Equibles

8-K

WELLS FARGO & COMPANY/MN (WFC)

8-K 2023-04-14 For: 2023-04-14
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Added on April 05, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (date of earliest event reported): April 14, 2023

WELLS FARGO & COMPANY

(Exact name of registrant as specified in its charter)

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

420 Montgomery Street, San Francisco, California 94104

(Address of principal executive offices) (Zip Code)

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02    Results of Operations and Financial Condition.

On April 14, 2023, Wells Fargo & Company (the “Company”) issued a news release regarding its results of operations and financial condition for the quarter ended March 31, 2023, and posted on its website its 1Q23 Quarterly Supplement, which contains certain additional information about the Company’s financial results for the quarter ended March 31, 2023. The news release is included as Exhibit 99.1 and the 1Q23 Quarterly Supplement is included as Exhibit 99.2 to this report, and each is incorporated by reference into this Item 2.02. The information included in Exhibit 99.1 and Exhibit 99.2 is considered to be “filed” for purposes of Section 18 under the Securities Exchange Act of 1934.

Item 7.01 Regulation FD Disclosure.

On April 14, 2023, the Company intends to host a live conference call that will also be available by webcast to discuss the Company’s first quarter 2023 financial results and other matters relating to the Company. In connection therewith, the Company has posted on its website presentation materials containing certain historical and forward-looking information relating to the Company. The presentation materials are included as Exhibit 99.3 to this report and are incorporated by reference into this Item 7.01. Exhibit 99.3 shall not be considered “filed” for purposes of Section 18 under the Securities Exchange Act of 1934 and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933.

Item 9.01    Financial Statements and Exhibits.

(d)    Exhibits

Exhibit No. Description Location
99.1 News Release dated April 14, 2023 Filed herewith
99.2 1Q23 Quarterly Supplement Filed herewith
99.3 Presentation Materials – 1Q23 Financial Results Furnished herewith
104 Cover Page Interactive Data File Embedded within the Inline XBRL document

SIGNATURE

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

Dated: April 14, 2023 WELLS FARGO & COMPANY
By: /s/ MUNEERA S. CARR
Muneera S. Carr
Executive Vice President,<br><br>Chief Accounting Officer and Controller

Document

Exhibit 99.1

News Release April 14, 2023<br><br>Wells Fargo Reports First Quarter 2023 Net Income of $5.0 billion, or $1.23 per Diluted Share
Company-wide Financial Summary
--- --- --- --- ---
Quarter ended
Mar 31,<br>2023 Mar 31,<br>2022
Selected Income Statement Data( in millions except per share amounts)
$ 20,729 17,728
13,676 13,851
1,207 (787)
4,991 3,788
1.23 0.91
Selected Balance Sheet Data( in billions)
$ 948.7 898.0
1,356.7 1,464.1
10.8 % 10.5
Performance Metrics
11.7 % 8.7
14.0 10.4

All values are in US Dollars.

Operating Segments and Other Highlights
Quarter ended Mar 31, 2023 <br>% Change from
($ in billions) Mar 31,<br>2023 Dec 31,<br>2022 Mar 31,<br>2022
Average loans
Consumer Banking and Lending $ 338.3 — % 4
Commercial Banking 222.8 2 15
Corporate and Investment Banking 294.7 (1) 4
Wealth and Investment Management 83.6 (1) (1)
Average deposits
Consumer Banking and Lending 841.3 (3) (5)
Commercial Banking 170.5 (3) (15)
Corporate and Investment Banking 157.6 1 (7)
Wealth and Investment Management 126.6 (11) (32)

Capital

◦Repurchased 86.4 million shares, or $4.0 billion, of common stock in first quarter 2023

Chief Executive Officer Charlie Scharf commented, “We had strong results in the first quarter including revenue growth from both the fourth quarter and a year ago, and we continued to make progress on our efficiency initiatives. Delinquencies and net charge-offs continued to slowly increase, as expected. Our CET1 ratio, which was already strong, increased and we resumed our repurchase program, buying back $4 billion in common stock.”<br><br><br><br>“We are glad to have been in a strong position to help support the U.S. financial system during the recent events that impacted the banking industry. Regional and community banks are an important part of our financial system and are uniquely positioned to serve their customers and communities. We believe our own franchise offers many benefits including operating at a broad scale with a large branch network. Our customers benefit from our size and the range of banking services we provide, which helps us build a full relationship with individuals and companies. Our diversified business model, strong capital position, mix of deposits, access to funding sources, and continued focus on financial and credit risk management allow us to support our customers throughout economic cycles,” Scharf added.<br><br><br><br>“Looking ahead, we continue to move forward on our risk and control agenda, which is our top priority. While we have made progress, our work is not done, and we remain focused on completing the work in a timely fashion. At the same time, we are executing on our other strategic objectives, including developing improved products and services to better serve our customers, investing in our communities, and generating appropriate risk-adjusted returns,” Scharf concluded.

Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, 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 Includes provision for credit losses for loans, debt securities, and interest-earning deposits with banks.

2 Represents our Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach, which is our binding CET1 ratio. See tables on pages 26-27 of the 1Q23 Quarterly Supplement for more information on CET1. CET1 for March 31, 2023, is a preliminary estimate.

3 Return on equity (ROE) represents Wells Fargo net income applicable to common stock divided by average common stockholders’ equity.

4 Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 24-25 of the 1Q23 Quarterly Supplement.

In first quarter 2023, we adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. We adopted ASU 2018-12 with retrospective application, which required revision of prior period financial statements. Prior period risk-based capital and certain other regulatory related metrics were not revised. For additional information, including the financial statement line items impacted by the adoption of ASU 2018-12, see page 28 of the 1Q23 Quarterly Supplement.

Selected Company-wide Financial Information

Quarter ended Mar 31, 2023 <br>% Change from
Mar 31,<br>2023 Dec 31,<br>2022 Mar 31,<br>2022 Dec 31,<br>2022 Mar 31,<br>2022
Earnings ( in millions except per share amounts)
$ 13,336 13,433 9,221 (1) % 45
7,393 6,601 8,507 12 (13)
20,729 20,034 17,728 3 17
564 560 305 1 85
643 397 (1,092) 62 159
1,207 957 (787) 26 253
13,676 16,186 13,851 (16) (1)
966 (29) 746 NM 29
$ 4,991 3,155 3,788 58 32
1.23 0.75 0.91 64 35
Balance Sheet Data (average) ( in billions)
$ 948.7 948.5 898.0 — 6
1,356.7 1,380.5 1,464.1 (2) (7)
1,863.7 1,875.2 1,919.4 (1) (3)
Financial Ratios
1.09 % 0.67 0.80
11.7 7.1 8.7
14.0 8.5 10.4
66 81 78
3.20 3.14 2.16

All values are in US Dollars.

NM – Not meaningful

(a)Includes provision for credit losses for loans, debt securities, and interest-earning deposits with banks.

(b)Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 24-25 of the 1Q23 Quarterly Supplement.

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

First Quarter 2023 vs. First Quarter 2022

◦Net interest income increased 45%, primarily due to the impact of higher interest rates, higher loan balances, and lower mortgage-backed securities premium amortization, partially offset by lower deposit balances

◦Noninterest income decreased 13%, driven by lower results in our affiliated venture capital and private equity businesses; a decline in mortgage banking income on lower originations and gain on sale margins, as well as lower gains from the resecuritization of loans purchased from securitization pools; lower asset-based fees in Wealth and Investment Management on lower market valuations; and lower deposit-related and investment banking fees. These decreases were partially offset by improved results in our Markets business

◦Noninterest expense decreased 1% driven by lower operating losses and the impact of efficiency initiatives, partially offset by higher personnel expense

◦Provision for credit losses in first quarter 2023 included a $643 million increase in the allowance for credit losses reflecting an increase for commercial real estate loans, primarily office loans, as well as an increase for credit card and auto loans

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Selected Company-wide Capital and Liquidity Information

Quarter ended
( in billions) Mar 31,<br>2023 Dec 31,<br>2022 Mar 31,<br>2022
Capital:
$ 183.2 182.2 181.6
161.9 161.0 159.9
135.0 134.1 133.1
10.8 % 10.6 10.5
23.3 23.3 22.3
7.0 6.9 6.6
Liquidity:
122 % 122 119

All values are in US Dollars.

(a)Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 24-25 of the 1Q23 Quarterly Supplement.

(b)Represents our CET1 ratio calculated under the Standardized Approach, which is our binding CET1 ratio. See tables on pages 26-27 of the 1Q23 Quarterly Supplement for more information on CET1. CET1 for March 31, 2023, is a preliminary estimate.

(c)Represents TLAC divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC for March 31, 2023, is a preliminary estimate.

(d)SLR for March 31, 2023, is a preliminary estimate.

(e)Represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. LCR for March 31, 2023, is a preliminary estimate.

Selected Company-wide Loan Credit Information

Quarter ended
( in millions) Mar 31,<br>2023 Dec 31,<br>2022 Mar 31,<br>2022
Net loan charge-offs $ 604 560 305
0.26 % 0.23 0.14
Total nonaccrual loans $ 6,010 5,626 6,871
0.63 % 0.59 0.75
Total nonperforming assets $ 6,142 5,763 7,001
0.65 % 0.60 0.77
Allowance for credit losses for loans $ 13,705 13,609 12,681
1.45 % 1.42 1.39

All values are in US Dollars.

First Quarter 2023 vs. Fourth Quarter 2022

◦Commercial net loan charge-offs as a percentage of average loans were 0.05% (annualized), down from 0.06%. The consumer net loan charge-off rate increased to 0.56% (annualized), up from 0.48%, primarily due to higher net loan charge-offs in the credit card portfolio

◦Nonperforming assets increased $379 million, or 7%, driven by higher commercial real estate nonaccrual loans, partially offset by lower residential mortgage nonaccrual loans

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Operating Segment Performance

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

Selected Financial Information

Quarter ended Mar 31, 2023 <br>% Change from
Mar 31,<br>2023 Dec 31,<br>2022 Mar 31,<br>2022 Dec 31,<br>2022 Mar 31,<br>2022
Earnings (in millions)
Consumer and Small Business Banking $ 6,486 6,608 5,071 (2) % 28
Consumer Lending:
Home Lending 863 786 1,490 10 (42)
Credit Card 1,305 1,353 1,265 (4) 3
Auto 392 413 444 (5) (12)
Personal Lending 318 303 293 5 9
Total revenue 9,364 9,463 8,563 (1) 9
Provision for credit losses 867 936 (190) (7) 556
Noninterest expense 6,038 7,088 6,395 (15) (6)
Net income $ 1,841 1,077 1,770 71 4
Average balances (in billions)
Loans $ 338.3 338.0 325.1 — 4
Deposits 841.3 864.6 881.3 (3) (5)

First Quarter 2023 vs. First Quarter 2022

◦Revenue increased 9%

▪Consumer and Small Business Banking was up 28% driven by the impact of higher interest rates, partially offset by lower deposit balances. Deposit-related fees declined reflecting the elimination of non-sufficient funds fees and other efforts to help customers avoid overdraft fees

▪Home Lending was down 42% on lower mortgage banking income driven by lower originations and lower revenue from the resecuritization of loans purchased from securitization pools

▪Credit Card was up 3% driven by higher loan balances, including the impact of higher point of sale volume and new product launches, which included the impact of introductory promotional rates

▪Auto was down 12% driven by lower loan balances and loan spread compression

▪Personal Lending was up 9% on higher loan balances, partially offset by loan spread compression

◦Noninterest expense decreased 6% reflecting lower operating losses and personnel expense, including the impact of efficiency initiatives, partially offset by higher operating costs

-4-

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

Selected Financial Information

Quarter ended Mar 31, 2023 <br>% Change from
Mar 31,<br>2023 Dec 31,<br>2022 Mar 31,<br>2022 Dec 31,<br>2022 Mar 31,<br>2022
Earnings (in millions)
Middle Market Banking $ 2,155 2,076 1,246 4 % 73
Asset-Based Lending and Leasing 1,152 1,073 1,081 7 7
Total revenue 3,307 3,149 2,327 5 42
Provision for credit losses (43) (43) (344) — 88
Noninterest expense 1,752 1,523 1,531 15 14
Net income $ 1,196 1,238 857 (3) 40
Average balances (in billions)
Loans $ 222.8 218.4 194.4 2 15
Deposits 170.5 175.4 200.7 (3) (15)

First Quarter 2023 vs. First Quarter 2022

◦Revenue increased 42%

▪Middle Market Banking was up 73% due to the impact of higher interest rates and higher loan balances, partially offset by lower deposit balances. Deposit-related fees declined driven by the impact of higher earnings credit rates, which result in lower fees for commercial customers

▪Asset-Based Lending and Leasing was up 7% driven by loan growth, partially offset by lower net gains from equity securities

◦Noninterest expense increased 14% primarily due to higher operating costs and personnel expense, partially offset by the impact of efficiency initiatives

-5-

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

Selected Financial Information

Quarter ended Mar 31, 2023 <br>% Change from
Mar 31,<br>2023 Dec 31,<br>2022 Mar 31,<br>2022 Dec 31,<br>2022 Mar 31,<br>2022
Earnings (in millions)
Banking:
Lending $ 692 593 521 17 % 33
Treasury Management and Payments 785 738 432 6 82
Investment Banking 280 317 331 (12) (15)
Total Banking 1,757 1,648 1,284 7 37
Commercial Real Estate 1,311 1,267 995 3 32
Markets:
Fixed Income, Currencies, and Commodities (FICC) 1,285 935 877 37 47
Equities 437 279 267 57 64
Credit Adjustment (CVA/DVA) and Other 71 (35) 25 303 184
Total Markets 1,793 1,179 1,169 52 53
Other 41 45 22 (9) 86
Total revenue 4,902 4,139 3,470 18 41
Provision for credit losses 252 41 (196) 515 229
Noninterest expense 2,217 1,837 1,983 21 12
Net income $ 1,818 1,692 1,258 7 45
Average balances (in billions)
Loans $ 294.7 298.3 284.5 (1) 4
Deposits 157.6 156.2 169.2 1 (7)

First Quarter 2023 vs. First Quarter 2022

◦Revenue increased 41%

▪Banking was up 37% driven by stronger treasury management results reflecting the impact of higher interest rates and higher lending revenue, partially offset by lower investment banking fees reflecting lower market activity

▪Commercial Real Estate was up 32% reflecting the impact of higher interest rates and higher loan balances

▪Markets was up 53% due to higher trading results across all asset classes

◦Noninterest expense increased 12% driven by higher operating costs and personnel expense, partially offset by the impact of efficiency initiatives

-6-

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

Selected Financial Information

Quarter ended Mar 31, 2023 <br>% Change from
Mar 31,<br>2023 Dec 31,<br>2022 Mar 31,<br>2022 Dec 31,<br>2022 Mar 31,<br>2022
Earnings (in millions)
Net interest income $ 1,044 1,124 799 (7) % 31
Noninterest income 2,637 2,571 2,958 3 (11)
Total revenue 3,681 3,695 3,757 — (2)
Provision for credit losses 11 11 (37) — 130
Noninterest expense 3,061 2,731 3,175 12 (4)
Net income $ 457 715 465 (36) (2)
Total client assets (in billions) 1,929 1,861 2,080 4 (7)
Average balances (in billions)
Loans $ 83.6 84.8 84.8 (1) (1)
Deposits 126.6 142.2 185.8 (11) (32)

First Quarter 2023 vs. First Quarter 2022

◦Revenue decreased 2%

▪Net interest income was up 31% due to the impact of higher interest rates, partially offset by lower deposit balances as customers continued to reallocate cash into higher yielding alternatives

▪Noninterest income was down 11% on lower asset-based fees driven by a decrease in market valuations

◦Noninterest expense decreased 4% driven by lower revenue-related compensation and the impact of efficiency initiatives

-7-

Corporate includes corporate treasury and enterprise functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and affiliated venture capital and private equity businesses. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company as well as results for previously divested businesses.

Selected Financial Information

Quarter ended Mar 31, 2023 <br>% Change from
Mar 31,<br>2023 Dec 31,<br>2022 Mar 31,<br>2022 Dec 31,<br>2022 Mar 31,<br>2022
Earnings (in millions)
Net interest income $ 16 78 (818) (79) % 102
Noninterest income 5 7 942 (29) (99)
Total revenue 21 85 124 (75) (83)
Provision for credit losses 120 12 (20) 900 700
Noninterest expense 608 3,007 767 (80) (21)
Net loss $ (321) (1,567) (562) 80 43

First Quarter 2023 vs. First Quarter 2022

◦Revenue decreased $103 million

▪Net interest income increased due to the impact of higher interest rates

▪Noninterest income decreased driven by lower results in our affiliated venture capital and private equity businesses. First quarter 2023 included $342 million of net losses on equity securities ($223 million pre-tax and net of noncontrolling interests)

◦Noninterest expense decreased reflecting the impact of business divestitures

Conference Call

The Company will host a live conference call on Friday, April 14, at 10:00 a.m. ET. You may listen to the call by dialing 1-888-673-9782 (U.S. and Canada) or 312-470-7126 (International/U.S. Toll) and enter passcode: 7928529#. The call will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and

https://metroconnectionsvbooth.com/wf1Qearnings0423.

A replay of the conference call will be available from approximately 1:00 p.m. ET on Friday, April 14 through

Friday, April 28. Please dial 1-800-813-5529 (U.S. and Canada) or 203-369-3826 (International/U.S. Toll) and enter passcode: 7515#. The replay will also be available online at

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

https://metroconnectionsvbooth.com/wf1Qearnings0423.

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Forward-Looking Statements

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

•fiscal and monetary policies of the Federal Reserve Board;

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

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

•the other risk factors and uncertainties described under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022.

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, and may be subject to regulatory approval or conditions.

For additional information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov5.

Any forward-looking statement made by us speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Forward-looking Non-GAAP Financial Measures. From time to time management may discuss forward-looking non-GAAP financial measures, such as forward-looking estimates or targets for return on average tangible common equity. We are unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant to future results.

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

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About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 41 on Fortune’s 2022 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health and a low-carbon economy.

Contact Information

Media

Beth Richek, 704-374-2545

beth.richek@wellsfargo.com

or

Investor Relations

John M. Campbell, 415-396-0523

john.m.campbell@wellsfargo.com

#

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Document

Exhibit 99.2

1Q23 Quarterly Supplement

Wells Fargo & Company and Subsidiaries

QUARTERLY FINANCIAL DATA

TABLE OF CONTENTS

In first quarter 2023, we adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. We adopted ASU 2018-12 with retrospective application, which required revision of prior period financial statements. Prior period risk-based capital and certain other regulatory related metrics were not revised. For additional information, including the financial statement line items impacted by the adoption of ASU 2018-12, see page 28.

Pages
Consolidated Results
Summary Financial Data 3
Consolidated Statement of Income 5
Consolidated Balance Sheet 6
Average Balances and Interest Rates (Taxable-Equivalent Basis) 7
Reportable Operating Segment Results
Combined Segment Results 8
Consumer Banking and Lending 9
Commercial Banking 11
Corporate and Investment Banking 13
Wealth and Investment Management 15
Corporate 16
Credit-Related Information
Consolidated Loans Outstanding – Period-End Balances, Average Balances, and Average Interest Rates 17
Net Loan Charge-offs 18
Changes in Allowance for Credit Losses for Loans 19
Allocation of the Allowance for Credit Losses for Loans 20
Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets) 21
Commercial and Industrial Loans and Lease Financing by Industry 22
Commercial Real Estate Loans by Property Type 23
Equity
Tangible Common Equity 24
Risk-Based Capital Ratios Under Basel III – Standardized Approach 26
Risk-Based Capital Ratios Under Basel III – Advanced Approach 27
Other
Adoption of ASU 2018-12 28

Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, 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 & Company and Subsidiaries

SUMMARY FINANCIAL DATA

Quarter ended Mar 31, 2023 <br>% Change from
(in millions, except ratios and per share amounts) Mar 31,<br>2023 Dec 31,<br>2022 Sep 30,<br>2022 Jun 30,<br>2022 Mar 31,<br>2022 Dec 31,<br>2022 Mar 31,<br>2022
Selected Income Statement Data
Total revenue $ 20,729 20,034 19,566 17,040 17,728 3 % 17
Noninterest expense 13,676 16,186 14,306 12,862 13,851 (16) (1)
Pre-tax pre-provision profit (PTPP) (1) 7,053 3,848 5,260 4,178 3,877 83 82
Provision for credit losses (2) 1,207 957 784 580 (787) 26 253
Wells Fargo net income 4,991 3,155 3,592 3,142 3,788 58 32
Wells Fargo net income applicable to common stock 4,713 2,877 3,313 2,863 3,509 64 34
Common Share Data
Diluted earnings per common share 1.23 0.75 0.86 0.75 0.91 64 35
Dividends declared per common share 0.30 0.30 0.30 0.25 0.25 — 20
Common shares outstanding 3,763.2 3,833.8 3,795.4 3,793.0 3,789.9 (2) (1)
Average common shares outstanding 3,785.6 3,799.9 3,796.5 3,793.8 3,831.1 — (1)
Diluted average common shares outstanding 3,818.7 3,832.7 3,825.1 3,819.6 3,868.9 — (1)
Book value per common share (3) $ 43.02 41.98 41.36 41.72 42.18 2 2
Tangible book value per common share (3)(4) 35.87 34.98 34.29 34.66 35.11 3 2
Selected Equity Data (period-end)
Total equity 183,220 182,213 178,478 179,798 181,597 1 1
Common stockholders' equity 161,893 160,952 156,983 158,260 159,876 1 1
Tangible common equity (4) 134,992 134,090 130,151 131,464 133,052 1 1
Performance Ratios
Return on average assets (ROA) (5) 1.09 % 0.67 0.76 0.66 0.80
Return on average equity (ROE) (6) 11.7 7.1 8.1 7.2 8.7
Return on average tangible common equity (ROTCE) (4) 14.0 8.5 9.8 8.7 10.4
Efficiency ratio (7) 66 81 73 75 78
Net interest margin on a taxable-equivalent basis 3.20 3.14 2.83 2.39 2.16
Average deposit cost 0.83 0.46 0.14 0.04 0.03

(1)Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.

(2)Includes provision for credit losses for loans, debt securities, and interest-earning deposits with banks.

(3)Book value per common share is common stockholders' equity divided by common shares outstanding. Tangible book value per common share is tangible common equity divided by common shares outstanding.

(4)Tangible common equity, tangible book value per common share, and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 24 and 25.

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

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

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

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Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA (continued)

Quarter ended Mar 31, 2023 <br>% Change from
($ in millions, unless otherwise noted) Mar 31,<br>2023 Dec 31,<br>2022 Sep 30,<br>2022 Jun 30,<br>2022 Mar 31,<br>2022 Dec 31,<br>2022 Mar 31,<br>2022
Selected Balance Sheet Data (average)
Loans $ 948,651 948,517 945,465 926,567 898,005 — % 6
Assets 1,863,676 1,875,191 1,880,689 1,902,571 1,919,397 (1) (3)
Deposits 1,356,694 1,380,459 1,407,851 1,445,793 1,464,072 (2) (7)
Selected Balance Sheet Data (period-end)
Debt securities 511,597 496,808 502,035 516,772 535,916 3 (5)
Loans 947,991 955,871 945,906 943,734 911,807 (1) 4
Allowance for credit losses for loans 13,705 13,609 13,225 12,884 12,681 1 8
Equity securities 60,610 64,414 59,560 61,774 70,755 (6) (14)
Assets 1,886,400 1,881,020 1,877,719 1,881,141 1,939,709 — (3)
Deposits 1,362,629 1,383,985 1,398,151 1,425,153 1,481,354 (2) (8)
Headcount (#) (period-end) 235,591 238,698 239,209 243,674 246,577 (1) (4)
Capital and other metrics (1)
Risk-based capital ratios and components (2):
Standardized Approach:
Common Equity Tier 1 (CET1) 10.8 % 10.6 10.3 10.4 10.5
Tier 1 capital 12.3 12.1 11.9 11.9 12.0
Total capital 15.1 14.8 14.6 14.6 14.7
Risk-weighted assets (RWAs) (in billions) $ 1,244.0 1,259.9 1,255.6 1,253.6 1,265.5 (1) (2)
Advanced Approach:
Common Equity Tier 1 (CET1) 12.0 % 12.0 11.8 11.6 11.8
Tier 1 capital 13.7 13.7 13.5 13.3 13.5
Total capital 15.9 15.9 15.7 15.6 15.9
Risk-weighted assets (RWAs) (in billions) $ 1,119.5 1,112.3 1,104.1 1,121.6 1,119.5 1 —
Tier 1 leverage ratio 8.4 % 8.3 8.0 8.0 8.0
Supplementary Leverage Ratio (SLR) 7.0 6.9 6.7 6.6 6.6
Total Loss Absorbing Capacity (TLAC) Ratio (3) 23.3 23.3 23.0 22.7 22.3
Liquidity Coverage Ratio (LCR) (4) 122 122 123 121 119

(1)Ratios and metrics for March 31, 2023, are preliminary estimates.

(2)See the tables on pages 26 and 27 for more information on CET1, tier 1 capital, and total capital.

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

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

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Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME

Quarter ended Mar 31, 2023 <br>% Change from
(in millions, except per share amounts) Mar 31,<br>2023 Dec 31,<br>2022 Sep 30,<br>2022 Jun 30,<br>2022 Mar 31,<br>2022 Dec 31,<br>2022 Mar 31,<br>2022
Interest income $ 19,356 17,793 14,494 11,556 10,181 9 % 90
Interest expense 6,020 4,360 2,396 1,358 960 38 527
Net interest income 13,336 13,433 12,098 10,198 9,221 (1) 45
Noninterest income
Deposit-related fees 1,148 1,178 1,289 1,376 1,473 (3) (22)
Lending-related fees 356 344 358 353 342 3 4
Investment advisory and other asset-based fees 2,114 2,049 2,111 2,346 2,498 3 (15)
Commissions and brokerage services fees 619 601 562 542 537 3 15
Investment banking fees 326 331 375 286 447 (2) (27)
Card fees 1,033 1,095 1,119 1,112 1,029 (6) —
Mortgage banking 232 79 324 287 693 194 (67)
Net gains from trading activities 1,342 552 900 446 218 143 516
Net gains from debt securities — — 6 143 2 NM (100)
Net gains (losses) from equity securities (357) (733) (34) (615) 576 51 NM
Lease income 347 287 322 333 327 21 6
Other 233 818 136 233 365 (72) (36)
Total noninterest income 7,393 6,601 7,468 6,842 8,507 12 (13)
Total revenue 20,729 20,034 19,566 17,040 17,728 3 17
Provision for credit losses (1) 1,207 957 784 580 (787) 26 253
Noninterest expense
Personnel 9,415 8,415 8,212 8,442 9,271 12 2
Technology, telecommunications and equipment 922 902 798 799 876 2 5
Occupancy 713 722 732 705 722 (1) (1)
Operating losses 267 3,517 2,218 576 673 (92) (60)
Professional and outside services 1,229 1,357 1,235 1,310 1,286 (9) (4)
Leases (2) 177 191 186 185 188 (7) (6)
Advertising and promotion 154 178 126 102 99 (13) 56
Restructuring charges — — — — 5 NM (100)
Other 799 904 799 743 731 (12) 9
Total noninterest expense 13,676 16,186 14,306 12,862 13,851 (16) (1)
Income before income tax expense (benefit) 5,846 2,891 4,476 3,598 4,664 102 25
Income tax expense (benefit) 966 (29) 912 622 746 NM 29
Net income before noncontrolling interests 4,880 2,920 3,564 2,976 3,918 67 25
Less: Net income (loss) from noncontrolling interests (111) (235) (28) (166) 130 53 NM
Wells Fargo net income $ 4,991 3,155 3,592 3,142 3,788 58 % 32
Less: Preferred stock dividends and other 278 278 279 279 279 — —
Wells Fargo net income applicable to common stock $ 4,713 2,877 3,313 2,863 3,509 64 % 34
Per share information
Earnings per common share $ 1.24 0.76 0.87 0.75 0.92 63 % 35
Diluted earnings per common share 1.23 0.75 0.86 0.75 0.91 64 35

NM – Not meaningful

(1)Includes provision for credit losses for loans, debt securities, and interest-earning deposits with banks.

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

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Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET

Mar 31, 2023 <br>% Change from
(in millions) Mar 31,<br>2023 Dec 31,<br>2022 Sep 30,<br>2022 Jun 30,<br>2022 Mar 31,<br>2022 Dec 31,<br>2022 Mar 31,<br>2022
Assets
Cash and due from banks $ 31,958 34,596 27,634 29,716 27,454 (8) % 16
Interest-earning deposits with banks 130,478 124,561 137,821 125,424 174,441 5 (25)
Federal funds sold and securities purchased under resale agreements 67,288 68,036 55,840 55,546 67,764 (1) (1)
Debt securities:
Trading, at fair value 90,052 86,155 85,766 89,157 86,672 5 4
Available-for-sale, at fair value 144,398 113,594 115,835 125,832 168,436 27 (14)
Held-to-maturity, at amortized cost 277,147 297,059 300,434 301,783 280,808 (7) (1)
Loans held for sale 6,199 7,104 9,434 9,674 19,824 (13) (69)
Loans 947,991 955,871 945,906 943,734 911,807 (1) 4
Allowance for loan losses (13,120) (12,985) (12,571) (11,786) (11,504) (1) (14)
Net loans 934,871 942,886 933,335 931,948 900,303 (1) 4
Mortgage servicing rights 9,950 10,480 11,027 10,386 9,753 (5) 2
Premises and equipment, net 8,416 8,350 8,493 8,444 8,473 1 (1)
Goodwill 25,173 25,173 25,172 25,178 25,181 — —
Derivative assets 17,117 22,774 29,253 24,896 27,365 (25) (37)
Equity securities 60,610 64,414 59,560 61,774 70,755 (6) (14)
Other assets 82,743 75,838 78,115 81,383 72,480 9 14
Total assets $ 1,886,400 1,881,020 1,877,719 1,881,141 1,939,709 — (3)
Liabilities
Noninterest-bearing deposits $ 434,912 458,010 494,594 515,437 529,957 (5) (18)
Interest-bearing deposits 927,717 925,975 903,557 909,716 951,397 — (2)
Total deposits 1,362,629 1,383,985 1,398,151 1,425,153 1,481,354 (2) (8)
Short-term borrowings (1) 81,007 51,145 48,382 37,075 33,601 58 141
Derivative liabilities 16,897 20,067 23,379 17,149 15,489 (16) 9
Accrued expenses and other liabilities 69,181 68,740 72,917 71,675 74,331 1 (7)
Long-term debt (2) 173,466 174,870 156,412 150,291 153,337 (1) 13
Total liabilities 1,703,180 1,698,807 1,699,241 1,701,343 1,758,112 — (3)
Equity
Wells Fargo stockholders’ equity:
Preferred stock 19,448 19,448 20,057 20,057 20,057 — (3)
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares 9,136 9,136 9,136 9,136 9,136 — —
Additional paid-in capital 59,946 60,319 60,216 60,024 59,899 (1) —
Retained earnings 191,688 187,968 186,579 184,439 182,563 2 5
Accumulated other comprehensive income (loss) (12,572) (13,362) (14,303) (10,568) (6,799) 6 (85)
Treasury stock (3) (86,049) (82,853) (84,781) (84,906) (85,059) (4) (1)
Unearned ESOP shares (429) (429) (646) (646) (646) — 34
Total Wells Fargo stockholders’ equity 181,168 180,227 176,258 177,536 179,151 1 1
Noncontrolling interests 2,052 1,986 2,220 2,262 2,446 3 (16)
Total equity 183,220 182,213 178,478 179,798 181,597 1 1
Total liabilities and equity $ 1,886,400 1,881,020 1,877,719 1,881,141 1,939,709 — (3)

(1)Includes $5.0 billion, $7.0 billion, $9.0 billion, $0.0 billion, and $0.0 billion of Federal Home Loan Bank (FHLB) advances at March 31, 2023, and December 31, September 30, June 30, and March 31, 2022, respectively.

(2)Includes $24.0 billion, $27.0 billion, $10.0 billion, $0.0 billion, and $0.0 billion of FHLB advances at March 31, 2023, and December 31, September 30, June 30, and March 31, 2022, respectively.

(3)Number of shares of treasury stock were 1,718,587,875, 1,648,007,022, 1,686,372,007, 1,688,846,993, and 1,691,916,667 at March 31, 2023, and December 31, September 30, June 30, and March 31, 2022, respectively.

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Wells Fargo & Company and Subsidiaries

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

Quarter ended Mar 31, 2023 <br>% Change from
($ in millions) Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2022 Mar 31, 2022
Average Balances
Assets
Interest-earning deposits with banks $ 114,858 127,854 130,761 146,271 179,051 (10) % (36)
Federal funds sold and securities purchased under resale agreements 68,633 65,860 57,432 60,450 64,845 4 6
Trading debt securities 96,405 94,465 91,618 89,258 90,677 2 6
Available-for-sale debt securities 145,894 122,271 127,821 147,138 169,048 19 (14)
Held-to-maturity debt securities 279,955 303,391 305,063 298,101 279,245 (8) —
Loans held for sale 6,611 9,932 11,458 14,828 19,513 (33) (66)
Loans 948,651 948,517 945,465 926,567 898,005 — 6
Equity securities 28,651 28,587 29,722 30,770 33,282 — (14)
Other 11,043 11,932 13,577 16,085 11,498 (7) (4)
Total interest-earning assets 1,700,701 1,712,809 1,712,917 1,729,468 1,745,164 (1) (3)
Total noninterest-earning assets 162,975 162,382 167,772 173,103 174,233 — (6)
Total assets $ 1,863,676 1,875,191 1,880,689 1,902,571 1,919,397 (1) (3)
Liabilities
Interest-bearing deposits $ 920,226 902,564 902,219 924,526 945,335 2 (3)
Short-term borrowings 58,496 51,246 39,447 35,591 32,758 14 79
Long-term debt 172,567 166,796 158,984 151,230 153,803 3 12
Other liabilities 33,427 33,559 36,217 35,583 31,092 — 8
Total interest-bearing liabilities 1,184,716 1,154,165 1,136,867 1,146,930 1,162,988 3 2
Noninterest-bearing demand deposits 436,468 477,895 505,632 521,267 518,737 (9) (16)
Other noninterest-bearing liabilities 58,195 60,510 55,148 53,448 51,555 (4) 13
Total liabilities 1,679,379 1,692,570 1,697,647 1,721,645 1,733,280 (1) (3)
Total equity 184,297 182,621 183,042 180,926 186,117 1 (1)
Total liabilities and equity $ 1,863,676 1,875,191 1,880,689 1,902,571 1,919,397 (1) (3)
Average Interest Rates
Interest-earning assets
Interest-earning deposits with banks 4.12 % 3.50 2.12 0.88 0.22
Federal funds sold and securities purchased under resale agreements 4.12 3.29 1.73 0.47 (0.05)
Trading debt securities 3.33 3.17 2.75 2.50 2.44
Available-for-sale debt securities 3.54 3.10 2.47 1.91 1.72
Held-to-maturity debt securities 2.55 2.45 2.23 2.06 1.98
Loans held for sale 5.90 5.11 4.18 3.41 2.86
Loans 5.69 5.13 4.28 3.52 3.25
Equity securities 2.39 2.63 2.09 2.51 2.05
Other 4.60 3.57 1.97 0.65 0.12
Total interest-earning assets 4.62 4.16 3.39 2.70 2.38
Interest-bearing liabilities
Interest-bearing deposits 1.22 0.70 0.23 0.07 0.04
Short-term borrowings 3.95 3.15 1.59 0.34 (0.17)
Long-term debt 5.83 5.22 3.90 2.67 1.98
Other liabilities 2.16 2.09 1.89 1.78 1.68
Total interest-bearing liabilities 2.05 1.50 0.84 0.47 0.33
Interest rate spread on a taxable-equivalent basis (2) 2.57 2.66 2.55 2.23 2.05
Net interest margin on a taxable-equivalent basis (2) 3.20 3.14 2.83 2.39 2.16

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

(2)Includes taxable-equivalent adjustments of $107 million, $116 million, $105 million, $108 million, and $107 million for the quarters ended March 31, 2023, and December 31, September 30, June 30, and March 31, 2022, respectively, predominantly related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.

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Wells Fargo & Company and Subsidiaries

COMBINED SEGMENT RESULTS (1)

Quarter ended March 31, 2023
(in millions) Consumer Banking and Lending Commercial Banking Corporate and Investment Banking Wealth and Investment Management Corporate (2) Reconciling Items (3) Consolidated<br>Company
Net interest income $ 7,433 2,489 2,461 1,044 16 (107) 13,336
Noninterest income 1,931 818 2,441 2,637 5 (439) 7,393
Total revenue 9,364 3,307 4,902 3,681 21 (546) 20,729
Provision for credit losses 867 (43) 252 11 120 — 1,207
Noninterest expense 6,038 1,752 2,217 3,061 608 — 13,676
Income (loss) before income tax expense (benefit) 2,459 1,598 2,433 609 (707) (546) 5,846
Income tax expense (benefit) 618 399 615 152 (272) (546) 966
Net income (loss) before noncontrolling interests 1,841 1,199 1,818 457 (435) — 4,880
Less: Net income (loss) from noncontrolling interests — 3 — — (114) — (111)
Net income (loss) $ 1,841 1,196 1,818 457 (321) — 4,991
Quarter ended December 31, 2022
Net interest income $ 7,574 2,357 2,416 1,124 78 (116) 13,433
Noninterest income 1,889 792 1,723 2,571 7 (381) 6,601
Total revenue 9,463 3,149 4,139 3,695 85 (497) 20,034
Provision for credit losses 936 (43) 41 11 12 — 957
Noninterest expense 7,088 1,523 1,837 2,731 3,007 — 16,186
Income (loss) before income tax expense (benefit) 1,439 1,669 2,261 953 (2,934) (497) 2,891
Income tax expense (benefit) 362 428 569 238 (1,129) (497) (29)
Net income (loss) before noncontrolling interests 1,077 1,241 1,692 715 (1,805) — 2,920
Less: Net income (loss) from noncontrolling interests — 3 — — (238) — (235)
Net income (loss) $ 1,077 1,238 1,692 715 (1,567) — 3,155
Quarter ended March 31, 2022
Net interest income $ 5,996 1,361 1,990 799 (818) (107) 9,221
Noninterest income 2,567 966 1,480 2,958 942 (406) 8,507
Total revenue 8,563 2,327 3,470 3,757 124 (513) 17,728
Provision for credit losses (190) (344) (196) (37) (20) — (787)
Noninterest expense 6,395 1,531 1,983 3,175 767 — 13,851
Income (loss) before income tax expense (benefit) 2,358 1,140 1,683 619 (623) (513) 4,664
Income tax expense (benefit) 588 280 425 154 (188) (513) 746
Net income (loss) before noncontrolling interests 1,770 860 1,258 465 (435) — 3,918
Less: Net income from noncontrolling interests — 3 — — 127 — 130
Net income (loss) $ 1,770 857 1,258 465 (562) — 3,788

(1)The management reporting process is based on U.S. GAAP and includes specific adjustments, such as for funds transfer pricing for asset/liability management, shared revenues and expenses, and taxable-equivalent adjustments to consistently reflect income from taxable and tax-exempt sources, which allows management to assess performance across the operating segments. We define our operating segments by type of product and customer segment.

(2)All other business activities that are not included in the reportable operating segments have been included in Corporate. Corporate includes corporate treasury and enterprise functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and affiliated venture capital and private equity businesses. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company as well as results for previously divested businesses.

(3)Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for low-income housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results.

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Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT

Quarter ended Mar 31, 2023 <br>% Change from
($ in millions) Mar 31,<br>2023 Dec 31,<br>2022 Sep 30,<br>2022 Jun 30,<br>2022 Mar 31,<br>2022 Dec 31,<br>2022 Mar 31,<br>2022
Income Statement
Net interest income $ 7,433 7,574 7,102 6,372 5,996 (2) % 24
Noninterest income:
Deposit-related fees 672 696 773 779 845 (3) (20)
Card fees 958 1,025 1,043 1,038 961 (7) —
Mortgage banking 160 23 212 211 654 596 (76)
Other 141 145 147 107 107 (3) 32
Total noninterest income 1,931 1,889 2,175 2,135 2,567 2 (25)
Total revenue 9,364 9,463 9,277 8,507 8,563 (1) 9
Net charge-offs 589 525 435 358 375 12 57
Change in the allowance for credit losses 278 411 482 255 (565) (32) 149
Provision for credit losses 867 936 917 613 (190) (7) 556
Noninterest expense 6,038 7,088 6,758 6,036 6,395 (15) (6)
Income before income tax expense 2,459 1,439 1,602 1,858 2,358 71 4
Income tax expense 618 362 401 465 588 71 5
Net income $ 1,841 1,077 1,201 1,393 1,770 71 4
Revenue by Line of Business
Consumer and Small Business Banking $ 6,486 6,608 6,232 5,510 5,071 (2) 28
Consumer Lending:
Home Lending 863 786 973 972 1,490 10 (42)
Credit Card 1,305 1,353 1,349 1,304 1,265 (4) 3
Auto 392 413 423 436 444 (5) (12)
Personal Lending 318 303 300 285 293 5 9
Total revenue $ 9,364 9,463 9,277 8,507 8,563 (1) 9
Selected Balance Sheet Data (average)
Loans by Line of Business:
Consumer and Small Business Banking $ 9,363 9,590 9,895 10,453 10,605 (2) (12)
Consumer Lending:
Home Lending 222,561 222,546 221,870 218,371 213,714 — 4
Credit Card 38,190 37,152 35,052 32,825 31,503 3 21
Auto 53,676 54,490 55,430 56,813 57,278 (1) (6)
Personal Lending 14,518 14,219 13,397 12,397 11,955 2 21
Total loans $ 338,308 337,997 335,644 330,859 325,055 — 4
Total deposits 841,265 864,623 888,037 898,650 881,339 (3) (5)
Allocated capital 44,000 48,000 48,000 48,000 48,000 (8) (8)
Selected Balance Sheet Data (period-end)
Loans by Line of Business:
Consumer and Small Business Banking $ 9,457 9,704 9,898 10,400 11,006 (3) (14)
Consumer Lending:
Home Lending 222,012 223,525 222,471 222,088 215,858 (1) 3
Credit Card 38,201 38,475 35,965 34,075 31,974 (1) 19
Auto 53,244 54,281 55,116 56,224 57,652 (2) (8)
Personal Lending 14,597 14,544 13,902 12,945 12,068 — 21
Total loans $ 337,511 340,529 337,352 335,732 328,558 (1) 3
Total deposits 851,304 859,695 886,991 892,373 909,896 (1) (6)

-9-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT (continued)

Mar 31, 2023 <br>% Change from
( in millions, unless otherwise noted) Dec 31,<br>2022 Sep 30,<br>2022 Jun 30,<br>2022 Mar 31,<br>2022 Dec 31,<br>2022 Mar 31,<br>2022
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1) % 8.3 9.4 11.1 14.4
Efficiency ratio (2) 75 73 71 75
Retail bank branches (#) 4,598 4,612 4,660 4,705 (2) % (4)
Digital active customers (# in millions) (3) 33.5 33.6 33.4 33.7 2 2
Mobile active customers (# in millions) (3) 28.3 28.3 28.0 27.8 2 4
Consumer and Small Business Banking:
Deposit spread (4) % 2.4 2.1 1.7 1.6
Debit card purchase volume ( in billions) (5) 117.3 124.0 122.4 125.2 115.0 (5) 2
Debit card purchase transactions (# in millions) (5) 2,496 2,501 2,517 2,338 (5) 1
Home Lending:
Mortgage banking:
Net servicing income 84 94 81 77 116 (11) (28)
Net gains (losses) on mortgage loan originations/sales (71) 131 134 538 207 (86)
Total mortgage banking 160 23 212 211 654 596 (76)
Originations ( in billions):
Retail 5.6 8.2 12.4 19.6 24.1 (32) (77)
Correspondent 6.4 9.1 14.5 13.8 (84) (93)
Total originations 6.6 14.6 21.5 34.1 37.9 (55) (83)
% of originations held for sale (HFS) % 60.7 59.2 46.1 51.4
Third party mortgage loans serviced (period-end) ( in billions) (6) 666.8 679.2 687.4 696.9 704.2 (2) (5)
Mortgage servicing rights (MSR) carrying value (period-end) 9,310 9,828 9,163 8,511 (5) 4
Ratio of MSR carrying value (period-end) to third party mortgage loans serviced (period-end) (6) % 1.37 1.43 1.31 1.21
Home lending loans 30+ days delinquency rate (7)(8) 0.31 0.29 0.28 0.29
Credit Card:
Point of sale (POS) volume ( in billions) 30.1 32.3 30.7 30.1 26.0 (7) 16
New accounts (# in thousands) 561 584 524 484 1 17
Credit card loans 30+ days delinquency rate % 2.08 1.81 1.54 1.58
Credit card loans 90+ days delinquency rate 1.01 0.85 0.74 0.78
Auto:
Auto originations ( in billions) 5.0 5.0 5.4 5.4 7.3 — (32)
Auto loans 30+ days delinquency rate (8) % 2.64 2.19 1.95 1.68
Personal Lending:
New volume ( in billions) 2.9 3.2 3.5 3.3 2.6 (9) 12

All values are in US Dollars.

(1)Return on allocated capital is segment net income (loss) applicable to common stock divided by segment average allocated capital. Segment net income (loss) applicable to common stock is segment net income (loss) less allocated preferred stock dividends.

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

(3)Digital and mobile active customers is the number of consumer and small business customers who have logged on via a digital or mobile device, respectively, in the prior 90 days. Digital active customers includes both online and mobile customers.

(4)Deposit spread is (i) the internal funds transfer pricing credit on segment deposits minus interest paid to customers for segment deposits, divided by (ii) average segment deposits.

(5)Debit card purchase volume and transactions reflect combined activity for both consumer and business debit card purchases.

(6)Excludes residential mortgage loans subserviced for others.

(7)Excludes residential mortgage loans insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) and loans held for sale.

(8)Excludes nonaccrual loans.

-10-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT

Quarter ended Mar 31, 2023 <br>% Change from
($ in millions) Mar 31,<br>2023 Dec 31,<br>2022 Sep 30,<br>2022 Jun 30,<br>2022 Mar 31,<br>2022 Dec 31,<br>2022 Mar 31,<br>2022
Income Statement
Net interest income $ 2,489 2,357 1,991 1,580 1,361 6 % 83
Noninterest income:
Deposit-related fees 236 237 256 310 328 — (28)
Lending-related fees 129 122 126 122 121 6 7
Lease income 169 176 176 179 179 (4) (6)
Other 284 257 403 301 338 11 (16)
Total noninterest income 818 792 961 912 966 3 (15)
Total revenue 3,307 3,149 2,952 2,492 2,327 5 42
Net charge-offs (39) 32 (3) 4 (29) NM (34)
Change in the allowance for credit losses (4) (75) (165) 17 (315) 95 99
Provision for credit losses (43) (43) (168) 21 (344) — 88
Noninterest expense 1,752 1,523 1,526 1,478 1,531 15 14
Income before income tax expense 1,598 1,669 1,594 993 1,140 (4) 40
Income tax expense 399 428 409 249 280 (7) 43
Less: Net income from noncontrolling interests 3 3 3 3 3 — —
Net income $ 1,196 1,238 1,182 741 857 (3) 40
Revenue by Line of Business
Middle Market Banking $ 2,155 2,076 1,793 1,459 1,246 4 73
Asset-Based Lending and Leasing 1,152 1,073 1,159 1,033 1,081 7 7
Total revenue $ 3,307 3,149 2,952 2,492 2,327 5 42
Revenue by Product
Lending and leasing $ 1,324 1,357 1,333 1,308 1,255 (2) 5
Treasury management and payments 1,562 1,519 1,242 943 779 3 101
Other 421 273 377 241 293 54 44
Total revenue $ 3,307 3,149 2,952 2,492 2,327 5 42
Selected Metrics
Return on allocated capital 18.1 % 24.2 23.1 14.3 16.9
Efficiency ratio 53 48 52 59 66

NM – Not meaningful

-11-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT (continued)

Quarter ended Mar 31, 2023 <br>% Change from
($ in millions) Mar 31,<br>2023 Dec 31,<br>2022 Sep 30,<br>2022 Jun 30,<br>2022 Mar 31,<br>2022 Dec 31,<br>2022 Mar 31,<br>2022
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial $ 163,210 159,236 150,365 143,833 135,792 2 % 20
Commercial real estate 45,862 45,551 45,121 44,790 45,053 1 2
Lease financing and other 13,754 13,635 13,511 13,396 13,550 1 2
Total loans $ 222,826 218,422 208,997 202,019 194,395 2 15
Loans by Line of Business:
Middle Market Banking $ 121,625 119,740 117,031 113,033 108,583 2 12
Asset-Based Lending and Leasing 101,201 98,682 91,966 88,986 85,812 3 18
Total loans $ 222,826 218,422 208,997 202,019 194,395 2 15
Total deposits 170,467 175,442 180,231 188,286 200,699 (3) (15)
Allocated capital 25,500 19,500 19,500 19,500 19,500 31 31
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial $ 166,853 163,797 155,400 146,656 140,932 2 18
Commercial real estate 45,895 45,816 45,540 44,992 44,428 — 3
Lease financing and other 13,851 13,916 13,645 13,593 13,473 — 3
Total loans $ 226,599 223,529 214,585 205,241 198,833 1 14
Loans by Line of Business:
Middle Market Banking $ 121,626 121,192 118,627 116,064 110,258 — 10
Asset-Based Lending and Leasing 104,973 102,337 95,958 89,177 88,575 3 19
Total loans $ 226,599 223,529 214,585 205,241 198,833 1 14
Total deposits 169,827 173,942 172,727 183,145 195,549 (2) (13)

-12-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT

Quarter ended Mar 31, 2023 <br>% Change from
($ in millions) Mar 31,<br>2023 Dec 31,<br>2022 Sep 30,<br>2022 Jun 30,<br>2022 Mar 31,<br>2022 Dec 31,<br>2022 Mar 31,<br>2022
Income Statement
Net interest income $ 2,461 2,416 2,270 2,057 1,990 2 % 24
Noninterest income:
Deposit-related fees 236 240 255 280 293 (2) (19)
Lending-related fees 194 191 198 195 185 2 5
Investment banking fees 314 331 392 307 462 (5) (32)
Net gains from trading activities 1,257 606 674 378 228 107 451
Other 440 355 271 356 312 24 41
Total noninterest income 2,441 1,723 1,790 1,516 1,480 42 65
Total revenue 4,902 4,139 4,060 3,573 3,470 18 41
Net charge-offs 17 10 (16) (11) (31) 70 155
Change in the allowance for credit losses 235 31 48 (51) (165) 658 242
Provision for credit losses 252 41 32 (62) (196) 515 229
Noninterest expense 2,217 1,837 1,900 1,840 1,983 21 12
Income before income tax expense 2,433 2,261 2,128 1,795 1,683 8 45
Income tax expense 615 569 536 459 425 8 45
Net income $ 1,818 1,692 1,592 1,336 1,258 7 45
Revenue by Line of Business
Banking:
Lending $ 692 593 580 528 521 17 33
Treasury Management and Payments 785 738 670 529 432 6 82
Investment Banking 280 317 336 222 331 (12) (15)
Total Banking 1,757 1,648 1,586 1,279 1,284 7 37
Commercial Real Estate 1,311 1,267 1,212 1,060 995 3 32
Markets:
Fixed Income, Currencies, and Commodities (FICC) 1,285 935 914 934 877 37 47
Equities 437 279 316 253 267 57 64
Credit Adjustment (CVA/DVA) and Other 71 (35) 17 13 25 303 184
Total Markets 1,793 1,179 1,247 1,200 1,169 52 53
Other 41 45 15 34 22 (9) 86
Total revenue $ 4,902 4,139 4,060 3,573 3,470 18 41
Selected Metrics
Return on allocated capital 15.9 % 17.7 16.6 13.8 13.2
Efficiency ratio 45 44 47 51 57

-13-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT (continued)

Quarter ended Mar 31, 2023 <br>% Change from
($ in millions) Mar 31,<br>2023 Dec 31,<br>2022 Sep 30,<br>2022 Jun 30,<br>2022 Mar 31,<br>2022 Dec 31,<br>2022 Mar 31,<br>2022
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial $ 193,770 196,697 205,185 200,527 191,152 (1) % 1
Commercial real estate 100,972 101,553 101,055 98,167 93,346 (1) 8
Total loans $ 294,742 298,250 306,240 298,694 284,498 (1) 4
Loans by Line of Business:
Banking $ 99,078 104,187 109,909 109,123 102,485 (5) (3)
Commercial Real Estate 136,806 137,680 137,568 133,212 126,248 (1) 8
Markets 58,858 56,383 58,763 56,359 55,765 4 6
Total loans $ 294,742 298,250 306,240 298,694 284,498 (1) 4
Trading-related assets:
Trading account securities $ 112,628 111,803 110,919 110,499 115,687 1 (3)
Reverse repurchase agreements/securities borrowed 57,818 52,814 45,486 48,909 54,832 9 5
Derivative assets 17,928 24,556 28,050 30,845 26,244 (27) (32)
Total trading-related assets $ 188,374 189,173 184,455 190,253 196,763 — (4)
Total assets 548,808 553,308 560,509 564,306 551,404 (1) —
Total deposits 157,551 156,205 156,830 164,860 169,181 1 (7)
Allocated capital 44,000 36,000 36,000 36,000 36,000 22 22
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial $ 191,020 196,529 198,253 207,414 194,201 (3) (2)
Commercial real estate 100,797 101,848 101,440 100,872 96,426 (1) 5
Total loans $ 291,817 298,377 299,693 308,286 290,627 (2) —
Loans by Line of Business:
Banking $ 97,178 101,183 103,809 111,639 107,081 (4) (9)
Commercial Real Estate 135,728 137,495 137,077 137,083 129,375 (1) 5
Markets 58,911 59,699 58,807 59,564 54,171 (1) 9
Total loans $ 291,817 298,377 299,693 308,286 290,627 (2) —
Trading-related assets:
Trading account securities $ 115,198 111,801 113,488 109,634 113,763 3 1
Reverse repurchase agreements/securities borrowed 57,502 55,407 44,194 42,696 57,579 4 —
Derivative assets 16,968 22,218 28,545 24,540 26,695 (24) (36)
Total trading-related assets $ 189,668 189,426 186,227 176,870 198,037 — (4)
Total assets 542,168 550,177 550,695 567,733 564,976 (1) (4)
Total deposits 158,564 157,217 154,550 162,439 168,467 1 (6)

-14-

Wells Fargo & Company and Subsidiaries

WEALTH AND INVESTMENT MANAGEMENT SEGMENT

Quarter ended Mar 31, 2023 <br>% Change from
($ in millions, unless otherwise noted) Mar 31,<br>2023 Dec 31,<br>2022 Sep 30,<br>2022 Jun 30,<br>2022 Mar 31,<br>2022 Dec 31,<br>2022 Mar 31,<br>2022
Income Statement
Net interest income $ 1,044 1,124 1,088 916 799 (7) % 31
Noninterest income:
Investment advisory and other asset-based fees 2,061 1,999 2,066 2,306 2,476 3 (17)
Commissions and brokerage services fees 541 532 486 459 454 2 19
Other 35 40 25 24 28 (13) 25
Total noninterest income 2,637 2,571 2,577 2,789 2,958 3 (11)
Total revenue 3,681 3,695 3,665 3,705 3,757 — (2)
Net charge-offs (1) (2) (1) — (4) 50 75
Change in the allowance for credit losses 12 13 9 (7) (33) (8) 136
Provision for credit losses 11 11 8 (7) (37) — 130
Noninterest expense 3,061 2,731 2,796 2,911 3,175 12 (4)
Income before income tax expense 609 953 861 801 619 (36) (2)
Income tax expense 152 238 222 198 154 (36) (1)
Net income $ 457 715 639 603 465 (36) (2)
Selected Metrics
Return on allocated capital 28.9 % 31.9 28.4 27.1 21.0
Efficiency ratio 83 74 76 79 85
Advisory assets ($ in billions) $ 825 797 756 800 912 4 (10)
Other brokerage assets and deposits ($ in billions) 1,104 1,064 1,003 1,035 1,168 4 (5)
Total client assets ($ in billions) $ 1,929 1,861 1,759 1,835 2,080 4 (7)
Selected Balance Sheet Data (average)
Total loans $ 83,621 84,760 85,472 85,912 84,765 (1) (1)
Total deposits 126,604 142,230 158,367 173,670 185,814 (11) (32)
Allocated capital 6,250 8,750 8,750 8,750 8,750 (29) (29)
Selected Balance Sheet Data (period-end)
Total loans $ 82,817 84,273 85,180 85,342 84,688 (2) (2)
Total deposits 117,252 138,760 148,890 165,633 183,727 (16) (36)

-15-

Wells Fargo & Company and Subsidiaries

CORPORATE (1)

Quarter ended Mar 31, 2023 <br>% Change from
($ in millions) Mar 31,<br>2023 Dec 31,<br>2022 Sep 30,<br>2022 Jun 30,<br>2022 Mar 31,<br>2022 Dec 31,<br>2022 Mar 31,<br>2022
Income Statement
Net interest income $ 16 78 (248) (619) (818) (79) % 102
Noninterest income 5 7 345 (102) 942 (29) (99)
Total revenue 21 85 97 (721) 124 (75) (83)
Net charge-offs (2) (5) (16) (6) (6) 60 67
Change in the allowance for credit losses 122 17 11 21 (14) 618 971
Provision for credit losses 120 12 (5) 15 (20) 900 700
Noninterest expense 608 3,007 1,326 597 767 (80) (21)
Loss before income tax benefit (707) (2,934) (1,224) (1,333) (623) 76 (13)
Income tax benefit (272) (1,129) (171) (233) (188) 76 (45)
Less: Net income (loss) from noncontrolling interests (114) (238) (31) (169) 127 52 NM
Net loss $ (321) (1,567) (1,022) (931) (562) 80 43
Selected Balance Sheet Data (average)
Cash and due from banks, and interest-earning deposits with banks $ 117,419 130,329 134,725 145,637 178,747 (10) (34)
Available-for-sale debt securities 128,770 102,650 110,575 127,997 156,756 25 (18)
Held-to-maturity debt securities 272,718 295,494 297,335 291,710 275,510 (8) (1)
Equity securities 15,519 15,918 15,423 15,681 15,760 (3) (2)
Total loans 9,154 9,088 9,112 9,083 9,292 1 (1)
Total assets 596,087 605,500 617,712 642,606 687,346 (2) (13)
Total deposits 60,807 41,959 24,386 20,327 27,039 45 125
Selected Balance Sheet Data (period-end)
Cash and due from banks, and interest-earning deposits with banks $ 136,093 127,106 141,743 123,872 175,201 7 (22)
Available-for-sale debt securities 133,311 102,669 104,726 114,469 157,164 30 (15)
Held-to-maturity debt securities 274,202 294,141 297,530 298,895 277,965 (7) (1)
Equity securities 15,200 15,508 15,581 15,004 16,137 (2) (6)
Total loans 9,247 9,163 9,096 9,133 9,101 1 2
Total assets 620,241 601,218 615,382 611,657 682,912 3 (9)
Total deposits 65,682 54,371 34,993 21,563 23,715 21 177

NM – Not meaningful

(1)All other business activities that are not included in the reportable operating segments have been included in Corporate. Corporate includes corporate treasury and enterprise functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and affiliated venture capital and private equity businesses. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company as well as results for previously divested businesses.

-16-

Wells Fargo & Company and Subsidiaries

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

Quarter ended Mar 31, 2023 Change from
($ in millions) Mar 31,<br>2023 Dec 31,<br>2022 Sep 30,<br>2022 Jun 30,<br>2022 Mar 31,<br>2022 Dec 31,2022
Period-End Loans
Commercial and industrial $ 384,690 386,806 379,694 380,235 362,137 (2,116)
Commercial real estate 154,707 155,802 155,659 155,154 150,108 (1,095)
Lease financing 14,820 14,908 14,617 14,530 14,469 (88)
Total commercial 554,217 557,516 549,970 549,919 526,714 (3,299)
Residential mortgage 267,138 269,117 268,065 267,545 260,634 (1,979)
Credit card 45,766 46,293 43,558 41,222 38,639 (527)
Auto 52,631 53,669 54,545 55,658 57,083 (1,038)
Other consumer 28,239 29,276 29,768 29,390 28,737 (1,037)
Total consumer 393,774 398,355 395,936 393,815 385,093 (4,581)
Total loans $ 947,991 955,871 945,906 943,734 911,807 (7,880)
Average Loans
Commercial and industrial $ 383,277 381,889 381,375 370,615 353,829 1,388
Commercial real estate 155,074 155,674 155,291 152,456 147,723 (600)
Lease financing 14,832 14,656 14,526 14,445 14,586 176
Total commercial 553,183 552,219 551,192 537,516 516,138 964
Residential mortgage 267,984 268,232 267,609 263,877 258,900 (248)
Credit card 45,842 44,829 42,407 39,614 38,164 1,013
Auto 53,065 53,917 54,874 56,262 56,701 (852)
Other consumer 28,577 29,320 29,383 29,298 28,102 (743)
Total consumer 395,468 396,298 394,273 389,051 381,867 (830)
Total loans $ 948,651 948,517 945,465 926,567 898,005 134
Average Interest Rates
Commercial and industrial 6.25 % 5.41 4.13 2.92 2.41
Commercial real estate 6.24 5.45 4.23 3.08 2.74
Lease financing 4.63 4.45 3.76 4.24 4.24
Total commercial 6.20 5.40 4.14 3.00 2.56
Residential mortgage 3.44 3.38 3.27 3.20 3.20
Credit card 12.74 12.00 11.51 11.13 11.32
Auto 4.56 4.46 4.27 4.18 4.17
Other consumer 7.74 6.89 5.58 4.26 3.69
Total consumer 4.98 4.76 4.47 4.23 4.20
Total loans 5.69 % 5.13 4.28 3.52 3.25

All values are in US Dollars.

-17-

Wells Fargo & Company and Subsidiaries

NET LOAN CHARGE-OFFS

Quarter ended
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Mar 31, 2023 Change from
($ in millions) Net loan <br>charge-offs As a % of average loans (1) Net loan <br>charge-offs As a % of average loans (1) Net loan <br>charge-offs As a % of average loans (1) Net loan <br>charge-offs As a % of average loans (1) Net loan <br>charge-offs As a % of average loans (1) Dec 31,2022 Mar 31,<br>2022
By product:
Commercial and industrial $ 43 0.05 % $ 66 0.07 % $ 13 0.01 % $ 27 0.03 % $ (23) (0.03) % 66
Commercial real estate 17 0.04 10 0.03 (12) (0.03) (4) (0.01) (5) (0.01) 7 22
Lease financing 3 0.07 3 0.06 5 0.15 — — (1) (0.02) — 4
Total commercial 63 0.05 79 0.06 6 — 23 0.02 (29) (0.02) (16) 92
Residential mortgage (11) (0.02) (12) (0.02) (14) (0.02) (16) (0.03) (21) (0.03) 1 10
Credit card 344 3.05 274 2.42 202 1.90 199 2.02 176 1.87 70 168
Auto 121 0.93 137 1.00 121 0.87 68 0.49 96 0.68 (16) 25
Other consumer 87 1.21 82 1.13 84 1.13 70 0.98 83 1.20 5 4
Total consumer 541 0.56 481 0.48 393 0.40 321 0.33 334 0.35 60 207
Total net loan charge-offs $ 604 0.26 % $ 560 0.23 % $ 399 0.17 % $ 344 0.15 % $ 305 0.14 % 299
By segment:
Consumer Banking and Lending $ 589 0.71 % $ 525 0.62 % $ 435 0.51 % $ 358 0.43 % $ 375 0.47 % 214
Commercial Banking 2 — 32 0.06 (3) (0.01) 3 0.01 (29) (0.06) (30) 31
Corporate and Investing Banking 17 0.02 10 0.01 (16) (0.02) (11) (0.01) (31) (0.04) 7 48
Wealth and Investment Management (1) — (2) (0.01) (1) — — — (4) (0.02) 1 3
Corporate (3) (0.13) (5) (0.22) (16) (0.70) (6) (0.26) (6) (0.26) 2 3
Total net loan charge-offs $ 604 0.26 % $ 560 0.23 % $ 399 0.17 % $ 344 0.15 % $ 305 0.14 % 299

All values are in US Dollars.

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

-18-

Wells Fargo & Company and Subsidiaries

CHANGES IN ALLOWANCE FOR CREDIT LOSSES FOR LOANS

Quarter ended Mar 31, 2023 Change from
($ in millions) Mar 31,<br>2023 Dec 31,<br>2022 Sep 30,<br>2022 Jun 30,<br>2022 Mar 31,<br>2022 Dec 31,2022
Balance, beginning of period $ 13,609 13,225 12,884 12,681 13,788 384
Cumulative effect from change in accounting policy (1) (429) — — — — (429)
Balance, beginning of period, adjusted for cumulative effect from change in accounting policy 13,180 13,225 12,884 12,681 13,788 (45)
Provision for credit losses for loans 1,129 968 773 578 (775) 161
Interest income on certain loans (2) — (26) (26) (27) (29) 26
Net loan charge-offs:
Commercial and industrial (43) (66) (13) (27) 23 23
Commercial real estate (17) (10) 12 4 5 (7)
Lease financing (3) (3) (5) — 1 —
Total commercial (63) (79) (6) (23) 29 16
Residential mortgage 11 12 14 16 21 (1)
Credit card (344) (274) (202) (199) (176) (70)
Auto (121) (137) (121) (68) (96) 16
Other consumer (87) (82) (84) (70) (83) (5)
Total consumer (541) (481) (393) (321) (334) (60)
Net loan charge-offs (604) (560) (399) (344) (305) (44)
Other — 2 (7) (4) 2 (2)
Balance, end of period $ 13,705 13,609 13,225 12,884 12,681 96
Components:
Allowance for loan losses $ 13,120 12,985 12,571 11,786 11,504 135
Allowance for unfunded credit commitments 585 624 654 1,098 1,177 (39)
Allowance for credit losses for loans $ 13,705 13,609 13,225 12,884 12,681 96
Ratio of allowance for loan losses to total net loan charge-offs (annualized) 5.35x 5.85 7.94 8.54 9.31
Allowance for loan losses as a percentage of:
Total loans 1.38 % 1.36 1.33 1.25 1.26
Nonaccrual loans 218 231 225 197 167
Allowance for credit losses for loans as a percentage of:
Total loans 1.45 1.42 1.40 1.37 1.39
Nonaccrual loans 228 242 237 215 185

All values are in US Dollars.

(1)Represents the decrease in our allowance for credit losses for loans as a result of our adoption of ASU 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, on January 1, 2023.

(2)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.

-19-

Wells Fargo & Company and Subsidiaries

ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES FOR LOANS

Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022
($ in millions) ACL ACL<br>as %<br>of loan<br>class ACL ACL<br>as %<br>of loan<br>class ACL ACL<br>as %<br>of loan<br>class ACL ACL<br>as %<br>of loan<br>class ACL ACL<br>as %<br>of loan<br>class
By product:
Commercial and industrial $ 4,287 1.11 % $ 4,507 1.17 % $ 4,547 1.20 % $ 4,620 1.22 % $ 4,625 1.28 %
Commercial real estate 2,724 1.76 2,231 1.43 2,233 1.43 2,188 1.41 2,249 1.50
Lease financing 213 1.44 218 1.46 211 1.44 274 1.89 274 1.89
Total commercial 7,224 1.30 6,956 1.25 6,991 1.27 7,082 1.29 7,148 1.36
Residential mortgage (1) 751 0.28 1,096 0.41 1,001 0.37 1,018 0.38 929 0.36
Credit card 3,641 7.96 3,567 7.71 3,364 7.72 3,253 7.89 3,094 8.01
Auto 1,449 2.75 1,380 2.57 1,340 2.46 1,045 1.88 1,030 1.80
Other consumer 640 2.27 610 2.08 529 1.78 486 1.65 480 1.67
Total consumer 6,481 1.65 6,653 1.67 6,234 1.57 5,802 1.47 5,533 1.44
Total allowance for credit losses for loans $ 13,705 1.45 % $ 13,609 1.42 % $ 13,225 1.40 % $ 12,884 1.37 % $ 12,681 1.39 %
By segment:
Consumer Banking and Lending $ 7,215 2.14 % $ 7,394 2.17 % $ 7,002 2.08 % $ 6,540 1.95 % $ 6,305 1.92 %
Commercial Banking 2,417 1.07 2,397 1.07 2,477 1.15 2,644 1.29 2,631 1.32
Corporate and Investing Banking 3,785 1.30 3,552 1.19 3,517 1.17 3,480 1.13 3,532 1.22
Wealth and Investment Management 265 0.32 253 0.30 240 0.28 231 0.27 238 0.28
Corporate 23 0.25 13 0.14 (11) (0.12) (11) (0.12) (25) (0.27)
Total allowance for credit losses for loans $ 13,705 1.45 % $ 13,609 1.42 % $ 13,225 1.40 % $ 12,884 1.37 % $ 12,681 1.39 %

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

-20-

Wells Fargo & Company and Subsidiaries

NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)

Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Mar 31, 2023 Change from
($ in millions) Balance % of<br>total<br>loans Balance % of<br>total<br>loans Balance % of<br>total<br>loans Balance % of<br>total<br>loans Balance % of<br>total<br>loans Dec 31,2022 Mar 31,<br>2022
By product:
Nonaccrual loans:
Commercial and industrial $ 739 0.19 % $ 746 0.19 % $ 742 0.20 % $ 722 0.19 % $ 799 0.22 % (60)
Commercial real estate 1,450 0.94 958 0.61 853 0.55 901 0.58 1,037 0.69 492 413
Lease financing 86 0.58 119 0.80 108 0.74 96 0.66 117 0.81 (33) (31)
Total commercial 2,275 0.41 1,823 0.33 1,703 0.31 1,719 0.31 1,953 0.37 452 322
Residential mortgage (1) 3,552 1.33 3,611 1.34 3,677 1.37 4,051 1.51 4,675 1.79 (59) (1,123)
Auto 145 0.28 153 0.29 171 0.31 188 0.34 208 0.36 (8) (63)
Other consumer 38 0.13 39 0.13 36 0.12 35 0.12 35 0.12 (1) 3
Total consumer 3,735 0.95 3,803 0.95 3,884 0.98 4,274 1.09 4,918 1.28 (68) (1,183)
Total nonaccrual loans 6,010 0.63 5,626 0.59 5,587 0.59 5,993 0.64 6,871 0.75 384 (861)
Foreclosed assets 132 137 125 130 130 (5) 2
Total nonperforming assets $ 6,142 0.65 % $ 5,763 0.60 % $ 5,712 0.60 % $ 6,123 0.65 % $ 7,001 0.77 % (859)
By segment:
Consumer Banking and Lending $ 3,689 1.09 % $ 3,747 1.10 % $ 3,811 1.13 % $ 4,179 1.24 % $ 4,754 1.45 % (1,065)
Commercial Banking 1,037 0.46 1,029 0.46 1,025 0.48 1,065 0.52 1,242 0.62 8 (205)
Corporate and Investing Banking 1,226 0.42 764 0.26 673 0.22 646 0.21 706 0.24 462 520
Wealth and Investment Management 190 0.23 199 0.24 203 0.24 233 0.27 299 0.35 (9) (109)
Corporate — — 24 0.26 — — — — — — (24) —
Total nonperforming assets $ 6,142 0.65 % $ 5,763 0.60 % $ 5,712 0.60 % $ 6,123 0.65 % $ 7,001 0.77 % (859)

All values are in US Dollars.

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

-21-

Wells Fargo & Company and Subsidiaries

COMMERCIAL AND INDUSTRIAL LOANS AND LEASE FINANCING BY INDUSTRY

Mar 31, 2023 Dec 31, 2022 Mar 31, 2022
($ in millions) Nonaccrual<br>loans Loans outstanding balance % of<br>total<br>loans Nonaccrual<br>loans Loans outstanding balance % of<br>total<br>loans Nonaccrual<br>loans Loans outstanding balance % of<br>total<br>loans
Financials except banks $ 13 144,954 15 % $ 44 147,171 15 % $ 59 140,267 15 %
Technology, telecom and media 43 27,807 3 31 27,767 3 63 24,382 3
Real estate and construction 53 24,353 3 73 24,478 3 72 24,961 3
Equipment, machinery and parts manufacturing 177 24,569 3 83 23,675 2 17 19,763 2
Retail 45 19,718 2 47 19,487 2 21 17,529 2
Materials and commodities 82 16,960 2 86 16,610 2 28 16,141 2
Oil, gas and pipelines 48 9,782 1 55 9,991 1 85 8,447 *
Food and beverage manufacturing 5 16,890 2 17 17,393 2 6 14,935 2
Health care and pharmaceuticals 20 15,664 2 21 14,861 2 25 13,279 1
Auto related 8 13,926 1 10 13,168 1 22 10,762 1
Commercial services 32 11,536 1 50 11,418 1 69 10,632 1
Utilities 18 8,342 * 18 9,457 * 78 8,303 *
Entertainment and recreation 26 13,648 1 28 13,085 1 43 11,438 1
Diversified or miscellaneous 3 8,587 * 2 8,161 * 21 8,233 *
Transportation services 196 8,357 * 237 8,389 * 246 8,116 *
Insurance and fiduciaries 1 4,714 * 1 4,691 * 1 4,366 *
Banks — 12,373 1 — 14,403 2 — 18,336 2
Agribusiness 7 6,215 * 24 6,180 * 32 6,058 *
Government and education 36 6,131 * 25 6,482 * 4 5,717 *
Other 12 4,984 * 13 4,847 * 24 4,941 *
Total $ 825 399,510 42 % $ 865 401,714 42 % $ 916 376,606 41 %

*Less than 1%.

-22-

Wells Fargo & Company and Subsidiaries

COMMERCIAL REAL ESTATE LOANS BY PROPERTY TYPE (1)

Mar 31, 2023 Dec 31, 2022 Mar 31, 2022
($ in millions) Nonaccrual<br>loans Loans outstanding balance % of<br>total<br>loans Total commitments (2) Nonaccrual<br>loans Loans outstanding balance % of<br>total<br>loans Total commitments (2) Nonaccrual<br>loans Loans outstanding balance % of<br>total<br>loans Total commitments (2)
Apartments $ 8 40,032 4 % $ 51,266 $ 8 39,743 4 % $ 51,567 $ 13 33,501 4 % $ 44,686
Office buildings 725 35,671 4 39,867 186 36,144 4 40,827 130 36,551 4 42,169
Industrial/warehouse 36 20,487 2 24,415 42 20,634 2 24,546 70 17,929 2 21,092
Hotel/motel 151 12,801 1 13,889 153 12,751 1 13,758 200 12,439 1 12,940
Retail (excluding shopping center) 200 11,600 1 12,310 199 11,753 1 12,486 117 12,308 1 12,982
Shopping center 197 9,375 * 10,003 259 9,534 * 10,131 342 10,295 1 10,938
Institutional 31 7,691 * 9,027 33 7,725 * 9,178 39 7,886 * 9,519
Mixed use properties 87 5,396 * 6,555 54 5,887 * 7,139 71 7,503 * 9,051
Collateral pool — 3,119 * 3,477 — 3,062 * 3,662 — 3,603 * 4,193
1-4 family structure — 1,249 * 3,325 — 1,324 * 3,589 — 1,122 * 2,860
Other 15 7,286 * 8,685 24 7,245 * 8,437 55 6,971 * 8,566
Total $ 1,450 154,707 16 % $ 182,819 $ 958 155,802 16 % $ 185,320 $ 1,037 150,108 16 % $ 178,996

*Less than 1%.

(1)Our commercial real estate loan portfolio is comprised of commercial real estate mortgage and commercial real estate construction loans.

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

-23-

Wells Fargo & Company and Subsidiaries TANGIBLE COMMON EQUITY

We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than MSRs) and goodwill and other intangibles on investments in consolidated portfolio companies, net of applicable deferred taxes. The ratios are (i) tangible book value per common share, which represents tangible common equity divided by common shares outstanding; and (ii) return on average tangible common equity (ROTCE), which represents our annualized earnings as a percentage of tangible common equity. The methodology of determining tangible common equity may differ among companies. Management believes that tangible book value per common share and return on average tangible common equity, which utilize tangible common equity, are useful financial measures because they enable management, investors, and others to assess the Company’s use of equity.

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

Mar 31, 2023 <br>% Change from
( in millions) Mar 31,<br>2023 Dec 31,<br>2022 Sep 30,<br>2022 Jun 30,<br>2022 Mar 31,<br>2022 Dec 31,<br>2022 Mar 31,<br>2022
Tangible book value per common share:
Total equity $ 183,220 182,213 178,478 179,798 181,597 1 % 1
Adjustments:
Preferred stock (1) (19,448) (19,448) (20,057) (20,057) (20,057) — 3
Additional paid-in capital on preferred stock (1) 173 173 136 135 136 — 27
Unearned Employee Stock Ownership Plan (ESOP) shares (1) — — 646 646 646 NM (100)
Noncontrolling interests (2,052) (1,986) (2,220) (2,262) (2,446) (3) 16
Total common stockholders' equity 161,893 160,952 156,983 158,260 159,876 1 1
Adjustments:
Goodwill (25,173) (25,173) (25,172) (25,178) (25,181) — —
Certain identifiable intangible assets (other than MSRs) (139) (152) (171) (191) (210) 9 34
Goodwill and other intangibles on investments in consolidated portfolio companies (included inother assets) (2,486) (2,427) (2,378) (2,307) (2,304) (2) (8)
Applicable deferred taxes related to goodwill and other intangible assets (2) 897 890 889 880 871 1 3
Tangible common equity $ 134,992 134,090 130,151 131,464 133,052 1 1
Common shares outstanding 3,763.2 3,833.8 3,795.4 3,793.0 3,789.9 (2) (1)
Book value per common share $ 43.02 41.98 41.36 41.72 42.18 2 2
Tangible book value per common share 35.87 34.98 34.29 34.66 35.11 3 2

All values are in US Dollars.

NM – Not meaningful

(1)In fourth quarter 2022, we redeemed all outstanding shares of our ESOP Cumulative Convertible Preferred Stock in exchange for shares of the Company’s common stock.

(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.

-24-

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

Quarter ended Mar 31, 2023 <br>% Change from
( in millions) Mar 31,<br>2023 Dec 31,<br>2022 Sep 30,<br>2022 Jun 30,<br>2022 Mar 31,<br>2022 Dec 31,<br>2022 Mar 31,<br>2022
Return on average tangible common equity:
Net income applicable to common stock $ 4,713 2,877 3,313 2,863 3,509 64 % 34
Average total equity 184,297 182,621 183,042 180,926 186,117 1 (1)
Adjustments:
Preferred stock (1) (19,448) (19,553) (20,057) (20,057) (20,057) 1 3
Additional paid-in capital on preferred stock (1) 173 166 135 135 134 4 29
Unearned ESOP shares (1) — 112 646 646 646 (100) (100)
Noncontrolling interests (2,019) (2,185) (2,258) (2,386) (2,468) 8 18
Average common stockholders’ equity 163,003 161,161 161,508 159,264 164,372 1 (1)
Adjustments:
Goodwill (25,173) (25,173) (25,177) (25,179) (25,180) — —
Certain identifiable intangible assets (other than MSRs) (145) (160) (181) (200) (218) 9 33
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (2,440) (2,378) (2,359) (2,304) (2,395) (3) (2)
Applicable deferred taxes related to goodwill and other intangible assets (2) 895 890 886 877 803 1 11
Average tangible common equity $ 136,140 134,340 134,677 132,458 137,382 1 (1)
Return on average common stockholders’ equity (ROE) (annualized) 11.7 % 7.1 8.1 7.2 8.7
Return on average tangible common equity (ROTCE) (annualized) 14.0 8.5 9.8 8.7 10.4

All values are in US Dollars.

(1)In fourth quarter 2022, we redeemed all outstanding shares of our ESOP Cumulative Convertible Preferred Stock in exchange for shares of the Company’s common stock.

(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.

-25-

Wells Fargo & Company and Subsidiaries

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

Estimated Mar 31, 2023 <br>% Change from
( in billions) Mar 31,<br>2023 Dec 31,<br>2022 Sep 30,<br>2022 Jun 30,<br>2022 Mar 31,<br>2022 Dec 31,<br>2022 Mar 31,<br>2022
Total equity (2) $ 183.2 182.2 178.5 179.8 181.6 1 % 1
Effect of accounting policy change (2) — (0.3) (0.1) — 0.1
Total equity (as reported) 183.2 181.9 178.4 179.8 181.7 1 1
Adjustments:
Preferred stock (3) (19.4) (19.4) (20.1) (20.1) (20.1) — 3
Additional paid-in capital on preferred stock (3) 0.2 0.1 0.1 0.2 0.1 137 27
Unearned ESOP shares (3) — — 0.7 0.7 0.7 NM (100)
Noncontrolling interests (2.1) (2.0) (2.2) (2.3) (2.4) (3) 16
Total common stockholders' equity 161.9 160.6 156.9 158.3 160.0 1 1
Adjustments:
Goodwill (25.2) (25.2) (25.2) (25.2) (25.2) — —
Certain identifiable intangible assets (other than MSRs) (0.1) (0.2) (0.2) (0.2) (0.2) 9 34
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (2.5) (2.4) (2.4) (2.3) (2.3) (2) (8)
Applicable deferred taxes related to goodwill and other intangible assets (4) 0.9 0.9 0.9 0.9 0.9 1 3
Current expected credit loss (CECL) transition provision (5) 0.1 0.2 0.2 0.2 0.2 (33) (33)
Other (0.6) (0.4) (0.4) (1.6) (1.1) (59) 43
Common Equity Tier 1 134.5 133.5 129.8 130.1 132.3 1 2
Preferred stock (3) 19.4 19.4 20.1 20.1 20.1 — (3)
Additional paid-in capital on preferred stock (3) (0.2) (0.1) (0.1) (0.2) (0.1) (100) (100)
Unearned ESOP shares (3) — — (0.7) (0.7) (0.7) NM 100
Other (0.2) (0.2) (0.3) (0.2) (0.3) (4) 27
Total Tier 1 capital 153.5 152.6 148.8 149.1 151.3 1 1
Long-term debt and other instruments qualifying as Tier 2 20.3 20.5 20.6 21.6 22.3 (1) (9)
Qualifying allowance for credit losses (6) 14.2 13.9 13.6 13.2 13.0 2 9
Other (0.3) (0.3) (0.3) (0.3) (0.3) (16) (17)
Total qualifying capital $ 187.7 186.7 182.7 183.6 186.3 1 1
Total risk-weighted assets (RWAs) $ 1,244.0 1,259.9 1,255.6 1,253.6 1,265.5 (1) (2)
Common Equity Tier 1 to total RWAs 10.8 % 10.6 10.3 10.4 10.5
Tier 1 capital to total RWAs 12.3 12.1 11.9 11.9 12.0
Total capital to total RWAs 15.1 14.8 14.6 14.6 14.7

All values are in US Dollars.

NM – Not meaningful

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

(2)In first quarter 2023, we adopted FASB ASU 2018-12. We adopted this ASU with retrospective application, which required revision of prior period financial statements. Prior period risk-based capital and certain other regulatory related metrics were not revised. For additional information, see page 28.

(3)In fourth quarter 2022, we redeemed all outstanding shares of our ESOP Cumulative Convertible Preferred Stock in exchange for shares of the Company’s common stock.

(4)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.

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

(6)Under the Standardized Approach, the ACL is includable in Tier 2 capital up to 1.25% of Standardized credit RWAs with any excess ACL deducted from total RWAs.

-26-

Wells Fargo & Company and Subsidiaries

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

Estimated Mar 31, 2023 <br>% Change from
( in billions) Mar 31,<br>2023 Dec 31,<br>2022 Sep 30,<br>2022 Jun 30,<br>2022 Mar 31,<br>2022 Dec 31,<br>2022 Mar 31,<br>2022
Total equity (2) $ 183.2 182.2 178.5 179.8 181.6 1 % 1
Effect of accounting policy change (2) — (0.3) (0.1) — 0.1
Total equity (as reported) 183.2 181.9 178.4 179.8 181.7 1 1
Adjustments:
Preferred stock (3) (19.4) (19.4) (20.1) (20.1) (20.1) — 3
Additional paid-in capital on preferred stock (3) 0.2 0.1 0.1 0.2 0.1 137 27
Unearned ESOP shares (3) — — 0.7 0.7 0.7 NM (100)
Noncontrolling interests (2.1) (2.0) (2.2) (2.3) (2.4) (3) 16
Total common stockholders' equity 161.9 160.6 156.9 158.3 160.0 1 1
Adjustments:
Goodwill (25.2) (25.2) (25.2) (25.2) (25.2) — —
Certain identifiable intangible assets (other than MSRs) (0.1) (0.2) (0.2) (0.2) (0.2) 9 34
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (2.5) (2.4) (2.4) (2.3) (2.3) (2) (8)
Applicable deferred taxes related to goodwill and other intangible assets (4) 0.9 0.9 0.9 0.9 0.9 1 3
CECL transition provision (5) 0.1 0.2 0.2 0.2 0.2 (33) (33)
Other (0.6) (0.4) (0.4) (1.6) (1.1) (59) 43
Common Equity Tier 1 134.5 133.5 129.8 130.1 132.3 1 2
Preferred stock (3) 19.4 19.4 20.1 20.1 20.1 — (3)
Additional paid-in capital on preferred stock (3) (0.2) (0.1) (0.1) (0.2) (0.1) (100) (100)
Unearned ESOP shares (3) — — (0.7) (0.7) (0.7) NM 100
Other (0.2) (0.2) (0.3) (0.2) (0.3) (4) 27
Total Tier 1 capital 153.5 152.6 148.8 149.1 151.3 1 1
Long-term debt and other instruments qualifying as Tier 2 20.3 20.5 20.6 21.6 22.3 (1) (9)
Qualifying allowance for credit losses (6) 4.5 4.5 4.4 4.4 4.4 — 2
Other (0.3) (0.3) (0.3) (0.3) (0.3) (16) (17)
Total qualifying capital $ 178.0 177.3 173.5 174.8 177.7 — —
Total RWAs $ 1,119.5 1,112.3 1,104.1 1,121.6 1,119.5 1 —
Common Equity Tier 1 to total RWAs 12.0 % 12.0 11.8 11.6 11.8
Tier 1 capital to total RWAs 13.7 13.7 13.5 13.3 13.5
Total capital to total RWAs 15.9 15.9 15.7 15.6 15.9

All values are in US Dollars.

NM – Not meaningful

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

(2)In first quarter 2023, we adopted FASB ASU 2018-12. We adopted this ASU with retrospective application, which required revision of prior period financial statements. Prior period risk-based capital and certain other regulatory related metrics were not revised. For additional information, see page 28.

(3)In fourth quarter 2022, we redeemed all outstanding shares of our ESOP Cumulative Convertible Preferred Stock in exchange for shares of the Company’s common stock.

(4)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.

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

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

-27-

Wells Fargo & Company and Subsidiaries

ACCOUNTING STANDARDS UPDATE 2018-12 – FINANCIAL SERVICES – INSURANCE (TOPIC 944): TARGETED IMPROVEMENTS TO THE ACCOUNTING FOR LONG-DURATION CONTRACTS

In first quarter 2023, we adopted FASB ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. The most significant impact of adoption related to reinsurance of variable annuity products for a limited number of our insurance clients. These variable annuity products contain guaranteed minimum benefits that require us to make benefit payments for the remainder of the policyholder's life once the policyholder's account values are exhausted. Our reinsurance business is no longer entering into new contracts. The ASU requires these guaranteed minimum benefits (referred to as market risk benefits) to be measured at fair value through earnings (recognized in other noninterest income), except for changes in fair value attributable to our own credit risk, which are recognized in other comprehensive income.

We adopted this ASU with retrospective application, which required revision of prior period financial statements. Prior period risk-based capital and certain other regulatory related metrics were not revised. The table below presents the impact of the adoption of ASU 2018-12 to selected financial statement line items from our consolidated statement of income and consolidated balance sheet.

Quarter ended Year ended
Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2022 Dec 31, 2021
($ in millions, except per share amounts) As<br>reported Effect of adoption As<br>revised As<br>reported Effect of adoption As<br>revised As<br>reported Effect of adoption As<br>revised As<br>reported Effect of adoption As<br>revised As<br>reported Effect of adoption As<br>revised As<br>reported Effect of adoption As<br>revised
Selected Income Statement Data
Noninterest income $ 6,227 374 6,601 7,407 61 7,468 6,830 12 6,842 8,371 136 8,507 28,835 583 29,418 42,713 674 43,387
Noninterest expense 16,202 (16) 16,186 14,327 (21) 14,306 12,883 (21) 12,862 13,870 (19) 13,851 57,282 (77) 57,205 53,831 (73) 53,758
Income tax expense (benefit) (127) 98 (29) 894 18 912 613 9 622 707 39 746 2,087 164 2,251 5,578 186 5,764
Net income 2,864 291 3,155 3,528 64 3,592 3,119 23 3,142 3,671 117 3,788 13,182 495 13,677 21,548 561 22,109
Diluted earnings per common share 0.67 0.08 0.75 0.85 0.01 0.86 0.74 0.01 0.75 0.88 0.03 0.91 3.14 0.13 3.27 4.95 0.13 5.08
Selected Balance Sheet Data
Other assets $ 75,834 4 75,838 78,141 (26) 78,115 81,384 (1) 81,383 72,480 — 72,480 75,834 4 75,838 67,259 5 67,264
Derivative liabilities 20,085 (18) 20,067 23,400 (21) 23,379 17,168 (19) 17,149 15,499 (10) 15,489 20,085 (18) 20,067 9,424 (13) 9,411
Accrued expenses and other liabilities 69,056 (316) 68,740 72,991 (74) 72,917 71,662 13 71,675 74,229 102 74,331 69,056 (316) 68,740 70,957 239 71,196
Retained earnings 187,649 319 187,968 186,551 28 186,579 184,475 (36) 184,439 182,623 (60) 182,563 187,649 319 187,968 180,322 (176) 180,146

-28-

ex993-wellsfargo1q23pres

© 2023 Wells Fargo Bank, N.A. All rights reserved. 1Q23 Financial Results April 14, 2023 Exhibit 99.3 In first quarter 2023, we adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. We adopted ASU 2018-12 with retrospective application, which required revision of prior period financial statements. Prior period risk-based capital and certain other regulatory related metrics were not revised. For additional information, including the financial statement line items impacted by the adoption of ASU 2018-12, see page 17.

21Q23 Financial Results 1Q23 results Financial Results ROE: 11.7% ROTCE: 14.0%1 Efficiency ratio: 66%2 Credit Quality Capital and Liquidity CET1 ratio: 10.8%5 LCR: 122%6 TLAC ratio: 23.3%7 • Provision for credit losses4 of $1.2 billion – Total net loan charge-offs of $604 million, up $299 million, with net loan charge-offs of 0.26% of average loans (annualized) – Allowance for credit losses for loans of $13.7 billion, up $1.0 billion • Common Equity Tier 1 (CET1) capital of $134.5 billion5 • CET1 ratio of 10.8% under the Standardized Approach and 12.0% under the Advanced Approach5 • Liquidity coverage ratio (LCR) of 122%6 Comparisons in the bullet points are for 1Q23 versus 1Q22, unless otherwise noted. 1. Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 18. 2. The efficiency ratio is noninterest expense divided by total revenue. 3. 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. Includes provision for credit losses for loans, debt securities, and interest-earning deposits with banks. 5. The Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach is our binding CET1 ratio. See page 19 for additional information regarding CET1 capital and ratios. CET1 is a preliminary estimate. 6. Liquidity coverage ratio (LCR) represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. LCR is a preliminary estimate. 7. Represents total loss absorbing capacity (TLAC) divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC is a preliminary estimate. • Net income of $5.0 billion, or $1.23 per diluted common share • Revenue of $20.7 billion, up 17% – Net interest income of $13.3 billion, up 45% – Noninterest income of $7.4 billion, down 13% • Noninterest expense of $13.7 billion, down 1% • Pre-tax pre-provision profit3 of $7.1 billion, up 82% • Effective income tax rate of 16.2% • Average loans of $948.7 billion, up 6% • Average deposits of $1.4 trillion, down 7%

31Q23 Financial Results Liquidity Coverage Ratio4 Capital and liquidity Capital Position • Common Equity Tier 1 (CET1) ratio of 10.8%1 at March 31, 2023 remained above our regulatory minimum and buffers of 9.2%2 • CET1 ratio up ~30 bps from 1Q22 and up ~20 bps from 4Q22 and included: – $4.0 billion in gross common stock repurchases, or 86.4 million shares, in 1Q23 – Period-end common shares outstanding down 26.7 million, or 1%, from 1Q22 • As of March 31, 2023, our TLAC as a percentage of total risk-weighted assets was 23.3%3 compared with the required minimum of 21.5% 10.5% 10.6% 10.8% 1Q22 4Q22 1Q23 Estimated 1. The Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach is our binding CET1 ratio. See page 19 for additional information regarding CET1 capital and ratios. 1Q23 CET1 is a preliminary estimate. 2. Includes a 4.50% minimum requirement, a stress capital buffer of 3.20%, and a G-SIB capital surcharge of 1.50%. 3. Represents total loss absorbing capacity (TLAC) divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC is a preliminary estimate. 4. Liquidity coverage ratio (LCR) represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. 1Q23 LCR is a preliminary estimate. 9.2% Regulatory Minimum and Buffers2 119% 122% 122% 1Q22 4Q22 1Q23 Estimated Liquidity Position • Strong liquidity position with a 1Q23 liquidity coverage ratio4 of 122% which remained above our regulatory minimum of 100% 100% Regulatory Minimum Common Equity Tier 1 Ratio under the Standardized Approach1

41Q23 Financial Results 1Q23 earnings 1. Includes provision for credit losses for loans, debt securities, and interest-earning deposits with banks. 2. Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 18. Quarter ended $ Change from $ in millions, except per share data 1Q23 4Q22 1Q22 4Q22 1Q22 Net interest income $13,336 13,433 9,221 ($97) 4,115 Noninterest income 7,393 6,601 8,507 792 (1,114) Total revenue 20,729 20,034 17,728 695 3,001 Net charge-offs 564 560 305 4 259 Change in the allowance for credit losses 643 397 (1,092) 246 1,735 Provision for credit losses1 1,207 957 (787) 250 1,994 Noninterest expense 13,676 16,186 13,851 (2,510) (175) Pre-tax income 5,846 2,891 4,664 2,955 1,182 Income tax expense (benefit) 966 (29) 746 995 220 Effective income tax rate (%) 16.2 % (0.9) 16.5 1,714 bps (24) Net income $4,991 3,155 3,788 $1,836 1,203 Diluted earnings per common share $1.23 0.75 0.91 $0.48 0.32 Diluted average common shares (# mm) 3,818.7 3,832.7 3,868.9 (14) (50) Return on equity (ROE) 11.7 % 7.1 8.7 464 bps 307 Return on average tangible common equity (ROTCE)2 14.0 8.5 10.4 554 368 Efficiency ratio 66 81 78 (1,482) (1,215)

51Q23 Financial Results Credit quality • Commercial net loan charge-offs down $16 million to 5 bps of average loans (annualized) on higher recoveries • Consumer net loan charge-offs up $60 million to 56 bps of average loans (annualized) driven by a $70 million increase in net loan charge-offs in credit card • Nonperforming assets increased $379 million, or 7%, as higher commercial real estate nonaccrual loans were partially offset by lower residential mortgage nonaccrual loans Provision for Credit Losses1 and Net Loan Charge-offs ($ in millions) Allowance for Credit Losses for Loans ($ in millions) • Allowance for credit losses for loans (ACL) up from both 1Q22 and 4Q22 on increases for commercial real estate loans, primarily office loans, as well as for credit card and auto loans – Allowance coverage for total loans up 6 bps from 1Q22 and up 3 bps from 4Q22 – On 1/1/2023, we adopted the previously disclosed Troubled Debt Restructuring (TDR) accounting standard which removed $429 million of ACL with an offset directly to retained earnings Comparisons in the bullet points are for 1Q23 versus 4Q22, unless otherwise noted. 1. Includes provision for credit losses for loans, debt securities, and interest-earning deposits with banks. (787) 580 784 957 1,207 305 344 399 560 604 Provision for Credit Losses Net Loan Charge-offs Net Loan Charge-off Ratio 1Q22 2Q22 3Q22 4Q22 1Q23 12,681 12,884 13,225 13,609 13,705 7,148 7,082 6,991 6,956 7,224 5,533 5,802 6,234 6,653 6,481 Commercial Consumer Allowance coverage for total loans 1Q22 2Q22 3Q22 4Q22 1Q23 0.14% 0.15% 0.23% 0.17% 0.26% 1.37%1.39% 1.40% 1.42% 1.45% 1

61Q23 Financial Results 26% 23% 13% 8% 8% 6% 5% 11% Apartments Office buildings Industrial/warehouse Hotel/motel Retail (excluding shopping center) Shopping center Institutional All other Commercial Real Estate (CRE) loans $154.7 billion of CRE Loans Outstanding, or 16% of Total Loans, with $35.7 billion in CRE Office Loans, or 4% of Total Loans, as of March 31, 2023 CRE Office Loans • ~12% of the CRE office loan portfolio is owner-occupied and nearly one-third have recourse to a guarantor, typically through a repayment guarantee 1 CRE office loans are originated for customers across our operating segments, including1: • 2% in Consumer Banking and Lending; loans are for buildings that are primarily owner- occupied • 4% in Wealth and Investment Management; all loans have full recourse • 26% in Commercial Banking – Geographically diverse portfolio with properties concentrated in suburban areas – ~40% is owner-occupied – Substantially all loans have full recourse • 68% in Corporate and Investment Banking (CIB) – Vast majority of portfolio is institutional quality real estate with high-caliber sponsors – Approximately 80% Class A and 20% Class B – Allowance for credit losses coverage ratio for CIB CRE office loans was 5.7% as of March 31, 2023 Office 1. As of February 28, 2023, unless otherwise noted. CRE Office Loans Outstanding by Geography 29% 13% 7%6%4% 4% 4% 4% 3% 3% 23% California New York Texas International Florida Washington Massachusetts Virginia Georgia North Carolina All other Office buildings

71Q23 Financial Results Loans and deposits • Average loans up $50.7 billion, or 6%, year over-year (YoY) driven by higher commercial & industrial and commercial real estate loans, as well as higher residential real estate and credit card loans • Total average loan yield of 5.69%, up 244 bps YoY and up 56 bps from 4Q22 reflecting the impact of higher interest rates • Period-end loans up $36.2 billion, or 4%, YoY, and down $7.9 billion, or 1%, from 4Q22 • Average deposits down $107.4 billion, or 7%, YoY, and down $23.8 billion, or 2%, from 4Q22 predominantly reflecting consumer deposit outflows as customers continued to migrate to higher yielding alternatives and included continued consumer spending • Period end deposits down $118.8 billion, or 8%, YoY, and down $21.4 billion, or 2%, from 4Q22 Average Loans Outstanding ($ in billions) Average Deposits and Rates ($ in billions) 898.0 926.6 945.5 948.5 948.7 516.1 537.5 551.2 552.2 553.2 381.9 389.1 394.3 396.3 395.5 Commercial Loans Consumer Loans Total Average Loan Yield 1Q22 2Q22 3Q22 4Q22 1Q23 3.25% 3.52% 4.28% 5.13% 5.69% Period-End Loans Outstanding ($ in billions) 1Q23 vs 4Q22 vs 1Q22 Commercial $ 554.2 (1) % 5 % Consumer 393.8 (1) 2 Total loans $ 948.0 (1) % 4 % Period-End Deposits ($ in billions) 1Q23 vs 4Q22 vs 1Q22 Consumer Banking and Lending $ 851.3 (1) % (6) % Commercial Banking 169.8 (2) (13) Corporate & Investment Banking 158.6 1 (6) Wealth & Investment Management 117.2 (16) (36) Corporate 65.7 21 177 Total deposits $ 1,362.6 (2) % (8) % Average deposit cost 83 bps up 37 bps up 80 bps 881.3 898.6 888.1 864.6 841.3 200.7 188.3 180.2 175.4 170.5 169.2 164.9 156.8 156.2 157.6 Corporate Wealth and Investment Management Corporate and Investment Banking Commercial Banking Consumer Banking and Lending 1Q22 2Q22 3Q22 4Q22 1Q23 1,445.81,464.1 1,407.9 1,380.5 1,356.727.1 20.3 24.4 42.1 60.7185.8 173.7 158.4 142.2 126.6

81Q23 Financial Results 9,221 10,198 12,098 13,433 13,336 Net Interest Income Net Interest Margin (NIM) on a taxable-equivalent basis 1Q22 2Q22 3Q22 4Q22 1Q23 3.20% Net interest income • Net interest income up $4.1 billion, or 45%, from 1Q22 primarily due to the impact of higher interest rates, higher loan balances, and lower mortgage- backed securities (MBS) premium amortization, partially offset by lower deposit balances – 1Q23 MBS premium amortization was $144 million vs. $361 million in 1Q22 and $174 million in 4Q22 • Net interest income down $97 million, or 1%, from 4Q22 due to two fewer business days in the quarter • 2023 net interest income is expected to be ~10% higher than the full year 2022 level of $45.0 billion, unchanged from prior guidance Net Interest Income ($ in millions) 2.16% 2.39% 2.83% 3.14% 1. Includes taxable-equivalent adjustments predominantly related to tax-exempt income on certain loans and securities. 1

91Q23 Financial Results Noninterest expense • Noninterest expense down $175 million, or 1%, from 1Q22 – Operating losses down $406 million – Other expenses of $13.4 billion, up $231 million, or 2% ◦ Personnel expense up $144 million, or 2%, primarily reflecting higher salaries expense and higher severance expense, partially offset by lower incentive compensation and the impact of efficiency initiatives ◦ Non-personnel expense up $87 million, or 2% • Noninterest expense down $2.5 billion, or 16%, from 4Q22 – Operating losses down $3.3 billion from a 4Q22 that included $3.3 billion primarily related to a variety of historical matters, including litigation, regulatory, and customer remediation matters – Other expenses of $13.4 billion, up $740 million, or 6% ◦ Personnel expense up $1.0 billion, or 12%, and included seasonally higher personnel expense, as well as higher incentive compensation, partially offset by lower severance expense ◦ Non-personnel expense down $260 million from typically higher 4Q expense including professional and outside services expense, partially offset by higher FDIC expense • 2023 noninterest expense excluding operating losses is expected to be ~$50.2 billion, unchanged from prior guidance – As previously disclosed, we have outstanding litigation, regulatory, and customer remediation matters that could impact operating losses Noninterest Expense ($ in millions) 13,851 12,862 14,306 16,186 13,676 9,271 8,442 8,212 8,415 9,415 3,907 3,844 3,876 4,254 3,994 673 576 2,218 3,517 Operating Losses Non-personnel Expense Personnel Expense 1Q22 2Q22 3Q22 4Q22 1Q23 Headcount (Period-end, '000s) 1Q22 2Q22 3Q22 4Q22 1Q23 247 244 239 239 236 267

101Q23 Financial Results Consumer Banking and Lending • Total revenue up 9% YoY and down 1% from 4Q22 – CSBB up 28% YoY as higher net interest income was partially offset by lower deposit-related fees reflecting our efforts to help customers avoid overdraft fees – Home Lending down 42% YoY on lower mortgage banking income driven by lower originations and lower revenue from the resecuritization of loans purchased from securitization pools; up 10% from 4Q22 reflecting improved mortgage banking income – Credit Card up 3% YoY on higher loan balances, including the impact of higher point of sale (POS) volume and new product launches, which included the impact of introductory promotional rates; down 4% from 4Q22 reflecting seasonality – Auto down 12% YoY and 5% from 4Q22 on lower loan balances and loan spread compression – Personal Lending up 9% YoY on higher loan balances, partially offset by loan spread compression; up 5% from 4Q22 on higher loan spreads • Noninterest expense down 6% YoY due to lower operating losses and personnel expense, including the impact of efficiency initiatives, partially offset by higher operating costs; down 15% from 4Q22 on lower operating losses and severance expense, partially offset by seasonally higher personnel expense and higher FDIC expense 1. Return on allocated capital is segment net income (loss) applicable to common stock divided by segment average allocated capital. Segment net income (loss) applicable to common stock is segment net income (loss) less allocated preferred stock dividends. 2. Efficiency ratio is segment noninterest expense divided by segment total revenue. 3. Digital and mobile active customers is the number of consumer and small business customers who have logged on via a digital or mobile device, respectively, in the prior 90 days. Summary Financials $ in millions (mm) 1Q23 vs. 4Q22 vs. 1Q22 Revenue by line of business: Consumer and Small Business Banking (CSBB) $6,486 ($122) 1,415 Consumer Lending: Home Lending 863 77 (627) Credit Card 1,305 (48) 40 Auto 392 (21) (52) Personal Lending 318 15 25 Total revenue 9,364 (99) 801 Provision for credit losses 867 (69) 1,057 Noninterest expense 6,038 (1,050) (357) Pre-tax income 2,459 1,020 101 Net income $1,841 $764 71 Selected Metrics 1Q23 4Q22 1Q22 Return on allocated capital1 16.5 % 8.3 14.4 Efficiency ratio2 64 75 75 Retail bank branches # 4,525 4,598 4,705 Digital (online and mobile) active customers3 (mm) 34.3 33.5 33.7 Mobile active customers3 (mm) 28.8 28.3 27.8 Average Balances and Selected Credit Metrics $ in billions 1Q23 4Q22 1Q22 Balances Loans $338.3 338.0 325.1 Deposits 841.3 864.6 881.3 Credit Performance Net charge-offs as a % of average loans 0.71 % 0.62 0.47

111Q23 Financial Results Consumer Banking and Lending Mortgage Loan Originations ($ in billions) Auto Loan Originations ($ in billions) Credit Card POS Volume ($ in billions) Debit Card Point of Sale (POS) Volume and Transactions1 1. Debit card purchase volume and transactions reflect combined activity for both consumer and business debit card purchases. 37.9 34.1 21.5 14.6 6.6 24.1 19.6 12.4 8.2 5.6 13.8 14.5 9.1 6.4 1 Retail Correspondent Refinances as a % of Originations 1Q22 2Q22 3Q22 4Q22 1Q23 115.0 125.2 122.4 124.0 117.3 POS Volume ($ in billions) POS Transactions (billions) 1Q22 2Q22 3Q22 4Q22 1Q23 7.3 5.4 5.4 5.0 5.0 1Q22 2Q22 3Q22 4Q22 1Q23 26.0 30.1 30.7 32.3 30.1 1Q22 2Q22 3Q22 4Q22 1Q23 2.3 2.5 2.5 2.5 2.456% 28% 16% 13% 16%

121Q23 Financial Results Commercial Banking • Total revenue up 42% YoY and up 5% from 4Q22 – Middle Market Banking revenue up 73% YoY due to the impact of higher interest rates and higher loan balances, partially offset by lower deposit balances and higher earnings credit rates (ECRs); up 4% from 4Q22 due to the impact of higher interest rates, partially offset by lower deposit balances, as well as two fewer business days in the quarter – Asset-Based Lending and Leasing revenue up 7% YoY as higher loan balances were partially offset by lower net gains from equity securities; up 7% from 4Q22 driven by the impact of higher interest rates, higher net gains from equity securities, as well as higher loan balances • Noninterest expense up 14% YoY primarily due to higher personnel expense and higher operating costs, partially offset by the impact of efficiency initiatives; up 15% from 4Q22 on higher operating costs and seasonally higher personnel expense Summary Financials $ in millions 1Q23 vs. 4Q22 vs. 1Q22 Revenue by line of business: Middle Market Banking $2,155 $79 909 Asset-Based Lending and Leasing 1,152 79 71 Total revenue 3,307 158 980 Provision for credit losses (43) — 301 Noninterest expense 1,752 229 221 Pre-tax income 1,598 (71) 458 Net income $1,196 ($42) 339 Selected Metrics 1Q23 4Q22 1Q22 Return on allocated capital 18.1 % 24.2 16.9 Efficiency ratio 53 48 66 Average loans by line of business ($ in billions) Middle Market Banking $121.6 119.7 108.6 Asset-Based Lending and Leasing 101.2 98.7 85.8 Total loans $222.8 218.4 194.4 Average deposits 170.5 175.4 200.7

131Q23 Financial Results Corporate and Investment Banking • Total revenue up 41% YoY and up 18% from 4Q22 – Banking revenue up 37% YoY and up 7% from 4Q22 driven by stronger treasury management results reflecting the impact of higher interest rates and higher lending revenue, partially offset by lower investment banking fees reflecting lower market activity – Commercial Real Estate revenue up 32% YoY driven by the impact of higher interest rates and higher loan balances; up 3% from 4Q22 primarily driven by the impact of higher interest rates – Markets revenue up 53% YoY and up 52% from 4Q22 due to higher trading results across nearly all asset classes • Noninterest expense up 12% YoY driven by higher operating costs and personnel expense, partially offset by the impact of efficiency initiatives; up 21% from 4Q22 on seasonally higher personnel expense, as well as higher operating costs Summary Financials $ in millions 1Q23 vs. 4Q22 vs. 1Q22 Revenue by line of business: Banking: Lending $692 $99 171 Treasury Management and Payments 785 47 353 Investment Banking 280 (37) (51) Total Banking 1,757 109 473 Commercial Real Estate 1,311 44 316 Markets: Fixed Income, Currencies and Commodities (FICC) 1,285 350 408 Equities 437 158 170 Credit Adjustment (CVA/DVA) and Other 71 106 46 Total Markets 1,793 614 624 Other 41 (4) 19 Total revenue 4,902 763 1,432 Provision for credit losses 252 211 448 Noninterest expense 2,217 380 234 Pre-tax income 2,433 172 750 Net income $1,818 $126 560 Selected Metrics 1Q23 4Q22 1Q22 Return on allocated capital 15.9 % 17.7 13.2 Efficiency ratio 45 44 57 Average Balances ($ in billions) Loans by line of business 1Q23 4Q22 1Q22 Banking $99.1 104.2 102.5 Commercial Real Estate 136.8 137.7 126.2 Markets 58.8 56.4 55.8 Total loans $294.7 298.3 284.5 Deposits 157.6 156.2 169.2 Trading-related assets 188.4 189.2 196.8

141Q23 Financial Results Wealth and Investment Management Summary Financials $ in millions 1Q23 vs. 4Q22 vs. 1Q22 Net interest income $1,044 ($80) 245 Noninterest income 2,637 66 (321) Total revenue 3,681 (14) (76) Provision for credit losses 11 — 48 Noninterest expense 3,061 330 (114) Pre-tax income 609 (344) (10) Net income $457 ($258) (8) Selected Metrics ($ in billions, unless otherwise noted) 1Q23 4Q22 1Q22 Return on allocated capital 28.9 % 31.9 21.0 Efficiency ratio 83 74 85 Average loans $83.6 84.8 84.8 Average deposits 126.6 142.2 185.8 Client assets Advisory assets 825 797 912 Other brokerage assets and deposits 1,104 1,064 1,168 Total client assets $1,929 1,861 2,080 • Total revenue down 2% YoY and down modestly from 4Q22 – Net interest income up 31% YoY driven by the impact of higher interest rates, partially offset by lower deposit balances as customers continued to reallocate cash into higher yielding alternatives; down 7% from 4Q22 on lower deposit balances – Noninterest income down 11% YoY on lower asset-based fees driven by a decrease in market valuations; up 3% from 4Q22 on higher asset-based fees driven by an increase in market valuations • Noninterest expense down 4% YoY reflecting lower revenue-related compensation and the impact of efficiency initiatives; up 12% from 4Q22 on higher personnel expense due to seasonality and higher revenue-related compensation, as well as higher operating costs

151Q23 Financial Results Corporate • Net interest income up YoY due to the impact of higher interest rates • Noninterest income down YoY due to lower results in our affiliated venture capital and private equity businesses; 1Q23 included $342 million of net losses on equity securities ($223 million pre-tax and net of noncontrolling interests) • Noninterest expense down YoY reflecting the impact of business divestitures; down from 4Q22 on lower operating losses Summary Financials $ in millions 1Q23 vs. 4Q22 vs. 1Q22 Net interest income $16 ($62) 834 Noninterest income 5 (2) (937) Total revenue 21 (64) (103) Provision for credit losses 120 108 140 Noninterest expense 608 (2,399) (159) Pre-tax income (707) 2,227 (84) Income tax benefit (expense) (272) 857 (84) Less: Net loss from noncontrolling interests (114) 124 (241) Net loss ($321) $1,246 241

Appendix

171Q23 Financial Results Accounting Standards Update 2018-12-Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts Quarter ended Year ended Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2022 Dec 31, 2021 ($ in millions, except per share amounts) As reported Effect of adoption As revised As reported Effect of adoption As revised As reported Effect of adoption As revised As reported Effect of adoption As revised As reported Effect of adoption As revised As reported Effect of adoption As revised Selected Income Statement Data Noninterest income $ 6,227 374 6,601 7,407 61 7,468 6,830 12 6,842 8,371 136 8,507 28,835 583 29,418 42,713 674 43,387 Noninterest expense 16,202 (16) 16,186 14,327 (21) 14,306 12,883 (21) 12,862 13,870 (19) 13,851 57,282 (77) 57,205 53,831 (73) 53,758 Income tax expense (benefit) (127) 98 (29) 894 18 912 613 9 622 707 39 746 2,087 164 2,251 5,578 186 5,764 Net income 2,864 291 3,155 3,528 64 3,592 3,119 23 3,142 3,671 117 3,788 13,182 495 13,677 21,548 561 22,109 Diluted earnings per common share 0.67 0.08 0.75 0.85 0.01 0.86 0.74 0.01 0.75 0.88 0.03 0.91 3.14 0.13 3.27 4.95 0.13 5.08 Selected Balance Sheet Data Other assets $ 75,834 4 75,838 78,141 (26) 78,115 81,384 (1) 81,383 72,480 — 72,480 75,834 4 75,838 67,259 5 67,264 Derivative liabilities 20,085 (18) 20,067 23,400 (21) 23,379 17,168 (19) 17,149 15,499 (10) 15,489 20,085 (18) 20,067 9,424 (13) 9,411 Accrued expenses and other liabilities 69,056 (316) 68,740 72,991 (74) 72,917 71,662 13 71,675 74,229 102 74,331 69,056 (316) 68,740 70,957 239 71,196 Retained earnings 187,649 319 187,968 186,551 28 186,579 184,475 (36) 184,439 182,623 (60) 182,563 187,649 319 187,968 180,322 (176) 180,146 In first quarter 2023, we adopted FASB ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. The most significant impact of adoption related to reinsurance of variable annuity products for a limited number of our insurance clients. These variable annuity products contain guaranteed minimum benefits that require us to make benefit payments for the remainder of the policyholder's life once the policyholder's account values are exhausted. Our reinsurance business is no longer entering into new contracts. The ASU requires these guaranteed minimum benefits (referred to as market risk benefits) to be measured at fair value through earnings (recognized in other noninterest income), except for changes in fair value attributable to our own credit risk, which are recognized in other comprehensive income. We adopted this ASU with retrospective application, which required revision of prior period financial statements. Prior period risk-based capital and certain other regulatory related metrics were not revised. The table below presents the impact of the adoption of ASU 2018-12 to selected financial statement line items from our consolidated statement of income and consolidated balance sheet.

181Q23 Financial Results Tangible Common Equity Wells Fargo & Company and Subsidiaries TANGIBLE COMMON EQUITY We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than MSRs) and goodwill and other intangibles on investments in consolidated portfolio companies, net of applicable deferred taxes. One of these ratios is return on average tangible common equity (ROTCE), which represents our annualized earnings as a percentage of tangible common equity. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity, which utilizes tangible common equity, is a useful financial measure because it enables management, investors, and others to assess the Company’s use of equity. The table below provides a reconciliation of this non-GAAP financial measure to GAAP financial measures. Quarter ended ($ in millions) Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Return on average tangible common equity: Net income applicable to common stock (A) $ 4,713 2,877 3,313 2,863 3,509 Average total equity 184,297 182,621 183,042 180,926 186,117 Adjustments: Preferred stock1 (19,448) (19,553) (20,057) (20,057) (20,057) Additional paid-in capital on preferred stock1 173 166 135 135 134 Unearned ESOP shares1 — 112 646 646 646 Noncontrolling interests (2,019) (2,185) (2,258) (2,386) (2,468) Average common stockholders’ equity (B) 163,003 161,161 161,508 159,264 164,372 Adjustments: Goodwill (25,173) (25,173) (25,177) (25,179) (25,180) Certain identifiable intangible assets (other than MSRs) (145) (160) (181) (200) (218) Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (2,440) (2,378) (2,359) (2,304) (2,395) Applicable deferred taxes related to goodwill and other intangible assets2 895 890 886 877 803 Average tangible common equity (C) $ 136,140 134,340 134,677 132,458 137,382 Return on average common stockholders’ equity (ROE) (annualized) (A)/(B) 11.7 % 7.1 8.1 7.2 8.7 Return on average tangible common equity (ROTCE) (annualized) (A)/(C) 14.0 8.5 9.8 8.7 10.4 1. In fourth quarter 2022, we redeemed all outstanding shares of our ESOP Cumulative Convertible Preferred Stock in exchange for shares of the Company’s common stock. 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.

191Q23 Financial Results 1. The Basel III capital rules provide for two capital frameworks (the Standardized Approach and the Advanced Approach applicable to certain institutions), and we must calculate our CET1, Tier 1 and total capital ratios under both approaches. 2. In first quarter 2023, we adopted FASB ASU 2018-12. We adopted this ASU with retrospective application, which required revision of prior period financial statements. Prior period risk-based capital and certain other regulatory related metrics were not revised. For additional information, see page 28 of the 1Q23 Quarterly Supplement. 3. In fourth quarter 2022, we redeemed all outstanding shares of our ESOP Cumulative Convertible Preferred Stock in exchange for shares of the Company’s common stock. 4. 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. 5. In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out period in which the benefit is reduced by 25% in year one, 50% in year two and 75% in year three. Common Equity Tier 1 under Basel III Wells Fargo & Company and Subsidiaries RISK-BASED CAPITAL RATIOS UNDER BASEL III1 Estimated ($ in billions) Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Total equity2 $ 183.2 182.2 178.5 179.8 181.6 Effect of accounting policy change2 — (0.3) (0.1) — 0.1 Total equity (as reported) 183.2 181.9 178.4 179.8 181.7 Adjustments: Preferred stock3 (19.4) (19.4) (20.1) (20.1) (20.1) Additional paid-in capital on preferred stock3 0.2 0.1 0.1 0.2 0.1 Unearned ESOP shares3 — — 0.7 0.7 0.7 Noncontrolling interests (2.1) (2.0) (2.2) (2.3) (2.4) Total common stockholders' equity 161.9 160.6 156.9 158.3 160.0 Adjustments: Goodwill (25.2) (25.2) (25.2) (25.2) (25.2) Certain identifiable intangible assets (other than MSRs) (0.1) (0.2) (0.2) (0.2) (0.2) Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (2.5) (2.4) (2.4) (2.3) (2.3) Applicable deferred taxes related to goodwill and other intangible assets4 0.9 0.9 0.9 0.9 0.9 Current expected credit loss (CECL) transition provision5 0.1 0.2 0.2 0.2 0.2 Other (0.6) (0.4) (0.4) (1.6) (1.1) Common Equity Tier 1 (A) $ 134.5 133.5 129.8 130.1 132.3 Total risk-weighted assets (RWAs) under Standardized Approach (B) 1,244.0 1,259.9 1,255.6 1,253.6 1,265.5 Total RWAs under Advanced Approach (C) 1,119.5 1,112.3 1,104.1 1,121.6 1,119.5 Common Equity Tier 1 to total RWAs under Standardized Approach (A)/(B) 10.8 % 10.6 10.3 10.4 10.5 Common Equity Tier 1 to total RWAs under Advanced Approach (A)/(C) 12.0 12.0 11.8 11.6 11.8

201Q23 Financial Results Disclaimer and forward-looking statements Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information. This document contains forward-looking statements. In addition, we may make forward-looking statements in our other documents filed or furnished with the Securities and Exchange Commission, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company, including our outlook for future growth; (ii) our noninterest expense and efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses, our allowance for credit losses, and the economic scenarios considered to develop the allowance; (iv) our expectations regarding net interest income and net interest margin; (v) loan growth or the reduction or mitigation of risk in our loan portfolios; (vi) future capital or liquidity levels, ratios or targets; (vii) the performance of our mortgage business and any related exposures; (viii) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (ix) future common stock dividends, common share repurchases and other uses of capital; (x) our targeted range for return on assets, return on equity, and return on tangible common equity; (xi) expectations regarding our effective income tax rate; (xii) the outcome of contingencies, such as legal proceedings; (xiii) environmental, social and governance related goals or commitments; and (xiv) the Company’s plans, objectives and strategies. Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Investors are urged to not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward- looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For more information about factors that could cause actual results to differ materially from expectations, refer to the “Forward-Looking Statements” discussion in Wells Fargo’s press release announcing our first quarter 2023 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, 2022.

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