wfc-20201014

Exhibit 99.1

News Release | October 14, 2020

Wells Fargo Reports Third Quarter 2020 Net Income of $2.0 Billion, or $0.42 Per Diluted Share

•Financial results¹:

◦Third quarter 2020 pre-tax results were impacted by the following:

▪$961 million of customer remediation accruals

▪$718 million of restructuring charges, predominantly severance expense

▪$452 million of noninterest income related to nonmarketable equity securities

◦Revenue of $18.9 billion, down from $22.0 billion

▪Net interest income of $9.4 billion, down $2.3 billion

▪Noninterest income of $9.5 billion, down $891 million

◦Noninterest expense of $15.2 billion, up $30 million

◦Average loans of $931.7 billion, down $18.1 billion, or 2%

◦Average deposits of $1.4 trillion, up $107.7 billion, or 8%

•Credit quality¹:

◦Provision expense of $769 million, up $74 million

▪Total net charge-offs of $731 million, up $86 million

•Net loan charge-offs of 0.29% of average loans (annualized), up from 0.27%

▪Allowance for credit losses for loans of $20.5 billion, flat compared with second quarter 2020

◦Nonaccrual loans of $8.0 billion, up $2.5 billion, or 45%

•Liquidity and capital positions:

◦Liquidity coverage ratio² (LCR) of 134%, which continued to exceed the regulatory minimum of 100%

◦Common Equity Tier 1 (CET1) ratio of 11.4%³, up from 11.0% in second quarter 2020; the CET1 ratio continued to exceed both the regulatory minimum of 9% and our current internal target of 10%

Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on

Form 10-Q for the quarter ended September 30, 2020, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.

¹ Comparisons in the bullet points are for third quarter 2020 versus third quarter 2019, unless otherwise specified.

² Liquidity coverage ratio (LCR) is calculated as high-quality liquid assets divided by projected net cash outflows, as each is defined under the LCR rule. LCR is a preliminary estimate.

³ See table on page 36 for more information on Common Equity Tier 1. Common Equity Tier 1 is a preliminary estimate.

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Selected Financial Information


	Quarter ended
	Sep 30, 2020			Jun 30, 2020	Sep 30, 2019
Earnings
Diluted earnings (loss) per common share	$	0.42		(0.66)	0.92
Wells Fargo net income (loss) (in billions)	2.04			(2.38)	4.61
Return on assets (ROA)	0.42		%	(0.49)	0.95
Return on equity (ROE)	4.22			(6.63)	9.00
Return on average tangible common equity (ROTCE) (a)	5.10			(8.00)	10.70
Asset Quality
Net loan charge-offs (annualized) as a % of average total loans	0.29			0.46	0.27
Allowance for credit losses for loans as a % of total loans	2.22			2.19	1.11
Allowance for credit losses for loans as a % of annualized net loan charge-offs	753			457	415
Other
Revenue (in billions)	$	18.9		17.8	22.0
Efficiency ratio (b)	80.7		%	81.6	69.1
Average loans (in billions)	$	931.7		971.3	949.8
Average deposits (in billions)	1,399.0			1,386.7	1,291.4
Net interest margin	2.13		%	2.25	2.66

(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 page 35.

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

SAN FRANCISCO – October 14, 2020 – Wells Fargo & Company (NYSE:WFC) reported net income of $2.0 billion, or $0.42 per diluted common share, for third quarter 2020, compared with net income of $4.6 billion, or $0.92 per share, for third quarter 2019, and a net loss of $2.4 billion, or $0.66 per share, for second quarter 2020.

Chief Executive Officer Charlie Scharf said, “Our third quarter results reflect the impact of aggressive monetary and fiscal stimulus on the US economy. Strong mortgage banking fees, higher equity markets, and declining sequential charge-offs positively impacted our results, while historically low interest rates reduced our net interest income and our expenses continued to remain elevated. We continue to provide support for our customers having helped more than 3.2 million consumers and small businesses by deferring payments and waiving fees.”

“Our top priority continues to be the implementation of our risk, control, and regulatory work, but we are also taking targeted actions to improve the experience for our customers, clients, communities and employees. We expect that these actions will also improve our operational and financial performance,” Scharf added.

“As we look forward, the trajectory of the economic recovery remains unclear as the negative impact of COVID continues and further fiscal stimulus is uncertain, but we remain strong with our capital and liquidity levels well above regulatory minimums,” Scharf concluded.

Chief Financial Officer John Shrewsberry said, “Wells Fargo reported $2.0 billion of net income in the third quarter and diluted earnings per share of $0.42. While our net interest income declined in the third quarter, primarily due to the lower interest rate environment, we saw increases in several other income categories, including robust mortgage banking results. Our third quarter results also included a $718 million restructuring charge, predominantly related to severance expense, and $1.2 billion of operating losses, largely due to customer remediation accruals.”

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Net Interest Income

Net interest income in the third quarter was $9.4 billion, down $512 million from second quarter 2020; the net interest margin was 2.13%, down 12 basis points from the prior quarter. The decline in net interest income was due to balance sheet repricing driven by the impact of the lower interest rate environment and balance sheet mix shifts into lower yielding assets including the impact of lower commercial loan balances, as well as higher mortgage-backed securities (MBS) premium amortization. These impacts were partially offset by higher variable sources of income and the benefit of one additional day in the quarter.

Noninterest Income

Noninterest income in the third quarter was $9.5 billion, up $1.5 billion from second quarter 2020. Third quarter noninterest income included higher mortgage banking income, trust and investment fees, deposit-related fees, and card fees, partially offset by lower gains from trading activities. Additionally, third quarter 2020 included $452 million related to a change in the accounting measurement model for certain nonmarketable equity securities from our affiliated venture capital partnerships (recognized in net gains from equity securities and other noninterest income).

•Deposit-related fees were $1.3 billion, up from $1.1 billion in second quarter 2020, primarily due to higher debit card transaction volumes.

•Trust and investment fees were $3.5 billion, up from $3.4 billion in second quarter 2020, driven by higher asset-based fees on retail brokerage advisory assets reflecting higher market valuations at June 30, 2020, partially offset by lower investment banking revenue.

•Card fees were $912 million, up from $797 million in second quarter 2020, predominantly due to increased consumer spending.

•Mortgage banking income was $1.6 billion, up from $317 million in second quarter 2020. Net mortgage servicing income was $341 million, up from a loss of $689 million in the second quarter, which included a negative valuation adjustment as a result of higher prepayment assumptions and higher expected servicing costs due to higher projected defaults. Net gains on mortgage loan production activities increased in the third quarter driven by higher residential held-for-sale mortgage loan originations and a higher production margin⁴. Held-for-sale mortgage loan originations increased to $48 billion in third quarter 2020 from $43 billion in the second quarter, and the production margin⁴ increased to 2.16% from 2.04%.

•Net gains from trading activities were $361 million, down from a record $807 million in second quarter 2020, primarily due to lower fixed income trading results.

Noninterest Expense

Noninterest expense in the third quarter was $15.2 billion, up $678 million from the prior quarter predominantly due to $718 million of restructuring charges predominantly driven by severance expense. Additionally, operating losses of $1.2 billion in third quarter 2020 were flat compared with second quarter 2020, and included $961 million of customer remediation accruals for a variety of matters.

⁴ Production margin represents net gains on residential mortgage loan origination/sales activities divided by total residential held-for-sale mortgage originations. See the “Selected Five Quarter Residential Mortgage Production Data” table on page 41 for more information.

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Income Taxes

The Company’s effective income tax rate was 24.1% for third quarter 2020 and included net discrete income tax benefits primarily related to the resolution and reevaluation of prior period matters with U.S. federal and state tax authorities. The effective income tax rate in second quarter 2020 was 62.2%, which reflected the impact of annual income tax benefits, primarily tax credits, and included net discrete income tax benefits predominantly related to the resolution of prior period U.S. federal income tax matters.

Loans

Average loans were $931.7 billion in the third quarter, down $39.6 billion from the second quarter. Period-end loan balances were $920.1 billion at September 30, 2020, down $15.1 billion from June 30, 2020. Commercial loans were down $30.9 billion compared with June 30, 2020, predominantly due to a $29.2 billion decline in commercial and industrial loans as a result of lower loan demand and higher paydowns reflecting continued liquidity and strength in the capital markets. Consumer loans increased $15.8 billion from the prior quarter driven by a $17.0 billion increase in real estate 1-4 family first mortgage loans, as $14 billion of originations, $21.9 billion of loans repurchased from Ginnie Mae securitization pools (early pool buyouts), and a reclassification of $9.0 billion from held for sale to held for investment were partially offset by paydowns.

Period-End Loan Balances


(in millions)	Sep 30, 2020		Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019
Commercial	$	482,289	513,187	567,735	515,719	512,332
Consumer	437,793		421,968	442,108	446,546	442,583
Total loans	$	920,082	935,155	1,009,843	962,265	954,915
Change from prior quarter	$	(15,073)	(74,688)	47,578	7,350	5,037

Debt and Equity Securities

Debt securities include available-for-sale and held-to-maturity debt securities, as well as debt securities held for trading. Period-end debt securities were $476.4 billion at September 30, 2020, up $3.8 billion from the second quarter driven by a $5.3 billion increase in debt securities available-for-sale and held-to-maturity, as purchases of approximately $40.1 billion, largely federal agency MBS, were partially offset by runoff and sales.

Net unrealized gains on available-for-sale debt securities were $4.3 billion at September 30, 2020, compared with $4.4 billion at June 30, 2020, as the impact of lower long-term interest rates was predominantly offset by tighter credit spreads.

Equity securities include marketable and nonmarketable equity securities, as well as equity securities held for trading. Period-end equity securities were $51.2 billion at September 30, 2020, down $1.3 billion from the second quarter.

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Deposits

Period-end deposits were $1.4 trillion at September 30, 2020, down $27.5 billion from June 30, 2020. Total average deposits for third quarter 2020 were $1.4 trillion, up $12.4 billion from the prior quarter driven by growth in consumer deposits, partially offset by a decline in commercial deposits reflecting actions taken to manage under the asset cap. The average deposit cost for third quarter 2020 was 9 basis points, down 8 basis points from the prior quarter and down 62 basis points from a year ago.

Capital

The Company's CET1 ratio was 11.4%³ and continued to exceed both the regulatory minimum of 9% and our current internal target of 10%. As of September 30, 2020, our eligible external total loss absorbing capacity (TLAC) as a percentage of total risk-weighted assets was 25.8%⁵, compared with the required minimum of 22.0%.

Credit Quality

Credit results improved in third quarter 2020 as consumer delinquencies remained low, commercial loan criticized/ classified levels stabilized, and net charge-offs decreased. However, customer payment deferral activities instituted in response to the COVID-19 pandemic could delay the recognition of net charge-offs, delinquencies, and nonaccrual status for those customers who would have otherwise moved into past due or nonaccrual status.

Net Loan Charge-offs

The quarterly loss rate as a percentage of average loans in the third quarter was 0.29% (annualized), down from 0.46% in the prior quarter and up from 0.27% a year ago. Commercial and consumer losses were 0.29% and 0.30%, respectively. Total credit losses were $683 million in third quarter 2020, down $430 million from second quarter 2020. Commercial losses decreased $246 million driven by improved lending market conditions including strong capital markets. Consumer losses decreased $184 million driven by the impacts of government stimulus programs and customer accommodations including payment deferrals.

Net Loan Charge-Offs


	Quarter ended
	September 30, 2020						June 30, 2020						September 30, 2019
($ in millions)	Net loan charge- offs		As a % of average loans (a)		Net loan charge- offs		As a % of average loans (a)		Net loan charge- offs		As a % of average loans (a)
Commercial:
Commercial and industrial	$	274	0.33	%	$	521	0.55	%	$	147	0.17	%
Real estate mortgage	56		0.18		67		0.22		(8)		(0.02)
Real estate construction	(2)		(0.03)		(1)		(0.02)		(8)		(0.14)
Lease financing	28		0.66		15		0.33		8		0.17
Total commercial	356		0.29		602		0.44		139		0.11
Consumer:
Real estate 1-4 family first mortgage	(1)		—		2		—		(5)		(0.01)
Real estate 1-4 family junior lien mortgage	(14)		(0.22)		(12)		(0.17)		(22)		(0.28)
Credit card	245		2.71		327		3.60		319		3.22
Automobile	31		0.25		106		0.88		76		0.65
Other revolving credit and installment	66		0.80		88		1.09		138		1.60
Total consumer	327		0.30		511		0.48		506		0.46
Total	$	683	0.29	%	$	1,113	0.46	%	$	645	0.27	%

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

⁵ The TLAC ratio is a preliminary estimate.

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Nonperforming Assets

Nonperforming assets increased $378 million, or 5%, from second quarter 2020 to $8.2 billion. Nonaccrual loans increased $417 million from second quarter 2020 to $8.0 billion due to a $304 million increase in consumer nonaccrual loans driven by the residential real estate and automobile portfolios and a $113 million increase in commercial nonaccrual loans predominantly driven by the commercial real estate mortgage and lease financing portfolios.

Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)


	September 30, 2020							June 30, 2020						September 30, 2019
($ in millions)	Total balances		As a % of total loans		Total balances			As a % of total loans		Total balances		As a % of total loans
Commercial:
Commercial and industrial	$	2,834	0.88	%	$	2,896		0.83	%	$	1,539	0.44	%
Real estate mortgage	1,343		1.10		1,217			0.98		669		0.55
Real estate construction	34		0.15		34			0.16		32		0.16
Lease financing	187		1.10		138			0.79		72		0.37
Total commercial	4,398		0.91		4,285		4285000000	0.83		2,312		0.45
Consumer:
Real estate 1-4 family first mortgage	2,641		0.90		2,393			0.86		2,261		0.78
Real estate 1-4 family junior lien mortgage	767		3.05		753			2.81		819		2.66
Automobile	176		0.36		129			0.26		110		0.24
Other revolving credit and installment	40		0.12		45			0.14		43		0.12
Total consumer	3,624		0.83		3,320			0.79		3,233		0.73
Total nonaccrual loans	8,022				7,605					5,545
Foreclosed assets:
Government insured/guaranteed	22				31					59
Non-government insured/guaranteed	134				164					378
Total foreclosed assets	156				195					437
Total nonperforming assets	$	8,178	0.89	%	$	7,800		0.83	%	$	5,982	0.63	%
Change from prior quarter:
Total nonaccrual loans	$	417			1,449					(377)
Total nonperforming assets	378				1,392					(317)

Allowance for Credit Losses for Loans

At September 30, 2020, the allowance for credit losses (ACL) for loans, including the allowance for unfunded commitments, totaled $20.5 billion, relatively flat compared with June 30, 2020. While net charge-offs declined in third quarter 2020 and certain economic indicators showed improvement, the ACL reflected continued uncertainty due to the COVID-19 pandemic. The allowance coverage for total loans was 2.22%, compared with 2.19% in second quarter 2020. The allowance covered 7.5 times annualized third quarter net charge-offs, compared with 4.6 times in the prior quarter. The allowance coverage for nonaccrual loans was 255% at September 30, 2020, compared with 269% at June 30, 2020.

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Business Segment Performance

Our operating segments are defined by product type and customer segment, and their results are based on our management reporting process. On February 11, 2020, we announced a new organizational structure. We continue to refine the composition of our operating segments and allocation methodologies. Additionally, we are still in the process of transitioning key leadership positions. We now expect to update our operating segment disclosures, including comparative financial results, in fourth quarter 2020. These changes will not impact previously reported consolidated financial results of the Company.

Segment net income (loss) for each of the three current operating segments was:


	Quarter ended
(in millions)	Sep 30, 2020		Jun 30, 2020	Sep 30, 2019
Community Banking	$	336	(331)	999
Wholesale Banking	1,488		(2,143)	2,644
Wealth and Investment Management	463		180	1,280

Community Banking offers a complete line of diversified financial products and services for consumers and small businesses with annual sales generally up to $5 million in which the owner generally is the financial decision maker. These financial products and services include checking and savings accounts, credit and debit cards, automobile, student, mortgage, home equity and small business lending, as well as referrals to Wholesale Banking and Wealth and Investment Management business partners. The Community Banking segment also includes the results of our Corporate Treasury activities net of allocations (including funds transfer pricing, capital, liquidity and certain corporate expenses) in support of other segments and results of investments in our affiliated venture capital and private equity partnerships.

Selected Financial Information


	Quarter ended
(in millions)	Sep 30, 2020		Jun 30, 2020	Sep 30, 2019
Total revenue	$	10,722	8,766	11,239
Provision for credit losses	556		3,378	608
Noninterest expense	8,947		8,346	8,766
Segment net income (loss)	336		(331)	999
(in billions)
Average loans	457.6		449.3	459.0
Average assets	1,119.8		1,059.8	1,033.9
Average deposits	881.7		848.5	789.7

Third Quarter 2020 vs. Second Quarter 2020

•Net income of $336 million, up from a net loss of $331 million

•Revenue of $10.7 billion, up $2.0 billion, or 22%, driven by higher mortgage banking revenue, net gains from debt and equity securities, deposit-related fees, trust and investment fees, and card fees, partially offset by lower net interest income and lower deferred compensation plan investment results (largely offset by lower employee benefits expense)

•Noninterest expense of $8.9 billion increased $601 million, or 7%, driven by restructuring charges and higher operating losses reflecting increased customer remediation accruals for a variety of matters, partially offset by lower employee benefits expense including lower deferred compensation plan expense (largely offset in revenue by lower deferred compensation plan investment results)

•Provision for credit losses decreased $2.8 billion to $556 million; second quarter 2020 included a $2.8 billion increase in the allowance for credit losses

Third Quarter 2020 vs. Third Quarter 2019

•Net income down $663 million, or 66%

•Revenue decreased $517 million, or 5%, driven by lower net interest income, deposit-related fees, and gains from the sale of purchased credit-impaired mortgage loans, partially offset by higher mortgage banking revenue

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•Noninterest expense increased $181 million, or 2%, predominantly due to restructuring charges, as well as higher personnel expense, FDIC and other deposit assessments expense, and charitable donations, partially offset by lower operating losses and advertising and promotion expense

•Provision for credit losses decreased $52 million, driven by lower net charge-offs, partially offset by an increase in the allowance for credit losses primarily for the credit card portfolio

Business Metrics and Highlights

•Primary consumer checking customers^6,7 of 24.4 million, up 0.3% from a year ago

•Debit card point-of-sale purchase volume⁸ of $102.9 billion in the third quarter, up 11.1% from a year ago

•General purpose credit card point-of-sale purchase volume of $19.2 billion in the third quarter, down 6% from third quarter 2019

•32.0 million digital (online and mobile) active customers, including 25.9 million mobile active customers⁹

•5,229 retail bank branches as of the end of third quarter 2020, reflecting 77 branch consolidations in the quarter

•Home Lending

◦Originations of $62 billion in third quarter 2020, up from $59 billion in second quarter 2020, driven primarily by lower mortgage loan interest rates and increased purchase activity

▪Originations of loans held-for-sale and loans held-for-investment were $48 billion and $14 billion, respectively

◦Production margin on residential held-for-sale mortgage loan originations⁴ of 2.16% in third quarter 2020, up from 2.04% in second quarter 2020

◦Applications of $88 billion in third quarter 2020, up from $84 billion in second quarter 2020, driven by lower mortgage loan interest rates and increased purchase activity

◦Unclosed application pipeline of $44 billion at quarter end, down from $50 billion at June 30, 2020, as we actively managed our pipeline

•Automobile originations of $5.4 billion in the third quarter, down 5% from second quarter 2020, reflecting the continued economic impact of the COVID-19 pandemic

⁶ Customers who actively use their checking account with transactions such as debit card purchases, online bill payments, and direct deposit. Management uses this metric to help monitor trends in checking customer engagement with the Company.

⁷ Data as of August 2020, comparisons with August 2019.

⁸ Combined consumer and business debit card purchase volume dollars.

⁹ Digital and mobile active customers is the number of consumer and small business customers who have logged on via a digital or mobile device in the prior 90 days.

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Wholesale Banking provides financial solutions to businesses with annual sales generally in excess of $5 million and to financial institutions globally. Products and businesses include Commercial Banking, Commercial Real Estate, Corporate and Investment Banking, Credit Investment Portfolio, Treasury Management, and Commercial Capital.

Selected Financial Information


	Quarter ended
(in millions)	Sep 30, 2020		Jun 30, 2020	Sep 30, 2019
Total revenue	$	5,594	6,563	6,942
Provision for credit losses	219		6,028	92
Noninterest expense	4,013		3,963	3,889
Segment net income (loss)	1,488		(2,143)	2,644
(in billions)
Average loans	455.1		504.3	474.3
Average assets	801.4		863.2	869.2
Average deposits	418.8		441.2	422.0

Third Quarter 2020 vs. Second Quarter 2020

•Net income of $1.5 billion, up from a net loss of $2.1 billion

•Revenue of $5.6 billion, down $969 million, or 15%, driven by lower net gains from trading activities, investment banking fees, and net interest income

•Noninterest expense of $4.0 billion increased $50 million, or 1%, predominantly due to higher personnel expense, partially offset by lower operating losses

•Provision for credit losses decreased $5.8 billion to $219 million; second quarter 2020 included a $5.5 billion increase in the allowance for credit losses

Third Quarter 2020 vs. Third Quarter 2019

•Net income down $1.2 billion, or 44%

•Revenue decreased $1.3 billion, or 19%, driven by lower net interest income, as well as declines in a variety of other income categories including lease income and commercial real estate brokerage fees (due to the sale of Eastdil, our commercial real estate brokerage business, in fourth quarter 2019). These decreases were partially offset by higher net gains from trading activities and deposit-related fees

•Noninterest expense increased $124 million, or 3%, reflecting higher risk, technology, and charitable contributions expense, partially offset by lower personnel expense

•Provision for credit losses increased $127 million, predominantly due to higher charge-offs in the oil and gas and commercial real estate portfolios

Business Metrics and Highlights

•Commercial card spend volume¹⁰ of $6.1 billion in third quarter 2020, down 31% from third quarter 2019, primarily due to reduced business spending activity due to the COVID-19 pandemic

•2.2 billion ACH payment transactions originated¹¹ in third quarter 2020, up 16% from third quarter 2019, primarily due to increased customer activity

•U.S. investment banking market share of 3.4% for year-to-date 2020¹², flat compared with year-to-date 2019¹²

¹⁰ Includes commercial card volume for the entire company.

¹¹ Includes ACH payment transactions originated by the entire company.

¹² Year-to-date through September 30. Source: Dealogic U.S. investment banking fee market share. Market share based on deals with U.S. targets (M&A), U.S. issuers (Equity Capital Markets), and deals both marketed in the U.S. and issued in U.S. dollars (Debt Capital Markets and Loan Syndications). Previous market share data reflected deals with U.S.-headquartered companies (all products). Previously reported market share metrics have been revised to reflect this definitional change.

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Wealth and Investment Management (WIM) provides a full range of personalized wealth management, investment and retirement products and services to clients across U.S.-based businesses including Wells Fargo Advisors, The Private Bank, Abbot Downing, and Wells Fargo Asset Management. We deliver financial planning, private banking, credit, investment management and fiduciary services to high-net worth and ultra-high-net worth individuals and families. We also serve clients’ brokerage needs and provide investment management capabilities delivered to global institutional clients through separate accounts and the Wells Fargo Funds.

Selected Financial Information


	Quarter ended
(in millions)	Sep 30, 2020		Jun 30, 2020	Sep 30, 2019
Total revenue	$	3,794	3,660	5,141
Provision (reversal of provision) for credit losses	(9)		257	3
Noninterest expense	3,184		3,153	3,431
Segment net income	463		180	1,280
(in billions)
Average loans	79.8		78.7	75.9
Average assets	88.2		87.7	84.7
Average deposits	175.3		171.8	142.4

Third Quarter 2020 vs. Second Quarter 2020

•Net income of $463 million, up $283 million, or 157%

•Revenue of $3.8 billion, up $134 million, or 4%, predominantly due to higher asset-based fees and net interest income, partially offset by lower net gains from equity securities driven by a $151 million decrease in deferred compensation plan investment results (largely offset by lower employee benefits expense)

•Noninterest expense of $3.2 billion increased $31 million, or 1%, predominantly due to higher broker commissions and equipment expense, partially offset by lower employee benefits expense driven by a $147 million decrease in deferred compensation expense (largely offset in revenue by lower net gains from equity securities) and lower other personnel expense

•Reversal of provision for credit losses of $9 million, compared with a provision for credit losses of $257 million; second quarter 2020 included a $255 million increase in the allowance for credit losses

Third Quarter 2020 vs. Third Quarter 2019

•Net income decreased $817 million, or 64%

•Revenue decreased $1.3 billion, or 26%, predominantly due to a $1.1 billion gain from the sale of our Institutional Retirement and Trust business in third quarter 2019 and lower net interest income

•Noninterest expense decreased $247 million, or 7%, predominantly due to lower personnel expense, equipment expense, and operating losses, partially offset by higher regulatory, risk, and technology expense

Business Metrics and Highlights

Total WIM Segment

•WIM total client assets of $1.9 trillion, flat compared with a year ago, as higher market valuations were offset by net outflows in the Correspondent Clearing business

•Average loan balances up 5% compared with a year ago

•Average deposit balances up 23% compared with a year ago

Retail Brokerage

•Client assets of $1.6 trillion, flat compared with the prior year, primarily driven by higher market valuations, offset by net outflows in the Correspondent Clearing business

•Advisory assets of $602 billion, up 6% from a year ago, primarily driven by higher market valuations, partially offset by net outflows in the Correspondent Clearing business

•IRA assets of $437 billion, up 5% from the prior year

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Wealth Management

•Client assets of $229 billion, flat compared with the prior year

Asset Management

•Total assets under management of $607 billion, up 21% from the prior year, primarily driven by money market fund net inflows and higher market valuations, partially offset by equity net outflows

Conference Call

The Company will host a live conference call on Wednesday, October 14, at 7 a.m. PT (10 a.m. ET). You may listen to the call by dialing 866-872-5161 (U.S. and Canada) or 440-424-4922 (International). The call will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and https://engage.vevent.com/rt/wells_fargo_ao/index.jsp?seid=523.

A replay of the conference call will be available beginning at approximately 11 a.m. PT (2 p.m. ET) on Wednesday, October 14 through Wednesday, October 28. Please dial 855-859-2056 (U.S. and Canada) or 404-537-3406 (International) and enter Conference ID: 9189348. The replay will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and https://engage.vevent.com/rt/wells_fargo_ao/index.jsp?seid=523.

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Forward-Looking Statements

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

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

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

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

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

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

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

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

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

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

- 13 -

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

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

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

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

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

•fiscal and monetary policies of the Federal Reserve Board;

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

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

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

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

For more information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019 and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov¹³.

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.

¹³ We do not control this website. Wells Fargo has provided this link for your convenience, but does not endorse and is not responsible for the content, links, privacy policy, or security policy of this website.

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About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.92 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,200 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations.

Contact Information

Media

Peter Gilchrist, 704-715-3213

[email protected]

Ancel Martinez, 415-222-3858

[email protected]

Investor Relations

John M. Campbell, 415-396-0523

[email protected]

# # #

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Wells Fargo & Company and Subsidiaries

QUARTERLY FINANCIAL DATA

TABLE OF CONTENTS



			Pages

Summary Information

Summary Financial Data			16

Income
Consolidated Statement of Income			18
Consolidated Statement of Comprehensive Income			20
Condensed Consolidated Statement of Changes in Total Equity			20
Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis)			21
Noninterest Income and Noninterest Expense			24
Five Quarter Deferred Compensation and Related Hedges			25

Balance Sheet
Consolidated Balance Sheet			26
Trading Activities			28
Debt Securities			28
Equity Securities			29

Loans
Loans			30
Nonperforming Assets			31
Loans 90 Days or More Past Due and Still Accruing			31
Changes in Allowance for Credit Losses for Loans			32
Allocation of the Allowance for Credit Losses for Loans			34

Equity
Tangible Common Equity			35
Common Equity Tier 1 Under Basel III			36

Operating Segments
Operating Segment Results			37

Other
Mortgage Servicing and other related data			39

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Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA


	Quarter ended							% Change Sep 30, 2020 from					Nine months ended
($ in millions, except per share amounts)	Sep 30, 2020			Jun 30, 2020	Sep 30, 2019	Jun 30, 2020	Sep 30, 2019	Sep 30, 2020			Sep 30, 2019	% Change
For the Period
Wells Fargo net income (loss)	$	2,035		(2,379)	4,610	NM	(56)	$	309		16,676	(98)
Wells Fargo net income (loss) applicable to common stock	1,720			(2,694)	4,037	NM	(57)	(932)			15,392	NM
Diluted earnings (loss) per common share	0.42			(0.66)	0.92	NM	(54)	(0.23)			3.43	NM
Profitability ratios (annualized):
Wells Fargo net income (loss) to average assets (ROA)	0.42		%	(0.49)	0.95	NM	(56)	0.02		%	1.17	(98)
Wells Fargo net income (loss) applicable to common stock to average Wells Fargo common stockholders’ equity (ROE)	4.22			(6.63)	9.00	NM	(53)	(0.76)			11.64	NM
Return on average tangible common equity (ROTCE)(1)	5.10			(8.00)	10.70	NM	(52)	(0.91)			13.85	NM
Efficiency ratio (2)	80.7			81.6	69.1	(1)	17	78.7			65.3	21
Total revenue	$	18,862		17,836	22,010	6	(14)	$	54,415		65,203	(17)
Pre-tax pre-provision profit (PTPP)(3)	3,633			3,285	6,811	11	(47)	11,587			22,639	(49)
Dividends declared per common share	0.10			0.51	0.51	(80)	(80)	1.12			1.41	(21)
Average common shares outstanding	4,123.8			4,105.5	4,358.5	—	(5)	4,111.4			4,459.1	(8)
Diluted average common shares outstanding (4)	4,132.2			4,105.5	4,389.6	1	(6)	4,111.4			4,489.5	(8)
Average loans	$	931,708		971,266	949,760	(4)	(2)	$	955,918		949,076	1
Average assets	1,947,672			1,948,939	1,927,415	—	1	1,949,085			1,903,873	2
Average total deposits	1,399,028			1,386,656	1,291,375	1	8	1,374,638			1,274,246	8
Average consumer and small business banking deposits (5)	897,779			857,943	749,529	5	20	845,977			745,370	13
Net interest margin	2.13		%	2.25	2.66	(5)	(20)	2.32		%	2.79	(17)
At Period End
Debt securities	$	476,421		472,580	503,528	1	(5)	$	476,421		503,528	(5)
Loans	920,082			935,155	954,915	(2)	(4)	920,082			954,915	(4)
Allowance for loan losses	19,463			18,926	9,715	3	100	19,463			9,715	100
Goodwill	26,387			26,385	26,388	—	—	26,387			26,388	—
Equity securities	51,169			52,494	63,884	(3)	(20)	51,169			63,884	(20)
Assets	1,922,220			1,968,766	1,943,950	(2)	(1)	1,922,220			1,943,950	(1)
Deposits	1,383,215			1,410,711	1,308,495	(2)	6	1,383,215			1,308,495	6
Common stockholders' equity	161,109			159,322	172,827	1	(7)	161,109			172,827	(7)
Wells Fargo stockholders’ equity	181,173			179,386	193,304	1	(6)	181,173			193,304	(6)
Total equity	182,032			180,122	194,416	1	(6)	182,032			194,416	(6)







Tangible common equity (1)	133,179			131,329	144,481	1	(8)	133,179			144,481	(8)
Common shares outstanding	4,132.5			4,119.6	4,269.1	—	(3)	4,132.5			4,269.1	(3)
Book value per common share (6)	$	38.99		38.67	40.48	1	(4)	$	38.99		40.48	(4)
Tangible book value per common share (1)(6)	32.23			31.88	33.84	1	(5)	32.23			33.84	(5)




Headcount (7)	274,900			276,000	272,700	—	1	274,900			272,700	1

(1)Tangible common equity, return on average tangible common equity, and tangible book value per common share are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on page 35.

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

(3)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.

(4)For second quarter 2020 and the nine months ended September 30, 2020, diluted average common shares outstanding equaled average common shares outstanding because our securities convertible into common shares had an anti-dilutive effect.

(5)Consumer and small business banking deposits are total deposits excluding mortgage escrow and wholesale deposits.

(6)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.

(7)In third quarter 2020, we began reporting headcount rather than active, full-time equivalent employees. Prior period balances have been revised to conform with the current period presentation.

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER SUMMARY FINANCIAL DATA


	Quarter ended
($ in millions, except per share amounts)	Sep 30, 2020			Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019
For the Quarter
Wells Fargo net income (loss)	$	2,035		(2,379)	653	2,873	4,610
Wells Fargo net income (loss) applicable to common stock	1,720			(2,694)	42	2,546	4,037
Diluted earnings (loss) per common share	0.42			(0.66)	0.01	0.60	0.92
Profitability ratios (annualized):
Wells Fargo net income (loss) to average assets (ROA)	0.42		%	(0.49)	0.13	0.59	0.95
Wells Fargo net income (loss) applicable to common stock to average Wells Fargo common stockholders’ equity (ROE)	4.22			(6.63)	0.10	5.91	9.00
Return on average tangible common equity (ROTCE)(1)	5.10			(8.00)	0.12	7.08	10.70
Efficiency ratio (2)	80.7			81.6	73.6	78.6	69.1
Total revenue	$	18,862		17,836	17,717	19,860	22,010
Pre-tax pre-provision profit (PTPP)(3)	3,633			3,285	4,669	4,246	6,811
Dividends declared per common share	0.10			0.51	0.51	0.51	0.51
Average common shares outstanding	4,123.8			4,105.5	4,104.8	4,197.1	4,358.5
Diluted average common shares outstanding (4)	4,132.2			4,105.5	4,135.3	4,234.6	4,389.6
Average loans	$	931,708		971,266	965,046	956,536	949,760
Average assets	1,947,672			1,948,939	1,950,659	1,941,843	1,927,415
Average total deposits	1,399,028			1,386,656	1,337,963	1,321,913	1,291,375
Average consumer and small business banking deposits (5)	897,779			857,943	779,521	763,169	749,529
Net interest margin	2.13		%	2.25	2.58	2.53	2.66
At Quarter End
Debt securities	$	476,421		472,580	501,563	497,125	503,528
Loans	920,082			935,155	1,009,843	962,265	954,915
Allowance for loan losses	19,463			18,926	11,263	9,551	9,715
Goodwill	26,387			26,385	26,381	26,390	26,388
Equity securities	51,169			52,494	54,047	68,241	63,884
Assets	1,922,220			1,968,766	1,981,349	1,927,555	1,943,950
Deposits	1,383,215			1,410,711	1,376,532	1,322,626	1,308,495

Common stockholders' equity	161,109			159,322	162,654	166,669	172,827
Wells Fargo stockholders’ equity	181,173			179,386	182,718	187,146	193,304
Total equity	182,032			180,122	183,330	187,984	194,416







Tangible common equity (1)	133,179			131,329	134,787	138,506	144,481
Common shares outstanding	4,132.5			4,119.6	4,096.4	4,134.4	4,269.1
Book value per common share (6)	$	38.99		38.67	39.71	40.31	40.48
Tangible book value per common share (1)(6)	32.23			31.88	32.90	33.50	33.84




Headcount (7)	274,900			276,000	272,300	271,900	272,700

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

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

(5)Consumer and small business banking deposits are total deposits excluding mortgage escrow and wholesale deposits.

(7)In third quarter 2020, we began reporting headcount rather than active, full-time equivalent employees. Prior period balances have been revised to conform with the current period presentation.

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Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME


	Quarter ended September 30,					%		Nine months ended September 30,			%
(in millions, except per share amounts)	2020		2019	Change		2020		2019	Change
Interest income
Debt securities	$	2,446	3,666	(33)	%	$	8,864	11,388	(22)	%
Mortgage loans held for sale	232		232	—		659		579	14
Loans held for sale	7		20	(65)		26		64	(59)
Loans	7,954		10,982	(28)		26,467		33,652	(21)
Equity securities	101		247	(59)		423		693	(39)
Other interest income	60		1,352	(96)		889		4,112	(78)
Total interest income	10,800		16,499	(35)		37,328		50,488	(26)
Interest expense
Deposits	314		2,324	(86)		2,641		6,563	(60)
Short-term borrowings	(12)		635	NM		262		1,877	(86)
Long-term debt	1,038		1,780	(42)		3,515		5,607	(37)
Other interest expense	92		135	(32)		350		410	(15)
Total interest expense	1,432		4,874	(71)		6,768		14,457	(53)
Net interest income	9,368		11,625	(19)		30,560		36,031	(15)
Provision for credit losses:
Debt securities	18		—	NM		159		—	NM
Loans	751		695	8		14,149		2,043	593
Net interest income after provision for credit losses	8,599		10,930	(21)		16,252		33,988	(52)
Noninterest income (1)
Deposit-related fees	1,299		1,480	(12)		3,888		4,289	(9)
Trust and investment fees	3,514		3,559	(1)		10,439		10,500	(1)
Card fees	912		1,027	(11)		2,601		2,996	(13)
Lending-related fees	352		374	(6)		1,025		1,116	(8)
Mortgage banking	1,590		466	241		2,286		1,932	18
Net gains from trading activities	361		276	31		1,232		862	43
Net gains on debt securities	264		3	NM		713		148	382
Net gains (losses) from equity securities	649		956	(32)		(219)		2,392	NM
Lease income	333		402	(17)		1,021		1,270	(20)
Other	220		1,842	(88)		869		3,667	(76)
Total noninterest income	9,494		10,385	(9)		23,855		29,172	(18)
Noninterest expense (2)
Personnel	8,624		8,604	—		25,863		26,309	(2)
Technology, telecommunications and equipment	791		821	(4)		2,261		2,340	(3)
Occupancy	851		760	12		2,437		2,196	11
Operating losses	1,219		1,920	(37)		2,902		2,405	21
Professional and outside services	1,760		1,737	1		5,042		4,956	2
Leases	291		272	7		795		869	(9)
Advertising and promotion	144		266	(46)		462		832	(44)
Restructuring charges	718		—	NM		718		—	—
Other	831		819	1		2,348		2,657	(12)
Total noninterest expense	15,229		15,199	—		42,828		42,564	1
Income (loss) before income tax expense (benefit)	2,864		6,116	(53)		(2,721)		20,596	NM
Income tax expense (benefit)	645		1,304	(51)		(3,113)		3,479	NM
Net income before noncontrolling interests	2,219		4,812	(54)		392		17,117	(98)
Less: Net income from noncontrolling interests	184		202	(9)		83		441	(81)
Wells Fargo net income	$	2,035	4,610	(56)		$	309	16,676	(98)
Less: Preferred stock dividends and other	315		573	(45)		1,241		1,284	(3)
Wells Fargo net income (loss) applicable to common stock	$	1,720	4,037	(57)		$	(932)	15,392	NM
Per share information
Earnings (loss) per common share	$	0.42	0.93	(55)		$	(0.23)	3.45	NM
Diluted earnings (loss) per common share	0.42		0.92	(54)		(0.23)		3.43	NM
Average common shares outstanding	4,123.8		4,358.5	(5)		4,111.4		4,459.1	(8)
Diluted average common shares outstanding (3)	4,132.2		4,389.6	(6)		4,111.4		4,489.5	(8)

NM - Not meaningful

(1)In third quarter 2020, service charges on deposit accounts, cash network fees, wire transfer and other remittance fees, and certain other fees were combined into a single line item for deposit-related fees; certain fees associated with lending activities were combined into a single line item for lending-related fees; and certain other fees were reclassified to other noninterest income. Prior period balances have been revised to conform with the current period presentation.

(2)In third quarter 2020, expenses for outside professional services, contract services, and outside data processing were combined into a single line item for professional and outside services expense; expenses for technology and equipment and telecommunications were combined into a single line item for technology, telecommunications and equipment expense; and certain other expenses were reclassified to other noninterest expense. Prior period balances have been revised to conform with the current period presentation.

(3)For the nine months ended September 30, 2020, diluted average common shares outstanding equaled average common shares outstanding because our securities convertible into common shares had an anti-dilutive effect.

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED STATEMENT OF INCOME


	Quarter ended
(in millions, except per share amounts)	Sep 30, 2020		Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019
Interest income
Debt securities	$	2,446	2,946	3,472	3,567	3,666
Mortgage loans held for sale	232		230	197	234	232
Loans held for sale	7		7	12	15	20
Loans	7,954		8,448	10,065	10,494	10,982
Equity securities	101		116	206	269	247
Other interest income	60		54	775	1,016	1,352
Total interest income	10,800		11,801	14,727	15,595	16,499
Interest expense
Deposits	314		585	1,742	2,072	2,324
Short-term borrowings	(12)		(17)	291	439	635
Long-term debt	1,038		1,237	1,240	1,743	1,780
Other interest expense	92		116	142	141	135
Total interest expense	1,432		1,921	3,415	4,395	4,874
Net interest income	9,368		9,880	11,312	11,200	11,625
Provision (reversal of provision) for credit losses:
Debt securities	18		(31)	172	—	—
Loans	751		9,565	3,833	644	695
Net interest income after provision for credit losses	8,599		346	7,307	10,556	10,930
Noninterest income (1)
Deposit-related fees	1,299		1,142	1,447	1,530	1,480
Trust and investment fees	3,514		3,351	3,574	3,572	3,559
Card fees	912		797	892	1,020	1,027
Lending-related fees	352		323	350	358	374
Mortgage banking	1,590		317	379	783	466
Net gains from trading activities	361		807	64	131	276
Net gains (losses) on debt securities	264		212	237	(8)	3
Net gains (losses) from equity securities	649		533	(1,401)	451	956
Lease income	333		335	353	344	402
Other	220		139	510	479	1,842
Total noninterest income	9,494		7,956	6,405	8,660	10,385
Noninterest expense (2)
Personnel	8,624		8,916	8,323	8,819	8,604
Technology, telecommunications and equipment	791		672	798	936	821
Occupancy	851		871	715	749	760
Operating losses	1,219		1,219	464	1,916	1,920
Professional and outside services	1,760		1,676	1,606	1,789	1,737
Leases	291		244	260	286	272
Advertising and promotion	144		137	181	244	266
Restructuring charges	718		—	—	—	—
Other	831		816	701	875	819
Total noninterest expense	15,229		14,551	13,048	15,614	15,199
Income (loss) before income tax expense (benefit)	2,864		(6,249)	664	3,602	6,116
Income tax expense (benefit)	645		(3,917)	159	678	1,304
Net income (loss) before noncontrolling interests	2,219		(2,332)	505	2,924	4,812
Less: Net income (loss) from noncontrolling interests	184		47	(148)	51	202
Wells Fargo net income (loss)	$	2,035	(2,379)	653	2,873	4,610
Less: Preferred stock dividends and other	315		315	611	327	573
Wells Fargo net income (loss) applicable to common stock	$	1,720	(2,694)	42	2,546	4,037
Per share information
Earnings (loss) per common share	$	0.42	(0.66)	0.01	0.61	0.93
Diluted earnings (loss) per common share	0.42		(0.66)	0.01	0.60	0.92
Average common shares outstanding	4,123.8		4,105.5	4,104.8	4,197.1	4,358.5
Diluted average common shares outstanding (3)	4,132.2		4,105.5	4,135.3	4,234.6	4,389.6

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

- 20 -

Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME


	Quarter ended Sep 30,					%		Nine months ended Sep 30,			%
(in millions)	2020		2019	Change		2020		2019	Change
Wells Fargo net income	$	2,035	4,610	(56)	%	$	309	16,676	(98)	%
Other comprehensive income (loss), before tax:
Debt securities:
Net unrealized gains arising during the period	96		652	(85)		1,582		5,192	(70)
Reclassification of net (gains) losses to net income	(95)		76	NM		(357)		34	NM
Derivative and hedging activities:
Net unrealized gains (losses) arising during the period	(70)		10	NM		2		32	(94)
Reclassification of net losses to net income	52		75	(31)		165		233	(29)
Defined benefit plans adjustments:
Net actuarial and prior service losses arising during the period	(89)		—	—		(760)		(4)	NM
Amortization of net actuarial loss, settlements and other to net income	68		33	106		205		101	103
Foreign currency translation adjustments:
Net unrealized gains (losses) arising during the period	74		(53)	NM		(70)		3	NM

Other comprehensive income, before tax	36		793	(95)		767		5,591	(86)
Income tax benefit (expense) related to other comprehensive income	13		(208)	NM		(206)		(1,375)	(85)
Other comprehensive income, net of tax	49		585	(92)		561		4,216	(87)
Less: Other comprehensive income from noncontrolling interests	1		—	—		—		—	—
Wells Fargo other comprehensive income, net of tax	48		585	(92)		561		4,216	(87)
Wells Fargo comprehensive income	2,083		5,195	(60)		870		20,892	(96)
Comprehensive income from noncontrolling interests	185		202	(8)		83		441	(81)
Total comprehensive income	$	2,268	5,397	(58)		$	953	21,333	(96)

NM – Not meaningful

FIVE QUARTER CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY


	Quarter ended
(in millions)	Sep 30, 2020		Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019
Balance, beginning of period	$	180,122	183,330	187,984	194,416	200,037
Cumulative effect from change in accounting policies (1)	—		—	991	—	—
Wells Fargo net income (loss)	2,035		(2,379)	653	2,873	4,610
Wells Fargo other comprehensive income (loss), net of tax	48		766	(253)	328	585
Noncontrolling interests	123		124	(226)	(274)	117
Common stock issued	325		367	1,677	341	278
Common stock repurchased	(3)		(2)	(3,407)	(7,367)	(7,448)
Preferred stock redeemed (2)	—		—	(2,470)	—	(1,550)
Preferred stock released by ESOP	—		249	—	—	142

Preferred stock issued (3)	—		—	1,968	—	—
Common stock dividends	(413)		(2,093)	(2,096)	(2,145)	(2,230)
Preferred stock dividends	(315)		(315)	(339)	(327)	(353)
Stock incentive compensation expense	136		120	181	181	262
Net change in deferred compensation and related plans	(26)		(45)	(1,333)	(42)	(34)
Balance, end of period	$	182,032	180,122	183,330	187,984	194,416

(1)Effective January 1, 2020, we adopted Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses.

(2)Represents the impact of the redemption of the remaining shares of Preferred Stock, Series K, in first quarter 2020, the partial redemption of Preferred Stock, Series T, in first quarter 2020, and the partial redemption of Preferred Stock, Series K, in third quarter 2019.

(3)Represents the issuance of Preferred Stock, Series Z, in first quarter 2020.

- 21 -

Wells Fargo & Company and Subsidiaries

AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT BASIS) (1)


	Quarter ended September 30,
	2020									2019
(in millions)	Average balance		Yields/ rates		Interest income/ expense		Average balance	Yields/ rates		Interest income/ expense
Earning assets
Interest-earning deposits with banks	$	216,958	0.11	%	$	58	134,017	2.14	%	$	723
Federal funds sold and securities purchased under resale agreements	80,431		0.02		3		105,919	2.24		599
Debt securities (2):
Trading debt securities	88,021		2.49		548		94,737	3.35		794
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies	8,126		0.87		18		16,040	2.14		87
Securities of U.S. states and political subdivisions	32,326		2.16		174		43,305	3.78		409
Mortgage-backed securities:
Federal agencies	131,182		2.03		665		154,134	2.77		1,066
Residential and commercial	4,051		1.58		16		5,175	4.02		52
Total mortgage-backed securities	135,233		2.02		681		159,309	2.81		1,118
Other debt securities	41,871		1.84		194		42,435	4.12		440
Total available-for-sale debt securities	217,556		1.96		1,067		261,089	3.14		2,054
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies	48,582		2.14		261		44,770	2.18		247
Securities of U.S. states and political subdivisions	14,145		3.84		136		8,688	4.01		87
Federal agency and other mortgage-backed securities	113,646		1.85		525		95,434	2.54		606
Other debt securities	11		1.66		—		50	3.58		—
Total held-to-maturity debt securities	176,384		2.09		922		148,942	2.52		940
Total debt securities	481,961		2.10		2,537		504,768	3.00		3,788
Mortgage loans held for sale (3)	29,426		3.15		232		22,743	4.08		232
Loans held for sale (3)	1,597		1.60		7		1,964	4.17		20
Loans:
Commercial loans:
Commercial and industrial - U.S.	270,998		2.53		1,721		284,278	4.21		3,015
Commercial and industrial - Non-U.S.	64,048		2.14		344		64,016	3.67		593
Real estate mortgage	123,391		2.81		870		121,819	4.36		1,338
Real estate construction	22,216		3.13		175		20,686	5.13		267
Lease financing	17,091		3.41		146		19,266	4.34		209
Total commercial loans	497,744		2.60		3,256		510,065	4.22		5,422
Consumer loans:
Real estate 1-4 family first mortgage	290,607		3.24		2,357		288,383	3.74		2,699
Real estate 1-4 family junior lien mortgage	26,018		4.13		270		31,454	5.66		448
Credit card	35,965		11.70		1,057		39,204	12.55		1,240
Automobile	48,718		4.90		600		46,286	5.13		599
Other revolving credit and installment	32,656		5.25		431		34,368	6.95		601
Total consumer loans	433,964		4.33		4,715		439,695	5.06		5,587
Total loans (3)	931,708		3.41		7,971		949,760	4.61		11,009
Equity securities	25,185		1.61		100		37,075	2.68		249
Other	6,974		(0.02)		—		6,695	1.77		30
Total earning assets	$	1,774,240	2.45	%	$	10,908	1,762,941	3.76	%	$	16,650
Funding sources
Deposits:
Interest-bearing checking	$	49,608	0.07	%	$	8	59,310	1.39	%	$	208
Market rate and other savings	803,942		0.08		157		711,334	0.66		1,182
Savings certificates	24,808		0.83		52		32,751	1.72		142
Other time deposits	46,920		0.64		75		91,820	2.42		561
Deposits in non-U.S. offices	33,992		0.25		22		51,709	1.77		231
Total interest-bearing deposits	959,270		0.13		314		946,924	0.97		2,324
Short-term borrowings	57,292		(0.08)		(12)		121,842	2.07		635
Long-term debt	222,862		1.86		1,038		229,689	3.09		1,780
Other liabilities	27,679		1.33		92		26,173	2.06		135
Total interest-bearing liabilities	1,267,103		0.45		1,432		1,324,628	1.46		4,874
Portion of noninterest-bearing funding sources	507,137		—		—		438,313	—		—
Total funding sources	$	1,774,240	0.32		1,432		1,762,941	1.10		4,874
Net interest margin and net interest income on a taxable-equivalent basis (4)			2.13	%	$	9,476		2.66	%	$	11,776
Noninterest-earning assets
Cash and due from banks	$	21,991					19,199
Goodwill	26,388						26,413
Other	125,053						118,862
Total noninterest-earning assets	$	173,432					164,474
Noninterest-bearing funding sources
Deposits	$	439,758					344,451
Other liabilities	57,961						58,241
Total equity	182,850						200,095
Noninterest-bearing funding sources used to fund earning assets	(507,137)						(438,313)
Net noninterest-bearing funding sources	$	173,432					164,474
Total assets	$	1,947,672					1,927,415

Average prime rate			3.25	%				5.31	%
Average three-month London Interbank Offered Rate (LIBOR)			0.25					2.20

(1)Yields/rates and amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.

(2)Yields and rates are based on interest income/expense amounts for the period, annualized based on the accrual basis for the respective accounts. The average balance amounts represent amortized cost for the periods presented.

(3)Nonaccrual loans and related income are included in their respective loan categories.

(4)Includes taxable-equivalent adjustments of $108 million and $151 million for the quarters ended September 30, 2020 and 2019, respectively, predominantly related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.

- 22 -

Wells Fargo & Company and Subsidiaries

AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT BASIS) (1)


	Nine months ended September 30,
	2020									2019
(in millions)	Average balance		Yields/ rates		Interest income/ expense		Average balance	Yields/ rates		Interest income/ expense
Earning assets
Interest-earning deposits with banks	$	174,425	0.37	%	$	490	138,591	2.27	%	$	2,352
Federal funds sold and securities purchased under resale agreements	88,095		0.58		385		95,945	2.36		1,692
Debt securities (2):
Trading debt securities	95,018		2.78		1,981		90,229	3.46		2,338
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies	9,448		1.06		75		15,178	2.17		246
Securities of U.S. states and political subdivisions	35,656		2.90		775		45,787	3.95		1,355
Mortgage-backed securities:
Federal agencies	144,425		2.37		2,564		151,806	2.95		3,359
Residential and commercial	4,376		2.25		74		5,571	4.12		172
Total mortgage-backed securities	148,801		2.36		2,638		157,377	2.99		3,531
Other debt securities	40,220		2.67		805		44,746	4.33		1,451
Total available-for-sale debt securities	234,125		2.45		4,293		263,088	3.34		6,583
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies	47,701		2.16		770		44,762	2.19		734
Securities of U.S. states and political subdivisions	13,950		3.83		401		7,277	4.03		220
Federal agency and other mortgage-backed securities	105,393		2.19		1,728		95,646	2.64		1,894
Other debt securities	17		2.64		—		56	3.81		1
Total held-to-maturity debt securities	167,061		2.31		2,899		147,741	2.57		2,849
Total debt securities	496,204		2.47		9,173		501,058	3.13		11,770
Mortgage loans held for sale (3)	25,264		3.48		659		18,401	4.20		579
Loans held for sale (3)	1,577		2.19		26		1,823	4.72		64
Loans:
Commercial loans:
Commercial and industrial - U.S.	289,799		2.88		6,257		285,305	4.39		9,360
Commercial and industrial - Non-U.S.	68,965		2.61		1,345		63,252	3.82		1,808
Real estate mortgage	122,903		3.25		2,987		121,703	4.51		4,101
Real estate construction	21,288		3.66		583		21,557	5.31		856
Lease financing	18,152		4.07		554		19,262	4.56		659
Total commercial loans	521,107		3.01		11,726		511,079	4.39		16,784
Consumer loans:
Real estate 1-4 family first mortgage	288,355		3.43		7,421		286,600	3.86		8,296
Real estate 1-4 family junior lien mortgage	27,535		4.52		932		32,610	5.72		1,397
Credit card	37,415		11.58		3,243		38,517	12.69		3,656
Automobile	48,473		4.95		1,797		45,438	5.18		1,762
Other revolving credit and installment	33,033		5.68		1,405		34,832	7.07		1,841
Total consumer loans	434,811		4.54		14,798		437,997	5.17		16,952
Total loans (3)	955,918		3.70		26,524		949,076	4.75		33,736
Equity securities	30,027		1.89		425		35,139	2.65		697
Other	7,373		0.24		14		5,275	1.73		68
Total earning assets	$	1,778,883	2.83	%	$	37,696	1,745,308	3.90	%	$	50,958
Funding sources
Deposits:
Interest-bearing checking	$	55,407	0.37	%	$	152	57,715	1.42	%	$	615
Market rate and other savings	788,732		0.24		1,446		696,943	0.58		3,038
Savings certificates	27,310		1.16		237		29,562	1.56		344
Other time deposits	62,881		1.23		580		95,490	2.57		1,836
Deposits in non-U.S. offices	41,642		0.73		226		52,995	1.84		730
Total interest-bearing deposits	975,972		0.36		2,641		932,705	0.94		6,563
Short-term borrowings	74,538		0.47		263		115,131	2.18		1,878
Long-term debt	228,067		2.06		3,515		233,186	3.21		5,607
Other liabilities	29,270		1.59		350		25,263	2.17		410
Total interest-bearing liabilities	1,307,847		0.69		6,769		1,306,285	1.48		14,458
Portion of noninterest-bearing funding sources	471,036		—		—		439,023	—		—
Total funding sources	$	1,778,883	0.51		6,769		1,745,308	1.11		14,458
Net interest margin and net interest income on a taxable-equivalent basis (4)			2.32	%	$	30,927		2.79	%	$	36,500
Noninterest-earning assets
Cash and due from banks	$	21,266					19,428
Goodwill	26,386						26,416
Other	122,550						112,721
Total noninterest-earning assets	$	170,202					158,565
Noninterest-bearing funding sources
Deposits	$	398,666					341,541
Other liabilities	57,537						56,664
Total equity	185,035						199,383
Noninterest-bearing funding sources used to fund earning assets	(471,036)						(439,023)
Net noninterest-bearing funding sources	$	170,202					158,565
Total assets	$	1,949,085					1,903,873

Average prime rate			3.63	%				5.43	%
Average three-month London Interbank Offered Rate (LIBOR)			0.79					2.46

(1)Yields/rates and amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.

(3)Nonaccrual loans and related income are included in their respective loan categories.

(4)Includes taxable-equivalent adjustments of $367 million and $469 million for the first nine months of 2020 and 2019, respectively, predominantly related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.

- 23 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT BASIS) (1)


	Quarter ended
	Sep 30, 2020						Jun 30, 2020						Mar 31, 2020						Dec 31, 2019		Sep 30, 2019
($ in billions)	Average balance		Yields/ rates		Average balance		Yields/ rates		Average balance		Yields/ rates		Average balance		Yields/ rates		Average balance		Yields/ rates
Earning assets
Interest-earning deposits with banks	$	217.0	0.11	%	$	176.3	0.12	%	$	129.5	1.18	%	$	127.3	1.63	%	$	134.0	2.14	%
Federal funds sold and securities purchased under resale agreements	80.4		0.02		76.4		0.01		107.6		1.42		109.2		1.72		105.9		2.24
Debt securities (2):
Trading debt securities	88.0		2.49		96.0		2.76		101.1		3.05		103.8		3.12		94.7		3.35
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies	8.1		0.87		9.5		0.83		10.8		1.40		15.6		1.79		16.0		2.14
Securities of U.S. states and political subdivisions	32.3		2.16		35.7		2.98		39.0		3.43		39.5		3.58		43.3		3.78
Mortgage-backed securities:
Federal agencies	131.2		2.03		143.6		2.33		158.6		2.68		161.1		2.58		154.1		2.77
Residential and commercial	4.1		1.58		4.4		2.27		4.6		2.82		4.8		4.40		5.2		4.02
Total mortgage-backed securities	135.3		2.02		148.0		2.33		163.2		2.68		165.9		2.63		159.3		2.81
Other debt securities	41.9		1.84		39.2		2.75		39.6		3.48		40.5		3.88		42.5		4.12
Total available-for-sale debt securities	217.6		1.96		232.4		2.44		252.6		2.87		261.5		2.92		261.1		3.14
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies	48.6		2.14		48.7		2.14		45.9		2.19		45.1		2.19		44.8		2.18
Securities of U.S. states and political subdivisions	14.1		3.84		14.2		3.81		13.5		3.84		12.8		3.88		8.7		4.01
Federal agency and other mortgage-backed securities	113.7		1.85		104.0		2.21		98.4		2.55		95.3		2.49		95.4		2.54
Other debt securities	—		1.66		—		2.58		—		3.10		—		3.28		0.1		3.58
Total held-to-maturity debt securities	176.4		2.09		166.9		2.33		157.8		2.56		153.2		2.51		149.0		2.52
Total debt securities	482.0		2.10		495.3		2.46		511.5		2.81		518.5		2.84		504.8		3.00
Mortgage loans held for sale (3)	29.4		3.15		26.0		3.55		20.4		3.87		24.0		3.90		22.7		4.08
Loans held for sale (3)	1.6		1.60		1.7		1.87		1.5		3.17		1.4		4.13		2.0		4.17
Loans:
Commercial loans:
Commercial and industrial - U.S.	271.0		2.53		310.1		2.58		288.4		3.55		283.7		3.84		284.3		4.21
Commercial and industrial - Non-U.S.	64.0		2.14		72.2		2.48		70.7		3.16		67.3		3.40		64.0		3.67
Real estate mortgage	123.4		2.81		123.5		3.03		121.8		3.92		122.1		4.07		121.8		4.36
Real estate construction	22.2		3.13		21.4		3.37		20.3		4.54		20.1		4.71		20.7		5.13
Lease financing	17.1		3.41		18.1		4.34		19.3		4.40		19.4		4.41		19.3		4.34
Total commercial loans	497.7		2.60		545.3		2.76		520.5		3.65		512.6		3.90		510.1		4.22
Consumer loans:
Real estate 1-4 family first mortgage	290.6		3.24		280.9		3.44		293.5		3.61		292.4		3.66		288.4		3.74
Real estate 1-4 family junior lien mortgage	26.0		4.13		27.7		4.24		28.9		5.14		30.1		5.32		31.5		5.66
Credit card	36.0		11.70		36.5		10.78		39.8		12.21		39.9		12.26		39.2		12.55
Automobile	48.7		4.90		48.5		4.99		48.3		4.96		47.3		5.04		46.3		5.13
Other revolving credit and installment	32.7		5.25		32.4		5.45		34.0		6.32		34.2		6.60		34.3		6.95
Total consumer loans	434.0		4.33		426.0		4.45		444.5		4.83		443.9		4.92		439.7		5.06
Total loans (3)	931.7		3.41		971.3		3.50		965.0		4.20		956.5		4.37		949.8		4.61
Equity securities	25.2		1.61		27.4		1.70		37.5		2.22		38.3		2.81		37.1		2.68
Other	6.9		(0.02)		7.6		(0.02)		7.4		0.77		6.4		1.36		6.6		1.77
Total earning assets	$	1,774.2	2.45	%	$	1,782.0	2.68	%	$	1,780.4	3.35	%	$	1,781.6	3.51	%	$	1,762.9	3.76	%
Funding sources
Deposits:
Interest-bearing checking	$	49.6	0.07	%	$	53.6	0.07	%	$	63.1	0.86	%	$	63.3	1.09	%	$	59.3	1.39	%
Market rate and other savings	804.0		0.08		799.9		0.16		762.1		0.52		732.7		0.59		711.3		0.66
Savings certificates	24.8		0.83		27.1		1.11		30.1		1.47		32.3		1.68		32.8		1.72
Other time deposits	46.9		0.64		59.9		1.01		82.0		1.74		87.1		2.10		91.8		2.42
Deposits in non-U.S. offices	34.0		0.25		37.7		0.44		53.3		1.23		54.8		1.50		51.7		1.77
Total interest-bearing deposits	959.3		0.13		978.2		0.24		990.6		0.71		970.2		0.85		946.9		0.97
Short-term borrowings	57.3		(0.08)		63.5		(0.10)		103.0		1.14		115.9		1.50		121.8		2.07
Long-term debt	222.9		1.86		232.4		2.13		229.0		2.17		230.4		3.02		229.7		3.09
Other liabilities	27.6		1.33		30.0		1.53		30.2		1.90		27.3		2.04		26.2		2.06
Total interest-bearing liabilities	1,267.1		0.45		1,304.1		0.59		1,352.8		1.01		1,343.8		1.30		1,324.6		1.46
Portion of noninterest-bearing funding sources	507.1		—		477.9		—		427.6		—		437.8		—		438.3		—
Total funding sources	$	1,774.2	0.32		$	1,782.0	0.43		$	1,780.4	0.77		$	1,781.6	0.98		$	1,762.9	1.10
Net interest margin on a taxable-equivalent basis			2.13	%			2.25	%			2.58	%			2.53	%			2.66	%
Noninterest-earning assets
Cash and due from banks	$	22.0			21.2				20.6				19.9				19.2
Goodwill	26.4				26.4				26.4				26.4				26.4
Other	125.1				119.3				123.3				113.9				118.9
Total noninterest-earnings assets	$	173.5			166.9				170.3				160.2				164.5
Noninterest-bearing funding sources
Deposits	$	439.7			408.5				347.4				351.7				344.5
Other liabilities	58.0				52.2				62.3				53.9				58.2
Total equity	182.9				184.1				188.2				192.4				200.1
Noninterest-bearing funding sources used to fund earning assets	(507.1)				(477.9)				(427.6)				(437.8)				(438.3)
Net noninterest-bearing funding sources	$	173.5			166.9				170.3				160.2				164.5
Total assets	$	1,947.7			1,948.9				1,950.7				1,941.8				1,927.4

Average prime rate			3.25	%			3.25				4.41				4.83				5.31
Average three-month London Interbank Offered Rate (LIBOR)			0.25				0.60				1.53				1.93				2.20

(1)Yields/rates and amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.

(3)Nonaccrual loans and related income are included in their respective loan categories.

- 24 -

Wells Fargo & Company and Subsidiaries

NONINTEREST INCOME


	Quarter ended September 30,					%		Nine months ended September 30,			%
(in millions)	2020		2019	Change		2020		2019	Change
Deposit-related fees (1)	$	1,299	1,480	(12)	%	$	3,888	4,289	(9)	%
Trust and investment fees:
Brokerage advisory, commissions and other fees	2,336		2,346	—		6,935		6,857	1
Trust and investment management	737		729	1		2,125		2,310	(8)
Investment banking	441		484	(9)		1,379		1,333	3
Total trust and investment fees	3,514		3,559	(1)		10,439		10,500	(1)
Card fees	912		1,027	(11)		2,601		2,996	(13)
Lending-related fees (1)	352		374	(6)		1,025		1,116	(8)
Mortgage banking:
Servicing income, net	341		(142)	NM		(77)		499	NM
Net gains on mortgage loan origination/sales activities	1,249		608	105		2,363		1,433	65
Total mortgage banking	1,590		466	241		2,286		1,932	18
Net gains from trading activities	361		276	31		1,232		862	43
Net gains on debt securities	264		3	NM		713		148	382
Net gains (losses) from equity securities	649		956	(32)		(219)		2,392	NM
Lease income	333		402	(17)		1,021		1,270	(20)
Life insurance investment income	156		173	(10)		480		499	(4)
Other (1)	64		1,669	(96)		389		3,168	(88)
Total	$	9,494	10,385	(9)		$	23,855	29,172	(18)

NM - Not meaningful

NONINTEREST EXPENSE


	Quarter ended September 30,					%		Nine months ended September 30,			%
(in millions)	2020		2019	Change		2020		2019	Change
Personnel	$	8,624	8,604	—	%	$	25,863	26,309	(2)	%
Technology, telecommunications and equipment (1)	791		821	(4)		2,261		2,340	(3)
Occupancy (2)	851		760	12		2,437		2,196	11
Operating losses	1,219		1,920	(37)		2,902		2,405	21
Professional and outside services (1)	1,760		1,737	1		5,042		4,956	2
Leases (3)	291		272	7		795		869	(9)
Advertising and promotion	144		266	(46)		462		832	(44)
Restructuring charges	718		—	NM		718		—	NM
Other (1)	831		819	1		2,348		2,657	(12)
Total	$	15,229	15,199	—		$	42,828	42,564	1

NM - Not meaningful

(1)In third quarter 2020, expenses for outside professional services, contract services, and outside data processing were combined into a single line item for professional and outside services expense; expenses for technology and equipment and telecommunications were combined into a single line item for technology, telecommunications and equipment expense; and certain other expenses were reclassified to other noninterest expense. Prior period balances have been revised to conform with the current period presentation.

(2)Represents expenses for both leased and owned properties.

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

- 25 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER NONINTEREST INCOME


	Quarter ended
(in millions)	Sep 30, 2020		Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019
Deposit-related fees (1)	$	1,299	1,142	1,447	1,530	1,480
Trust and investment fees:
Brokerage advisory, commissions and other fees	2,336		2,117	2,482	2,380	2,346
Trust and investment management	737		687	701	728	729
Investment banking	441		547	391	464	484
Total trust and investment fees	3,514		3,351	3,574	3,572	3,559
Card fees	912		797	892	1,020	1,027
Lending-related fees (1)	352		323	350	358	374
Mortgage banking:
Servicing income, net	341		(689)	271	23	(142)
Net gains on mortgage loan origination/sales activities	1,249		1,006	108	760	608
Total mortgage banking	1,590		317	379	783	466
Net gains from trading activities	361		807	64	131	276
Net gains (losses) on debt securities	264		212	237	(8)	3
Net gains (losses) from equity securities	649		533	(1,401)	451	956
Lease income	333		335	353	344	402
Life insurance investment income	156		163	161	159	173
Other (1)	64		(24)	349	320	1,669
Total	$	9,494	7,956	6,405	8,660	10,385

FIVE QUARTER NONINTEREST EXPENSE


	Quarter ended
(in millions)	Sep 30, 2020		Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019
Personnel	$	8,624	8,916	8,323	8,819	8,604
Technology, telecommunications and equipment (1)	791		672	798	936	821
Occupancy (2)	851		871	715	749	760
Operating losses	1,219		1,219	464	1,916	1,920
Professional and outside services (1)	1,760		1,676	1,606	1,789	1,737
Leases (3)	291		244	260	286	272
Advertising and promotion	144		137	181	244	266
Restructuring charges	718		—	—	—	—
Other (1)	831		816	701	875	819
Total	$	15,229	14,551	13,048	15,614	15,199

(2)Represents expenses for both leased and owned properties.

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

FIVE QUARTER DEFERRED COMPENSATION AND RELATED HEDGES


	Quarter ended
(in millions)	Sep 30, 2020		Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019
Net interest income	$	—	3	12	26	13
Net gains (losses) from equity securities	1		346	(621)	236	(4)
Total revenue (losses) from deferred compensation plan investments	1		349	(609)	262	9
Change in deferred compensation plan liabilities	220		490	(598)	263	5
Net derivative (gains) losses from economic hedges of deferred compensation (1)	(215)		(141)	—	—	—
Personnel expense	5		349	(598)	263	5
Income (loss) before income tax expense	$	(4)	—	(11)	(1)	4

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

- 26 -

Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET


(in millions, except shares)	Sep 30, 2020		Dec 31, 2019	% Change
Assets
Cash and due from banks	$	25,535	21,757	17	%
Interest-earning deposits with banks	221,235		119,493	85
Total cash, cash equivalents, and restricted cash	246,770		141,250	75
Federal funds sold and securities purchased under resale agreements	69,304		102,140	(32)
Debt securities:
Trading, at fair value	73,253		79,733	(8)
Available-for-sale, at fair value (includes allowance for credit losses)	220,573		263,459	(16)
Held-to-maturity, at amortized cost, net of allowance for credit losses	182,595		153,933	19
Mortgage loans held for sale	23,307		23,342	—
Loans held for sale	1,697		977	74
Loans	920,082		962,265	(4)
Allowance for loan losses	(19,463)		(9,551)	104
Net loans	900,619		952,714	(5)
Mortgage servicing rights:
Measured at fair value	6,355		11,517	(45)
Amortized	1,325		1,430	(7)
Premises and equipment, net	8,977		9,309	(4)
Goodwill	26,387		26,390	—
Derivative assets	23,715		14,203	67
Equity securities	51,169		68,241	(25)
Other assets	86,174		78,917	9
Total assets	$	1,922,220	1,927,555	—
Liabilities
Noninterest-bearing deposits	$	447,011	344,496	30
Interest-bearing deposits	936,204		978,130	(4)
Total deposits	1,383,215		1,322,626	5
Short-term borrowings	55,224		104,512	(47)
Derivative liabilities	13,767		9,079	52
Accrued expenses and other liabilities	72,271		75,163	(4)
Long-term debt	215,711		228,191	(5)
Total liabilities	1,740,188		1,739,571	—
Equity
Wells Fargo stockholders’ equity:
Preferred stock	21,098		21,549	(2)
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares	9,136		9,136	—
Additional paid-in capital	60,035		61,049	(2)
Retained earnings	160,913		166,697	(3)
Cumulative other comprehensive income (loss)	(750)		(1,311)	(43)
Treasury stock – 1,349,294,592 shares and 1,347,385,537 shares	(68,384)		(68,831)	(1)
Unearned ESOP shares	(875)		(1,143)	(23)
Total Wells Fargo stockholders’ equity	181,173		187,146	(3)
Noncontrolling interests	859		838	3
Total equity	182,032		187,984	(3)
Total liabilities and equity	$	1,922,220	1,927,555	—

- 27 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED BALANCE SHEET


(in millions)	Sep 30, 2020		Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019
Assets
Cash and due from banks	$	25,535	24,704	22,738	21,757	22,401
Interest-earning deposits with banks	221,235		237,799	128,071	119,493	126,330
Total cash, cash equivalents, and restricted cash	246,770		262,503	150,809	141,250	148,731
Federal funds sold and securities purchased under resale agreements	69,304		79,289	86,465	102,140	103,051
Debt securities:
Trading, at fair value	73,253		74,679	80,425	79,733	79,113
Available-for-sale, at fair value (includes allowance for credit losses)	220,573		228,899	251,229	263,459	271,236
Held-to-maturity, at amortized cost, net of allowance for credit losses	182,595		169,002	169,909	153,933	153,179
Mortgage loans held for sale	23,307		32,355	21,795	23,342	25,448
Loans held for sale	1,697		1,339	1,883	977	1,532
Loans	920,082		935,155	1,009,843	962,265	954,915
Allowance for loan losses	(19,463)		(18,926)	(11,263)	(9,551)	(9,715)
Net loans	900,619		916,229	998,580	952,714	945,200
Mortgage servicing rights:
Measured at fair value	6,355		6,819	8,126	11,517	11,072
Amortized	1,325		1,361	1,406	1,430	1,397
Premises and equipment, net	8,977		9,025	9,108	9,309	9,315
Goodwill	26,387		26,385	26,381	26,390	26,388
Derivative assets	23,715		22,776	25,023	14,203	14,680
Equity securities	51,169		52,494	54,047	68,241	63,884
Other assets	86,174		85,611	96,163	78,917	89,724
Total assets	$	1,922,220	1,968,766	1,981,349	1,927,555	1,943,950
Liabilities
Noninterest-bearing deposits	$	447,011	432,857	379,678	344,496	355,259
Interest-bearing deposits	936,204		977,854	996,854	978,130	953,236
Total deposits	1,383,215		1,410,711	1,376,532	1,322,626	1,308,495
Short-term borrowings	55,224		60,485	92,289	104,512	123,908
Derivative liabilities	13,767		11,368	15,618	9,079	9,948
Accrued expenses and other liabilities	72,271		75,159	76,238	75,163	76,532
Long-term debt	215,711		230,921	237,342	228,191	230,651
Total liabilities	1,740,188		1,788,644	1,798,019	1,739,571	1,749,534
Equity
Wells Fargo stockholders’ equity:
Preferred stock	21,098		21,098	21,347	21,549	21,549
Common stock	9,136		9,136	9,136	9,136	9,136
Additional paid-in capital	60,035		59,923	59,849	61,049	60,866
Retained earnings	160,913		159,952	165,308	166,697	166,320
Cumulative other comprehensive income (loss)	(750)		(798)	(1,564)	(1,311)	(1,639)
Treasury stock	(68,384)		(69,050)	(70,215)	(68,831)	(61,785)
Unearned ESOP shares	(875)		(875)	(1,143)	(1,143)	(1,143)
Total Wells Fargo stockholders’ equity	181,173		179,386	182,718	187,146	193,304
Noncontrolling interests	859		736	612	838	1,112
Total equity	182,032		180,122	183,330	187,984	194,416
Total liabilities and equity	$	1,922,220	1,968,766	1,981,349	1,927,555	1,943,950

- 28 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER TRADING ASSETS AND LIABILITIES


(in millions)	Sep 30, 2020		Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019
Trading assets
Debt securities	$	73,253	74,679	80,425	79,733	79,113
Equity securities	14,058		12,591	13,573	27,440	24,436
Loans held for sale	1,688		1,201	1,673	972	1,501
Gross trading derivative assets	57,990		60,644	72,527	34,825	39,926
Netting (1)	(35,662)		(39,885)	(49,821)	(21,463)	(26,414)
Total trading derivative assets	22,328		20,759	22,706	13,362	13,512
Total trading assets	111,327		109,230	118,377	121,507	118,562
Trading liabilities
Short sales	18,779		20,213	17,603	17,430	18,290
Gross trading derivative liabilities	51,241		54,985	67,891	33,861	38,308
Netting (1)	(39,278)		(44,901)	(53,598)	(26,074)	(29,708)
Total trading derivative liabilities	11,963		10,084	14,293	7,787	8,600
Total trading liabilities	$	30,742	30,297	31,896	25,217	26,890

(1)Represents balance sheet netting for trading derivative asset and liability balances, and trading portfolio level counterparty valuation adjustments.

FIVE QUARTER DEBT SECURITIES


(in millions)	Sep 30, 2020		Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019
Trading debt securities	$	73,253	74,679	80,425	79,733	79,113
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies	5,975		7,983	11,036	14,960	16,549
Securities of U.S. states and political subdivisions	31,511		33,011	38,144	40,337	40,503
Mortgage-backed securities:
Federal agencies	135,227		144,835	160,214	162,453	167,535
Residential and commercial	3,884		4,100	4,430	4,761	5,079
Total mortgage-backed securities	139,111		148,935	164,644	167,214	172,614
Other debt securities	43,976		38,970	37,405	40,948	41,570
Total available-for-sale debt securities	220,573		228,899	251,229	263,459	271,236
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies	48,587		48,578	48,569	45,541	44,774
Securities of U.S. states and political subdivisions	14,232		14,277	14,304	13,486	12,719
Federal agency and other mortgage-backed securities (1)	119,766		106,133	107,013	94,869	95,637
Other debt securities	10		14	23	37	49
Total held-to-maturity debt securities	182,595		169,002	169,909	153,933	153,179
Total debt securities	$	476,421	472,580	501,563	497,125	503,528
Allowance for credit losses for debt securities (2):
Available-for-sale debt securities (included in fair value)	$	79	114	161	—	—
Held-to-maturity debt securities (netted against amortized cost)	26		20	11	—	—
Total allowance for credit losses for debt securities	$	105	134	172	—	—

(1)Predominantly consists of federal agency mortgage-backed securities.

(2)Represents the allowance for credit losses for debt securities as a result of our adoption of ASU 2016-13, Financial Instruments – Credit Losses, on January 1, 2020.

- 29 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER EQUITY SECURITIES


(in millions)	Sep 30, 2020		Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019
Held for trading at fair value:
Marketable equity securities	$	14,058	12,591	13,573	27,440	24,436
Not held for trading:
Fair value:
Marketable equity securities (1)	2,412		6,426	7,708	6,481	6,639
Nonmarketable equity securities	8,583		8,322	6,895	8,015	7,293
Total equity securities at fair value	10,995		14,748	14,603	14,496	13,932
Equity method:
Low-income housing tax credit investments	11,295		11,294	11,290	11,343	11,068
Private equity	2,841		3,351	3,351	3,459	3,425
Tax-advantaged renewable energy	4,142		3,940	3,991	3,811	3,143
New market tax credit and other	356		377	387	387	390
Total equity method	18,634		18,962	19,019	19,000	18,026
Other:
Federal Reserve Bank stock and other at cost (2)	3,585		3,794	4,512	4,790	5,021
Private equity (3)	3,897		2,399	2,340	2,515	2,469
Total equity securities not held for trading	37,111		39,903	40,474	40,801	39,448
Total equity securities	$	51,169	52,494	54,047	68,241	63,884

(1)Includes $206 million, $191 million, $3.1 billion, $3.8 billion and $3.5 billion at September 30, June 30 and March 31, 2020, and December 31 and September 30, 2019, respectively, related to securities held as economic hedges of our deferred compensation plan liabilities. In second quarter 2020, we entered into arrangements to transition our economic hedges of our deferred compensation plan liabilities from equity securities to derivative instruments.

(2)Includes $3.5 billion, $3.8 billion, $4.5 billion, $4.8 billion and $5.0 billion at September 30, June 30 and March 31, 2020, and December 31 and September 30, 2019, respectively, related to investments in Federal Reserve Bank and Federal Home Loan Bank stock.

(3)Represents nonmarketable equity securities accounted for under the measurement alternative.

- 30 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER LOANS


(in millions)	Sep 30, 2020		Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019
Commercial:
Commercial and industrial	$	320,913	350,116	405,020	354,125	350,875
Real estate mortgage	121,910		123,967	122,767	121,824	121,936
Real estate construction	22,519		21,694	20,812	19,939	19,921
Lease financing	16,947		17,410	19,136	19,831	19,600
Total commercial	482,289		513,187	567,735	515,719	512,332
Consumer:
Real estate 1-4 family first mortgage	294,990		277,945	292,920	293,847	290,604
Real estate 1-4 family junior lien mortgage	25,162		26,839	28,527	29,509	30,838
Credit card	36,021		36,018	38,582	41,013	39,629
Automobile	48,450		48,808	48,568	47,873	46,738
Other revolving credit and installment	33,170		32,358	33,511	34,304	34,774
Total consumer	437,793		421,968	442,108	446,546	442,583
Total loans	$	920,082	935,155	1,009,843	962,265	954,915

Our non-U.S. loans are reported by respective class of financing receivable in the table above. Substantially all of our non-U.S. loan portfolio is commercial loans. The following table presents total non-U.S. commercial loans outstanding by class of financing receivable.


(in millions)	Sep 30, 2020		Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019
Non-U.S. commercial loans:
Commercial and industrial	$	61,594	67,015	78,753	70,494	64,418
Real estate mortgage	6,228		6,460	6,309	7,004	7,056
Real estate construction	1,898		1,697	1,478	1,434	1,262
Lease financing	1,156		1,146	1,120	1,220	1,197
Total non-U.S. commercial loans	$	70,876	76,318	87,660	80,152	73,933

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)


(in millions)	Sep 30, 2020			Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019
Nonaccrual loans:
Commercial:
Commercial and industrial	$	2,834		2,896	1,779	1,545	1,539
Real estate mortgage	1,343			1,217	944	573	669
Real estate construction	34			34	21	41	32
Lease financing	187			138	131	95	72
Total commercial	4,398			4,285	2,875	2,254	2,312
Consumer:
Real estate 1-4 family first mortgage (1) (2)	2,641			2,393	2,372	2,150	2,261
Real estate 1-4 family junior lien mortgage (2)	767			753	769	796	819
Automobile	176			129	99	106	110
Other revolving credit and installment	40			45	41	40	43
Total consumer	3,624			3,320	3,281	3,092	3,233
Total nonaccrual loans	$	8,022		7,605	6,156	5,346	5,545
As a percentage of total loans	0.87		%	0.81	0.61	0.56	0.58
Foreclosed assets:
Government insured/guaranteed	$	22		31	43	50	59
Non-government insured/guaranteed	134			164	209	253	378
Total foreclosed assets	156			195	252	303	437
Total nonperforming assets	$	8,178		7,800	6,408	5,649	5,982
As a percentage of total loans	0.89		%	0.83	0.63	0.59	0.63

(1)Amounts are not comparative due to our adoption of ASU 2016-13, Financial Instruments – Credit Losses, on January 1, 2020. Prior to January 1, 2020, pools of individual purchased credit-impaired (PCI) loans were excluded because they continued to earn interest income from the accretable yield at the pool level. With the adoption of ASU 2016-13, the pools were discontinued and performance is based on contractual terms for individual loans.

(2)Real estate 1-4 family mortgage loans predominantly insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) are not placed on nonaccrual status because they are insured or guaranteed.

LOANS 90 DAYS OR MORE PAST DUE AND STILL ACCRUING


(in millions)	Sep 30, 2020		Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019
Total:	$	11,698	9,739	7,023	7,285	7,130
Less: FHA insured/VA guaranteed (1)	11,041		8,922	6,142	6,352	6,308

Total, not government insured/guaranteed	$	657	817	881	933	822
By segment and class, not government insured/guaranteed:
Commercial:
Commercial and industrial	$	61	101	24	47	6
Real estate mortgage	47		44	28	31	28
Real estate construction	—		—	1	—	—
Total commercial	108		145	53	78	34
Consumer:
Real estate 1-4 family first mortgage (2)	97		93	128	112	100
Real estate 1-4 family junior lien mortgage (2)	28		19	25	32	35
Credit card	297		418	528	546	491
Automobile	50		54	69	78	75
Other revolving credit and installment	77		88	78	87	87
Total consumer	549		672	828	855	788
Total, not government insured/guaranteed	$	657	817	881	933	822

(1)Represents loans whose repayments are largely insured by the FHA or guaranteed by the VA.

(2)Amounts are not comparative due to our adoption of ASU 2016-13, Financial Instruments – Credit Losses, on January 1, 2020. Total loans 90 days or more past due and still accruing exclude PCI loans of $102 million and $119 million at December 31 and September 30, 2019, respectively.

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Wells Fargo & Company and Subsidiaries

CHANGES IN ALLOWANCE FOR CREDIT LOSSES FOR LOANS


	Quarter ended September 30,					Nine months ended September 30,
(in millions)	2020			2019	2020	2019
Balance, beginning of period	$	20,436		10,603	10,456	10,707
Cumulative effect from change in accounting policies (1)	—			—	(1,337)	—
Allowance for purchased credit deteriorated (PCD) loans (2)	—			—	8	—
Balance, beginning of period, adjusted	20,436			10,603	9,127	10,707
Provision for credit losses	751			695	14,149	2,043

Interest income on certain impaired loans (3)	(41)			(34)	(117)	(112)
Loan charge-offs:
Commercial:
Commercial and industrial	(327)			(209)	(1,260)	(590)
Real estate mortgage	(59)			(2)	(134)	(28)
Real estate construction	—			—	—	(1)
Lease financing	(34)			(12)	(66)	(35)
Total commercial	(420)			(223)	(1,460)	(654)
Consumer:
Real estate 1-4 family first mortgage	(20)			(31)	(63)	(101)
Real estate 1-4 family junior lien mortgage	(22)			(27)	(70)	(90)
Credit card	(339)			(404)	(1,225)	(1,278)
Automobile	(99)			(156)	(413)	(485)
Other revolving credit and installment	(94)			(168)	(372)	(497)
Total consumer	(574)			(786)	(2,143)	(2,451)
Total loan charge-offs	(994)			(1,009)	(3,603)	(3,105)
Loan recoveries:
Commercial:
Commercial and industrial	53			62	132	151
Real estate mortgage	3			10	13	26
Real estate construction	2			8	19	13
Lease financing	6			4	14	15
Total commercial	64			84	178	205
Consumer:
Real estate 1-4 family first mortgage	21			36	65	148
Real estate 1-4 family junior lien mortgage	36			49	101	140
Credit card	94			85	276	258
Automobile	68			80	194	266
Other revolving credit and installment	28			30	84	95
Total consumer	247			280	720	907
Total loan recoveries	311			364	898	1,112
Net loan charge-offs	(683)			(645)	(2,705)	(1,993)
Other	8			(6)	17	(32)
Balance, end of period	$	20,471		10,613	20,471	10,613
Components:
Allowance for loan losses	$	19,463		9,715	19,463	9,715
Allowance for unfunded credit commitments	1,008			898	1,008	898
Allowance for credit losses for loans	$	20,471		10,613	20,471	10,613
Net loan charge-offs (annualized) as a percentage of average total loans	0.29		%	0.27	0.38	0.28
Allowance for loan losses as a percentage of total loans	2.12			1.02	2.12	1.02
Allowance for credit losses for loans as a percentage of total loans	2.22			1.11	2.22	1.11

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

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

(3)Certain impaired loans with an allowance for credit losses calculated 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.

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER CHANGES IN ALLOWANCE FOR CREDIT LOSSES FOR LOANS


	Quarter ended
(in millions)	Sep 30, 2020			Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019
Balance, beginning of quarter	$	20,436		12,022	10,456	10,613	10,603
Cumulative effect from change in accounting policies (1)	—			—	(1,337)	—	—
Allowance for purchased credit-deteriorated (PCD) loans (2)	—			—	8	—	—
Balance, beginning of quarter, adjusted	20,436			12,022	9,127	10,613	10,603
Provision for credit losses	751			9,565	3,833	644	695

Interest income on certain loans (3)	(41)			(38)	(38)	(35)	(34)
Loan charge-offs:
Commercial:
Commercial and industrial	(327)			(556)	(377)	(212)	(209)
Real estate mortgage	(59)			(72)	(3)	(10)	(2)
Real estate construction	—			—	—	—	—
Lease financing	(34)			(19)	(13)	(35)	(12)
Total commercial	(420)			(647)	(393)	(257)	(223)
Consumer:
Real estate 1-4 family first mortgage	(20)			(20)	(23)	(28)	(31)
Real estate 1-4 family junior lien mortgage	(22)			(18)	(30)	(28)	(27)
Credit card	(339)			(415)	(471)	(436)	(404)
Automobile	(99)			(158)	(156)	(162)	(156)
Other revolving credit and installment	(94)			(113)	(165)	(177)	(168)
Total consumer	(574)			(724)	(845)	(831)	(786)
Total loan charge-offs	(994)			(1,371)	(1,238)	(1,088)	(1,009)
Loan recoveries:
Commercial:
Commercial and industrial	53			35	44	44	62
Real estate mortgage	3			5	5	6	10
Real estate construction	2			1	16	—	8
Lease financing	6			4	4	4	4
Total commercial	64			45	69	54	84
Consumer:
Real estate 1-4 family first mortgage	21			18	26	31	36
Real estate 1-4 family junior lien mortgage	36			30	35	44	49
Credit card	94			88	94	86	85
Automobile	68			52	74	75	80
Other revolving credit and installment	28			25	31	29	30
Total consumer	247			213	260	265	280
Total loan recoveries	311			258	329	319	364
Net loan charge-offs	(683)			(1,113)	(909)	(769)	(645)
Other	8			—	9	3	(6)
Balance, end of quarter	$	20,471		20,436	12,022	10,456	10,613
Components:
Allowance for loan losses	$	19,463		18,926	11,263	9,551	9,715
Allowance for unfunded credit commitments	1,008			1,510	759	905	898
Allowance for credit losses for loans	$	20,471		20,436	12,022	10,456	10,613
Net loan charge-offs (annualized) as a percentage of average total loans	0.29		%	0.46	0.38	0.32	0.27
Allowance for loan losses as a percentage of:
Total loans	2.12			2.02	1.12	0.99	1.02
Nonaccrual loans	243			249	183	179	175
Nonaccrual loans and other nonperforming assets	238			243	176	169	162
Total net loan charge-offs (annualized)	716			422	308	346	379
Allowance for credit losses for loans as a percentage of:
Total loans	2.22			2.19	1.19	1.09	1.11
Nonaccrual loans	255			269	195	196	191
Nonaccrual loans and other nonperforming assets	250			262	188	185	177

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

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

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

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Wells Fargo & Company and Subsidiaries

ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES FOR LOANS


	Sep 30, 2020						Jun 30, 2020						Mar 31, 2020						Jan 1, 2020		Dec 31, 2019 (1)
($ in millions)	ACL		ACL as % of loan class		ACL		ACL as % of loan class		ACL		ACL as % of loan class		ACL		ACL as % of loan class		ACL		ACL as % of loan class
Commercial:
Commercial and industrial	$	7,845	2.44	%	$	8,109	2.32	%	$	4,231	1.04	%	$	2,490	0.70	%	$	3,600	1.02	%
Real estate mortgage	2,517		2.06		2,395		1.93		848		0.69		702		0.58		1,236		1.01
Real estate construction	521		2.31		484		2.23		36		0.17		42		0.21		1,079		5.41
Lease financing	659		3.89		681		3.91		164		0.86		149		0.75		330		1.66
Total commercial	11,542		2.39		11,669		2.27		5,279		0.93		3,383		0.66		6,245		1.21
Consumer:
Real estate 1-4 family first mortgage	1,519		0.51		1,541		0.55		836		0.29		845		0.29		692		0.24
Real estate 1-4 family junior lien mortgage	710		2.82		725		2.70		125		0.44		78		0.26		247		0.84
Credit card	4,082		11.33		3,777		10.49		3,481		9.02		2,913		7.10		2,252		5.49
Automobile	1,225		2.53		1,174		2.41		1,016		2.09		719		1.50		459		0.96
Other revolving credit and installment	1,393		4.20		1,550		4.79		1,285		3.83		1,188		3.46		561		1.64
Total consumer	8,929		2.04		8,767		2.08		6,743		1.53		5,743		1.29		4,211		0.94
Total	$	20,471	2.22	%	$	20,436	2.19	%	$	12,022	1.19	%	$	9,126	0.95	%	$	10,456	1.09	%

(1)Amounts are not comparative due to our adoption of ASU 2016-13, Financial Instruments – Credit Losses, on January 1, 2020.

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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 mortgage servicing rights (MSRs)) and goodwill and other intangibles on nonmarketable equity securities, net of applicable deferred taxes. These tangible common equity ratios are as follows:

•Tangible book value per common share, which represents tangible common equity divided by common shares outstanding; and

•Return on average tangible common equity (ROTCE), which represents our annualized earnings contribution 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 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.


(in millions, except ratios)		Sep 30, 2020		Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019
Tangible book value per common share:
Total equity		$	182,032	180,122	183,330	187,984	194,416
Adjustments:
Preferred stock		(21,098)		(21,098)	(21,347)	(21,549)	(21,549)
Additional paid-in capital on preferred stock		159		159	140	(71)	(71)
Unearned ESOP shares		875		875	1,143	1,143	1,143
Noncontrolling interests		(859)		(736)	(612)	(838)	(1,112)
Total common stockholders' equity	(A)	161,109		159,322	162,654	166,669	172,827
Adjustments:
Goodwill		(26,387)		(26,385)	(26,381)	(26,390)	(26,388)
Certain identifiable intangible assets (other than MSRs)		(366)		(389)	(413)	(437)	(465)
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(2,019)		(2,050)	(1,894)	(2,146)	(2,295)
Applicable deferred taxes related to goodwill and other intangible assets (1)		842		831	821	810	802
Tangible common equity	(B)	$	133,179	131,329	134,787	138,506	144,481
Common shares outstanding	(C)	4,132.5		4,119.6	4,096.4	4,134.4	4,269.1
Book value per common share	(A)/(C)	$	38.99	38.67	39.71	40.31	40.48
Tangible book value per common share	(B)/(C)	32.23		31.88	32.90	33.50	33.84


		Quarter ended									Nine months ended
(in millions, except ratios)		Sep 30, 2020			Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Sep 30, 2020	Sep 30, 2019
Return on average tangible common equity:
Net income applicable to common stock	(A)	$	1,720		(2,694)	42	2,546	4,037	(932)	15,392
Average total equity		182,850			184,108	188,170	192,393	200,095	185,035	199,383
Adjustments:
Preferred stock		(21,098)			(21,344)	(21,794)	(21,549)	(22,325)	(21,411)	(22,851)
Additional paid-in capital on preferred stock		158			140	135	(71)	(78)	145	(84)
Unearned ESOP shares		875			1,140	1,143	1,143	1,290	1,052	1,361
Noncontrolling interests		(761)			(643)	(785)	(945)	(1,065)	(730)	(968)
Average common stockholders’ equity	(B)	162,024			163,401	166,869	170,971	177,917	164,091	176,841
Adjustments:
Goodwill		(26,388)			(26,384)	(26,387)	(26,389)	(26,413)	(26,386)	(26,416)
Certain identifiable intangible assets (other than MSRs)		(378)			(402)	(426)	(449)	(477)	(401)	(508)
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(2,045)			(1,922)	(2,152)	(2,223)	(2,159)	(2,040)	(2,158)
Applicable deferred taxes related to goodwill and other intangible assets (1)		838			828	818	807	797	828	787
Average tangible common equity	(C)	$	134,051		135,521	138,722	142,717	149,665	136,092	148,546
Return on average common stockholders’ equity (ROE) (annualized)	(A)/(B)	4.22		%	(6.63)	0.10	5.91	9.00	(0.76)	11.64
Return on average tangible common equity (ROTCE) (annualized)	(A)/(C)	5.10			(8.00)	0.12	7.08	10.70	(0.91)	13.85

(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.

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Wells Fargo & Company and Subsidiaries

COMMON EQUITY TIER 1 UNDER BASEL III – STANDARDIZED APPROACH (1)


		Estimated
(in billions, except ratio)		Sep 30, 2020			Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019
Total equity		$	182.0		180.1	183.3	188.0	194.4
Adjustments:
Preferred stock		(21.1)			(21.1)	(21.3)	(21.5)	(21.5)
Additional paid-in capital on preferred stock		0.1			0.1	0.1	(0.1)	(0.1)
Unearned ESOP shares		0.9			0.9	1.1	1.1	1.1
Noncontrolling interests		(0.9)			(0.7)	(0.6)	(0.8)	(1.1)
Total common stockholders' equity		161.0			159.3	162.6	166.7	172.8
Adjustments:
Goodwill		(26.4)			(26.4)	(26.4)	(26.4)	(26.4)
Certain identifiable intangible assets (other than MSRs)		(0.4)			(0.4)	(0.4)	(0.4)	(0.5)
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(2.0)			(2.1)	(1.9)	(2.1)	(2.3)
Applicable deferred taxes related to goodwill and other intangible assets (2)		0.8			0.8	0.8	0.8	0.8
CECL transition provision (3)		1.9			1.9	—	—	—
Other		—			(0.1)	—	0.2	0.3
Common Equity Tier 1 under Basel III	(A)	134.9			133.0	134.7	138.8	144.7
Total risk-weighted assets (RWAs) anticipated under Basel III (4)	(B)	$	1,184.4		1,213.1	1,262.8	1,245.8	1,246.2
Common Equity Tier 1 to total RWAs anticipated under Basel III (4)	(A)/(B)	11.4		%	11.0	10.7	11.1	11.6

(1)Basel III capital rules, adopted by the Federal Reserve Board on July 2, 2013, revised the definition of capital, increased minimum capital ratios, and introduced a minimum Common Equity Tier 1 (CET1) ratio. The rules are being phased in through the end of 2021. The Basel III capital requirements for calculating CET1 and tier 1 capital, along with RWAs, are fully phased-in.

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

(3)In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of the current expected credit loss (CECL) accounting standard on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out of the benefits. The impact of the CECL transition provision on our regulatory capital at September 30, 2020, was an increase in capital of $1.9 billion, reflecting a $991 million (post-tax) increase in capital recognized upon our initial adoption of CECL, offset by 25% of the $11.5 billion increase in our ACL under CECL from January 1, 2020, through September 30, 2020.

(4)The final Basel III capital rules provide for two capital frameworks: the Standardized Approach and the Advanced Approach applicable to certain institutions. Accordingly, in the assessment of our capital adequacy, we must report the lower of our CET1, tier 1 and total capital ratios calculated under the Standardized Approach and under the Advanced Approach. Based on preliminary estimates, our CET1 ratio as of September 30, 2020, was lower under the Basel III Standardized Approach RWAs. Our CET1 ratio for June 30 and March 31, 2020, and December 31 and September 30, 2019, was lower under the Basel III Standardized Approach RWAs.

- 37 -

Wells Fargo & Company and Subsidiaries

OPERATING SEGMENT RESULTS (1)


(income/expense in millions, average balances in billions)	Community Banking				Wholesale Banking			Wealth and Investment Management			Other (2)	Consolidated Company
	2020		2019	2020	2019	2020	2019	2020	2019	2020	2019
Quarter ended September 30,
Net interest income (3)	$	5,587	6,769	3,481	4,382	771	989	(471)	(515)	9,368	11,625
Provision (reversal of provision) for credit losses	556		608	219	92	(9)	3	3	(8)	769	695
Noninterest income	5,135		4,470	2,113	2,560	3,023	4,152	(777)	(797)	9,494	10,385
Noninterest expense	8,947		8,766	4,013	3,889	3,184	3,431	(915)	(887)	15,229	15,199
Income (loss) before income tax expense (benefit)	1,219		1,865	1,362	2,961	619	1,707	(336)	(417)	2,864	6,116
Income tax expense (benefit) (4)	703		667	(127)	315	153	426	(84)	(104)	645	1,304
Net income (loss) before noncontrolling interests	516		1,198	1,489	2,646	466	1,281	(252)	(313)	2,219	4,812
Less: Net income (loss) from noncontrolling interests	180		199	1	2	3	1	—	—	184	202
Net income (loss)	$	336	999	1,488	2,644	463	1,280	(252)	(313)	2,035	4,610

Average loans	$	457.6	459.0	455.1	474.3	79.8	75.9	(60.8)	(59.4)	931.7	949.8
Average assets	1,119.8		1,033.9	801.4	869.2	88.2	84.7	(61.7)	(60.4)	1,947.7	1,927.4
Average deposits	881.7		789.7	418.8	422.0	175.3	142.4	(76.8)	(62.7)	1,399.0	1,291.4

Nine months ended September 30,
Net interest income (3)	$	18,073	21,083	11,508	13,451	2,374	3,127	(1,395)	(1,630)	30,560	36,031
Provision (reversal of provision) for credit losses	5,652		1,797	8,535	254	256	6	(135)	(14)	14,308	2,043
Noninterest income	10,911		13,711	6,466	7,667	8,795	10,143	(2,317)	(2,349)	23,855	29,172
Noninterest expense	24,409		23,667	11,739	11,609	9,440	9,980	(2,760)	(2,692)	42,828	42,564
Income (loss) before income tax expense (benefit)	(1,077)		9,330	(2,300)	9,255	1,473	3,284	(817)	(1,273)	(2,721)	20,596
Income tax expense (benefit) (4)	(1,319)		1,929	(1,959)	1,049	369	819	(204)	(318)	(3,113)	3,479
Net income (loss) before noncontrolling interests	242		7,401	(341)	8,206	1,104	2,465	(613)	(955)	392	17,117
Less: Net income (loss) from noncontrolling interests	82		432	3	3	(2)	6	—	—	83	441
Net income (loss)	$	160	6,969	(344)	8,203	1,106	2,459	(613)	(955)	309	16,676

Average loans	$	456.5	458.3	481.2	474.9	79.0	75.1	(60.8)	(59.2)	955.9	949.1
Average assets	1,073.1		1,024.8	849.7	855.4	88.0	83.9	(61.7)	(60.2)	1,949.1	1,903.9
Average deposits	843.0		777.7	438.8	414.1	166.2	146.3	(73.4)	(63.9)	1,374.6	1,274.2

(1)The management accounting process measures the performance of the operating segments based on our management structure and is not necessarily comparable with other similar information for other financial services companies. We define our operating segments by product type and customer segment.

(2)Includes the elimination of certain items that are included in more than one business segment, substantially all of which represents products and services for Wealth and Investment Management customers served through Community Banking distribution channels.

(3)Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets as well as interest credits for any funding of a segment available to be provided to other segments. The cost of liabilities includes actual interest expense on segment liabilities as well as funding charges for any funding provided from other segments.

(4)Income tax expense (benefit) for our Wholesale Banking operating segment included income tax credits related to low-income housing and renewable energy investments of $469 million and $1.4 billion for the third quarter and first nine months of 2020, respectively, and $422 million and $1.3 billion for the third quarter and first nine months of 2019, respectively.

- 38 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER OPERATING SEGMENT RESULTS (1)


					Quarter ended
(income/expense in millions, average balances in billions)	Sep 30, 2020		Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019
COMMUNITY BANKING
Net interest income (2)	$	5,587	5,699	6,787	6,527	6,769
Provision for credit losses	556		3,378	1,718	522	608
Noninterest income	5,135		3,067	2,709	3,995	4,470
Noninterest expense	8,947		8,346	7,116	9,029	8,766
Income (loss) before income tax expense (benefit)	1,219		(2,958)	662	971	1,865
Income tax expense (benefit)	703		(2,666)	644	497	667
Net income (loss) before noncontrolling interests	516		(292)	18	474	1,198
Less: Net income (loss) from noncontrolling interests	180		39	(137)	45	199
Segment net income (loss)	$	336	(331)	155	429	999
Average loans	$	457.6	449.3	462.6	462.5	459.0
Average assets	1,119.8		1,059.8	1,039.2	1,039.3	1,033.9
Average deposits	881.7		848.5	798.6	794.6	789.7
WHOLESALE BANKING
Net interest income (2)	$	3,481	3,891	4,136	4,248	4,382
Provision for credit losses	219		6,028	2,288	124	92
Noninterest income	2,113		2,672	1,681	2,311	2,560
Noninterest expense	4,013		3,963	3,763	3,743	3,889
Income (loss) before income tax expense (benefit)	1,362		(3,428)	(234)	2,692	2,961
Income tax expense (benefit) (3)	(127)		(1,286)	(546)	197	315
Net income (loss) before noncontrolling interests	1,489		(2,142)	312	2,495	2,646
Less: Net income from noncontrolling interests	1		1	1	2	2
Segment net income (loss)	$	1,488	(2,143)	311	2,493	2,644
Average loans	$	455.1	504.3	484.5	476.5	474.3
Average assets	801.4		863.2	885.0	877.6	869.2
Average deposits	418.8		441.2	456.6	447.4	422.0
WEALTH AND INVESTMENT MANAGEMENT
Net interest income (2)	$	771	736	867	910	989
Provision (reversal of provision) for credit losses	(9)		257	8	(1)	3
Noninterest income	3,023		2,924	2,848	3,161	4,152
Noninterest expense	3,184		3,153	3,103	3,729	3,431
Income before income tax expense	619		250	604	343	1,707
Income tax expense	153		63	153	85	426
Net income before noncontrolling interests	466		187	451	258	1,281
Less: Net income (loss) from noncontrolling interests	3		7	(12)	4	1
Segment net income	$	463	180	463	254	1,280
Average loans	$	79.8	78.7	78.5	77.1	75.9
Average assets	88.2		87.7	88.1	85.5	84.7
Average deposits	175.3		171.8	151.4	145.0	142.4
OTHER (4)
Net interest income (2)	$	(471)	(446)	(478)	(485)	(515)
Provision (reversal of provision) for credit losses	3		(129)	(9)	(1)	(8)
Noninterest income	(777)		(707)	(833)	(807)	(797)
Noninterest expense	(915)		(911)	(934)	(887)	(887)
Loss before income tax benefit	(336)		(113)	(368)	(404)	(417)
Income tax benefit	(84)		(28)	(92)	(101)	(104)
Net loss before noncontrolling interests	(252)		(85)	(276)	(303)	(313)
Less: Net income from noncontrolling interests	—		—	—	—	—
Other net loss	$	(252)	(85)	(276)	(303)	(313)
Average loans	$	(60.8)	(61.0)	(60.6)	(59.6)	(59.4)
Average assets	(61.7)		(61.8)	(61.6)	(60.6)	(60.4)
Average deposits	(76.8)		(74.8)	(68.6)	(65.1)	(62.7)
CONSOLIDATED COMPANY
Net interest income (2)	$	9,368	9,880	11,312	11,200	11,625
Provision for credit losses	769		9,534	4,005	644	695
Noninterest income	9,494		7,956	6,405	8,660	10,385
Noninterest expense	15,229		14,551	13,048	15,614	15,199
Income (loss) before income tax expense (benefit)	2,864		(6,249)	664	3,602	6,116
Income tax expense (benefit)	645		(3,917)	159	678	1,304
Net income (loss) before noncontrolling interests	2,219		(2,332)	505	2,924	4,812
Less: Net income (loss) from noncontrolling interests	184		47	(148)	51	202
Wells Fargo net income (loss)	$	2,035	(2,379)	653	2,873	4,610
Average loans	$	931.7	971.3	965.0	956.5	949.8
Average assets	1,947.7		1,948.9	1,950.7	1,941.8	1,927.4
Average deposits	1,399.0		1,386.7	1,338.0	1,321.9	1,291.4

(2)Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets as well as interest credits for any funding of a segment available to be provided to other segments. The cost of liabilities includes actual interest expense on segment liabilities as well as funding charges for any funding provided from other segments.

(3)Income tax expense (benefit) for our Wholesale Banking operating segment included income tax credits related to low-income housing and renewable energy investments of $469 million, $465 million, $491 million, $478 million, and $422 million for the quarters ended September 30, June 30 and March 31, 2020, and December 31 and September 30, 2019, respectively.

(4)Includes the elimination of certain items that are included in more than one business segment, most of which represents products and services for Wealth and Investment Management customers served through Community Banking distribution channels.

- 39 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING


	Quarter ended
(in millions)	Sep 30, 2020		Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019
MSRs measured using the fair value method:
Fair value, beginning of quarter	$	6,819	8,126	11,517	11,072	12,096

Servicing from securitizations or asset transfers (1)	351		462	461	654	538
Sales and other (2)	—		(1)	(31)	—	(4)
Net additions	351		461	430	654	534
Changes in fair value:
Due to changes in valuation inputs or assumptions:
Mortgage interest rates (3)	(294)		(600)	(3,022)	405	(718)
Servicing and foreclosure costs (4)	157		(349)	(73)	45	13
Discount rates	—		—	27	(34)	188
Prepayment estimates and other (5)	(80)		(182)	(189)	(54)	(445)
Net changes in valuation inputs or assumptions	(217)		(1,131)	(3,257)	362	(962)
Changes due to collection/realization of expected cash flows (6)	(598)		(637)	(564)	(571)	(596)
Total changes in fair value	(815)		(1,768)	(3,821)	(209)	(1,558)
Fair value, end of quarter	$	6,355	6,819	8,126	11,517	11,072

(1)Includes impacts associated with exercising cleanup calls on securitizations and our right to repurchase delinquent loans from Government National Mortgage Association (GNMA) loan securitization pools. MSRs may increase upon repurchase due to servicing liabilities associated with these delinquent GNMA loans.

(2)Includes sales and transfers of MSRs, which can result in an increase in MSRs if related to portfolios with servicing liabilities.

(3)Includes prepayment speed changes as well as other valuation changes due to changes in mortgage interest rates.

(4)Includes costs to service and unreimbursed foreclosure costs.

(5)Represents other changes in inputs or assumptions, including prepayment speed estimation changes that are independent of mortgage interest rate changes.

(6)Represents the reduction in the MSR fair value for the cash flows expected to be collected during the period, net of income accreted due to the passage of time.


	Quarter ended
(in millions)	Sep 30, 2020		Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019
Amortized MSRs:
Balance, beginning of quarter	$	1,361	1,406	1,430	1,397	1,407
Purchases	6		7	8	35	25
Servicing from securitizations or asset transfers	32		48	34	69	33
Amortization (1)	(74)		(100)	(66)	(71)	(68)
Balance, end of quarter	$	1,325	1,361	1,406	1,430	1,397
Fair value of amortized MSRs:
Beginning of quarter	$	1,401	1,490	1,872	1,813	1,897
End of quarter	1,400		1,401	1,490	1,872	1,813

(1)Includes recorded impairment of $7 million and $30 million, and an associated valuation allowance of $37 million and $30 million, for the third and second quarters of 2020, respectively.

- 40 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING (CONTINUED)


		Quarter ended
(in millions)		Sep 30, 2020		Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019
Servicing income, net:
Servicing fees (1)		$	717	644	758	780	806
Amortization (2)		(74)		(100)	(66)	(71)	(68)
Changes due to collection/realization of expected cash flows (3)	(A)	(598)		(637)	(564)	(571)	(596)
Net servicing fees		45		(93)	128	138	142
Changes in fair value of MSRs due to valuation inputs or assumptions (4)	(B)	(217)		(1,131)	(3,257)	362	(962)
Net derivative gains (losses) from economic hedges of MSRs		513		535	3,400	(477)	678
Market-related valuation changes to MSRs, net of hedge results		296		(596)	143	(115)	(284)
Total servicing income (loss), net		$	341	(689)	271	23	(142)
Total changes in fair value of MSRs carried at fair value	(A)+(B)	$	(815)	(1,768)	(3,821)	(209)	(1,558)

(1)Includes contractually specified servicing fees, late charges and other ancillary revenues, net of unreimbursed direct servicing costs.

(2)Includes recorded impairment of $7 million and $30 million, and an associated valuation allowance of $37 million and $30 million, for the third and second quarters of 2020, respectively.

(3)Represents the reduction in the MSR fair value for the cash flows expected to be collected during the period, net of income accreted due to the passage of time.

(4)Refer to the changes in fair value MSRs table on the previous page for more detail.


(in billions)	Sep 30, 2020			Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019
Managed servicing portfolio (1):
Residential mortgage servicing:
Serviced and subserviced for others	$	920		992	1,041	1,065	1,086
Owned loans serviced	342			335	341	343	346

Total residential servicing	1,262			1,327	1,382	1,408	1,432
Commercial mortgage servicing:
Serviced and subserviced for others	579			578	573	575	560
Owned loans serviced	123			125	124	124	122

Total commercial servicing	702			703	697	699	682
Total managed servicing portfolio	$	1,964		2,030	2,079	2,107	2,114
Total serviced for others, excluding subserviced for others	$	1,488		1,558	1,602	1,629	1,634
Ratio of MSRs to related loans serviced for others	0.52		%	0.52	0.60	0.79	0.76
Weighted-average note rate (mortgage loans serviced for others)	4.13			4.13	4.20	4.25	4.29

(1)The components of our managed servicing portfolio are presented at unpaid principal balance for loans serviced and subserviced for others and at book value for owned loans serviced.

- 41 -

Wells Fargo & Company and Subsidiaries

SELECTED FIVE QUARTER RESIDENTIAL MORTGAGE PRODUCTION DATA


		Quarter ended
		Sep 30, 2020			Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019
Net gains on mortgage loan origination/sales activities (in millions):
Residential	(A)	$	1,039		866	360	503	461
Commercial		45			83	23	101	106
Residential pipeline and unsold/repurchased loan management (1)		165			57	(275)	156	41
Total		$	1,249		1,006	108	760	608
Application data (in billions):
Wells Fargo first mortgage quarterly applications		$	88		84	108	72	85
Refinances as a percentage of applications		56		%	60	65	51	50
Wells Fargo first mortgage unclosed pipeline, at quarter end		$	44		50	62	33	44
Residential real estate originations:
Purchases as a percentage of originations		49		%	38	48	50	60
Refinances as a percentage of originations		51			62	52	50	40
Total		100		%	100	100	100	100
Wells Fargo first mortgage loans (in billions):
Retail		$	33		30	23	27	27
Correspondent		29			28	25	33	30
Other (2)		—			1	—	—	1
Total quarter-to-date		$	62		59	48	60	58
Held-for-sale	(B)	$	48		43	33	42	38
Held-for-investment		14			16	15	18	20
Total quarter-to-date		$	62		59	48	60	58
Total year-to-date		$	169		107	48	204	144
Production margin on residential held-for-sale mortgage originations	(A)/(B)	2.16		%	2.04	1.08	1.21	1.21

(1)Predominantly includes the results of sales of modified GNMA loans, interest rate management activities and changes in the estimate of our liability for mortgage loan repurchase losses.

(2)Consists of home equity loans and lines.

Table of contents 3Q20 Results Appendix 3Q20 Earnings Pages 2 Real estate 1-4 family mortgage portfolio 23 Strong capital and liquidity positions 3 Consumer credit card portfolio 24 Loans 4 Auto portfolios 25 Commercial loan trends 5 Student lending portfolio 26 Consumer loan trends 6 Trading-related revenue 27 Deposits 7 Wholesale Banking adjusted efficiency ratio for income tax credits 28 Net interest income 8 Common Equity Tier 1 (Standardized Approach) 29 Noninterest income 9 Common Equity Tier 1 (Advanced Approach) 30 Noninterest expense and efficiency ratio 10 Building a stronger Wells Fargo 11 Forward-looking statements 31 Community Banking 12 Community Banking metrics 13 Wholesale Banking 14 Wealth and Investment Management 15 Credit quality of the loan portfolio 16 Commercial & Industrial loans and lease financing by industry 17 Commercial real estate loans by property type 18 Consumer loan deferrals due to COVID-19 19 Allowance for credit losses for loans 20 Capital 21 Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information. Wells Fargo 3Q20 Supplement 1

3Q20 Earnings . 3Q20 net income of $2.0 billion, up $4.4 billion ($ in millions, except EPS) 3Q20 2Q20 3Q19 linked quarter (LQ) on lower provision expense and Net interest income $ 9,368 9,880 11,625 higher noninterest income on broad-based growth Noninterest income 9,494 7,956 10,385 including higher mortgage banking income, Total revenue 18,862 17,836 22,010 partially offset by lower net interest income and Provision expense 769 9,534 695 higher noninterest expense, which included Noninterest expense 15,229 14,551 15,199 restructuring charges Income tax expense (benefit) 645 (3,917) 1,304 Wells Fargo net income (loss) $ 2,035 (2,379) 4,610 . Pre-tax results were impacted by the following: – $718 million of restructuring charges, predominantly Diluted earnings (loss) per severance expense associated with expense reduction common share (EPS) $ 0.42 (0.66) 0.92 initiatives – $1.2 billion of operating losses, including $961 million of customer remediation accruals for a variety of matters reflecting expansion of populations, time periods, and/or amount of reimbursement – $452 million of noninterest income related to a change in the accounting measurement model for certain nonmarketable equity securities from our venture capital partnerships (recognized in net gains from equity securities and other income) Wells Fargo 3Q20 Supplement 2

Strong capital and liquidity positions 3Q20 Common Equity Tier 1 (CET 1) Ratio (1) 3Q20 Liquidity Coverage Ratio (LCR) (2) 134% 11.4% 129% 11.0% 34% above 2.4%, or 10% the $28.3 regulatory billion, 100% 9% minimum above the regulatory minimum Regulatory Current Internal 2Q20 Actual 3Q20 Estimate Regulatory Minimum 2Q20 Actual 3Q20 Estimate Minimum Target . At September 30, 2020, the Company’s primary unencumbered sources of liquidity totaled ~$494 billion (3) (1) 3Q20 capital ratio calculated under the Standardized Approach and is a preliminary estimate. See page 29 for additional information regarding the Common Equity Tier 1 capital ratio. (2) 3Q20 liquidity coverage ratio (LCR) is a preliminary estimate. LCR is calculated as high-quality liquid assets divided by projected net cash outflows, as each is defined under the LCR rule. (3) Includes cash, cash equivalents, and unencumbered high-quality liquid debt securities. Primary sources of liquidity is a preliminary estimate. Wells Fargo 3Q20 Supplement 3

Loans Average Loans Outstanding Period-end Loans Outstanding ($ in billions) ($ in billions) 971.3 956.5 965.0 949.8 931.7 954.9 962.3 1,009.8 935.2 920.1 4.61% 4.37% 4.20% 3.50% 3.41% 3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20 Commercial Consumer Total average loan yield . Total average loans of $931.7 billion, down $18.1 . Total period - end loans of $920.1 billion, down $34.8 billion, billion year-over-year (YoY) and $39.6 billion linked or 4%, YoY driven by lower commercial loans quarter (LQ) driven by lower commercial and industrial . Total period-end loans down $15.1 billion, or 2%, LQ as loans declines in commercial loans reflecting lower loan demand . Total average loan yield of 3.41%, down 9 bps LQ and and continued paydowns as a result of market liquidity were 120 bps YoY reflecting the repricing impacts of lower partially offset by growth in consumer real estate loans interest rates, as well as continued loan mix changes - Wholesale Banking revolving loan utilization of 36.3% in September (1) down 280 bps LQ and 490 bps YoY - Consumer real estate loan growth included: • $21.9 billion of consumer real estate first mortgage loans repurchased from Ginnie Mae (GNMA) loan securitization pools (early pool buyout loans (EPBO)) o Insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veteran Affairs (VA) • $9.0 billion of loans reclassified from held for sale (HFS) to held for investment (HFI) - Please see pages 5 and 6 for additional information (1) Preliminary estimate. Wells Fargo 3Q20 Supplement 4

Commercial loan trends Commercial loans down $30.0 billion YoY and down $30.9 billion LQ reflecting lower loan demand, as well as loan paydowns on continued liquidity and strength in the capital markets ($ in billions, Period-end balances) B= billion, MM = million 370 Commercial and Industrial Commercial and industrial (C&I) loans down $29.2B LQ on broad-based declines driven by paydowns of loans and lower loan demand and included 350 declines of: . $14.8B in Corporate & Investment Banking driven by declines in Corporate 330 Transactional Banking across all industry verticals, lower Asset Backed Finance 310 loans, and declines in Commercial Real Estate credit facilities to REITs and other non-depository financial institutions 290 . $6.3B in Commercial Capital driven by lower asset-based lending, Commercial Distribution Finance and Equipment Finance 270 . $7.6B in Middle Market Banking 250 3Q19 2Q20 3Q20 Commercial Real Estate 150 145 Commercial real estate (CRE) loans down $1.2B LQ 140 . CRE Mortgage down $2.1B LQ on continued credit discipline as borrowers had access 135 to multiple sources of funding 130 . CRE Construction up $825MM primarily driven by construction fundings for industrial 125 facilities including data centers and multi-family 120 115 Lease financing down $463MM LQ driven by a decline in Equipment Finance 110 105 100 3Q19 2Q20 3Q20 Wells Fargo 3Q20 Supplement 5

Consumer loan trends Consumer loans down $4.8 billion YoY; up $15.8 billion LQ driven by increases in consumer real estate loans due to the purchase of $21.9 billion of EPBOs and the reclassification of $9.0 billion of first mortgage loans from HFS to HFI ($ in billions, Period-end balances) B= billion, MM = million . Consumer Real Estate 1-4 First mortgage loans up $4.4B . Credit card down $3.6B Family First & Junior Lien YoY and up $17.0B LQ Credit Card YoY reflecting the - 40 Mortgage LQ increase reflected purchases economic slowdown 300 of $21.9B of EPBOs, as well as 36 and changes in the reclassification of $9.0B of 250 consumer spending loans from HFS to HFI 200 32 associated with the . Junior lien mortgage loans down COVID-19 pandemic, 150 $5.7B YoY and $1.7B LQ as 28 and stable LQ 100 continued paydowns more than offset new originations 24 50 0 20 3Q19 2Q20 3Q20 3Q19 2Q20 3Q20 1-4 Family First Junior Lien Other Revolving Credit and Automobile 50 36 Installment . Auto loans up $1.7B YoY and . Other revolving credit down $358MM LQ and installment loans 32 45 . Originations of auto loans down $1.6B YoY, but down 22% YoY largely due to up $812MM LQ as 40 the economic slowdown 28 higher security-based associated with the COVID-19 lending was partially 35 pandemic, and down 5% LQ 24 offset by lower personal loans and 30 20 lines, and lower student 3Q19 2Q20 3Q20 3Q19 2Q20 3Q20 loans Wells Fargo 3Q20 Supplement 6

Deposits Average Deposits and Rates Period-end Deposits ($ in billions) ($ in billions) 1,386.7 1,399.0 1,291.4 1,410.7 1,308.5 1,383.2 408.5 439.7 344.5 434.0 404.3 436.7 0.71% 48.2 37.8 84.2 34.4 37.1 29.2 959.3 946.9 978.2 894.1 904.0 0.17% 758.4 0.09% 3Q19 2Q20 3Q20 3Q19 2Q20 3Q20 Wholesale Banking Corporate Treasury including brokered CDs Interest-bearing deposits Noninterest-bearing deposits Mortgage Escrow (1) Average deposit cost Consumer and Small Business Banking Deposits . Average deposits of $1.4 trillion, up $107.6 billion, or 8%, . Period-end deposits of $1.4 trillion, up $74.7 billion, or 6%, YoY driven by growth in consumer and small business YoY on a $145.6 billion increase in consumer and small banking deposits (1) reflecting customers’ preferences for business banking deposits (1) reflecting customers’ liquidity due to COVID-19 preferences for liquidity due to COVID-19 . Average deposits up $12.3 billion, or 1%, LQ on growth in . Period-end deposits down $27.5 billion, or 2%, LQ consumer and small business banking deposits (1) - Consumer and small business banking deposits (1) up $9.9 - Noninterest-bearing deposits up $31.2 billion, or 8% billion, or 1%, reflecting impacts due to COVID-19 including . Average deposit cost of 9 bps, down 8 bps LQ reflecting customers' preferences for liquidity, loan payment deferrals the lower interest rate environment and stimulus checks - Retail banking average deposit cost down 10 bps - Wholesale Banking deposits declined $29.7 billion, or 7%, - WIM average deposit cost down 7 bps due to actions taken to manage under the Asset Cap - Wholesale Banking average deposit cost stable (1) Total deposits excluding mortgage escrow and wholesale deposits (Wholesale Banking, and Corporate Treasury including brokered CDs). Wells Fargo 3Q20 Supplement 7

Net interest income Net Interest Income . Net interest income decreased $2.3 billion, or 19%, YoY ($ in millions) reflecting the lower interest rate environment . Net interest income decreased $512 million, or 5%, LQ 11,625 11,200 11,312 reflecting balance sheet repricing resulting from the lower interest rate environment, balance sheet mix shifts into lower yielding earning assets including the impact of 9,880 lower commercial loans, as well as: 9,368 - $120 million higher MBS premium amortization resulting from higher prepays (3Q20 MBS premium amortization was $668 million vs. $548 million in 2Q20) - Partially offset by higher variable sources of income and 2.66% 2.53% 2.58% one additional day in the quarter . NIM of 2.13% down 12 bps LQ and included: 2.25% 2.13% - ~(11) bps from balance sheet repricing and mix - ~(3) bps from MBS premium amortization - ~(1) bp from hedge ineffectiveness accounting results (2) - ~3 bps from variable sources of income 3Q19 4Q19 1Q20 2Q20 3Q20 Net Interest Margin (NIM) Average rates 3Q19 4Q19 1Q20 2Q20 3Q20 1 Month LIBOR 2.17 % 1.79 % 1.41 % 0.36 % 0.16 % 3 Month LIBOR 2.20 1.93 1.53 0.60 0.25 Fed Funds Target Rate 2.29 1.83 1.41 0.25 0.25 10 Year (1) CMT = Constant Maturity Treasury rate. CMT (1) 1.79 1.80 1.38 0.69 0.65 (2) Total hedge ineffectiveness accounting (including related economic hedges) of $(8) million in 3Q20 included $(26) million in net interest income and $18 million in other income. In 2Q20 total hedge ineffectiveness accounting (including related economic hedges) was $38 million and included $12 million in net interest income and $26 million in other income. Changes in the level of market rates, basis relationships, hedge notional, and the size of hedged portfolios contribute to differing levels of hedge ineffectiveness each quarter. Wells Fargo 3Q20 Supplement 8

Noninterest income vs vs . Noninterest income up $1.5 billion, or 19%, LQ ($ in millions) 3Q20 2Q20 3Q19 . Deposit-related fees up $157 million, or 14%, LQ on higher (1) Noninterest income transaction volumes, one additional day in the quarter, and higher Deposit-related fees $ 1,299 $ 157 (181) treasury management fees Trust and investment fees: - Consumer was 56% and commercial was 44% of total Brokerage advisory, commissions • Earnings credit rate (ECR) offset (results in lower fees for commercial and other fees 2,336 219 (10) customers) was down $15 million LQ and $116 million YoY Trust and investment management 737 50 8 . Trust and investment fees up $163 million, or 5%, LQ Investment banking 441 (106) (43) - Brokerage advisory, commissions and other fees up $219 million on Card fees 912 115 (115) higher retail brokerage advisory fees (priced at the beginning of the Lending-related fees 352 29 (22) quarter) Mortgage banking 1,590 1,273 1,124 - Trust and investment management fees up $50 million on higher Net gains from trading activities 361 (446) 85 asset-based fees Net gains on debt securities 264 52 261 - Investment banking fees down $106 million from record 2Q20 Net gains from equity securities 649 116 (307) investment grade results Lease income 333 (2) (69) . Card fees up $115 million, or 14%, LQ on higher interchange income Other 220 81 (1,622) driven by higher debit and credit card POS volumes Total noninterest income $ 9,494 $ 1,538 (891) . Mortgage banking up $1.3 billion LQ - Net gains on mortgage loan originations up $243 million and included 10,385 higher origination volumes and a higher gain on sale margin 9,494 - Servicing income up $1.0 billion from a 2Q20 that included negative 8,660 market-related MSR valuation changes 7,956 . Net gains from trading activities down $446 million LQ from a record 2Q20 (Please see page 27 for additional information) 6,405 . Net gains from equity securities up $116 million LQ on higher unrealized gains and included a $224 million change in the accounting measurement model for certain nonmarketable equity securities from our affiliated venture capital partnerships; 2Q20 results included $346 million in deferred compensation plan investment results which are now presented and netted in personnel expense 3Q19 4Q19 1Q20 2Q20 3Q20 . Other income up $81 million LQ and included a $228 million change (1) In 3Q20, service charges on deposit accounts, cash network fees, wire transfer and other in the accounting measurement model for certain nonmarketable remittance fees, and certain other fees were combined into a single line item for deposit-related equity securities from our affiliated venture capital partnerships, fees; certain fees associated with lending activities were combined into a single line item for lending-related fees; and certain other fees were reclassified to other noninterest income. Prior partially offset by $261 million lower gains on the sale of residential period balances have been revised to conform with the current period presentation. mortgage loans ($0 million in 3Q20 vs. $261 million in 2Q20) Wells Fargo 3Q20 Supplement 9

Noninterest expense and efficiency ratio (1) vs vs . ($ in millions) 3Q20 2Q20 3Q19 Noninterest expense up $678 million, or 5%, LQ Noninterest expense (2) - Personnel expense down $292 million and included: Personnel $ 8,624 $ (292) 20 • $344 million lower deferred compensation expense Technology, telecommunications and equipment 791 119 (30) Occupancy (3) 851 (20) 91 • $163 million decline in expenses in response to COVID-19 from Operating losses 1,219 - (701) a 2Q20 that included bonus payments and premium pay for Professional and outside services 1,760 84 23 certain customer-facing and support employees, as well as child Leases 291 47 19 care services benefits Advertising and promotion 144 7 (122) • Higher salaries expense driven by one additional day in the Restructuring charges 718 718 718 quarter, and higher revenue-based incentive compensation Other 831 15 12 - Technology, telecommunications and equipment expense up Total noninterest expense $ 15,229 $ 678 30 $119 million from a 2Q20 that included the reversal of an accrual for software expense - Operating losses remained at an elevated level and included $961 million of customer remediation accruals for a variety 15,199 15,614 15,229 of matters reflecting expansion of populations, time periods, 14,551 and/or amount of reimbursement - Professional and outside services expense up $84 million, or 13,048 5%, on higher contract services on project-related expense 81.6% 78.6% 80.7% - Restructuring charges of $718 million, predominantly severance expense associated with expense reduction 73.6% initiatives 69.1% 3Q19 4Q19 1Q20 2Q20 3Q20 Efficiency Ratio (1) Efficiency ratio defined as noninterest expense divided by total revenue (net interest income and noninterest income). (2) In 3Q20, expenses for outside professional services, contract services, and outside data processing were combined into a single line item for professional and outside services expense; expenses for technology and equipment and telecommunications were combined into a single line item for technology, telecommunications and equipment expense; and certain other expenses were reclassified to other noninterest expense. Prior period balances have been revised to conform with the current period presentation. (3) Represents expenses for both leased and owned properties. Wells Fargo 3Q20 Supplement 10

Building a stronger Wells Fargo Embarking on a multi-year journey to build a stronger Wells Fargo . Our goal is to build a better-run company with a streamlined organizational structure, and less complexity in processes and products to better serve our customers . This is more than a program – this needs to become part of our DNA and how we do business . We are focused on reducing net expenses – We will continue to appropriately invest in our business . This work is designed to not impact our critical risk, control, and regulatory work; meeting our regulatory commitments continues to be our highest priority and essential to our future success as a company Expense reduction actions Near term Medium term Long term Minimal technology investment or Process reengineering and Technology dependent and requires process changes required organizational transformation significant investments • Spans and layers • Product simplification and • Systems rationalization and standardization integration • Professional services and contractor spending reductions • Client delivery model optimization • Automation and digitization • Branch consolidation • Streamlining back office processes • Cloud and data center strategies • Personnel location optimization • Continued downsizing of • Increasing deployment of artificial corporate real estate intelligence and machine learning Wells Fargo 3Q20 Supplement 11

Community Banking vs vs . Net income of $336 million, compared with a net loss of ($ in millions) 3Q20 2Q20 3Q19 $331 million in 2Q20 and net income of $999 million in Net interest income $ 5,587 $ (112) (1,182) 3Q19 Noninterest income 5,135 2,068 665 . Provision for credit losses of $556 million, down from Provision for credit losses 556 (2,822) (52) $3.4 billion in 2Q20 Noninterest expense 8,947 601 181 . Noninterest expense up $601 million, or 7%, LQ and Income tax expense 703 3,369 36 included $718 million of restructuring charges and $966 Segment net income $ 336 $ 667 (663) million of customer remediation accruals ($ in billions) Avg loans $ 457.6 $ 8.3 (1.4) Avg deposits 881.7 33.2 92.0 Key metrics . See page 13 for additional information 3Q20 2Q20 3Q19 Key Metrics: . 5,229 retail banking branches reflects 77 branch Total Retail Banking branches 5,229 5,300 5,393 consolidations in 3Q20 - ~900 branches, or ~18% of our nationwide network, are ($ in billions) 3Q20 2Q20 3Q19 temporarily closed due to COVID-19 Auto originations $ 5.4 5.6 6.9 . Consumer auto originations of $5.4 billion, down 5% LQ Home Lending and 22% YoY Applications $ 88 84 85 Application pipeline 44 50 44 . Mortgage originations of $62 billion (held-for-sale = Originations 62 59 58 $48 billion and held-for-investment = $14 billion), up 5% Residential HFS production margin (1) 2.16 2.04 % 1.21 % LQ and 7% YoY - 49% of originations were for purchases, compared with 38% in 2Q20 and 60% in 3Q19 - Held-for-sale originations up 12% LQ and 26% YoY - 2.16% residential held-for-sale production margin (1), up 12 bps LQ and 95 bps YoY - (1) Production margin represents net gains on residential mortgage loan origination/sales activities $843 million of non-conforming originations directed to divided by total residential held-for-sale mortgage originations. held-for-sale for future securitizations Wells Fargo 3Q20 Supplement 12

Community Banking metrics Customers and Active Accounts (in millions) 3Q20 2Q20 1Q20 4Q19 3Q19 vs 2Q20 vs 3Q19 Digital (online and mobile) Active Customers (1) 32.0 31.1 31.1 30.3 30.2 3% 6% Mobile Active Customers (1) 25.9 25.2 24.9 24.4 24.3 3% 7% Primary Consumer Checking Customers (2)(3) 24.4 24.3 24.4 24.4 24.3 0.2% 0.3% Consumer General Purpose Credit Card Active Accounts (4) (5) 7.6 7.3 7.9 8.1 8.1 4% -6% . 32.0 million digital (online and mobile) active customers (1) , up 3% LQ and 6% YoY reflecting continued improvements in user experience and increased customer awareness of digital services – 25.9 million mobile active customers (1), up 3% LQ and 7% YoY Balances and Activity (in millions, except where noted) 3Q20 2Q20 1Q20 4Q19 3Q19 vs. 2Q20 vs. 3Q19 Consumer and Small Business Banking Deposits (Average) ($ in billions) $ 897.8 857.9 779.5 763.2 749.5 5% 20% Teller and ATM Transactions (6) 254.1 235.2 289.4 315.1 324.3 8% -22% Debit Cards (7) POS Transactions 2,273 2,027 2,195 2,344 2,344 12% -3% POS Purchase Volume (billions) $ 102.9 93.1 90.6 95.2 92.6 11% 11% Consumer General Purpose Credit Cards (5) ($ in billions) POS Purchase Volume $ 19.2 15.8 18.1 21.0 20.4 22% -6% Outstandings (Average) 28.9 29.6 32.3 32.3 31.7 -2% -9% . Average consumer and small business banking deposit balances up 5% LQ and 20% YoY . Teller and ATM transactions (6) of 254.1 million in 3Q20, up 8% LQ reflecting increased customer activity on improved economic activity, as well as branch re-openings, and down 22% YoY due to the temporary closure of ~900 branches, or ~18% of our nationwide network, due to COVID-19, as well as the continued customer migration to digital channels . Debit cards (7) and consumer general purpose credit cards (5): – Point-of-sale (POS) debit card transactions up 12% LQ on increased customer spending activity on improved economic activity and down 3% YoY on reduced consumer spending activity due to COVID-19 – POS debit card purchase volume up 11% LQ and up 11% YoY on higher average transaction sizes – POS consumer general purpose credit card purchase volume up 22% LQ on improved economic activity, but down 6% YoY on reduced customer spending due to COVID-19 (1) Digital and mobile active customers is the number of consumer and small business customers who have logged on via a digital or mobile device in the prior 90 days. Prior periods have been revised so they are no longer reported on a one-month lag. (2) Metrics reported on a one-month lag from reported quarter-end; for example, 3Q20 data as of August 2020 compared with August 2019. (3) Customers who actively use their checking account with transactions such as debit card purchases, online bill payments, and direct deposit. Management uses this metric to help monitor trends in checking customer engagement with the Company. (4) Accounts having at least one POS transaction, including POS reversal, during the period. (5) Credit card metrics shown in the table are for general purpose cards only. (6) Teller and ATM transactions reflect customer transactions completed at a branch teller line or ATM and does not include customer interactions with a branch banker. Management uses this metric to help monitor customer traffic trends within the Company’s Retail Banking business. (7) Combined consumer and business debit card activity. Wells Fargo 3Q20 Supplement 13

Wholesale Banking vs vs . Net income of $1.5 billion ($ in millions) 3Q20 2Q20 3Q19 . Net interest income down 11% LQ reflecting lower loan Net interest income $ 3,481 $ (410) (901) and deposit balances, as well as lower trading-related NII Noninterest income 2,113 (559) (447) . Noninterest income down 21% LQ on lower trading gains and investment banking fees Provision for credit losses 219 (5,809) 127 . Provision for credit losses decreased $5.8 billion LQ and Noninterest expense 4,013 50 124 included $232 million lower net charge-offs on lower Income tax expense (benefit) (127) 1,159 (442) losses in the oil and gas portfolio Segment net income $ 1,488 $ 3,631 (1,156) . Noninterest expense up 1% LQ predominantly driven by ($ in billions) higher personnel expense Avg loans $ 455.1 $ (49.2) (19.2) Lending-related Avg deposits 418.8 (22.4) (3.2) . Unfunded revolving lending commitments up 5% YoY and 2% LQ ($ or # in billions, except where noted) 3Q20 2Q20 3Q19 (6) (1) . Efficiency ratio 71.7 % 60.4 56.0 Revolving loan utilization in September of 36.3% , down Adjusted efficiency ratio for income tax credits (2) 64.5 % 55.2 51.8 490 bps YoY and 280 bps LQ driven by lower demand and paydowns reflecting continued liquidity and strength in Key Metrics: Lending-related the capital markets Unfunded revolving lending commitments $ 347 339 332 Treasury Management Assets under lease 25 25 28 . Treasury management fee-based revenue down 10% YoY, Commercial mortgage servicing - 3rd party unpaid but up 3% LQ on increased economic activity principal balance 570 569 560 . ACH payment transactions originated (3) up 16% YoY Treasury Management primarily due to increased customer activity, and up 5% ACH payment transactions originated (#) (3) 2.2 2.1 1.9 LQ Commercial card spend volume (4) $ 6.1 5.8 8.8 . Commercial card spend volume (4) of $6.1 billion, down vs 31% YoY due to COVID-19 impacts on business spending 3Q20 3Q19 3Q19 activity and up 5% LQ on increased economic activity Investment Banking (5) Investment Banking (5) Total U.S. market share (YTD %) 3.4 % 3.4 - bps . YTD 2020 U.S. investment banking market share of 3.4% High grade DCM U.S. market share (YTD %) 7.1 6.7 40 bps vs. YTD 2019 of 3.4% Loan syndications U.S. market share (YTD %) 3.8 4.4 (60) bps (1) The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income). (2) The adjusted efficiency ratio for income tax credits, which includes tax equivalent adjustments for income tax credits related to our low-income housing and renewable energy investments, is a non-GAAP financial measure. For additional information, including a corresponding reconciliation to GAAP financial measures, see page 28. (3) Includes ACH payment transactions originated by the entire company. (4) Includes commercial card volume for the entire company. (5) Year-to-date (YTD) through September 30. Source: Dealogic U.S. investment banking fee market share. Market share based on deals with U.S. targets (M&A), U.S. issuers (Equity Capital Markets), and deals both marketed in the U.S. and issued in U.S. dollars (Debt Capital Markets and Loan Syndications). Previous market share data reflected deals with U.S.-headquartered companies (all products). Previously reported market share metrics have been revised to reflect this definitional change. (6) Preliminary estimate. Wells Fargo 3Q20 Supplement 14

Wealth and Investment Management vs vs . Net income of $463 million, down 64% YoY and up 157% LQ ($ in millions) 3Q20 2Q20 3Q19 . Net interest income up 5% LQ primarily due to higher deposit Net interest income $ 771 35 (218) balances and lower deposit costs Noninterest income 3,023 99 (1,129) . Noninterest income up 3% LQ driven by higher retail brokerage Provision (reversal of provision) advisory fees (priced at the beginning of the quarter), partially for credit losses (9) (266) (12) offset by lower net gains from equity securities reflecting a $151 Noninterest expense 3,184 31 (247) million decrease in deferred compensation plan investment Income tax expense 153 90 (273) results (P&L neutral) Segment net income $ 463 283 (817) . Noninterest expense up 1% LQ, as higher broker commissions and equipment expense were largely offset by a $147 million ($ in billions) decrease in deferred compensation expense (largely offset in Avg loans $ 79.8 1.1 3.9 revenue by lower net gains from equity securities) and lower Avg deposits 175.3 3.5 32.9 other personnel expense ($ in billions, except where noted) 3Q20 2Q20 3Q19 WIM Segment Highlights Key Metrics: . WIM total client assets of $1.9 trillion, stable YoY as higher (1) WIM Client assets ($ in trillions) $ 1.9 $ 1.8 1.9 market valuations were offset by net outflows in the Correspondent Clearing business Retail Brokerage . 3Q20 closed referred investment assets (referrals resulting from Client assets ($ in trillions) $ 1.6 $ 1.6 1.6 the WIM/Community Banking partnership) of $2.0 billion were up Advisory assets 602 569 569 27% LQ reflecting higher referral activity from 2Q20 lows due to IRA assets 437 415 415 COVID-19, but down 23% YoY reflecting lower referral activity Financial advisors (#) 12,908 13,298 13,723 due to COVID-19 Wealth Management Retail Brokerage Client assets $ 229 $ 224 230 . Advisory assets of $602 billion, up 6% YoY, as higher market Wells Fargo Asset Management valuations were partially offset by net outflows in the Total AUM (2) 607 578 503 Correspondent Clearing business Wells Fargo Funds AUM 306 283 217 Wells Fargo Asset Management (1) WIM Client Assets reflect Brokerage & Wealth assets, including Wells Fargo Funds holdings . Total AUM (2) of $607 billion, up 21% YoY as money market fund and deposits. (2) Wells Fargo Asset Management Total AUM that is not held in Brokerage & Wealth client net inflows and higher market valuations were partially offset by assets is excluded from WIM Client Assets. equity net outflows Wells Fargo 3Q20 Supplement 15

Credit quality of the loan portfolio Provision Expense and Net Charge-offs on Loans . Customer forbearance and payment deferral activities ($ in millions) instituted in response to the COVID-19 pandemic could 9,565 delay the recognition of net charge-offs, delinquencies, and nonaccrual status for those customers who would have otherwise moved into past due or nonaccrual status . Net charge-offs on loans of $683 million, down $430 million LQ 3,833 . 0.29% net charge-off ratio (annualized), down 17 bps LQ 0.32% 0.46% 0.27% 0.38% - Commercial losses of 29 bps, down 15 bps LQ reflecting lower 0.29% C&I losses driven by lower losses in oil and gas, as well as 695 645 644 769 909 1,113 769 683 lower CRE losses - 3Q19 4Q19 1Q20 2Q20 3Q20 Consumer losses of 30 bps, down 18 bps LQ driven by lower Provision Expense Net Charge-offs losses in credit card and auto loans Net Charge-off Ratio . Commercial criticized assets of $37.3 billion, down $816 million, or 2%, LQ on a $3.1 billion decrease in C&I, partially Nonperforming Assets offset by a $2.3 billion increase in CRE ($ in billions) 8.2 7.8 0.2 . NPAs increased $378 million, or 5%, LQ 0.2 - Nonaccrual loans increased $417 million, or 5% 6.4 • Commercial nonaccruals increased $113 million on higher 6.0 0.2 commercial real estate nonaccruals 5.6 0.5 8.0 o 70% of nonaccruals were current on interest and principal 0.3 7.6 o See pages 17 and 18 for additional information on 6.2 commercial nonaccrual loans 5.5 5.3 • Consumer nonaccrual loans increased $304 million driven by higher consumer real estate and auto nonaccruals 3Q19 4Q19 1Q20 2Q20 3Q20 Nonaccrual loans Foreclosed assets Wells Fargo 3Q20 Supplement 16

Commercial & Industrial loans and lease financing by industry . C&I and lease financing nonaccrual loans of $3.0 billion, down $13 million LQ, as declines in oil and gas and retail nonaccruals were largely offset by higher nonaccruals in the healthcare and pharmaceuticals, transportation services, commercial services, and tech, telecom, and media industries - 39% of nonaccruals were oil and gas nonaccruals, down from 47% in 2Q20 . Criticized assets of $24.6 billion, down $3.1 billion, or 11%, LQ on broad-based declines 3Q20 2Q20 (1) (1) ($ in millions) Nonaccruals Loans Outstanding Total Commitments Nonaccruals Loans Outstanding Total Commitments Financials except banks $ 204 7% $ 108,597 32% $ 193,838 28% $ 219 7% $ 112,130 31% $ 197,152 28% Equipment, machinery and parts manufacturing 95 3% 19,586 6% 40,649 6% 98 3% 21,622 6% 41,771 6% Technology, telecom and media 100 3% 24,517 7% 56,417 8% 61 2% 24,912 7% 54,894 8% Real estate and construction 287 9% 24,959 7% 52,995 8% 290 10% 25,245 7% 49,925 7% Banks 0 0% 12,975 4% 13,982 2% 0 0% 15,548 4% 16,598 2% Retail 149 5% 19,243 6% 42,250 6% 216 7% 23,149 6% 43,212 6% Materials and commodities 48 2% 13,188 4% 35,885 5% 46 2% 15,877 4% 37,877 5% Automobile related 24 1% 12,031 4% 25,240 4% 24 1% 13,103 4% 25,162 4% Food and beverage manufacturing 30 1% 12,051 4% 28,597 4% 12 0% 13,082 4% 29,284 4% Health care and pharmaceuticals 163 5% 16,074 5% 32,304 5% 76 3% 17,144 5% 32,481 5% Oil, gas and pipelines 1,188 39% 11,138 3% 31,344 4% 1,414 47% 12,598 3% 32,679 5% Entertainment and recreation 85 3% 9,643 3% 16,849 2% 62 2% 11,820 3% 18,134 3% Transportation services 390 13% 10,216 3% 16,642 2% 319 11% 10,849 3% 17,040 2% Commercial services 145 5% 10,618 3% 24,467 4% 98 3% 12,095 3% 24,548 3% Agribusiness 40 1% 6,829 2% 12,419 2% 54 2% 7,362 2% 12,984 2% Utilities 9 0% 5,922 2% 19,315 3% 1 0% 6,486 2% 20,615 3% Insurance and fiduciaries 2 0% 3,463 1% 14,814 2% 2 0% 6,032 2% 17,069 2% Government and education 10 0% 5,413 2% 11,691 2% 6 0% 5,741 2% 12,128 2% Other 52 2% 11,397 3% 27,989 4% 36 1% 12,731 3% 32,843 5% Total $ 3,021 100% $ 337,860 100% $ 697,687 100% $ 3,034 100% $ 367,526 100% $ 716,396 100% Period end balances. Industry classifications based on NAICS classifications. (1) Total Commitments = loans outstanding + unfunded commitments, excluding issued letters of credit. Wells Fargo 3Q20 Supplement 17

Commercial real estate loans by property type . Nonaccrual loans of $1.4 billion, up $126 million LQ driven by a $119 million increase in office buildings nonaccruals . Criticized assets of $12.7 billion, up $2.3 billion, or 22%, LQ - 92% of the increase in criticized assets was from the hotel/motel, shopping center, and retail (excluding shopping center) sectors 3Q20 2Q20 ($ in millions) Nonaccruals Loans Outstanding Nonaccruals Loans Outstanding Office Buildings $ 280 20% $ 37,347 26% $ 161 13% $ 38,489 26% Apartments 30 2% 27,435 19% 11 1% 26,978 19% Industrial/Warehouse 77 6% 17,730 12% 73 6% 17,823 12% Retail (Excluding Shopping Center) 172 12% 14,053 10% 173 14% 14,089 10% Shopping Center 408 30% 11,732 8% 399 32% 12,493 9% Hotel/Motel 159 12% 12,288 9% 170 14% 12,247 8% Mixed Use Properties 91 7% 6,217 4% 90 7% 6,304 4% Institutional 95 7% 6,215 4% 97 8% 6,068 4% Collateral Pool - 0% 2,850 2% - 0% 2,336 2% Agriculture 48 3% 1,780 1% 61 5% 2,006 1% Other 17 1% 6,782 5% 16 1% 6,828 5% Total $ 1,377 100% $ 144,429 100% $ 1,251 100% $ 145,661 100% Period end balances. Wells Fargo 3Q20 Supplement 18

Consumer loan deferrals due to COVID-19 . $23.5 billion unpaid principal balance (UPB) of modified consumer loans were still in deferral as of 9/30/20, down from $37.2 billion as of 6/30/20 (1) As of September 30, 2020 As of June 30, 2020 Unpaid principal Unpaid principal balance of modified balance of modified loans still in deferral loans still in deferral ($ in millions) period % of loan class period % of loan class Real estate 1-4 family first mortgage (1) $ 16,994 6% 25,194 9% Real estate 1-4 family junior lien mortgage 1,848 7% 2,812 10% Credit card 783 2% 2,616 7% Automobile 2,796 6% 4,880 10% Other revolving credit and installment 1,057 3% 1,673 5% Total Consumer (1) $ 23,478 5% $ 37,175 9% . As of 9/30/20, the trailing seven day average of new daily payment deferrals granted declined 97% from their peak in early April (1) Excludes $19.1 billion and $7.1 billion at September 30, 2020 and June 30, 2020, respectively, of real estate 1-4 family first mortgage loans insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) that were primarily repurchased from GNMA loan securitization pools. FHA/VA loans are entitled to payment deferrals of scheduled principal and interest up to a total of 12 months. Wells Fargo 3Q20 Supplement 19

Allowance for credit losses for loans . Allowance for credit losses (ACL) for loans of $20.5 billion, relatively stable LQ and reflected an improving economic environment and solid credit performance in the quarter, but continued uncertainty due to COVID-19 - Allowance coverage for total loans of 2.22%, up from 2.19% in 2Q20 3Q20 2Q20 Annualized Annualized Loans ACL as a % Net Charge- Loans ACL as a % Net Charge- ($ in millions) ACL outstanding of loans off Ratio ACL outstanding of loans off Ratio Commercial Commercial & industrial $ 7,845 320,913 2.44 % 0.33 % $ 8,109 350,116 2.32 % 0.55 % Real estate mortgage 2,517 121,910 2.06 0.18 2,395 123,967 1.93 0.22 Real estate construction 521 22,519 2.31 (0.03) 484 21,694 2.23 (0.02) Lease financing 659 16,947 3.89 0.66 681 17,410 3.91 0.33 Total commercial $ 11,542 482,289 2.39 % 0.29 % $ 11,669 513,187 2.27 % 0.44 % Consumer Real estate 1-4 family first mortgage $ 1,519 294,990 0.51 % - % $ 1,541 277,945 0.55 % - % Real estate 1-4 family junior lien mortgage 710 25,162 2.82 (0.22) 725 26,839 2.70 (0.17) Credit card 4,082 36,021 11.33 2.71 3,777 36,018 10.49 3.60 Auto 1,225 48,450 2.53 0.25 1,174 48,808 2.41 0.88 Other revolving credit and installment 1,393 33,170 4.20 0.80 1,550 32,358 4.79 1.09 Total consumer $ 8,929 437,793 2.04 % 0.30 % $ 8,767 421,968 2.08 % 0.48 % Total $ 20,471 920,082 2.22 % 0.29 % $ 20,436 935,155 2.19 % 0.46 % Loan balances as of period-end. Wells Fargo 3Q20 Supplement 20

Capital Common Equity Tier 1 Ratio (1) Capital Position . Common Equity Tier 1 (CET1) ratio of 11.4% at 9/30/20 (1) continued to be above both the regulatory 12.4% minimum of 9% and our current internal target of 10% 11.9% 11.6% 11.5% . 11.4% 11.4% Currently expect internal loan portfolio credit rating 11.1% 11.1% 10.7% 11.0% trends will result in higher risk-weighted assets (RWA) under the Advanced Approach than under the Standardized Approach in the coming quarters, which would reduce the CET1 ratio and other RWA-based capital ratios Total Loss Absorbing Capacity (TLAC) Update . As of 9/30/20, our eligible external TLAC as a percentage of total risk-weighted assets was 25.8% (2) compared with the required minimum of 22.0% 3Q19 4Q19 1Q20 2Q20 3Q20 Estimated Standardized Approach Advanced Approach (1) 3Q20 capital ratios are preliminary estimates. See pages 29-30 for additional information regarding the Common Equity Tier 1 capital ratios. (2) 3Q20 TLAC ratio is a preliminary estimate. Wells Fargo 3Q20 Supplement 21

Appendix

Real estate 1-4 family mortgage portfolio ($ in millions) 3Q20 2Q20 3Q19 Linked Quarter Change Year-over-Year Change Real estate 1-4 family first mortgage loans: $ 294,990 277,945 290,604 $ 17,045 6 % $ 4,386 2 % Nonaccrual loans 2,641 2,393 2,261 248 10 380 17 as % of loans 0.90 % 0.86 % 0.78 % 4 bps 12 bps Net charge-offs/(recoveries) $ (1) 2 (5) $ (3) n.m $ 4 (80) as % of average loans (0.00) % 0.00 % (0.01) % (0) bps 1 bps Real estate 1-4 family junior lien mortgage loans: $ 25,162 26,839 30,838 $ (1,677) (6) $ (5,676) (18) Nonaccrual loans 767 753 819 14 2 (52) (6) as % of loans 3.05 % 2.81 % 2.66 % 24 bps 39 bps Net charge-offs/(recoveries) $ (14) (12) (22) $ (2) 17 % $ 8 (36) % as % of average loans (0.22) % (0.17) % (0.28) % (5) bps 6 bps . First mortgage loans up $17.0 billion LQ as the . Junior lien mortgage loans down $1.7 billion, or 6%, LQ repurchase of $21.9 billion of EPBO loans, the as paydowns more than offset new originations reclassification of $9.0 billion of loans from HFS to - Net recoveries up $2 million LQ due to lower net charge- HFI, and $13.4 billion of originations, were partially offs reflecting payment deferrals offset by paydowns - Nonaccrual loans increased $14 million, or 2%, LQ - Net recoveries up $3 million LQ - Nonaccrual loans increased $248 million LQ and included $185 million of COVID-related loan payment deferrals that did not qualify for legislative (CARES Act) or regulatory relief - First lien home equity lines of $9.4 billion, down $412 million LQ Loan balances as of period-end. Wells Fargo 3Q20 Supplement 23

Consumer credit card portfolio ($ in millions, except where noted) 3Q20 2Q20 3Q19 Linked Quarter Change Year-over-Year Change Credit card outstandings $ 36,021 36,018 39,629 $ 3 - % $ (3,608) (9) % Net charge-offs 245 327 319 (82) (25) (74) (23) as % of avg loans 2.71 % 3.60 % 3.22 % (89) bps (51) bps 30+ days past due $ 634 757 997 $ (123) (16) $ (363) (36) as % of loans 1.76 % 2.10 % 2.52 % (34) bps (76) bps Key Metrics: Purchase volume $ 21,335 17,471 22,533 $ 3,864 22 $ (1,198) (5) POS transactions (millions) 296 246 337 50 20 (41) (12) New accounts (1) (thousands) 210 254 469 (44) (17) (259) (55) POS active accounts (thousands) (2) 8,321 7,773 8,985 548 7 % (664) (7) % . Credit card outstandings stable LQ as higher purchase volume was offset by increased payment rates, and down $3.6 billion, or 9%, YoY reflecting the economic impact of COVID-19 including on customer spending - Purchase dollar volume up 22% LQ due to increased economic activity and down 5% YoY reflecting lower consumer spending due to the impact of COVID-19 - New accounts (1) down 17% LQ and 55% YoY due to the impact of COVID-19 . Net charge-offs down $82 million, or 89 bps, LQ and down $74 million, or 51 bps, YoY driven by payment deferrals, the impact of government stimulus programs, customer deleveraging and fewer bankruptcy filings . 30+ days past due down $123 million, or 34 bps, LQ and down $363 million, or 76 bps, YoY driven by payment deferrals, the impact of government stimulus programs, and customer deleveraging Loan balances as of period-end. (1) Includes consumer general purpose credit card as well as certain co-branded and private label relationship new account openings. (2) Accounts having at least one POS transaction, including POS reversal, during the period. Wells Fargo 3Q20 Supplement 24

Auto portfolios ($ in millions) 3Q20 2Q20 3Q19 Linked Quarter Change Year-over-Year Change Consumer: Auto outstandings $ 48,450 48,808 46,738 $ (358) (1) % $ 1,712 4 % Nonaccrual loans 176 129 110 47 36 66 60 as % of loans 0.36 % 0.26 % 0.24 % 10 bps 12 bps Net charge-offs $ 31 106 76 $ (75) (71) $ (45) (59) as % of avg loans 0.25 % 0.88 % 0.65 % (63) bps (40) bps 30+ days past due $ 802 819 1,101 $ (17) (2) $ (299) (27) as % of loans 1.66 % 1.68 % 2.36 % (2) bps (70) bps Commercial: Auto outstandings $ 7,844 8,129 10,562 $ (285) (4) $ (2,718) (26) Nonaccrual loans 12 13 14 (1) (8) (2) (14) as % of loans 0.15 % 0.16 % 0.13 % (1) bps 2 bps Net charge-offs $ 1 3 1 $ (2) (67) % $ - - % as % of avg loans 0.05 % 0.12 % 0.05 % (7) bps - bps Consumer Portfolio Commercial Portfolio . Auto outstandings of $48.5 billion, down 1% LQ and up 4% YoY . Loans of $7.8 billion, down 4% LQ and 26% YoY due - 3Q20 originations of $5.4 billion, down 5% LQ and 22% YoY reflecting to lower dealer floorplan utilization as dealers held the economic slowdown associated with the COVID-19 pandemic less inventory due to lower supply from auto . Nonaccrual loans increased $47 million LQ and $66 million YoY manufacturers . Net charge-offs down $75 million LQ and $45 million YoY driven by payment deferrals, as well as higher recoveries reflecting strong used car values . 30+ days past due decreased $17 million LQ and decreased $299 million YoY on payment deferrals Loan balances as of period-end. Wells Fargo 3Q20 Supplement 25

Student lending portfolio ($ in millions) 3Q20 2Q20 3Q19 Linked Quarter Change Year-over-Year Change Private outstandings $ 10,000 10,258 10,827 $ (258) (3) % $ (827) (8) % Net charge-offs 14 17 29 (3) (18) (15) (52) as % of avg loans 0.54 % 0.68 % 1.07 % (14) bps (53) bps 30+ days past due $ 205 208 175 $ (3) (1) % $ 30 17 % as % of loans 2.05 % 2.03 % 1.62 % 2 bps 43 bps . On September 22, 2020 we notified customers of our exit from the student lending business - New applications from current customers will be accepted for the 2020-2021 academic year until 1/28/21 with final disbursement of funds to colleges by 6/30/21 . $10.0 billion of private loan outstandings, down 3% LQ and 8% YoY driven by higher paydowns and payoffs, as well as the economic impact of COVID-19 - Average FICO of 771, and 84% of the total outstandings have been co-signed - Originations down 56% YoY driven by lower demand due to COVID-19 . Net charge-offs decreased $3 million LQ due to seasonality of repayments, and decreased $15 million YoY due to payment deferrals . 30+ days past due decreased $3 million LQ and increased $30 million YoY Loan balances as of period-end. Wells Fargo 3Q20 Supplement 26

Trading-related revenue ($ in millions) 3Q20 2Q20 3Q19 Linked Quarter Change Year-over-Year Change Trading-related revenue Net interest income $ 527 617 838 $ (90) (15) % $ (311) (37) % Net gains from trading activities 361 807 276 (446) (55) 85 31 Trading-related revenue $ 888 1,424 1,114 $ (536) (38) % $ (226) (20) % . Fixed income, currencies and commodity trading (FICC) generated 78% of total trading-related revenue in 3Q20 . Trading-related revenue of $888 million was down $536 million, or 38%, LQ from a record 2Q20: - Net interest income decreased $90 million, or 15%, reflecting a decline in average trading assets, as well as lower yields on fixed income trading securities - Net gains from trading activities decreased $446 million reflecting lower credit trading, rates, and volatility, as well as lower client demand for derivative hedging, partially offset by higher equity trading results . Trading-related revenue was down $226 million, or 20%, YoY: - Net interest income decreased $311 million, or 37%, reflecting lower average trading assets, as well as lower yields on fixed income and equity trading securities - Net gains from trading activities increased $85 million reflecting higher equity trading on increased volatility and higher volumes and customer flow Wells Fargo 3Q20 Supplement 27

Wholesale Banking adjusted efficiency ratio for income tax credits We also evaluate our Wholesale Banking operating segment based on an adjusted efficiency ratio for income tax credits. The adjusted efficiency ratio for income tax credits is a non-GAAP financial measure and represents noninterest expense divided by total revenue plus income tax credits related to our low-income housing and renewable energy investments and related tax equivalent adjustments. Management believes that the adjusted efficiency ratio for income tax credits is a useful financial measure because it enables investors and others to compare efficiency results from both taxable and tax-advantaged sources on a consistent basis. The table below provides a reconciliation of this non-GAAP financial measure to GAAP financial measures. ($ in millions) 3Q20 2Q20 1Q20 4Q19 3Q19 Wholesale Banking adjusted efficiency ratio for income tax credits: Total revenue (A) $ 5,594 6,563 5,817 6,559 6,942 Adjustments: Income tax credits related to our low-income housing and renewable 469 465 491 478 422 energy investments (included in income tax expense) Tax equivalent adjustments related to income tax credits (1) 156 155 163 160 141 Adjusted total revenue (B) 6,219 7,183 6,471 7,197 7,505 Noninterest expense (C) 4,013 3,963 3,763 3,743 3,889 Efficiency ratio (C)/(A) 71.7 % 60.4 64.7 57.1 56.0 Adjusted efficiency ratio for income tax credits (C)/(B) 64.5 % 55.2 58.2 52.0 51.8 (1) Based on our combined federal statutory rate and composite state income tax rates. Wells Fargo 3Q20 Supplement 28

Common Equity Tier 1 (Standardized- 1 - Approach) Wells Fargo & Company and Subsidiaries COMMON EQUITY TIER 1 UNDER BASEL III – STANDARDIZED APPROACH (1) Estimated Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, (in billions, except ratio) 2020 2020 2020 2019 2019 Total equity $ 182.0 180.1 183.3 188.0 194.4 Adjustments: Preferred stock (21.1) (21.1) (21.3) (21.5) (21.5) Additional paid-in capital on preferred stock 0.1 0.1 0.1 (0.1) (0.1) Unearned ESOP shares 0.9 0.9 1.1 1.1 1.1 Noncontrolling interests (0.9) (0.7) (0.6) (0.8) (1.1) Total common stockholders' equity 161.0 159.3 162.6 166.7 172.8 Adjustments: Goodwill (26.4) (26.4) (26.4) (26.4) (26.4) Certain identifiable intangible assets (other than MSRs) (0.4) (0.4) (0.4) (0.4) (0.5) Goodwill and other intangibles on nonmarketable equity securities (included in other assets) (2.0) (2.1) (1.9) (2.1) (2.3) Applicable deferred taxes related to goodwill and other intangible assets (2) 0.8 0.8 0.8 0.8 0.8 CECL transition provision (3) 1.9 1.9 — — — Other — (0.1) — 0.2 0.3 Common Equity Tier 1 under Basel III (A) 134.9 133.0 134.7 138.8 144.7 Total risk-weighted assets (RWAs) anticipated under Basel III (4) (B) $ 1,184.4 1,213.1 1,262.8 1,245.8 1,246.2 Common Equity Tier 1 to total RWAs anticipated under Basel III (4) (A)/(B) 11.4 % 11.0 10.7 11.1 11.6 (1) Basel III capital rules, adopted by the Federal Reserve Board on July 2, 2013, revised the definition of capital, increased minimum capital ratios, and introduced a minimum Common Equity Tier 1 (CET1) ratio. The rules are being phased in through the end of 2021. The Basel III capital requirements for calculating CET1 and tier 1 capital, along with RWAs, are fully phased-in. (2) Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period end. (3) In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of the current expected credit loss (CECL) accounting standard on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out of the benefits. The impact of the CECL transition provision on our regulatory capital at September 30, 2020, was an increase in capital of $1.9 billion, reflecting a $991 million (post-tax) increase in capital recognized upon our initial adoption of CECL, offset by 25% of the $11.5 billion increase in our ACL under CECL from January 1, 2020, through September 30, 2020. (4) The final Basel III capital rules provide for two capital frameworks: the Standardized Approach and the Advanced Approach applicable to certain institutions. Accordingly, in the assessment of our capital adequacy, we must report the lower of our CET1, tier 1 and total capital ratios calculated under the Standardized Approach and under the Advanced Approach. Based on preliminary estimates, our CET1 ratio as of September 30, 2020, was lower under the Basel III Standardized Approach RWAs. Our CET1 ratio for June 30 and March 31, 2020, and December 31 and September 30, 2019, was lower under the Basel III Standardized Approach RWAs. Wells Fargo 3Q20 Supplement 29

Common Equity Tier 1 (Advanced- 1 - Approach) Wells Fargo & Company and Subsidiaries COMMON EQUITY TIER 1 UNDER BASEL III - ADVANCED APPROACH (1) Estimated Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, (in billions, except ratio) 2020 2020 2020 2019 2019 Total equity $ 182.0 180.1 183.3 188.0 194.4 Adjustments: Preferred stock (21.1) (21.1) (21.3) (21.5) (21.5) Additional paid-in capital on preferred stock 0.1 0.1 0.1 (0.1) (0.1) Unearned ESOP shares 0.9 0.9 1.1 1.1 1.1 Noncontrolling interests (0.9) (0.7) (0.6) (0.8) (1.1) Total common stockholders' equity 161.0 159.3 162.6 166.7 172.8 Adjustments: Goodwill (26.4) (26.4) (26.4) (26.4) (26.4) Certain identifiable intangible assets (other than MSRs) (0.4) (0.4) (0.4) (0.4) (0.5) Goodwill and other intangibles on nonmarketable equity securities (included in other assets) (2.0) (2.1) (1.9) (2.1) (2.3) Applicable deferred taxes related to goodwill and other intangible assets (2) 0.8 0.8 0.8 0.8 0.8 CECL transition provision (3) 1.9 1.9 — — — Other — (0.1) — 0.2 0.3 Common Equity Tier 1 under Basel III (A) 134.9 133.0 134.7 138.8 144.7 Total risk-weighted assets (RWAs) anticipated under Basel III (4)(5) (B) $ 1,171.8 1,195.4 1,181.3 1,165.1 1,167.4 Common Equity Tier 1 to total RWAs anticipated under Basel III (4)(5) (A)/(B) 11.5 % 11.1 11.4 11.9 12.4 (1) Basel III capital rules, adopted by the Federal Reserve Board on July 2, 2013, revised the definition of capital, increased minimum capital ratios, and introduced a minimum Common Equity Tier 1 (CET1) ratio. The rules are being phased in through the end of 2021. The Basel III capital requirements for calculating CET1 and tier 1 capital, along with RWAs, are fully phased-in. (2) Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period end. (3) In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of the current expected credit loss (CECL) accounting standard on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out of the benefits. The impact of the CECL transition provision on our regulatory capital at September 30, 2020, was an increase in capital of $1.9 billion, reflecting a $991 million (post-tax) increase in capital recognized upon our initial adoption of CECL, offset by 25% of the $11.5 billion increase in our ACL under CECL from January 1, 2020, through September 30, 2020. (4) The final Basel III capital rules provide for two capital frameworks: the Standardized Approach and the Advanced Approach applicable to certain institutions. Accordingly, in the assessment of our capital adequacy, we must report the lower of our CET1, tier 1 and total capital ratios calculated under the Standardized Approach and under the Advanced Approach. Based on preliminary estimates, our CET1 ratio as of September 30, 2020, was lower under the Basel III Standardized Approach RWAs. Our CET1 ratio for June 30 and March 31, 2020, and December 31 and September 30, 2019, was lower under the Basel III Standardized Approach RWAs. (5) Amounts for December 31, 2019, and September 30, 2019, have been revised as a result of a decrease in RWAs under the Advanced Approach due to the correction of duplicated operational loss amounts. Wells Fargo 3Q20 Supplement 30

Forward-looking statements This document contains forward-looking statements. In addition, we may make forward-looking statements in our other documents filed or furnished with the Securities and Exchange Commission, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward- looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company, including our outlook for future growth; (ii) our noninterest expense and efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses, our allowance for credit losses, and the economic scenarios considered to develop the allowance; (iv) our expectations regarding net interest income and net interest margin; (v) loan growth or the reduction or mitigation of risk in our loan portfolios; (vi) future capital or liquidity levels, ratios or targets; (vii) the performance of our mortgage business and any related exposures; (viii) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (ix) future common stock dividends, common share repurchases and other uses of capital; (x) our targeted range for return on assets, return on equity, and return on tangible common equity; (xi) expectations regarding our effective income tax rate; (xii) the outcome of contingencies, such as legal proceedings; and (xiii) the Company’s plans, objectives and strategies. Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Investors are urged to not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For more information about factors that could cause actual results to differ materially from expectations, refer to the “Forward-Looking Statements” discussion in Wells Fargo’s press release announcing our third quarter 2020 results and in our most recent Quarterly Report on Form 10-Q, as well as to Wells Fargo’s other reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020. Wells Fargo 3Q20 Supplement 31


Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, par value $1-2/3	WFC	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 Non-Cumulative Perpetual Class A Preferred Stock, Series N	WFC.PRN	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series O	WFC.PRO	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series P	WFC.PRP	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 T	WFC.PRT	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series V	WFC.PRV	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series W	WFC.PRW	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series X	WFC.PRX	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
Guarantee of 5.80% Fixed-to-Floating Rate Normal Wachovia Income Trust Securities of Wachovia Capital Trust III	WFC/TP	NYSE
Guarantee of Medium-Term Notes, Series A, due October 30, 2028 of Wells Fargo Finance LLC	WFC/28A	NYSE


Exhibit No.	Description	Location
99.1	News Release dated October 14, 2020	Filed herewith
99.2	Quarterly Supplement dated Octo ber 14, 2020	Furnished herewith
104	Cover Page Interactive Data File	Embedded within the Inline XBRL document