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

October 14, 2021 6:47 AM

Exhibit 99.1


			News Release \| October 14, 2021 Wells Fargo Reports Third Quarter 2021 Net Income of $5.1 billion, or $1.17 per Diluted Share


Company-wide Financial Summary


		Quarter ended
		Sep 30, 2021			Sep 30, 2020
Selected Income Statement Data ($ in millions except per share amounts)
	Total revenue	$	18,834		19,316
	Noninterest expense	13,303			15,229
	Provision for credit losses	(1,395)			769
	Net income	5,122			3,216
	Diluted earnings per common share	1.17			0.70

Selected Balance Sheet Data ($ in billions)
	Average loans	$	854.0		931.7
	Average deposits	1,450.9			1,399.0
	CET11	11.6		%	11.4

Performance Metrics
	ROE2	11.1		%	7.2
	ROTCE3	13.2			8.7


Operating Segments and Other Highlights


	Quarter ended		Sep 30, 2021 % Change from
($ in billions)	Sep 30, 2021			Jun 30, 2021		Sep 30, 2020
Average loans
Consumer Banking and Lending	$	325.6		(2)	%	(14)
Commercial Banking	178.6			—		(12)
Corporate and Investment Banking	257.3			2		3
Wealth and Investment Management	82.8			1		5

Average deposits
Consumer Banking and Lending	848.4			2		12
Commercial Banking	199.2			3		11
Corporate and Investment Banking	189.4			(1)		(16)
Wealth and Investment Management	176.6			1		4

Capital

◦Repurchased 114.2 million shares, or $5.3 billion, of common stock in third quarter 2021

◦Increased the common stock dividend to $0.20 per share, up from $0.10 per share in the prior quarter


Third quarter 2021 results included:

◦$1.7 billion, or $0.30 per share, decrease in the allowance for credit losses

◦$(250) million, or $(0.05) per share, impact of an operating loss associated with the September 2021 Office of the Comptroller of the Currency (OCC) enforcement action


Chief Executive Officer Charlie Scharf commented on the quarter, “The actions we’re taking to improve operating effectiveness and financial returns are coming through in our results, in addition to the benefits we’re experiencing from the economic recovery. We recorded a $1.7 billion pre-tax reduction in the allowance for credit losses and had strong equity gains. More importantly, charge-offs were low, net interest income stabilized and period-end loans grew for the first time since first quarter 2020. Expenses continued to decline as we made progress on our efficiency initiatives, and we increased our capital return to shareholders by repurchasing $5.3 billion of common stock and increasing our dividend.” “While the recent expiration of the 2018 CFPB consent order regarding retail sales practices is an important milestone in our progress to correct our past practices, the recent OCC enforcement actions are a reminder that the significant deficiencies that existed when I arrived must remain our top priority. We are a different company today and the operational and cultural changes we’ve made are enabling us to execute with significantly greater discipline than we have in the past. I believe we are making significant progress, and I remain confident in our ability to continue to close the remaining gaps over the next several years, though we may continue to have setbacks along the way,” Scharf continued. “The investments we’re making in risk and regulatory-related work come alongside investments we’re making in customer experience. These include new digital and mobile capabilities, a new digital infrastructure strategy, and new products with unique value propositions, including the Wells Fargo ReflectSM Card, which is the second new product in our redesigned portfolio of consumer credit cards,” Scharf added. “Finally, we continue to invest in our communities. We have donated $305 million from our Open for Business Fund, which has helped nearly 150,000 small businesses across the country navigate the challenges posed by the COVID-19 pandemic. Business owners have used the funding to pay their employees, pivot to new business models, buy needed supplies, and meet other business needs. We’re really proud of it,” 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 3Q21 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 3Q21 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 September 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		Sep 30, 2021 % Change from
		Sep 30, 2021			Jun 30, 2021	Sep 30, 2020	Jun 30, 2021		Sep 30, 2020
Earnings ($ in millions except per share amounts)
	Net interest income	$	8,909		8,800	9,379	1	%	(5)
	Noninterest income	9,925			11,470	9,937	(13)		—
	Total revenue	18,834			20,270	19,316	(7)		(2)
	Net charge-offs	257			379	731	(32)		(65)
	Change in the allowance for credit losses	(1,652)			(1,639)	38	(1)		NM
	Provision for credit losses	(1,395)			(1,260)	769	(11)		NM
	Noninterest expense	13,303			13,341	15,229	—		(13)
	Income tax expense (benefit)	1,521			1,445	(83)	5		NM

	Wells Fargo net income	$	5,122		6,040	3,216	(15)		59
	Diluted earnings per common share	1.17			1.38	0.70	(15)		67

Balance Sheet Data (average) ($ in billions)
	Loans	$	854.0		854.7	931.7	—		(8)
	Deposits	1,450.9			1,435.8	1,399.0	1		4
	Assets	1,949.7			1,939.9	1,945.9	1		—

Financial Ratios
	Return on assets (ROA)	1.04		%	1.25	0.66
	Return on equity (ROE)	11.1			13.6	7.2
	Return on average tangible common equity (ROTCE) (a)	13.2			16.3	8.7
	Efficiency ratio (b)	71			66	79
	Net interest margin on a taxable-equivalent basis	2.03			2.02	2.13

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 3Q21 Quarterly Supplement.

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

Third Quarter 2021 vs. Third Quarter 2020

◦Net interest income decreased 5%, primarily due to lower loan balances reflecting soft demand and elevated prepayments and the impact of lower yields on earning assets, partially offset by a decrease in long-term debt and lower mortgage-backed securities premium amortization

◦Noninterest income decreased slightly and included an increase in investment advisory and other asset-based fees primarily driven by higher market valuations, and improved results in our affiliated venture capital and private equity businesses, as well as higher card, deposit-related and investment banking fees. These increases were more than offset primarily by lower mortgage banking revenue, lower gains on the sale of securities, and lower Markets revenue in Corporate and Investment Banking

◦Noninterest expense decreased 13%, due to lower restructuring charges, operating losses, and occupancy expense. Additionally, salaries expense and consultant and contractor spend were lower due to efficiency initiatives. These decreases were partially offset by higher incentive and revenue-related compensation

◦Provision for credit losses in third quarter 2021 included a $1.7 billion decrease in the allowance for credit losses due to continued improvements in the economic environment, as well as a significant decrease in net charge-offs

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Selected Company-wide Capital and Liquidity Information


					Quarter ended
($ in billions)		Sep 30, 2021			Jun 30, 2021	Sep 30, 2020
Capital:
	Total equity	$	191.1		193.1	181.7
	Common stockholders’ equity	169.8			171.5	160.8
	Tangible common equity (a)	142.0			143.6	132.9
	CET1 ratio (b)	11.6		%	12.1	11.4
	Total loss absorbing capacity (TLAC) ratio (c)	23.7			25.1	25.8
	Supplementary Leverage Ratio (SLR) (d)	6.9			7.1	7.8

Liquidity:
	Liquidity Coverage Ratio (LCR) (e)	119			123	134

(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 3Q21 Quarterly Supplement for more information on CET1. CET1 for September 30, 2021, 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 for September 30, 2021, is a preliminary estimate.

(d)SLR for September 30, 2021, is a preliminary estimate.

(e)Represents high-quality liquid assets divided by projected net cash outflows, as each is defined under the LCR rule. LCR for September 30, 2021, is a preliminary estimate.

Selected Company-wide Credit Information


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

Net charge-offs		$	257		379	731
	Net loan charge-offs as a % of average total loans (annualized)	0.12		%	0.18	0.29

Total nonaccrual loans		$	7,058		7,371	8,022
	As a % of total loans	0.82		%	0.86	0.87
Total nonperforming assets		$	7,179		7,500	8,178
	As a % of total loans	0.83		%	0.88	0.89

Allowance for credit losses for loans		$	14,705		16,391	20,471
	As a % of total loans	1.70		%	1.92	2.22

Third Quarter 2021 vs. Second 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 0.03% (annualized), down from 0.07%, and the consumer net loan charge-off rate was 0.23% (annualized), down from 0.32%

◦Nonperforming assets decreased 4%. Nonaccrual loans declined $313 million predominantly driven by a decrease in commercial nonaccrual loans, partially offset by an increase in residential mortgage-first lien nonaccrual loans

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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				Sep 30, 2021 % Change from
			Sep 30, 2021		Jun 30, 2021	Sep 30, 2020	Jun 30, 2021		Sep 30, 2020
Earnings (in millions)
	Consumer and Small Business Banking		$	4,822	4,714	4,721	2	%	2
	Consumer Lending:
		Home Lending	2,012		2,072	2,527	(3)		(20)
		Credit Card	1,399		1,363	1,345	3		4
		Auto	445		415	404	7		10
		Personal Lending	126		122	149	3		(15)

	Total revenue		8,804		8,686	9,146	1		(4)
	Provision for credit losses		(518)		(367)	640	(41)		NM
	Noninterest expense		6,053		6,202	7,345	(2)		(18)

	Net income		$	2,451	2,138	871	15		181

Average balances (in billions)
	Loans		$	325.6	331.9	379.8	(2)		(14)
	Deposits		848.4		835.8	756.5	2		12

NM – Not meaningful

Third Quarter 2021 vs. Third Quarter 2020

◦Revenue decreased 4%

▪Consumer and Small Business Banking was up 2% primarily due to an increase in consumer activity, including higher debit card transactions, and lower fee waivers provided in response to the COVID-19 pandemic. Net interest income declined as a result of lower interest rates, partially offset by higher deposit balances

▪Home Lending was down 20% primarily due to lower mortgage banking income and lower net interest income primarily driven by lower loan balances. The decline in mortgage banking income was primarily due to lower gain on sale margins and lower originations, as well as a decline in servicing fees, partially offset by higher gains from the re-securitization of loans we purchased from mortgage-backed securities last year

▪Credit Card was up 4% on higher point-of-sale volume and lower customer accommodations and fee waivers provided in response to the COVID-19 pandemic

▪Auto was up 10% on higher loan balances, while Personal Lending was down 15% due to lower loan balances

◦Noninterest expense was down 18% primarily due to lower operating losses and lower personnel expense due to efficiency initiatives, as well as a decline in occupancy expense on lower cleaning and other expenses related to the COVID-19 pandemic

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

Selected Financial Information


		Quarter ended				Sep 30, 2021 % Change from
		Sep 30, 2021		Jun 30, 2021	Sep 30, 2020	Jun 30, 2021		Sep 30, 2020
Earnings (in millions)
	Middle Market Banking	$	1,165	1,151	1,196	1	%	(3)
	Asset-Based Lending and Leasing	911		957	1,030	(5)		(12)
	Total revenue	2,076		2,108	2,226	(2)		(7)
	Provision for credit losses	(335)		(382)	339	12		NM
	Noninterest expense	1,396		1,443	1,623	(3)		(14)

	Net income	$	759	784	192	(3)		295

Average balances (in billions)
	Loans	$	178.6	178.6	201.9	—		(12)
	Deposits	199.2		192.6	179.0	3		11

NM – Not meaningful

Third Quarter 2021 vs. Third Quarter 2020

◦Revenue decreased 7%

▪Middle Market Banking was down 3% 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, as well as lower lease income, partially offset by improved loan spreads

◦Noninterest expense decreased 14% primarily driven by lower salaries expense and a decline in consulting expense due to efficiency initiatives, as well as lower lease expense

-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				Sep 30, 2021 % Change from
			Sep 30, 2021		Jun 30, 2021	Sep 30, 2020	Jun 30, 2021		Sep 30, 2020
Earnings (in millions)
	Banking:
		Lending	$	502	474	422	6	%	19
		Treasury Management and Payments	372		353	395	5		(6)
		Investment Banking	367		407	295	(10)		24
	Total Banking		1,241		1,234	1,112	1		12
	Commercial Real Estate		942		1,014	855	(7)		10
	Markets:
		Fixed Income, Currencies, and Commodities (FICC)	884		888	1,005	—		(12)
		Equities	234		206	312	14		(25)
		Credit Adjustment (CVA/DVA) and Other	58		(16)	62	463		(6)
	Total Markets		1,176		1,078	1,379	9		(15)
	Other		26		12	(39)	117		167
	Total revenue		3,385		3,338	3,307	1		2
	Provision for credit losses		(460)		(501)	(121)	8		NM
	Noninterest expense		1,797		1,805	1,991	—		(10)

	Net income		$	1,530	1,523	1,082	—		41

Average balances (in billions)
	Loans		$	257.3	252.4	249.9	2		3
	Deposits		189.4		190.8	226.1	(1)		(16)

NM – Not meaningful

Third Quarter 2021 vs. Third Quarter 2020

◦Revenue increased 2%

▪Banking was up 12% primarily driven by higher advisory and equity origination fees, and higher loan balances, partially offset by lower deposit balances predominantly due to actions taken to manage under the asset cap

▪Commercial Real Estate was up 10% reflecting higher commercial servicing income, loan balances, and capital markets results on stronger commercial mortgage gain on sale volumes and margins, and higher underwriting fees

▪Markets was down 15% on lower trading activity across most asset classes primarily due to market conditions

◦Noninterest expense decreased 10% primarily driven by reduced operations expense due to efficiency initiatives

-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				Sep 30, 2021 % Change from
		Sep 30, 2021		Jun 30, 2021	Sep 30, 2020	Jun 30, 2021		Sep 30, 2020
Earnings (in millions)
	Net interest income	$	637	610	717	4	%	(11)
	Noninterest income	2,981		2,926	2,573	2		16
	Total revenue	3,618		3,536	3,290	2		10
	Provision for credit losses	(73)		24	(10)	NM		NM
	Noninterest expense	2,917		2,891	2,742	1		6

	Net income	$	579	465	419	25		38

Total client assets (in billions)		2,091		2,143	1,855	(2)		13

Average balances (in billions)
	Loans	$	82.8	81.8	79.0	1		5
	Deposits	176.6		175.0	169.4	1		4

NM – Not meaningful

Third Quarter 2021 vs. Third Quarter 2020

◦Revenue increased 10%, predominantly due to higher asset-based fees on higher market valuations. Net interest income declined as a result of lower interest rates, partially offset by higher loan and deposit balances

◦Noninterest expense increased 6%, predominantly driven by higher revenue-related compensation, partially offset by lower salaries and occupancy expense due to efficiency initiatives

◦Total client assets increased 13%, 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, as well as results for previously divested businesses.

Selected Financial Information


		Quarter ended				Sep 30, 2021 % Change from
		Sep 30, 2021		Jun 30, 2021	Sep 30, 2020	Jun 30, 2021		Sep 30, 2020
Earnings (in millions)
	Net interest income	$	(427)	(304)	(268)	(40)	%	(59)
	Noninterest income	1,752		3,327	1,921	(47)		(9)
	Total revenue	1,325		3,023	1,653	(56)		(20)
	Provision for credit losses	(9)		(34)	(79)	74		89
	Noninterest expense	1,140		1,000	1,528	14		(25)

	Net income (loss)	$	(197)	1,130	652	NM		NM

NM – Not meaningful

Third Quarter 2021 vs. Third Quarter 2020

◦Revenue decreased 20%

▪Net interest income decreased, primarily due to lower loan balances due to the sale of our student loan portfolio

▪Noninterest income decreased on lower gains on the sale of securities in our investment portfolio, partially offset by improved results in our affiliated venture capital and private equity businesses

◦Noninterest expense decreased, primarily due to lower restructuring charges, partially offset by a $250 million operating loss associated with the September 2021 OCC enforcement action

Conference Call

The Company will host a live conference call on Thursday, October 14, at 11:30 a.m. ET. You may listen to the call by dialing 877-918-2317 (U.S. and Canada) or 312-470-7164 (International/U.S. Toll) and enter passcode: 1382313. The call will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and

https://attendesource.com/profile/web/index.cfm?PKwebID=0x85026abcd.

A replay of the conference call will be available from approximately 3 p.m. ET on Thursday, October 14 through Thursday, October 28. Please dial 866-385-0192 (U.S. and Canada) or 203-369-0389 (International/U.S. Toll) and enter passcode: 1421. The replay will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and https://attendesource.com/profile/web/index.cfm?PKwebID=0x85026abcd.

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Forward-Looking Statements

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

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

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

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

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

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

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

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

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

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

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

•negative effects from the retail banking sales practices matter and from other instances where customers may have experienced financial harm, including on our legal, operational and compliance costs, our ability to engage in certain business activities or offer certain products or services, our ability to keep and attract customers, our ability to attract and retain qualified employees, and our reputation;

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

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

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

•fiscal and monetary policies of the Federal Reserve Board;

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

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

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

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

For 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.gov4.

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.

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

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About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, 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 & 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

Beth Richek, 704-374-2545

beth.richek@wellsfargo.com

Investor Relations

John M. Campbell, 415-396-0523

john.m.campbell@wellsfargo.com

# # #

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Exhibit 99.2

3Q21 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

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA


	Quarter ended							Sep 30, 2021 % Change from			Nine months ended
(in millions, except per share amounts)	Sep 30, 2021			Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2021		Sep 30, 2020	Sep 30, 2021			Sep 30, 2020	% Change
Selected Income Statement Data
Total revenue	$	18,834		20,270	18,532	18,489	19,316	(7)	%	(2)	$	57,636		55,775	3	%
Noninterest expense	13,303			13,341	13,989	14,802	15,229	—		(13)	40,633			42,828	(5)
Pre-tax pre-provision profit (PTPP) (1)	5,531			6,929	4,543	3,687	4,087	(20)		35	17,003			12,947	31
Provision for credit losses	(1,395)			(1,260)	(1,048)	(179)	769	(11)		NM	(3,703)			14,308	NM
Wells Fargo net income	5,122			6,040	4,636	3,091	3,216	(15)		59	15,798			286	NM
Wells Fargo net income (loss) applicable to common stock	4,787			5,743	4,256	2,741	2,901	(17)		65	14,786			(955)	NM

Common Share Data
Diluted earnings (loss) per common share	1.17			1.38	1.02	0.66	0.70	(15)		67	3.57			(0.23)	NM
Dividends declared per common share	0.20			0.10	0.10	0.10	0.10	100		100	0.40			1.12	(64)
Common shares outstanding	3,996.9			4,108.0	4,141.1	4,144.0	4,132.5	(3)		(3)
Average common shares outstanding	4,056.3			4,124.6	4,141.3	4,137.6	4,123.8	(2)		(2)	4,107.1			4,111.4	—
Diluted average common shares outstanding (2)	4,090.4			4,156.1	4,171.0	4,151.3	4,132.2	(2)		(1)	4,140.0			4,111.4	1
Book value per common share (3)	$	42.47		41.74	40.27	39.71	38.91	2		9
Tangible book value per common share (3)(4)	35.54			34.95	33.49	32.99	32.15	2		11

Selected Equity Data (period-end)
Total equity	191,071			193,127	188,034	185,712	181,727	(1)		5
Common stockholders' equity	169,753			171,453	166,748	164,570	160,804	(1)		6
Tangible common equity (4)	142,047			143,577	138,702	136,727	132,874	(1)		7

Performance Ratios
Return on average assets (ROA) (5)	1.04		%	1.25	0.97	0.64	0.66				1.09		%	0.02
Return on average equity (ROE) (6)	11.1			13.6	10.3	6.6	7.2				11.7			(0.8)
Return on average tangible common equity (ROTCE) (4)	13.2			16.3	12.4	8.0	8.7				14.0			(0.9)
Efficiency ratio (7)	71			66	75	80	79				70			77
Net interest margin on a taxable-equivalent basis	2.03			2.02	2.05	2.16	2.13				2.03			2.32

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 the nine months ended September 30, 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 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							Sep 30, 2021 % Change from			Nine months ended
($ in millions, unless otherwise noted)	Sep 30, 2021			Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2021		Sep 30, 2020	Sep 30, 2021		Sep 30, 2020	% Change
Selected Balance Sheet Data (average)
Loans	$	854,024		854,747	873,439	899,704	931,708	—	%	(8)	$	860,666	955,918	(10)	%
Assets	1,949,700			1,939,879	1,934,425	1,925,013	1,945,911	1		—	1,941,391		1,947,315	—
Deposits	1,450,941			1,435,824	1,393,472	1,380,100	1,399,028	1		4	1,426,956		1,374,638	4

Selected Balance Sheet Data (period-end)
Debt securities	542,993			533,565	505,826	501,207	476,421	2		14
Loans	862,827			852,300	861,572	887,637	920,082	1		(6)
Allowance for credit losses for loans	14,705			16,391	18,043	19,713	20,471	(10)		(28)
Equity securities	66,526			64,547	57,702	60,008	49,348	3		35
Assets	1,954,901			1,945,996	1,957,264	1,952,911	1,920,399	—		2
Deposits	1,470,379			1,440,472	1,437,119	1,404,381	1,383,215	2		6

Headcount (#) (period-end)	253,871			259,196	264,513	268,531	274,931	(2)		(8)

Capital and other metrics (1)
Risk-based capital ratios and components (2):
Standardized Approach:
CET1	11.6		%	12.1	11.8	11.6	11.4
Tier 1 capital	13.2			13.7	13.5	13.3	13.1
Total capital	16.2			16.8	16.8	16.5	16.3
Risk-weighted assets (RWAs) (in billions)	$	1,219.1		1,188.7	1,179.0	1,193.7	1,185.6	3		3

Advanced Approach:
CET1	12.4		%	12.7	12.6	11.9	11.5
Tier 1 capital	14.1			14.5	14.4	13.7	13.2
Total capital	16.5			16.9	16.9	16.1	15.7
Risk-weighted assets (RWAs) (in billions)	$	1,138.3		1,126.5	1,109.4	1,158.4	1,172.0	1		(3)

Tier 1 leverage ratio	8.4		%	8.5	8.4	8.3	8.1
Supplementary Leverage Ratio (SLR)	6.9			7.1	7.9	8.1	7.8
Total Loss Absorbing Capacity (TLAC) Ratio (3)	23.7			25.1	25.2	25.7	25.8
Liquidity Coverage Ratio (LCR) (4)	119			123	127	133	134

(1)Ratios and metrics for September 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)Represents TLAC divided by the greater of RWAs determined under the Standardized and Advanced Approaches, which is our binding TLAC ratio.

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







Interest income	$	9,834	9,693	10,046	10,550	10,811	1	%	(9)	$	29,573	37,369	(21)	%





Interest expense	925		893	1,238	1,195	1,432	4		(35)	3,056		6,768	(55)
Net interest income	8,909		8,800	8,808	9,355	9,379	1		(5)	26,517		30,601	(13)
Noninterest income
Deposit-related fees	1,416		1,342	1,255	1,333	1,299	6		9	4,013		3,888	3
Lending-related fees	365		362	361	356	352	1		4	1,088		1,025	6
Investment advisory and other asset-based fees	2,882		2,794	2,756	2,598	2,505	3		15	8,432		7,265	16
Commissions and brokerage services fees	525		580	636	589	568	(9)		(8)	1,741		1,795	(3)
Investment banking fees	547		570	568	486	441	(4)		24	1,685		1,379	22
Card fees	1,078		1,077	949	943	912	—		18	3,104		2,601	19
Mortgage banking	1,259		1,336	1,326	1,207	1,590	(6)		(21)	3,921		2,286	72
Net gains (losses) from trading activities	92		21	348	(60)	361	338		(75)	461		1,232	(63)
Net gains on debt securities	283		—	151	160	264	NM		7	434		713	(39)
Net gains (losses) from equity securities	869		2,696	392	884	649	(68)		34	3,957		(219)	NM
Lease income	322		313	315	224	333	3		(3)	950		1,021	(7)
Other	287		379	667	414	663	(24)		(57)	1,333		2,188	(39)
Total noninterest income	9,925		11,470	9,724	9,134	9,937	(13)		—	31,119		25,174	24
Total revenue	18,834		20,270	18,532	18,489	19,316	(7)		(2)	57,636		55,775	3



Provision for credit losses	(1,395)		(1,260)	(1,048)	(179)	769	(11)		NM	(3,703)		14,308	NM
Noninterest expense
Personnel	8,690		8,818	9,558	8,948	8,624	(1)		1	27,066		25,863	5
Technology, telecommunications and equipment	741		815	844	838	791	(9)		(6)	2,400		2,261	6
Occupancy	738		735	770	826	851	—		(13)	2,243		2,437	(8)
Operating losses	540		303	213	621	1,219	78		(56)	1,056		2,902	(64)
Professional and outside services	1,417		1,450	1,388	1,664	1,760	(2)		(19)	4,255		5,042	(16)
Leases (1)	220		226	226	227	291	(3)		(24)	672		795	(15)
Advertising and promotion	153		132	90	138	144	16		6	375		462	(19)
Restructuring charges	1		(4)	13	781	718	125		(100)	10		718	(99)
Other	803		866	887	759	831	(7)		(3)	2,556		2,348	9
Total noninterest expense	13,303		13,341	13,989	14,802	15,229	—		(13)	40,633		42,828	(5)
Income (loss) before income tax expense (benefit)	6,926		8,189	5,591	3,866	3,318	(15)		109	20,706		(1,361)	NM
Income tax expense (benefit)	1,521		1,445	901	574	(83)	5		NM	3,867		(1,731)	NM
Net income before noncontrolling interests	5,405		6,744	4,690	3,292	3,401	(20)		59	16,839		370	NM
Less: Net income from noncontrolling interests	283		704	54	201	185	(60)		53	1,041		84	NM
Wells Fargo net income	$	5,122	6,040	4,636	3,091	3,216	(15)		59	$	15,798	286	NM
Less: Preferred stock dividends and other	335		297	380	350	315	13		6	1,012		1,241	(18)
Wells Fargo net income (loss) applicable to common stock	$	4,787	5,743	4,256	2,741	2,901	(17)		65	$	14,786	(955)	NM
Per share information
Earnings (loss) per common share	$	1.18	1.39	1.03	0.66	0.70	(15)		69	$	3.60	(0.23)	NM
Diluted earnings (loss) per common share	1.17		1.38	1.02	0.66	0.70	(15)		67	3.57		(0.23)	NM

NM – Not meaningful

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

-5-

Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET


							Sep 30, 2021 % Change from
(in millions)	Sep 30, 2021		Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2021		Sep 30, 2020
Assets
Cash and due from banks	$	25,509	25,304	28,339	28,236	25,535	1	%	—
Interest-earning deposits with banks	241,178		248,869	258,394	236,376	221,235	(3)		9
Total cash, cash equivalents, and restricted cash	266,687		274,173	286,733	264,612	246,770	(3)		8
Federal funds sold and securities purchased under resale agreements	67,807		70,149	79,502	65,672	69,304	(3)		(2)
Debt securities:
Trading, at fair value	94,943		82,727	72,784	75,095	73,253	15		30
Available-for-sale, at fair value	185,557		189,897	200,850	220,392	220,573	(2)		(16)
Held-to-maturity, at amortized cost	262,493		260,941	232,192	205,720	182,595	1		44
Loans held for sale	24,811		25,594	35,434	36,384	25,004	(3)		(1)
Loans	862,827		852,300	861,572	887,637	920,082	1		(6)
Allowance for loan losses	(13,517)		(15,148)	(16,928)	(18,516)	(19,463)	11		31
Net loans	849,310		837,152	844,644	869,121	900,619	1		(6)
Mortgage servicing rights	8,148		8,009	8,832	7,437	7,680	2		6
Premises and equipment, net	8,599		8,745	8,760	8,895	8,977	(2)		(4)
Goodwill	26,191		26,194	26,290	26,392	26,387	—		(1)
Derivative assets	27,060		25,415	25,429	25,846	23,715	6		14
Equity securities	66,526		64,547	57,702	60,008	49,348	3		35
Other assets	66,769		72,453	78,112	87,337	86,174	(8)		(23)
Total assets	$	1,954,901	1,945,996	1,957,264	1,952,911	1,920,399	—		2
Liabilities
Noninterest-bearing deposits	$	529,051	504,108	494,087	467,068	447,011	5		18
Interest-bearing deposits	941,328		936,364	943,032	937,313	936,204	1		1
Total deposits	1,470,379		1,440,472	1,437,119	1,404,381	1,383,215	2		6
Short-term borrowings	41,980		45,635	58,920	58,999	55,224	(8)		(24)
Derivative liabilities	12,976		14,551	14,930	16,509	13,767	(11)		(6)
Accrued expenses and other liabilities	75,513		72,555	74,949	74,360	70,755	4		7
Long-term debt	162,982		179,656	183,312	212,950	215,711	(9)		(24)
Total liabilities	1,763,830		1,752,869	1,769,230	1,767,199	1,738,672	1		1
Equity
Wells Fargo stockholders’ equity:
Preferred stock	20,270		20,820	21,170	21,136	21,098	(3)		(4)
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	60,134		60,018	59,854	60,197	60,035	—		—
Retained earnings	175,709		171,765	166,458	162,683	160,607	2		9
Cumulative other comprehensive income (loss)	(1,177)		(564)	(1,250)	194	(750)	NM		(57)
Treasury stock (1)	(74,169)		(69,038)	(67,589)	(67,791)	(68,384)	(7)		(8)
Unearned ESOP shares	(875)		(875)	(875)	(875)	(875)	—		—
Total Wells Fargo stockholders’ equity	189,028		191,262	186,904	184,680	180,867	(1)		5
Noncontrolling interests	2,043		1,865	1,130	1,032	860	10		138
Total equity	191,071		193,127	188,034	185,712	181,727	(1)		5
Total liabilities and equity	$	1,954,901	1,945,996	1,957,264	1,952,911	1,920,399	—		2

NM – Not meaningful

(1)Number of shares of treasury stock were 1,484,890,493, 1,373,813,200, 1,340,691,115, 1,337,799,931, and 1,349,294,592 at September 30, June 30, and March 31, 2021, and December 31, and September 30, 2020, respectively.

-6-

Wells Fargo & Company and Subsidiaries

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


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

Assets
Interest-earning deposits with banks	$	250,314		255,237	223,437	222,010	216,958	(2)	%	15	$	243,095		174,425	39	%
Federal funds sold and securities purchased under resale agreements	68,912			72,513	72,148	67,023	80,431	(5)		(14)	71,179			88,095	(19)
Trading debt securities	88,476			84,612	87,383	93,877	88,021	5		1	86,828			95,018	(9)
Available-for-sale debt securities	179,237			192,418	206,946	214,042	217,556	(7)		(18)	192,765			234,125	(18)
Held-to-maturity debt securities	261,182			237,812	216,826	192,697	176,384	10		48	238,769			167,061	43
Loans held for sale	24,490			27,173	34,554	29,436	31,023	(10)		(21)	28,702			26,841	7


Loans	854,024			854,747	873,439	899,704	931,708	—		(8)	860,666			955,918	(10)
Equity securities	32,790			29,773	29,434	25,744	25,185	10		30	30,678			30,027	2
Other	10,070			9,103	9,498	7,896	6,974	11		44	9,559			7,373	30
Total interest-earning assets	1,769,495			1,763,388	1,753,665	1,752,429	1,774,240	—		—	1,762,241			1,778,883	(1)
Total noninterest-earning assets	180,205			176,491	180,760	172,584	171,671	2		5	179,150			168,432	6
Total assets	$	1,949,700		1,939,879	1,934,425	1,925,013	1,945,911	1		—	$	1,941,391		1,947,315	—
Liabilities
Interest-bearing deposits	$	941,014		941,746	931,116	925,729	959,270	—		(2)	$	937,995		975,972	(4)
Short-term borrowings	43,899			48,505	59,082	57,304	57,292	(9)		(23)	50,439			74,538	(32)
Long-term debt	174,643			181,101	198,340	214,223	222,862	(4)		(22)	184,608			228,067	(19)
Other liabilities	30,387			27,718	28,875	25,949	27,679	10		10	28,999			29,270	(1)
Total interest-bearing liabilities	1,189,943			1,199,070	1,217,413	1,223,205	1,267,103	(1)		(6)	1,202,041			1,307,847	(8)
Noninterest-bearing demand deposits	509,927			494,078	462,356	454,371	439,758	3		16	488,961			398,666	23
Other noninterest-bearing liabilities	55,789			55,763	65,582	61,993	57,673	—		(3)	59,010			56,367	5
Total liabilities	1,755,659			1,748,911	1,745,351	1,739,569	1,764,534	—		(1)	1,750,012			1,762,880	(1)
Total equity	194,041			190,968	189,074	185,444	181,377	2		7	191,379			184,435	4
Total liabilities and equity	$	1,949,700		1,939,879	1,934,425	1,925,013	1,945,911	1		—	$	1,941,391		1,947,315	—

Average Interest Rates

Interest-earning assets
Interest-earning deposits with banks	0.15		%	0.11	0.10	0.10	0.11				0.12		%	0.37
Federal funds sold and securities purchased under resale agreements	0.03			0.02	0.04	0.05	0.02				0.03			0.58
Trading debt securities	2.33			2.37	2.45	2.40	2.49				2.38			2.78
Available-for-sale debt securities	1.57			1.43	1.63	1.78	1.96				1.54			2.45
Held-to-maturity debt securities	1.87			1.86	1.90	1.95	2.09				1.88			2.31
Loans held for sale	2.81			2.85	3.85	3.56	3.07				3.24			3.40


Loans	3.29			3.33	3.34	3.43	3.41				3.32			3.71
Equity securities	1.78			1.77	1.87	2.04	1.61				1.81			1.89
Other	0.09			0.04	0.03	—	(0.02)				0.06			0.24
Total interest-earning assets	2.24			2.23	2.33	2.43	2.45				2.27			2.83
Interest-bearing liabilities
Interest-bearing deposits	0.04			0.04	0.05	0.07	0.13				0.04			0.36
Short-term borrowings	(0.06)			(0.09)	(0.06)	(0.08)	(0.08)				(0.07)			0.47
Long-term debt	1.71			1.57	2.07	1.78	1.86				1.79			2.06
Other liabilities	1.15			1.47	1.50	1.38	1.33				1.37			1.59
Total interest-bearing liabilities	0.31			0.30	0.41	0.39	0.45				0.34			0.69

Interest rate spread on a taxable-equivalent basis (2)	1.93			1.93	1.92	2.04	2.00				1.93			2.14
Net interest margin on a taxable-equivalent basis (2)	2.03			2.02	2.05	2.16	2.13				2.03			2.32

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

(2)Includes taxable-equivalent adjustments of $105 million, $109 million, $107 million, $120 million, and $110 million for the quarters ended September 30, June 30, and March 31, 2021 and December 31, and September 30, 2020, respectively, and $321 million and $374 million for the first nine months of 2021 and 2020, respectively, predominantly related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.

-7-

Wells Fargo & Company and Subsidiaries

COMBINED SEGMENT RESULTS (1)


						Quarter ended September 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	$	5,707	1,231	1,866	637	(427)	(105)	8,909
Noninterest income	3,097		845	1,519	2,981	1,752	(269)	9,925
Total revenue	8,804		2,076	3,385	3,618	1,325	(374)	18,834
Provision for credit losses	(518)		(335)	(460)	(73)	(9)	—	(1,395)
Noninterest expense	6,053		1,396	1,797	2,917	1,140	—	13,303
Income (loss) before income tax expense (benefit)	3,269		1,015	2,048	774	194	(374)	6,926
Income tax expense (benefit)	818		254	518	195	110	(374)	1,521
Net income before noncontrolling interests	2,451		761	1,530	579	84	—	5,405
Less: Net income from noncontrolling interests	—		2	—	—	281	—	283
Net income (loss)	$	2,451	759	1,530	579	(197)	—	5,122

						Quarter ended June 30, 2021
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 September 30, 2020
Net interest income	$	5,918	1,408	1,714	717	(268)	(110)	9,379
Noninterest income	3,228		818	1,593	2,573	1,921	(196)	9,937
Total revenue	9,146		2,226	3,307	3,290	1,653	(306)	19,316
Provision for credit losses	640		339	(121)	(10)	(79)	—	769
Noninterest expense	7,345		1,623	1,991	2,742	1,528	—	15,229
Income (loss) before income tax expense (benefit)	1,161		264	1,437	558	204	(306)	3,318
Income tax expense (benefit)	290		71	355	139	(632)	(306)	(83)
Net income before noncontrolling interests	871		193	1,082	419	836	—	3,401
Less: Net income from noncontrolling interests	—		1	—	—	184	—	185
Net income	$	871	192	1,082	419	652	—	3,216

(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.

(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)



						Nine months ended September 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	$	16,940	3,687	5,428	1,904	(1,121)	(321)	26,517
Noninterest income	9,204		2,578	4,899	8,794	6,496	(852)	31,119
Total revenue	26,144		6,265	10,327	10,698	5,375	(1,173)	57,636
Provision for credit losses	(1,304)		(1,116)	(1,245)	(92)	54	—	(3,703)
Noninterest expense	18,522		4,469	5,435	8,836	3,371	—	40,633
Income (loss) before income tax expense (benefit)	8,926		2,912	6,137	1,954	1,950	(1,173)	20,706
Income tax expense (benefit)	2,233		727	1,531	491	58	(1,173)	3,867
Net income before noncontrolling interests	6,693		2,185	4,606	1,463	1,892	—	16,839
Less: Net income (loss) from noncontrolling interests	—		5	(2)	—	1,038	—	1,041
Net income	$	6,693	2,180	4,608	1,463	854	—	15,798

						Nine months ended September 30, 2020
Net interest income	$	17,637	4,695	5,698	2,274	671	(374)	30,601
Noninterest income	7,766		2,227	5,076	7,492	3,224	(611)	25,174
Total revenue	25,403		6,922	10,774	9,766	3,895	(985)	55,775
Provision for credit losses	5,311		3,675	4,760	253	309	—	14,308
Noninterest expense	20,535		4,776	5,905	8,142	3,470	—	42,828
Income (loss) before income tax expense (benefit)	(443)		(1,529)	109	1,371	116	(985)	(1,361)
Income tax expense (benefit)	(155)		(371)	48	343	(611)	(985)	(1,731)
Net income (loss) before noncontrolling interests	(288)		(1,158)	61	1,028	727	—	370
Less: Net income from noncontrolling interests	—		3	—	—	81	—	84
Net income (loss)	$	(288)	(1,161)	61	1,028	646	—	286

-9-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT


	Quarter ended						Sep 30, 2021 % Change from			Nine months ended
($ in millions)	Sep 30, 2021		Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2021		Sep 30, 2020	Sep 30, 2021		Sep 30, 2020	% Change
Income Statement
Net interest income	$	5,707	5,618	5,615	5,741	5,918	2	%	(4)	$	16,940	17,637	(4)	%
Noninterest income:
Deposit-related fees	799		732	661	742	708	9		13	2,192		2,162	1
Card fees	1,014		1,017	892	890	860	—		18	2,923		2,428	20
Mortgage banking	1,168		1,158	1,259	1,082	1,544	1		(24)	3,585		2,142	67
Other	116		161	227	158	116	(28)		—	504		1,034	(51)
Total noninterest income	3,097		3,068	3,039	2,872	3,228	1		(4)	9,204		7,766	19
Total revenue	8,804		8,686	8,654	8,613	9,146	1		(4)	26,144		25,403	3
Net charge-offs	302		359	370	332	369	(16)		(18)	1,031		1,543	(33)
Change in the allowance for credit losses	(820)		(726)	(789)	19	271	(13)		NM	(2,335)		3,768	NM
Provision for credit losses	(518)		(367)	(419)	351	640	(41)		NM	(1,304)		5,311	NM
Noninterest expense	6,053		6,202	6,267	6,441	7,345	(2)		(18)	18,522		20,535	(10)
Income (loss) before income tax expense (benefit)	3,269		2,851	2,806	1,821	1,161	15		182	8,926		(443)	NM
Income tax expense (benefit)	818		713	702	457	290	15		182	2,233		(155)	NM
Net income (loss)	$	2,451	2,138	2,104	1,364	871	15		181	$	6,693	(288)	NM
Revenue by Line of Business
Consumer and Small Business Banking	$	4,822	4,714	4,550	4,701	4,721	2		2	$	14,086	13,983	1
Consumer Lending:
Home Lending	2,012		2,072	2,227	1,995	2,527	(3)		(20)	6,311		5,880	7
Credit Card	1,399		1,363	1,346	1,372	1,345	3		4	4,108		3,916	5
Auto	445		415	403	403	404	7		10	1,263		1,172	8
Personal Lending	126		122	128	142	149	3		(15)	376		452	(17)
Total revenue	$	8,804	8,686	8,654	8,613	9,146	1		(4)	$	26,144	25,403	3
Selected Balance Sheet Data (average)
Loans by Line of Business:
Home Lending	$	217,011	223,229	243,036	265,292	270,036	(3)		(20)	$	227,663	269,692	(16)
Auto	53,043		50,762	49,518	48,966	49,770	4		7	51,121		49,625	3
Credit Card	35,407		34,211	35,205	36,135	35,965	3		(2)	34,942		37,415	(7)
Small Business	15,122		18,768	20,137	17,929	18,100	(19)		(16)	17,991		14,248	26
Personal Lending	4,974		4,922	5,185	5,547	5,912	1		(16)	5,026		6,354	(21)
Total loans	$	325,557	331,892	353,081	373,869	379,783	(2)		(14)	$	336,743	377,334	(11)
Total deposits	848,419		835,752	789,439	763,177	756,485	2		12	824,752		708,288	16
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	$	216,649	218,626	230,478	253,942	273,635	(1)		(21)	$	216,649	273,635	(21)
Auto	54,472		51,784	50,007	49,072	49,442	5		10	54,472		49,442	10
Credit Card	36,061		34,936	34,246	36,664	36,021	3		—	36,061		36,021	—
Small Business	13,686		16,494	20,820	17,743	17,993	(17)		(24)	13,686		17,993	(24)
Personal Lending	5,050		4,920	4,998	5,375	5,724	3		(12)	5,050		5,724	(12)
Total loans	$	325,918	326,760	340,549	362,796	382,815	—		(15)	$	325,918	382,815	(15)
Total deposits	858,424		840,434	837,765	784,565	759,425	2		13	858,424		759,425	13

NM – Not meaningful

-10-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT (continued)


	Quarter ended							Sep 30, 2021 % Change from			Nine months ended
($ in millions, unless otherwise noted)	Sep 30, 2021			Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2021		Sep 30, 2020	Sep 30, 2021			Sep 30, 2020	% Change
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1)	19.7		%	17.3	17.2	10.7	6.6				18.1		%	(1.4)
Efficiency ratio (2)	69			71	72	75	80				71			81
Headcount (#) (period-end)	114,334			116,185	123,547	125,034	131,516	(2)	%	(13)	114,334			131,516	(13)	%
Retail bank branches (#)	4,796			4,878	4,944	5,032	5,229	(2)		(8)	4,796			5,229	(8)
Digital active customers (# in millions) (3)	32.7			32.6	32.9	32.0	32.0	—		2	32.7			32.0	2
Mobile active customers (# in millions) (3)	27.0			26.8	26.7	26.0	25.9	1		4	27.0			25.9	4

Consumer and Small Business Banking:
Deposit spread (4)	1.5		%	1.5	1.6	1.7	1.8				1.5		%	1.9
Debit card purchase volume ($ in billions) (5)	$	118.6		122.0	108.5	105.3	102.9	(3)		15	$	349.1		286.6	22
Debit card purchase transactions (# in millions) (5)	2,515			2,504	2,266	2,297	2,273	—		11	7,285			6,495	12

Home Lending:
Mortgage banking:
Net servicing income	$	109		(76)	(123)	(82)	331	243		(67)	$	(90)		(78)	(15)
Net gains on mortgage loan originations/sales	1,059			1,234	1,382	1,164	1,213	(14)		(13)	3,675			2,220	66
Total mortgage banking	$	1,168		1,158	1,259	1,082	1,544	1		(24)	$	3,585		2,142	67

Originations ($ in billions):
Retail	$	35.2		36.9	33.6	32.3	32.8	(5)		7	$	105.7		86.4	22
Correspondent	16.7			16.3	18.2	21.6	28.8	2		(42)	51.2			82.4	(38)
Total originations	$	51.9		53.2	51.8	53.9	61.6	(2)		(16)	$	156.9		168.8	(7)

% of originations held for sale (HFS)	60.6		%	65.6	75.8	75.2	78.1				67.3		%	73.2
Third party mortgage loans serviced (period-end) ($ in billions) (6)	$	739.5		769.4	801.0	856.7	917.6	(4)		(19)	$	739.5		917.6	(19)
Mortgage servicing rights (MSR) carrying value (period-end)	6,862			6,717	7,536	6,125	6,355	2		8	6,862			6,355	8
Ratio of MSR carrying value (period-end) to third party mortgage loans serviced (period-end) (6)	0.93		%	0.87	0.94	0.71	0.69				0.93		%	0.69
Home lending loans 30+ days or more delinquency rate (7)(8)	0.45			0.51	0.56	0.64	0.56				0.45			0.56

Credit Card:
Point of sale (POS) volume ($ in billions)	$	26.5		25.5	21.1	22.9	21.3	4		24	$	73.1		58.7	25
New accounts (# in thousands) (9)	526			323	266	240	212	63		148	1,115			782	43
Credit card loans 30+ days or more delinquency rate (8)	1.40		%	1.46	2.01	2.17	1.76				1.40		%	1.76

Auto:
Auto originations ($ in billions)	$	9.2		8.3	7.0	5.3	5.4	11		70	$	24.5		17.5	40
Auto loans 30+ days or more delinquency rate (8)	1.46		%	1.30	1.22	1.77	1.67				1.46		%	1.67

Personal Lending:
New funded balances	$	731		565	413	294	323	29		126	$	1,709		1,305	31

(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


	Quarter ended							Sep 30, 2021 % Change from			Nine months ended
($ in millions)	Sep 30, 2021			Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2021		Sep 30, 2020	Sep 30, 2021			Sep 30, 2020	% Change
Income Statement
Net interest income	$	1,231		1,202	1,254	1,439	1,408	2	%	(13)	$	3,687		4,695	(21)	%
Noninterest income:
Deposit-related fees	323			325	317	311	309	(1)		5	965			908	6
Lending-related fees	132			135	136	138	140	(2)		(6)	403			393	3
Lease income	165			173	174	73	186	(5)		(11)	512			573	(11)
Other	225			273	200	292	183	(18)		23	698			353	98
Total noninterest income	845			906	827	814	818	(7)		3	2,578			2,227	16
Total revenue	2,076			2,108	2,081	2,253	2,226	(2)		(7)	6,265			6,922	(9)
Net charge-offs	16			53	39	81	219	(70)		(93)	108			509	(79)
Change in the allowance for credit losses	(351)			(435)	(438)	(12)	120	19		NM	(1,224)			3,166	NM
Provision for credit losses	(335)			(382)	(399)	69	339	12		NM	(1,116)			3,675	NM
Noninterest expense	1,396			1,443	1,630	1,547	1,623	(3)		(14)	4,469			4,776	(6)
Income (loss) before income tax expense (benefit)	1,015			1,047	850	637	264	(3)		284	2,912			(1,529)	290
Income tax expense (benefit)	254			261	212	163	71	(3)		258	727			(371)	296
Less: Net income from noncontrolling interests	2			2	1	2	1	—		100	5			3	67
Net income (loss)	$	759		784	637	472	192	(3)		295	$	2,180		(1,161)	288

Revenue by Line of Business
Middle Market Banking	$	1,165		1,151	1,159	1,149	1,196	1		(3)	$	3,475		3,918	(11)
Asset-Based Lending and Leasing	911			957	922	1,104	1,030	(5)		(12)	2,790			3,004	(7)
Total revenue	$	2,076		2,108	2,081	2,253	2,226	(2)		(7)	$	6,265		6,922	(9)

Revenue by Product
Lending and leasing	$	1,190		1,207	1,202	1,262	1,335	(1)		(11)	$	3,599		4,170	(14)
Treasury management and payments	713			680	721	733	749	5		(5)	2,114			2,472	(14)
Other	173			221	158	258	142	(22)		22	552			280	97
Total revenue	$	2,076		2,108	2,081	2,253	2,226	(2)		(7)	$	6,265		6,922	(9)

Selected Metrics
Return on allocated capital	14.5		%	15.2	12.3	8.6	2.9				14.0		%	(9.0)
Efficiency ratio	67			68	78	69	73				71			69
Headcount (#) (period-end)	18,638			19,647	20,486	20,241	21,900	(5)		(15)	18,638			21,900	(15)

NM – Not meaningful

-12-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT (continued)


	Quarter ended						Sep 30, 2021 % Change from			Nine months ended
($ in millions)	Sep 30, 2021		Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2021		Sep 30, 2020	Sep 30, 2021		Sep 30, 2020	% Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	118,039	117,585	120,929	125,525	134,531	—	%	(12)	$	118,840	149,220	(20)	%
Commercial real estate	46,576		47,203	48,574	50,441	52,017	(1)		(10)	47,444		52,818	(10)
Lease financing and other	14,007		13,784	13,640	14,937	15,345	2		(9)	13,812		16,293	(15)
Total loans	$	178,622	178,572	183,143	190,903	201,893	—		(12)	$	180,096	218,331	(18)

Loans by Line of Business:
Middle Market Banking	$	101,523	102,054	104,379	102,692	110,289	(1)		(8)	$	102,642	116,258	(12)
Asset-Based Lending and Leasing	77,099		76,518	78,764	88,211	91,604	1		(16)	77,454		102,073	(24)
Total loans	$	178,622	178,572	183,143	190,903	201,893	—		(12)	$	180,096	218,331	(18)

Total deposits	199,226		192,586	189,364	184,864	178,997	3		11	193,761		176,959	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	$	120,203	117,782	119,322	124,253	128,270	2		(6)	$	120,203	128,270	(6)
Commercial real estate	46,318		46,905	47,832	49,903	51,297	(1)		(10)	46,318		51,297	(10)
Lease financing and other	14,018		14,218	13,534	14,821	15,180	(1)		(8)	14,018		15,180	(8)
Total loans	$	180,539	178,905	180,688	188,977	194,747	1		(7)	$	180,539	194,747	(7)

Loans by Line of Business:
Middle Market Banking	$	102,279	102,062	102,372	101,193	105,851	—		(3)	$	102,279	105,851	(3)
Asset-Based Lending and Leasing	78,260		76,843	78,316	87,784	88,896	2		(12)	78,260		88,896	(12)
Total loans	$	180,539	178,905	180,688	188,977	194,747	1		(7)	$	180,539	194,747	(7)

Total deposits	204,853		197,461	191,948	188,292	180,948	4		13	204,853		180,948	13

-13-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT


	Quarter ended							Sep 30, 2021 % Change from			Nine months ended
($ in millions)	Sep 30, 2021			Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2021		Sep 30, 2020	Sep 30, 2021			Sep 30, 2020	% Change
Income Statement
Net interest income	$	1,866		1,783	1,779	1,811	1,714	5	%	9	$	5,428		5,698	(5)	%
Noninterest income:
Deposit-related fees	286			277	266	272	272	3		5	829			790	5
Lending-related fees	196			190	183	178	171	3		15	569			506	12
Investment banking fees	536			580	611	459	428	(8)		25	1,727			1,493	16
Net gains (losses) on trading activities	85			30	331	(28)	374	183		(77)	446			1,218	(63)
Other	416			478	434	462	348	(13)		20	1,328			1,069	24
Total noninterest income	1,519			1,555	1,825	1,343	1,593	(2)		(5)	4,899			5,076	(3)
Total revenue	3,385			3,338	3,604	3,154	3,307	1		2	10,327			10,774	(4)
Net charge-offs	(48)			(19)	37	177	117	NM		NM	(30)			565	NM
Change in the allowance for credit losses	(412)			(482)	(321)	9	(238)	15		(73)	(1,215)			4,195	NM
Provision for credit losses	(460)			(501)	(284)	186	(121)	8		NM	(1,245)			4,760	NM
Noninterest expense	1,797			1,805	1,833	1,798	1,991	—		(10)	5,435			5,905	(8)
Income before income tax expense	2,048			2,034	2,055	1,170	1,437	1		43	6,137			109	NM
Income tax expense	518			513	500	282	355	1		46	1,531			48	NM
Less: Net loss from noncontrolling interests	—			(2)	—	(1)	—	100		NM	(2)			—	NM
Net income	$	1,530		1,523	1,555	889	1,082	—		41	$	4,608		61	NM

Revenue by Line of Business
Banking:
Lending	$	502		474	453	424	422	6		19	$	1,429		1,343	6
Treasury Management and Payments	372			353	370	384	395	5		(6)	1,095			1,296	(16)
Investment Banking	367			407	416	348	295	(10)		24	1,190			1,100	8
Total Banking	1,241			1,234	1,239	1,156	1,112	1		12	3,714			3,739	(1)
Commercial Real Estate	942			1,014	912	1,012	855	(7)		10	2,868			2,595	11
Markets:
Fixed Income, Currencies, and Commodities (FICC)	884			888	1,144	889	1,005	—		(12)	2,916			3,425	(15)
Equities	234			206	252	194	312	14		(25)	692			1,010	(31)
Credit Adjustment (CVA/DVA) and Other	58			(16)	36	(67)	62	463		(6)	78			93	(16)
Total Markets	1,176			1,078	1,432	1,016	1,379	9		(15)	3,686			4,528	(19)
Other	26			12	21	(30)	(39)	117		167	59			(88)	167
Total revenue	$	3,385		3,338	3,604	3,154	3,307	1		2	$	10,327		10,774	(4)

Selected Metrics
Return on allocated capital	16.9		%	17.0	17.6	9.4	11.6				17.2		%	(0.8)
Efficiency ratio	53			54	51	57	60				53			55
Headcount (#) (period-end)	8,459			8,673	8,249	8,178	8,205	(2)		3	8,459			8,205	3

NM – Not meaningful

-14-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT (continued)


	Quarter ended						Sep 30, 2021 % Change from			Nine months ended
($ in millions)	Sep 30, 2021		Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2021		Sep 30, 2020	Sep 30, 2021		Sep 30, 2020	% Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	170,486	167,076	162,290	155,669	165,445	2	%	3	$	166,647	178,140	(6)	%
Commercial real estate	86,809		85,346	83,858	84,175	84,408	2		3	85,349		82,382	4
Total loans	$	257,295	252,422	246,148	239,844	249,853	2		3	$	251,996	260,522	(3)

Loans by Line of Business:
Banking	$	95,911	90,839	86,536	82,413	88,936	6		8	$	91,130	97,224	(6)
Commercial Real Estate	110,683		108,893	107,609	107,838	109,482	2		1	109,073		108,428	1
Markets	50,701		52,690	52,003	49,593	51,435	(4)		(1)	51,793		54,870	(6)
Total loans	$	257,295	252,422	246,148	239,844	249,853	2		3	$	251,996	260,522	(3)
Trading-related assets:
Trading account securities	$	112,148	104,743	106,358	108,972	100,193	7		12	$	107,771	110,082	(2)
Reverse repurchase agreements/securities borrowed	56,758		62,066	63,965	57,835	68,818	(9)		(18)	60,903		76,069	(20)
Derivative assets	25,191		24,731	27,102	23,604	23,640	2		7	25,668		21,443	20
Total trading-related assets	$	194,097	191,540	197,425	190,411	192,651	1		1	$	194,342	207,594	(6)
Total assets	524,124		513,414	511,528	495,994	503,627	2		4	516,401		530,082	(3)
Total deposits	189,424		190,810	194,501	205,797	226,129	(1)		(16)	191,560		243,913	(21)
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	$	177,002	166,969	163,808	160,000	157,193	6		13	$	177,002	157,193	13
Commercial real estate	86,955		86,290	84,836	84,456	83,920	1		4	86,955		83,920	4
Total loans	$	263,957	253,259	248,644	244,456	241,113	4		9	$	263,957	241,113	9

Loans by Line of Business:
Banking	$	99,683	92,758	88,042	84,640	83,128	7		20	$	99,683	83,128	20
Commercial Real Estate	112,050		108,885	108,508	107,207	108,240	3		4	112,050		108,240	4
Markets	52,224		51,616	52,094	52,609	49,745	1		5	52,224		49,745	5
Total loans	$	263,957	253,259	248,644	244,456	241,113	4		9	$	263,957	241,113	9
Trading-related assets:
Trading account securities	$	114,187	108,291	100,586	109,311	100,157	5		14	$	114,187	100,157	14
Reverse repurchase agreements/securities borrowed	55,123		57,351	71,282	57,248	61,027	(4)		(10)	55,123		61,027	(10)
Derivative assets	27,096		25,288	24,228	25,916	23,844	7		14	27,096		23,844	14
Total trading-related assets	$	196,406	190,930	196,096	192,475	185,028	3		6	$	196,406	185,028	6
Total assets	535,385		516,518	512,045	508,518	490,373	4		9	535,385		490,373	9
Total deposits	191,786		188,219	188,920	203,004	212,532	2		(10)	191,786		212,532	(10)

-15-

Wells Fargo & Company and Subsidiaries

WEALTH AND INVESTMENT MANAGEMENT SEGMENT


	Quarter ended							Sep 30, 2021 % Change from			Nine months ended
($ in millions, unless otherwise noted)	Sep 30, 2021			Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2021		Sep 30, 2020	Sep 30, 2021			Sep 30, 2020	% Change
Income Statement
Net interest income	$	637		610	657	714	717	4	%	(11)	$	1,904		2,274	(16)	%
Noninterest income:
Investment advisory and other asset-based fees	2,457			2,382	2,306	2,134	2,043	3		20	7,145			5,951	20
Commissions and brokerage services fees	458			513	555	518	497	(11)		(8)	1,526			1,560	(2)
Other	66			31	26	81	33	113		100	123			(19)	747
Total noninterest income	2,981			2,926	2,887	2,733	2,573	2		16	8,794			7,492	17
Total revenue	3,618			3,536	3,544	3,447	3,290	2		10	10,698			9,766	10
Net charge-offs	(3)			(6)	—	(3)	(2)	50		(50)	(9)			—	NM
Change in the allowance for credit losses	(70)			30	(43)	(1)	(8)	NM		NM	(83)			253	NM
Provision for credit losses	(73)			24	(43)	(4)	(10)	NM		NM	(92)			253	NM
Noninterest expense	2,917			2,891	3,028	2,770	2,742	1		6	8,836			8,142	9
Income before income tax expense	774			621	559	681	558	25		39	1,954			1,371	43
Income tax expense	195			156	140	171	139	25		40	491			343	43

Net income	$	579		465	419	510	419	25		38	$	1,463		1,028	42

Selected Metrics
Return on allocated capital	25.7		%	20.7	18.9	22.6	18.4				21.8		%	15.1
Efficiency ratio	81			82	85	80	83				83			83
Headcount (#) (period-end)	26,112			26,989	27,993	28,306	28,996	(3)		(10)	26,112			28,996	(10)
Advisory assets ($ in billions)	$	920		931	885	853	779	(1)		18	$	920		779	18
Other brokerage assets and deposits ($ in billions)	1,171			1,212	1,177	1,152	1,076	(3)		9	1,171			1,076	9
Total client assets ($ in billions)	$	2,091		2,143	2,062	2,005	1,855	(2)		13	$	2,091		1,855	13
Annualized revenue per advisor ($ in thousands) (1)	1,141			1,084	1,058	1,010	940	5		21	1,094			916	19
Total financial and wealth advisors (#) (period-end)	12,552			12,819	13,277	13,513	13,793	(2)		(9)	12,552			13,793	(9)

Selected Balance Sheet Data (average)
Total loans	$	82,785		81,784	80,839	80,109	79,001	1		5	$	81,810		78,327	4
Total deposits	176,570			174,980	173,678	169,815	169,441	1		4	175,087			160,012	9
Allocated capital	8,750			8,750	8,750	8,750	8,750	—		—	8,750			8,750	—

Selected Balance Sheet Data (period-end)
Total loans	82,824			82,783	81,175	80,785	79,472	—		4	82,824			79,472	4
Total deposits	177,809			174,267	175,999	175,483	168,132	2		6	177,809			168,132	6

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						Sep 30, 2021 % Change from			Nine months ended
($ in millions, unless otherwise noted)	Sep 30, 2021		Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2021		Sep 30, 2020	Sep 30, 2021		Sep 30, 2020	% Change
Income Statement
Net interest income	$	(427)	(304)	(390)	(230)	(268)	(40)	%	(59)	$	(1,121)	671	NM
Noninterest income	1,752		3,327	1,417	1,692	1,921	(47)		(9)	6,496		3,224	101%
Total revenue	1,325		3,023	1,027	1,462	1,653	(56)		(20)	5,375		3,895	38
Net charge-offs	(10)		(8)	77	(3)	28	(25)		NM	59		169	(65)
Change in the allowance for credit losses	1		(26)	20	(778)	(107)	104		101	(5)		140	NM
Provision for credit losses	(9)		(34)	97	(781)	(79)	74		89	54		309	(83)
Noninterest expense	1,140		1,000	1,231	2,246	1,528	14		(25)	3,371		3,470	(3)
Income (loss) before income tax expense (benefit)	194		2,057	(301)	(3)	204	(91)		(5)	1,950		116	NM
Income tax expense (benefit)	110		223	(275)	(59)	(632)	(51)		117	58		(611)	109
Less: Net income from noncontrolling interests	281		704	53	200	184	(60)		53	1,038		81	NM
Net income (loss)	$	(197)	1,130	(79)	(144)	652	NM		NM	$	854	646	32






Selected Metrics
Headcount (#) (period-end) (2)	86,328		87,702	84,238	86,772	84,314	(2)		2	86,328		84,314	2
Wells Fargo Asset Management assets under management ($ in billions)	$	588	603	590	603	607	(2)		(3)	$	588	607	(3)

Selected Balance Sheet Data (average)
Cash, cash equivalents, and restricted cash	$	250,414	255,043	222,799	221,357	215,342	(2)		16	$	242,853	170,682	42
Available-for-sale debt securities	172,035		185,396	200,421	207,008	211,180	(7)		(19)	185,847		226,356	(18)
Held-to-maturity debt securities	260,167		237,788	217,346	191,123	175,748	9		48	238,591		166,588	43
Equity securities	13,254		11,499	10,904	10,201	12,034	15		10	11,894		13,198	(10)
Total loans	9,765		10,077	10,228	14,979	21,178	(3)		(54)	10,021		21,404	(53)
Total assets	762,067		754,629	727,628	712,602	702,662	1		8	748,236		662,709	13
Total deposits	37,302		41,696	46,490	56,447	67,976	(11)		(45)	41,796		85,466	(51)

Selected Balance Sheet Data (period-end)
Cash, cash equivalents, and restricted cash	$	241,423	248,784	257,887	235,262	220,026	(3)		10	$	241,423	220,026	10
Available-for-sale debt securities	173,237		177,923	188,724	208,694	208,543	(3)		(17)	173,237		208,543	(17)
Held-to-maturity debt securities	261,583		260,054	231,352	204,858	181,744	1		44	261,583		181,744	44
Equity securities	14,022		13,142	11,093	10,305	11,010	7		27	14,022		11,010	27
Total loans	9,589		10,593	10,516	10,623	21,935	(9)		(56)	9,589		21,935	(56)
Total assets	751,155		761,915	753,899	728,667	696,424	(1)		8	751,155		696,424	8
Total deposits	37,507		40,091	42,487	53,037	62,178	(6)		(40)	37,507		62,178	(40)

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.

(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							Sep 30, 2021 $ Change from
($ in millions)	Sep 30, 2021			Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2021	Sep 30, 2020
Period-End Loans
Commercial and industrial	$	326,425		317,618	319,055	318,805	320,913	8,807	5,512
Real estate mortgage	121,985			120,678	121,198	121,720	121,910	1,307	75
Real estate construction	21,129			22,406	21,533	21,805	22,519	(1,277)	(1,390)
Lease financing	15,398			15,720	15,734	16,087	16,947	(322)	(1,549)
Total commercial	484,937			476,422	477,520	478,417	482,289	8,515	2,648
Residential mortgage – first lien	242,935			244,371	254,363	276,674	294,990	(1,436)	(52,055)
Residential mortgage – junior lien	18,026			19,637	21,308	23,286	25,162	(1,611)	(7,136)
Credit card	36,061			34,936	34,246	36,664	36,021	1,125	40
Auto	53,827			51,073	49,210	48,187	48,450	2,754	5,377
Other consumer	27,041			25,861	24,925	24,409	33,170	1,180	(6,129)
Total consumer	377,890			375,878	384,052	409,220	437,793	2,012	(59,903)
Total loans	$	862,827		852,300	861,572	887,637	920,082	10,527	(57,255)

Average Loans
Commercial and industrial	$	319,426		318,917	318,311	315,924	335,046	509	(15,620)
Real estate mortgage	121,453			120,526	120,734	121,228	123,391	927	(1,938)
Real estate construction	21,794			22,015	21,755	22,559	22,216	(221)	(422)
Lease financing	15,492			15,565	15,799	16,757	17,091	(73)	(1,599)
Total commercial	478,165			477,023	476,599	476,468	497,744	1,142	(19,579)
Residential mortgage – first lien	243,201			247,815	266,251	287,361	290,607	(4,614)	(47,406)
Residential mortgage – junior lien	18,809			20,457	22,321	24,210	26,018	(1,648)	(7,209)
Credit card	35,407			34,211	35,205	36,135	35,965	1,196	(558)
Auto	52,370			50,014	48,680	48,033	48,718	2,356	3,652
Other consumer	26,072			25,227	24,383	27,497	32,656	845	(6,584)
Total consumer	375,859			377,724	396,840	423,236	433,964	(1,865)	(58,105)
Total loans	$	854,024		854,747	873,439	899,704	931,708	(723)	(77,684)

Average Interest Rates
Commercial and industrial	2.44		%	2.52	2.47	2.50	2.46
Real estate mortgage	2.67			2.74	2.73	2.81	2.81
Real estate construction	3.10			3.08	3.10	3.13	3.13
Lease financing	4.45			4.49	4.62	6.57	3.72
Total commercial	2.60			2.66	2.63	2.74	2.61
Residential mortgage – first lien	3.12			3.16	3.11	3.12	3.24
Residential mortgage – junior lien	4.11			4.13	4.13	4.16	4.13
Credit card	11.47			11.48	11.90	11.80	11.70
Auto	4.44			4.52	4.66	4.82	4.90
Other consumer	3.70			3.70	3.87	4.55	5.25
Total consumer	4.18			4.18	4.18	4.20	4.33
Total loans	3.29		%	3.33	3.34	3.43	3.41

-18-

Wells Fargo & Company and Subsidiaries

NET LOAN CHARGE-OFFS


	Quarter ended
	Sep 30, 2021				Jun 30, 2021				Mar 31, 2021				Dec 31, 2020				Sep 30, 2020				Sep 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)		Jun 30, 2021		Sep 30, 2020
By product:
Commercial:
Commercial and industrial	$	46	0.06	%	$	81	0.10	%	$	88	0.11	%	$	111	0.14	%	$	274	0.33	%	$	(35)	(228)
Real estate mortgage	(10)		(0.03)		(5)		(0.02)		46		0.16		162		0.53		56		0.18		(5)		(66)
Real estate construction	1		—		(1)		—		—		—		—		—		(2)		(0.03)		2		3
Lease financing	1		0.03		5		0.12		15		0.40		35		0.83		28		0.66		(4)		(27)
Total commercial	38		0.03		80		0.07		149		0.13		308		0.26		356		0.29		(42)		(318)
Consumer:
Residential mortgage – first lien	(14)		(0.02)		(19)		(0.03)		(24)		(0.04)		(3)		—		(1)		—		5		(13)
Residential mortgage – junior lien	(28)		(0.61)		(31)		(0.60)		(19)		(0.35)		(24)		(0.39)		(14)		(0.22)		3		(14)
Credit card	158		1.77		256		3.01		236		2.71		190		2.09		245		2.71		(98)		(87)
Auto	26		0.20		45		0.35		52		0.44		51		0.43		31		0.25		(19)		(5)
Other consumer	79		1.22		50		0.80		119		1.97		62		0.88		66		0.80		29		13
Total consumer	221		0.23		301		0.32		364		0.37		276		0.26		327		0.30		(80)		(106)
Total net charge-offs	$	259	0.12	%	$	381	0.18	%	$	513	0.24	%	$	584	0.26	%	$	683	0.29	%	$	(122)	(424)
By segment:
Consumer Banking and Lending	$	302	0.37	%	$	359	0.43	%	$	370	0.42	%	$	332	0.35	%	$	369	0.39	%	$	(57)	(67)
Commercial Banking	16		0.04		50		0.11		39		0.09		81		0.17		175		0.34		(34)		(159)
Corporate and Investing Banking	(48)		(0.07)		(18)		(0.03)		36		0.06		177		0.29		117		0.19		(30)		(165)
Wealth and Investment Management	(3)		(0.01)		(3)		(0.01)		—		—		(3)		(0.01)		(2)		(0.01)		—		(1)
Corporate	(8)		(0.33)		(7)		(0.28)		68		2.70		(3)		(0.08)		24		0.45		(1)		(32)
Total net charge-offs	$	259	0.12	%	$	381	0.18	%	$	513	0.24	%	$	584	0.26	%	$	683	0.29	%	$	(122)	(424)

(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							Sep 30, 2021 $ Change from		Nine months ended Sep 30,
(in millions)	Sep 30, 2021			Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2021	Sep 30, 2020	2021	2020	$ Change
Balance, beginning of period	$	16,391		18,043	19,713	20,471	20,436	(1,652)	(4,045)	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	16,391			18,043	19,713	20,471	20,436	(1,652)	(4,045)	19,713	9,127	10,586
Provision for credit losses	(1,387)			(1,239)	(1,117)	(144)	751	(148)	(2,138)	(3,743)	14,149	(17,892)
Interest income on certain loans (3)	(35)			(36)	(41)	(36)	(41)	1	6	(112)	(117)	5
Net loan charge-offs:
Commercial:
Commercial and industrial	(46)			(81)	(88)	(111)	(274)	35	228	(215)	(1,128)	913
Real estate mortgage	10			5	(46)	(162)	(56)	5	66	(31)	(121)	90
Real estate construction	(1)			1	—	—	2	(2)	(3)	—	19	(19)
Lease financing	(1)			(5)	(15)	(35)	(28)	4	27	(21)	(52)	31
Total commercial	(38)			(80)	(149)	(308)	(356)	42	318	(267)	(1,282)	1,015
Consumer:
Residential mortgage – first lien	14			19	24	3	1	(5)	13	57	2	55
Residential mortgage – junior lien	28			31	19	24	14	(3)	14	78	31	47
Credit card	(158)			(256)	(236)	(190)	(245)	98	87	(650)	(949)	299
Auto	(26)			(45)	(52)	(51)	(31)	19	5	(123)	(219)	96
Other consumer	(79)			(50)	(119)	(62)	(66)	(29)	(13)	(248)	(288)	40
Total consumer	(221)			(301)	(364)	(276)	(327)	80	106	(886)	(1,423)	537
Net loan charge-offs	(259)			(381)	(513)	(584)	(683)	122	424	(1,153)	(2,705)	1,552
Other	(5)			4	1	6	8	(9)	(13)	—	17	(17)
Balance, end of period	$	14,705		16,391	18,043	19,713	20,471	(1,686)	(5,766)	14,705	20,471	(5,766)
Components:
Allowance for loan losses	$	13,517		15,148	16,928	18,516	19,463	(1,631)	(5,946)	13,517	19,463	(5,946)
Allowance for unfunded credit commitments	1,188			1,243	1,115	1,197	1,008	(55)	180	1,188	1,008	180
Allowance for credit losses for loans	$	14,705		16,391	18,043	19,713	20,471	(1,686)	(5,766)	14,705	20,471	(5,766)
Ratio of allowance for loan losses to total net loan charge-offs (annualized)	13.14x			9.93	8.13	7.97	7.16			8.77	5.39
Allowance for loan losses as a percentage of:
Total loans	1.57		%	1.78	1.96	2.09	2.12			1.57	2.12
Nonaccrual loans	192			205	210	212	243			192	243
Allowance for credit losses for loans as a percentage of:
Total loans	1.70			1.92	2.09	2.22	2.22			1.70	2.22
Nonaccrual loans	208			222	224	226	255			208	255

(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


	Sep 30, 2021				Jun 30, 2021				Mar 31, 2021				Dec 31, 2020				Sep 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	$	5,193	1.59	%	$	5,640	1.78	%	$	6,512	2.04	%	$	7,230	2.27	%	$	7,845	2.44	%
Real estate mortgage	2,422		1.99		2,884		2.39		3,156		2.60		3,167		2.60		2,517		2.06
Real estate construction	470		2.22		530		2.37		410		1.90		410		1.88		521		2.31
Lease financing	480		3.12		516		3.28		604		3.84		709		4.41		659		3.89
Total commercial	8,565		1.77		9,570		2.01		10,682		2.24		11,516		2.41		11,542		2.39
Consumer:
Residential mortgage - first lien	1,197		0.49		1,283		0.53		1,202		0.47		1,600		0.58		1,519		0.51
Residential mortgage - junior lien	201		1.12		320		1.63		428		2.01		653		2.80		710		2.82
Credit card	3,356		9.31		3,663		10.48		4,082		11.92		4,082		11.13		4,082		11.33
Auto	901		1.67		1,026		2.01		1,108		2.25		1,230		2.55		1,225		2.53
Other consumer	485		1.79		529		2.05		541		2.17		632		2.59		1,393		4.20
Total consumer	6,140		1.62		6,821		1.81		7,361		1.92		8,197		2.00		8,929		2.04
Total allowance for credit losses for loans	$	14,705	1.70	%	$	16,391	1.92	%	$	18,043	2.09	%	$	19,713	2.22	%	$	20,471	2.22	%
By segment:
Consumer Banking and Lending	$	7,194	2.21	%	$	8,035	2.46	%	$	8,782	2.58	%	$	9,593	2.64	%	$	9,593	2.51	%
Commercial Banking	3,334		1.85		3,692		2.06		4,138		2.29		4,586		2.43		4,586		2.35
Corporate and Investing Banking	3,900		1.48		4,318		1.70		4,798		1.93		5,155		2.11		5,155		2.14
Wealth and Investment Management	292		0.35		362		0.44		332		0.41		375		0.46		375		0.47
Corporate	(15)		(0.16)		(16)		(0.15)		(7)		(0.07)		4		0.04		762		3.47
Total allowance for credit losses for loans	$	14,705	1.70	%	$	16,391	1.92	%	$	18,043	2.09	%	$	19,713	2.22	%	$	20,471	2.22	%

-21-

Wells Fargo & Company and Subsidiaries

NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)


	Sep 30, 2021				Jun 30, 2021				Mar 31, 2021				Dec 31, 2020				Sep 30, 2020				Sep 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		Jun 30, 2021		Sep 30, 2020
By product:
Nonaccrual loans:
Commercial:
Commercial and industrial	$	1,274	0.39	%	$	1,691	0.53	%	$	2,223	0.70	%	$	2,698	0.85	%	$	2,834	0.88	%	$	(417)	(1,560)
Real estate mortgage	1,538		1.26		1,598		1.32		1,703		1.41		1,774		1.46		1,343		1.10		(60)		195
Real estate construction	20		0.09		45		0.20		55		0.26		48		0.22		34		0.15		(25)		(14)
Lease financing	188		1.22		215		1.37		249		1.58		259		1.61		187		1.10		(27)		1
Total commercial	3,020		0.62		3,549		0.74		4,230		0.89		4,779		1.00		4,398		0.91		(529)		(1,378)
Consumer:
Residential mortgage – first lien (1)	3,093		1.27		2,852		1.17		2,859		1.12		2,957		1.07		2,641		0.90		241		452
Residential mortgage – junior lien (1)	702		3.89		713		3.63		747		3.51		754		3.24		767		3.05		(11)		(65)
Auto	206		0.38		221		0.43		181		0.37		202		0.42		176		0.36		(15)		30
Other consumer	37		0.14		36		0.14		38		0.15		36		0.15		40		0.12		1		(3)
Total consumer	4,038		1.07		3,822		1.02		3,825		1.00		3,949		0.97		3,624		0.83		216		414
Total nonaccrual loans	7,058		0.82		7,371		0.86		8,055		0.93		8,728		0.98		8,022		0.87		(313)		(964)



Foreclosed assets	121				129				140				159				156				(8)		(35)
Total nonperforming assets	$	7,179	0.83	%	$	7,500	0.88	%	$	8,195	0.95	%	$	8,887	1.00	%	$	8,178	0.89	%	$	(321)	(999)
By segment:
Consumer Banking and Lending	$	3,955	1.21	%	$	3,730	1.14	%	$	3,763	1.10	%	$	3,895	1.07	%	$	3,625	0.95	%	$	225	330
Commercial Banking	1,827		1.01		2,096		1.17		2,511		1.39		2,511		1.33		1,899		0.98		(269)		(72)
Corporate and Investing Banking	1,073		0.41		1,310		0.52		1,618		0.65		2,198		0.90		2,402		1.00		(237)		(1,329)
Wealth and Investment Management	324		0.39		364		0.44		294		0.36		262		0.32		224		0.28		(40)		100
Corporate	—		—		—		—		9		0.09		21		0.20		28		0.13		—		(28)
Total nonperforming assets	$	7,179	0.83	%	$	7,500	0.88	%	$	8,195	0.95	%	$	8,887	1.00	%	$	8,178	0.89	%	$	(321)	(999)

(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


	Sep 30, 2021							Jun 30, 2021							Sep 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	$	140	134,060	16	%	$	227,615	$	154	124,759	15	%	$	215,207	$	204	108,597	12	%	$	193,838
Technology, telecom and media	75		21,226	2		60,607		65		20,669	2		59,245		100		24,517	3		56,417
Real estate and construction	87		20,900	2		51,882		136		22,488	3		54,354		287		24,959	3		52,995
Equipment, machinery and parts manufacturing	29		17,503	2		43,111		41		16,833	2		40,174		95		19,586	2		40,649
Retail	36		17,181	2		40,071		44		16,726	2		39,732		149		19,243	2		42,250
Materials and commodities	40		13,225	2		35,454		19		13,033	2		35,232		48		13,188	1		35,885
Food and beverage manufacturing	7		12,637	1		30,898		9		11,955	1		29,460		30		12,051	1		28,597
Health care and pharmaceuticals	28		12,821	1		29,960		26		13,484	2		29,259		163		16,074	2		32,304
Oil, gas and pipelines	280		8,725	1		28,988		486		9,186	1		28,785		1,188		11,138	1		31,344
Auto related	56		9,290	1		24,881		63		9,873	1		25,036		24		12,031	1		25,240
Commercial services	77		9,537	1		24,328		76		10,018	1		23,965		145		10,618	1		24,467
Utilities	67		7,025	*		21,972		67		7,136	*		21,615		9		5,922	*		19,315
Diversified or miscellaneous	4		6,792	*		18,608		27		6,309	*		17,108		16		4,965	*		14,043
Entertainment and recreation	26		8,451	*		16,764		68		7,612	*		15,540		85		9,643	1		16,849
Transportation services	431		8,319	*		15,951		492		8,566	1		16,866		390		10,216	1		16,642
Banks	—		15,444	2		15,815		—		14,839	2		15,290		—		12,975	1		13,982
Insurance and fiduciaries	1		4,071	*		18,105		1		4,371	*		19,233		2		3,463	*		14,814
Agribusiness	51		5,333	*		11,082		57		5,402	*		11,221		40		6,829	*		12,419
Government and education	4		5,303	*		10,941		4		5,033	*		10,793		10		5,413	*		11,691
Other	23		3,980	*		19,050		71		5,046	*		19,693		36		6,432	2		13,946
Total	$	1,462	341,823	40	%	$	746,083	$	1,906	333,338	39	%	$	727,808	$	3,021	337,860	37	%	$	697,687

*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


	Sep 30, 2021							Jun 30, 2021							Sep 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	$	167	36,206	4	%	$	41,932	$	148	36,271	4	%	$	42,072	$	280	37,347	4	%	$	42,855
Apartments	14		28,948	3		37,988		27		28,853	3		36,462		30		27,435	3		35,038
Industrial/warehouse	97		17,758	2		20,758		90		17,077	2		19,948		77		17,730	2		19,887
Retail (excluding shopping center)	141		13,116	2		13,789		233		13,233	2		13,947		172		14,053	2		14,603
Hotel/motel	297		12,113	1		12,529		361		12,271	1		12,706		159		12,288	1		13,038
Shopping center	593		10,712	1		11,321		509		10,913	1		11,581		408		11,732	1		12,422
Institutional	64		7,184	*		9,037		74		6,908	*		8,213		95		6,215	*		7,667
Mixed use properties	94		6,233	*		7,360		98		6,244	*		7,280		91		6,217	*		7,434
Collateral pool	—		3,095	*		3,770		—		3,138	*		3,770		—		2,850	*		3,420
1-4 family structure	—		1,336	*		3,176		—		1,356	*		3,307		—		1,523	*		3,517
Other	91		6,413	*		7,708		103		6,820	*		8,852		65		7,039	*		8,995
Total	$	1,558	143,114	17	%	$	169,368	$	1,643	143,084	17	%	$	168,138	$	1,377	144,429	16	%	$	168,876

*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.


								Sep 30, 2021 % Change from
(in millions, except ratios)		Sep 30, 2021		Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2021		Sep 30, 2020
Tangible book value per common share:
Total equity		$	191,071	193,127	188,034	185,712	181,727	(1)	%	5
Adjustments:
Preferred stock		(20,270)		(20,820)	(21,170)	(21,136)	(21,098)	3		4
Additional paid-in capital on preferred stock		120		136	139	152	159	(12)		(25)
Unearned ESOP shares		875		875	875	875	875	—		—
Noncontrolling interests		(2,043)		(1,865)	(1,130)	(1,033)	(859)	(10)		NM
Total common stockholders' equity	(A)	169,753		171,453	166,748	164,570	160,804	(1)		6
Adjustments:
Goodwill		(26,191)		(26,194)	(26,290)	(26,392)	(26,387)	—		1
Certain identifiable intangible assets (other than MSRs)		(281)		(301)	(322)	(342)	(366)	7		23
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(2,120)		(2,256)	(2,300)	(1,965)	(2,019)	6		(5)
Applicable deferred taxes related to goodwill and other intangible assets (1)		886		875	866	856	842	1		5
Tangible common equity	(B)	$	142,047	143,577	138,702	136,727	132,874	(1)		7
Common shares outstanding	(C)	3,996.9		4,108.0	4,141.1	4,144.0	4,132.5	(3)		(3)
Book value per common share	(A)/(C)	$	42.47	41.74	40.27	39.71	38.91	2		9
Tangible book value per common share	(B)/(C)	35.54		34.95	33.49	32.99	32.15	2		11

NM - Not meaningful

-25-

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


		Quarter ended							Sep 30, 2021 % Change from				Nine months ended
(in millions, except ratios)		Sep 30, 2021			Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2021		Sep 30, 2020		Sep 30, 2021			Sep 30, 2020	% Change
Return on average tangible common equity:
Net income applicable to common stock	(A)	$	4,787		5,743	4,256	2,741	2,901	(17)	%	65	%	$	14,786		(955)	NM
Average total equity		194,041			190,968	189,074	185,444	181,377	2		7		191,379			184,435	4	%
Adjustments:
Preferred stock		(21,403)			(21,108)	(21,840)	(21,223)	(21,098)	(1)		(1)		(21,449)			(21,411)	—
Additional paid-in capital on preferred stock		145			138	145	156	158	5		(8)		143			145	(1)
Unearned ESOP shares		875			875	875	875	875	—		—		875			1,052	(17)
Noncontrolling interests		(1,845)			(1,313)	(1,115)	(887)	(761)	(41)		NM		(1,427)			(730)	95
Average common stockholders’ equity	(B)	171,813			169,560	167,139	164,365	160,551	1		7		169,521			163,491	4
Adjustments:
Goodwill		(26,192)			(26,213)	(26,383)	(26,390)	(26,388)	—		1		(26,262)			(26,386)	—
Certain identifiable intangible assets (other than MSRs)		(290)			(310)	(330)	(354)	(378)	6		23		(310)			(401)	(23)
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(2,169)			(2,208)	(2,217)	(1,889)	(2,045)	2		(6)		(2,198)			(2,040)	8
Applicable deferred taxes related to goodwill and other intangible assets (1)		882			873	863	852	838	1		5		873			828	5
Average tangible common equity	(C)	$	144,044		141,702	139,072	136,584	132,578	2		9		$	141,624		135,492	5
Return on average common stockholders’ equity (ROE) (annualized)	(A)/(B)	11.1		%	13.6	10.3	6.6	7.2					11.7		%	(0.8)
Return on average tangible common equity (ROTCE) (annualized)	(A)/(C)	13.2			16.3	12.4	8.0	8.7					14.0			(0.9)

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							Sep 30, 2021 % Change from
(in billions, except ratios)		Sep 30, 2021			Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2021		Sep 30, 2020
Total equity (2)		$	191.1		193.1	188.0	185.7	181.7	(1)	%	5
Effect of accounting policy changes (2)		—			—	0.3	0.2	0.3
Total equity (as reported)		191.1			193.1	188.3	185.9	182.0	(1)		5
Adjustments:
Preferred stock		(20.3)			(20.8)	(21.2)	(21.1)	(21.1)	3		4
Additional paid-in capital on preferred stock		0.1			0.2	0.2	0.1	0.2	(49)		(25)
Unearned ESOP shares		0.9			0.9	0.9	0.9	0.9	—		—
Noncontrolling interests		(2.0)			(1.9)	(1.1)	(1.0)	(0.9)	(10)		NM
Total common stockholders' equity		169.8			171.5	167.1	164.8	161.1	(1)		5
Adjustments:
Goodwill		(26.2)			(26.2)	(26.3)	(26.4)	(26.4)	—		1
Certain identifiable intangible assets (other than MSRs)		(0.3)			(0.3)	(0.3)	(0.3)	(0.4)	7		23
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(2.1)			(2.3)	(2.3)	(2.0)	(2.0)	6		(5)
Applicable deferred taxes related to goodwill and other intangible assets (3)		0.9			0.9	0.9	0.9	0.8	1		5
CECL transition provision (4)		0.5			0.9	1.3	1.7	1.9	(47)		(75)
Other		(1.0)			(1.1)	(0.7)	(0.4)	(0.1)	8		NM
Common Equity Tier 1	(A)	141.6			143.4	139.7	138.3	134.9	(1)		5


Preferred stock		20.3			20.8	21.2	21.1	21.1	(3)		(4)
Additional paid-in capital on preferred stock		(0.1)			(0.2)	(0.2)	(0.1)	(0.2)	50		50
Unearned ESOP shares		(0.9)			(0.9)	(0.9)	(0.9)	(0.9)	—		3
Other		(0.3)			(0.1)	(0.1)	(0.2)	(0.2)	NM		(39)
Total Tier 1 capital	(B)	160.6			163.0	159.7	158.2	154.7	(1)		4

Long-term debt and other instruments qualifying as Tier 2		22.8			23.2	23.8	24.4	25.0	(2)		(9)
Qualifying allowance for credit losses (5)		14.6			14.3	14.1	14.1	14.1	2		3
Other		(0.4)			(0.5)	(0.2)	(0.1)	(0.1)	9		NM





Effect of Basel III transition requirements		—			—	0.1	0.1	0.1	4		(80)
Total qualifying capital (Basel III transition requirements)	(C)	$	197.6		200.1	197.5	196.7	193.8	(1)		2

Total risk-weighted assets (RWAs)	(D)	$	1,219.1		1,188.7	1,179.0	1,193.7	1,185.6	3		3

Common Equity Tier 1 to total RWAs	(A)/(D)	11.6		%	12.1	11.8	11.6	11.4
Tier 1 capital to total RWAs	(B)/(D)	13.2			13.7	13.5	13.3	13.1
Total capital to total RWAs	(C)/(D)	16.2			16.8	16.8	16.5	16.3

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 beginning January 1, 2022. 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 September 30, 2021, was an increase in capital of $463 million, reflecting a $991 million (post-tax) increase in capital recognized upon our initial adoption of CECL, offset by 25% of the $5.8 billion increase in our ACL under CECL from January 1, 2020, through September 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.

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Wells Fargo & Company and Subsidiaries

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


		Estimated							Sep 30, 2021 % Change from
(in billions, except ratios)		Sep 30, 2021			Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2021		Sep 30, 2020
Total equity (2)		$	191.1		193.1	188.0	185.7	181.7	(1)	%	5
Effect of accounting policy changes (2)		—			—	0.3	0.2	0.3
Total equity (as reported)		191.1			193.1	188.3	185.9	182.0	(1)		5
Adjustments:
Preferred stock		(20.3)			(20.8)	(21.2)	(21.1)	(21.1)	3		4
Additional paid-in capital on preferred stock		0.1			0.2	0.2	0.1	0.2	(49)		(25)
Unearned ESOP shares		0.9			0.9	0.9	0.9	0.9	—		—
Noncontrolling interests		(2.0)			(1.9)	(1.1)	(1.0)	(0.9)	(10)		NM
Total common stockholders' equity		169.8			171.5	167.1	164.8	161.1	(1)		5
Adjustments:
Goodwill		(26.2)			(26.2)	(26.3)	(26.4)	(26.4)	—		1
Certain identifiable intangible assets (other than MSRs)		(0.3)			(0.3)	(0.3)	(0.3)	(0.4)	7		23
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(2.1)			(2.3)	(2.3)	(2.0)	(2.0)	6		(5)
Applicable deferred taxes related to goodwill and other intangible assets (3)		0.9			0.9	0.9	0.9	0.8	1		5
CECL transition provision (4)		0.5			0.9	1.3	1.7	1.9	(47)		(75)
Other		(1.0)			(1.1)	(0.7)	(0.4)	(0.1)	8		NM
Common Equity Tier 1	(A)	141.6			143.4	139.7	138.3	134.9	(1)		5


Preferred stock		20.3			20.8	21.2	21.1	21.1	(3)		(4)
Additional paid-in capital on preferred stock		(0.1)			(0.2)	(0.2)	(0.1)	(0.2)	50		50
Unearned ESOP shares		(0.9)			(0.9)	(0.9)	(0.9)	(0.9)	—		3
Other		(0.3)			(0.1)	(0.1)	(0.2)	(0.2)	NM		(55)
Total Tier 1 capital	(B)	160.6			163.0	159.7	158.2	154.7	(1)		4

Long-term debt and other instruments qualifying as Tier 2		22.8			23.2	23.8	24.4	25.0	(2)		(9)
Qualifying allowance for credit losses (5)		4.4			4.3	4.2	4.4	4.5	2		(3)
Other		(0.4)			(0.4)	(0.3)	(0.2)	(0.1)	(16)		NM





Effect of Basel III transition requirements		—			—	0.3	0.1	0.1	4		(80)
Total qualifying capital (Basel III transition requirements)	(C)	$	187.4		190.1	187.7	186.9	184.2	(1)		2

Total RWAs	(D)	$	1,138.3		1,126.5	1,109.4	1,158.4	1,172.0	1		(3)

Common Equity Tier 1 to total RWAs	(A)/(D)	12.4		%	12.7	12.6	11.9	11.5
Tier 1 capital to total RWAs	(B)/(D)	14.1			14.5	14.4	13.7	13.2
Total capital to total RWAs	(C)/(D)	16.5			16.9	16.9	16.1	15.7

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.

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23Q21 Financial Results • Over 1 million customer accounts now benefiting from Clear Access Banking, our checking account with no overdraft or non-sufficient fund fees – Over 50% of accounts with customers 24 years and younger • During 3Q21, our Overdraft Rewind feature helped over 1.3 million customers avoid overdraft, overdraft protection or non-sufficient fund fees on 2.5 million transactions • Wells Fargo voluntarily committed to donate the gross processing fees received from Paycheck Protection Program (PPP) loans funded in 2020 to create the Open for Business Fund • The Fund provides support for Community Development Financial Institutions (CDFIs) and other nonprofit organizations that provide capital, training and long- term support to small businesses • Through 3Q21, we have: – Fulfilled $305 million of our ~$420 million commitment, which included grants to 215 CDFIs, which in turn is estimated to help nearly 150,000 small business owners maintain more than 250,000 jobs – Over 80% of our funding is projected to reach diverse-owned businesses, which were disproportionately impacted by the COVID-19 pandemic – $55 million of the $305 million was provided to 93 nonprofits that offer small business owners access to experts to help grow their businesses • Business owners have used the funding to keep paying their employees, pivot to new business models, buy needed supplies, close the gap on rent and utilities, and meet other business needs • Additionally, we have committed to donate any net profits from processing fees received from PPP loans funded in 2021 Actively helping our customers and communities Clear Access Banking and Overdraft Rewind Supporting the Small Business Recovery Through Our Open for Business Fund • Charitable Donations: $496 million in donations expense during the first nine months of 2021, including support for the Open for Business Fund • 3Q21 contributions and announcements included: – Housing Affordability: Granted nearly $11 million to 19 nonprofits offering legal assistance and other resources in support of home ownership, renter stabilization, and eviction avoidance – Neighborhood Lift: Committed to a $5 million investment to help more than 300 low- and moderate-income residents in Philadelphia with home down payment assistance – Investing in Workforce Development: Announced a $1 million donation to Kollab, a workforce development program focused on the inclusion of young people who face employment opportunity challenges, as well as serving more African American youth within the Los Angeles County Alliance for Boys & Girls Clubs – Banking Inclusion Initiative: Offering MoCaFi customers the ability to make withdrawals with their Angeleno Connect Card at any of Wells Fargo’s ATMs nationwide without incurring fees from Wells Fargo – Helping Women-owned Businesses: Launched Connect to MoreSM, a resource hub for women-owned businesses and a mentoring program partnering with Nasdaq Entrepreneurial Center to empower 500 women-owned businesses • In July 2021 published our updated ESG Report and Goals and Performance Data which feature information regarding sustainability, human rights, diversity, equity and inclusion and other social impacts among many other categories, and included new disclosures on our workforce by race, gender and job category1 1. Aligned to job categories as defined by government job category definitions and descriptions as outlined by the U.S. Equal Employment Opportunity Commission (EEOC). Taking Additional Actions to Support Our Communities Enhancing Transparency on Environmental, Social and Governance Matters

33Q21 Financial Results 3Q21 results Financial Results ROE: 11.1% ROTCE: 13.2%1 Efficiency ratio: 71%2 Credit Quality Capital and Liquidity CET1 ratio: 11.6%3 LCR: 119%4 TLAC ratio: 23.7%5 • Provision for credit losses of $(1.4) billion, down $2.2 billion – Total net charge-offs of $257 million, down $474 million ◦ Net loan charge-offs of 0.12% of average loans (annualized) – Allowance for credit losses for loans of $14.7 billion, down $5.8 billion from 3Q20 and down $1.7 billion from 2Q21 • Common Equity Tier 1 (CET1) capital of $141.6 billion3 • CET1 ratio of 11.6% under the Standardized Approach and 12.4% under the Advanced Approach3 • Increased common stock dividend to $0.20 per share • Repurchased 114.2 million shares of common stock, or $5.3 billion, in the quarter Comparisons in the bullet points are for 3Q21 versus 3Q20, unless otherwise noted. 1. Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 16. 2. The efficiency ratio is noninterest expense divided by total revenue. 3. See page 17 for additional information regarding Common Equity Tier 1 (CET1) capital and ratios. CET1 is a preliminary estimate. 4. Liquidity coverage ratio (LCR) represents high-quality liquid assets divided by projected net cash outflows, as each is defined under the LCR rule. LCR is a preliminary estimate. 5. Represents total loss absorbing capacity (TLAC) divided by the greater of risk-weighted assets determined under the Standardized and Advanced Approaches, which is our binding TLAC ratio. TLAC is a preliminary estimate. ($ in millions, except EPS) Pre-tax Income EPS Change in the allowance for credit losses $1,652 0.30 Impact of an operating loss associated with the September 2021 Office of the Comptroller of the Currency (OCC) enforcement action (250) (0.05) • Effective income tax rate of 22.9% • Average loans of $854.0 billion, down 8% • Average deposits of $1.5 trillion, up 4% • Net income of $5.1 billion, or $1.17 per diluted common share – Revenue of $18.8 billion, down 2% – Noninterest expense of $13.3 billion, down 13% – Results included:

43Q21 Financial Results 3Q21 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 16. $ in millions (mm), except per share data 3Q21 2Q21 3Q20 vs. 2Q21 vs. 3Q20 Net interest income $8,909 8,800 9,379 $109 (470) Noninterest income 9,925 11,470 9,937 (1,545) (12) Total revenue 18,834 20,270 19,316 (1,436) (482) Net charge-offs 257 379 731 (122) (474) Change in the allowance for credit losses (1,652) (1,639) 38 (13) (1,690) Provision for credit losses (1,395) (1,260) 769 (135) (2,164) Noninterest expense 13,303 13,341 15,229 (38) (1,926) Pre-tax income 6,926 8,189 3,318 (1,263) 3,608 Income tax expense (benefit) 1,521 1,445 (83) 76 1,604 Effective income tax rate (%) 22.9 % 19.3 (2.6) 359 bps nm Net income $5,122 6,040 3,216 ($918) 1,906 Diluted earnings per common share $1.17 1.38 0.70 ($0.21) 0.47 Diluted average common shares (# mm) 4,090.4 4,156.1 4,132.2 (66) (42) Return on equity (ROE) 11.1 % 13.6 7.2 (253) bps 386 Return on average tangible common equity (ROTCE) 1 13.2 16.3 8.7 (307) 448 Efficiency ratio 71 66 79 482 (821)

53Q21 Financial Results Credit quality • Commercial net loan charge-offs down $42 million driven by net recoveries in the energy portfolio and in commercial real estate • Consumer net loan charge-offs down $80 million as lower losses in credit card and auto were partially offset by higher other consumer losses • Nonperforming assets decreased $321 million, or 4%, predominantly driven by a $529 million decline in commercial nonaccruals, which was partially offset by a $241 million increase in residential mortgage – first lien nonaccruals Provision for Credit Losses and Net Charge-offs ($ 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 22 bps from 2Q21 and down 52 bps from 3Q20 Comparisons in the bullet points are for 3Q21 versus 2Q21, unless otherwise noted. 769 (179) (1,048) (1,260) (1,395) 731 584 523 379 257 Provision for Credit Losses Net Charge-offs Net Loan Charge-off Ratio 3Q20 4Q20 1Q21 2Q21 3Q21 20,471 19,713 18,043 16,391 14,705 11,542 11,516 10,682 9,570 8,565 8,929 8,197 7,361 6,821 6,140 Commercial Consumer Allowance coverage for total loans 3Q20 4Q20 1Q21 2Q21 3Q21 0.29% 0.26% 0.18%0.24% 0.12% 2.22%2.22% 2.09% 1.92% 1.70%

63Q21 Financial Results Average loans and deposits • Average loans down $77.7 billion, or 8%, year-over-year (YoY), and down $723 million from 2Q21 as a $6.3 billion decline in consumer real estate loans was largely offset by modest growth in most other categories • Total average loan yield of 3.29%, down 4 bps from 2Q21 and down 12 bps YoY reflecting the repricing impacts of lower interest rates, as well as lower consumer real estate loans • Average deposits up $51.9 billion, or 4%, YoY as growth across most businesses was partially offset by targeted actions to manage to the asset cap, primarily in Corporate Treasury and Corporate and Investment Banking • Average deposit cost of 3 bps, stable with 2Q21 and down 6 bps YoY reflecting the lower interest rate environment Average Loans Outstanding ($ in billions) Average Deposits and Rates ($ in billions) 931.7 899.7 873.4 854.7 854.0 497.7 476.5 476.6 477.0 478.2 434.0 423.2 396.8 377.7 375.9 Commercial Loans Consumer Loans Total Average Loan Yield 3Q20 4Q20 1Q21 2Q21 3Q21 1,399.0 1,380.1 1,393.5 1,435.8 1,450.9 756.5 763.2 789.4 835.7 848.4 179.0 184.9 189.4 192.6 199.2 226.1 205.8 194.5 190.8 189.4 169.4 169.8 173.7 175.0 176.6 Corporate Wealth and Investment Management Corporate and Investment Banking Commercial Banking Consumer Banking and Lending 3Q20 4Q20 1Q21 2Q21 3Q21 3.41% 3.43% 3.34% 3.33% 3.29% Average Deposit Cost 0.09% 0.05% 0.03% 0.03% 0.03% 37.341.746.556.468.0

73Q21 Financial Results Net interest income • Net interest income decreased $470 million, or 5%, YoY reflecting the impact of lower loan balances due to soft demand and elevated prepayments, and the impact of lower yields on earning assets, partially offset by a decline in long-term debt and lower mortgage-backed securities (MBS) premium amortization – 3Q21 MBS premium amortization was $499 million vs. $668 million in 3Q20 and $587 million in 2Q21 • Net interest income up $109 million, or 1%, from 2Q21 Net Interest Income ($ in millions) 9,379 9,355 8,808 8,800 8,909 Net Interest Income Net Interest Margin on a taxable-equivalent basis 3Q20 4Q20 1Q21 2Q21 3Q21 2.13% 2.16% 2.05% 2.02% 2.03% 1. Includes taxable-equivalent adjustments predominantly related to tax-exempt income on certain loans and securities. 1

83Q21 Financial Results Noninterest expense • 3Q21 noninterest expense included a $250 million operating loss associated with the September 2021 OCC enforcement action • Noninterest expense down 13% from 3Q20 – Personnel expense up 1% as lower salaries expense driven by reduced headcount reflecting efficiency initiatives was more than offset by higher incentive and revenue-related compensation – Non-personnel expense down $2.0 billion, or 30%, largely driven by lower restructuring charges and operating losses, lower consultant and contractor spend reflecting efficiency initiatives, and lower COVID-19-related expenses that primarily impacted occupancy expense • Noninterest expense down modestly from 2Q21 – Personnel expense down 1% as lower incentive compensation and employee benefits expense was partially offset by higher revenue-related compensation and higher salaries expense on one additional day in the quarter – Non-personnel expense up $90 million, or 2%, as higher operating losses were partially offset by lower technology, telecommunications and equipment expense, lower professional and outside services expense, and lower other expense Noninterest Expense ($ in millions) 15,229 14,802 13,989 13,341 13,303 8,624 8,948 9,558 8,818 8,690 1,219 4,668 4,452 4,101 4,145 4,072 Goodwill Write-down All Other Expenses Restructuring Charges Operating Losses Personnel Expense 3Q20 4Q20 1Q21 2Q21 3Q21 Headcount (Period-end, '000s) 3Q20 4Q20 1Q21 2Q21 3Q21 275 269 265 259 254 79 303 (4)13 213 781 104 621 718 1 540

93Q21 Financial Results Consumer Banking and Lending • Total revenue down 4% YoY and up 1% from 2Q21 – CSBB up 2% YoY primarily due to an increase in consumer activity, including higher debit card transactions, and lower COVID-19-related fee waivers; up 2% from 2Q21 primarily driven by higher deposit-related fees and higher net interest income on higher deposits – Home Lending down 20% YoY primarily due to lower mortgage banking income on lower gain on sale margins, origination volumes, and servicing fees, as well as lower net interest income on lower loans outstanding, partially offset by higher gains from the re-securitization of loans purchased from MBS last year – Credit Card up 4% YoY on higher point-of-sale volume and lower customer accommodations and fee waivers provided in response to COVID-19 – Auto up 10% YoY and up 7% from 2Q21 on higher loan balances • Noninterest expense down 18% YoY primarily due to lower operating losses and lower personnel expense due to efficiency initiatives, as well as a decline in occupancy expense related to lower COVID-19-related expenses 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) 3Q21 vs. 2Q21 vs. 3Q20 Revenue by line of business: Consumer and Small Business Banking (CSBB) $4,822 $108 101 Consumer Lending: Home Lending 2,012 (60) (515) Credit Card 1,399 36 54 Auto 445 30 41 Personal Lending 126 4 (23) Total revenue 8,804 118 (342) Provision for credit losses (518) (151) (1,158) Noninterest expense 6,053 (149) (1,292) Pre-tax income 3,269 418 2,108 Net income $2,451 $313 1,580 Selected Metrics 3Q21 2Q21 3Q20 Return on allocated capital 1 19.7 % 17.3 6.6 Efficiency ratio 2 69 71 80 Retail bank branches # 4,796 4,878 5,229 Digital (online and mobile) active customers 3 (mm) 32.7 32.6 32.0 Mobile active customers 3 (mm) 27.0 26.8 25.9 Average Balances and Selected Credit Metrics $ in billions 3Q21 2Q21 3Q20 Balances Loans $325.6 331.9 379.8 Deposits 848.4 835.8 756.5 Credit Performance Net charge-offs as a % of average loans 0.37 % 0.43 0.39

103Q21 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. 61.6 53.9 51.8 53.2 51.9 32.8 32.3 33.6 36.9 35.2 28.8 21.6 18.2 16.3 16.7 Retail Correspondent Refinances as a % of Originations 3Q20 4Q20 1Q21 2Q21 3Q21 102.9 105.3 108.5 122.0 118.6 POS Volume ($ in billions) POS Transactions (billions) 3Q20 4Q20 1Q21 2Q21 3Q21 5.4 5.3 7.0 8.3 9.2 3Q20 4Q20 1Q21 2Q21 3Q21 21.3 22.9 21.1 25.5 26.5 3Q20 4Q20 1Q21 2Q21 3Q21 2.3 2.3 2.3 2.5 2.5 51% 52% 64% 55% 55%

113Q21 Financial Results Commercial Banking • Total revenue down 7% YoY and down 2% from 2Q21 – Middle Market Banking revenue down 3% 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, as well as lower lease income, partially offset by improved loan spreads • Noninterest expense down 14% YoY primarily driven by lower salaries expense and a decline in consulting expense due to efficiency initiatives, as well as lower lease expense Summary Financials $ in millions 3Q21 vs. 2Q21 vs. 3Q20 Revenue by line of business: Middle Market Banking $1,165 $14 (31) Asset-Based Lending and Leasing 911 (46) (119) Total revenue 2,076 (32) (150) Provision for credit losses (335) 47 (674) Noninterest expense 1,396 (47) (227) Pre-tax income 1,015 (32) 751 Net income $759 ($25) 567 Selected Metrics 3Q21 2Q21 3Q20 Return on allocated capital 14.5 % 15.2 2.9 Efficiency ratio 67 68 73 Average loans by line of business ($ in billions) Middle Market Banking $101.5 102.1 110.3 Asset-Based Lending and Leasing 77.1 76.5 91.6 Total loans $178.6 178.6 201.9 Average deposits 199.2 192.6 179.0

123Q21 Financial Results Corporate and Investment Banking • Total revenue up 2% YoY and up 1% from 2Q21 – Banking revenue up 12% YoY on higher advisory and equity origination fees, and higher loan balances, partially offset by lower deposit balances predominantly due to actions taken to manage under the asset cap – Commercial Real Estate revenue up 10% YoY reflecting higher commercial servicing income, loan balances, and capital markets results on stronger commercial mortgage gain on sale volumes and margins and higher underwriting fees; down 7% from 2Q21 on lower capital markets volumes and commercial mortgage servicing income – Markets revenue down 15% YoY on lower trading activity across most asset classes primarily due to market conditions • Noninterest expense down 10% YoY primarily driven by reduced operations expense due to efficiency initiatives Summary Financials $ in millions 3Q21 vs. 2Q21 vs. 3Q20 Revenue by line of business: Banking: Lending $502 $28 80 Treasury Management and Payments 372 19 (23) Investment Banking 367 (40) 72 Total Banking 1,241 7 129 Commercial Real Estate 942 (72) 87 Markets: Fixed Income, Currencies and Commodities (FICC) 884 (4) (121) Equities 234 28 (78) Credit Adjustment (CVA/DVA) and Other 58 74 (4) Total Markets 1,176 98 (203) Other 26 14 65 Total revenue 3,385 47 78 Provision for credit losses (460) 41 (339) Noninterest expense 1,797 (8) (194) Pre-tax income 2,048 14 611 Net income $1,530 $7 448 Selected Metrics 3Q21 2Q21 3Q20 Return on allocated capital 16.9 % 17.0 11.6 Efficiency ratio 53 54 60 Average Balances ($ in billions) Loans by line of business 3Q21 2Q21 3Q20 Banking $95.9 90.8 88.9 Commercial Real Estate 110.7 108.9 109.5 Markets 50.7 52.7 51.4 Total loans $257.3 252.4 249.8 Deposits 189.4 190.8 226.1 Trading-related assets 194.1 191.5 192.7

133Q21 Financial Results Wealth and Investment Management • Total revenue up 10% YoY – Net interest income down 11% YoY driven by the impact of lower interest rates, partially offset by higher deposit and loan balances – Noninterest income up 16% YoY on higher asset-based fees primarily due to higher market valuations, partially offset by lower retail brokerage transactional activity • Noninterest expense up 6% YoY and included higher revenue-related compensation, partially offset by lower salaries and occupancy expense due to efficiency initiatives; up 1% from 2Q21 as higher revenue-related compensation was largely offset by lower salaries and benefits expense • Total client assets increased 13% YoY to $2.1 trillion, primarily driven by higher market valuations Summary Financials $ in millions 3Q21 vs. 2Q21 vs. 3Q20 Net interest income $637 $27 (80) Noninterest income 2,981 55 408 Total revenue 3,618 82 328 Provision for credit losses (73) (97) (63) Noninterest expense 2,917 26 175 Pre-tax income 774 153 216 Net income $579 $114 160 Selected Metrics ($ in billions, unless otherwise noted) 3Q21 2Q21 3Q20 Return on allocated capital 25.7 % 20.7 18.4 Efficiency ratio 81 82 83 Average loans $82.8 81.8 79.0 Average deposits 176.6 175.0 169.4 Client assets Advisory assets 920 931 779 Other brokerage assets and deposits 1,171 1,212 1,076 Total client assets $2,091 2,143 1,855 Annualized revenue per advisor ($ in thousands) 1 1,141 1,084 940 Total financial and wealth advisors 12,552 12,819 13,793 1. Represents annualized segment total revenue divided by average total financial and wealth advisors for the period.

143Q21 Financial Results Corporate • Net interest income down YoY primarily due to lower loan balances due to the sale of our student loan portfolio • Noninterest income down YoY on lower gains on the sale of securities in our investment portfolio, partially offset by improved results in our affiliated venture capital and private equity businesses; down from 2Q21 on lower equity gains from our affiliated venture capital and private equity businesses, and a $147 million gain on the sale of student loans in 2Q21 • Noninterest expense down YoY primarily due to lower restructuring charges, partially offset by a $250 million operating loss associated with the September 2021 OCC enforcement action Summary Financials $ in millions 3Q21 vs. 2Q21 vs. 3Q20 Net interest income ($427) ($123) (159) Noninterest income 1,752 (1,575) (169) Total revenue 1,325 (1,698) (328) Provision for credit losses (9) 25 70 Noninterest expense 1,140 140 (388) Pre-tax income (loss) 194 (1,863) (10) Income tax expense (benefit) 110 (113) 742 Less: Net income (loss) from noncontrolling interests 281 (423) 97 Net income (loss) ($197) ($1,327) (849) Selected Metrics ($ in billions) 3Q21 2Q21 3Q20 Wells Fargo Asset Management assets under management $588 603 607

Appendix

163Q21 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) Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Return on average tangible common equity: Net income applicable to common stock (A) $ 4,787 5,743 4,256 2,741 2,901 Average total equity 194,041 190,968 189,074 185,444 181,377 Adjustments: Preferred stock (21,403) (21,108) (21,840) (21,223) (21,098) Additional paid-in capital on preferred stock 145 138 145 156 158 Unearned ESOP shares 875 875 875 875 875 Noncontrolling interests (1,845) (1,313) (1,115) (887) (761) Average common stockholders’ equity (B) $ 171,813 169,560 167,139 164,365 160,551 Adjustments: Goodwill (26,192) (26,213) (26,383) (26,390) (26,388) Certain identifiable intangible assets (other than MSRs) (290) (310) (330) (354) (378) Goodwill and other intangibles on nonmarketable equity securities (included in other assets) (2,169) (2,208) (2,217) (1,889) (2,045) Applicable deferred taxes related to goodwill and other intangible assets (1) 882 873 863 852 838 Average tangible common equity (C) $ 144,044 141,702 139,072 136,584 132,578 Return on average common stockholders’ equity (ROE) (annualized) (A)/(B) 11.1 % 13.6 10.3 6.6 7.2 Return on average tangible common equity (ROTCE) (annualized) (A)/(C) 13.2 16.3 12.4 8.0 8.7 (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.

173Q21 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) Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Total equity (2) $ 191.1 193.1 188.0 185.7 181.7 Effect of accounting policy changes (2) — — 0.3 0.2 0.3 Total equity (as reported) 191.1 193.1 188.3 185.9 182.0 Adjustments: Preferred stock (20.3) (20.8) (21.2) (21.1) (21.1) Additional paid-in capital on preferred stock 0.1 0.2 0.2 0.1 0.2 Unearned ESOP shares 0.9 0.9 0.9 0.9 0.9 Noncontrolling interests (2.0) (1.9) (1.1) (1.0) (0.9) Total common stockholders' equity $ 169.8 171.5 167.1 164.8 161.1 Adjustments: Goodwill (26.2) (26.2) (26.3) (26.4) (26.4) Certain identifiable intangible assets (other than MSRs) (0.3) (0.3) (0.3) (0.3) (0.4) Goodwill and other intangibles on nonmarketable equity securities (included in other assets) (2.1) (2.3) (2.3) (2.0) (2.0) Applicable deferred taxes related to goodwill and other intangible assets (3) 0.9 0.9 0.9 0.9 0.8 Current expected credit loss (CECL) transition provision (4) 0.5 0.9 1.3 1.7 1.9 Other (1.0) (1.1) (0.7) (0.4) (0.1) Common Equity Tier 1 (A) $ 141.6 143.4 139.7 138.3 134.9 Total risk-weighted assets (RWAs) under Standardized Approach (B) $ 1,219.1 1,188.7 1,179.0 1,193.7 1,185.6 Total RWAs under Advanced Approach (C) 1,138.3 1,126.5 1,109.4 1,158.4 1,172.0 Common Equity Tier 1 to total RWAs under Standardized Approach (A)/(B) 11.6 % 12.1 11.8 11.6 11.4 Common Equity Tier 1 to total RWAs under Advanced Approach (A)/(C) 12.4 12.7 12.6 11.9 11.5 (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 beginning January 1, 2022. 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 September 30, 2021, was an increase in capital of $463 million, reflecting a $991 million (post-tax) increase in capital recognized upon our initial adoption of CECL, offset by 25% of the $5.8 billion increase in our ACL under CECL from January 1, 2020, through September 30, 2021.

183Q21 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 September 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 third 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: Oct 14

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