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

July 14, 2021 7:46 AM

Exhibit 99.1


			News Release \| July 14, 2021 Wells Fargo Reports Second Quarter 2021 Net Income of $6.0 billion, or $1.38 per Diluted Share

Company-wide Financial Summary


		Quarter ended
		Jun 30, 2021			Jun 30, 2020
Selected Income Statement Data ($ in millions except per share amounts)
	Total revenue	$	20,270		18,286
	Noninterest expense	13,341			14,551
	Provision for credit losses	(1,260)			9,534
	Net income (loss)	6,040			(3,846)
	Diluted earnings (loss) per common share	1.38			(1.01)

Selected Balance Sheet Data ($ in billions)
	Average loans	$	854.7		971.3
	Average deposits	1,435.8			1,386.7
	CET11	12.1		%	11.0

Performance Metrics
	ROE2	13.6		%	(10.2)
	ROTCE3	16.3			(12.3)


Operating Segments and Other Highlights4

Consumer Banking and Lending

◦Average loans of $331.9 billion, down 10%

◦Average deposits of $835.8 billion, up 17%

Commercial Banking

◦Average loans of $178.6 billion, down 22%

◦Average deposits of $192.6 billion, up 5%

Corporate and Investment Banking

◦Average loans of $252.4 billion, down 8%

◦Average trading-related assets of $191.5 billion,

down 4%

◦Average deposits of $190.8 billion, down 20%

Wealth and Investment Management

◦Total client assets of $2.1 trillion, up 20%

◦Average loans of $81.8 billion, up 5%

◦Average deposits of $175.0 billion, up 6%

Capital

◦Repurchased 35.3 million shares, or $1.6 billion, of

common stock in second quarter 2021


Second quarter 2021 results included:

◦$1.6 billion, or $0.30 per share, decrease in the allowance for credit losses

◦$147 million gain on the sale of student loans and $79 million write-down of related goodwill (net impact of $0.01 per share)


Chief Executive Officer Charlie Scharf commented on the quarter, “Wells Fargo benefited from the continued economic recovery, strong markets that helped drive gains in our affiliated venture capital businesses, and our progress on improving efficiency, but the headwinds of low interest rates and tepid loan demand remained.” “Credit quality continued to be exceptionally strong. Our results included a $1.6 billion pre-tax reduction in the allowance for credit losses, and charge-offs continued to decline. While we expect charge-offs will increase at some point, we continue to see strong trends in all of our businesses,” Scharf continued. “Our top priority continues to be building an appropriate risk and control infrastructure for a company of our size and complexity and we continue to invest in additional resources and devote significant management attention to this work. At the same time, we are investing in our business to improve our competitive position for the future and our recent launch of our redesigned Wells Fargo Active CashSM Card, one of the industry’s best cash back cards, is an early example. This is the first of a redesigned card product suite to come in our card business, but we are also working across the company on products and capabilities to compete effectively in today's dynamic environment,” Scharf added. “We know that supporting our customers and communities will continue to be an important part of our mission and while we are proud that we have supported those most in need through the pandemic there remains much more to do. Our progress during the second quarter included voluntarily extending our foreclosure moratorium on mortgage loans we own, issuing our first Sustainability Bond, and announcing the Banking Inclusion Initiative as part of our commitment to help unbanked individuals,” Scharf continued. “In the beginning of the year we discussed a path to improving our returns. If you look at our results and exclude the significant reserve release and outsized venture capital gains, we believe we are doing what’s necessary to improve the underlying earnings power of the company and with the ability to return significant excess capital beginning in the third quarter are on a clear path to achieve double-digit ROTCE, which is the first step to achieving returns in the mid-teens,” 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 27-28 of the 2Q21 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 25-26 of the 2Q21 Quarterly Supplement.

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

In second quarter 2021, we elected to change our accounting method for low-income housing tax credit (LIHTC) investments. We also elected to change the presentation of investment tax credits related to solar energy investments. Prior period financial statement line items have been revised to conform with the current period presentation. Prior period risk-based capital and certain other regulatory related metrics were not revised. For additional information, including the financial statement line items impacted by these changes, see page 30 of the 2Q21 Quarterly Supplement.

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 June 30, 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		Jun 30, 2021 % Change from
		Jun 30, 2021			Mar 31, 2021	Jun 30, 2020	Mar 31, 2021		Jun 30, 2020
Earnings ($ in millions except per share amounts)
	Net interest income	$	8,800		8,808	9,892	—	%	(11)
	Noninterest income	11,470			9,724	8,394	18		37
	Total revenue	20,270			18,532	18,286	9		11
	Net charge-offs	379			523	1,114	(28)		(66)
	Change in the allowance for credit losses	(1,639)			(1,571)	8,420	(4)		NM
	Provision for credit losses	(1,260)			(1,048)	9,534	(20)		NM
	Noninterest expense	13,341			13,989	14,551	(5)		(8)
	Income tax expense (benefit)	1,445			901	(2,001)	60		NM

	Wells Fargo net income (loss)	$	6,040		4,636	(3,846)	30		NM
	Diluted earnings (loss) per common share	1.38			1.02	(1.01)	35		NM

Balance Sheet Data (average) ($ in billions)
	Loans	$	854.7		873.4	971.3	(2)		(12)
	Deposits	1,435.8			1,393.5	1,386.7	3		4
	Assets	1,939.9			1,934.4	1,947.2	—		—

Financial Ratios
	Return on assets (ROA)	1.25		%	0.97	(0.79)
	Return on equity (ROE)	13.6			10.3	(10.2)
	Return on average tangible common equity (ROTCE) (a)	16.3			12.4	(12.3)
	Efficiency ratio (b)	66			75	80
	Net interest margin on a taxable-equivalent basis	2.02			2.05	2.25

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 25-26 of the 2Q21 Quarterly Supplement.

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

Second Quarter 2021 vs. Second Quarter 2020

◦Net interest income decreased 11%, primarily due to the impact of lower interest rates and lower loan balances reflecting soft demand and elevated prepayments, as well as higher mortgage-backed securities premium amortization, partially offset by a decline in long-term debt

◦Noninterest income increased 37%, driven by improved results in our affiliated venture capital and private equity businesses and in our mortgage banking business. In addition, investment advisory and other asset-based fees increased primarily driven by higher market valuations, and card and deposit-related fees increased as well. These increases were partially offset by lower Markets revenue in Corporate and Investment Banking and lower deferred compensation plan investment results (largely offset by lower noninterest expense)

◦Noninterest expense decreased 8%, primarily due to lower operating losses, as well as efficiency initiatives to reduce spend on consultants and contractors. Additionally, personnel expense decreased driven by lower deferred compensation plan expense and lower salaries expense, partially offset by higher incentive and revenue-related compensation

◦Provision for credit losses decreased $10.8 billion as second quarter 2021 included a $1.6 billion decrease in the allowance for credit losses due to continued improvements in the economic environment, while second quarter 2020 included an $8.4 billion increase in the allowance for credit losses. Additionally, net charge-offs were down significantly from a year ago

-2-

Selected Company-wide Capital and Liquidity Information


					Quarter ended
($ in billions)		Jun 30, 2021			Mar 31, 2021	Jun 30, 2020
Capital:
	Total equity	$	193.1		188.0	178.6
	Common stockholders’ equity	171.5			166.7	157.8
	Tangible common equity (a)	143.6			138.7	129.8
	CET1 (b)	12.1		%	11.8	11.0
	Total loss absorbing capacity (TLAC) ratio (c)	25.1			25.2	25.3

Liquidity:
	LCR (d)	123			127	129

(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 27-28 of the 2Q21 Quarterly Supplement for more information on CET1. CET1 is a preliminary estimate.

(c)Represents TLAC divided by the greater of risk-weighted assets determined under the Standardized and Advanced Approaches, which is our binding TLAC ratio. TLAC is a preliminary estimate.

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

◦In June, the Company completed the 2021 Comprehensive Capital Analysis and Review stress test process

•Stress capital buffer (SCB) is expected to be 3.1%; the Federal Reserve Board has indicated that it will publish our final SCB by August 31, 2021

•Third quarter 2021 common stock dividend is expected to be $0.20 per share, up from $0.10 per share, subject to approval by the Company’s Board of Directors at its regularly scheduled meeting in July

•The Company’s capital plan includes gross common share repurchases of approximately $18 billion for the four-quarter period beginning third quarter 2021 through second quarter 2022

Selected Company-wide Credit Information


					Quarter ended
($ in millions)		Jun 30, 2021			Mar 31, 2021	Jun 30, 2020

Net charge-offs		$	379		523	1,114
	Net loan charge-offs as a % of average total loans (annualized)	0.18		%	0.24	0.46

Total nonaccrual loans		$	7,371		8,055	7,605
	As a % of total loans	0.86		%	0.93	0.81
Total nonperforming assets		$	7,500		8,195	7,800
	As a % of total loans	0.88		%	0.95	0.83

Allowance for credit losses for loans		$	16,391		18,043	20,436
	As a % of total loans	1.92		%	2.09	2.19

Second Quarter 2021 vs. First Quarter 2021

◦Net loan charge-offs decreased in both our commercial and consumer portfolios. Commercial net loan charge-offs as a percentage of average loans was 0.07% (annualized), down from 0.13%, and the consumer net loan charge-off rate was 0.32% (annualized), down from 0.37%

◦Nonperforming assets decreased 8%. Nonaccrual loans declined $684 million predominantly driven by a decrease in commercial nonaccrual loans

-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				Jun 30, 2021 % Change from
			Jun 30, 2021		Mar 31, 2021	Jun 30, 2020	Mar 31, 2021		Jun 30, 2020
Earnings (in millions)
	Consumer and Small Business Banking		$	4,714	4,550	4,401	4	%	7
	Consumer Lending:
		Home Lending	2,072		2,227	1,477	(7)		40
		Credit Card	1,363		1,346	1,196	1		14
		Auto	415		403	388	3		7
		Personal Lending	122		128	146	(5)		(16)

	Total revenue		8,686		8,654	7,608	—		14
	Provision for credit losses		(367)		(419)	3,102	12		NM
	Noninterest expense		6,202		6,267	6,933	(1)		(11)

	Net income (loss)		$	2,138	2,104	(1,777)	2		NM

Average balances (in billions)
	Loans		$	331.9	353.1	369.6	(6)		(10)
	Deposits		835.8		789.4	715.1	6		17

NM – Not meaningful

Second Quarter 2021 vs. Second Quarter 2020

◦Revenue increased 14%

▪Consumer and Small Business Banking was up 7% primarily due to higher debit card transaction volume and higher deposit-related fees from a second quarter 2020 that included elevated fee waivers in response to the COVID-19 pandemic

▪Home Lending was up 40% driven by improved mortgage servicing income. Second quarter 2020 included a significant negative valuation adjustment of our mortgage servicing rights asset. Additionally, mortgage origination and sales revenue increased primarily due to higher gains from the re-securitization of loans we purchased from mortgage-backed securities last year and higher origination volume in our retail channel. These increases were partially offset by lower gains on loan portfolio sales, lower correspondent origination volume, and lower net interest income primarily driven by lower loan balances

▪Credit Card was up 14% on higher point-of-sale volume compared with a second quarter 2020 that had higher customer accommodations and fee waivers in response to the COVID-19 pandemic

▪Auto was up 7% on higher loan balances, while Personal Lending was down 16% driven by lower loan balances

◦Noninterest expense was down 11% predominantly due to lower operating losses, as well as lower personnel expense on lower COVID-19 related expense and the impact of efficiency initiatives

-4-

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, in second quarter 2021, we moved the business from the Commercial Banking operating segment to Corporate. Prior period balances have been revised to conform with the current period presentation.

Selected Financial Information


		Quarter ended				Jun 30, 2021 % Change from
		Jun 30, 2021		Mar 31, 2021	Jun 30, 2020	Mar 31, 2021		Jun 30, 2020
Earnings (in millions)
	Middle Market Banking	$	1,151	1,159	1,267	(1)	%	(9)
	Asset-Based Lending and Leasing	957		922	1,084	4		(12)
	Total revenue	2,108		2,081	2,351	1		(10)
	Provision for credit losses	(382)		(399)	2,295	4		NM
	Noninterest expense	1,443		1,630	1,580	(11)		(9)

	Net income (loss)	$	784	637	(1,146)	23		NM

Average balances (in billions)
	Loans	$	178.6	183.1	228.4	(2)		(22)
	Deposits	192.6		189.4	184.1	2		5

NM – Not meaningful

Second Quarter 2021 vs. Second Quarter 2020

◦Revenue decreased 10%

▪Middle Market Banking was down 9% primarily due to lower loan balances on reduced client demand and line utilization, and the impact of lower interest rates, partially offset by higher deposit balances and deposit-related fees

▪Asset-Based Lending and Leasing was down 12% driven by lower loan balances as a result of lower line utilization reflecting reduced client financing needs due to lower inventory levels, partially offset by improved loan spreads, net gains on equity securities, and higher revenue from renewable energy investments

◦Noninterest expense decreased 9% primarily driven by lower salaries expense and a decline in consulting expense due 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				Jun 30, 2021 % Change from
			Jun 30, 2021		Mar 31, 2021	Jun 30, 2020	Mar 31, 2021		Jun 30, 2020
Earnings (in millions)
	Banking:
		Lending	$	474	453	464	5	%	2
		Treasury Management and Payments	353		370	403	(5)		(12)
		Investment Banking	407		416	444	(2)		(8)
	Total Banking		1,234		1,239	1,311	—		(6)
	Commercial Real Estate		1,014		912	837	11		21
	Markets:
		Fixed Income, Currencies, and Commodities (FICC)	888		1,144	1,506	(22)		(41)
		Equities	206		252	302	(18)		(32)
		Credit Adjustment (CVA/DVA) and Other	(16)		36	139	NM		NM
	Total Markets		1,078		1,432	1,947	(25)		(45)
	Other		12		21	(36)	(43)		NM
	Total revenue		3,338		3,604	4,059	(7)		(18)
	Provision for credit losses		(501)		(284)	3,756	(76)		NM
	Noninterest expense		1,805		1,833	2,044	(2)		(12)

	Net income (loss)		$	1,523	1,555	(1,333)	(2)		NM

Average balances (in billions)
	Loans		$	252.4	246.1	273.6	3		(8)
	Deposits		190.8		194.5	239.6	(2)		(20)

NM – Not meaningful

Second Quarter 2021 vs. Second Quarter 2020

◦Revenue decreased 18%

▪Banking was down 6% primarily driven by lower debt capital markets revenue, the impact of lower interest rates, and lower deposit balances predominantly due to actions taken to manage under the asset cap

▪Commercial Real Estate was up 21% primarily driven by higher commercial mortgage-backed securities gain-on-sale margins and volumes, as well as changes in the valuation of commercial mortgage servicing rights and improved results in our low-income housing business

▪Markets was down 45% on lower trading activity across most asset classes primarily due to market conditions

◦Noninterest expense decreased 12% primarily driven by lower operating losses

-6-

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.

Selected Financial Information


		Quarter ended				Jun 30, 2021 % Change from
		Jun 30, 2021		Mar 31, 2021	Jun 30, 2020	Mar 31, 2021		Jun 30, 2020
Earnings (in millions)
	Net interest income	$	610	657	719	(7)	%	(15)
	Noninterest income	2,926		2,887	2,487	1		18
	Total revenue	3,536		3,544	3,206	—		10
	Provision for credit losses	24		(43)	255	156		(91)
	Noninterest expense	2,891		3,028	2,743	(5)		5

	Net income	$	465	419	156	11		198

Total client assets (in billions)		2,143		2,062	1,785	4		20

Average balances (in billions)
	Loans	$	81.8	80.8	78.1	1		5
	Deposits	175.0		173.7	165.1	1		6

NM – Not meaningful

Second Quarter 2021 vs. Second Quarter 2020

◦Revenue increased 10%, primarily due to higher asset-based fees on higher market valuations, partially offset by lower net interest income as a result of lower interest rates. Deferred compensation plan investment results also declined (largely offset by lower noninterest expense)

◦Noninterest expense increased 5%, as higher revenue-related compensation was partially offset by lower deferred compensation plan expense

◦Total client assets increased 20%, 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 businesses. 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 rail car leasing business, as well as results for previously divested businesses. In March 2021, we announced an agreement to sell our Corporate Trust Services business and, in second quarter 2021, we moved the business from the Commercial Banking operating segment to Corporate. Prior period balances have been revised to conform with the current period presentation.

Selected Financial Information


		Quarter ended				Jun 30, 2021 % Change from
		Jun 30, 2021		Mar 31, 2021	Jun 30, 2020	Mar 31, 2021		Jun 30, 2020
Earnings (in millions)
	Net interest income	$	(304)	(390)	60	22	%	NM
	Noninterest income	3,327		1,417	1,318	135		152
	Total revenue	3,023		1,027	1,378	194		119
	Provision for credit losses	(34)		97	126	NM		NM
	Noninterest expense	1,000		1,231	1,251	(19)		(20)

	Net income (loss)	$	1,130	(79)	254	NM		345

NM – Not meaningful

Second Quarter 2021 vs. Second Quarter 2020

◦Revenue increased 119%

▪Net interest income decreased, primarily due to the impact of lower interest rates and lower loan balances due to the sale of student loans

▪Noninterest income increased on improved results in our affiliated venture capital and private equity businesses, as well as a gain on the sale of student loans and a modest gain on the sale of our Canadian equipment finance business. These increases were partially offset by lower deferred compensation plan investment results (largely offset by lower noninterest expense)

◦Noninterest expense decreased, primarily due to lower deferred compensation plan expense. Second quarter 2021 included a $79 million write-down of goodwill associated with the sale of student loans

Conference Call

The Company will host a live conference call on Wednesday, July 14, at 8:30 a.m. PT (11:30 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/pf4czrj6.

A replay of the conference call will be available from approximately 12:30 p.m. PT (3:30 p.m. ET) on Wednesday,

July 14 through Wednesday, July 28. Please dial 855-859-2056 (U.S. and Canada) or 404-537-3406 (International) and enter Conference ID: 4381268. 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/pf4czrj6.

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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;

-9-

•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 additional 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.

-10-

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is the leading middle market banking provider 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. 37 on Fortune’s 2021 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

# # #

-11-

Exhibit 99.2

2Q21 Quarterly Supplement

Wells Fargo & Company and Subsidiaries

QUARTERLY FINANCIAL DATA

TABLE OF CONTENTS


			Pages
Consolidated Results

Summary Financial Data			3


Consolidated Statement of Income			5


Consolidated Balance Sheet			6
Average Balances and Interest Rates (Taxable-Equivalent Basis)			7









Reportable Operating Segment Results
Combined Segment Results			8
Consumer Banking and Lending			10
Commercial Banking			12
Corporate and Investment Banking			14
Wealth and Investment Management			16
Corporate			17

Credit-Related Information
Consolidated Loans Outstanding – Period End Balances, Average Balances, and Average Interest Rates			18
Net Loan Charge-offs			19
Changes in Allowance for Credit Losses for Loans			20
Allocation of the Allowance for Credit Losses for Loans			21
Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)			22


Commercial and Industrial Loans and Lease Financing by Industry			23
Commercial Real Estate Loans by Property Type			24

Equity
Tangible Common Equity			25
Risk-Based Capital Ratios Under Basel III – Standardized Approach			27
Risk-Based Capital Ratios Under Basel III – Advanced Approach			28




Other
Deferred Compensation and Related Hedges			29
Changes in Accounting Policy for Low-Income Housing Tax Credit Investments and Solar Energy Investments			30

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA


	Quarter ended							Jun 30, 2021 % Change from			Six months ended
(in millions, except per share amounts)	Jun 30, 2021			Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2021		Jun 30, 2020	Jun 30, 2021			Jun 30, 2020	% Change
Selected Income Statement Data
Total revenue	$	20,270		18,532	18,489	19,316	18,286	9	%	11	$	38,802		36,459	6	%
Noninterest expense	13,341			13,989	14,802	15,229	14,551	(5)		(8)	27,330			27,599	(1)
Pre-tax pre-provision profit (PTPP) (1)	6,929			4,543	3,687	4,087	3,735	53		86	11,472			8,860	29
Provision for credit losses	(1,260)			(1,048)	(179)	769	9,534	(20)		NM	(2,308)			13,539	NM
Wells Fargo net income (loss)	6,040			4,636	3,091	3,216	(3,846)	30		NM	10,676			(2,930)	NM
Wells Fargo net income (loss) applicable to common stock	5,743			4,256	2,741	2,901	(4,160)	35		NM	9,999			(3,856)	NM

Common Share Data
Diluted earnings (loss) per common share	1.38			1.02	0.66	0.70	(1.01)	35		NM	2.40			(0.94)	NM
Dividends declared per common share	0.10			0.10	0.10	0.10	0.51	—		(80)	0.20			1.02	(80)
Common shares outstanding	4,108.0			4,141.1	4,144.0	4,132.5	4,119.6	(1)		—
Average common shares outstanding	4,124.6			4,141.3	4,137.6	4,123.8	4,105.5	—		—	4,132.9			4,105.2	1
Diluted average common shares outstanding (2)	4,156.1			4,171.0	4,151.3	4,132.2	4,105.5	—		1	4,164.6			4,105.2	1
Book value per common share (3)	$	41.74		40.27	39.71	38.91	38.31	4		9
Tangible book value per common share (3)(4 )	34.95			33.49	32.99	32.15	31.52	4		11

Selected Equity Data (period-end)
Total equity	193,127			188,034	185,712	181,727	178,635	3		8
Common stockholders' equity	171,453			166,748	164,570	160,804	157,835	3		9
Tangible common equity (4)	143,577			138,702	136,727	132,874	129,842	4		11

Performance Ratios
Return on average assets (ROA)(5)	1.25		%	0.97	0.64	0.66	(0.79)				1.11		%	(0.30)
Return on average equity (ROE)(6)	13.6			10.3	6.6	7.2	(10.2)				12.0			(4.7)
Return on average tangible common equity (ROTCE)(4)	16.3			12.4	8.0	8.7	(12.3)				14.4			(5.7)
Efficiency ratio (7)	66			75	80	79	80				70			76
Net interest margin on a taxable-equivalent basis	2.02			2.05	2.15	2.13	2.25				2.04			2.42

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 25 and 26.

(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).

-3-

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA (continued)


	Quarter ended							Jun 30, 2021 % Change from			Six months ended
($ in millions, unless otherwise noted)	Jun 30, 2021			Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2021		Jun 30, 2020	Jun 30, 2021		Jun 30, 2020	% Change
Selected Balance Sheet Data (average)
Loans	$	854,747		873,439	899,704	931,708	971,266	(2)	%	(12)	$	864,041	968,156	(11)	%
Assets	1,939,879			1,934,425	1,925,013	1,945,911	1,947,180	—		—	1,937,167		1,948,025	(1)
Deposits	1,435,824			1,393,472	1,380,100	1,399,028	1,386,656	3		4	1,414,765		1,362,309	4

Selected Balance Sheet Data (period-end)
Debt securities	533,565			505,826	501,207	476,421	472,580	5		13
Loans	852,300			861,572	887,637	920,082	935,155	(1)		(9)
Allowance for credit losses for loans	16,391			18,043	19,713	20,471	20,436	(9)		(20)
Equity securities	64,547			57,702	60,008	49,348	50,776	12		27
Assets	1,945,996			1,957,264	1,952,911	1,920,399	1,967,048	(1)		(1)
Deposits	1,440,472			1,437,119	1,404,381	1,383,215	1,410,711	—		2

Headcount (#) (period-end)	259,196			264,513	268,531	274,931	276,013	(2)		(6)

Capital and other metrics (1)
Risk-based capital ratios and components (2):
Standardized Approach:
CET1	12.1		%	11.8	11.6	11.4	11.0
Tier 1 capital	13.7			13.5	13.3	13.1	12.6
Total capital	16.8			16.8	16.5	16.3	15.9
Risk-weighted assets (RWAs) (in billions)	$	1,188.8		1,179.0	1,193.7	1,185.6	1,213.1	1		(2)

Advanced Approach:
CET1	12.7		%	12.6	11.9	11.5	11.1
Tier 1 capital	14.5			14.4	13.7	13.2	12.8
Total capital	16.9			16.9	16.1	15.7	15.3
Risk-weighted assets (RWAs) (in billions)	$	1,126.6		1,109.4	1,158.4	1,172.0	1,195.4	2		(6)

Tier 1 leverage ratio	8.5		%	8.4	8.3	8.1	8.0
Supplementary Leverage Ratio (SLR) (3)	7.1			7.9	8.1	7.8	7.5
Total Loss Absorbing Capacity (TLAC) Ratio (4)	25.1			25.2	25.7	25.8	25.3
Liquidity Coverage Ratio (LCR) (5)	123			127	133	134	129

(1)Ratios and metrics for June 30, 2021, are preliminary estimates.

(2)See the tables on pages 27 and 28 for more information on Common Equity Tier 1 (CET1), tier 1 capital, and total capital. The information presented reflects fully phased-in CET1, tier 1 capital, and RWAs, but reflects total capital 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.

(4)Represents TLAC divided by the greater of RWAs determined under the Standardized and Advanced Approaches, which is our binding TLAC ratio.

(5)Represents high-quality liquid assets divided by projected net cash outflows, as each is defined under the LCR rule.

-4-

Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME


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







Interest income	$	9,693	10,046	10,550	10,811	11,813	(4)	%	(18)	$	19,739	26,558	(26)	%





Interest expense	893		1,238	1,195	1,432	1,921	(28)		(54)	2,131		5,336	(60)
Net interest income	8,800		8,808	9,355	9,379	9,892	—		(11)	17,608		21,222	(17)
Noninterest income
Deposit-related fees	1,342		1,255	1,333	1,299	1,142	7		18	2,597		2,589	—
Lending-related fees	362		361	356	352	323	—		12	723		673	7
Investment advisory and other asset-based fees	2,794		2,756	2,598	2,505	2,254	1		24	5,550		4,760	17
Commissions and brokerage services fees	580		636	589	568	550	(9)		5	1,216		1,227	(1)
Investment banking fees	570		568	486	441	547	—		4	1,138		938	21
Card fees	1,077		949	943	912	797	13		35	2,026		1,689	20
Mortgage banking	1,336		1,326	1,207	1,590	317	1		321	2,662		696	282
Net gains (losses) from trading activities	21		348	(60)	361	807	(94)		(97)	369		871	(58)
Net gains (losses) on debt securities	—		151	160	264	212	(100)		(100)	151		449	(66)
Net gains (losses) from equity securities	2,696		392	884	649	533	588		406	3,088		(868)	NM
Lease income	313		315	224	333	335	(1)		(7)	628		688	(9)
Other	379		667	414	663	577	(43)		(34)	1,046		1,525	(31)
Total noninterest income	11,470		9,724	9,134	9,937	8,394	18		37	21,194		15,237	39
Total revenue	20,270		18,532	18,489	19,316	18,286	9		11	38,802		36,459	6



Provision for credit losses	(1,260)		(1,048)	(179)	769	9,534	(20)		NM	(2,308)		13,539	NM
Noninterest expense
Personnel	8,818		9,558	8,948	8,624	8,916	(8)		(1)	18,376		17,239	7
Technology, telecommunications and equipment	815		844	838	791	672	(3)		21	1,659		1,470	13
Occupancy	735		770	826	851	871	(5)		(16)	1,505		1,586	(5)
Operating losses	303		213	621	1,219	1,219	42		(75)	516		1,683	(69)
Professional and outside services	1,450		1,388	1,664	1,760	1,676	4		(13)	2,838		3,282	(14)
Leases (1)	226		226	227	291	244	—		(7)	452		504	(10)
Advertising and promotion	132		90	138	144	137	47		(4)	222		318	(30)
Restructuring charges	(4)		13	781	718	—	NM		NM	9		—	NM
Other	866		887	759	831	816	(2)		6	1,753		1,517	16
Total noninterest expense	13,341		13,989	14,802	15,229	14,551	(5)		(8)	27,330		27,599	(1)
Income (loss) before income tax expense (benefit)	8,189		5,591	3,866	3,318	(5,799)	46		NM	13,780		(4,679)	NM
Income tax expense (benefit)	1,445		901	574	(83)	(2,001)	60		NM	2,346		(1,648)	NM
Net income (loss) before noncontrolling interests	6,744		4,690	3,292	3,401	(3,798)	44		NM	11,434		(3,031)	NM
Less: Net income (loss) from noncontrolling interests	704		54	201	185	48	NM		NM	758		(101)	NM
Wells Fargo net income (loss)	$	6,040	4,636	3,091	3,216	(3,846)	30		NM	$	10,676	(2,930)	NM
Less: Preferred stock dividends and other	297		380	350	315	314	(22)		(5)	677		926	(27)
Wells Fargo net income (loss) applicable to common stock	$	5,743	4,256	2,741	2,901	(4,160)	35		NM	$	9,999	(3,856)	NM
Per share information
Earnings (loss) per common share	$	1.39	1.03	0.66	0.70	(1.01)	35		NM	$	2.42	(0.94)	NM
Diluted earnings (loss) per common share	1.38		1.02	0.66	0.70	(1.01)	35		NM	2.40		(0.94)	NM

NM – Not meaningful

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

-5-

Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET


							Jun 30, 2021 % Change from
(in millions)	Jun 30, 2021		Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2021		Jun 30, 2020
Assets
Cash and due from banks	$	25,304	28,339	28,236	25,535	24,704	(11)	%	2
Interest-earning deposits with banks	248,869		258,394	236,376	221,235	237,799	(4)		5
Total cash, cash equivalents, and restricted cash	274,173		286,733	264,612	246,770	262,503	(4)		4
Federal funds sold and securities purchased under resale agreements	70,149		79,502	65,672	69,304	79,289	(12)		(12)
Debt securities:
Trading, at fair value	82,727		72,784	75,095	73,253	74,679	14		11
Available-for-sale, at fair value	189,897		200,850	220,392	220,573	228,899	(5)		(17)
Held-to-maturity, at amortized cost	260,941		232,192	205,720	182,595	169,002	12		54
Loans held for sale	25,594		35,434	36,384	25,004	33,694	(28)		(24)
Loans	852,300		861,572	887,637	920,082	935,155	(1)		(9)
Allowance for loan losses	(15,148)		(16,928)	(18,516)	(19,463)	(18,926)	11		20
Net loans	837,152		844,644	869,121	900,619	916,229	(1)		(9)
Mortgage servicing rights	8,009		8,832	7,437	7,680	8,180	(9)		(2)
Premises and equipment, net	8,745		8,760	8,895	8,977	9,025	—		(3)
Goodwill	26,194		26,290	26,392	26,387	26,385	—		(1)
Derivative assets	25,415		25,429	25,846	23,715	22,776	—		12
Equity securities	64,547		57,702	60,008	49,348	50,776	12		27
Other assets	72,453		78,112	87,337	86,174	85,611	(7)		(15)
Total assets	$	1,945,996	1,957,264	1,952,911	1,920,399	1,967,048	(1)		(1)
Liabilities
Noninterest-bearing deposits	$	504,108	494,087	467,068	447,011	432,857	2		16
Interest-bearing deposits	936,364		943,032	937,313	936,204	977,854	(1)		(4)
Total deposits	1,440,472		1,437,119	1,404,381	1,383,215	1,410,711	—		2
Short-term borrowings	45,635		58,920	58,999	55,224	60,485	(23)		(25)
Derivative liabilities	14,551		14,930	16,509	13,767	11,368	(3)		28
Accrued expenses and other liabilities	72,555		74,949	74,360	70,755	74,928	(3)		(3)
Long-term debt	179,656		183,312	212,950	215,711	230,921	(2)		(22)
Total liabilities	1,752,869		1,769,230	1,767,199	1,738,672	1,788,413	(1)		(2)
Equity
Wells Fargo stockholders’ equity:
Preferred stock	20,820		21,170	21,136	21,098	21,098	(2)		(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	60,018		59,854	60,197	60,035	59,923	—		—
Retained earnings	171,765		166,458	162,683	160,607	158,466	3		8
Cumulative other comprehensive income (loss)	(564)		(1,250)	194	(750)	(798)	55		29
Treasury stock (1)	(69,038)		(67,589)	(67,791)	(68,384)	(69,050)	(2)		—
Unearned ESOP shares	(875)		(875)	(875)	(875)	(875)	—		—
Total Wells Fargo stockholders’ equity	191,262		186,904	184,680	180,867	177,900	2		8
Noncontrolling interests	1,865		1,130	1,032	860	735	65		154
Total equity	193,127		188,034	185,712	181,727	178,635	3		8
Total liabilities and equity	$	1,945,996	1,957,264	1,952,911	1,920,399	1,967,048	(1)		(1)

(1)Number of shares of treasury stock were 1,373,813,200, 1,340,691,115, 1,337,799,931, 1,349,294,592, and 1,362,252,882 at June 30, and March 31, 2021, and December 31, September 30, and June 30, 2020, respectively.

-6-

Wells Fargo & Company and Subsidiaries

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


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

Assets
Interest-earning deposits with banks	$	255,237		223,437	222,010	216,958	176,327	14	%	45	$	239,425		152,924	57	%
Federal funds sold and securities purchased under resale agreements	72,513			72,148	67,023	80,431	76,384	1		(5)	72,332			91,969	(21)
Trading debt securities	84,612			87,383	93,877	88,021	96,049	(3)		(12)	85,990			98,556	(13)
Available-for-sale debt securities	192,418			206,946	214,042	217,556	232,444	(7)		(17)	199,642			242,501	(18)
Held-to-maturity debt securities	237,812			216,826	192,697	176,384	166,804	10		43	227,377			162,348	40
Loans held for sale	27,173			34,554	29,436	31,023	27,610	(21)		(2)	30,843			24,728	25


Loans	854,747			873,439	899,704	931,708	971,266	(2)		(12)	864,041			968,156	(11)
Equity securities	29,773			29,434	25,744	25,185	27,417	1		9	29,604			32,475	(9)
Other	9,103			9,498	7,896	6,974	7,715	(4)		18	9,299			7,573	23
Total interest-earning assets	1,763,388			1,753,665	1,752,429	1,774,240	1,782,016	1		(1)	1,758,553			1,781,230	(1)
Total noninterest-earning assets	176,491			180,760	172,584	171,671	165,164	(2)		7	178,614			166,795	7
Total assets	$	1,939,879		1,934,425	1,925,013	1,945,911	1,947,180	—		—	$	1,937,167		1,948,025	(1)
Liabilities
Interest-bearing deposits	$	941,746		931,116	925,729	959,270	978,194	1		(4)	$	936,460		984,415	(5)
Short-term borrowings	48,505			59,082	57,304	57,292	63,535	(18)		(24)	53,764			83,256	(35)
Long-term debt	181,101			198,340	214,223	222,862	232,395	(9)		(22)	189,673			230,699	(18)
Other liabilities	27,718			28,875	25,949	27,679	29,947	(4)		(7)	28,294			30,073	(6)
Total interest-bearing liabilities	1,199,070			1,217,413	1,223,205	1,267,103	1,304,071	(2)		(8)	1,208,191			1,328,443	(9)
Noninterest-bearing demand deposits	494,078			462,356	454,371	439,758	408,462	7		21	478,305			377,894	27
Other noninterest-bearing liabilities	55,763			65,582	61,993	57,673	50,575	(15)		10	60,645			55,706	9
Total liabilities	1,748,911			1,745,351	1,739,569	1,764,534	1,763,108	—		(1)	1,747,141			1,762,043	(1)
Total equity	190,968			189,074	185,444	181,377	184,072	1		4	190,026			185,982	2
Total liabilities and equity	$	1,939,879		1,934,425	1,925,013	1,945,911	1,947,180	—		—	$	1,937,167		1,948,025	(1)

Average Interest Rates

Interest-earning assets
Interest-earning deposits with banks	0.11		%	0.10	0.10	0.11	0.12				0.11		%	0.57
Federal funds sold and securities purchased under resale agreements	0.02			0.04	0.05	0.02	0.01				0.03			0.84
Trading debt securities	2.37			2.45	2.40	2.49	2.76				2.41			2.91
Available-for-sale debt securities	1.43			1.63	1.78	1.96	2.44				1.53			2.66
Held-to-maturity debt securities	1.86			1.90	1.95	2.09	2.33				1.88			2.44
Loans held for sale	2.85			3.85	3.56	3.07	3.45				3.41			3.62


Loans	3.33			3.34	3.43	3.41	3.50				3.33			3.85
Equity securities	1.77			1.87	2.04	1.61	1.70				1.82			2.00
Other	0.04			0.03	—	(0.02)	(0.02)				0.04			0.37
Total interest-earning assets	2.23			2.33	2.43	2.45	2.69				2.28			3.02
Interest-bearing liabilities
Interest-bearing deposits	0.04			0.05	0.07	0.13	0.24				0.04			0.48
Short-term borrowings	(0.09)			(0.06)	(0.08)	(0.08)	(0.10)				(0.08)			0.66
Long-term debt	1.57			2.07	1.78	1.86	2.13				1.83			2.15
Other liabilities	1.47			1.50	1.38	1.33	1.53				1.49			1.71
Total interest-bearing liabilities	0.30			0.41	0.39	0.45	0.59				0.35			0.81

Interest rate spread on a taxable-equivalent basis (2)	1.93			1.92	2.04	2.00	2.10				1.93			2.21
Net interest margin on a taxable-equivalent basis (2)	2.02			2.05	2.15	2.13	2.25				2.04			2.42

(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 predominantly related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.

-7-

Wells Fargo & Company and Subsidiaries

COMBINED SEGMENT RESULTS (1)


						Quarter ended June 30, 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	$	5,618	1,202	1,783	610	(304)	(109)	8,800
Noninterest income	3,068		906	1,555	2,926	3,327	(312)	11,470
Total revenue	8,686		2,108	3,338	3,536	3,023	(421)	20,270
Provision for credit losses	(367)		(382)	(501)	24	(34)	—	(1,260)
Noninterest expense	6,202		1,443	1,805	2,891	1,000	—	13,341
Income (loss) before income tax expense (benefit)	2,851		1,047	2,034	621	2,057	(421)	8,189
Income tax expense (benefit)	713		261	513	156	223	(421)	1,445
Net income before noncontrolling interests	2,138		786	1,521	465	1,834	—	6,744
Less: Net income (loss) from noncontrolling interests	—		2	(2)	—	704	—	704
Net income	$	2,138	784	1,523	465	1,130	—	6,040

						Quarter ended March 31, 2021
Net interest income	$	5,615	1,254	1,779	657	(390)	(107)	8,808
Noninterest income	3,039		827	1,825	2,887	1,417	(271)	9,724
Total revenue	8,654		2,081	3,604	3,544	1,027	(378)	18,532
Provision for credit losses	(419)		(399)	(284)	(43)	97	—	(1,048)
Noninterest expense	6,267		1,630	1,833	3,028	1,231	—	13,989
Income (loss) before income tax expense (benefit)	2,806		850	2,055	559	(301)	(378)	5,591
Income tax expense (benefit)	702		212	500	140	(275)	(378)	901
Net income (loss) before noncontrolling interests	2,104		638	1,555	419	(26)	—	4,690
Less: Net income from noncontrolling interests	—		1	—	—	53	—	54
Net income (loss)	$	2,104	637	1,555	419	(79)	—	4,636

						Quarter ended June 30, 2020
Net interest income	$	5,717	1,554	1,963	719	60	(121)	9,892
Noninterest income	1,891		797	2,096	2,487	1,318	(195)	8,394
Total revenue	7,608		2,351	4,059	3,206	1,378	(316)	18,286
Provision for credit losses	3,102		2,295	3,756	255	126	—	9,534
Noninterest expense	6,933		1,580	2,044	2,743	1,251	—	14,551
Income (loss) before income tax expense (benefit)	(2,427)		(1,524)	(1,741)	208	1	(316)	(5,799)
Income tax expense (benefit)	(650)		(379)	(408)	52	(300)	(316)	(2,001)
Net income (loss) before noncontrolling interests	(1,777)		(1,145)	(1,333)	156	301	—	(3,798)
Less: Net income from noncontrolling interests	—		1	—	—	47	—	48
Net income (loss)	$	(1,777)	(1,146)	(1,333)	156	254	—	(3,846)

(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 businesses. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company, as well as previously divested businesses. In March 2021, we announced an agreement to sell our Corporate Trust Services business and, in second quarter 2021, we moved the business from the Commercial Banking operating segment to Corporate. 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.

-8-

Wells Fargo & Company and Subsidiaries

COMBINED SEGMENT RESULTS (continued) (1)



						Six months ended June 30, 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	$	11,233	2,456	3,562	1,267	(694)	(216)	17,608
Noninterest income	6,107		1,733	3,380	5,813	4,744	(583)	21,194
Total revenue	17,340		4,189	6,942	7,080	4,050	(799)	38,802
Provision for credit losses	(786)		(781)	(785)	(19)	63	—	(2,308)
Noninterest expense	12,469		3,073	3,638	5,919	2,231	—	27,330
Income (loss) before income tax expense (benefit)	5,657		1,897	4,089	1,180	1,756	(799)	13,780
Income tax expense (benefit)	1,415		473	1,013	296	(52)	(799)	2,346
Net income before noncontrolling interests	4,242		1,424	3,076	884	1,808	—	11,434
Less: Net income (loss) from noncontrolling interests	—		3	(2)	—	757	—	758
Net income	$	4,242	1,421	3,078	884	1,051	—	10,676

						Six months ended June 30, 2020
Net interest income	$	11,719	3,287	3,984	1,557	939	(264)	21,222
Noninterest income	4,538		1,409	3,483	4,919	1,303	(415)	15,237
Total revenue	16,257		4,696	7,467	6,476	2,242	(679)	36,459
Provision for credit losses	4,671		3,336	4,881	263	388	—	13,539
Noninterest expense	13,190		3,153	3,914	5,400	1,942	—	27,599
Income (loss) before income tax expense (benefit)	(1,604)		(1,793)	(1,328)	813	(88)	(679)	(4,679)
Income tax expense (benefit)	(445)		(442)	(307)	204	21	(679)	(1,648)
Net income (loss) before noncontrolling interests	(1,159)		(1,351)	(1,021)	609	(109)	—	(3,031)
Less: Net income (loss) from noncontrolling interests	—		2	—	—	(103)	—	(101)
Net income (loss)	$	(1,159)	(1,353)	(1,021)	609	(6)	—	(2,930)

-9-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT


	Quarter ended						Jun 30, 2021 % Change from			Six months ended
($ in millions)	Jun 30, 2021		Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2021		Jun 30, 2020	Jun 30, 2021		Jun 30, 2020	% Change
Income Statement
Net interest income	$	5,618	5,615	5,741	5,918	5,717	—	%	(2)	$	11,233	11,719	(4)	%
Noninterest income:
Deposit-related fees	732		661	742	708	575	11		27	1,393		1,454	(4)
Card fees	1,017		892	890	860	749	14		36	1,909		1,568	22
Mortgage banking	1,158		1,259	1,082	1,544	256	(8)		352	2,417		598	304
Other	161		227	158	116	311	(29)		(48)	388		918	(58)
Total noninterest income	3,068		3,039	2,872	3,228	1,891	1		62	6,107		4,538	35
Total revenue	8,686		8,654	8,613	9,146	7,608	—		14	17,340		16,257	7
Net charge-offs	359		370	332	369	553	(3)		(35)	729		1,174	(38)
Change in the allowance for credit losses	(726)		(789)	19	271	2,549	8		NM	(1,515)		3,497	NM
Provision for credit losses	(367)		(419)	351	640	3,102	12		NM	(786)		4,671	NM
Noninterest expense	6,202		6,267	6,441	7,345	6,933	(1)		(11)	12,469		13,190	(5)
Income (loss) before income tax expense (benefit)	2,851		2,806	1,821	1,161	(2,427)	2		NM	5,657		(1,604)	NM
Income tax expense (benefit)	713		702	457	290	(650)	2		NM	1,415		(445)	NM
Net income (loss)	$	2,138	2,104	1,364	871	(1,777)	2		NM	$	4,242	(1,159)	NM
Revenue by Line of Business
Consumer and Small Business Banking	$	4,714	4,550	4,701	4,721	4,401	4		7	$	9,264	9,262	—
Consumer Lending:
Home Lending	2,072		2,227	1,995	2,527	1,477	(7)		40	4,299		3,353	28
Credit Card	1,363		1,346	1,372	1,345	1,196	1		14	2,709		2,571	5
Auto	415		403	403	404	388	3		7	818		768	7
Personal Lending	122		128	142	149	146	(5)		(16)	250		303	(17)
Total revenue	$	8,686	8,654	8,613	9,146	7,608	—		14	$	17,340	16,257	7
Selected Balance Sheet Data (average)
Loans by Line of Business:
Home Lending	$	223,229	243,036	265,292	270,036	262,209	(8)		(15)	$	233,078	269,518	(14)
Auto	50,762		49,518	48,966	49,770	49,611	3		2	50,143		49,552	1
Credit Card	34,211		35,205	36,135	35,965	36,539	(3)		(6)	34,705		38,147	(9)
Small Business	18,768		20,137	17,929	18,100	14,887	(7)		26	19,449		12,301	58
Personal Lending	4,922		5,185	5,547	5,912	6,385	(5)		(23)	5,053		6,578	(23)
Total loans	$	331,892	353,081	373,869	379,783	369,631	(6)		(10)	$	342,428	376,096	(9)
Total deposits	835,752		789,439	763,177	756,485	715,144	6		17	812,723		683,925	19
Allocated capital	48,000		48,000	48,000	48,000	48,000	—		—	48,000		48,000	—

Selected Balance Sheet Data (period-end)
Loans by Line of Business:
Home Lending	$	218,626	230,478	253,942	273,635	258,582	(5)		(15)	$	218,626	258,582	(15)
Auto	51,784		50,007	49,072	49,442	49,924	4		4	51,784		49,924	4
Credit Card	34,936		34,246	36,664	36,021	36,018	2		(3)	34,936		36,018	(3)
Small Business	16,494		20,820	17,743	17,993	18,116	(21)		(9)	16,494		18,116	(9)
Personal Lending	4,920		4,998	5,375	5,724	6,113	(2)		(20)	4,920		6,113	(20)
Total loans	$	326,760	340,549	362,796	382,815	368,753	(4)		(11)	$	326,760	368,753	(11)
Total deposits	840,434		837,765	784,565	759,425	746,602	—		13	840,434		746,602	13

NM – Not meaningful

-10-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT (continued)


	Quarter ended							Jun 30, 2021 % Change from			Six months ended
($ in millions, unless otherwise noted)	Jun 30, 2021			Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2021		Jun 30, 2020	Jun 30, 2021			Jun 30, 2020	% Change
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1)	17.3		%	17.2	10.7	6.6	(15.5)				17.2		%	(5.5)
Efficiency ratio (2)	71			72	75	80	91				72			81
Headcount (#) (period-end)	116,185			123,547	125,034	131,516	133,876	(6)	%	(13)	116,185			133,876	(13)	%
Retail bank branches (#)	4,878			4,944	5,032	5,229	5,300	(1)		(8)	4,878			5,300	(8)
Digital active customers (# in millions) (3)	32.6			32.9	32.0	32.0	31.1	(1)		5	32.6			31.1	5
Mobile active customers (# in millions) (3)	26.8			26.7	26.0	25.9	25.2	—		6	26.8			25.2	6

Consumer and Small Business Banking:
Deposit spread (4)	1.5		%	1.6	1.7	1.8	1.8				1.6		%	1.9
Debit card purchase volume ($ in billions) (5)	$	122.0		108.5	105.3	102.9	93.1	12		31	$	230.5		183.7	25
Debit card purchase transactions (# in millions) (5)	2,504			2,266	2,297	2,273	2,027	11		24	4,770			4,222	13

Home Lending:
Mortgage banking:
Net servicing income	$	(76)		(123)	(82)	331	(666)	38		89	$	(199)		(409)	(51)
Net gains on mortgage loan originations/sales	1,234			1,382	1,164	1,213	922	(11)		34	2,616			1,007	160
Total mortgage banking	$	1,158		1,259	1,082	1,544	256	(8)		352	$	2,417		598	304

Originations ($ in billions):
Retail	$	36.9		33.6	32.3	32.8	30.5	10		21	$	70.5		53.6	32
Correspondent	16.3			18.2	21.6	28.8	28.7	(10)		(43)	34.5			53.6	(36)
Total originations	$	53.2		51.8	53.9	61.6	59.2	3		(10)	$	105.0		107.2	(2)

% of originations held for sale (HFS)	65.6		%	75.8	75.2	78.1	71.8				70.7		%	70.7
Third party mortgage loans serviced (period-end) ($ in billions) (6)	$	769.4		801.0	856.7	917.6	989.5	(4)		(22)	$	769.4		989.5	(22)
Mortgage servicing rights (MSR) carrying value (period-end)	6,717			7,536	6,125	6,355	6,819	(11)		(1)	6,717			6,819	(1)
Ratio of MSR carrying value (period-end) to third party mortgage loans serviced (period-end) (6)	0.87		%	0.94	0.71	0.69	0.69				0.87		%	0.69
Home lending loans 30+ days or more delinquency rate (7)(8)	0.51			0.56	0.64	0.56	0.54				0.51			0.54

Credit Card:
Point of sale (POS) volume ($ in billions)	$	25.5		21.1	22.9	21.3	17.5	21		46	$	46.6		37.4	25
New accounts (# in thousands) (9)	323			266	240	212	255	21		27	589			570	3
Credit card loans 30+ days or more delinquency rate (8)	1.46		%	2.01	2.17	1.76	2.10				1.46		%	2.10

Auto:
Auto originations ($ in billions)	$	8.3		7.0	5.3	5.4	5.6	19		48	$	15.3		12.1	26
Auto loans 30+ days or more delinquency rate (8)	1.30		%	1.22	1.77	1.67	1.70				1.30		%	1.70

Personal Lending:
New funded balances	$	565		413	294	323	315	37		79	$	978		982	—

(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.

-11-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT (1)


	Quarter ended							Jun 30, 2021 % Change from			Six months ended
($ in millions)	Jun 30, 2021			Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2021		Jun 30, 2020	Jun 30, 2021			Jun 30, 2020	% Change
Income Statement
Net interest income	$	1,202		1,254	1,439	1,408	1,554	(4)	%	(23)	$	2,456		3,287	(25)	%
Noninterest income:
Deposit-related fees	325			317	311	309	297	3		9	642			599	7
Lending-related fees	135			136	138	140	125	(1)		8	271			253	7
Lease income	173			174	73	186	189	(1)		(8)	347			387	(10)
Other	273			200	292	183	186	37		47	473			170	178
Total noninterest income	906			827	814	818	797	10		14	1,733			1,409	23
Total revenue	2,108			2,081	2,253	2,226	2,351	1		(10)	4,189			4,696	(11)
Net charge-offs	53			39	81	219	120	36		(56)	92			290	(68)
Change in the allowance for credit losses	(435)			(438)	(12)	120	2,175	1		NM	(873)			3,046	NM
Provision for credit losses	(382)			(399)	69	339	2,295	4		NM	(781)			3,336	NM
Noninterest expense	1,443			1,630	1,547	1,623	1,580	(11)		(9)	3,073			3,153	(3)
Income (loss) before income tax expense (benefit)	1,047			850	637	264	(1,524)	23		NM	1,897			(1,793)	NM
Income tax expense (benefit)	261			212	163	71	(379)	23		NM	473			(442)	NM
Less: Net income from noncontrolling interests	2			1	2	1	1	100		100	3			2	50
Net income (loss)	$	784		637	472	192	(1,146)	23		NM	$	1,421		(1,353)	NM

Revenue by Line of Business
Middle Market Banking	$	1,151		1,159	1,149	1,196	1,267	(1)		(9)	$	2,310		2,722	(15)
Asset-Based Lending and Leasing	957			922	1,104	1,030	1,084	4		(12)	1,879			1,974	(5)
Total revenue	$	2,108		2,081	2,253	2,226	2,351	1		(10)	$	4,189		4,696	(11)

Revenue by Product
Lending and leasing	$	1,207		1,202	1,262	1,335	1,404	—		(14)	$	2,409		2,835	(15)
Treasury management and payments	680			721	733	749	780	(6)		(13)	1,401			1,723	(19)
Other	221			158	258	142	167	40		32	379			138	175
Total revenue	$	2,108		2,081	2,253	2,226	2,351	1		(10)	$	4,189		4,696	(11)

Selected Metrics
Return on allocated capital	15.2		%	12.3	8.6	2.9	(24.7)				13.8		%	(15.0)
Efficiency ratio	68			78	69	73	67				73			67
Headcount (#) (period-end)	19,647			20,486	20,241	21,900	21,984	(4)		(11)	19,647			21,984	(11)

NM – Not meaningful

(1)In March 2021, we announced an agreement to sell our Corporate Trust Services business and, in second quarter 2021, we moved the business from the Commercial Banking operating segment to Corporate. Prior period balances have been revised to conform with the current period presentation.

-12-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT (1)(continued)


	Quarter ended						Jun 30, 2021 % Change from			Six months ended
($ in millions)	Jun 30, 2021		Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2021		Jun 30, 2020	Jun 30, 2021		Jun 30, 2020	% Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	117,585	120,929	125,525	134,531	158,982	(3)	%	(26)	$	119,248	156,645	(24)	%
Commercial real estate	47,203		48,574	50,441	52,017	53,157	(3)		(11)	47,885		53,223	(10)
Lease financing and other	13,784		13,640	14,937	15,345	16,284	1		(15)	13,712		16,773	(18)
Total loans	$	178,572	183,143	190,903	201,893	228,423	(2)		(22)	$	180,845	226,641	(20)

Loans by Line of Business:
Middle Market Banking	$	102,054	104,379	102,692	110,289	122,319	(2)		(17)	$	103,210	119,276	(13)
Asset-Based Lending and Leasing	76,518		78,764	88,211	91,604	106,104	(3)		(28)	77,635		107,365	(28)
Total loans	$	178,572	183,143	190,903	201,893	228,423	(2)		(22)	$	180,845	226,641	(20)

Total deposits	192,586		189,364	184,864	178,997	184,132	2		5	190,984		175,929	9
Allocated capital	19,500		19,500	19,500	19,500	19,500	—		—	19,500		19,500	—

Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	117,782	119,322	124,253	128,270	142,315	(1)		(17)	$	117,782	142,315	(17)
Commercial real estate	46,905		47,832	49,903	51,297	52,802	(2)		(11)	46,905		52,802	(11)
Lease financing and other	14,218		13,534	14,821	15,180	15,662	5		(9)	14,218		15,662	(9)
Total loans	$	178,905	180,688	188,977	194,747	210,779	(1)		(15)	$	178,905	210,779	(15)

Loans by Line of Business:
Middle Market Banking	$	102,062	102,372	101,193	105,851	115,105	—		(11)	$	102,062	115,105	(11)
Asset-Based Lending and Leasing	76,843		78,316	87,784	88,896	95,674	(2)		(20)	76,843		95,674	(20)
Total loans	$	178,905	180,688	188,977	194,747	210,779	(1)		(15)	$	178,905	210,779	(15)

Total deposits	197,461		191,948	188,292	180,948	183,085	3		8	197,461		183,085	8

-13-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT


	Quarter ended							Jun 30, 2021 % Change from			Six months ended
($ in millions)	Jun 30, 2021			Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2021		Jun 30, 2020	Jun 30, 2021			Jun 30, 2020	% Change
Income Statement
Net interest income	$	1,783		1,779	1,811	1,714	1,963	—	%	(9)	$	3,562		3,984	(11)	%
Noninterest income:
Deposit-related fees	277			266	272	272	261	4		6	543			518	5
Lending-related fees	190			183	178	171	163	4		17	373			335	11
Investment banking fees	580			611	459	428	588	(5)		(1)	1,191			1,065	12
Net gains (losses) on trading activities	30			331	(28)	374	809	(91)		(96)	361			844	(57)
Other	478			434	462	348	275	10		74	912			721	26
Total noninterest income	1,555			1,825	1,343	1,593	2,096	(15)		(26)	3,380			3,483	(3)
Total revenue	3,338			3,604	3,154	3,307	4,059	(7)		(18)	6,942			7,467	(7)
Net charge-offs	(19)			37	177	117	401	NM		NM	18			448	(96)
Change in the allowance for credit losses	(482)			(321)	9	(238)	3,355	(50)		NM	(803)			4,433	NM
Provision for credit losses	(501)			(284)	186	(121)	3,756	(76)		NM	(785)			4,881	NM
Noninterest expense	1,805			1,833	1,798	1,991	2,044	(2)		(12)	3,638			3,914	(7)
Income (loss) before income tax expense (benefit)	2,034			2,055	1,170	1,437	(1,741)	(1)		NM	4,089			(1,328)	NM
Income tax expense (benefit)	513			500	282	355	(408)	3		NM	1,013			(307)	NM
Less: Net loss from noncontrolling interests	(2)			—	(1)	—	—	NM		NM	(2)			—	NM
Net income (loss)	$	1,523		1,555	889	1,082	(1,333)	(2)		NM	$	3,078		(1,021)	NM

Revenue by Line of Business
Banking:
Lending	$	474		453	424	422	464	5		2	$	927		921	1
Treasury Management and Payments	353			370	384	395	403	(5)		(12)	723			901	(20)
Investment Banking	407			416	348	295	444	(2)		(8)	823			805	2
Total Banking	1,234			1,239	1,156	1,112	1,311	—		(6)	2,473			2,627	(6)
Commercial Real Estate	1,014			912	1,012	855	837	11		21	1,926			1,740	11
Markets:
Fixed Income, Currencies, and Commodities (FICC)	888			1,144	889	1,005	1,506	(22)		(41)	2,032			2,420	(16)
Equities	206			252	194	312	302	(18)		(32)	458			698	(34)
Credit Adjustment (CVA/DVA) and Other	(16)			36	(67)	62	139	NM		NM	20			31	(35)
Total Markets	1,078			1,432	1,016	1,379	1,947	(25)		(45)	2,510			3,149	(20)
Other	12			21	(30)	(39)	(36)	(43)		NM	33			(49)	NM
Total revenue	$	3,338		3,604	3,154	3,307	4,059	(7)		(18)	$	6,942		7,467	(7)

Selected Metrics
Return on allocated capital	17.0		%	17.6	9.4	11.6	(16.8)				17.3		%	(7.1)
Efficiency ratio	54			51	57	60	50				52			52
Headcount (#) (period-end)	8,673			8,249	8,178	8,205	8,213	5		6	8,673			8,213	6

NM – Not meaningful

-14-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT (continued)


	Quarter ended						Jun 30, 2021 % Change from			Six months ended
($ in millions)	Jun 30, 2021		Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2021		Jun 30, 2020	Jun 30, 2021		Jun 30, 2020	% Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	167,076	162,290	155,669	165,445	190,861	3	%	(12)	$	164,696	184,558	(11)	%
Commercial real estate	85,346		83,858	84,175	84,408	82,726	2		3	84,606		81,357	4
Total loans	$	252,422	246,148	239,844	249,853	273,587	3		(8)	$	249,302	265,915	(6)

Loans by Line of Business:
Banking	$	90,839	86,536	82,413	88,936	105,983	5		(14)	$	88,699	101,414	(13)
Commercial Real Estate	108,893		107,609	107,838	109,482	110,594	1		(2)	108,255		107,894	—
Markets	52,690		52,003	49,593	51,435	57,010	1		(8)	52,348		56,607	(8)
Total loans	$	252,422	246,148	239,844	249,853	273,587	3		(8)	$	249,302	265,915	(6)
Trading-related assets:
Trading account securities	$	104,743	106,358	108,972	100,193	106,836	(2)		(2)	$	105,546	115,082	(8)
Reverse repurchase agreements/securities borrowed	62,066		63,965	57,835	68,818	70,335	(3)		(12)	63,010		79,734	(21)
Derivative assets	24,731		27,102	23,604	23,640	22,380	(9)		11	25,910		20,332	27
Total trading-related assets	$	191,540	197,425	190,411	192,651	199,551	(3)		(4)	$	194,466	215,148	(10)
Total assets	513,414		511,528	495,994	503,627	535,298	—		(4)	512,476		543,455	(6)
Total deposits	190,810		194,501	205,797	226,129	239,637	(2)		(20)	192,645		252,902	(24)
Allocated capital	34,000		34,000	34,000	34,000	34,000	—		—	34,000		34,000	—

Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	166,969	163,808	160,000	157,193	171,859	2		(3)	$	166,969	171,859	(3)
Commercial real estate	86,290		84,836	84,456	83,920	83,715	2		3	86,290		83,715	3
Total loans	$	253,259	248,644	244,456	241,113	255,574	2		(1)	$	253,259	255,574	(1)

Loans by Line of Business:
Banking	$	92,758	88,042	84,640	83,128	91,093	5		2	$	92,758	91,093	2
Commercial Real Estate	108,885		108,508	107,207	108,240	109,402	—		—	108,885		109,402	—
Markets	51,616		52,094	52,609	49,745	55,079	(1)		(6)	51,616		55,079	(6)
Total loans	$	253,259	248,644	244,456	241,113	255,574	2		(1)	$	253,259	255,574	(1)
Trading-related assets:
Trading account securities	$	108,291	100,586	109,311	100,157	97,708	8		11	$	108,291	97,708	11
Reverse repurchase agreements/securities borrowed	57,351		71,282	57,248	61,027	70,949	(20)		(19)	57,351		70,949	(19)
Derivative assets	25,288		24,228	25,916	23,844	22,757	4		11	25,288		22,757	11
Total trading-related assets	$	190,930	196,096	192,475	185,028	191,414	(3)		—	$	190,930	191,414	—
Total assets	516,518		512,045	508,518	490,373	510,205	1		1	516,518		510,205	1
Total deposits	188,219		188,920	203,004	212,532	236,620	—		(20)	188,219		236,620	(20)

-15-

Wells Fargo & Company and Subsidiaries

WEALTH AND INVESTMENT MANAGEMENT SEGMENT


	Quarter ended							Jun 30, 2021 % Change from			Six months ended
($ in millions, unless otherwise noted)	Jun 30, 2021			Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2021		Jun 30, 2020	Jun 30, 2021			Jun 30, 2020	% Change
Income Statement
Net interest income	$	610		657	714	717	719	(7)	%	(15)	$	1,267		1,557	(19)	%
Noninterest income:
Investment advisory and other asset-based fees	2,382			2,306	2,134	2,043	1,835	3		30	4,688			3,908	20
Commissions and brokerage services fees	513			555	518	497	470	(8)		9	1,068			1,063	—
Other	31			26	81	33	182	19		(83)	57			(52)	NM
Total noninterest income	2,926			2,887	2,733	2,573	2,487	1		18	5,813			4,919	18
Total revenue	3,536			3,544	3,447	3,290	3,206	—		10	7,080			6,476	9
Net charge-offs	(6)			—	(3)	(2)	1	NM		NM	(6)			2	NM
Change in the allowance for credit losses	30			(43)	(1)	(8)	254	170		(88)	(13)			261	NM
Provision for credit losses	24			(43)	(4)	(10)	255	156		(91)	(19)			263	NM
Noninterest expense	2,891			3,028	2,770	2,742	2,743	(5)		5	5,919			5,400	10
Income before income tax expense	621			559	681	558	208	11		199	1,180			813	45
Income tax expense	156			140	171	139	52	11		200	296			204	45

Net income	$	465		419	510	419	156	11		198	$	884		609	45

Selected Metrics
Return on allocated capital	20.7		%	18.9	22.6	18.4	6.6				19.8		%	13.4
Efficiency ratio	82			85	80	83	86				84			83
Headcount (#) (period-end)	26,989			27,993	28,306	28,996	29,088	(4)		(7)	26,989			29,088	(7)
Advisory assets ($ in billions)	$	931		885	853	779	743	5		25	$	931		743	25
Other brokerage assets and deposits ($ in billions)	1,212			1,177	1,152	1,076	1,042	3		16	1,212			1,042	16
Total client assets ($ in billions)	$	2,143		2,062	2,005	1,855	1,785	4		20	$	2,143		1,785	20
Annualized revenue per advisor ($ in thousands) (1)	1,084			1,058	1,010	940	898	2		21	1,071			904	18
Total financial and wealth advisors (#) (period-end)	12,819			13,277	13,513	13,793	14,206	(3)		(10)	12,819			14,206	(10)

Selected Balance Sheet Data (average)
Total loans	$	81,784		80,839	80,109	79,001	78,091	1		5	$	81,314		77,987	4
Total deposits	174,980			173,678	169,815	169,441	165,103	1		6	174,333			155,246	12
Allocated capital	8,750			8,750	8,750	8,750	8,750	—		—	8,750			8,750	—

Selected Balance Sheet Data (period-end)
Total loans	82,783			81,175	80,785	79,472	78,101	2		6	82,783			78,101	6
Total deposits	174,267			175,999	175,483	168,132	168,249	(1)		4	174,267			168,249	4

NM – Not meaningful

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

-16-

Wells Fargo & Company and Subsidiaries

CORPORATE (1)


	Quarter ended						Jun 30, 2021 % Change from			Six months ended
($ in millions, unless otherwise noted)	Jun 30, 2021		Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2021		Jun 30, 2020	Jun 30, 2021		Jun 30, 2020	% Change
Income Statement
Net interest income	$	(304)	(390)	(230)	(268)	60	22	%	NM	$	(694)	939	NM
Noninterest income	3,327		1,417	1,692	1,921	1,318	135		152	4,744		1,303	264	%
Total revenue	3,023		1,027	1,462	1,653	1,378	194		119	4,050		2,242	81
Net charge-offs	(8)		77	(3)	28	39	NM		NM	69		141	(51)
Change in the allowance for credit losses	(26)		20	(778)	(107)	87	NM		NM	(6)		247	NM
Provision for credit losses	(34)		97	(781)	(79)	126	NM		NM	63		388	(84)
Noninterest expense	1,000		1,231	2,246	1,528	1,251	(19)		(20)	2,231		1,942	15
Income (loss) before income tax expense (benefit)	2,057		(301)	(3)	204	1	783		NM	1,756		(88)	NM
Income tax expense (benefit)	223		(275)	(59)	(632)	(300)	181		NM	(52)		21	NM
Less: Net income (loss) from noncontrolling interests	704		53	200	184	47	NM		NM	757		(103)	NM
Net income (loss)	$	1,130	(79)	(144)	652	254	NM		345	$	1,051	(6)	NM






Selected Metrics
Headcount (#) (period-end) (2)	87,702		84,238	86,772	84,314	82,852	4		6	87,702		82,852	6
Wells Fargo Asset Management assets under management ($ in billions)	$	603	590	603	607	578	2		4	$	603	578	4

Selected Balance Sheet Data (average)
Cash, cash equivalents, and restricted cash	$	255,043	222,799	221,357	215,342	173,754	14		47	$	239,010	148,108	61
Available-for-sale debt securities	185,396		200,421	207,008	211,180	223,222	(7)		(17)	192,867		234,028	(18)
Held-to-maturity debt securities	237,788		217,346	191,123	175,748	166,127	9		43	227,623		161,958	41
Equity securities	11,499		10,904	10,201	12,034	13,604	5		(15)	11,203		13,787	(19)
Total loans	10,077		10,228	14,979	21,178	21,534	(1)		(53)	10,152		21,517	(53)
Total assets	754,629		727,628	712,602	702,662	655,617	4		15	741,203		642,513	15
Total deposits	41,696		46,490	56,447	67,976	82,640	(10)		(50)	44,080		94,307	(53)

Selected Balance Sheet Data (period-end)
Cash, cash equivalents, and restricted cash	$	248,784	257,887	235,262	220,026	236,219	(4)		5	$	248,784	236,219	5
Available-for-sale debt securities	177,923		188,724	208,694	208,543	217,339	(6)		(18)	177,923		217,339	(18)
Held-to-maturity debt securities	260,054		231,352	204,858	181,744	168,162	12		55	260,054		168,162	55
Equity securities	13,142		11,093	10,305	11,010	12,546	18		5	13,142		12,546	5
Total loans	10,593		10,516	10,623	21,935	21,948	1		(52)	10,593		21,948	(52)
Total assets	761,915		753,899	728,667	696,424	713,309	1		7	761,915		713,309	7
Total deposits	40,091		42,487	53,037	62,178	76,155	(6)		(47)	40,091		76,155	(47)

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 businesses. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company, as well as previously divested businesses. In March 2021, we announced an agreement to sell our Corporate Trust Services business and, in second quarter 2021, we moved the business from the Commercial Banking operating segment to Corporate. 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.

-17-

Wells Fargo & Company and Subsidiaries

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


	Quarter ended							Jun 30, 2021 $ Change from
($ in millions)	Jun 30, 2021			Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2021	Jun 30, 2020
Period-End Loans
Commercial and industrial	$	317,618		319,055	318,805	320,913	350,116	(1,437)	(32,498)
Real estate mortgage	120,678			121,198	121,720	121,910	123,967	(520)	(3,289)
Real estate construction	22,406			21,533	21,805	22,519	21,694	873	712
Lease financing	15,720			15,734	16,087	16,947	17,410	(14)	(1,690)
Total commercial	476,422			477,520	478,417	482,289	513,187	(1,098)	(36,765)
Residential mortgage – first lien	244,371			254,363	276,674	294,990	277,945	(9,992)	(33,574)
Residential mortgage – junior lien	19,637			21,308	23,286	25,162	26,839	(1,671)	(7,202)
Credit card	34,936			34,246	36,664	36,021	36,018	690	(1,082)
Auto	51,073			49,210	48,187	48,450	48,808	1,863	2,265
Other consumer	25,861			24,925	24,409	33,170	32,358	936	(6,497)
Total consumer	375,878			384,052	409,220	437,793	421,968	(8,174)	(46,090)
Total loans	$	852,300		861,572	887,637	920,082	935,155	(9,272)	(82,855)

Average Loans
Commercial and industrial	$	318,917		318,311	315,924	335,046	382,345	606	(63,428)
Real estate mortgage	120,526			120,734	121,228	123,391	123,525	(208)	(2,999)
Real estate construction	22,015			21,755	22,559	22,216	21,361	260	654
Lease financing	15,565			15,799	16,757	17,091	18,087	(234)	(2,522)
Total commercial	477,023			476,599	476,468	497,744	545,318	424	(68,295)
Residential mortgage – first lien	247,815			266,251	287,361	290,607	280,878	(18,436)	(33,063)
Residential mortgage – junior lien	20,457			22,321	24,210	26,018	27,700	(1,864)	(7,243)
Credit card	34,211			35,205	36,135	35,965	36,539	(994)	(2,328)
Auto	50,014			48,680	48,033	48,718	48,441	1,334	1,573
Other consumer	25,227			24,383	27,497	32,656	32,390	844	(7,163)
Total consumer	377,724			396,840	423,236	433,964	425,948	(19,116)	(48,224)
Total loans	$	854,747		873,439	899,704	931,708	971,266	(18,692)	(116,519)

Average Interest Rates
Commercial and industrial	2.52		%	2.47	2.50	2.46	2.56
Real estate mortgage	2.74			2.73	2.81	2.81	3.03
Real estate construction	3.08			3.10	3.13	3.13	3.37
Lease financing	4.45			4.58	6.25	3.67	4.58
Total commercial	2.66			2.63	2.74	2.61	2.77
Residential mortgage – first lien	3.16			3.11	3.12	3.24	3.44
Residential mortgage – junior lien	4.13			4.13	4.16	4.13	4.24
Credit card	11.48			11.90	11.80	11.70	10.78
Auto	4.52			4.66	4.82	4.90	4.99
Other consumer	3.70			3.87	4.55	5.25	5.45
Total consumer	4.18			4.18	4.20	4.33	4.45
Total loans	3.33		%	3.34	3.43	3.41	3.50

-18-

Wells Fargo & Company and Subsidiaries

NET LOAN CHARGE-OFFS


	Quarter ended
	Jun 30, 2021				Mar 31, 2021				Dec 31, 2020				Sep 30, 2020				Jun 30, 2020				Jun 30, 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)		Mar 31, 2021		Jun 30, 2020
By product:
Commercial:
Commercial and industrial	$	81	0.10	%	$	88	0.11	%	$	111	0.14	%	$	274	0.33	%	$	521	0.55	%	$	(7)	(440)
Real estate mortgage	(5)		(0.02)		46		0.16		162		0.53		56		0.18		67		0.22		(51)		(72)
Real estate construction	(1)		—		—		—		—		—		(2)		(0.03)		(1)		(0.02)		(1)		—
Lease financing	5		0.12		15		0.40		35		0.83		28		0.66		15		0.33		(10)		(10)
Total commercial	80		0.07		149		0.13		308		0.26		356		0.29		602		0.44		(69)		(522)
Consumer:
Residential mortgage – first lien	(19)		(0.03)		(24)		(0.04)		(3)		—		(1)		—		2		—		5		(21)
Residential mortgage – junior lien	(31)		(0.60)		(19)		(0.35)		(24)		(0.39)		(14)		(0.22)		(12)		(0.17)		(12)		(19)
Credit card	256		3.01		236		2.71		190		2.09		245		2.71		327		3.60		20		(71)
Auto	45		0.35		52		0.44		51		0.43		31		0.25		106		0.88		(7)		(61)
Other consumer	50		0.80		119		1.97		62		0.88		66		0.80		88		1.09		(69)		(38)
Total consumer	301		0.32		364		0.37		276		0.26		327		0.30		511		0.48		(63)		(210)
Total net charge-offs	$	381	0.18	%	$	513	0.24	%	$	584	0.26	%	$	683	0.29	%	$	1,113	0.46	%	$	(132)	(732)
By segment:
Consumer Banking and Lending	$	359	0.43	%	$	370	0.42	%	$	332	0.35	%	$	369	0.39	%	$	553	0.60	%	$	(11)	(194)
Commercial Banking	50		0.11		39		0.09		81		0.17		175		0.34		120		0.21		11		(70)
Corporate and Investing Banking	(18)		(0.03)		36		0.06		177		0.29		117		0.19		401		0.59		(54)		(419)
Wealth and Investment Management	(3)		(0.01)		—		—		(3)		(0.01)		(2)		(0.01)		1		0.01		(3)		(4)
Corporate	(7)		(0.28)		68		2.70		(3)		(0.08)		24		0.45		38		0.71		(75)		(45)
Total net charge-offs	$	381	0.18	%	$	513	0.24	%	$	584	0.26	%	$	683	0.29	%	$	1,113	0.46	%	$	(132)	(732)

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

-19-

Wells Fargo & Company and Subsidiaries

CHANGES IN ALLOWANCE FOR CREDIT LOSSES FOR LOANS


	Quarter ended							Jun 30, 2021 $ Change from		Six months ended Jun 30,
(in millions)	Jun 30, 2021			Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2021	Jun 30, 2020	2021	2020	$ Change
Balance, beginning of period	$	18,043		19,713	20,471	20,436	12,022	(1,670)	6,021	19,713	10,456	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	18,043			19,713	20,471	20,436	12,022	(1,670)	6,021	19,713	9,127	10,586
Provision for credit losses	(1,239)			(1,117)	(144)	751	9,565	(122)	(10,804)	(2,356)	13,398	(15,754)
Interest income on certain loans (3)	(36)			(41)	(36)	(41)	(38)	5	2	(77)	(76)	(1)
Net loan charge-offs:
Commercial:
Commercial and industrial	(81)			(88)	(111)	(274)	(521)	7	440	(169)	(854)	685
Real estate mortgage	5			(46)	(162)	(56)	(67)	51	72	(41)	(65)	24
Real estate construction	1			—	—	2	1	1	—	1	17	(16)
Lease financing	(5)			(15)	(35)	(28)	(15)	10	10	(20)	(24)	4
Total commercial	(80)			(149)	(308)	(356)	(602)	69	522	(229)	(926)	697
Consumer:
Residential mortgage – first lien	19			24	3	1	(2)	(5)	21	43	1	42
Residential mortgage – junior lien	31			19	24	14	12	12	19	50	17	33
Credit card	(256)			(236)	(190)	(245)	(327)	(20)	71	(492)	(704)	212
Auto	(45)			(52)	(51)	(31)	(106)	7	61	(97)	(188)	91
Other consumer	(50)			(119)	(62)	(66)	(88)	69	38	(169)	(222)	53
Total consumer	(301)			(364)	(276)	(327)	(511)	63	210	(665)	(1,096)	431
Net loan charge-offs	(381)			(513)	(584)	(683)	(1,113)	132	732	(894)	(2,022)	1,128
Other	4			1	6	8	—	3	4	5	9	(4)
Balance, end of period	$	16,391		18,043	19,713	20,471	20,436	(1,652)	(4,045)	16,391	20,436	(4,045)
Components:
Allowance for loan losses	$	15,148		16,928	18,516	19,463	18,926	(1,780)	(3,778)	15,148	18,926	(3,778)
Allowance for unfunded credit commitments	1,243			1,115	1,197	1,008	1,510	128	(267)	1,243	1,510	(267)
Allowance for credit losses for loans	$	16,391		18,043	19,713	20,471	20,436	(1,652)	(4,045)	16,391	20,436	(4,045)
Ratio of allowance for loan losses to total net loan charge-offs (annualized)	9.93x			8.13	7.97	7.16	4.23			8.40	4.65
Allowance for loan losses as a percentage of:
Total loans	1.78		%	1.96	2.09	2.12	2.02			1.78	2.02
Nonaccrual loans	205			210	212	243	249			205	249
Allowance for credit losses for loans as a percentage of:
Total loans	1.92			2.09	2.22	2.22	2.19			1.92	2.19
Nonaccrual loans	222			224	226	255	269			222	269

(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.

-20-

Wells Fargo & Company and Subsidiaries

ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES FOR LOANS


	Jun 30, 2021				Mar 31, 2021				Dec 31, 2020				Sep 30, 2020				Jun 30, 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	$	5,640	1.78	%	$	6,512	2.04	%	$	7,230	2.27	%	$	7,845	2.44	%	$	8,109	2.32	%
Real estate mortgage	2,884		2.39		3,156		2.60		3,167		2.60		2,517		2.06		2,395		1.93
Real estate construction	530		2.37		410		1.90		410		1.88		521		2.31		484		2.23
Lease financing	516		3.28		604		3.84		709		4.41		659		3.89		681		3.91
Total commercial	9,570		2.01		10,682		2.24		11,516		2.41		11,542		2.39		11,669		2.27
Consumer:
Residential mortgage - first lien	1,283		0.53		1,202		0.47		1,600		0.58		1,519		0.51		1,541		0.55
Residential mortgage - junior lien	320		1.63		428		2.01		653		2.80		710		2.82		725		2.70
Credit card	3,663		10.48		4,082		11.92		4,082		11.13		4,082		11.33		3,777		10.49
Auto	1,026		2.01		1,108		2.25		1,230		2.55		1,225		2.53		1,174		2.41
Other consumer	529		2.05		541		2.17		632		2.59		1,393		4.20		1,550		4.79
Total consumer	6,821		1.81		7,361		1.92		8,197		2.00		8,929		2.04		8,767		2.08
Total allowance for credit losses for loans	$	16,391	1.92	%	$	18,043	2.09	%	$	19,713	2.22	%	$	20,471	2.22	%	$	20,436	2.19	%
By segment:
Consumer Banking and Lending	$	8,035	2.46	%	$	8,782	2.58	%	$	9,593	2.64	%	$	9,593	2.51	%	$	9,329	2.53	%
Commercial Banking	3,692		2.06		4,138		2.29		4,586		2.43		4,586		2.35		4,458		2.12
Corporate and Investing Banking	4,318		1.70		4,798		1.93		5,155		2.11		5,155		2.14		5,405		2.11
Wealth and Investment Management	362		0.44		332		0.41		375		0.46		375		0.47		383		0.49
Corporate	(16)		(0.15)		(7)		(0.07)		4		0.04		762		3.47		861		3.92
Total allowance for credit losses for loans	$	16,391	1.92	%	$	18,043	2.09	%	$	19,713	2.22	%	$	20,471	2.22	%	$	20,436	2.19	%

-21-

Wells Fargo & Company and Subsidiaries

NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)


	Jun 30, 2021				Mar 31, 2021				Dec 31, 2020				Sep 30, 2020				Jun 30, 2020				Jun 30, 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		Mar 31, 2021		Jun 30, 2020
By product:
Nonaccrual loans:
Commercial:
Commercial and industrial	$	1,691	0.53	%	$	2,223	0.70	%	$	2,698	0.85	%	$	2,834	0.88	%	$	2,896	0.83	%	$	(532)	(1,205)
Real estate mortgage	1,598		1.32		1,703		1.41		1,774		1.46		1,343		1.10		1,217		0.98		(105)		381
Real estate construction	45		0.20		55		0.26		48		0.22		34		0.15		34		0.16		(10)		11
Lease financing	215		1.37		249		1.58		259		1.61		187		1.10		138		0.79		(34)		77
Total commercial	3,549		0.74		4,230		0.89		4,779		1.00		4,398		0.91		4,285		0.83		(681)		(736)
Consumer:
Residential mortgage – first lien (1)	2,852		1.17		2,859		1.12		2,957		1.07		2,641		0.90		2,393		0.86		(7)		459
Residential mortgage – junior lien (1)	713		3.63		747		3.51		754		3.24		767		3.05		753		2.81		(34)		(40)
Auto	221		0.43		181		0.37		202		0.42		176		0.36		129		0.26		40		92
Other consumer	36		0.14		38		0.15		36		0.15		40		0.12		45		0.14		(2)		(9)
Total consumer	3,822		1.02		3,825		1.00		3,949		0.97		3,624		0.83		3,320		0.79		(3)		502
Total nonaccrual loans	7,371		0.86		8,055		0.93		8,728		0.98		8,022		0.87		7,605		0.81		(684)		(234)



Foreclosed assets	129				140				159				156				195				(11)		(66)
Total nonperforming assets	$	7,500	0.88	%	$	8,195	0.95	%	$	8,887	1.00	%	$	8,178	0.89	%	$	7,800	0.83	%	$	(695)	(300)
By segment:
Consumer Banking and Lending	$	3,730	1.14	%	$	3,763	1.10	%	$	3,895	1.07	%	$	3,625	0.95	%	$	3,361	0.91	%	$	(33)	369
Commercial Banking	2,096		1.17		2,511		1.39		2,511		1.33		1,899		0.98		1,697		0.81		(415)		399
Corporate and Investing Banking	1,310		0.52		1,618		0.65		2,198		0.90		2,402		1.00		2,509		0.98		(308)		(1,199)
Wealth and Investment Management	364		0.44		294		0.36		262		0.32		224		0.28		204		0.26		70		160
Corporate	—		—		9		0.09		21		0.20		28		0.13		29		0.13		(9)		(29)
Total nonperforming assets	$	7,500	0.88	%	$	8,195	0.95	%	$	8,887	1.00	%	$	8,178	0.89	%	$	7,800	0.83	%	$	(695)	(300)

(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.

-22-

Wells Fargo & Company and Subsidiaries

COMMERCIAL AND INDUSTRIAL LOANS AND LEASE FINANCING BY INDUSTRY


	Jun 30, 2021							Mar 31, 2021							Jun 30, 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	$	154	124,759	15	%	$	215,207	$	130	119,793	14	%	$	212,236	$	219	112,130	12	%	$	197,152
Technology, telecom and media	65		20,669	2		59,245		90		21,582	3		55,433		61		24,912	3		54,894
Real estate and construction	136		22,488	3		54,354		146		23,867	3		53,829		290		25,245	3		49,925
Equipment, machinery and parts manufacturing	41		16,833	2		40,174		66		16,537	2		39,986		98		21,622	2		41,771
Retail	44		16,726	2		39,732		84		17,129	2		40,975		216		23,149	2		43,212
Materials and commodities	19		13,033	2		35,232		43		12,591	1		34,138		46		15,877	2		37,877
Food and beverage manufacturing	9		11,955	1		29,460		18		12,061	1		29,160		12		13,082	1		29,284
Health care and pharmaceuticals	26		13,484	2		29,259		42		15,020	2		31,610		76		17,144	2		32,481
Oil, gas and pipelines	486		9,186	1		28,785		635		9,906	1		30,124		1,414		12,598	1		32,679
Auto related	63		9,873	1		25,036		74		11,297	1		25,113		24		13,103	1		25,162
Commercial services	76		10,018	1		23,965		85		10,322	1		25,730		98		12,095	1		24,548
Utilities	67		7,136	*		21,615		67		6,270	*		19,012		1		6,486	*		20,615
Insurance and fiduciaries	1		4,371	*		19,233		1		3,947	*		18,050		2		6,032	*		17,069
Diversified or miscellaneous	27		6,309	*		17,108		28		6,304	*		16,802		5		4,303	*		10,547
Transportation services	492		8,566	1		16,866		554		8,889	*		15,372		319		10,849	*		17,040
Entertainment and recreation	68		7,612	*		15,540		255		9,483	1		17,108		62		11,820	1		18,134
Banks	—		14,839	2		15,290		—		13,292	2		14,209		—		15,548	2		16,598
Agribusiness	57		5,402	*		11,221		71		6,056	*		11,453		54		7,362	*		12,984
Government and education	4		5,033	*		10,793		9		5,182	*		10,792		6		5,741	*		12,128
Other	71		5,046	*		19,693		74		5,261	*		19,232		31		8,428	1		22,296
Total	$	1,906	333,338	39	%	$	727,808	$	2,472	334,789	39	%	$	720,364	$	3,034	367,526	39	%	$	716,396

*Less than 1%.

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

-23-

Wells Fargo & Company and Subsidiaries

COMMERCIAL REAL ESTATE LOANS BY PROPERTY TYPE


	Jun 30, 2021							Mar 31, 2021							Jun 30, 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	$	148	36,271	4	%	$	42,072	$	258	37,084	4	%	$	42,796	$	161	38,489	4	%	$	44,320
Apartments	27		28,853	3		36,462		30		27,965	3		34,832		11		26,978	3		35,120
Industrial/warehouse	90		17,077	2		19,948		85		17,168	2		19,422		73		17,823	2		20,199
Retail (excluding shopping center)	233		13,233	2		13,947		293		13,582	2		14,159		173		14,392	2		15,036
Hotel/motel	361		12,271	1		12,706		324		12,262	1		12,788		170		12,247	1		13,143
Shopping center	509		10,913	1		11,581		470		11,124	1		11,748		399		11,933	1		12,732
Institutional	74		6,908	*		8,213		82		6,698	*		8,146		97		6,069	*		7,782
Mixed use properties	98		6,244	*		7,280		105		6,142	*		7,432		90		6,281	*		7,573
Collateral pool	—		3,138	*		3,770		—		2,979	*		3,624		—		2,538	*		3,065
1-4 family structure	—		1,356	*		3,307		—		1,372	*		3,354		—		1,623	*		3,602
Other	103		6,820	*		8,852		111		6,355	*		8,164		77		7,288	1		8,798
Total	$	1,643	143,084	17	%	$	168,138	$	1,758	142,731	17	%	$	166,465	$	1,251	145,661	16	%	$	171,370

*Less than 1%.

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

-24-

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.


								Jun 30, 2021 % Change from
(in millions, except ratios)		Jun 30, 2021		Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2021		Jun 30, 2020
Tangible book value per common share:
Total equity		$	193,127	188,034	185,712	181,727	178,635	3	%	8
Adjustments:
Preferred stock		(20,820)		(21,170)	(21,136)	(21,098)	(21,098)	2		1
Additional paid-in capital on preferred stock		136		139	152	159	159	(2)		(14)
Unearned ESOP shares		875		875	875	875	875	—		—
Noncontrolling interests		(1,865)		(1,130)	(1,033)	(859)	(736)	(65)		NM
Total common stockholders' equity	(A)	171,453		166,748	164,570	160,804	157,835	3		9
Adjustments:
Goodwill		(26,194)		(26,290)	(26,392)	(26,387)	(26,385)	—		1
Certain identifiable intangible assets (other than MSRs)		(301)		(322)	(342)	(366)	(389)	7		23
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(2,256)		(2,300)	(1,965)	(2,019)	(2,050)	2		(10)
Applicable deferred taxes related to goodwill and other intangible assets (1)		875		866	856	842	831	1		5
Tangible common equity	(B)	$	143,577	138,702	136,727	132,874	129,842	4		11
Common shares outstanding	(C)	4,108.0		4,141.1	4,144.0	4,132.5	4,119.6	(1)		—
Book value per common share	(A)/(C)	$	41.74	40.27	39.71	38.91	38.31	4		9
Tangible book value per common share	(B)/(C)	34.95		33.49	32.99	32.15	31.52	4		11

NM - Not meaningful

-25-

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


		Quarter ended							Jun 30, 2021 % Change from			Six months ended
(in millions, except ratios)		Jun 30, 2021			Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2021		Jun 30, 2020	Jun 30, 2021			Jun 30, 2020	% Change
Return on average tangible common equity:
Net income applicable to common stock	(A)	$	5,743		4,256	2,741	2,901	(4,160)	35	%	NM	$	9,999		(3,856)	NM
Average total equity		190,968			189,074	185,444	181,377	184,072	1		4	190,026			185,982	2	%
Adjustments:
Preferred stock		(21,108)			(21,840)	(21,223)	(21,098)	(21,344)	3		1	(21,472)			(21,569)	—
Additional paid-in capital on preferred stock		138			145	156	158	140	(5)		(1)	142			138	3
Unearned ESOP shares		875			875	875	875	1,140	—		(23)	875			1,141	(23)
Noncontrolling interests		(1,313)			(1,115)	(887)	(761)	(643)	(18)		NM	(1,215)			(714)	70
Average common stockholders’ equity	(B)	169,560			167,139	164,365	160,551	163,365	1		4	168,356			164,978	2
Adjustments:
Goodwill		(26,213)			(26,383)	(26,390)	(26,388)	(26,384)	1		1	(26,297)			(26,386)	—
Certain identifiable intangible assets (other than MSRs)		(310)			(330)	(354)	(378)	(402)	6		23	(320)			(414)	(23)
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(2,208)			(2,217)	(1,889)	(2,045)	(1,922)	—		(15)	(2,212)			(2,037)	9
Applicable deferred taxes related to goodwill and other intangible assets (1)		873			863	852	838	828	1		5	868			823	5
Average tangible common equity	(C)	$	141,702		139,072	136,584	132,578	135,485	2		5	$	140,395		136,964	3
Return on average common stockholders’ equity (ROE) (annualized)	(A)/(B)	13.6		%	10.3	6.6	7.2	(10.2)				12.0		%	(4.7)
Return on average tangible common equity (ROTCE) (annualized)	(A)/(C)	16.3			12.4	8.0	8.7	(12.3)				14.4			(5.7)

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.

-26-

Wells Fargo & Company and Subsidiaries

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


		Estimated							Jun 30, 2021 % Change from
(in billions, except ratios)		Jun 30, 2021			Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2021		Jun 30, 2020
Total equity (2)		$	193.1		188.0	185.7	181.7	178.6	3	%	8
Effect of accounting policy changes (2)		—			0.3	0.2	0.3	1.5
Total equity (as reported)		193.1			188.3	185.9	182.0	180.1	3		7
Adjustments:
Preferred stock		(20.8)			(21.2)	(21.1)	(21.1)	(21.1)	2		1
Additional paid-in capital on preferred stock		0.2			0.2	0.1	0.2	0.1	—		100
Unearned ESOP shares		0.9			0.9	0.9	0.9	0.9	—		—
Noncontrolling interests		(1.9)			(1.1)	(1.0)	(0.9)	(0.7)	(73)		NM
Total common stockholders' equity		171.5			167.1	164.8	161.1	159.3	3		8
Adjustments:
Goodwill		(26.2)			(26.3)	(26.4)	(26.4)	(26.4)	—		1
Certain identifiable intangible assets (other than MSRs)		(0.3)			(0.3)	(0.3)	(0.4)	(0.4)	—		25
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(2.3)			(2.3)	(2.0)	(2.0)	(2.1)	—		(10)
Applicable deferred taxes related to goodwill and other intangible assets (3)		0.9			0.9	0.9	0.8	0.8	—		13
CECL transition provision (4)		0.9			1.3	1.7	1.9	1.9	(31)		(53)
Other		(1.1)			(0.7)	(0.4)	(0.1)	(0.1)	(57)		NM
Common Equity Tier 1	(A)	143.4			139.7	138.3	134.9	133.0	3		8


Preferred stock		20.8			21.2	21.1	21.1	21.1	(2)		(1)
Additional paid-in capital on preferred stock		(0.2)			(0.2)	(0.1)	(0.2)	(0.1)	—		(100)
Unearned ESOP shares		(0.9)			(0.9)	(0.9)	(0.9)	(0.9)	—		—
Other		(0.2)			(0.1)	(0.2)	(0.2)	(0.2)	(100)		—
Total Tier 1 capital	(B)	162.9			159.7	158.2	154.7	152.9	2		7

Long-term debt and other instruments qualifying as Tier 2		23.2			23.8	24.4	25.0	25.5	(3)		(9)
Qualifying allowance for credit losses (5)		14.3			14.1	14.1	14.1	14.4	1		(1)
Other		(0.4)			(0.2)	(0.1)	(0.1)	(0.3)	(100)		(33)





Effect of Basel III transition requirements		—			0.1	0.1	0.1	0.1	(100)		(100)
Total qualifying capital (Basel III transition requirements)	(C)	$	200.0		197.5	196.7	193.8	192.6	1		4

Total risk-weighted assets (RWAs)	(D)	$	1,188.8		1,179.0	1,193.7	1,185.6	1,213.1	1		(2)

Common Equity Tier 1 to total RWAs	(A)/(D)	12.1		%	11.8	11.6	11.4	11.0
Tier 1 capital to total RWAs	(B)/(D)	13.7			13.5	13.3	13.1	12.6
Total capital to total RWAs	(C)/(D)	16.8			16.8	16.5	16.3	15.9

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 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)In second quarter 2021, we elected to change our accounting method for low-income housing tax credit (LIHTC) investments. We also elected to change the presentation of investment tax credits related to solar energy investments. Prior period total equity was revised to conform with the current period presentation. Prior period risk-based capital and certain other regulatory related metrics were not revised.

(3)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.

(4)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 June 30, 2021, was an increase in capital of $879 million, reflecting a $991 million (post-tax) increase in capital recognized upon our initial adoption of CECL, offset by 25% of the $7.5 billion increase in our ACL under CECL from January 1, 2020, through June 30, 2021.

(5)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.

-27-

Wells Fargo & Company and Subsidiaries

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


		Estimated							Jun 30, 2021 % Change from
(in billions, except ratios)		Jun 30, 2021			Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2021		Jun 30, 2020
Total equity (2)		$	193.1		188.0	185.7	181.7	178.6	3	%	8
Effect of accounting policy changes (2)		—			0.3	0.2	0.3	1.5
Total equity (as reported)		193.1			188.3	185.9	182.0	180.1	3		7
Adjustments:
Preferred stock		(20.8)			(21.2)	(21.1)	(21.1)	(21.1)	2		1
Additional paid-in capital on preferred stock		0.2			0.2	0.1	0.2	0.1	—		100
Unearned ESOP shares		0.9			0.9	0.9	0.9	0.9	—		—
Noncontrolling interests		(1.9)			(1.1)	(1.0)	(0.9)	(0.7)	(73)		NM
Total common stockholders' equity		171.5			167.1	164.8	161.1	159.3	3		8
Adjustments:
Goodwill		(26.2)			(26.3)	(26.4)	(26.4)	(26.4)	—		1
Certain identifiable intangible assets (other than MSRs)		(0.3)			(0.3)	(0.3)	(0.4)	(0.4)	—		25
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(2.3)			(2.3)	(2.0)	(2.0)	(2.1)	—		(10)
Applicable deferred taxes related to goodwill and other intangible assets (3)		0.9			0.9	0.9	0.8	0.8	—		13
CECL transition provision (4)		0.9			1.3	1.7	1.9	1.9	(31)		(53)
Other		(1.1)			(0.7)	(0.4)	(0.1)	(0.1)	(57)		NM
Common Equity Tier 1	(A)	143.4			139.7	138.3	134.9	133.0	3		8


Preferred stock		20.8			21.2	21.1	21.1	21.1	(2)		(1)
Additional paid-in capital on preferred stock		(0.2)			(0.2)	(0.1)	(0.2)	(0.1)	—		(100)
Unearned ESOP shares		(0.9)			(0.9)	(0.9)	(0.9)	(0.9)	—		—
Other		(0.2)			(0.1)	(0.2)	(0.2)	(0.2)	(100)		—
Total Tier 1 capital	(B)	162.9			159.7	158.2	154.7	152.9	2		7

Long-term debt and other instruments qualifying as Tier 2		23.2			23.8	24.4	25.0	25.5	(3)		(9)
Qualifying allowance for credit losses (5)		4.3			4.2	4.4	4.5	4.6	2		(7)
Other		(0.5)			(0.3)	(0.2)	(0.1)	(0.3)	(67)		(67)





Effect of Basel III transition requirements		—			0.3	0.1	0.1	0.1	(100)		(100)
Total qualifying capital (Basel III transition requirements)	(C)	$	189.9		187.7	186.9	184.2	182.8	1		4

Total RWAs	(D)	$	1,126.6		1,109.4	1,158.4	1,172.0	1,195.4	2		(6)

Common Equity Tier 1 to total RWAs	(A)/(D)	12.7		%	12.6	11.9	11.5	11.1
Tier 1 capital to total RWAs	(B)/(D)	14.5			14.4	13.7	13.2	12.8
Total capital to total RWAs	(C)/(D)	16.9			16.9	16.1	15.7	15.3

NM – Not meaningful

(5)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.

-28-

Wells Fargo & Company and Subsidiaries

DEFERRED COMPENSATION AND RELATED HEDGES


	Quarter ended
(in millions)	Jun 30, 2021		Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020
Net interest income	$	—	—	—	—	3
Net gains from equity securities	1		—	1	1	346
Total revenue from deferred compensation plan investments	1		—	1	1	349
Increase in deferred compensation plan liabilities	(257)		(165)	(470)	(220)	(490)
Net derivative gains from economic hedges of deferred compensation (1)	239		160	422	215	141
Increase in personnel expense	(18)		(5)	(48)	(5)	(349)
Loss before income tax expense	$	(17)	(5)	(47)	(4)	—

(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.

-29-

Wells Fargo & Company and Subsidiaries

CHANGES IN ACCOUNTING POLICY FOR LOW-INCOME HOUSING TAX CREDIT INVESTMENTS AND SOLAR ENERGY INVESTMENTS

In second quarter 2021, we retroactively changed the accounting for certain tax-advantaged investments to better align the financial statement presentation of the economic impact of these investments with the related tax credits.

◦We elected to change our accounting for low-income housing tax credit investments from the equity method of accounting to the proportional amortization method. Under the proportional amortization method, the amortization of the investments and the related tax impacts are recognized in income tax expense. Previously, we recognized the amortization of the investments in other noninterest income and the related tax impacts were recognized in income tax expense.

◦We elected to change the presentation of investment tax credits related to solar energy investments. We reclassified the investment tax credits on our balance sheet from accrued expenses and other liabilities to a reduction of the carrying value of the investment balances. We also reclassified the related benefits of the investment tax credits from a reduction to income tax expense to an increase in interest income for solar energy leases or an increase in noninterest income for solar energy equity investments.

These changes had a nominal impact on net income and retained earnings on an annual basis; however, our quarterly results were affected in both the second and third quarters of 2020 due to the impact of these changes on the estimated annual effective income tax rate applied to each quarter. These changes also improved our efficiency ratio and generally increased our effective income tax rate from what was previously reported.

Prior period financial statement line items have been revised to conform with the current period presentation. Prior period risk-based capital and certain other regulatory related metrics were not revised. The table below presents the impact of these accounting policy changes to our consolidated statement of income and consolidated balance sheet.


	Quarter Ended																	Year Ended
	Mar 31, 2021					Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Dec 31, 2020
($ in millions, except per share amounts)	As reported			Effect of changes	As revised	As reported	Effect of changes	As revised	As reported	Effect of changes	As revised	As reported	Effect of changes	As revised	As reported	Effect of changes	As revised	As reported	Effect of changes	As revised
Selected Income Statement Data
Interest income – loans	$	7,191		10	7,201	7,642	80	7,722	7,954	11	7,965	8,448	12	8,460	10,065	18	10,083	34,109	121	34,230
Noninterest income	9,265			459	9,724	8,650	484	9,134	9,494	443	9,937	7,956	438	8,394	6,405	438	6,843	32,505	1,803	34,308
Income tax expense (benefit) (1)	326			575	901	108	466	574	645	(728)	(83)	(3,917)	1,916	(2,001)	159	194	353	(3,005)	1,848	(1,157)
Net income (loss)	4,742			(106)	4,636	2,992	99	3,091	2,035	1,181	3,216	(2,379)	(1,467)	(3,846)	653	263	916	3,301	76	3,377
Earnings (loss) per common share	1.05			(0.02)	1.03	0.64	0.02	0.66	0.42	0.28	0.70	(0.66)	(0.35)	(1.01)	0.01	0.06	0.07	0.42	0.01	0.43
Diluted earnings (loss) per common share	1.05			(0.03)	1.02	0.64	0.02	0.66	0.42	0.28	0.70	(0.66)	(0.35)	(1.01)	0.01	0.06	0.07	0.41	0.02	0.43
Selected Metrics
Efficiency ratio	77		%	(2)	75	83	(3)	80	81	(2)	79	82	(2)	80	74	(2)	72	80	(2)	78
Effective income tax rate (2)	6.4			10	16.3	3.5	12	15.6	24.1	(27)	(2.6)	62.2	(28)	34.2	19.5	8	27.8	(1,015.6)	964	(52.1)
Selected Balance Sheet Data
Equity securities	$	59,981		(2,279)	57,702	62,260	(2,252)	60,008	51,169	(1,821)	49,348	52,494	(1,718)	50,776	54,047	(1,781)	52,266	62,260	(2,252)	60,008
Accrued expenses and other liabilities	76,914			(1,965)	74,949	76,404	(2,044)	74,360	72,271	(1,516)	70,755	75,159	(231)	74,928	76,238	(1,761)	74,477	76,404	(2,044)	74,360
Retained earnings	166,772			(314)	166,458	162,890	(207)	162,683	160,913	(306)	160,607	159,952	(1,486)	158,466	165,308	(20)	165,288	162,890	(207)	162,683

(1)The quarterly income tax expense (benefit) varies based on the income (loss) before income tax expense (benefit) and the estimated annual effective income tax rate applied to each quarter.

(2)Represents income tax expense (benefit) divided by income (loss) before income tax expense (benefit) less the net income (loss) from noncontrolling interests.

-30-

© 2021 Wells Fargo Bank, N.A. All rights reserved. 2Q21 Financial Results July 14, 2021 In second quarter 2021, we elected to change our accounting method for low-income housing tax credit (LIHTC) investments. We also elected to change the presentation of investment tax credits related to solar energy investments. Prior period financial statement line items have been revised to conform with the current period presentation. Prior period risk-based capital and certain other regulatory related metrics were not revised. For additional information, including the financial statement line items impacted by these changes, see page 16. Exhibit 99.3

22Q21 Financial Results • Helped 3.7 million consumer and small business customers by deferring payments and waiving fees • Funded approximately 282,000 loans totaling ~$14.0 billion under the Paycheck Protection Program (PPP) and facilitated an additional $234 million in liquidity for Community Development Financial Institutions (CDFIs) and African American owned Minority Depository Institutions (MDIs) – Average loan size of $50,000, the lowest among all large financial institutions1 – More than $6.5 billion, or 42% of the total number of PPP customers, to small businesses located in either a low-to-moderate income (LMI) area or a historically underserved census tract – In 2Q21, funded ~17,900 loans totaling $730 million ◦ Average loan size of $41,000 • Helped over 942,000 homeowners with new low-rate loans to either purchase a home or refinance an existing mortgage: over 364,000 purchases and over 578,000 refis Actively helping our customers and communities Supporting Our Customers Supporting Our Communities • Charitable Contributions: Deployed $656 million in philanthropic contributions, including support for the Open for Business Fund • Inclusive Small Business Recovery: Open for Business Fund provided grants to 127 CDFIs to help a projected 41,000 small business owners maintain more than 117,000 jobs (August 2020 - June 2021) • Investing in Minority Depository Institutions (MDIs): Completed investments in 13 black-owned banks, fulfilling $50 million pledge made in 2020 • Issued Inclusive Communities and Climate Bond: In May 2021, issued our first Sustainable Bond, raising $1 billion in capital to support housing affordability, socioeconomic advancement and empowerment, and renewable energy • Banking Inclusion Initiative: Announced a 10-year commitment to help unbanked individuals gain access to affordable, mainstream, digitally-enabled transactional accounts • Support for OneTen: Joined a coalition focused on hiring, retention, upskilling and advancement of Black and African American talent by creating one million family-sustaining careers over the next 10 years and fostering more diverse and inclusive corporate cultures • Development of Black Entrepreneurs: Anchored the launch of the Black Economic Alliance Entrepreneurs Fund with a $20 million investment focused on accelerating the growth of Black small businesses and owners • Access to Capital in Underserved Communities: Announced a $25 million grant to Opportunity Finance Network's Finance Justice Fund aimed at accelerating households, small businesses and community development in low-wealth communities All data cited on this slide is from January 1, 2020 – June 30, 2021, unless otherwise noted. 1. Source: U.S. Small Business Administration.

32Q21 Financial Results 2Q21 results Financial Results ROE: 13.6% ROTCE: 16.3%1 Efficiency ratio: 66%2 Credit Quality Capital and Liquidity CET1: 12.1%3 LCR: 123%4 • Provision for credit losses of $(1.3) billion, down $10.8 billion – Total net charge-offs of $379 million, down $735 million ◦ Net loan charge-offs of 0.18% of average loans (annualized) – Allowance for credit losses for loans of $16.4 billion, down $4.0 billion from 2Q20 and down $1.7 billion from 1Q21 • Common Equity Tier 1 (CET1) capital of $143.4 billion3 • CET1 ratio of 12.1% under the Standardized Approach and 12.7% under the Advanced Approach3 • Common stock dividend of $0.10 per share, or $411 million • Repurchased 35.3 million shares of common stock, or $1.6 billion, in the quarter Comparisons in the bullet points are for 2Q21 versus 2Q20, unless otherwise noted. 1. Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 17. 2. The efficiency ratio is noninterest expense divided by total revenue. 3. See page 18 for additional information regarding Common Equity Tier 1 (CET1) capital and ratios. CET1 is a preliminary estimate. 4. Liquidity coverage ratio (LCR) represents high-quality liquid assets divided by projected net cash outflows, as each is defined under the LCR rule. LCR is a preliminary estimate. 5. See page 16 for additional information regarding the accounting policy changes. ($ in millions, except EPS) Pre-tax Income EPS Change in the allowance for credit losses $1,639 0.30 Sale of student loans (Gain = $147 and goodwill write-down = $79) 68 0.01 • Effective income tax rate of 19.3% reflected accounting policy changes for certain tax-advantaged investments5 • Average loans of $854.7 billion, down 12% • Average deposits of $1.4 trillion, up 4% • Net income of $6.0 billion, or $1.38 per diluted common share – Revenue of $20.3 billion, up 11% ◦ Net gains from equity securities of $2.7 billion ($2.0 billion net of noncontrolling interests), up from $533 million in 2Q20 and $392 million in 1Q21 – Noninterest expense of $13.3 billion, down 8% – Results included:

42Q21 Financial Results 2Q21 earnings nm - not meaningful 1. Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 17. $ in millions (mm), except per share data 2Q21 1Q21 2Q20 vs. 1Q21 vs. 2Q20 Net interest income $8,800 8,808 9,892 ($8) (1,092) Noninterest income 11,470 9,724 8,394 1,746 3,076 Total revenue 20,270 18,532 18,286 1,738 1,984 Net charge-offs 379 523 1,114 (144) (735) Change in the allowance for credit losses (1,639) (1,571) 8,420 (68) (10,059) Provision for credit losses (1,260) (1,048) 9,534 (212) (10,794) Noninterest expense 13,341 13,989 14,551 (648) (1,210) Pre-tax income (loss) 8,189 5,591 (5,799) 2,598 13,988 Income tax expense (benefit) 1,445 901 (2,001) 544 3,446 Effective income tax rate (%) 19.3 % 16.3 34.2 303 bps nm Net income (loss) $6,040 4,636 (3,846) $1,404 9,886 Diluted earnings (loss) per common share $1.38 1.02 (1.01) $0.36 2.39 Diluted average common shares (mm) # 4,156.1 4,171.0 4,105.5 (15) 51 Return on equity (ROE) 13.6 % 10.3 (10.2) 327 bps nm Return on average tangible common equity (ROTCE) 1 16.3 12.4 (12.3) 384 nm Efficiency ratio 66 75 80 (967) nm

52Q21 Financial Results Credit quality • Commercial net loan charge-offs down $69 million on broad-based declines • Consumer net loan charge-offs decreased $63 million primarily driven by lower losses in other consumer loans • Nonperforming assets decreased $695 million, or 8%, predominantly driven by a decline in commercial nonaccruals Provision for Credit Losses and Net Charge-offs ($ 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 17 bps from 1Q21 and down 27 bps from 2Q20 Comparisons in the bullet points are for 2Q21 versus 1Q21, unless otherwise noted. 769 (179) (1,048) (1,260) 1,114 731 584 523 379 Provision for Credit Losses Net Charge-offs Net Loan Charge-off Ratio 2Q20 3Q20 4Q20 1Q21 2Q21 20,436 20,471 19,713 18,043 16,391 11,669 11,542 11,516 10,682 9,570 8,767 8,929 8,197 7,361 6,821 Commercial Consumer Allowance coverage for total loans 2Q20 3Q20 4Q20 1Q21 2Q21 0.46% 0.29% 0.24% 0.26% 0.18% 2.22%2.19% 2.22% 2.09% 1.92% 9,534

62Q21 Financial Results Average loans and deposits • Average loans down $116.6 billion, or 12%, year-over-year (YoY), and down $18.7 billion, or 2%, from 1Q21 on lower consumer loans predominantly driven by a $20.3 billion decline in consumer real estate loans • Total average loan yield of 3.33%, down 1 bp from 1Q21 and down 17 bps YoY reflecting the repricing impacts of lower interest rates, as well as lower consumer real estate loans • Average deposits up $49.1 billion, or 4%, YoY, and up $42.3 billion, or 3%, from 1Q21 as growth across a number of operating segments was partially offset by targeted actions to manage to the asset cap, primarily in Corporate and Investment Banking, and Corporate Treasury • Average deposit cost of 3 bps, stable from 1Q21 and down 14 bps YoY reflecting the lower interest rate environment Average Loans Outstanding ($ in billions) Average Deposits and Rates ($ in billions) 971.3 931.7 899.7 873.4 854.7 545.3 497.7 476.5 476.6 477.0 426.0 434.0 423.2 396.8 377.7 Commercial Loans Consumer Loans Total Average Loan Yield 2Q20 3Q20 4Q20 1Q21 2Q21 1,386.7 1,399.0 1,380.1 1,393.5 1,435.8 715.1 756.5 763.2 789.4 835.7 184.1 179.0 184.9 189.4 192.6 239.6 226.1 205.8 194.5 190.8 165.2 169.4 169.8 173.7 175.0 82.7 68.0 56.4 46.5 Corporate Wealth and Investment Management Corporate and Investment Banking Commercial Banking Consumer Banking and Lending 2Q20 3Q20 4Q20 1Q21 2Q21 3.50% 3.41% 3.43% 3.34% 3.33% Average Deposit Cost 0.17% 0.09% 0.05% 0.03% 0.03% 41.7

72Q21 Financial Results Net interest income • Net interest income decreased $1.1 billion, or 11%, YoY reflecting the impact of lower interest rates, lower loan balances due to soft demand and elevated prepayments, as well as higher mortgage-backed securities (MBS) premium amortization, partially offset by a decline in long-term debt – 2Q21 MBS premium amortization was $587 million vs. $548 million in 2Q20 and $616 million in 1Q21 • Net interest income was stable compared with 1Q21 as favorable hedge ineffectiveness accounting results, higher Paycheck Protection Program (PPP) income, and one additional day in the quarter were offset by lower loan balances and the impact of lower interest rates Net Interest Income ($ in millions) 9,892 9,379 9,355 8,808 8,800 Net Interest Income Net Interest Margin on a taxable-equivalent basis 2Q20 3Q20 4Q20 1Q21 2Q21 2.25% 2.13% 2.15% 2.05% 2.02% 1. Includes taxable-equivalent adjustments predominantly related to tax-exempt income on certain loans and securities. 1

82Q21 Financial Results Noninterest expense • Noninterest expense down 8% from 2Q20 – Personnel expense down 1% ◦ Lower deferred compensation expense and lower salaries expense on reduced headcount ◦ Partially offset by higher incentives and revenue-related compensation, including the impact of higher market valuations on stock-based compensation – Non-personnel expense down $1.1 billion, or 20%, primarily due to lower operating losses, as well as lower professional and outside services expense reflecting efficiency initiatives to reduce our spend on consultants and contractors ◦ 2Q21 included a $79 million goodwill write-down related to the sale of student loans • Noninterest expense down 5% from 1Q21 – Personnel expense down 8% from seasonally higher expenses in 1Q21, partially offset by one additional day in the quarter, as well as higher revenue-related compensation – Non-personnel expense up $92 million, or 2%, and included higher operating losses, professional and outside services expense, and advertising and promotion expense Noninterest Expense ($ in millions) 14,551 15,229 14,802 13,989 13,341 8,916 8,624 8,948 9,558 8,818 1,219 1,219 4,416 4,668 4,452 4,101 4,145 Goodwill Write-down All Other Expenses Restructuring Charges Operating Losses Personnel Expense 2Q20 3Q20 4Q20 1Q21 2Q21 Headcount ( Period-end, '000s) 2Q20 3Q20 4Q20 1Q21 2Q21 276 275 269 265 259 104 303 (4) 213 13781 621 718 79

92Q21 Financial Results Consumer Banking and Lending • Total revenue up 14% YoY and up modestly from 1Q21 – CSBB up 7% YoY and 4% from 1Q21 primarily driven by higher deposit-related fees and higher debit card transactions – Home Lending up 40% YoY driven by higher servicing income and higher mortgage origination and sales revenue; down 7% from 1Q21 as lower retail held-for-sale originations and gain-on-sale margins were partially offset by higher income related to the re-securitization of loans purchased from mortgage backed-securities – Credit Card up 14% YoY on higher point of sale volumes compared with a 2Q20 that had higher customer accommodations and fee waivers in response to the COVID-19 pandemic – Auto up 7% YoY and up 3% from 1Q21 on higher loan balances • Noninterest expense down 11% YoY predominantly due to lower operating losses and lower personnel 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. Summary Financials $ in millions (mm) 2Q21 vs. 1Q21 vs. 2Q20 Revenue by line of business: Consumer and Small Business Banking (CSBB) $4,714 $164 313 Consumer Lending: Home Lending 2,072 (155) 595 Credit Card 1,363 17 167 Auto 415 12 27 Personal Lending 122 (6) (24) Total revenue 8,686 32 1,078 Provision for credit losses (367) 52 (3,469) Noninterest expense 6,202 (65) (731) Pre-tax income 2,851 45 5,278 Net income $2,138 $34 3,915 Selected Metrics 2Q21 1Q21 2Q20 Return on allocated capital 1 17.3 % 17.2 (15.5) Efficiency ratio 2 71 72 91 Retail bank branches # 4,878 4,944 5,300 Digital (online and mobile) active customers 3 (mm) 32.6 32.9 31.1 Mobile active customers 3 (mm) 26.8 26.7 25.2 Average Balances and Selected Credit Metrics $ in billions 2Q21 1Q21 2Q20 Balances Loans $331.9 353.1 369.6 Deposits 835.8 789.4 715.1 Credit Performance Net charge-offs as a % of average loans 0.43 % 0.42 0.60

102Q21 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. 59.2 61.6 53.9 51.8 53.2 30.5 32.8 32.3 33.6 36.9 28.7 28.8 21.6 18.2 16.3 Retail Correspondent Refinances as a % of Originations 2Q20 3Q20 4Q20 1Q21 2Q21 93.1 102.9 105.3 108.5 122.0 POS Volume ($ in billions) POS Transactions (billions) 2Q20 3Q20 4Q20 1Q21 2Q21 5.6 5.4 5.3 7.0 8.3 2Q20 3Q20 4Q20 1Q21 2Q21 17.5 21.3 22.9 21.1 25.5 2Q20 3Q20 4Q20 1Q21 2Q21 2.0 2.3 2.3 2.3 2.5 62% 51% 52% 64% 55%

112Q21 Financial Results Commercial Banking • Total revenue down 10% YoY and up 1% from 1Q21 – Middle Market Banking revenue down 9% YoY primarily due to lower loan balances on reduced client demand and line utilization, as well as the impact of lower interest rates, partially offset by higher deposit balances and deposit- related fees – Asset-Based Lending and Leasing revenue down 12% YoY driven by lower loan balances as a result of lower line utilization reflecting reduced client financing needs due to lower inventory levels, partially offset by improved loan spreads, higher net gains on equity securities, and higher revenue from our renewable energy investments • Noninterest expense decreased 9% YoY primarily driven by lower salaries expense Summary Financials1 $ in millions 2Q21 vs. 1Q21 vs. 2Q20 Revenue by line of business: Middle Market Banking $1,151 ($8) (116) Asset-Based Lending and Leasing 957 35 (127) Total revenue 2,108 27 (243) Provision for credit losses (382) 17 (2,677) Noninterest expense 1,443 (187) (137) Pre-tax income 1,047 197 2,571 Net income $784 $147 1,930 Selected Metrics 2Q21 1Q21 2Q20 Return on allocated capital 15.2 % 12.3 (24.7) Efficiency ratio 68 78 67 Average loans by line of business ($ in billions) Middle Market Banking $102.1 104.4 122.3 Asset-Based Lending and Leasing 76.5 78.8 106.1 Total loans $178.6 183.2 228.4 Average deposits 192.6 189.4 184.1 1. In March 2021, we announced an agreement to sell our Corporate Trust Services (CTS) business and, in 2Q21, we moved the business from the Commercial Banking operating segment to Corporate. Prior period balances have been revised to conform with the current period presentation.

122Q21 Financial Results Corporate and Investment Banking • Total revenue down 18% YoY and down 7% from 1Q21 – Banking revenue down 6% YoY on lower debt capital markets, the impact of lower interest rates, and lower deposit balances predominantly due to actions taken to manage under the asset cap – Commercial Real Estate revenue up 21% YoY driven by higher commercial mortgage-backed securities gain-on-sale margins and volumes, as well as changes in the valuation of commercial mortgage servicing rights and improved results in our low-income housing business; up 11% from 1Q21 on higher capital markets activity primarily due to agency volumes, as well as higher servicing income – Markets revenue down 45% YoY and down 25% from 1Q21 on lower trading activity across most asset classes primarily due to market conditions • Noninterest expense down 12% YoY primarily driven by lower operating losses Summary Financials $ in millions 2Q21 vs. 1Q21 vs. 2Q20 Revenue by line of business: Banking: Lending $474 $21 10 Treasury Management and Payments 353 (17) (50) Investment Banking 407 (9) (37) Total Banking 1,234 (5) (77) Commercial Real Estate 1,014 102 177 Markets: Fixed Income, Currencies and Commodities (FICC) 888 (256) (618) Equities 206 (46) (96) Credit Adjustment (CVA/DVA) and Other (16) (52) (155) Total Markets 1,078 (354) (869) Other 12 (9) 48 Total revenue 3,338 (266) (721) Provision for credit losses (501) (217) (4,257) Noninterest expense 1,805 (28) (239) Pre-tax income 2,034 (21) 3,775 Net income $1,523 ($32) 2,856 Selected Metrics 2Q21 1Q21 2Q20 Return on allocated capital 17.0 % 17.6 (16.8) Efficiency ratio 54 51 50 Average Balances ($ in billions) Loans by line of business 2Q21 1Q21 2Q20 Banking $90.8 86.5 106.0 Commercial Real Estate 108.9 107.6 110.6 Markets 52.7 52.0 57.0 Total loans $252.4 246.1 273.6 Deposits 190.8 194.5 239.6 Trading-related assets 191.5 197.4 199.6

132Q21 Financial Results Wealth and Investment Management • Total revenue up 10% YoY – Net interest income down 15% YoY driven by the impact of lower interest rates, partially offset by higher deposit and loan balances – Noninterest income up 18% YoY primarily due to higher asset-based fees on higher market valuations, and up 1% from 1Q21 as higher asset-based fees were partially offset by lower retail brokerage transactional activity. Additionally, 2Q20 included higher deferred compensation plan investment results (largely P&L neutral) • Noninterest expense up 5% YoY as higher revenue-related compensation was partially offset by lower deferred compensation plan investment expense (largely P&L neutral), and down 5% from 1Q21 from seasonally higher personnel expense in 1Q21 • Total client assets increased 20% YoY to a record $2.1 trillion, primarily driven by higher market valuations Summary Financials $ in millions 2Q21 vs. 1Q21 vs. 2Q20 Net interest income $610 ($47) (109) Noninterest income 2,926 39 439 Total revenue 3,536 (8) 330 Provision for credit losses 24 67 (231) Noninterest expense 2,891 (137) 148 Pre-tax income 621 62 413 Net income $465 $46 309 Selected Metrics ($ in billions, unless otherwise noted) 2Q21 1Q21 2Q20 Return on allocated capital 20.7 % 18.9 6.6 Efficiency ratio 82 85 86 Average loans $81.8 80.8 78.1 Average deposits 175.0 173.7 165.1 Client assets Advisory assets 931 885 743 Other brokerage assets and deposits 1,212 1,177 1,042 Total client assets $2,143 2,062 1,785 Annualized revenue per advisor ($ in thousands) 1 1,084 1,058 898 Total financial and wealth advisors 12,819 13,277 14,206 1. Represents annualized segment total revenue divided by average total financial and wealth advisors for the period.

142Q21 Financial Results Corporate • Net interest income down YoY primarily due to the impact of lower interest rates and lower loan balances due to the sale of student loans • Noninterest income up both YoY and from 1Q21 and included higher net gains on equity securities from our affiliated venture capital and private equity businesses, a $147 million gain on the sale of student loans, as well as a modest gain on the sale of our Canadian equipment finance business • Noninterest expense down YoY primarily due to lower deferred compensation expense (largely P&L neutral) – 2Q21 included a $79 million goodwill write-down on the sale of student loans Summary Financials1 $ in millions 2Q21 vs. 1Q21 vs. 2Q20 Net interest income ($304) $86 (364) Noninterest income 3,327 1,910 2,009 Total revenue 3,023 1,996 1,645 Provision for credit losses (34) (131) (160) Noninterest expense 1,000 (231) (251) Pre-tax income (loss) 2,057 2,358 2,056 Income tax expense (benefit) 223 498 523 Less: Net income (loss) from noncontrolling interests 704 651 657 Net income (loss) $1,130 $1,209 876 Selected Metrics ($ in billions) 2Q21 1Q21 2Q20 Wells Fargo Asset Management assets under management $603 590 578 1. In March 2021, we announced an agreement to sell our Corporate Trust Services (CTS) business and, in 2Q21, we moved the business from the Commercial Banking operating segment to Corporate. Prior period balances have been revised to conform with the current period presentation.

Appendix

162Q21 Financial Results Accounting policy changes for tax-advantaged investments • Prior period financial statement line items have been revised to conform with the current period presentation – Impact was nominal on net income and retained earnings on an annual basis; $(0.03) and $0.02 per diluted share impact in 1Q21 and 2020, respectively – Changes improved our efficiency ratio and generally increased our effective income tax rate from what was previously reported • In 2Q21, we elected to change our accounting for low-income housing tax credit investments and our presentation of investment tax credits related to solar energy investments to better align the financial statement presentation of the economic impact of these investments with the related tax credits • We make investments in affordable housing and renewable energy to support our community development and sustainability efforts Prior Policy Impact New Policy Impact Income Statement Low-Income Housing Tax Credit (LIHTC) Investment Losses Recognized in noninterest income Recognized in income tax expense; netted against tax credits Solar Energy Investment Tax Credits Recognized in income tax expense Recognized in revenue; netted against investment losses/income 1Q21 2020 As previously reported Efficiency ratio 77 % 80 Effective income tax rate 6.4 % nm As revised Efficiency ratio 75 % 78 Effective income tax rate 16.3 % nm • For additional information, including the financial statement line items impacted by these changes, see page 30 of our 2Q21 Earnings Supplement nm - not meaningful

172Q21 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) Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Return on average tangible common equity: Net income applicable to common stock (A) $ 5,743 4,256 2,741 2,901 (4,160) Average total equity 190,968 189,074 185,444 181,377 184,072 Adjustments: Preferred stock (21,108) (21,840) (21,223) (21,098) (21,344) Additional paid-in capital on preferred stock 138 145 156 158 140 Unearned ESOP shares 875 875 875 875 1,140 Noncontrolling interests (1,313) (1,115) (887) (761) (643) Average common stockholders’ equity (B) $ 169,560 167,139 164,365 160,551 163,365 Adjustments: Goodwill (26,213) (26,383) (26,390) (26,388) (26,384) Certain identifiable intangible assets (other than MSRs) (310) (330) (354) (378) (402) Goodwill and other intangibles on nonmarketable equity securities (included in other assets) (2,208) (2,217) (1,889) (2,045) (1,922) Applicable deferred taxes related to goodwill and other intangible assets (1) 873 863 852 838 828 Average tangible common equity (C) $ 141,702 139,072 136,584 132,578 135,485 Return on average common stockholders’ equity (ROE) (annualized) (A)/(B) 13.6 % 10.3 6.6 7.2 (10.2) Return on average tangible common equity (ROTCE) (annualized) (A)/(C) 16.3 12.4 8.0 8.7 (12.3) (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.

182Q21 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) Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Total equity (2) $ 193.1 188.0 185.7 181.7 178.6 Effect of accounting policy changes (2) — 0.3 0.2 0.3 1.5 Total equity (as reported) 193.1 188.3 185.9 182.0 180.1 Adjustments: Preferred stock (20.8) (21.2) (21.1) (21.1) (21.1) Additional paid-in capital on preferred stock 0.2 0.2 0.1 0.2 0.1 Unearned ESOP shares 0.9 0.9 0.9 0.9 0.9 Noncontrolling interests (1.9) (1.1) (1.0) (0.9) (0.7) Total common stockholders' equity $ 171.5 167.1 164.8 161.1 159.3 Adjustments: Goodwill (26.2) (26.3) (26.4) (26.4) (26.4) Certain identifiable intangible assets (other than MSRs) (0.3) (0.3) (0.3) (0.4) (0.4) Goodwill and other intangibles on nonmarketable equity securities (included in other assets) (2.3) (2.3) (2.0) (2.0) (2.1) Applicable deferred taxes related to goodwill and other intangible assets (3) 0.9 0.9 0.9 0.8 0.8 Current expected credit loss (CECL) transition provision (4) 0.9 1.3 1.7 1.9 1.9 Other (1.1) (0.7) (0.4) (0.1) (0.1) Common Equity Tier 1 (A) $ 143.4 139.7 138.3 134.9 133.0 Total risk-weighted assets (RWAs) under Standardized Approach (B) $ 1,188.8 1,179.0 1,193.7 1,185.6 1,213.1 Total RWAs under Advanced Approach (C) 1,126.6 1,109.4 1,158.4 1,172.0 1,195.4 Common Equity Tier 1 to total RWAs under Standardized Approach (A)/(B) 12.1 % 11.8 11.6 11.4 11.0 Common Equity Tier 1 to total RWAs under Advanced Approach (A)/(C) 12.7 12.6 11.9 11.5 11.1 (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 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) In second quarter 2021, we elected to change our accounting method for low-income housing tax credit (LIHTC) investments. We also elected to change the presentation of investment tax credits related to solar energy investments. Prior period total equity was revised to conform with the current period presentation. Prior period risk-based capital and certain other regulatory related metrics were not revised. (3) 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. (4) 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 June 30, 2021, was an increase in capital of $879 million, reflecting a $991 million (post-tax) increase in capital recognized upon our initial adoption of CECL, offset by 25% of the $7.5 billion increase in our ACL under CECL from January 1, 2020, through June 30, 2021.

192Q21 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 June 30, 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 second 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: Jul 14

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