0.9 0.9 0.9 1.1 Noncontrolling interests (1.1) (1.0) (0.9) (0.7) (0.6) Total common stockholders' equity 167.1 164.8 161.1 159.3 162.6 Adjustments: Goodwill (26.3) (26.4) (26.4) (26.4) (26.4) Certain identifiable intangible assets (other than MSRs) (0.3) (0.3) (0.4) (0.4) (0.4) Goodwill and other intangibles on nonmarketable equity securities (included in other assets) (2.3) (2.0) (2.0) (2.1) (1.9) Applicable deferred taxes related to goodwill and other intangible assets (2) 0.9 0.9 0.8 0.8 0.8 CECL transition provision (3) 1.3 1.7 1.9 1.9 — Other (0.8) (0.4) (0.1) (0.1) — Common Equity Tier 1 (A) 139.6 138.3 134.9 133.0 134.7 Total risk-weighted assets (RWAs) under Standardized Approach (B) $ 1,179.4 1,193.7 1,185.6 1,213.1 1,262.8 Total RWAs under Advanced Approach (C) 1,112.2 1,158.4 1,172.0 1,195.4 1,181.3 Common Equity Tier 1 to total RWAs under Standardized Approach (A)/(B) 11.8 % 11.6 11.4 11.0 10.7 Common Equity Tier 1 to total RWAs under Advanced Approach (A)/(C) 12.6 11.9 11.5 11.1 11.4 (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 March 31, 2021, was an increase in capital of $1.3 billion, reflecting a $991 million (post-tax) increase in capital recognized upon our initial adoption of CECL, offset by 25% of the $9.2 billion increase in our ACL under CECL from January 1, 2020, through March 31, 2021.

201Q21 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, 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; (xiii) environmental, social and governance related goals or commitments; and (xiv) 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 first quarter 2021 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, 2020.

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Form 8-K WELLS FARGO & COMPANY/MN For: Apr 14

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