UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): July 15, 2022

WELLS FARGO & COMPANY

(Exact name of registrant as specified in its charter)

Delaware	001-02979	No.	41-0449260
(State or Other Jurisdiction<br>of Incorporation)	(Commission File<br>Number)	(IRS Employer<br>Identification No.)

420 Montgomery Street, San Francisco, California 94104

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: 1-866-249-3302

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol	Name of Each Exchange <br>on Which Registered
Common Stock, par value $1-2/3	WFC	New York Stock<br><br>Exchange<br><br>(NYSE)
7.5% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L	WFC.PRL	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of 5.85% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series Q	WFC.PRQ	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series R	WFC.PRR	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Y	WFC.PRY	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Z	WFC.PRZ	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series AA	WFC.PRA	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series CC	WFC.PRC	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series DD	WFC.PRD	NYSE
Guarantee of Medium-Term Notes, Series A, due October 30, 2028 of Wells Fargo Finance LLC	WFC/28A	NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b‑2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition.

On July 15, 2022, Wells Fargo & Company (the “Company”) issued a news release regarding its results of operations and financial condition for the quarter ended June 30, 2022, and posted on its website its 2Q22 Quarterly Supplement, which contains certain additional information about the Company’s financial results for the quarter ended June 30, 2022. The news release is included as Exhibit 99.1 and the 2Q22 Quarterly Supplement is included as Exhibit 99.2 to this report, and each is incorporated by reference into this Item 2.02. The information included in Exhibit 99.1 and Exhibit 99.2 is considered to be “filed” for purposes of Section 18 under the Securities Exchange Act of 1934.

Item 7.01 Regulation FD Disclosure.

On July 15, 2022, the Company intends to host a live conference call that will also be available by webcast to discuss the Company’s second quarter 2022 financial results and other matters relating to the Company. In connection therewith, the Company has posted on its website presentation materials containing certain historical and forward-looking information relating to the Company. The presentation materials are included as Exhibit 99.3 to this report and are incorporated by reference into this Item 7.01. Exhibit 99.3 shall not be considered “filed” for purposes of Section 18 under the Securities Exchange Act of 1934 and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description	Location
99.1	News Release dated July 15, 2022	Filed herewith
99.2	2Q22 Quarterly Supplement	Filed herewith
99.3	Presentation Materials – 2Q22 Financial Results	Furnished herewith
104	Cover Page Interactive Data File	Embedded within the Inline XBRL document

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated:	July 15, 2022	WELLS FARGO & COMPANY
		By:	/s/ MUNEERA S. CARR
			Muneera S. Carr
			Executive Vice President,<br><br>Chief Accounting Officer and Controller

Document

Exhibit 99.1

News Release	July 15, 2022<br><br>Wells Fargo Reports Second Quarter 2022 Net Income of $3.1 billion, or $0.74 per Diluted Share
Company-wide Financial Summary
---	---	---	---	---
	Quarter ended
	Jun 30,<br>2022			Jun 30,<br>2021
Selected Income Statement Data( in millions except per share amounts)
	$	17,028		20,270
	12,883			13,341
	580			(1,260)
	3,119			6,040
	0.74			1.38
Selected Balance Sheet Data( in billions)
	$	926.6		854.7
	1,445.8			1,435.8
	10.3		%	12.1
Performance Metrics
	7.1		%	13.6
	8.6			16.3

All values are in US Dollars.

Operating Segments
	Quarter ended		Jun 30, 2022 <br>% Change from
($ in billions)	Jun 30,<br>2022			Mar 31,<br>2022		Jun 30,<br>2021
Average loans
Consumer Banking and Lending	$	330.9		2	%	—
Commercial Banking	202.0			4		13
Corporate and Investment Banking	298.7			5		18
Wealth and Investment Management	85.9			1		5
Average deposits
Consumer Banking and Lending	898.7			2		8
Commercial Banking	188.3			(6)		(2)
Corporate and Investment Banking	164.9			(3)		(14)
Wealth and Investment Management	173.7			(7)		(1)
Second quarter 2022 results included:
---

◦$(576) million impairment of equity securities ($(412) million, or $(0.08) per share, net of noncontrolling interests) predominantly in our affiliated venture capital business driven by market conditions

Chief Executive Officer Charlie Scharf commented, “While our net income declined in the second quarter, our underlying results reflected our improving earnings capacity with expenses declining and rising interest rates driving strong net interest income growth. Loan balances increased with growth in both consumer and commercial loans. Credit quality remained strong, and we continued to execute on our efficiency initiatives. Noninterest income declined as higher interest rates and weaker financial markets reduced our venture capital, mortgage banking, investment banking, and brokerage advisory results.” “Our work to build an appropriate risk and control infrastructure is ongoing and remains our top priority, but we also continue to invest in our businesses to better serve our customers and to help drive growth. This week we launched our fourth new credit card offering in the past year, Wells Fargo AutographSM, reflecting our momentum in growing our consumer credit card business. In addition, as part of our effort to provide a more differentiated experience to our affluent customers, we began the roll out of Wells Fargo Premier, which we will continue to build on in future quarters. We have also continued to invest in our digital capabilities including the relaunch of Intuitive Investor®, our digitally automated investing platform,” Scharf continued. “Looking ahead, our results should continue to benefit from the rising interest rate environment with growth in net interest income expected to more than offset any further near-term pressure on noninterest income. We do expect credit losses to increase from these incredibly low levels, but we have yet to see any meaningful deterioration in either our consumer or commercial portfolios. Our efficiency initiatives continue to be on track, and the recent Federal Reserve stress test confirmed our strong capital position and our capacity to return excess capital to shareholders through dividends and common stock repurchases,” Scharf concluded.

1 Represents our Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach, which is our binding CET1 ratio. See tables on pages 27-28 of the 2Q22 Quarterly Supplement for more information on CET1. CET1 for June 30, 2022, is a preliminary estimate.

2 Return on equity (ROE) represents Wells Fargo net income 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 2Q22 Quarterly Supplement.

Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.

Selected Company-wide Financial Information

				Quarter ended		Jun 30, 2022 <br>% Change from
	Jun 30,<br>2022			Mar 31,<br>2022	Jun 30,<br>2021	Mar 31,<br>2022		Jun 30,<br>2021
Earnings ( in millions except per share amounts)
	$	10,198		9,221	8,800	11	%	16
	6,830			8,371	11,470	(18)		(40)
	17,028			17,592	20,270	(3)		(16)
	345			305	379	13		(9)
	235			(1,092)	(1,639)	122		114
	580			(787)	(1,260)	174		146
	12,883			13,870	13,341	(7)		(3)
	613			707	1,445	(13)		(58)
	$	3,119		3,671	6,040	(15)		(48)
	0.74			0.88	1.38	(16)		(46)
Balance Sheet Data (average) ( in billions)
	$	926.6		898.0	854.7	3		8
	1,445.8			1,464.1	1,435.8	(1)		1
	1,902.6			1,919.4	1,939.9	(1)		(2)
Financial Ratios
	0.66		%	0.78	1.25
	7.1			8.4	13.6
	8.6			10.0	16.3
	76			79	66
	2.39			2.16	2.02

All values are in US Dollars.

(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 2Q22 Quarterly Supplement.

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

Second Quarter 2022 vs. Second Quarter 2021

◦Net interest income increased 16%, primarily due to the impact of higher interest rates, higher loan balances, lower mortgage-backed securities premium amortization, and a decrease in long-term debt. These benefits were partially offset by lower interest income from Paycheck Protection Program (PPP) loans and loans purchased from securitization pools

◦Noninterest income decreased 40%, primarily driven by lower results in our affiliated venture capital and private equity businesses, including impairments driven by market conditions; a decline in mortgage banking income driven by lower originations and gain on sale margins, as well as lower gains from the re-securitization of loans purchased from securitization pools; the impact of divestitures; and lower investment banking fees. These decreases were partially offset by improved results in our Markets business

◦Noninterest expense decreased 3%. Personnel expense was down predominantly reflecting divestitures, lower revenue-related compensation, as well as the impact of efficiency initiatives. Non-personnel expense also decreased, reflecting divestitures and lower consultant spend, partially offset by higher operating losses primarily driven by an increase in litigation accruals and higher customer remediation expense predominantly for a variety of historical matters

◦Provision for credit losses in second quarter 2022 included a $235 million increase in the allowance for credit losses due to loan growth

-2-

Selected Company-wide Capital and Liquidity Information

				Quarter ended
( in billions)	Jun 30,<br>2022			Mar 31,<br>2022	Jun 30,<br>2021
Capital:
	$	179.8		181.7	193.1
	158.3			160.0	171.5
	131.5			133.1	143.6
	10.3		%	10.5	12.1
	22.7			22.3	25.1
	6.6			6.6	7.1
Liquidity:
	121			119	123

All values are in US Dollars.

(b)Represents our CET1 ratio calculated under the Standardized Approach, which is our binding CET1 ratio. See tables on pages 27-28 of the 2Q22 Quarterly Supplement for more information on CET1. CET1 for June 30, 2022, is a preliminary estimate.

(c)Represents TLAC divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC for June 30, 2022, is a preliminary estimate.

(d)SLR for June 30, 2022, is a preliminary estimate.

(e)Represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. LCR for June 30, 2022, is a preliminary estimate.

◦In June, the Company completed the 2022 Comprehensive Capital Analysis and Review stress test process

▪The Company’s stress capital buffer (SCB) for October 1, 2022, through September 30, 2023 is expected to be 3.2%; the Federal Reserve Board has indicated that it will publish our final SCB by August 31, 2022

▪Third quarter 2022 common stock dividend is expected to be $0.30 per share, up from $0.25 per share, subject to approval by the Company’s Board of Directors at its regularly scheduled meeting in July

Selected Company-wide Credit Information

				Quarter ended
( in millions)	Jun 30,<br>2022			Mar 31,<br>2022	Jun 30,<br>2021
Net charge-offs	$	345		305	379
	0.15		%	0.14	0.18
Total nonaccrual loans	$	5,993		6,871	7,371
	0.64		%	0.75	0.86
Total nonperforming assets	$	6,123		7,001	7,500
	0.65		%	0.77	0.88
Allowance for credit losses for loans	$	12,884		12,681	16,391
	1.37		%	1.39	1.92

All values are in US Dollars.

Second Quarter 2022 vs. First Quarter 2022

◦Net loan charge-offs remained low. Commercial net loan charge-offs as a percentage of average loans were 0.02% (annualized), compared with a net recovery of (0.02)%. The consumer net loan charge-off rate was 0.33% (annualized), down from 0.35%

◦Nonperforming assets decreased 13%. Nonaccrual loans decreased $878 million driven by a decrease in residential mortgage nonaccrual loans primarily due to sustained payment performance of borrowers after exiting COVID-19-related accommodation programs, as well as a decrease in commercial nonaccrual loans

-3-

Operating Segment Performance

Consumer Banking and Lending offers diversified financial products and services for consumers and small businesses with annual sales generally up to $10 million. These financial products and services include checking and savings accounts, credit and debit cards, as well as home, auto, personal, and small business lending.

Selected Financial Information

			Quarter ended				Jun 30, 2022 <br>% Change from
			Jun 30,<br>2022		Mar 31,<br>2022	Jun 30,<br>2021	Mar 31,<br>2022		Jun 30,<br>2021
Earnings (in millions)
	Consumer and Small Business Banking		$	5,510	5,071	4,714	9	%	17
	Consumer Lending:
		Home Lending	972		1,490	2,072	(35)		(53)
		Credit Card	1,304		1,265	1,218	3		7
		Auto	436		444	415	(2)		5
		Personal Lending	285		293	267	(3)		7
	Total revenue		8,507		8,563	8,686	(1)		(2)
	Provision for credit losses		613		(190)	(367)	423		267
	Noninterest expense		6,036		6,395	6,202	(6)		(3)
	Net income		$	1,393	1,770	2,138	(21)		(35)
Average balances (in billions)
	Loans		$	330.9	325.1	331.9	2		—
	Deposits		898.7		881.3	835.8	2		8

Second Quarter 2022 vs. Second Quarter 2021

◦Revenue decreased 2%

▪Consumer and Small Business Banking was up 17% primarily due to the impact of higher interest rates and higher deposit balances, partially offset by lower revenue from PPP loans

▪Home Lending was down 53% primarily due to lower mortgage banking income driven by lower originations and gain on sale margins, and lower revenue from the re-securitization of loans purchased from securitization pools. These decreases were partially offset by higher mortgage servicing income

▪Credit Card was up 7% on higher loan balances and reflected higher point of sale volume including the impact of new product launches in 2021

▪Auto was up 5% and Personal Lending was up 7%, in each case primarily due to higher loan balances, partially offset by loan spread compression

◦Noninterest expense decreased 3% reflecting lower revenue-related compensation in Home Lending due to lower production, as well as the impact of efficiency initiatives, partially offset by higher operating losses

-4-

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

Selected Financial Information

		Quarter ended				Jun 30, 2022 <br>% Change from
		Jun 30,<br>2022		Mar 31,<br>2022	Jun 30,<br>2021	Mar 31,<br>2022		Jun 30,<br>2021
Earnings (in millions)
	Middle Market Banking	$	1,459	1,246	1,151	17	%	27
	Asset-Based Lending and Leasing	1,033		1,081	957	(4)		8
	Total revenue	2,492		2,327	2,108	7		18
	Provision for credit losses	21		(344)	(382)	106		105
	Noninterest expense	1,478		1,531	1,443	(3)		2
	Net income	$	741	857	784	(14)		(5)
Average balances (in billions)
	Loans	$	202.0	194.4	178.6	4		13
	Deposits	188.3		200.7	192.6	(6)		(2)

Second Quarter 2022 vs. Second Quarter 2021

◦Revenue increased 18%

▪Middle Market Banking was up 27% primarily due to the impact of higher interest rates and higher loan balances

▪Asset-Based Lending and Leasing was up 8% driven by higher loan balances

◦Noninterest expense increased 2% primarily due to higher operating costs, partially offset by lower personnel expense due to efficiency initiatives

-5-

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

Selected Financial Information

			Quarter ended				Jun 30, 2022 <br>% Change from
			Jun 30,<br>2022		Mar 31,<br>2022	Jun 30,<br>2021	Mar 31,<br>2022		Jun 30,<br>2021
Earnings (in millions)
	Banking:
		Lending	$	528	521	474	1	%	11
		Treasury Management and Payments	529		432	353	22		50
		Investment Banking	222		331	407	(33)		(45)
	Total Banking		1,279		1,284	1,234	—		4
	Commercial Real Estate		1,060		995	1,014	7		5
	Markets:
		Fixed Income, Currencies, and Commodities (FICC)	934		877	888	6		5
		Equities	253		267	206	(5)		23
		Credit Adjustment (CVA/DVA) and Other	13		25	(16)	(48)		181
	Total Markets		1,200		1,169	1,078	3		11
	Other		34		22	12	55		183
	Total revenue		3,573		3,470	3,338	3		7
	Provision for credit losses		(62)		(196)	(501)	68		88
	Noninterest expense		1,840		1,983	1,805	(7)		2
	Net income		$	1,336	1,258	1,523	6		(12)
Average balances (in billions)
	Loans		$	298.7	284.5	252.4	5		18
	Deposits		164.9		169.2	190.8	(3)		(14)

Second Quarter 2022 vs. Second Quarter 2021

◦Revenue increased 7%

▪Banking was up 4% primarily driven by stronger treasury management results reflecting the impact of higher interest rates, as well as higher loan balances, partially offset by lower investment banking fees reflecting lower market activity. Investment Banking results included a $107 million write-down on unfunded leveraged finance commitments due to market spread widening

▪Commercial Real Estate was up 5% reflecting higher loan balances and the impact of higher interest rates, partially offset by lower commercial mortgage-backed securities gain on sale margins and volumes

▪Markets was up 11% primarily due to higher foreign exchange and commodities trading revenue, as well as higher equities trading, partially offset by lower trading activity in residential mortgage-backed securities and high yield products

◦Noninterest expense increased 2% primarily driven by higher operating costs

-6-

Wealth and Investment Management provides personalized wealth management, brokerage, financial planning, lending, private banking, trust and fiduciary products and services to affluent, high-net worth and ultra-high-net worth clients. We operate through financial advisors in our brokerage and wealth offices, consumer bank branches, independent offices, and digitally through WellsTrade® and Intuitive Investor®.

Selected Financial Information

		Quarter ended				Jun 30, 2022 <br>% Change from
		Jun 30,<br>2022		Mar 31,<br>2022	Jun 30,<br>2021	Mar 31,<br>2022		Jun 30,<br>2021
Earnings (in millions)
	Net interest income	$	916	799	610	15	%	50
	Noninterest income	2,789		2,958	2,926	(6)		(5)
	Total revenue	3,705		3,757	3,536	(1)		5
	Provision for credit losses	(7)		(37)	24	81		NM
	Noninterest expense	2,911		3,175	2,891	(8)		1
	Net income	$	603	465	465	30		30
Total client assets (in billions)		1,835		2,080	2,143	(12)		(14)
Average balances (in billions)
	Loans	$	85.9	84.8	81.8	1		5
	Deposits	173.7		185.8	175.0	(7)		(1)

NM – Not meaningful

Second Quarter 2022 vs. Second Quarter 2021

◦Revenue increased 5% due to higher net interest income as a result of higher interest rates, partially offset by lower asset-based fees driven by a decrease in market valuations, as well as lower transactional activity

-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				Jun 30, 2022 <br>% Change from
		Jun 30,<br>2022		Mar 31,<br>2022	Jun 30,<br>2021	Mar 31,<br>2022		Jun 30,<br>2021
Earnings (in millions)
	Net interest income	$	(619)	(818)	(304)	24	%	NM
	Noninterest income	(114)		806	3,327	NM		NM
	Total revenue	(733)		(12)	3,023	NM		NM
	Provision for credit losses	15		(20)	(34)	175		144
	Noninterest expense	618		786	1,000	(21)		(38)
	Net income (loss)	$	(954)	(679)	1,130	(41)		NM

NM – Not meaningful

Second Quarter 2022 vs. Second Quarter 2021

◦Revenue decreased $3.8 billion

▪Net interest income decreased primarily due to higher deposit crediting rates paid to the operating segments, unfavorable hedge ineffectiveness accounting results, and the sale of our Corporate Trust Services business in 2021

▪Noninterest income decreased predominantly driven by lower results in our affiliated venture capital and private equity businesses, including impairments driven by market conditions, the impact of the sales of Wells Fargo Asset Management and our Corporate Trust Services business, and the gain on sale of our student loan portfolio in second quarter 2021, partially offset by higher gains on the sales of securities in our investment portfolio

◦Noninterest expense decreased predominantly due to the impact of business divestitures. In addition, second quarter 2021 included a $79 million write-down of goodwill associated with the sale of student loans

Conference Call

The Company will host a live conference call on Friday, July 15, at 10:00 a.m. ET. You may listen to the call by dialing 1-888-790-1806 (U.S. and Canada) or 312-470-7125 (International/U.S. Toll) and enter passcode: 4859855. The call will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and

https://metroconnectionsevents.com/wf2022q2earnings.

A replay of the conference call will be available from approximately 1:00 p.m. ET on Friday, July 15 through

Friday, July 29. Please dial 1-800-551-8152 (U.S. and Canada) or 203-369-3810 (International/U.S. Toll) and enter passcode: 4581. The replay will also be available online at

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

https://metroconnectionsevents.com/wf2022q2earnings.

-8-

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 (including the conflict in Ukraine), and any slowdown in global economic growth;

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

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

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

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

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

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

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

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

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

-9-

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

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

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

•fiscal and monetary policies of the Federal Reserve Board;

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

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

•the other risk factors and uncertainties described under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021.

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, 2021, 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.

-10-

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a 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. 41 on Fortune’s 2022 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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Document

Exhibit 99.2

2Q22 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							Jun 30, 2022 <br>% Change from			Six months ended
(in millions, except per share amounts)	Jun 30,<br>2022			Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2022		Jun 30,<br>2021	Jun 30,<br>2022			Jun 30,<br>2021	%<br>Change
Selected Income Statement Data
Total revenue	$	17,028		17,592	20,856	18,834	20,270	(3)	%	(16)	$	34,620		38,802	(11)	%
Noninterest expense	12,883			13,870	13,198	13,303	13,341	(7)		(3)	26,753			27,330	(2)
Pre-tax pre-provision profit (PTPP) (1)	4,145			3,722	7,658	5,531	6,929	11		(40)	7,867			11,472	(31)
Provision for credit losses	580			(787)	(452)	(1,395)	(1,260)	174		146	(207)			(2,308)	(91)
Wells Fargo net income	3,119			3,671	5,750	5,122	6,040	(15)		(48)	6,790			10,676	(36)
Wells Fargo net income applicable to common stock	2,839			3,393	5,470	4,787	5,743	(16)		(51)	6,232			9,999	(38)
Common Share Data
Diluted earnings per common share	0.74			0.88	1.38	1.17	1.38	(16)		(46)	1.62			2.40	(33)
Dividends declared per common share	0.25			0.25	0.20	0.20	0.10	—		150	0.50			0.20	150
Common shares outstanding	3,793.0			3,789.9	3,885.8	3,996.9	4,108.0	—		(8)
Average common shares outstanding	3,793.8			3,831.1	3,927.6	4,056.3	4,124.6	(1)		(8)	3,812.3			4,132.9	(8)
Diluted average common shares outstanding	3,819.6			3,868.9	3,964.7	4,090.4	4,156.1	(1)		(8)	3,845.0			4,164.6	(8)
Book value per common share (2)	$	41.72		42.21	43.32	42.47	41.74	(1)		—
Tangible book value per common share (2)(3)	34.66			35.13	36.35	35.54	34.95	(1)		(1)
Selected Equity Data (period-end)
Total equity	179,793			181,689	190,110	191,071	193,127	(1)		(7)
Common stockholders' equity	158,256			159,968	168,331	169,753	171,453	(1)		(8)
Tangible common equity (3)	131,460			133,144	141,254	142,047	143,577	(1)		(8)
Performance Ratios
Return on average assets (ROA) (4)	0.66		%	0.78	1.17	1.04	1.25				0.72		%	1.11
Return on average equity (ROE) (5)	7.1			8.4	12.8	11.1	13.6				7.8			12.0
Return on average tangible common equity (ROTCE) (3)	8.6			10.0	15.3	13.2	16.3				9.3			14.4
Efficiency ratio (6)	76			79	63	71	66				77			70
Net interest margin on a taxable-equivalent basis	2.39			2.16	2.11	2.03	2.02				2.27			2.04

(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)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.

(3)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.

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

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

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

-3-

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA (continued)

	Quarter ended							Jun 30, 2022 <br>% Change from			Six months ended
($ in millions, unless otherwise noted)	Jun 30,<br>2022			Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2022		Jun 30,<br>2021	Jun 30,<br>2022		Jun 30,<br>2021	%<br>Change
Selected Balance Sheet Data (average)
Loans	$	926,567		898,005	875,036	854,024	854,747	3	%	8	$	912,365	864,041	6	%
Assets	1,902,571			1,919,392	1,943,430	1,949,700	1,939,879	(1)		(2)	1,910,935		1,937,167	(1)
Deposits	1,445,793			1,464,072	1,470,027	1,450,941	1,435,824	(1)		1	1,454,882		1,414,765	3
Selected Balance Sheet Data (period-end)
Debt securities	516,772			535,916	537,531	542,993	533,565	(4)		(3)
Loans	943,734			911,807	895,394	862,827	852,300	4		11
Allowance for credit losses for loans	12,884			12,681	13,788	14,705	16,391	2		(21)
Equity securities	61,774			70,755	72,886	66,526	64,547	(13)		(4)
Assets	1,881,142			1,939,709	1,948,068	1,954,901	1,945,996	(3)		(3)
Deposits	1,425,153			1,481,354	1,482,479	1,470,379	1,440,472	(4)		(1)
Headcount (#) (period-end)	243,674			246,577	249,435	253,871	259,196	(1)		(6)
Capital and other metrics (1)
Risk-based capital ratios and components (2):
Standardized Approach:
Common Equity Tier 1 (CET1)	10.3		%	10.5	11.4	11.6	12.1
Tier 1 capital	11.9			12.0	12.9	13.2	13.7
Total capital	14.6			14.7	15.8	16.2	16.8
Risk-weighted assets (RWAs) (in billions)	$	1,257.1		1,265.5	1,239.0	1,218.9	1,188.7	(1)		6
Advanced Approach:
Common Equity Tier 1 (CET1)	11.6		%	11.8	12.6	12.4	12.7
Tier 1 capital	13.3			13.5	14.3	14.1	14.5
Total capital	15.6			15.9	16.7	16.5	16.9
Risk-weighted assets (RWAs) (in billions)	$	1,123.2		1,119.5	1,116.1	1,138.6	1,126.5	—		—
Tier 1 leverage ratio	8.0		%	8.0	8.3	8.4	8.5
Supplementary Leverage Ratio (SLR)	6.6			6.6	6.9	6.9	7.1
Total Loss Absorbing Capacity (TLAC) Ratio (3)	22.7			22.3	23.0	23.7	25.1
Liquidity Coverage Ratio (LCR) (4)	121			119	118	119	123

(1)Ratios and metrics for June 30, 2022, are preliminary estimates.

(2)See the tables on pages 27 and 28 for more information on CET1, tier 1 capital, and total capital.

(3)Represents TLAC divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches.

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

-4-

Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME

	Quarter ended						Jun 30, 2022 <br>% Change from			Six months ended
(in millions, except per share amounts)	Jun 30,<br>2022		Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2022		Jun 30,<br>2021	Jun 30,<br>2022		Jun 30,<br>2021	%<br>Change
Interest income	$	11,556	10,181	10,121	9,834	9,693	14	%	19	$	21,737	19,739	10	%
Interest expense	1,358		960	859	925	893	41		52	2,318		2,131	9
Net interest income	10,198		9,221	9,262	8,909	8,800	11		16	19,419		17,608	10
Noninterest income
Deposit-related fees	1,376		1,473	1,462	1,416	1,342	(7)		3	2,849		2,597	10
Lending-related fees	353		342	357	365	362	3		(2)	695		723	(4)
Investment advisory and other asset-based fees	2,346		2,498	2,579	2,882	2,794	(6)		(16)	4,844		5,550	(13)
Commissions and brokerage services fees	542		537	558	525	580	1		(7)	1,079		1,216	(11)
Investment banking fees	286		447	669	547	570	(36)		(50)	733		1,138	(36)
Card fees	1,112		1,029	1,071	1,078	1,077	8		3	2,141		2,026	6
Mortgage banking	287		693	1,035	1,259	1,336	(59)		(79)	980		2,662	(63)
Net gains (losses) from trading activities	446		218	(177)	92	21	105		NM	664		369	80
Net gains from debt securities	143		2	119	283	—	NM		NM	145		151	(4)
Net gains (losses) from equity securities	(615)		576	2,470	869	2,696	NM		NM	(39)		3,088	NM
Lease income	333		327	46	322	313	2		6	660		628	5
Other	221		229	1,405	287	379	(3)		(42)	450		1,046	(57)
Total noninterest income	6,830		8,371	11,594	9,925	11,470	(18)		(40)	15,201		21,194	(28)
Total revenue	17,028		17,592	20,856	18,834	20,270	(3)		(16)	34,620		38,802	(11)
Provision for credit losses	580		(787)	(452)	(1,395)	(1,260)	174		146	(207)		(2,308)	91
Noninterest expense
Personnel	8,442		9,271	8,475	8,690	8,818	(9)		(4)	17,713		18,376	(4)
Technology, telecommunications and equipment	799		876	827	741	815	(9)		(2)	1,675		1,659	1
Occupancy	705		722	725	738	735	(2)		(4)	1,427		1,505	(5)
Operating losses	576		673	512	540	303	(14)		90	1,249		516	142
Professional and outside services	1,310		1,286	1,468	1,417	1,450	2		(10)	2,596		2,838	(9)
Leases (1)	185		188	195	220	226	(2)		(18)	373		452	(17)
Advertising and promotion	102		99	225	153	132	3		(23)	201		222	(9)
Restructuring charges	—		5	66	1	(4)	(100)		100	5		9	(44)
Other	764		750	705	803	866	2		(12)	1,514		1,753	(14)
Total noninterest expense	12,883		13,870	13,198	13,303	13,341	(7)		(3)	26,753		27,330	(2)
Income before income tax expense	3,565		4,509	8,110	6,926	8,189	(21)		(56)	8,074		13,780	(41)
Income tax expense	613		707	1,711	1,521	1,445	(13)		(58)	1,320		2,346	(44)
Net income before noncontrolling interests	2,952		3,802	6,399	5,405	6,744	(22)		(56)	6,754		11,434	(41)
Less: Net income (loss) from noncontrolling interests	(167)		131	649	283	704	NM		NM	(36)		758	NM
Wells Fargo net income	$	3,119	3,671	5,750	5,122	6,040	(15)	%	(48)	$	6,790	10,676	(36)
Less: Preferred stock dividends and other	280		278	280	335	297	1		(6)	558		677	(18)
Wells Fargo net income applicable to common stock	$	2,839	3,393	5,470	4,787	5,743	(16)	%	(51)	$	6,232	9,999	(38)
Per share information
Earnings per common share	$	0.75	0.89	1.39	1.18	1.39	(16)		(46)	$	1.63	2.42	(33)
Diluted earnings per common share	0.74		0.88	1.38	1.17	1.38	(16)		(46)	1.62		2.40	(33)

NM – Not meaningful

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

-5-

Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET

							Jun 30, 2022 <br>% Change from
(in millions)	Jun 30,<br>2022		Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2022		Jun 30,<br>2021
Assets
Cash and due from banks	$	29,716	27,454	24,616	25,509	25,304	8	%	17
Interest-earning deposits with banks	125,424		174,441	209,614	241,178	248,869	(28)		(50)
Total cash, cash equivalents, and restricted cash	155,140		201,895	234,230	266,687	274,173	(23)		(43)
Federal funds sold and securities purchased under resale agreements	55,546		67,764	66,223	67,807	70,149	(18)		(21)
Debt securities:
Trading, at fair value	89,157		86,672	88,265	94,943	82,727	3		8
Available-for-sale, at fair value	125,832		168,436	177,244	185,557	189,897	(25)		(34)
Held-to-maturity, at amortized cost	301,783		280,808	272,022	262,493	260,941	7		16
Loans held for sale	9,674		19,824	23,617	24,811	25,594	(51)		(62)
Loans	943,734		911,807	895,394	862,827	852,300	4		11
Allowance for loan losses	(11,786)		(11,504)	(12,490)	(13,517)	(15,148)	(2)		22
Net loans	931,948		900,303	882,904	849,310	837,152	4		11
Mortgage servicing rights	10,386		9,753	8,189	8,148	8,009	6		30
Premises and equipment, net	8,444		8,473	8,571	8,599	8,745	—		(3)
Goodwill	25,178		25,181	25,180	26,191	26,194	—		(4)
Derivative assets	24,896		27,365	21,478	27,060	25,415	(9)		(2)
Equity securities	61,774		70,755	72,886	66,526	64,547	(13)		(4)
Other assets	81,384		72,480	67,259	66,769	72,453	12		12
Total assets	$	1,881,142	1,939,709	1,948,068	1,954,901	1,945,996	(3)		(3)
Liabilities
Noninterest-bearing deposits	$	515,437	529,957	527,748	529,051	504,108	(3)		2
Interest-bearing deposits	909,716		951,397	954,731	941,328	936,364	(4)		(3)
Total deposits	1,425,153		1,481,354	1,482,479	1,470,379	1,440,472	(4)		(1)
Short-term borrowings	37,075		33,601	34,409	41,980	45,635	10		(19)
Derivative liabilities	17,168		15,499	9,424	12,976	14,551	11		18
Accrued expenses and other liabilities	71,662		74,229	70,957	75,513	72,555	(3)		(1)
Long-term debt	150,291		153,337	160,689	162,982	179,656	(2)		(16)
Total liabilities	1,701,349		1,758,020	1,757,958	1,763,830	1,752,869	(3)		(3)
Equity
Wells Fargo stockholders’ equity:
Preferred stock	20,057		20,057	20,057	20,270	20,820	—		(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	60,024		59,899	60,196	60,134	60,018	—		—
Retained earnings	184,475		182,623	180,322	175,709	171,765	1		7
Accumulated other comprehensive income (loss)	(10,608)		(6,767)	(1,702)	(1,177)	(564)	(57)		NM
Treasury stock (1)	(84,906)		(85,059)	(79,757)	(74,169)	(69,038)	—		(23)
Unearned ESOP shares	(646)		(646)	(646)	(875)	(875)	—		26
Total Wells Fargo stockholders’ equity	177,532		179,243	187,606	189,028	191,262	(1)		(7)
Noncontrolling interests	2,261		2,446	2,504	2,043	1,865	(8)		21
Total equity	179,793		181,689	190,110	191,071	193,127	(1)		(7)
Total liabilities and equity	$	1,881,142	1,939,709	1,948,068	1,954,901	1,945,996	(3)		(3)

NM – Not meaningful

(1)Number of shares of treasury stock were 1,688,846,993, 1,691,916,667, 1,596,009,977, 1,484,890,493, and 1,373,813,200 at June 30, and March 31, 2022, and December 31, September 30, and June 30, 2021, respectively.

-6-

Wells Fargo & Company and Subsidiaries

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

	Quarter ended							Jun 30, 2022 <br>% Change from			Six months ended				%<br>Change
($ in millions)	Jun 30, 2022			Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2022		Jun 30, 2021	Jun 30, 2022			Jun 30, 2021
Average Balances
Assets
Interest-earning deposits with banks	$	146,271		179,051	216,061	250,314	255,237	(18)	%	(43)	$	162,570		239,425	(32)	%
Federal funds sold and securities purchased under resale agreements	60,450			64,845	65,388	68,912	72,513	(7)		(17)	62,636			72,332	(13)
Trading debt securities	89,258			90,677	92,597	88,476	84,612	(2)		5	89,964			85,990	5
Available-for-sale debt securities	147,138			169,048	178,770	179,237	192,418	(13)		(24)	158,032			199,642	(21)
Held-to-maturity debt securities	298,101			279,245	264,695	261,182	237,812	7		25	288,725			227,377	27
Loans held for sale	14,828			19,513	24,149	24,490	27,173	(24)		(45)	17,158			30,843	(44)
Loans	926,567			898,005	875,036	854,024	854,747	3		8	912,365			864,041	6
Equity securities	30,770			33,282	35,711	32,790	29,773	(8)		3	32,019			29,604	8
Other	16,085			11,498	11,514	10,070	9,103	40		77	13,804			9,299	48
Total interest-earning assets	1,729,468			1,745,164	1,763,921	1,769,495	1,763,388	(1)		(2)	1,737,273			1,758,553	(1)
Total noninterest-earning assets	173,103			174,228	179,509	180,205	176,491	(1)		(2)	173,662			178,614	(3)
Total assets	$	1,902,571		1,919,392	1,943,430	1,949,700	1,939,879	(1)		(2)	$	1,910,935		1,937,167	(1)
Liabilities
Interest-bearing deposits	$	924,526		945,335	938,682	941,014	941,746	(2)		(2)	$	934,873		936,460	—
Short-term borrowings	35,591			32,758	37,845	43,899	48,505	9		(27)	34,182			53,764	(36)
Long-term debt	151,230			153,803	161,335	174,643	181,101	(2)		(16)	152,509			189,673	(20)
Other liabilities	35,583			31,092	28,245	30,387	27,718	14		28	33,350			28,294	18
Total interest-bearing liabilities	1,146,930			1,162,988	1,166,107	1,189,943	1,199,070	(1)		(4)	1,154,914			1,208,191	(4)
Noninterest-bearing demand deposits	521,267			518,737	531,345	509,927	494,078	—		6	520,009			478,305	9
Other noninterest-bearing liabilities	53,358			51,330	55,234	55,789	55,763	4		(4)	52,350			60,645	(14)
Total liabilities	1,721,555			1,733,055	1,752,686	1,755,659	1,748,911	(1)		(2)	1,727,273			1,747,141	(1)
Total equity	181,016			186,337	190,744	194,041	190,968	(3)		(5)	183,662			190,026	(3)
Total liabilities and equity	$	1,902,571		1,919,392	1,943,430	1,949,700	1,939,879	(1)		(2)	$	1,910,935		1,937,167	(1)
Average Interest Rates
Interest-earning assets
Interest-earning deposits with banks	0.88		%	0.22	0.16	0.15	0.11				0.52		%	0.11
Federal funds sold and securities purchased under resale agreements	0.47			(0.05)	(0.01)	0.03	0.02				0.20			0.03
Trading debt securities	2.50			2.44	2.39	2.33	2.37				2.47			2.41
Available-for-sale debt securities	1.91			1.72	1.55	1.57	1.43				1.81			1.53
Held-to-maturity debt securities	2.06			1.98	1.86	1.87	1.86				2.02			1.88
Loans held for sale	3.41			2.86	2.79	2.81	2.85				3.10			3.41
Loans	3.52			3.25	3.32	3.29	3.33				3.39			3.33
Equity securities	2.51			2.05	2.16	1.78	1.77				2.27			1.82
Other	0.65			0.12	0.09	0.09	0.04				0.43			0.04
Total interest-earning assets	2.70			2.38	2.31	2.24	2.23				2.54			2.28
Interest-bearing liabilities
Interest-bearing deposits	0.07			0.04	0.04	0.04	0.04				0.05			0.04
Short-term borrowings	0.34			(0.17)	(0.14)	(0.06)	(0.09)				0.10			(0.08)
Long-term debt	2.67			1.98	1.71	1.71	1.57				2.32			1.83
Other liabilities	1.78			1.68	1.38	1.15	1.47				1.74			1.49
Total interest-bearing liabilities	0.47			0.33	0.29	0.31	0.30				0.40			0.35
Interest rate spread on a taxable-equivalent basis (2)	2.23			2.05	2.02	1.93	1.93				2.14			1.93
Net interest margin on a taxable-equivalent basis (2)	2.39			2.16	2.11	2.03	2.02				2.27			2.04

(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 $108 million, $107 million, $106 million, $105 million and $109 million for the quarters ended June 30 and March 31, 2022, and December 31, September 30 and June 30, 2021, respectively, and $215 million and $216 million for the first half of 2022 and 2021, 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 June 30, 2022
(in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate (2)	Reconciling Items (3)	Consolidated<br>Company
Net interest income	$	6,372	1,580	2,057	916	(619)	(108)	10,198
Noninterest income	2,135		912	1,516	2,789	(114)	(408)	6,830
Total revenue	8,507		2,492	3,573	3,705	(733)	(516)	17,028
Provision for credit losses	613		21	(62)	(7)	15	—	580
Noninterest expense	6,036		1,478	1,840	2,911	618	—	12,883
Income (loss) before income tax expense (benefit)	1,858		993	1,795	801	(1,366)	(516)	3,565
Income tax expense (benefit)	465		249	459	198	(242)	(516)	613
Net income (loss) before noncontrolling interests	1,393		744	1,336	603	(1,124)	—	2,952
Less: Net income (loss) from noncontrolling interests	—		3	—	—	(170)	—	(167)
Net income (loss)	$	1,393	741	1,336	603	(954)	—	3,119
						Quarter ended March 31, 2022
Net interest income	$	5,996	1,361	1,990	799	(818)	(107)	9,221
Noninterest income	2,567		966	1,480	2,958	806	(406)	8,371
Total revenue	8,563		2,327	3,470	3,757	(12)	(513)	17,592
Provision for credit losses	(190)		(344)	(196)	(37)	(20)	—	(787)
Noninterest expense	6,395		1,531	1,983	3,175	786	—	13,870
Income (loss) before income tax expense (benefit)	2,358		1,140	1,683	619	(778)	(513)	4,509
Income tax expense (benefit)	588		280	425	154	(227)	(513)	707
Net income (loss) before noncontrolling interests	1,770		860	1,258	465	(551)	—	3,802
Less: Net income from noncontrolling interests	—		3	—	—	128	—	131
Net income (loss)	$	1,770	857	1,258	465	(679)	—	3,671
						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

(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)

						Six months ended June 30, 2022
(in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate (2)	Reconciling Items (3)	Consolidated<br>Company
Net interest income	$	12,368	2,941	4,047	1,715	(1,437)	(215)	19,419
Noninterest income	4,702		1,878	2,996	5,747	692	(814)	15,201
Total revenue	17,070		4,819	7,043	7,462	(745)	(1,029)	34,620
Provision for credit losses	423		(323)	(258)	(44)	(5)	—	(207)
Noninterest expense	12,431		3,009	3,823	6,086	1,404	—	26,753
Income (loss) before income tax expense (benefit)	4,216		2,133	3,478	1,420	(2,144)	(1,029)	8,074
Income tax expense (benefit)	1,053		529	884	352	(469)	(1,029)	1,320
Net income (loss) before noncontrolling interests	3,163		1,604	2,594	1,068	(1,675)	—	6,754
Less: Net income (loss) from noncontrolling interests	—		6	—	—	(42)	—	(36)
Net income (loss)	$	3,163	1,598	2,594	1,068	(1,633)	—	6,790
						Six months ended June 30, 2021
Net interest income	$	11,233	2,456	3,562	1,267	(694)	(216)	17,608
Noninterest income	6,107		1,733	3,380	5,813	4,744	(583)	21,194
Total revenue	17,340		4,189	6,942	7,080	4,050	(799)	38,802
Provision for credit losses	(786)		(781)	(785)	(19)	63	—	(2,308)
Noninterest expense	12,469		3,073	3,638	5,919	2,231	—	27,330
Income (loss) before income tax expense (benefit)	5,657		1,897	4,089	1,180	1,756	(799)	13,780
Income tax expense (benefit)	1,415		473	1,013	296	(52)	(799)	2,346
Net income before noncontrolling interests	4,242		1,424	3,076	884	1,808	—	11,434
Less: Net income (loss) from noncontrolling interests	—		3	(2)	—	757	—	758
Net income	$	4,242	1,421	3,078	884	1,051	—	10,676

-9-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT

	Quarter ended						Jun 30, 2022 <br>% Change from			Six months ended
($ in millions)	Jun 30,<br>2022		Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2022		Jun 30,<br>2021	Jun 30,<br>2022		Jun 30,<br>2021	%<br>Change
Income Statement
Net interest income	$	6,372	5,996	5,867	5,707	5,618	6	%	13	$	12,368	11,233	10	%
Noninterest income:
Deposit-related fees	779		845	853	799	732	(8)		6	1,624		1,393	17
Card fees	1,038		961	1,007	1,014	1,017	8		2	1,999		1,909	5
Mortgage banking	211		654	905	1,168	1,158	(68)		(82)	865		2,417	(64)
Other	107		107	101	116	161	—		(34)	214		388	(45)
Total noninterest income	2,135		2,567	2,866	3,097	3,068	(17)		(30)	4,702		6,107	(23)
Total revenue	8,507		8,563	8,733	8,804	8,686	(1)		(2)	17,070		17,340	(2)
Net charge-offs	358		375	408	302	359	(5)		—	733		729	1
Change in the allowance for credit losses	255		(565)	(282)	(820)	(726)	145		135	(310)		(1,515)	80
Provision for credit losses	613		(190)	126	(518)	(367)	423		267	423		(786)	154
Noninterest expense	6,036		6,395	6,126	6,053	6,202	(6)		(3)	12,431		12,469	—
Income before income tax expense	1,858		2,358	2,481	3,269	2,851	(21)		(35)	4,216		5,657	(25)
Income tax expense	465		588	619	818	713	(21)		(35)	1,053		1,415	(26)
Net income	$	1,393	1,770	1,862	2,451	2,138	(21)		(35)	$	3,163	4,242	(25)
Revenue by Line of Business
Consumer and Small Business Banking	$	5,510	5,071	4,872	4,822	4,714	9		17	$	10,581	9,264	14
Consumer Lending:
Home Lending	972		1,490	1,843	2,012	2,072	(35)		(53)	2,462		4,299	(43)
Credit Card	1,304		1,265	1,271	1,251	1,218	3		7	2,569		2,406	7
Auto	436		444	470	445	415	(2)		5	880		818	8
Personal Lending	285		293	277	274	267	(3)		7	578		553	5
Total revenue	$	8,507	8,563	8,733	8,804	8,686	(1)		(2)	$	17,070	17,340	(2)
Selected Balance Sheet Data (average)
Loans by Line of Business:
Consumer and Small Business Banking	$	10,453	10,605	12,573	15,122	18,768	(1)		(44)	$	10,529	19,449	(46)
Consumer Lending:
Home Lending	218,371		213,714	214,900	217,011	223,229	2		(2)	216,055		233,078	(7)
Credit Card	32,825		31,503	30,375	28,925	28,003	4		17	32,168		28,444	13
Auto	56,813		57,278	55,773	53,043	50,762	(1)		12	57,044		50,143	14
Personal Lending	12,397		11,955	11,787	11,456	11,130	4		11	12,177		11,314	8
Total loans	$	330,859	325,055	325,408	325,557	331,892	2		—	$	327,973	342,428	(4)
Total deposits	898,650		881,339	864,373	848,419	835,752	2		8	890,042		812,723	10
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:
Consumer and Small Business Banking	$	10,400	11,006	11,270	13,686	16,494	(6)		(37)	$	10,400	16,494	(37)
Consumer Lending:
Home Lending	222,088		215,858	214,407	216,649	218,626	3		2	222,088		218,626	2
Credit Card	34,075		31,974	31,671	29,433	28,548	7		19	34,075		28,548	19
Auto	56,224		57,652	57,260	54,472	51,784	(2)		9	56,224		51,784	9
Personal Lending	12,945		12,068	11,966	11,678	11,308	7		14	12,945		11,308	14
Total loans	$	335,732	328,558	326,574	325,918	326,760	2		3	$	335,732	326,760	3
Total deposits	892,373		909,896	883,674	858,424	840,434	(2)		6	892,373		840,434	6

-10-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT (continued)

							Jun 30, 2022 <br>% Change from			Six months ended
( in millions, unless otherwise noted)			Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2022		Jun 30,<br>2021	Jun 30,<br>2022			Jun 30,<br>2021	%<br>Change
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1)		%	14.4	14.8	19.7	17.3				12.7		%	17.2
Efficiency ratio (2)			75	70	69	71				73			72
Headcount (#) (period-end)			113,273	112,913	114,334	116,185	(4)	%	(6)	109,200			116,185	(6)	%
Retail bank branches (#)			4,705	4,777	4,796	4,878	(1)		(4)	4,660			4,878	(4)
Digital active customers (# in millions) (3)			33.7	33.0	32.7	32.6	(1)		2	33.4			32.6	2
Mobile active customers (# in millions) (3)			27.8	27.3	27.0	26.8	1		4	28.0			26.8	4
Consumer and Small Business Banking:
Deposit spread (4)		%	1.6	1.4	1.5	1.5				1.7		%	1.6
Debit card purchase volume ( in billions) (5)	125.2		115.0	122.4	118.6	122.0	9		3	$	240.2		230.5	4
Debit card purchase transactions (# in millions) (5)			2,338	2,523	2,515	2,504	8		1	4,855			4,770	2
Home Lending:
Mortgage banking:
Net servicing income	77		116	125	109	(76)	(34)		201	$	193		(199)	197
Net gains on mortgage loan originations/sales			538	780	1,059	1,234	(75)		(89)	672			2,616	(74)
Total mortgage banking	211		654	905	1,168	1,158	(68)		(82)	$	865		2,417	(64)
Originations ( in billions):
Retail	19.6		24.1	32.8	35.2	36.9	(19)		(47)	$	43.7		70.5	(38)
Correspondent			13.8	15.3	16.7	16.3	5		(11)	28.3			34.5	(18)
Total originations	34.1		37.9	48.1	51.9	53.2	(10)		(36)	$	72.0		105.0	(31)
% of originations held for sale (HFS)		%	51.4	55.7	60.6	65.6				48.9		%	70.7
Third party mortgage loans serviced (period-end) ( in billions) (6)	696.9		704.2	716.8	739.5	769.4	(1)		(9)	$	696.9		769.4	(9)
Mortgage servicing rights (MSR) carrying value (period-end)			8,511	6,920	6,862	6,717	8		36	9,163			6,717	36
Ratio of MSR carrying value (period-end) to third party mortgage loans serviced(period-end) (6)		%	1.21	0.97	0.93	0.87				1.31		%	0.87
Home lending loans 30+ days delinquency rate (7)(8)(9)			0.29	0.39	0.45	0.51				0.28			0.51
Credit Card:
Point of sale (POS) volume ( in billions)	30.1		26.0	27.5	24.6	23.6	16		28	$	56.1		43.2	30
New accounts (# in thousands)			484	525	526	323	8		62	1,008			589	71
Credit card loans 30+ days delinquency rate		%	1.58	1.52	1.46	1.53				1.54		%	1.53
Auto:
Auto originations ( in billions)	5.4		7.3	9.4	9.2	8.3	(26)		(35)	$	12.7		15.3	(17)
Auto loans 30+ days delinquency rate (8)		%	1.68	1.84	1.46	1.30				1.95		%	1.30
Personal Lending:
New volume ( in billions)	3.3		2.6	2.7	2.7	2.5	27		32	$	5.9		4.4	34

All values are in US Dollars.

(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)Excludes nonaccrual loans.

(9)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 or nonaccrual status.

-11-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT

	Quarter ended							Jun 30, 2022 <br>% Change from			Six months ended
($ in millions)	Jun 30,<br>2022			Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2022		Jun 30,<br>2021	Jun 30,<br>2022			Jun 30,<br>2021	%<br>Change
Income Statement
Net interest income	$	1,580		1,361	1,273	1,231	1,202	16	%	31	$	2,941		2,456	20	%
Noninterest income:
Deposit-related fees	310			328	320	323	325	(5)		(5)	638			642	(1)
Lending-related fees	122			121	129	132	135	1		(10)	243			271	(10)
Lease income	179			179	170	165	173	—		3	358			347	3
Other	301			338	392	225	273	(11)		10	639			473	35
Total noninterest income	912			966	1,011	845	906	(6)		1	1,878			1,733	8
Total revenue	2,492			2,327	2,284	2,076	2,108	7		18	4,819			4,189	15
Net charge-offs	4			(29)	(7)	16	53	114		(92)	(25)			92	NM
Change in the allowance for credit losses	17			(315)	(377)	(351)	(435)	105		104	(298)			(873)	66
Provision for credit losses	21			(344)	(384)	(335)	(382)	106		105	(323)			(781)	59
Noninterest expense	1,478			1,531	1,393	1,396	1,443	(3)		2	3,009			3,073	(2)
Income before income tax expense	993			1,140	1,275	1,015	1,047	(13)		(5)	2,133			1,897	12
Income tax expense	249			280	318	254	261	(11)		(5)	529			473	12
Less: Net income from noncontrolling interests	3			3	3	2	2	—		50	6			3	100
Net income	$	741		857	954	759	784	(14)		(5)	$	1,598		1,421	12
Revenue by Line of Business
Middle Market Banking	$	1,459		1,246	1,167	1,165	1,151	17		27	$	2,705		2,310	17
Asset-Based Lending and Leasing	1,033			1,081	1,117	911	957	(4)		8	2,114			1,879	13
Total revenue	$	2,492		2,327	2,284	2,076	2,108	7		18	$	4,819		4,189	15
Revenue by Product
Lending and leasing	$	1,308		1,255	1,236	1,190	1,207	4		8	$	2,563		2,409	6
Treasury management and payments	943			779	711	713	680	21		39	1,722			1,401	23
Other	241			293	337	173	221	(18)		9	534			379	41
Total revenue	$	2,492		2,327	2,284	2,076	2,108	7		18	$	4,819		4,189	15
Selected Metrics
Return on allocated capital	14.3		%	16.9	18.5	14.5	15.2				15.6		%	13.8
Efficiency ratio	59			66	61	67	68				62			73
Headcount (#) (period-end)	17,792			17,360	18,397	18,638	19,647	2		(9)	17,792			19,647	(9)

NM – Not meaningful

-12-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT (continued)

	Quarter ended						Jun 30, 2022 <br>% Change from			Six months ended
($ in millions)	Jun 30,<br>2022		Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2022		Jun 30,<br>2021	Jun 30,<br>2022		Jun 30,<br>2021	%<br>Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	143,833	135,792	125,011	118,039	117,585	6	%	22	$	139,835	119,248	17	%
Commercial real estate	44,790		45,053	45,755	46,576	47,203	(1)		(5)	44,921		47,885	(6)
Lease financing and other	13,396		13,550	13,855	14,007	13,784	(1)		(3)	13,472		13,712	(2)
Total loans	$	202,019	194,395	184,621	178,622	178,572	4		13	$	198,228	180,845	10
Loans by Line of Business:
Middle Market Banking	$	113,033	108,583	103,594	101,523	102,054	4		11	$	110,820	103,210	7
Asset-Based Lending and Leasing	88,986		85,812	81,027	77,099	76,518	4		16	87,408		77,635	13
Total loans	$	202,019	194,395	184,621	178,622	178,572	4		13	$	198,228	180,845	10
Total deposits	188,286		200,699	207,678	199,226	192,586	(6)		(2)	194,458		190,984	2
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	$	146,656	140,932	131,078	120,203	117,782	4		25	$	146,656	117,782	25
Commercial real estate	44,992		44,428	45,467	46,318	46,905	1		(4)	44,992		46,905	(4)
Lease financing and other	13,593		13,473	13,803	14,018	14,218	1		(4)	13,593		14,218	(4)
Total loans	$	205,241	198,833	190,348	180,539	178,905	3		15	$	205,241	178,905	15
Loans by Line of Business:
Middle Market Banking	$	116,064	110,258	106,834	102,279	102,062	5		14	$	116,064	102,062	14
Asset-Based Lending and Leasing	89,177		88,575	83,514	78,260	76,843	1		16	89,177		76,843	16
Total loans	$	205,241	198,833	190,348	180,539	178,905	3		15	$	205,241	178,905	15
Total deposits	183,145		195,549	205,428	204,853	197,461	(6)		(7)	183,145		197,461	(7)

-13-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT

	Quarter ended							Jun 30, 2022 <br>% Change from			Six months ended
($ in millions)	Jun 30,<br>2022			Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2022		Jun 30,<br>2021	Jun 30,<br>2022			Jun 30,<br>2021	%<br>Change
Income Statement
Net interest income	$	2,057		1,990	1,982	1,866	1,783	3	%	15	$	4,047		3,562	14	%
Noninterest income:
Deposit-related fees	280			293	283	286	277	(4)		1	573			543	6
Lending-related fees	195			185	192	196	190	5		3	380			373	2
Investment banking fees	307			462	678	536	580	(34)		(47)	769			1,191	(35)
Net gains (losses) from trading activities	378			228	(174)	85	30	66		NM	606			361	68
Other	356			312	551	416	478	14		(26)	668			912	(27)
Total noninterest income	1,516			1,480	1,530	1,519	1,555	2		(3)	2,996			3,380	(11)
Total revenue	3,573			3,470	3,512	3,385	3,338	3		7	7,043			6,942	1
Net charge-offs	(11)			(31)	8	(48)	(19)	65		42	(42)			18	NM
Change in the allowance for credit losses	(51)			(165)	(202)	(412)	(482)	69		89	(216)			(803)	73
Provision for credit losses	(62)			(196)	(194)	(460)	(501)	68		88	(258)			(785)	67
Noninterest expense	1,840			1,983	1,765	1,797	1,805	(7)		2	3,823			3,638	5
Income before income tax expense	1,795			1,683	1,941	2,048	2,034	7		(12)	3,478			4,089	(15)
Income tax expense	459			425	488	518	513	8		(11)	884			1,013	(13)
Less: Net loss from noncontrolling interests	—			—	(1)	—	(2)	—		100	—			(2)	100
Net income	$	1,336		1,258	1,454	1,530	1,523	6		(12)	$	2,594		3,078	(16)
Revenue by Line of Business
Banking:
Lending	$	528		521	519	502	474	1		11	$	1,049		927	13
Treasury Management and Payments	529			432	373	372	353	22		50	961			723	33
Investment Banking	222			331	464	367	407	(33)		(45)	553			823	(33)
Total Banking	1,279			1,284	1,356	1,241	1,234	—		4	2,563			2,473	4
Commercial Real Estate	1,060			995	1,095	942	1,014	7		5	2,055			1,926	7
Markets:
Fixed Income, Currencies, and Commodities (FICC)	934			877	794	884	888	6		5	1,811			2,032	(11)
Equities	253			267	205	234	206	(5)		23	520			458	14
Credit Adjustment (CVA/DVA) and Other	13			25	13	58	(16)	(48)		181	38			20	90
Total Markets	1,200			1,169	1,012	1,176	1,078	3		11	2,369			2,510	(6)
Other	34			22	49	26	12	55		183	56			33	70
Total revenue	$	3,573		3,470	3,512	3,385	3,338	3		7	$	7,043		6,942	1
Selected Metrics
Return on allocated capital	13.8		%	13.2	16.0	16.9	17.0				13.5		%	17.3
Efficiency ratio	51			57	50	53	54				54			52
Headcount (#) (period-end)	9,000			8,416	8,489	8,459	8,673	7		4	9,000			8,673	4

NM – Not meaningful

-14-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT (continued)

	Quarter ended						Jun 30, 2022 <br>% Change from			Six months ended
($ in millions)	Jun 30,<br>2022		Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2022		Jun 30,<br>2021	Jun 30,<br>2022		Jun 30,<br>2021	%<br>Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	200,527	191,152	182,778	170,486	167,076	5	%	20	$	195,865	164,696	19	%
Commercial real estate	98,167		93,346	89,216	86,809	85,346	5		15	95,770		84,606	13
Total loans	$	298,694	284,498	271,994	257,295	252,422	5		18	$	291,635	249,302	17
Loans by Line of Business:
Banking	$	109,123	102,485	101,589	95,911	90,839	6		20	$	105,822	88,699	19
Commercial Real Estate	133,212		126,248	116,630	110,683	108,893	6		22	129,749		108,255	20
Markets	56,359		55,765	53,775	50,701	52,690	1		7	56,064		52,348	7
Total loans	$	298,694	284,498	271,994	257,295	252,422	5		18	$	291,635	249,302	17
Trading-related assets:
Trading account securities	$	110,499	115,687	118,147	112,148	104,743	(4)		5	$	113,079	105,546	7
Reverse repurchase agreements/securities borrowed	48,909		54,832	53,526	56,758	62,066	(11)		(21)	51,854		63,010	(18)
Derivative assets	30,845		26,244	24,267	25,191	24,731	18		25	28,557		25,910	10
Total trading-related assets	$	190,253	196,763	195,940	194,097	191,540	(3)		(1)	$	193,490	194,466	(1)
Total assets	564,306		551,404	543,946	524,124	513,414	2		10	557,891		512,476	9
Total deposits	164,860		169,181	182,101	189,424	190,810	(3)		(14)	167,009		192,645	(13)
Allocated capital	36,000		36,000	34,000	34,000	34,000	—		6	36,000		34,000	6
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	207,414	194,201	191,391	177,002	166,969	7		24	$	207,414	166,969	24
Commercial real estate	100,872		96,426	92,983	86,955	86,290	5		17	100,872		86,290	17
Total loans	$	308,286	290,627	284,374	263,957	253,259	6		22	$	308,286	253,259	22
Loans by Line of Business:
Banking	$	111,639	107,081	101,926	99,683	92,758	4		20	$	111,639	92,758	20
Commercial Real Estate	137,083		129,375	125,926	112,050	108,885	6		26	137,083		108,885	26
Markets	59,564		54,171	56,522	52,224	51,616	10		15	59,564		51,616	15
Total loans	$	308,286	290,627	284,374	263,957	253,259	6		22	$	308,286	253,259	22
Trading-related assets:
Trading account securities	$	109,634	113,763	108,697	114,187	108,291	(4)		1	$	109,634	108,291	1
Reverse repurchase agreements/securities borrowed	42,696		57,579	55,973	55,123	57,351	(26)		(26)	42,696		57,351	(26)
Derivative assets	24,540		26,695	21,398	27,096	25,288	(8)		(3)	24,540		25,288	(3)
Total trading-related assets	$	176,870	198,037	186,068	196,406	190,930	(11)		(7)	$	176,870	190,930	(7)
Total assets	567,733		564,976	546,549	535,385	516,518	—		10	567,733		516,518	10
Total deposits	162,439		168,467	168,609	191,786	188,219	(4)		(14)	162,439		188,219	(14)

-15-

Wells Fargo & Company and Subsidiaries

WEALTH AND INVESTMENT MANAGEMENT SEGMENT

	Quarter ended							Jun 30, 2022 <br>% Change from			Six months ended
($ in millions, unless otherwise noted)	Jun 30,<br>2022			Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2022		Jun 30,<br>2021	Jun 30,<br>2022			Jun 30,<br>2021	%<br>Change
Income Statement
Net interest income	$	916		799	666	637	610	15	%	50	$	1,715		1,267	35	%
Noninterest income:
Investment advisory and other asset-based fees	2,306			2,476	2,429	2,457	2,382	(7)		(3)	4,782			4,688	2
Commissions and brokerage services fees	459			454	484	458	513	1		(11)	913			1,068	(15)
Other	24			28	69	66	31	(14)		(23)	52			57	(9)
Total noninterest income	2,789			2,958	2,982	2,981	2,926	(6)		(5)	5,747			5,813	(1)
Total revenue	3,705			3,757	3,648	3,618	3,536	(1)		5	7,462			7,080	5
Net charge-offs	—			(4)	19	(3)	(6)	100		100	(4)			(6)	33
Change in the allowance for credit losses	(7)			(33)	(22)	(70)	30	79		NM	(40)			(13)	NM
Provision for credit losses	(7)			(37)	(3)	(73)	24	81		NM	(44)			(19)	NM
Noninterest expense	2,911			3,175	2,898	2,917	2,891	(8)		1	6,086			5,919	3
Income before income tax expense	801			619	753	774	621	29		29	1,420			1,180	20
Income tax expense	198			154	189	195	156	29		27	352			296	19
Net income	$	603		465	564	579	465	30		30	$	1,068		884	21
Selected Metrics
Return on allocated capital	27.1		%	21.0	25.0	25.7	20.7				24.1		%	19.8
Efficiency ratio	79			85	79	81	82				82			84
Headcount (#) (period-end)	24,996			25,165	25,906	26,112	26,989	(1)		(7)	24,996			26,989	(7)
Advisory assets ($ in billions)	$	800		912	964	920	931	(12)		(14)	$	800		931	(14)
Other brokerage assets and deposits ($ in billions)	1,035			1,168	1,219	1,171	1,212	(11)		(15)	1,035			1,212	(15)
Total client assets ($ in billions)	$	1,835		2,080	2,183	2,091	2,143	(12)		(14)	$	1,835		2,143	(14)
Annualized revenue per advisor ($ in thousands) (1)	1,213			1,221	1,171	1,141	1,084	(1)		12	1,217			1,071	14
Total financial and wealth advisors (#) (period-end)	12,184			12,250	12,367	12,552	12,819	(1)		(5)	12,184			12,819	(5)
Selected Balance Sheet Data (average)
Total loans	$	85,912		84,765	84,007	82,785	81,784	1		5	$	85,342		81,314	5
Total deposits	173,670			185,814	180,939	176,570	174,980	(7)		(1)	179,708			174,333	3
Allocated capital	8,750			8,750	8,750	8,750	8,750	—		—	8,750			8,750	—
Selected Balance Sheet Data (period-end)
Total loans	85,342			84,688	84,101	82,824	82,783	1		3	85,342			82,783	3
Total deposits	165,633			183,727	192,548	177,809	174,267	(10)		(5)	165,633			174,267	(5)

NM – Not meaningful

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

-16-

Wells Fargo & Company and Subsidiaries

CORPORATE (1)

	Quarter ended						Jun 30, 2022 <br>% Change from			Six months ended
($ in millions)	Jun 30,<br>2022		Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2022		Jun 30,<br>2021	Jun 30,<br>2022		Jun 30,<br>2021	%<br>Change
Income Statement
Net interest income	$	(619)	(818)	(420)	(427)	(304)	24	%	NM	$	(1,437)	(694)	NM
Noninterest income	(114)		806	3,540	1,752	3,327	NM		NM	692		4,744	(85)	%
Total revenue	(733)		(12)	3,120	1,325	3,023	NM		NM	(745)		4,050	NM
Net charge-offs	(6)		(6)	(5)	(10)	(8)	—		25	(12)		69	NM
Change in the allowance for credit losses	21		(14)	8	1	(26)	250		181	7		(6)	217
Provision for credit losses	15		(20)	3	(9)	(34)	175		144	(5)		63	NM
Noninterest expense	618		786	1,016	1,140	1,000	(21)		(38)	1,404		2,231	(37)
Income (loss) before income tax expense (benefit)	(1,366)		(778)	2,101	194	2,057	(76)		NM	(2,144)		1,756	NM
Income tax expense (benefit)	(242)		(227)	538	110	223	(7)		NM	(469)		(52)	NM
Less: Net income (loss) from noncontrolling interests	(170)		128	647	281	704	NM		NM	(42)		757	NM
Net income (loss)	$	(954)	(679)	916	(197)	1,130	(41)		NM	$	(1,633)	1,051	NM
Selected Metrics
Headcount (#) (period-end)	82,686		82,363	83,730	86,328	87,702	—		(6)	82,686		87,702	(6)
Selected Balance Sheet Data (average)
Cash, cash equivalents, and restricted cash	$	145,637	178,747	216,156	250,414	255,043	(19)		(43)	$	162,101	239,010	(32)
Available-for-sale debt securities	127,997		156,756	169,953	172,035	185,396	(18)		(31)	142,297		192,867	(26)
Held-to-maturity debt securities	291,710		275,510	262,969	260,167	237,788	6		23	283,655		227,623	25
Equity securities	15,681		15,760	15,172	13,254	11,499	(1)		36	15,720		11,203	40
Total loans	9,083		9,292	9,006	9,765	10,077	(2)		(10)	9,187		10,152	(10)
Total assets	642,606		687,341	727,818	762,067	754,629	(7)		(15)	664,850		741,203	(10)
Total deposits	20,327		27,039	34,936	37,302	41,696	(25)		(51)	23,665		44,080	(46)
Selected Balance Sheet Data (period-end)
Cash, cash equivalents, and restricted cash	$	123,872	175,201	209,696	241,423	248,784	(29)		(50)	$	123,872	248,784	(50)
Available-for-sale debt securities	114,469		157,164	165,926	173,237	177,923	(27)		(36)	114,469		177,923	(36)
Held-to-maturity debt securities	298,895		277,965	269,285	261,583	260,054	8		15	298,895		260,054	15
Equity securities	15,004		16,137	16,549	14,022	13,142	(7)		14	15,004		13,142	14
Total loans	9,133		9,101	9,997	9,589	10,593	—		(14)	9,133		10,593	(14)
Total assets	611,658		682,912	721,335	751,155	761,915	(10)		(20)	611,658		761,915	(20)
Total deposits	21,563		23,715	32,220	37,507	40,091	(9)		(46)	21,563		40,091	(46)

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.

-17-

Wells Fargo & Company and Subsidiaries

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

	Quarter ended							Jun 30, 2022 Change from
($ in millions)	Jun 30,<br>2022			Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,2022
Period-End Loans
Commercial and industrial	$	380,235		362,137	350,436	326,425	317,618	18,098
Real estate mortgage	133,411			129,495	127,733	121,985	120,678	3,916
Real estate construction	21,743			20,613	20,092	21,129	22,406	1,130
Lease financing	14,530			14,469	14,859	15,398	15,720	61
Total commercial	549,919			526,714	513,120	484,937	476,422	23,205
Residential mortgage – first lien	252,941			245,242	242,270	242,935	244,371	7,699
Residential mortgage – junior lien	14,604			15,392	16,618	18,026	19,637	(788)
Credit card	41,222			38,639	38,453	36,061	34,936	2,583
Auto	55,658			57,083	56,659	53,827	51,073	(1,425)
Other consumer	29,390			28,737	28,274	27,041	25,861	653
Total consumer	393,815			385,093	382,274	377,890	375,878	8,722
Total loans	$	943,734		911,807	895,394	862,827	852,300	31,927
Average Loans
Commercial and industrial	$	370,615		353,829	335,752	319,426	318,917	16,786
Real estate mortgage	131,128			127,464	123,806	121,453	120,526	3,664
Real estate construction	21,328			20,259	20,800	21,794	22,015	1,069
Lease financing	14,445			14,586	15,227	15,492	15,565	(141)
Total commercial	537,516			516,138	495,585	478,165	477,023	21,378
Residential mortgage – first lien	248,879			242,883	242,515	243,201	247,815	5,996
Residential mortgage – junior lien	14,998			16,017	17,317	18,809	20,457	(1,019)
Credit card	39,614			38,164	37,041	35,407	34,211	1,450
Auto	56,262			56,701	55,161	52,370	50,014	(439)
Other consumer	29,298			28,102	27,417	26,072	25,227	1,196
Total consumer	389,051			381,867	379,451	375,859	377,724	7,184
Total loans	$	926,567		898,005	875,036	854,024	854,747	28,562
Average Interest Rates
Commercial and industrial	2.92		%	2.41	2.45	2.44	2.52
Real estate mortgage	3.00			2.65	2.64	2.67	2.74
Real estate construction	3.59			3.31	3.08	3.10	3.08
Lease financing	4.24			4.24	4.27	4.45	4.49
Total commercial	3.00			2.56	2.58	2.60	2.66
Residential mortgage – first lien	3.12			3.14	3.27	3.12	3.16
Residential mortgage – junior lien	4.48			4.17	4.22	4.11	4.13
Credit card	11.13			11.32	11.25	11.47	11.48
Auto	4.18			4.17	4.37	4.44	4.52
Other consumer	4.26			3.69	3.67	3.70	3.70
Total consumer	4.23			4.20	4.28	4.18	4.18
Total loans	3.52		%	3.25	3.32	3.29	3.33

All values are in US Dollars.

-18-

Wells Fargo & Company and Subsidiaries

NET LOAN CHARGE-OFFS

	Quarter ended
	Jun 30, 2022				Mar 31, 2022				Dec 31, 2021				Sep 30, 2021				Jun 30, 2021				Jun 30, 2022 Change from
($ in millions)	Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Mar 31,2022	Jun 30,<br>2021
By product:
Commercial:
Commercial and industrial	$	27	0.03	%	$	(23)	(0.03)	%	$	3	—	%	$	46	0.06	%	$	81	0.10	%		(54)
Real estate mortgage	(4)		(0.01)		(5)		(0.02)		22		0.07		(10)		(0.03)		(5)		(0.02)		1	1
Real estate construction	—		—		—		—		—		—		1		—		(1)		—		—	1
Lease financing	—		(0.02)		(1)		(0.02)		3		0.09		1		0.03		5		0.12		1	(5)
Total commercial	23		0.02		(29)		(0.02)		28		0.02		38		0.03		80		0.07		52	(57)
Consumer:
Residential mortgage – first lien	(3)		(0.01)		(3)		—		110		0.18		(14)		(0.02)		(19)		(0.03)		—	16
Residential mortgage – junior lien	(13)		(0.36)		(18)		(0.46)		8		0.19		(28)		(0.61)		(31)		(0.60)		5	18
Credit card	199		2.02		176		1.87		150		1.61		158		1.77		256		3.01		23	(57)
Auto	68		0.49		96		0.68		58		0.41		26		0.20		45		0.35		(28)	23
Other consumer	70		0.98		83		1.20		67		0.96		79		1.22		50		0.80		(13)	20
Total consumer	321		0.33		334		0.35		393		0.41		221		0.23		301		0.32		(13)	20
Total net charge-offs	$	344	0.15	%	$	305	0.14	%	$	421	0.19	%	$	259	0.12	%	$	381	0.18	%		(37)
By segment:
Consumer Banking and Lending	$	358	0.43	%	$	375	0.47	%	$	410	0.50	%	$	302	0.37	%	$	359	0.43	%		(1)
Commercial Banking	3		0.01		(29)		(0.06)		(9)		(0.02)		16		0.04		50		0.11		32	(47)
Corporate and Investing Banking	(11)		(0.01)		(31)		(0.04)		8		0.01		(48)		(0.07)		(18)		(0.03)		20	7
Wealth and Investment Management	—		—		(4)		(0.02)		18		0.09		(3)		(0.01)		(3)		(0.01)		4	3
Corporate	(6)		(0.26)		(6)		(0.26)		(6)		(0.26)		(8)		(0.33)		(7)		(0.28)		—	1
Total net charge-offs	$	344	0.15	%	$	305	0.14	%	$	421	0.19	%	$	259	0.12	%	$	381	0.18	%		(37)

All values are in US Dollars.

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

-19-

Wells Fargo & Company and Subsidiaries

CHANGES IN ALLOWANCE FOR CREDIT LOSSES FOR LOANS

	Quarter ended							Jun 30, 2022 Change from
($ in millions)	Jun 30,<br>2022			Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,2022
Balance, beginning of period	$	12,681		13,788	14,705	16,391	18,043	(1,107)
Provision for credit losses	578			(775)	(464)	(1,387)	(1,239)	1,353
Interest income on certain loans (1)	(27)			(29)	(33)	(35)	(36)	2
Net loan charge-offs:
Commercial:
Commercial and industrial	(27)			23	(3)	(46)	(81)	(50)
Real estate mortgage	4			5	(22)	10	5	(1)
Real estate construction	—			—	—	(1)	1	—
Lease financing	—			1	(3)	(1)	(5)	(1)
Total commercial	(23)			29	(28)	(38)	(80)	(52)
Consumer:
Residential mortgage – first lien	3			3	(110)	14	19	—
Residential mortgage – junior lien	13			18	(8)	28	31	(5)
Credit card	(199)			(176)	(150)	(158)	(256)	(23)
Auto	(68)			(96)	(58)	(26)	(45)	28
Other consumer	(70)			(83)	(67)	(79)	(50)	13
Total consumer	(321)			(334)	(393)	(221)	(301)	13
Net loan charge-offs	(344)			(305)	(421)	(259)	(381)	(39)
Other	(4)			2	1	(5)	4	(6)
Balance, end of period	$	12,884		12,681	13,788	14,705	16,391	203
Components:
Allowance for loan losses	$	11,786		11,504	12,490	13,517	15,148	282
Allowance for unfunded credit commitments	1,098			1,177	1,298	1,188	1,243	(79)
Allowance for credit losses for loans	$	12,884		12,681	13,788	14,705	16,391	203
Ratio of allowance for loan losses to total net loan charge-offs (annualized)	8.54x			9.31	7.49	13.14	9.93
Allowance for loan losses as a percentage of:
Total loans	1.25		%	1.26	1.39	1.57	1.78
Nonaccrual loans	197			167	173	192	205
Allowance for credit losses for loans as a percentage of:
Total loans	1.37			1.39	1.54	1.70	1.92
Nonaccrual loans	215			185	191	208	222

All values are in US Dollars.

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

-20-

Wells Fargo & Company and Subsidiaries

ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES FOR LOANS

	Jun 30, 2022				Mar 31, 2022				Dec 31, 2021				Sep 30, 2021				Jun 30, 2021
($ in millions)	ACL		ACL<br>as %<br>of loan<br>class		ACL		ACL<br>as %<br>of loan<br>class		ACL		ACL<br>as %<br>of loan<br>class		ACL		ACL<br>as %<br>of loan<br>class		ACL		ACL<br>as %<br>of loan<br>class
By product:
Commercial:
Commercial and industrial	$	4,620	1.22	%	$	4,625	1.28	%	$	4,873	1.39	%	$	5,193	1.59	%	$	5,640	1.78	%
Real estate mortgage	1,810		1.36		1,883		1.45		2,085		1.63		2,422		1.99		2,884		2.39
Real estate construction	378		1.74		366		1.78		431		2.15		470		2.22		530		2.37
Lease financing	274		1.89		274		1.89		402		2.71		480		3.12		516		3.28
Total commercial	7,082		1.29		7,148		1.36		7,791		1.52		8,565		1.77		9,570		2.01
Consumer:
Residential mortgage – first lien (1)	1,024		0.40		927		0.38		1,156		0.48		1,197		0.49		1,283		0.53
Residential mortgage – junior lien (1)	(6)		(0.04)		2		0.01		130		0.78		201		1.12		320		1.63
Credit card	3,253		7.89		3,094		8.01		3,290		8.56		3,356		9.31		3,663		10.48
Auto	1,045		1.88		1,030		1.80		928		1.64		901		1.67		1,026		2.01
Other consumer	486		1.65		480		1.67		493		1.74		485		1.79		529		2.05
Total consumer	5,802		1.47		5,533		1.44		5,997		1.57		6,140		1.62		6,821		1.81
Total allowance for credit losses for loans	$	12,884	1.37	%	$	12,681	1.39	%	$	13,788	1.54	%	$	14,705	1.70	%	$	16,391	1.92	%
By segment:
Consumer Banking and Lending	$	6,540	1.95	%	$	6,305	1.92	%	$	6,891	2.11	%	$	7,194	2.21	%	$	8,035	2.46	%
Commercial Banking	2,644		1.29		2,631		1.32		2,950		1.55		3,334		1.85		3,692		2.06
Corporate and Investing Banking	3,480		1.13		3,532		1.22		3,705		1.30		3,900		1.48		4,318		1.70
Wealth and Investment Management	231		0.27		238		0.28		271		0.32		292		0.35		362		0.44
Corporate	(11)		(0.12)		(25)		(0.27)		(29)		(0.29)		(15)		(0.16)		(16)		(0.15)
Total allowance for credit losses for loans	$	12,884	1.37	%	$	12,681	1.39	%	$	13,788	1.54	%	$	14,705	1.70	%	$	16,391	1.92	%

(1)Includes negative allowance for expected recoveries of amounts previously charged off.

-21-

Wells Fargo & Company and Subsidiaries

NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)

	Jun 30, 2022				Mar 31, 2022				Dec 31, 2021				Sep 30, 2021				Jun 30, 2021				Jun 30, 2022 Change from
($ in millions)	Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Mar 31,2022	Jun 30,<br>2021
By product:
Nonaccrual loans:
Commercial:
Commercial and industrial	$	722	0.19	%	$	799	0.22	%	$	980	0.28	%	$	1,274	0.39	%	$	1,691	0.53	%		(969)
Real estate mortgage	898		0.67		1,033		0.80		1,235		0.97		1,538		1.26		1,598		1.32		(135)	(700)
Real estate construction	3		0.01		4		0.02		13		0.06		20		0.09		45		0.20		(1)	(42)
Lease financing	96		0.66		117		0.81		148		1.00		188		1.22		215		1.37		(21)	(119)
Total commercial	1,719		0.31		1,953		0.37		2,376		0.46		3,020		0.62		3,549		0.74		(234)	(1,830)
Consumer:
Residential mortgage – first lien (1)	3,322		1.31		3,873		1.58		3,803		1.57		3,093		1.27		2,852		1.17		(551)	470
Residential mortgage – junior lien (1)	729		4.99		802		5.21		801		4.82		702		3.89		713		3.63		(73)	16
Auto	188		0.34		208		0.36		198		0.35		206		0.38		221		0.43		(20)	(33)
Other consumer	35		0.12		35		0.12		34		0.12		37		0.14		36		0.14		—	(1)
Total consumer	4,274		1.09		4,918		1.28		4,836		1.27		4,038		1.07		3,822		1.02		(644)	452
Total nonaccrual loans	5,993		0.64		6,871		0.75		7,212		0.81		7,058		0.82		7,371		0.86		(878)	(1,378)
Foreclosed assets	130				130				112				121				129				—	1
Total nonperforming assets	$	6,123	0.65	%	$	7,001	0.77	%	$	7,324	0.82	%	$	7,179	0.83	%	$	7,500	0.88	%		(1,377)
By segment:
Consumer Banking and Lending	$	4,179	1.24	%	$	4,754	1.45	%	$	4,672	1.43	%	$	3,955	1.21	%	$	3,730	1.14	%		449
Commercial Banking	1,065		0.52		1,242		0.62		1,520		0.80		1,827		1.01		2,096		1.17		(177)	(1,031)
Corporate and Investing Banking	646		0.21		706		0.24		778		0.27		1,073		0.41		1,310		0.52		(60)	(664)
Wealth and Investment Management	233		0.27		299		0.35		354		0.42		324		0.39		364		0.44		(66)	(131)
Corporate	—		—		—		—		—		—		—		—		—		—		—	—
Total nonperforming assets	$	6,123	0.65	%	$	7,001	0.77	%	$	7,324	0.82	%	$	7,179	0.83	%	$	7,500	0.88	%		(1,377)

All values are in US Dollars.

(1)Residential mortgage loans predominantly insured by the FHA or guaranteed by the VA are not placed on nonaccrual status because they are insured or guaranteed.

-22-

Wells Fargo & Company and Subsidiaries

COMMERCIAL AND INDUSTRIAL LOANS AND LEASE FINANCING BY INDUSTRY

	Jun 30, 2022							Mar 31, 2022							Jun 30, 2021
($ in millions)	Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans		Total commitments (1)		Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans		Total commitments (1)		Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans		Total commitments (1)
Financials except banks	$	56	146,264	16	%	$	245,199	$	59	140,267	15	%	$	243,327	$	154	124,759	15	%	$	214,618
Technology, telecom and media	70		27,701	3		69,050		63		24,382	3		61,361		65		20,669	2		58,791
Real estate and construction	67		26,154	3		58,281		72		24,961	3		55,720		136		22,488	3		53,516
Equipment, machinery and parts manufacturing	19		21,669	2		46,111		17		19,763	2		44,596		41		16,833	2		40,112
Retail	19		18,994	2		41,335		21		17,529	2		40,551		44		16,726	2		39,646
Materials and commodities	25		16,793	2		38,571		28		16,141	2		38,443		19		13,033	2		35,185
Food and beverage manufacturing	6		15,522	2		33,816		6		14,935	2		31,771		9		11,955	1		29,441
Oil, gas and pipelines	84		9,878	1		31,043		85		8,447	*		29,592		486		9,186	1		28,753
Health care and pharmaceuticals	20		13,936	1		29,624		25		13,279	1		29,597		26		13,484	2		29,037
Auto related	11		11,905	1		27,291		22		10,762	1		26,020		63		9,873	1		25,024
Utilities	77		9,060	*		25,579		78		8,303	*		24,408		67		7,136	*		21,596
Commercial services	38		10,954	1		24,824		69		10,632	1		25,104		76		10,018	1		23,785
Banks	—		19,775	2		20,836		—		18,336	2		18,823		—		14,839	2		15,289
Diversified or miscellaneous	10		8,661	*		20,714		21		8,233	*		18,936		27		6,309	*		16,078
Entertainment and recreation	39		11,562	1		19,073		43		11,438	1		19,381		68		7,612	*		15,493
Transportation services	213		8,583	*		15,725		246		8,116	*		15,126		492		8,566	1		16,814
Insurance and fiduciaries	1		5,104	*		15,688		1		4,366	*		15,304		1		4,371	*		16,340
Government and education	16		6,096	*		12,225		4		5,717	*		11,073		4		5,033	*		10,634
Agribusiness	26		6,070	*		11,631		32		6,058	*		11,514		57		5,402	*		11,161
Other	21		84	*		7,365		24		4,941	*		12,392		71		5,046	*		12,511
Total	$	818	394,765	42	%	$	793,981	$	916	376,606	41	%	$	773,039	$	1,906	333,338	39	%	$	713,824

*Less than 1%.

(1)Total commitments consists of loans outstanding plus unfunded credit commitments, excluding issued letters of credit. In second quarter 2022, we reclassified commitments for commercial securities-based loans originated by the Wealth and Investment Management operating segment to consumer loan commitments. Prior period balances have been revised to conform with the current period presentation.

-23-

Wells Fargo & Company and Subsidiaries

COMMERCIAL REAL ESTATE LOANS BY PROPERTY TYPE

	Jun 30, 2022							Mar 31, 2022						Jun 30, 2021
($ in millions)	Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans		Total commitments (1)		Nonaccrual<br>loans	Loans outstanding balance	% of<br>total<br>loans		Total commitments (1)		Nonaccrual<br>loans	Loans outstanding balance	% of<br>total<br>loans		Total commitments (1)
Apartments	$	10	37,707	4	%	$	49,748	13	33,501	4	%	$	44,686	27	28,853	3	%	$	36,462
Office buildings	109		36,161	4		41,546		130	36,551	4		42,169		148	36,271	4		42,072
Industrial/warehouse	57		18,501	2		22,354		70	17,929	2		21,092		90	17,077	2		19,948
Hotel/motel	186		13,378	1		14,110		200	12,439	1		12,940		361	12,271	1		12,706
Retail (excluding shopping center)	105		11,970	1		12,744		117	12,308	1		12,982		233	13,233	2		13,947
Shopping center	283		10,167	1		10,781		342	10,295	1		10,938		509	10,913	1		11,581
Institutional	37		7,739	*		9,229		39	7,886	*		9,519		74	6,908	*		8,213
Mixed use properties	61		7,517	*		8,974		71	7,503	*		9,051		98	6,244	*		7,280
Collateral pool	—		3,389	*		3,904		—	3,603	*		4,193		—	3,138	*		3,770
Storage facility	—		2,825	*		3,044		—	2,529	*		3,025		—	1,907	*		2,572
Other	53		5,800	*		9,248		55	5,564	*		8,401		103	6,269	*		9,587
Total	$	901	155,154	16	%	$	185,682	1,037	150,108	16	%	$	178,996	1,643	143,084	17	%	$	168,138

*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 investments in consolidated portfolio companies, net of applicable deferred taxes. The ratios are (i) tangible book value per common share, which represents tangible common equity divided by common shares outstanding; and (ii) return on average tangible common equity (ROTCE), which represents our annualized earnings as a percentage of tangible common equity. The methodology of determining tangible common equity may differ among companies. Management believes that tangible book value per common share and return on average tangible common equity, which utilize tangible common equity, are useful financial measures because they enable management, investors, and others to assess the Company’s use of equity.

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

								Jun 30, 2022 <br>% Change from
(in millions, except ratios)		Jun 30,<br>2022		Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2022		Jun 30,<br>2021
Tangible book value per common share:
Total equity		$	179,793	181,689	190,110	191,071	193,127	(1)	%	(7)
Adjustments:
Preferred stock		(20,057)		(20,057)	(20,057)	(20,270)	(20,820)	—		4
Additional paid-in capital on preferred stock		135		136	136	120	136	(1)		(1)
Unearned ESOP shares		646		646	646	875	875	—		(26)
Noncontrolling interests		(2,261)		(2,446)	(2,504)	(2,043)	(1,865)	8		(21)
Total common stockholders' equity	(A)	158,256		159,968	168,331	169,753	171,453	(1)		(8)
Adjustments:
Goodwill		(25,178)		(25,181)	(25,180)	(26,191)	(26,194)	—		4
Certain identifiable intangible assets (other than MSRs)		(191)		(210)	(225)	(281)	(301)	9		37
Goodwill and other intangibles on investments in consolidated portfolio companies (included in<br><br>other assets)		(2,307)		(2,304)	(2,437)	(2,120)	(2,256)	—		(2)
Applicable deferred taxes related to goodwill and other intangible assets (1)		880		871	765	886	875	1		1
Tangible common equity	(B)	$	131,460	133,144	141,254	142,047	143,577	(1)		(8)
Common shares outstanding	(C)	3,793.0		3,789.9	3,885.8	3,996.9	4,108.0	—		(8)
Book value per common share	(A)/(C)	$	41.72	42.21	43.32	42.47	41.74	(1)		—
Tangible book value per common share	(B)/(C)	34.66		35.13	36.35	35.54	34.95	(1)		(1)

-25-

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

		Quarter ended							Six months ended
(in millions, except ratios)		Jun 30,<br>2022			Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2022		Jun 30,<br>2021	Jun 30,<br>2022			Jun 30,<br>2021	%<br>Change
Return on average tangible common equity:
Net income applicable to common stock	(A)	$	2,839		3,393	5,470	4,787	5,743	(16)	%	(51)	$	6,232		9,999	(38)	%
Average total equity		181,016			186,337	190,744	194,041	190,968	(3)		(5)	183,662			190,026	(3)
Adjustments:
Preferred stock		(20,057)			(20,057)	(20,267)	(21,403)	(21,108)	—		5	(20,057)			(21,472)	(7)
Additional paid-in capital on preferred stock		135			134	120	145	138	1		(2)	135			142	(5)
Unearned ESOP shares		646			646	872	875	875	—		(26)	646			875	(26)
Noncontrolling interests		(2,386)			(2,468)	(2,119)	(1,845)	(1,313)	3		(82)	(2,427)			(1,215)	100
Average common stockholders’ equity	(B)	159,354			164,592	169,350	171,813	169,560	(3)		(6)	161,959			168,356	(4)
Adjustments:
Goodwill		(25,179)			(25,180)	(25,569)	(26,192)	(26,213)	—		4	(25,180)			(26,297)	(4)
Certain identifiable intangible assets (other than MSRs)		(200)			(218)	(246)	(290)	(310)	8		35	(209)			(320)	(35)
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)		(2,304)			(2,395)	(2,309)	(2,169)	(2,208)	4		(4)	(2,349)			(2,212)	6
Applicable deferred taxes related to goodwill and other intangible assets (1)		877			803	848	882	873	9		—	840			868	(3)
Average tangible common equity	(C)	$	132,548		137,602	142,074	144,044	141,702	(4)		(6)	$	135,061		140,395	(4)
Return on average common stockholders’ equity (ROE) (annualized)	(A)/(B)	7.1		%	8.4	12.8	11.1	13.6				7.8		%	12.0
Return on average tangible common equity (ROTCE) (annualized)	(A)/(C)	8.6			10.0	15.3	13.2	16.3				9.3			14.4

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

-26-

Wells Fargo & Company and Subsidiaries

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

	Estimated							Jun 30, 2022 <br>% Change from
( in billions)	Jun 30,<br>2022			Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2022		Jun 30,<br>2021
Total equity	$	179.8		181.7	190.1	191.1	193.1	(1)	%	(7)
Adjustments:
Preferred stock	(20.1)			(20.1)	(20.1)	(20.3)	(20.8)	—		4
Additional paid-in capital on preferred stock	0.2			0.1	0.1	0.1	0.2	73		—
Unearned ESOP shares	0.7			0.7	0.7	0.9	0.9	—		(15)
Noncontrolling interests	(2.3)			(2.4)	(2.5)	(2.0)	(1.9)	8		(21)
Total common stockholders' equity	158.3			160.0	168.3	169.8	171.5	(1)		(8)
Adjustments:
Goodwill	(25.2)			(25.2)	(25.2)	(26.2)	(26.2)	—		4
Certain identifiable intangible assets (other than MSRs)	(0.2)			(0.2)	(0.2)	(0.3)	(0.3)	9		37
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)	(2.3)			(2.3)	(2.4)	(2.1)	(2.3)	—		(2)
Applicable deferred taxes related to goodwill and other intangible assets (2)	0.9			0.9	0.8	0.9	0.9	1		1
Current expected credit loss (CECL) transition provision (3)	0.2			0.2	0.2	0.5	0.9	1		(80)
Other	(1.6)			(1.1)	(0.9)	(1.0)	(1.1)	(39)		(41)
Common Equity Tier 1	130.1			132.3	140.6	141.6	143.4	(2)		(9)
Preferred stock	20.1			20.1	20.1	20.3	20.8	—		(4)
Additional paid-in capital on preferred stock	(0.2)			(0.1)	(0.2)	(0.1)	(0.2)	(100)		—
Unearned ESOP shares	(0.7)			(0.7)	(0.6)	(0.9)	(0.9)	—		15
Other	(0.2)			(0.3)	(0.2)	(0.3)	(0.1)	31		NM
Total Tier 1 capital	149.1			151.3	159.7	160.6	163.0	(1)		(9)
Long-term debt and other instruments qualifying as Tier 2	21.6			22.3	22.7	22.8	23.2	(3)		(7)
Qualifying allowance for credit losses (4)	13.2			13.0	14.1	14.6	14.3	2		(7)
Other	(0.3)			(0.3)	(0.2)	(0.4)	(0.5)	(14)		31
Total qualifying capital	$	183.6		186.3	196.3	197.6	200.1	(1)		(8)
Total risk-weighted assets (RWAs)	$	1,257.1		1,265.5	1,239.0	1,218.9	1,188.7	(1)		6
Common Equity Tier 1 to total RWAs	10.3		%	10.5	11.4	11.6	12.1
Tier 1 capital to total RWAs	11.9			12.0	12.9	13.2	13.7
Total capital to total RWAs	14.6			14.7	15.8	16.2	16.8

All values are in US Dollars.

NM – Not meaningful

(1)The Basel III capital rules provide for two capital frameworks (the Standardized Approach and the Advanced Approach applicable to certain institutions), and we must calculate our CET1, tier 1 and total capital ratios under both approaches.

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

(3)In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out period in which the benefit is reduced by 25% in year one, 50% in year two and 75% in year three.

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

-27-

Wells Fargo & Company and Subsidiaries

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

	Estimated							Jun 30, 2022 <br>% Change from
( in billions)	Jun 30,<br>2022			Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2022		Jun 30,<br>2021
Total equity	$	179.8		181.7	190.1	191.1	193.1	(1)	%	(7)
Adjustments:
Preferred stock	(20.1)			(20.1)	(20.1)	(20.3)	(20.8)	—		4
Additional paid-in capital on preferred stock	0.2			0.1	0.2	0.1	0.2	73		—
Unearned ESOP shares	0.7			0.7	0.6	0.9	0.9	—		(15)
Noncontrolling interests	(2.3)			(2.4)	(2.5)	(2.0)	(1.9)	8		(21)
Total common stockholders' equity	158.3			160.0	168.3	169.8	171.5	(1)		(8)
Adjustments:
Goodwill	(25.2)			(25.2)	(25.2)	(26.2)	(26.2)	—		4
Certain identifiable intangible assets (other than MSRs)	(0.2)			(0.2)	(0.2)	(0.3)	(0.3)	9		37
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)	(2.3)			(2.3)	(2.4)	(2.1)	(2.3)	—		(2)
Applicable deferred taxes related to goodwill and other intangible assets (2)	0.9			0.9	0.8	0.9	0.9	1		1
CECL transition provision (3)	0.2			0.2	0.2	0.5	0.9	1		(80)
Other	(1.6)			(1.1)	(0.9)	(1.0)	(1.1)	(39)		(41)
Common Equity Tier 1	130.1			132.3	140.6	141.6	143.4	(2)		(9)
Preferred stock	20.1			20.1	20.1	20.3	20.8	—		(4)
Additional paid-in capital on preferred stock	(0.2)			(0.1)	(0.2)	(0.1)	(0.2)	(100)		—
Unearned ESOP shares	(0.7)			(0.7)	(0.6)	(0.9)	(0.9)	(7)		15
Other	(0.2)			(0.3)	(0.2)	(0.3)	(0.1)	31		NM
Total Tier 1 capital	149.1			151.3	159.7	160.6	163.0	(1)		(9)
Long-term debt and other instruments qualifying as Tier 2	21.6			22.3	22.7	22.8	23.2	(3)		(7)
Qualifying allowance for credit losses (4)	4.4			4.4	4.4	4.4	4.3	—		3
Other	(0.3)			(0.3)	(0.2)	(0.4)	(0.4)	(14)		12
Total qualifying capital	$	174.8		177.7	186.6	187.4	190.1	(2)		(8)
Total RWAs	$	1,123.2		1,119.5	1,116.1	1,138.6	1,126.5	—		—
Common Equity Tier 1 to total RWAs	11.6		%	11.8	12.6	12.4	12.7
Tier 1 capital to total RWAs	13.3			13.5	14.3	14.1	14.5
Total capital to total RWAs	15.6			15.9	16.7	16.5	16.9

All values are in US Dollars.

NM – Not meaningful

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

-28-

ex993-wellsfargo2q22pres

22Q22 Financial Results 2Q22 results Financial Results ROE: 7.1% ROTCE: 8.6%1 Efficiency ratio: 76%2 Credit Quality Capital and Liquidity CET1 ratio: 10.3%3 LCR: 121%4 TLAC ratio: 22.7%5 • Provision for credit losses of $580 million – Total net charge-offs of $345 million, down $34 million, with net loan charge-offs of 0.15% of average loans (annualized) – Allowance for credit losses of $12.9 billion, down $3.5 billion from 2Q21 and included a $235 million increase in 2Q22 • Common Equity Tier 1 (CET1) capital of $130.1 billion3 • CET1 ratio of 10.3% under the Standardized Approach and 11.6% under the Advanced Approach3 Comparisons in the bullet points are for 2Q22 versus 2Q21, unless otherwise noted. 1. Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 17. 2. The efficiency ratio is noninterest expense divided by total revenue. 3. The Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach is our binding CET1 ratio. See page 18 for additional information regarding CET1 capital and ratios. CET1 is a preliminary estimate. 4. Liquidity coverage ratio (LCR) represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. LCR is a preliminary estimate. 5. Represents TLAC divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC is a preliminary estimate. • Net income of $3.1 billion, or $0.74 per diluted common share – Results included $(576) million impairment of equity securities ($(412) million, or $(0.08) per share, net of noncontrolling interests) predominantly in our affiliated venture capital business driven by market conditions • Revenue of $17.0 billion, down 16% – Mortgage banking noninterest income of $287 million, down from $1.3 billion in 2Q21 – Businesses divested in 2021 accounted for $589 million of revenue in 2Q21 • Noninterest expense of $12.9 billion, down 3% – Operating losses of $576 million, up $273 million primarily reflecting an increase in litigation accruals and higher customer remediation expense predominantly for a variety of historical matters – Businesses divested in 2021 accounted for a ~$375 million decline in noninterest expense • Effective income tax rate of 16.4% • Average loans of $926.6 billion, up 8%; period-end loans of $943.7 billion, up 11% from 2Q21 and up 4% from 1Q22 • Average deposits of $1.4 trillion, up 1%

32Q22 Financial Results Capital Capital Position • Common Equity Tier 1 (CET1) ratio of 10.3%1 at June 30, 2022 remained above our regulatory minimum and buffers of 9.1%2 • CET1 ratio down 180 bps from 2Q21 and down 20 bps from 1Q22 and reflected: – Strong capital return to shareholders – A decline in accumulated other comprehensive income driven by higher interest rates and wider agency mortgage-backed securities spreads, which resulted in declines in the CET1 ratio of 83 bps from 2Q21 and 29 bps from 1Q22 • The Company's stress capital buffer (SCB) for 10/1/22 through 9/30/23 is expected to be 3.2% Capital Return • Period-end common shares outstanding down 315.0 million, or 8%, year-over- year (YoY) • Capital position allows for continued strong capital return to shareholders – We expect to increase the 3Q22 common stock dividend to $0.30 per share from $0.25 per share, subject to approval by the Company’s Board of Directors at its regularly scheduled meeting in July Total Loss Absorbing Capacity (TLAC) • As of June 30, 2022, our TLAC as a percentage of total risk-weighted assets was 22.7%3 compared with the required minimum and buffers of 21.5% • Issued $8.3 billion of long-term debt in the quarter Common Equity Tier 1 Ratio under the Standardized Approach 1 12.1% 11.6% 11.4% 10.5% 10.3% 2Q21 3Q21 4Q21 1Q22 2Q22 Estimated 1. The Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach is our binding CET1 ratio. See page 18 for additional information regarding CET1 capital and ratios. 2Q22 CET1 is a preliminary estimate. 2. Includes a 4.50% minimum requirement, a stress capital buffer of 3.10%, and a G-SIB capital surcharge of 1.50%. 3. Represents TLAC divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC is a preliminary estimate. 9.1% Regulatory Minimum and Buffers2

42Q22 Financial Results 2Q22 earnings 1. Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 17. $ in millions (mm), except per share data 2Q22 1Q22 2Q21 vs. 1Q22 vs. 2Q21 Net interest income $10,198 9,221 8,800 $977 1,398 Noninterest income 6,830 8,371 11,470 (1,541) (4,640) Total revenue 17,028 17,592 20,270 (564) (3,242) Net charge-offs 345 305 379 40 (34) Change in the allowance for credit losses 235 (1,092) (1,639) 1,327 1,874 Provision for credit losses 580 (787) (1,260) 1,367 1,840 Noninterest expense 12,883 13,870 13,341 (987) (458) Pre-tax income 3,565 4,509 8,189 (944) (4,624) Income tax expense 613 707 1,445 (94) (832) Effective income tax rate (%) 16.4 % 16.1 19.3 28 bps (288) Net income $3,119 3,671 6,040 ($552) (2,921) Diluted earnings per common share $0.74 0.88 1.38 ($0.14) (0.64) Diluted average common shares (# mm) 3,819.6 3,868.9 4,156.1 (49) (337) Return on equity (ROE) 7.1 % 8.4 13.6 (121) bps (643) Return on average tangible common equity (ROTCE)1 8.6 10.0 16.3 (141) (767) Efficiency ratio 76 79 66 (318) 984

52Q22 Financial Results Credit quality • Commercial net loan charge-offs up $52 million to 2 bps of average loans (annualized) • Consumer net loan charge-offs down $13 million to 33 bps of average loans (annualized), as lower losses in auto loans and other consumer loans were partially offset by higher credit card losses • Nonperforming assets decreased $878 million, or 13%, on a $624 million decline in residential mortgage nonaccrual loans primarily due to sustained payment performance of borrowers after exiting COVID-19-related accommodation programs, and a $234 million decline in commercial nonaccrual loans Provision for Credit Losses and Net Charge-offs ($ in millions) Allowance for Credit Losses for Loans ($ in millions) • Allowance for credit losses for loans increased due to loan growth – Allowance coverage for total loans down 2 bps from 1Q22 and down 55 bps from 2Q21 Comparisons in the bullet points are for 2Q22 versus 1Q22, unless otherwise noted. (1,260) (1,395) (452) (787) 580 379 257 423 305 345 Provision for Credit Losses Net Charge-offs Net Loan Charge-off Ratio 2Q21 3Q21 4Q21 1Q22 2Q22 16,391 14,705 13,788 12,681 12,884 9,570 8,565 7,791 7,148 7,082 6,821 6,140 5,997 5,533 5,802 Commercial Consumer Allowance coverage for total loans 2Q21 3Q21 4Q21 1Q22 2Q22 0.18% 0.12% 0.14% 0.19% 0.15% 1.70% 1.92% 1.54% 1.39% 1.37%

62Q22 Financial Results Loans and deposits • Average loans up $71.9 billion, or 8%, YoY, and up $28.6 billion, or 3%, from 1Q22 including a $16.8 billion increase in commercial & industrial loans and a $6.0 billion increase in residential mortgage – first lien loans • Total average loan yield of 3.52%, up 19 bps YoY and up 27 bps from 1Q22 reflecting the impact of higher interest rates • Period-end loans up $91.4 billion, or 11%, YoY, and up $31.9 billion, or 4%, from 1Q22 • Average deposits up $10.0 billion, or 1%, YoY, and down $18.3 billion, or 1%, from 1Q22 on seasonality of tax payments and outflows from commercial and wealth customers, partially offset by growth in Consumer Banking and Lending deposit balances • Average deposit cost of 4 bps, up 1 bp from 1Q22 primarily driven by higher deposit costs in Corporate and Investment Banking Average Loans Outstanding ($ in billions) Average Deposits and Rates ($ in billions) 854.7 854.0 875.0 898.0 926.6 477.0 478.2 495.6 516.1 537.5 377.7 375.9 379.5 381.9 389.1 Commercial Loans Consumer Loans Total Average Loan Yield 2Q21 3Q21 4Q21 1Q22 2Q22 1,435.8 1,450.9 1,470.0 1,464.1 1,445.8 835.7 848.4 864.4 881.3 898.6 192.6 199.2 207.7 200.7 188.3 190.8 189.4 182.1 169.2 164.9 175.0 176.6 180.9 185.8 173.7 Corporate Wealth and Investment Management Corporate and Investment Banking Commercial Banking Consumer Banking and Lending 2Q21 3Q21 4Q21 1Q22 2Q22 3.33% 3.29% 3.32% 3.25% 3.52% Average Deposit Cost 2Q21 3Q21 4Q21 1Q22 2Q22 0.03% 0.03% 0.02% 0.03% 0.04% 20.327.134.937.341.7 Period-End Loans Outstanding ($ in billions) 2Q22 vs 1Q22 vs 2Q21 Commercial $ 549.9 4 % 15 % Consumer 393.8 2 % 5 % Total loans $ 943.7 4 % 11 %

72Q22 Financial Results 8,800 8,909 9,262 9,221 10,198 Net Interest Income Net Interest Margin (NIM) on a taxable-equivalent basis 2Q21 3Q21 4Q21 1Q22 2Q22 2.39% Net interest income • Net interest income up $1.4 billion, or 16%, from 2Q21 primarily due to the impact of higher interest rates, higher loan balances, lower mortgage- backed securities (MBS) premium amortization, and a decrease in long-term debt, partially offset by lower interest income from Paycheck Protection Program (PPP) loans and loans purchased from securitization pools – 2Q22 MBS premium amortization was $291 million vs. $587 million in 2Q21 and $361 million in 1Q22 • Net interest income up $977 million, or 11%, from 1Q22 as higher earning asset yields, higher loan balances, lower MBS premium amortization, and one additional day in the quarter were partially offset by higher funding costs and lower interest income from loans purchased from securitization pools and PPP loans • 2022 net interest income is expected to be ~20% higher than the full year 2021 level of $35.8 billion Net Interest Income ($ in millions) 2.02% 2.03% 2.11% 2.16% 1. Includes taxable-equivalent adjustments predominantly related to tax-exempt income on certain loans and securities. 1

82Q22 Financial Results 6,830 11,470 8,371 7,438 7,102 7,158 1,336 693 287 2,696 576 (615) Net gains (losses) from equity securities Mortgage banking All other 2Q21 1Q22 2Q22 Noninterest income • Noninterest income down $4.6 billion, or 40%, from 2Q21 – Net gains (losses) from equity securities down $3.3 billion on lower results in our affiliated venture capital and private equity businesses driven by market conditions and included $576 million of impairments on securities in 2Q22 – Mortgage banking down $1.0 billion driven by lower originations and gain on sale margins, and lower gains from the re-securitization of loans purchased from securitization pools – All other noninterest income down $280 million as a $549 million decline from divestitures in 2021 was partially offset by growth • Noninterest income down $1.5 billion, or 18%, from 1Q22 – Net gains (losses) from equity securities down $1.2 billion on lower results in our affiliated venture capital and private equity businesses and included impairments on securities – Mortgage banking down $406 million on lower gain on sale margins and originations, and lower gains from the re-securitization of loans purchased from securitization pools – All other noninterest income up $56 million on higher net gains from trading activities, higher net gains from debt securities, and higher card fees, partially offset by: ◦ Lower investment banking fees on a $107 million write-down on unfunded leveraged finance commitments due to the widening of market spreads, as well as lower market activity ◦ Lower investment advisory and other asset-based fees reflecting lower market valuations ◦ Lower deposit-related fees reflecting the initial implementation of overdraft policy changes Noninterest Income ($ in millions)

92Q22 Financial Results Noninterest expense • Noninterest expense down 3% from 2Q21 – Personnel expense down 4% predominantly reflecting divestitures, lower revenue-related compensation, as well as the impact of efficiency initiatives – Non-personnel expense down $82 million, or 2%, and included lower expenses from divestitures, and lower professional and outside services expense, partially offset by a $273 million increase in operating losses primarily reflecting an increase in litigation accruals and higher customer remediation expense predominantly for a variety of historical matters • Noninterest expense down 7% from 1Q22 – Personnel expense down 9% from seasonally higher expenses in 1Q22 and lower revenue-related expenses, partially offset by one additional day in the quarter – Non-personnel expense down $158 million, or 3% ◦ Operating losses down $97 million ◦ Technology, telecommunications and equipment expense down $77 million from an elevated 1Q22 • 2022 noninterest expense expectation of ~$51.5 billion – As previously disclosed, we have outstanding litigation, regulatory matters and customer remediations, and related expenses could be significant and could cause us to exceed our $51.5 billion outlook Noninterest Expense ($ in millions) 13,341 13,303 13,198 13,870 12,883 8,818 8,690 8,475 9,271 8,442 4,141 4,073 4,211 3,926 3,865 Goodwill Write-down All Other Expenses Operating Losses Personnel Expense 2Q21 3Q21 4Q21 1Q22 2Q22 Headcount (Period-end, '000s) 2Q21 3Q21 4Q21 1Q22 2Q22 259 254 249 247 244 673 512 79 540303 1. 4Q21 noninterest expense included approximately $100 million of operating expenses associated with our Corporate Trust Services business and Wells Fargo Asset Management, which were sold on November 1, 2021. The approximately $100 million excludes expenses attributable to transition services agreements and corporate overhead. 1 576

102Q22 Financial Results Consumer Banking and Lending • Total revenue down 2% YoY and down 1% from 1Q22 – CSBB up 17% YoY primarily due to the impact of higher interest rates and higher deposit balances; up 9% from 1Q22 as higher deposit balances, higher debit card transaction volumes, and one additional day in the quarter were partially offset by lower deposit-related fees reflecting the implementation of overdraft policy changes in March 2022 – Home Lending down 53% YoY and 35% from 1Q22 on lower originations and gain on sale margins, as well as lower revenue from the re-securitization of loans purchased from securitization pools; YoY results were partially offset by higher mortgage servicing income – Credit Card up 7% YoY on higher loan balances and reflected higher point of sale (POS) volume including the impact of new product launches in 2021; up 3% from 1Q22 on higher POS volume – Auto up 5% YoY on higher loan balances; down 2% from 1Q22 on lower originations and loan spread compression • Noninterest expense down 3% YoY; down 6% from 1Q22 on lower personnel expense due to 1Q seasonality and lower operating losses 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) 2Q22 vs. 1Q22 vs. 2Q21 Revenue by line of business: Consumer and Small Business Banking (CSBB) $5,510 $439 796 Consumer Lending: Home Lending 972 (518) (1,100) Credit Card 1,304 39 86 Auto 436 (8) 21 Personal Lending 285 (8) 18 Total revenue 8,507 (56) (179) Provision for credit losses 613 803 980 Noninterest expense 6,036 (359) (166) Pre-tax income 1,858 (500) (993) Net income $1,393 ($377) (745) Selected Metrics 2Q22 1Q22 2Q21 Return on allocated capital 1 11.1 % 14.4 17.3 Efficiency ratio 2 71 75 71 Retail bank branches # 4,660 4,705 4,878 Digital (online and mobile) active customers 3 (mm) 33.4 33.7 32.6 Mobile active customers 3 (mm) 28.0 27.8 26.8 Average Balances and Selected Credit Metrics $ in billions 2Q22 1Q22 2Q21 Balances Loans $330.9 325.1 331.9 Deposits 898.7 881.3 835.8 Credit Performance Net charge-offs as a % of average loans 0.43 % 0.47 0.43

112Q22 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. 53.2 51.9 48.1 37.9 34.1 36.9 35.2 32.8 24.1 19.6 16.3 16.7 15.3 13.8 14.5 Retail Correspondent Refinances as a % of Originations 2Q21 3Q21 4Q21 1Q22 2Q22 122.0 118.6 122.4 115.0 125.2 POS Volume ($ in billions) POS Transactions (billions) 2Q21 3Q21 4Q21 1Q22 2Q22 8.3 9.2 9.4 7.3 5.4 2Q21 3Q21 4Q21 1Q22 2Q22 23.6 24.6 27.5 26.0 30.1 2Q21 3Q21 4Q21 1Q22 2Q22 2.5 2.5 2.5 2.3 2.555% 55% 59% 56% 28%

122Q22 Financial Results Commercial Banking • Total revenue up 18% YoY and up 7% from 1Q22 – Middle Market Banking revenue up 27% YoY and up 17% from 1Q22 due to the impact of higher interest rates and higher loan balances – Asset-Based Lending and Leasing revenue up 8% YoY driven by higher loan balances; down 4% from 1Q22 predominantly driven by lower net gains from equity securities, partially offset by higher revenue from renewable energy investments • Noninterest expense up 2% YoY primarily due to higher operating costs, partially offset by lower personnel expense due to efficiency initiatives; down 3% from 1Q22 primarily driven by lower personnel expense due to 1Q seasonality Summary Financials $ in millions 2Q22 vs. 1Q22 vs. 2Q21 Revenue by line of business: Middle Market Banking $1,459 $213 308 Asset-Based Lending and Leasing 1,033 (48) 76 Total revenue 2,492 165 384 Provision for credit losses 21 365 403 Noninterest expense 1,478 (53) 35 Pre-tax income 993 (147) (54) Net income $741 ($116) (43) Selected Metrics 2Q22 1Q22 2Q21 Return on allocated capital 14.3 % 16.9 15.2 Efficiency ratio 59 66 68 Average loans by line of business ($ in billions) Middle Market Banking $113.0 108.6 102.1 Asset-Based Lending and Leasing 89.0 85.8 76.5 Total loans $202.0 194.4 178.6 Average deposits 188.3 200.7 192.6

132Q22 Financial Results Corporate and Investment Banking • Total revenue up 7% YoY and up 3% from 1Q22 – Banking revenue up 4% YoY primarily driven by stronger treasury management results reflecting the impact of higher interest rates, as well as higher loan balances, partially offset by lower investment banking fees reflecting lower market activity and a $107 million write-down on unfunded leveraged finance commitments – Commercial Real Estate revenue up 5% YoY reflecting higher loan balances and the impact of higher interest rates, partially offset by lower capital markets results; up 7% from 1Q22 due to the impact of higher interest rates, as well as higher capital markets activity – Markets revenue up 11% YoY primarily driven by higher foreign exchange and commodities trading revenue, as well as higher equities trading revenue; up 3% from 1Q22 on higher trading activity in residential mortgage-backed securities and foreign exchange • Noninterest expense down 7% from 1Q22 predominantly driven by lower personnel expense due to 1Q seasonality Summary Financials $ in millions 2Q22 vs. 1Q22 vs. 2Q21 Revenue by line of business: Banking: Lending $528 7 54 Treasury Management and Payments 529 97 176 Investment Banking 222 (109) (185) Total Banking 1,279 (5) 45 Commercial Real Estate 1,060 65 46 Markets: Fixed Income, Currencies and Commodities (FICC) 934 57 46 Equities 253 (14) 47 Credit Adjustment (CVA/DVA) and Other 13 (12) 29 Total Markets 1,200 31 122 Other 34 12 22 Total revenue 3,573 103 235 Provision for credit losses (62) 134 439 Noninterest expense 1,840 (143) 35 Pre-tax income 1,795 112 (239) Net income $1,336 $78 (187) Selected Metrics 2Q22 1Q22 2Q21 Return on allocated capital 13.8 % 13.2 17.0 Efficiency ratio 51 57 54 Average Balances ($ in billions) Loans by line of business 2Q22 1Q22 2Q21 Banking $109.1 102.5 90.8 Commercial Real Estate 133.2 126.2 108.9 Markets 56.4 55.8 52.7 Total loans $298.7 284.5 252.4 Deposits 164.9 169.2 190.8 Trading-related assets 190.3 196.8 191.5

142Q22 Financial Results Wealth and Investment Management Summary Financials $ in millions 2Q22 vs. 1Q22 vs. 2Q21 Net interest income $916 $117 306 Noninterest income 2,789 (169) (137) Total revenue 3,705 (52) 169 Provision for credit losses (7) 30 (31) Noninterest expense 2,911 (264) 20 Pre-tax income 801 182 180 Net income $603 $138 138 Selected Metrics ($ in billions, unless otherwise noted) 2Q22 1Q22 2Q21 Return on allocated capital 27.1 % 21.0 20.7 Efficiency ratio 79 85 82 Average loans $85.9 84.8 81.8 Average deposits 173.7 185.8 175.0 Client assets Advisory assets 800 912 931 Other brokerage assets and deposits 1,035 1,168 1,212 Total client assets $1,835 2,080 2,143 Annualized revenue per advisor ($ in thousands) 1 1,213 1,221 1,084 Total financial and wealth advisors 12,184 12,250 12,819 1. Represents annualized segment total revenue divided by average total financial and wealth advisors for the period. • Total revenue up 5% YoY – Net interest income up 50% YoY and up 15% from 1Q22 predominantly driven by the impact of higher interest rates – Noninterest income down 5% YoY and down 6% from 1Q22 on lower asset- based fees driven by a decrease in market valuations, as well as lower transactional activity • Noninterest expense down 8% from 1Q22 primarily driven by lower personnel expense due to 1Q seasonality, as well as lower revenue-related compensation

152Q22 Financial Results Corporate • Net interest income down YoY primarily due to higher deposit crediting rates paid to the operating segments, unfavorable hedge ineffectiveness accounting results, and the sale of our Corporate Trust Services business in 2021 – Divestitures in 2021 accounted for $40 million in net interest income in 2Q21 • Noninterest income down YoY due to lower gains in our affiliated venture capital and private equity businesses, the impact of divestitures, and the gain on sale of our student loan portfolio in 2021, partially offset by higher gains on the sales of debt securities in our investment portfolio – Divestitures in 2021 accounted for $549 million in noninterest income in 2Q21, which included a $147 million gain on the sale of our student loan portfolio • Noninterest expense down YoY predominantly due to the impact of divestitures – Divestitures in 2021 accounted for a ~$375 million decline in noninterest expense and included ~$300 million related to Wells Fargo Asset Management and our Corporate Trust Services business, and a $79 million goodwill write-down associated with the sale of our student loan portfolio Summary Financials $ in millions 2Q22 vs. 1Q22 vs. 2Q21 Net interest income ($619) $199 (315) Noninterest income (114) (920) (3,441) Total revenue (733) (721) (3,756) Provision for credit losses 15 35 49 Noninterest expense 618 (168) (382) Pre-tax income (1,366) (588) (3,423) Income tax expense (242) (15) (465) Less: Net income from noncontrolling interests (170) (298) (874) Net loss ($954) ($275) (2,084)

Appendix

172Q22 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 investments in consolidated portfolio companies, net of applicable deferred taxes. One of these ratios is return on average tangible common equity (ROTCE), which represents our annualized earnings as a percentage of tangible common equity. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity, which utilizes tangible common equity, is a useful financial measure because it enables management, investors, and others to assess the Company’s use of equity. The table below provides a reconciliation of this non-GAAP financial measure to GAAP financial measures. Quarter ended (in millions, except ratios) Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Return on average tangible common equity: Net income applicable to common stock (A) $ 2,839 3,393 5,470 4,787 5,743 Average total equity 181,016 186,337 190,744 194,041 190,968 Adjustments: Preferred stock (20,057) (20,057) (20,267) (21,403) (21,108) Additional paid-in capital on preferred stock 135 134 120 145 138 Unearned ESOP shares 646 646 872 875 875 Noncontrolling interests (2,386) (2,468) (2,119) (1,845) (1,313) Average common stockholders’ equity (B) 159,354 164,592 169,350 171,813 169,560 Adjustments: Goodwill (25,179) (25,180) (25,569) (26,192) (26,213) Certain identifiable intangible assets (other than MSRs) (200) (218) (246) (290) (310) Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (2,304) (2,395) (2,309) (2,169) (2,208) Applicable deferred taxes related to goodwill and other intangible assets (1) 877 803 848 882 873 Average tangible common equity (C) $ 132,548 137,602 142,074 144,044 141,702 Return on average common stockholders’ equity (ROE) (annualized) (A)/(B) 7.1 % 8.4 12.8 11.1 13.6 Return on average tangible common equity (ROTCE) (annualized) (A)/(C) 8.6 10.0 15.3 13.2 16.3 (1) Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period end.

182Q22 Financial Results (1) The Basel III capital rules provide for two capital frameworks (the Standardized Approach and the Advanced Approach applicable to certain institutions), and we must calculate our CET1, tier 1 and total capital ratios under both approaches. (2) Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period end. (3) In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out period in which the benefit is reduced by 25% in year one, 50% in year two and 75% in year three. Common Equity Tier 1 under Basel III Wells Fargo & Company and Subsidiaries RISK-BASED CAPITAL RATIOS UNDER BASEL III (1) Estimated (in billions, except ratio) Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Total equity $ 179.8 181.7 190.1 191.1 193.1 Adjustments: Preferred stock (20.1) (20.1) (20.1) (20.3) (20.8) Additional paid-in capital on preferred stock 0.2 0.1 0.1 0.1 0.2 Unearned ESOP shares 0.7 0.7 0.7 0.9 0.9 Noncontrolling interests (2.3) (2.4) (2.5) (2.0) (1.9) Total common stockholders' equity 158.3 160.0 168.3 169.8 171.5 Adjustments: Goodwill (25.2) (25.2) (25.2) (26.2) (26.2) Certain identifiable intangible assets (other than MSRs) (0.2) (0.2) (0.2) (0.3) (0.3) Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (2.3) (2.3) (2.4) (2.1) (2.3) Applicable deferred taxes related to goodwill and other intangible assets (2) 0.9 0.9 0.8 0.9 0.9 Current expected credit loss (CECL) transition provision (3) 0.2 0.2 0.2 0.5 0.9 Other (1.6) (1.1) (0.9) (1.0) (1.1) Common Equity Tier 1 (A) $ 130.1 132.3 140.6 141.6 143.4 Total risk-weighted assets (RWAs) under Standardized Approach (B) 1,257.1 1,265.5 1,239.0 1,218.9 1,188.7 Total RWAs under Advanced Approach (C) 1,123.2 1,119.5 1,116.1 1,138.6 1,126.5 Common Equity Tier 1 to total RWAs under Standardized Approach (A)/(B) 10.3 % 10.5 11.4 11.6 12.1 Common Equity Tier 1 to total RWAs under Advanced Approach (A)/(C) 11.6 11.8 12.6 12.4 12.7

192Q22 Financial Results Disclaimer and forward-looking statements Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information. This document contains forward-looking statements. In addition, we may make forward-looking statements in our other documents filed or furnished with the Securities and Exchange Commission, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company, including our outlook for future growth; (ii) our noninterest expense and efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses, our allowance for credit losses, and the economic scenarios considered to develop the allowance; (iv) our expectations regarding net interest income and net interest margin; (v) loan growth or the reduction or mitigation of risk in our loan portfolios; (vi) future capital or liquidity levels, ratios or targets; (vii) the performance of our mortgage business and any related exposures; (viii) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (ix) future common stock dividends, common share repurchases and other uses of capital; (x) our targeted range for return on assets, return on equity, and return on tangible common equity; (xi) expectations regarding our effective income tax rate; (xii) the outcome of contingencies, such as legal proceedings; (xiii) environmental, social and governance related goals or commitments; and (xiv) the Company’s plans, objectives and strategies. Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Investors are urged to not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward- looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For more information about factors that could cause actual results to differ materially from expectations, refer to the “Forward-Looking Statements” discussion in Wells Fargo’s press release announcing our second quarter 2022 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, 2021.