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, 2022

WELLS FARGO & COMPANY

(Exact name of registrant as specified in its charter)

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

420 Montgomery Street, San Francisco, California 94104

(Address of principal executive offices) (Zip Code)

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02    Results of Operations and Financial Condition.

On April 14, 2022, Wells Fargo & Company (the “Company”) issued a news release regarding its results of operations and financial condition for the quarter ended March 31, 2022, and posted on its website its 1Q22 Quarterly Supplement, which contains certain additional information about the Company’s financial results for the quarter ended March 31, 2022. The news release is included as Exhibit 99.1 and the 1Q22 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, 2022, the Company intends to host a live conference call that will also be available by webcast to discuss the Company’s first quarter 2022 financial results and other matters relating to the Company. In connection therewith, the Company has posted on its website presentation materials containing certain historical and forward-looking information relating to the Company. The presentation materials are included as Exhibit 99.3 to this report and are incorporated by reference into this Item 7.01. Exhibit 99.3 shall not be considered “filed” for purposes of Section 18 under the Securities Exchange Act of 1934 and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933.

Item 9.01    Financial Statements and Exhibits.

(d)    Exhibits

Exhibit No.	Description	Location
99.1	News Release dated April 14, 2022	Filed herewith
99.2	1Q22 Quarterly Supplement	Filed herewith
99.3	Presentation Materials – 1Q22 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, 2022	WELLS FARGO & COMPANY
		By:	/s/ MUNEERA S. CARR
			Muneera S. Carr
			Executive Vice President,<br><br>Chief Accounting Officer and Controller

Document

Exhibit 99.1

News Release	April 14, 2022<br><br>Wells Fargo Reports First Quarter 2022 Net Income of $3.7 billion, or $0.88 per Diluted Share
Company-wide Financial Summary
---	---	---	---	---
	Quarter ended
	Mar 31,<br>2022			Mar 31,<br>2021
Selected Income Statement Data( in millions except per share amounts)
	$	17,592		18,532
	13,870			13,989
	(787)			(1,048)
	3,671			4,636
	0.88			1.02
Selected Balance Sheet Data( in billions)
	$	898.0		873.4
	1,464.1			1,393.5
	10.5		%	11.8
Performance Metrics
	8.4		%	10.3
	10.0			12.4

All values are in US Dollars.

Operating Segments and Other Highlights
	Quarter ended		Mar 31, 2022 <br>% Change from
($ in billions)	Mar 31,<br>2022			Dec 31,<br>2021		Mar 31,<br>2021
Average loans
Consumer Banking and Lending	$	325.1		—	%	(8)
Commercial Banking	194.4			5		6
Corporate and Investment Banking	284.5			5		16
Wealth and Investment Management	84.8			1		5
Average deposits
Consumer Banking and Lending	881.3			2		12
Commercial Banking	200.7			(3)		6
Corporate and Investment Banking	169.2			(7)		(13)
Wealth and Investment Management	185.8			3		7

Capital

◦Repurchased 110.1 million shares, or $6.0 billion, of common stock in first quarter 2022

First quarter 2022 results included:

◦$1.1 billion, or $0.21 per share, decrease in the allowance for credit losses

Chief Executive Officer Charlie Scharf commented, “Our results in the first quarter reflected the continued economic recovery and the progress we’ve made on our strategic priorities. We had broad-based loan growth, growing both consumer and commercial loans from the fourth quarter. Credit quality remained strong and our results included a $1.1 billion pre-tax reduction in the allowance for credit losses. We continued to return capital to our shareholders, including repurchasing $6 billion of common stock and increasing our quarterly common stock dividend to 25 cents per share.”<br><br><br><br>“We are moving forward with our risk and control infrastructure work and continue to note that our path forward will be uneven but remain confident in our ability to continue to close remaining gaps over the next several years,” Scharf added.<br><br><br><br>“We also continue to focus on bringing to market differentiated products and services. We partnered with Bilt Rewards and Mastercard® to issue the first credit card that earns points on rent payments without a transaction fee. We also began rolling out our rebuilt mobile app for consumer customers. It has a new, modern look and feel and a simpler user experience that will help our customers more easily accomplish their banking needs. We continue to invest to improve our digital capabilities with additional enhancements planned for this year,” Scharf continued.<br><br><br><br>"Our internal indicators continue to point towards the strength of our customers’ financial position, but the Federal Reserve has made it clear that it will take actions necessary to reduce inflation and this will certainly reduce economic growth. In addition, the war in Ukraine adds additional risk to the downside. Wells Fargo is positioned well to provide support for our clients in a slowing economy. While we will likely see an increase in credit losses from historical lows, we should be a net beneficiary as we will benefit from rising rates, we have a strong capital position, and our lower expense base creates greater margins from which to invest.” Scharf concluded.

1 Represents our Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach, which is our binding CET1 ratio. See tables on pages 26-27 of the 1Q22 Quarterly Supplement for more information on CET1. CET1 for March 31, 2022, is a preliminary estimate.

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

3 Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 24-25 of the 1Q22 Quarterly Supplement.

Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.

Selected Company-wide Financial Information

				Quarter ended		Mar 31, 2022 <br>% Change from
	Mar 31,<br>2022			Dec 31,<br>2021	Mar 31,<br>2021	Dec 31,<br>2021		Mar 31,<br>2021
Earnings ( in millions except per share amounts)
	$	9,221		9,262	8,808	—	%	5
	8,371			11,594	9,724	(28)		(14)
	17,592			20,856	18,532	(16)		(5)
	305			423	523	(28)		(42)
	(1,092)			(875)	(1,571)	(25)		30
	(787)			(452)	(1,048)	(74)		25
	13,870			13,198	13,989	5		(1)
	707			1,711	901	(59)		(22)
	$	3,671		5,750	4,636	(36)		(21)
	0.88			1.38	1.02	(36)		(14)
Balance Sheet Data (average) ( in billions)
	$	898.0		875.0	873.4	3		3
	1,464.1			1,470.0	1,393.5	—		5
	1,919.4			1,943.4	1,934.4	(1)		(1)
Financial Ratios
	0.78		%	1.17	0.97
	8.4			12.8	10.3
	10.0			15.3	12.4
	79			63	75
	2.16			2.11	2.05

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 1Q22 Quarterly Supplement.

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

First Quarter 2022 vs. First Quarter 2021

◦Net interest income increased 5%, primarily due to lower mortgage-backed securities premium amortization, a decrease in long-term debt, and higher loan balances, partially offset by lower interest income from loans purchased from securitization pools and Paycheck Protection Program (PPP) loans

◦Noninterest income decreased 14%, driven by lower mortgage banking income primarily due to lower originations and gain on sale margins, the impact of divestitures, and lower trading activity and investment banking fees. These decreases were partially offset by improved results in our affiliated venture capital and private equity businesses, higher asset-based fees in Wealth and Investment Management on higher market valuations, and an increase in deposit-related fees

◦Noninterest expense decreased 1%. Personnel expense was down primarily due to efficiency initiatives and divestitures. Non-personnel expense increased, reflecting higher operating losses primarily driven by customer remediation expense predominantly for a variety of historical matters, partially offset by divestitures and efficiency initiatives

◦Provision for credit losses in first quarter 2022 included a $1.1 billion decrease in the allowance for credit losses predominantly due to reduced uncertainty around the economic impact of the COVID-19 pandemic on our loan portfolios, as well as a decrease in net charge-offs

-2-

Selected Company-wide Capital and Liquidity Information

				Quarter ended
( in billions)	Mar 31,<br>2022			Dec 31,<br>2021	Mar 31,<br>2021
Capital:
	$	181.7		190.1	188.0
	160.0			168.3	166.7
	133.1			141.3	138.7
	10.5		%	11.4	11.8
	22.3			23.0	25.2
	6.6			6.9	7.9
Liquidity:
	119			118	127

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 1Q22 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 1Q22 Quarterly Supplement for more information on CET1. CET1 for March 31, 2022, is a preliminary estimate.

(c)Represents TLAC divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC for March 31, 2022, is a preliminary estimate.

(d)SLR for March 31, 2022, is a preliminary estimate.

(e)Represents high-quality liquid assets divided by projected net cash outflows, as each is defined under the LCR rule. LCR for March 31, 2022, is a preliminary estimate.

Selected Company-wide Credit Information

				Quarter ended
( in millions)	Mar 31,<br>2022			Dec 31,<br>2021	Mar 31,<br>2021
Net charge-offs	$	305		423	523
	0.14		%	0.19	0.24
Total nonaccrual loans	$	6,871		7,212	8,055
	0.75		%	0.81	0.93
Total nonperforming assets	$	7,001		7,324	8,195
	0.77		%	0.82	0.95
Allowance for credit losses for loans	$	12,681		13,788	18,043
	1.39		%	1.54	2.09

All values are in US Dollars.

First Quarter 2022 vs. Fourth Quarter 2021

◦Net loan charge-offs remained low. The commercial portfolio had net recoveries of (0.02%) (annualized) as a percentage of average loans. The consumer net loan charge-off rate decreased to 0.35% (annualized) from a fourth quarter 2021 that included 16 bps of net loan charge-offs related to a change in practice to fully charge-off certain delinquent legacy residential mortgage loans. First quarter 2022 included higher auto losses and seasonally higher credit card losses

◦Nonperforming assets decreased 4%. Nonaccrual loans decreased $341 million driven by a decrease in commercial nonaccrual loans, partially offset by an increase in residential mortgage nonaccrual loans primarily resulting from certain borrowers exiting COVID-19-related accommodation programs

-3-

Operating Segment Performance

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

Selected Financial Information

			Quarter ended				Mar 31, 2022 <br>% Change from
			Mar 31,<br>2022		Dec 31,<br>2021	Mar 31,<br>2021	Dec 31,<br>2021		Mar 31,<br>2021
Earnings (in millions)
	Consumer and Small Business Banking		$	5,071	4,872	4,550	4	%	11
	Consumer Lending:
		Home Lending	1,490		1,843	2,227	(19)		(33)
		Credit Card	1,265		1,271	1,188	—		6
		Auto	444		470	403	(6)		10
		Personal Lending	293		277	286	6		2
	Total revenue		8,563		8,733	8,654	(2)		(1)
	Provision for credit losses		(190)		126	(419)	NM		55
	Noninterest expense		6,395		6,126	6,267	4		2
	Net income		$	1,770	1,862	2,104	(5)		(16)
Average balances (in billions)
	Loans		$	325.1	325.4	353.1	—		(8)
	Deposits		881.3		864.4	789.4	2		12

NM – Not meaningful

First Quarter 2022 vs. First Quarter 2021

◦Revenue decreased 1%

▪Consumer and Small Business Banking was up 11% primarily due to higher deposit balances, higher deposit-related fees primarily reflecting lower fee waivers, and an increase in debit card transaction volumes, partially offset by lower revenue from PPP loans

▪Home Lending was down 33% primarily due to lower mortgage banking income driven by lower originations and lower gain on sale margins, as well as lower interest income from loans purchased from securitization pools, partially offset by higher mortgage servicing income

▪Credit Card was up 6% on higher loan balances and point of sale volume

▪Auto was up 10% and Personal Lending was up 2%, primarily due to higher loan balances

◦Noninterest expense increased 2% reflecting higher operating losses primarily driven by customer remediation expense predominantly for a variety of historical matters, partially offset by lower salary expense, consultant spend and occupancy expense as a result of efficiency initiatives, as well as lower mortgage origination-related commissions

-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, 2022 <br>% Change from
		Mar 31,<br>2022		Dec 31,<br>2021	Mar 31,<br>2021	Dec 31,<br>2021		Mar 31,<br>2021
Earnings (in millions)
	Middle Market Banking	$	1,246	1,167	1,159	7	%	8
	Asset-Based Lending and Leasing	1,081		1,117	922	(3)		17
	Total revenue	2,327		2,284	2,081	2		12
	Provision for credit losses	(344)		(384)	(399)	10		14
	Noninterest expense	1,531		1,393	1,630	10		(6)
	Net income	$	857	954	637	(10)		35
Average balances (in billions)
	Loans	$	194.4	184.6	183.1	5		6
	Deposits	200.7		207.7	189.4	(3)		6

First Quarter 2022 vs. First Quarter 2021

◦Revenue increased 12%

▪Middle Market Banking was up 8% primarily due to higher deposit and loan balances, as well as the impact of higher interest rates

▪Asset-Based Lending and Leasing was up 17% driven by higher loan balances, stronger net gains from equity securities, and higher revenue from renewable energy investments

◦Noninterest expense decreased 6% primarily driven by lower personnel and occupancy expense due to efficiency initiatives, and lower lease expense

-5-

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

Selected Financial Information

			Quarter ended				Mar 31, 2022 <br>% Change from
			Mar 31,<br>2022		Dec 31,<br>2021	Mar 31,<br>2021	Dec 31,<br>2021		Mar 31,<br>2021
Earnings (in millions)
	Banking:
		Lending	$	521	519	453	—	%	15
		Treasury Management and Payments	432		373	370	16		17
		Investment Banking	331		464	416	(29)		(20)
	Total Banking		1,284		1,356	1,239	(5)		4
	Commercial Real Estate		995		1,095	912	(9)		9
	Markets:
		Fixed Income, Currencies, and Commodities (FICC)	877		794	1,144	10		(23)
		Equities	267		205	252	30		6
		Credit Adjustment (CVA/DVA) and Other	25		13	36	92		(31)
	Total Markets		1,169		1,012	1,432	16		(18)
	Other		22		49	21	(55)		5
	Total revenue		3,470		3,512	3,604	(1)		(4)
	Provision for credit losses		(196)		(194)	(284)	(1)		31
	Noninterest expense		1,983		1,765	1,833	12		8
	Net income		$	1,258	1,454	1,555	(13)		(19)
Average balances (in billions)
	Loans		$	284.5	272.0	246.1	5		16
	Deposits		169.2		182.1	194.5	(7)		(13)

First Quarter 2022 vs. First Quarter 2021

◦Revenue decreased 4%

▪Banking was up 4% primarily driven by higher loan balances and improved treasury management results, partially offset by lower debt and equity origination fees as a result of lower market activity

▪Commercial Real Estate was up 9% reflecting higher loan balances and higher revenue in our low-income housing business, partially offset by lower commercial mortgage-backed securities gain on sale margins and volumes

▪Markets was down 18% primarily due to lower trading activity in residential mortgage-backed securities and high yield products, partially offset by higher foreign exchange, rates, and commodities trading revenue

◦Noninterest expense increased 8% primarily driven by higher personnel expense

-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, 2022 <br>% Change from
		Mar 31,<br>2022		Dec 31,<br>2021	Mar 31,<br>2021	Dec 31,<br>2021		Mar 31,<br>2021
Earnings (in millions)
	Net interest income	$	799	666	657	20	%	22
	Noninterest income	2,958		2,982	2,887	(1)		2
	Total revenue	3,757		3,648	3,544	3		6
	Provision for credit losses	(37)		(3)	(43)	NM		14
	Noninterest expense	3,175		2,898	3,028	10		5
	Net income	$	465	564	419	(18)		11
Total client assets (in billions)		2,080		2,183	2,062	(5)		1
Average balances (in billions)
	Loans	$	84.8	84.0	80.8	1		5
	Deposits	185.8		180.9	173.7	3		7

NM – Not meaningful

First Quarter 2022 vs. First Quarter 2021

◦Revenue increased 6%, primarily due to higher asset-based fees driven by an increase in market valuations and higher net interest income as a result of higher interest rates, as well as an increase in deposit and loan balances, partially offset by lower transactional activity

◦Noninterest expense increased 5%, primarily driven by higher revenue-related compensation

-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, 2022 <br>% Change from
		Mar 31,<br>2022		Dec 31,<br>2021	Mar 31,<br>2021	Dec 31,<br>2021		Mar 31,<br>2021
Earnings (in millions)
	Net interest income	$	(818)	(420)	(390)	(95)	%	NM
	Noninterest income	806		3,540	1,417	(77)		(43)
	Total revenue	(12)		3,120	1,027	NM		NM
	Provision for credit losses	(20)		3	97	NM		NM
	Noninterest expense	786		1,016	1,231	(23)		(36)
	Net income (loss)	$	(679)	916	(79)	NM		NM

NM – Not meaningful

First Quarter 2022 vs. First Quarter 2021

◦Revenue decreased $1.0 billion

▪Net interest income decreased primarily due to higher deposit crediting rates paid to the operating segments and the sales of our student loan portfolio and our Corporate Trust Services business in 2021

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

◦Noninterest expense decreased predominantly due to the impact of business divestitures

Conference Call

The Company will host a live conference call on Thursday, April 14, at 10:00 a.m. ET. You may listen to the call by dialing 1-888-790-1806 (U.S. and Canada) or 312-470-7125 (International/U.S. Toll) and enter passcode: 4859855. The call will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and

https://attendesource.com/profile/web/index.cfm?PKwebID=0x86774275a&varPage=home.

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

Thursday, April 28. Please dial 1-800-685-6061 (U.S. and Canada) or 203-369-3604 (International/U.S. Toll) and enter passcode: 41422. The replay will also be available online at

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

https://attendesource.com/profile/web/index.cfm?PKwebID=0x86774275a&varPage=home.

-8-

Forward-Looking Statements

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

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

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

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

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

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

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

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

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

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

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

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

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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, 2021.

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

For additional information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov4.

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

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

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

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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. 37 on Fortune’s 2021 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health and a low-carbon economy.

Contact Information

Media

Beth Richek, 704-374-2545

beth.richek@wellsfargo.com

or

Investor Relations

John M. Campbell, 415-396-0523

john.m.campbell@wellsfargo.com

#

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Document

Exhibit 99.2

1Q22 Quarterly Supplement

Wells Fargo & Company and Subsidiaries

QUARTERLY FINANCIAL DATA

TABLE OF CONTENTS

	Pages
Consolidated Results
Summary Financial Data	3
Consolidated Statement of Income	5
Consolidated Balance Sheet	6
Average Balances and Interest Rates (Taxable-Equivalent Basis)	7
Reportable Operating Segment Results
Combined Segment Results	8
Consumer Banking and Lending	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

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, 2022, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA

	Quarter ended							Mar 31, 2022 <br>% Change from
(in millions, except per share amounts)	Mar 31,<br>2022			Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2021		Mar 31,<br>2021
Selected Income Statement Data
Total revenue	$	17,592		20,856	18,834	20,270	18,532	(16)	%	(5)
Noninterest expense	13,870			13,198	13,303	13,341	13,989	5		(1)
Pre-tax pre-provision profit (PTPP) (1)	3,722			7,658	5,531	6,929	4,543	(51)		(18)
Provision for credit losses	(787)			(452)	(1,395)	(1,260)	(1,048)	(74)		25
Wells Fargo net income	3,671			5,750	5,122	6,040	4,636	(36)		(21)
Wells Fargo net income applicable to common stock	3,393			5,470	4,787	5,743	4,256	(38)		(20)
Common Share Data
Diluted earnings per common share	0.88			1.38	1.17	1.38	1.02	(36)		(14)
Dividends declared per common share	0.25			0.20	0.20	0.10	0.10	25		150
Common shares outstanding	3,789.9			3,885.8	3,996.9	4,108.0	4,141.1	(2)		(8)
Average common shares outstanding	3,831.1			3,927.6	4,056.3	4,124.6	4,141.3	(2)		(7)
Diluted average common shares outstanding	3,868.9			3,964.7	4,090.4	4,156.1	4,171.0	(2)		(7)
Book value per common share (2)	$	42.21		43.32	42.47	41.74	40.27	(3)		5
Tangible book value per common share (2)(3)	35.13			36.35	35.54	34.95	33.49	(3)		5
Selected Equity Data (period-end)
Total equity	181,689			190,110	191,071	193,127	188,034	(4)		(3)
Common stockholders' equity	159,968			168,331	169,753	171,453	166,748	(5)		(4)
Tangible common equity (3)	133,144			141,254	142,047	143,577	138,702	(6)		(4)
Performance Ratios
Return on average assets (ROA) (4)	0.78		%	1.17	1.04	1.25	0.97
Return on average equity (ROE) (5)	8.4			12.8	11.1	13.6	10.3
Return on average tangible common equity (ROTCE) (3)	10.0			15.3	13.2	16.3	12.4
Efficiency ratio (6)	79			63	71	66	75
Net interest margin on a taxable-equivalent basis	2.16			2.11	2.03	2.02	2.05

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

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

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

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

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

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

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Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA (continued)

	Quarter ended							Mar 31, 2022 <br>% Change from
($ in millions, unless otherwise noted)	Mar 31,<br>2022			Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2021		Mar 31,<br>2021
Selected Balance Sheet Data (average)
Loans	$	898,005		875,036	854,024	854,747	873,439	3	%	3
Assets	1,919,392			1,943,430	1,949,700	1,939,879	1,934,425	(1)		(1)
Deposits	1,464,072			1,470,027	1,450,941	1,435,824	1,393,472	—		5
Selected Balance Sheet Data (period-end)
Debt securities	535,916			537,531	542,993	533,565	505,826	—		6
Loans	911,807			895,394	862,827	852,300	861,572	2		6
Allowance for credit losses for loans	12,681			13,788	14,705	16,391	18,043	(8)		(30)
Equity securities	70,755			72,886	66,526	64,547	57,702	(3)		23
Assets	1,939,709			1,948,068	1,954,901	1,945,996	1,957,264	—		(1)
Deposits	1,481,354			1,482,479	1,470,379	1,440,472	1,437,119	—		3
Headcount (#) (period-end)	246,577			249,435	253,871	259,196	264,513	(1)		(7)
Capital and other metrics (1)
Risk-based capital ratios and components (2):
Standardized Approach:
Common Equity Tier 1 (CET1)	10.5		%	11.4	11.6	12.1	11.8
Tier 1 capital	12.0			12.9	13.2	13.7	13.5
Total capital	14.7			15.8	16.2	16.8	16.8
Risk-weighted assets (RWAs) (in billions)	$	1,264.4		1,239.0	1,218.9	1,188.7	1,179.0	2		7
Advanced Approach:
Common Equity Tier 1 (CET1)	11.8		%	12.6	12.4	12.7	12.6
Tier 1 capital	13.5			14.3	14.1	14.5	14.4
Total capital	15.9			16.7	16.5	16.9	16.9
Risk-weighted assets (RWAs) (in billions)	$	1,120.4		1,116.1	1,138.6	1,126.5	1,109.4	—		1
Tier 1 leverage ratio	8.0		%	8.3	8.4	8.5	8.4
Supplementary Leverage Ratio (SLR)	6.6			6.9	6.9	7.1	7.9
Total Loss Absorbing Capacity (TLAC) Ratio (3)	22.3			23.0	23.7	25.1	25.2
Liquidity Coverage Ratio (LCR) (4)	119			118	119	123	127

(1)Ratios and metrics for March 31, 2022, 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 high-quality liquid assets divided by 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, 2022 <br>% Change from
(in millions, except per share amounts)	Mar 31,<br>2022		Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2021		Mar 31,<br>2021
Interest income	$	10,181	10,121	9,834	9,693	10,046	1	%	1
Interest expense	960		859	925	893	1,238	12		(22)
Net interest income	9,221		9,262	8,909	8,800	8,808	—		5
Noninterest income
Deposit-related fees	1,473		1,462	1,416	1,342	1,255	1		17
Lending-related fees	342		357	365	362	361	(4)		(5)
Investment advisory and other asset-based fees	2,498		2,579	2,882	2,794	2,756	(3)		(9)
Commissions and brokerage services fees	537		558	525	580	636	(4)		(16)
Investment banking fees	447		669	547	570	568	(33)		(21)
Card fees	1,029		1,071	1,078	1,077	949	(4)		8
Mortgage banking	693		1,035	1,259	1,336	1,326	(33)		(48)
Net gains (losses) from trading activities	218		(177)	92	21	348	223		(37)
Net gains from debt securities	2		119	283	—	151	(98)		(99)
Net gains from equity securities	576		2,470	869	2,696	392	(77)		47
Lease income	327		46	322	313	315	611		4
Other	229		1,405	287	379	667	(84)		(66)
Total noninterest income	8,371		11,594	9,925	11,470	9,724	(28)		(14)
Total revenue	17,592		20,856	18,834	20,270	18,532	(16)		(5)
Provision for credit losses	(787)		(452)	(1,395)	(1,260)	(1,048)	(74)		25
Noninterest expense
Personnel	9,271		8,475	8,690	8,818	9,558	9		(3)
Technology, telecommunications and equipment	876		827	741	815	844	6		4
Occupancy	722		725	738	735	770	—		(6)
Operating losses	673		512	540	303	213	31		216
Professional and outside services	1,286		1,468	1,417	1,450	1,388	(12)		(7)
Leases (1)	188		195	220	226	226	(4)		(17)
Advertising and promotion	99		225	153	132	90	(56)		10
Restructuring charges	5		66	1	(4)	13	(92)		(62)
Other	750		705	803	866	887	6		(15)
Total noninterest expense	13,870		13,198	13,303	13,341	13,989	5		(1)
Income before income tax expense	4,509		8,110	6,926	8,189	5,591	(44)		(19)
Income tax expense	707		1,711	1,521	1,445	901	(59)		(22)
Net income before noncontrolling interests	3,802		6,399	5,405	6,744	4,690	(41)		(19)
Less: Net income from noncontrolling interests	131		649	283	704	54	(80)		143
Wells Fargo net income	$	3,671	5,750	5,122	6,040	4,636	(36)		(21)
Less: Preferred stock dividends and other	278		280	335	297	380	(1)		(27)
Wells Fargo net income applicable to common stock	$	3,393	5,470	4,787	5,743	4,256	(38)		(20)
Per share information
Earnings per common share	$	0.89	1.39	1.18	1.39	1.03	(36)		(14)
Diluted earnings per common share	0.88		1.38	1.17	1.38	1.02	(36)		(14)

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

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Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET

							Mar 31, 2022 <br>% Change from
(in millions)	Mar 31,<br>2022		Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2021		Mar 31,<br>2021
Assets
Cash and due from banks	$	27,454	24,616	25,509	25,304	28,339	12	%	(3)
Interest-earning deposits with banks	174,441		209,614	241,178	248,869	258,394	(17)		(32)
Total cash, cash equivalents, and restricted cash	201,895		234,230	266,687	274,173	286,733	(14)		(30)
Federal funds sold and securities purchased under resale agreements	67,764		66,223	67,807	70,149	79,502	2		(15)
Debt securities:
Trading, at fair value	86,672		88,265	94,943	82,727	72,784	(2)		19
Available-for-sale, at fair value	168,436		177,244	185,557	189,897	200,850	(5)		(16)
Held-to-maturity, at amortized cost	280,808		272,022	262,493	260,941	232,192	3		21
Loans held for sale	19,824		23,617	24,811	25,594	35,434	(16)		(44)
Loans	911,807		895,394	862,827	852,300	861,572	2		6
Allowance for loan losses	(11,504)		(12,490)	(13,517)	(15,148)	(16,928)	8		32
Net loans	900,303		882,904	849,310	837,152	844,644	2		7
Mortgage servicing rights	9,753		8,189	8,148	8,009	8,832	19		10
Premises and equipment, net	8,473		8,571	8,599	8,745	8,760	(1)		(3)
Goodwill	25,181		25,180	26,191	26,194	26,290	—		(4)
Derivative assets	27,365		21,478	27,060	25,415	25,429	27		8
Equity securities	70,755		72,886	66,526	64,547	57,702	(3)		23
Other assets	72,480		67,259	66,769	72,453	78,112	8		(7)
Total assets	$	1,939,709	1,948,068	1,954,901	1,945,996	1,957,264	—		(1)
Liabilities
Noninterest-bearing deposits	$	529,957	527,748	529,051	504,108	494,087	—		7
Interest-bearing deposits	951,397		954,731	941,328	936,364	943,032	—		1
Total deposits	1,481,354		1,482,479	1,470,379	1,440,472	1,437,119	—		3
Short-term borrowings	33,601		34,409	41,980	45,635	58,920	(2)		(43)
Derivative liabilities	15,499		9,424	12,976	14,551	14,930	64		4
Accrued expenses and other liabilities	74,229		70,957	75,513	72,555	74,949	5		(1)
Long-term debt	153,337		160,689	162,982	179,656	183,312	(5)		(16)
Total liabilities	1,758,020		1,757,958	1,763,830	1,752,869	1,769,230	—		(1)
Equity
Wells Fargo stockholders’ equity:
Preferred stock	20,057		20,057	20,270	20,820	21,170	—		(5)
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	59,899		60,196	60,134	60,018	59,854	—		—
Retained earnings	182,623		180,322	175,709	171,765	166,458	1		10
Cumulative other comprehensive income (loss)	(6,767)		(1,702)	(1,177)	(564)	(1,250)	NM		NM
Treasury stock (1)	(85,059)		(79,757)	(74,169)	(69,038)	(67,589)	(7)		(26)
Unearned ESOP shares	(646)		(646)	(875)	(875)	(875)	—		26
Total Wells Fargo stockholders’ equity	179,243		187,606	189,028	191,262	186,904	(4)		(4)
Noncontrolling interests	2,446		2,504	2,043	1,865	1,130	(2)		116
Total equity	181,689		190,110	191,071	193,127	188,034	(4)		(3)
Total liabilities and equity	$	1,939,709	1,948,068	1,954,901	1,945,996	1,957,264	—		(1)

NM – Not meaningful

(1)Number of shares of treasury stock were 1,691,916,667, 1,596,009,977, 1,484,890,493, 1,373,813,200, and 1,340,691,115 at March 31, 2022, and December 31, September 30, June 30, and March 31, 2021, respectively.

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Wells Fargo & Company and Subsidiaries

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

	Quarter ended							Mar 31, 2022 <br>% Change from
($ in millions)	Mar 31, 2022			Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2021		Mar 31, 2021
Average Balances
Assets
Interest-earning deposits with banks	$	179,051		216,061	250,314	255,237	223,437	(17)	%	(20)
Federal funds sold and securities purchased under resale agreements	64,845			65,388	68,912	72,513	72,148	(1)		(10)
Trading debt securities	90,677			92,597	88,476	84,612	87,383	(2)		4
Available-for-sale debt securities	169,048			178,770	179,237	192,418	206,946	(5)		(18)
Held-to-maturity debt securities	279,245			264,695	261,182	237,812	216,826	5		29
Loans held for sale	19,513			24,149	24,490	27,173	34,554	(19)		(44)
Loans	898,005			875,036	854,024	854,747	873,439	3		3
Equity securities	33,282			35,711	32,790	29,773	29,434	(7)		13
Other	11,498			11,514	10,070	9,103	9,498	—		21
Total interest-earning assets	1,745,164			1,763,921	1,769,495	1,763,388	1,753,665	(1)		—
Total noninterest-earning assets	174,228			179,509	180,205	176,491	180,760	(3)		(4)
Total assets	$	1,919,392		1,943,430	1,949,700	1,939,879	1,934,425	(1)		(1)
Liabilities
Interest-bearing deposits	$	945,335		938,682	941,014	941,746	931,116	1		2
Short-term borrowings	32,758			37,845	43,899	48,505	59,082	(13)		(45)
Long-term debt	153,803			161,335	174,643	181,101	198,340	(5)		(22)
Other liabilities	31,092			28,245	30,387	27,718	28,875	10		8
Total interest-bearing liabilities	1,162,988			1,166,107	1,189,943	1,199,070	1,217,413	—		(4)
Noninterest-bearing demand deposits	518,737			531,345	509,927	494,078	462,356	(2)		12
Other noninterest-bearing liabilities	51,330			55,234	55,789	55,763	65,582	(7)		(22)
Total liabilities	1,733,055			1,752,686	1,755,659	1,748,911	1,745,351	(1)		(1)
Total equity	186,337			190,744	194,041	190,968	189,074	(2)		(1)
Total liabilities and equity	$	1,919,392		1,943,430	1,949,700	1,939,879	1,934,425	(1)		(1)
Average Interest Rates
Interest-earning assets
Interest-earning deposits with banks	0.22		%	0.16	0.15	0.11	0.10
Federal funds sold and securities purchased under resale agreements	(0.05)			(0.01)	0.03	0.02	0.04
Trading debt securities	2.44			2.39	2.33	2.37	2.45
Available-for-sale debt securities	1.72			1.55	1.57	1.43	1.63
Held-to-maturity debt securities	1.98			1.86	1.87	1.86	1.90
Loans held for sale	2.86			2.79	2.81	2.85	3.85
Loans	3.25			3.32	3.29	3.33	3.34
Equity securities	2.05			2.16	1.78	1.77	1.87
Other	0.12			0.09	0.09	0.04	0.03
Total interest-earning assets	2.38			2.31	2.24	2.23	2.33
Interest-bearing liabilities
Interest-bearing deposits	0.04			0.04	0.04	0.04	0.05
Short-term borrowings	(0.17)			(0.14)	(0.06)	(0.09)	(0.06)
Long-term debt	1.98			1.71	1.71	1.57	2.07
Other liabilities	1.68			1.38	1.15	1.47	1.50
Total interest-bearing liabilities	0.33			0.29	0.31	0.30	0.41
Interest rate spread on a taxable-equivalent basis (2)	2.05			2.02	1.93	1.93	1.92
Net interest margin on a taxable-equivalent basis (2)	2.16			2.11	2.03	2.02	2.05

(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, $106 million, $105 million, $109 million and $107 million for the quarters ended March 31, 2022, and December 31, September 30, June 30 and March 31, 2021, respectively, predominantly related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.

-7-

Wells Fargo & Company and Subsidiaries

COMBINED SEGMENT RESULTS (1)

						Quarter ended March 31, 2022
(in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate (2)	Reconciling Items (3)	Consolidated<br>Company
Net interest income	$	5,996	1,361	1,990	799	(818)	(107)	9,221
Noninterest income	2,567		966	1,480	2,958	806	(406)	8,371
Total revenue	8,563		2,327	3,470	3,757	(12)	(513)	17,592
Provision for credit losses	(190)		(344)	(196)	(37)	(20)	—	(787)
Noninterest expense	6,395		1,531	1,983	3,175	786	—	13,870
Income (loss) before income tax expense (benefit)	2,358		1,140	1,683	619	(778)	(513)	4,509
Income tax expense (benefit)	588		280	425	154	(227)	(513)	707
Net income (loss) before noncontrolling interests	1,770		860	1,258	465	(551)	—	3,802
Less: Net income from noncontrolling interests	—		3	—	—	128	—	131
Net income (loss)	$	1,770	857	1,258	465	(679)	—	3,671
						Quarter ended December 31, 2021
Net interest income	$	5,867	1,273	1,982	666	(420)	(106)	9,262
Noninterest income	2,866		1,011	1,530	2,982	3,540	(335)	11,594
Total revenue	8,733		2,284	3,512	3,648	3,120	(441)	20,856
Provision for credit losses	126		(384)	(194)	(3)	3	—	(452)
Noninterest expense	6,126		1,393	1,765	2,898	1,016	—	13,198
Income (loss) before income tax expense (benefit)	2,481		1,275	1,941	753	2,101	(441)	8,110
Income tax expense (benefit)	619		318	488	189	538	(441)	1,711
Net income before noncontrolling interests	1,862		957	1,453	564	1,563	—	6,399
Less: Net income (loss) from noncontrolling interests	—		3	(1)	—	647	—	649
Net income	$	1,862	954	1,454	564	916	—	5,750
						Quarter ended March 31, 2021
Net interest income	$	5,615	1,254	1,779	657	(390)	(107)	8,808
Noninterest income	3,039		827	1,825	2,887	1,417	(271)	9,724
Total revenue	8,654		2,081	3,604	3,544	1,027	(378)	18,532
Provision for credit losses	(419)		(399)	(284)	(43)	97	—	(1,048)
Noninterest expense	6,267		1,630	1,833	3,028	1,231	—	13,989
Income (loss) before income tax expense (benefit)	2,806		850	2,055	559	(301)	(378)	5,591
Income tax expense (benefit)	702		212	500	140	(275)	(378)	901
Net income (loss) before noncontrolling interests	2,104		638	1,555	419	(26)	—	4,690
Less: Net income from noncontrolling interests	—		1	—	—	53	—	54
Net income (loss)	$	2,104	637	1,555	419	(79)	—	4,636

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

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

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

-8-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT

	Quarter ended						Mar 31, 2022 <br>% Change from
($ in millions)	Mar 31,<br>2022		Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2021		Mar 31,<br>2021
Income Statement
Net interest income	$	5,996	5,867	5,707	5,618	5,615	2	%	7
Noninterest income:
Deposit-related fees	845		853	799	732	661	(1)		28
Card fees	961		1,007	1,014	1,017	892	(5)		8
Mortgage banking	654		905	1,168	1,158	1,259	(28)		(48)
Other	107		101	116	161	227	6		(53)
Total noninterest income	2,567		2,866	3,097	3,068	3,039	(10)		(16)
Total revenue	8,563		8,733	8,804	8,686	8,654	(2)		(1)
Net charge-offs	375		408	302	359	370	(8)		1
Change in the allowance for credit losses	(565)		(282)	(820)	(726)	(789)	NM		28
Provision for credit losses	(190)		126	(518)	(367)	(419)	NM		55
Noninterest expense	6,395		6,126	6,053	6,202	6,267	4		2
Income before income tax expense	2,358		2,481	3,269	2,851	2,806	(5)		(16)
Income tax expense	588		619	818	713	702	(5)		(16)
Net income	$	1,770	1,862	2,451	2,138	2,104	(5)		(16)
Revenue by Line of Business
Consumer and Small Business Banking	$	5,071	4,872	4,822	4,714	4,550	4		11
Consumer Lending:
Home Lending	1,490		1,843	2,012	2,072	2,227	(19)		(33)
Credit Card (1)	1,265		1,271	1,251	1,218	1,188	—		6
Auto	444		470	445	415	403	(6)		10
Personal Lending (1)	293		277	274	267	286	6		2
Total revenue	$	8,563	8,733	8,804	8,686	8,654	(2)		(1)
Selected Balance Sheet Data (average)
Loans by Line of Business:
Home Lending	$	213,714	214,900	217,011	223,229	243,036	(1)		(12)
Auto	57,278		55,773	53,043	50,762	49,518	3		16
Credit Card (1)	31,503		30,375	28,925	28,003	28,891	4		9
Small Business (2)	10,605		12,573	15,122	18,768	20,137	(16)		(47)
Personal Lending (1)	11,955		11,787	11,456	11,130	11,499	1		4
Total loans	$	325,055	325,408	325,557	331,892	353,081	—		(8)
Total deposits (2)	881,339		864,373	848,419	835,752	789,439	2		12
Allocated capital	48,000		48,000	48,000	48,000	48,000	—		—
Selected Balance Sheet Data (period-end)
Loans by Line of Business:
Home Lending	$	215,858	214,407	216,649	218,626	230,478	1		(6)
Auto	57,652		57,260	54,472	51,784	50,007	1		15
Credit Card (1)	31,974		31,671	29,433	28,548	28,035	1		14
Small Business (2)	11,006		11,270	13,686	16,494	20,820	(2)		(47)
Personal Lending (1)	12,068		11,966	11,678	11,308	11,209	1		8
Total loans	$	328,558	326,574	325,918	326,760	340,549	1		(4)
Total deposits (2)	909,896		883,674	858,424	840,434	837,765	3		9

NM – Not meaningful

(1)In first quarter 2022, we transferred our Retail Services business from Credit Card to Personal Lending. Prior period balances have been revised to conform with the current period presentation.

(2)In first quarter 2022, we prospectively transferred certain customer accounts from the Commercial Banking operating segment to Small Business Banking in the Consumer Banking and Lending operating segment.

-9-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT (continued)

							Mar 31, 2022 <br>% Change from
( in millions, unless otherwise noted)			Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2021		Mar 31,<br>2021
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1)		%	14.8	19.7	17.3	17.2
Efficiency ratio (2)			70	69	71	72
Headcount (#) (period-end)			112,913	114,334	116,185	123,547	—	%	(8)
Retail bank branches (#)			4,777	4,796	4,878	4,944	(2)		(5)
Digital active customers (# in millions) (3)			33.0	32.7	32.6	32.9	2		2
Mobile active customers (# in millions) (3)			27.3	27.0	26.8	26.7	2		4
Consumer and Small Business Banking:
Deposit spread (4)		%	1.4	1.5	1.5	1.6
Debit card purchase volume ( in billions) (5)	115.0		122.4	118.6	122.0	108.5	(6)		6
Debit card purchase transactions (# in millions) (5)			2,523	2,515	2,504	2,266	(7)		3
Home Lending:
Mortgage banking:
Net servicing income	116		125	109	(76)	(123)	(7)		194
Net gains on mortgage loan originations/sales			780	1,059	1,234	1,382	(31)		(61)
Total mortgage banking	654		905	1,168	1,158	1,259	(28)		(48)
Originations ( in billions):
Retail	24.1		32.8	35.2	36.9	33.6	(27)		(28)
Correspondent			15.3	16.7	16.3	18.2	(10)		(24)
Total originations	37.9		48.1	51.9	53.2	51.8	(21)		(27)
% of originations held for sale (HFS)		%	55.7	60.6	65.6	75.8
Third party mortgage loans serviced (period-end) ( in billions) (6)	704.2		716.8	739.5	769.4	801.0	(2)		(12)
Mortgage servicing rights (MSR) carrying value (period-end)			6,920	6,862	6,717	7,536	23		13
Ratio of MSR carrying value (period-end) to third party mortgage loans serviced (period-end) (6)		%	0.97	0.93	0.87	0.94
Home lending loans 30+ days delinquency rate (7)(8)(9)			0.39	0.45	0.51	0.56
Credit Card (10):
Point of sale (POS) volume ( in billions)	26.0		27.5	24.6	23.6	19.6	(5)		33
New accounts (# in thousands)			525	526	323	266	(8)		82
Credit card loans 30+ days delinquency rate (9)		%	1.52	1.46	1.53	2.13
Auto:
Auto originations ( in billions)	7.3		9.4	9.2	8.3	7.0	(22)		4
Auto loans 30+ days delinquency rate (8)(9)		%	1.84	1.46	1.30	1.22
Personal Lending (10):
New volume ( in billions)	2.6		2.7	2.7	2.5	1.9	(4)		37

All values are in US Dollars.

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

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

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

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

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

(6)Excludes residential mortgage loans subserviced for others.

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

(8)Excludes nonaccrual loans.

(9)Beginning in second quarter 2020, customer payment deferral activities instituted in response to the COVID-19 pandemic may have delayed the recognition of delinquencies for those customers who would have otherwise moved into past due or nonaccrual status.

(10)In first quarter 2022, we transferred our Retail Services business from Credit Card to Personal Lending. Prior period balances have been revised to conform with the current period presentation.

-10-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT

	Quarter ended							Mar 31, 2022 <br>% Change from
($ in millions)	Mar 31,<br>2022			Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2021		Mar 31,<br>2021
Income Statement
Net interest income	$	1,361		1,273	1,231	1,202	1,254	7	%	9
Noninterest income:
Deposit-related fees	328			320	323	325	317	3		3
Lending-related fees	121			129	132	135	136	(6)		(11)
Lease income	179			170	165	173	174	5		3
Other	338			392	225	273	200	(14)		69
Total noninterest income	966			1,011	845	906	827	(4)		17
Total revenue	2,327			2,284	2,076	2,108	2,081	2		12
Net charge-offs	(29)			(7)	16	53	39	NM		NM
Change in the allowance for credit losses	(315)			(377)	(351)	(435)	(438)	16		28
Provision for credit losses	(344)			(384)	(335)	(382)	(399)	10		14
Noninterest expense	1,531			1,393	1,396	1,443	1,630	10		(6)
Income before income tax expense	1,140			1,275	1,015	1,047	850	(11)		34
Income tax expense	280			318	254	261	212	(12)		32
Less: Net income from noncontrolling interests	3			3	2	2	1	—		200
Net income	$	857		954	759	784	637	(10)		35
Revenue by Line of Business
Middle Market Banking	$	1,246		1,167	1,165	1,151	1,159	7		8
Asset-Based Lending and Leasing	1,081			1,117	911	957	922	(3)		17
Total revenue	$	2,327		2,284	2,076	2,108	2,081	2		12
Revenue by Product
Lending and leasing	$	1,255		1,236	1,190	1,207	1,202	2		4
Treasury management and payments	779			711	713	680	721	10		8
Other	293			337	173	221	158	(13)		85
Total revenue	$	2,327		2,284	2,076	2,108	2,081	2		12
Selected Metrics
Return on allocated capital	16.9		%	18.5	14.5	15.2	12.3
Efficiency ratio	66			61	67	68	78
Headcount (#) (period-end)	17,360			18,397	18,638	19,647	20,486	(6)		(15)

NM – Not meaningful

-11-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT (continued)

	Quarter ended						Mar 31, 2022 <br>% Change from
($ in millions)	Mar 31,<br>2022		Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2021		Mar 31,<br>2021
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial (1)	$	135,792	125,011	118,039	117,585	120,929	9	%	12
Commercial real estate (1)	45,053		45,755	46,576	47,203	48,574	(2)		(7)
Lease financing and other	13,550		13,855	14,007	13,784	13,640	(2)		(1)
Total loans	$	194,395	184,621	178,622	178,572	183,143	5		6
Loans by Line of Business:
Middle Market Banking (1)	$	108,583	103,594	101,523	102,054	104,379	5		4
Asset-Based Lending and Leasing	85,812		81,027	77,099	76,518	78,764	6		9
Total loans	$	194,395	184,621	178,622	178,572	183,143	5		6
Total deposits (1)	200,699		207,678	199,226	192,586	189,364	(3)		6
Allocated capital	19,500		19,500	19,500	19,500	19,500	—		—
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial (1)	$	140,932	131,078	120,203	117,782	119,322	8		18
Commercial real estate (1)	44,428		45,467	46,318	46,905	47,832	(2)		(7)
Lease financing and other	13,473		13,803	14,018	14,218	13,534	(2)		—
Total loans	$	198,833	190,348	180,539	178,905	180,688	4		10
Loans by Line of Business:
Middle Market Banking (1)	$	110,258	106,834	102,279	102,062	102,372	3		8
Asset-Based Lending and Leasing	88,575		83,514	78,260	76,843	78,316	6		13
Total loans	$	198,833	190,348	180,539	178,905	180,688	4		10
Total deposits (1)	195,549		205,428	204,853	197,461	191,948	(5)		2

(1)In first quarter 2022, we prospectively transferred certain customer accounts from the Commercial Banking operating segment to Small Business Banking in the Consumer Banking and Lending operating segment.

-12-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT

	Quarter ended							Mar 31, 2022 <br>% Change from
($ in millions)	Mar 31,<br>2022			Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2021		Mar 31,<br>2021
Income Statement
Net interest income	$	1,990		1,982	1,866	1,783	1,779	—	%	12
Noninterest income:
Deposit-related fees	293			283	286	277	266	4		10
Lending-related fees	185			192	196	190	183	(4)		1
Investment banking fees	462			678	536	580	611	(32)		(24)
Net gains (losses) from trading activities	228			(174)	85	30	331	231		(31)
Other	312			551	416	478	434	(43)		(28)
Total noninterest income	1,480			1,530	1,519	1,555	1,825	(3)		(19)
Total revenue	3,470			3,512	3,385	3,338	3,604	(1)		(4)
Net charge-offs	(31)			8	(48)	(19)	37	NM		NM
Change in the allowance for credit losses	(165)			(202)	(412)	(482)	(321)	18		49
Provision for credit losses	(196)			(194)	(460)	(501)	(284)	(1)		31
Noninterest expense	1,983			1,765	1,797	1,805	1,833	12		8
Income before income tax expense	1,683			1,941	2,048	2,034	2,055	(13)		(18)
Income tax expense	425			488	518	513	500	(13)		(15)
Less: Net loss from noncontrolling interests	—			(1)	—	(2)	—	100		—
Net income	$	1,258		1,454	1,530	1,523	1,555	(13)		(19)
Revenue by Line of Business
Banking:
Lending	$	521		519	502	474	453	—		15
Treasury Management and Payments	432			373	372	353	370	16		17
Investment Banking	331			464	367	407	416	(29)		(20)
Total Banking	1,284			1,356	1,241	1,234	1,239	(5)		4
Commercial Real Estate	995			1,095	942	1,014	912	(9)		9
Markets:
Fixed Income, Currencies, and Commodities (FICC)	877			794	884	888	1,144	10		(23)
Equities	267			205	234	206	252	30		6
Credit Adjustment (CVA/DVA) and Other	25			13	58	(16)	36	92		(31)
Total Markets	1,169			1,012	1,176	1,078	1,432	16		(18)
Other	22			49	26	12	21	(55)		5
Total revenue	$	3,470		3,512	3,385	3,338	3,604	(1)		(4)
Selected Metrics
Return on allocated capital	13.2		%	16.0	16.9	17.0	17.6
Efficiency ratio	57			50	53	54	51
Headcount (#) (period-end)	8,416			8,489	8,459	8,673	8,249	(1)		2

NM – Not meaningful

-13-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT (continued)

	Quarter ended						Mar 31, 2022 <br>% Change from
($ in millions)	Mar 31,<br>2022		Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2021		Mar 31,<br>2021
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	191,152	182,778	170,486	167,076	162,290	5	%	18
Commercial real estate	93,346		89,216	86,809	85,346	83,858	5		11
Total loans	$	284,498	271,994	257,295	252,422	246,148	5		16
Loans by Line of Business:
Banking	$	102,485	101,589	95,911	90,839	86,536	1		18
Commercial Real Estate	126,248		116,630	110,683	108,893	107,609	8		17
Markets	55,765		53,775	50,701	52,690	52,003	4		7
Total loans	$	284,498	271,994	257,295	252,422	246,148	5		16
Trading-related assets:
Trading account securities	$	115,687	118,147	112,148	104,743	106,358	(2)		9
Reverse repurchase agreements/securities borrowed	54,832		53,526	56,758	62,066	63,965	2		(14)
Derivative assets	26,244		24,267	25,191	24,731	27,102	8		(3)
Total trading-related assets	$	196,763	195,940	194,097	191,540	197,425	—		—
Total assets	551,404		543,946	524,124	513,414	511,528	1		8
Total deposits	169,181		182,101	189,424	190,810	194,501	(7)		(13)
Allocated capital	36,000		34,000	34,000	34,000	34,000	6		6
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	194,201	191,391	177,002	166,969	163,808	1		19
Commercial real estate	96,426		92,983	86,955	86,290	84,836	4		14
Total loans	$	290,627	284,374	263,957	253,259	248,644	2		17
Loans by Line of Business:
Banking	$	107,081	101,926	99,683	92,758	88,042	5		22
Commercial Real Estate	129,375		125,926	112,050	108,885	108,508	3		19
Markets	54,171		56,522	52,224	51,616	52,094	(4)		4
Total loans	$	290,627	284,374	263,957	253,259	248,644	2		17
Trading-related assets:
Trading account securities	$	113,763	108,697	114,187	108,291	100,586	5		13
Reverse repurchase agreements/securities borrowed	57,579		55,973	55,123	57,351	71,282	3		(19)
Derivative assets	26,695		21,398	27,096	25,288	24,228	25		10
Total trading-related assets	$	198,037	186,068	196,406	190,930	196,096	6		1
Total assets	564,976		546,549	535,385	516,518	512,045	3		10
Total deposits	168,467		168,609	191,786	188,219	188,920	—		(11)

-14-

Wells Fargo & Company and Subsidiaries

WEALTH AND INVESTMENT MANAGEMENT SEGMENT

	Quarter ended							Mar 31, 2022 <br>% Change from
($ in millions, unless otherwise noted)	Mar 31,<br>2022			Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2021		Mar 31,<br>2021
Income Statement
Net interest income	$	799		666	637	610	657	20	%	22
Noninterest income:
Investment advisory and other asset-based fees	2,476			2,429	2,457	2,382	2,306	2		7
Commissions and brokerage services fees	454			484	458	513	555	(6)		(18)
Other	28			69	66	31	26	(59)		8
Total noninterest income	2,958			2,982	2,981	2,926	2,887	(1)		2
Total revenue	3,757			3,648	3,618	3,536	3,544	3		6
Net charge-offs	(4)			19	(3)	(6)	—	NM		NM
Change in the allowance for credit losses	(33)			(22)	(70)	30	(43)	(50)		23
Provision for credit losses	(37)			(3)	(73)	24	(43)	NM		14
Noninterest expense	3,175			2,898	2,917	2,891	3,028	10		5
Income before income tax expense	619			753	774	621	559	(18)		11
Income tax expense	154			189	195	156	140	(19)		10
Net income	$	465		564	579	465	419	(18)		11
Selected Metrics
Return on allocated capital	21.0		%	25.0	25.7	20.7	18.9
Efficiency ratio	85			79	81	82	85
Headcount (#) (period-end)	25,165			25,906	26,112	26,989	27,993	(3)		(10)
Advisory assets ($ in billions)	$	912		964	920	931	885	(5)		3
Other brokerage assets and deposits ($ in billions)	1,168			1,219	1,171	1,212	1,177	(4)		(1)
Total client assets ($ in billions)	$	2,080		2,183	2,091	2,143	2,062	(5)		1
Annualized revenue per advisor ($ in thousands) (1)	1,221			1,171	1,141	1,084	1,058	4		15
Total financial and wealth advisors (#) (period-end)	12,250			12,367	12,552	12,819	13,277	(1)		(8)
Selected Balance Sheet Data (average)
Total loans	$	84,765		84,007	82,785	81,784	80,839	1		5
Total deposits	185,814			180,939	176,570	174,980	173,678	3		7
Allocated capital	8,750			8,750	8,750	8,750	8,750	—		—
Selected Balance Sheet Data (period-end)
Total loans	84,688			84,101	82,824	82,783	81,175	1		4
Total deposits	183,727			192,548	177,809	174,267	175,999	(5)		4

NM – Not meaningful

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

-15-

Wells Fargo & Company and Subsidiaries

CORPORATE (1)

	Quarter ended						Mar 31, 2022 <br>% Change from
($ in millions)	Mar 31,<br>2022		Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2021		Mar 31,<br>2021
Income Statement
Net interest income	$	(818)	(420)	(427)	(304)	(390)	(95)	%	NM
Noninterest income	806		3,540	1,752	3,327	1,417	(77)		(43)
Total revenue	(12)		3,120	1,325	3,023	1,027	NM		NM
Net charge-offs	(6)		(5)	(10)	(8)	77	(20)		NM
Change in the allowance for credit losses	(14)		8	1	(26)	20	NM		NM
Provision for credit losses	(20)		3	(9)	(34)	97	NM		NM
Noninterest expense	786		1,016	1,140	1,000	1,231	(23)		(36)
Income (loss) before income tax expense (benefit)	(778)		2,101	194	2,057	(301)	NM		NM
Income tax expense (benefit)	(227)		538	110	223	(275)	NM		17
Less: Net income from noncontrolling interests	128		647	281	704	53	(80)		142
Net income (loss)	$	(679)	916	(197)	1,130	(79)	NM		NM
Selected Metrics
Headcount (#) (period-end)	82,363		83,730	86,328	87,702	84,238	(2)		(2)
Selected Balance Sheet Data (average)
Cash, cash equivalents, and restricted cash	$	178,747	216,156	250,414	255,043	222,799	(17)		(20)
Available-for-sale debt securities	156,756		169,953	172,035	185,396	200,421	(8)		(22)
Held-to-maturity debt securities	275,510		262,969	260,167	237,788	217,346	5		27
Equity securities	15,760		15,172	13,254	11,499	10,904	4		45
Total loans	9,292		9,006	9,765	10,077	10,228	3		(9)
Total assets	687,341		727,818	762,067	754,629	727,628	(6)		(6)
Total deposits	27,039		34,936	37,302	41,696	46,490	(23)		(42)
Selected Balance Sheet Data (period-end)
Cash, cash equivalents, and restricted cash	$	175,201	209,696	241,423	248,784	257,887	(16)		(32)
Available-for-sale debt securities	157,164		165,926	173,237	177,923	188,724	(5)		(17)
Held-to-maturity debt securities	277,965		269,285	261,583	260,054	231,352	3		20
Equity securities	16,137		16,549	14,022	13,142	11,093	(2)		45
Total loans	9,101		9,997	9,589	10,593	10,516	(9)		(13)
Total assets	682,912		721,335	751,155	761,915	753,899	(5)		(9)
Total deposits	23,715		32,220	37,507	40,091	42,487	(26)		(44)

NM – Not meaningful

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

-16-

Wells Fargo & Company and Subsidiaries

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

	Quarter ended							Mar 31, 2022 Change from
($ in millions)	Mar 31,<br>2022			Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,2021
Period-End Loans
Commercial and industrial	$	362,137		350,436	326,425	317,618	319,055	11,701
Real estate mortgage	129,495			127,733	121,985	120,678	121,198	1,762
Real estate construction	20,613			20,092	21,129	22,406	21,533	521
Lease financing	14,469			14,859	15,398	15,720	15,734	(390)
Total commercial	526,714			513,120	484,937	476,422	477,520	13,594
Residential mortgage – first lien	245,242			242,270	242,935	244,371	254,363	2,972
Residential mortgage – junior lien	15,392			16,618	18,026	19,637	21,308	(1,226)
Credit card	38,639			38,453	36,061	34,936	34,246	186
Auto	57,083			56,659	53,827	51,073	49,210	424
Other consumer	28,737			28,274	27,041	25,861	24,925	463
Total consumer	385,093			382,274	377,890	375,878	384,052	2,819
Total loans	$	911,807		895,394	862,827	852,300	861,572	16,413
Average Loans
Commercial and industrial	$	353,829		335,752	319,426	318,917	318,311	18,077
Real estate mortgage	127,464			123,806	121,453	120,526	120,734	3,658
Real estate construction	20,259			20,800	21,794	22,015	21,755	(541)
Lease financing	14,586			15,227	15,492	15,565	15,799	(641)
Total commercial	516,138			495,585	478,165	477,023	476,599	20,553
Residential mortgage – first lien	242,883			242,515	243,201	247,815	266,251	368
Residential mortgage – junior lien	16,017			17,317	18,809	20,457	22,321	(1,300)
Credit card	38,164			37,041	35,407	34,211	35,205	1,123
Auto	56,701			55,161	52,370	50,014	48,680	1,540
Other consumer	28,102			27,417	26,072	25,227	24,383	685
Total consumer	381,867			379,451	375,859	377,724	396,840	2,416
Total loans	$	898,005		875,036	854,024	854,747	873,439	22,969
Average Interest Rates
Commercial and industrial	2.41		%	2.45	2.44	2.52	2.47
Real estate mortgage	2.65			2.64	2.67	2.74	2.73
Real estate construction	3.31			3.08	3.10	3.08	3.10
Lease financing	4.24			4.27	4.45	4.49	4.62
Total commercial	2.56			2.58	2.60	2.66	2.63
Residential mortgage – first lien	3.14			3.27	3.12	3.16	3.11
Residential mortgage – junior lien	4.17			4.22	4.11	4.13	4.13
Credit card	11.32			11.25	11.47	11.48	11.90
Auto	4.17			4.37	4.44	4.52	4.66
Other consumer	3.69			3.67	3.70	3.70	3.87
Total consumer	4.20			4.28	4.18	4.18	4.18
Total loans	3.25		%	3.32	3.29	3.33	3.34

All values are in US Dollars.

-17-

Wells Fargo & Company and Subsidiaries

NET LOAN CHARGE-OFFS

	Quarter ended
	Mar 31, 2022				Dec 31, 2021				Sep 30, 2021				Jun 30, 2021				Mar 31, 2021				Mar 31, 2022 Change from
($ in millions)	Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Dec 31,2021	Mar 31,<br>2021
By product:
Commercial:
Commercial and industrial	$	(23)	(0.03)	%	$	3	—	%	$	46	0.06	%	$	81	0.10	%	$	88	0.11	%		(111)
Real estate mortgage	(5)		(0.02)		22		0.07		(10)		(0.03)		(5)		(0.02)		46		0.16		(27)	(51)
Real estate construction	—		—		—		—		1		—		(1)		—		—		—		—	—
Lease financing	(1)		(0.02)		3		0.09		1		0.03		5		0.12		15		0.40		(4)	(16)
Total commercial	(29)		(0.02)		28		0.02		38		0.03		80		0.07		149		0.13		(57)	(178)
Consumer:
Residential mortgage – first lien	(3)		—		110		0.18		(14)		(0.02)		(19)		(0.03)		(24)		(0.04)		(113)	21
Residential mortgage – junior lien	(18)		(0.46)		8		0.19		(28)		(0.61)		(31)		(0.60)		(19)		(0.35)		(26)	1
Credit card	176		1.87		150		1.61		158		1.77		256		3.01		236		2.71		26	(60)
Auto	96		0.68		58		0.41		26		0.20		45		0.35		52		0.44		38	44
Other consumer	83		1.20		67		0.96		79		1.22		50		0.80		119		1.97		16	(36)
Total consumer	334		0.35		393		0.41		221		0.23		301		0.32		364		0.37		(59)	(30)
Total net charge-offs	$	305	0.14	%	$	421	0.19	%	$	259	0.12	%	$	381	0.18	%	$	513	0.24	%		(208)
By segment:
Consumer Banking and Lending	$	375	0.47	%	$	410	0.50	%	$	302	0.37	%	$	359	0.43	%	$	370	0.42	%		5
Commercial Banking	(29)		(0.06)		(9)		(0.02)		16		0.04		50		0.11		39		0.09		(20)	(68)
Corporate and Investing Banking	(31)		(0.04)		8		0.01		(48)		(0.07)		(18)		(0.03)		36		0.06		(39)	(67)
Wealth and Investment Management	(4)		(0.02)		18		0.09		(3)		(0.01)		(3)		(0.01)		—		—		(22)	(4)
Corporate	(6)		(0.26)		(6)		(0.26)		(8)		(0.33)		(7)		(0.28)		68		2.70		—	(74)
Total net charge-offs	$	305	0.14	%	$	421	0.19	%	$	259	0.12	%	$	381	0.18	%	$	513	0.24	%		(208)

All values are in US Dollars.

(1)Quarterly net 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, 2022 Change from
($ in millions)	Mar 31,<br>2022			Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,2021
Balance, beginning of period	$	13,788		14,705	16,391	18,043	19,713	(917)
Provision for credit losses	(775)			(464)	(1,387)	(1,239)	(1,117)	(311)
Interest income on certain loans (1)	(29)			(33)	(35)	(36)	(41)	4
Net loan charge-offs:
Commercial:
Commercial and industrial	23			(3)	(46)	(81)	(88)	26
Real estate mortgage	5			(22)	10	5	(46)	27
Real estate construction	—			—	(1)	1	—	—
Lease financing	1			(3)	(1)	(5)	(15)	4
Total commercial	29			(28)	(38)	(80)	(149)	57
Consumer:
Residential mortgage – first lien	3			(110)	14	19	24	113
Residential mortgage – junior lien	18			(8)	28	31	19	26
Credit card	(176)			(150)	(158)	(256)	(236)	(26)
Auto	(96)			(58)	(26)	(45)	(52)	(38)
Other consumer	(83)			(67)	(79)	(50)	(119)	(16)
Total consumer	(334)			(393)	(221)	(301)	(364)	59
Net loan charge-offs	(305)			(421)	(259)	(381)	(513)	116
Other	2			1	(5)	4	1	1
Balance, end of period	$	12,681		13,788	14,705	16,391	18,043	(1,107)
Components:
Allowance for loan losses	$	11,504		12,490	13,517	15,148	16,928	(986)
Allowance for unfunded credit commitments	1,177			1,298	1,188	1,243	1,115	(121)
Allowance for credit losses for loans	$	12,681		13,788	14,705	16,391	18,043	(1,107)
Ratio of allowance for loan losses to total net loan charge-offs (annualized)	9.31x			7.49	13.14	9.93	8.13
Allowance for loan losses as a percentage of:
Total loans	1.26		%	1.39	1.57	1.78	1.96
Nonaccrual loans	167			173	192	205	210
Allowance for credit losses for loans as a percentage of:
Total loans	1.39			1.54	1.70	1.92	2.09
Nonaccrual loans	185			191	208	222	224

All values are in US Dollars.

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

-19-

Wells Fargo & Company and Subsidiaries

ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES FOR LOANS

	Mar 31, 2022				Dec 31, 2021				Sep 30, 2021				Jun 30, 2021				Mar 31, 2021
($ in millions)	ACL		ACL<br>as %<br>of loan<br>class		ACL		ACL<br>as %<br>of loan<br>class		ACL		ACL<br>as %<br>of loan<br>class		ACL		ACL<br>as %<br>of loan<br>class		ACL		ACL<br>as %<br>of loan<br>class
By product:
Commercial:
Commercial and industrial	$	4,625	1.28	%	$	4,873	1.39	%	$	5,193	1.59	%	$	5,640	1.78	%	$	6,512	2.04	%
Real estate mortgage	1,883		1.45		2,085		1.63		2,422		1.99		2,884		2.39		3,156		2.60
Real estate construction	366		1.78		431		2.15		470		2.22		530		2.37		410		1.90
Lease financing	274		1.89		402		2.71		480		3.12		516		3.28		604		3.84
Total commercial	7,148		1.36		7,791		1.52		8,565		1.77		9,570		2.01		10,682		2.24
Consumer:
Residential mortgage – first lien	927		0.38		1,156		0.48		1,197		0.49		1,283		0.53		1,202		0.47
Residential mortgage – junior lien	2		0.01		130		0.78		201		1.12		320		1.63		428		2.01
Credit card	3,094		8.01		3,290		8.56		3,356		9.31		3,663		10.48		4,082		11.92
Auto	1,030		1.80		928		1.64		901		1.67		1,026		2.01		1,108		2.25
Other consumer	480		1.67		493		1.74		485		1.79		529		2.05		541		2.17
Total consumer	5,533		1.44		5,997		1.57		6,140		1.62		6,821		1.81		7,361		1.92
Total allowance for credit losses for loans	$	12,681	1.39	%	$	13,788	1.54	%	$	14,705	1.70	%	$	16,391	1.92	%	$	18,043	2.09	%
By segment:
Consumer Banking and Lending	$	6,305	1.92	%	$	6,891	2.11	%	$	7,194	2.21	%	$	8,035	2.46	%	$	8,782	2.58	%
Commercial Banking	2,631		1.32		2,950		1.55		3,334		1.85		3,692		2.06		4,138		2.29
Corporate and Investing Banking	3,532		1.22		3,705		1.30		3,900		1.48		4,318		1.70		4,798		1.93
Wealth and Investment Management	238		0.28		271		0.32		292		0.35		362		0.44		332		0.41
Corporate	(25)		(0.27)		(29)		(0.29)		(15)		(0.16)		(16)		(0.15)		(7)		(0.07)
Total allowance for credit losses for loans	$	12,681	1.39	%	$	13,788	1.54	%	$	14,705	1.70	%	$	16,391	1.92	%	$	18,043	2.09	%

-20-

Wells Fargo & Company and Subsidiaries

NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)

	Mar 31, 2022				Dec 31, 2021				Sep 30, 2021				Jun 30, 2021				Mar 31, 2021				Mar 31, 2022 Change from
($ in millions)	Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Dec 31,2021	Mar 31,<br>2021
By product:
Nonaccrual loans:
Commercial:
Commercial and industrial	$	799	0.22	%	$	980	0.28	%	$	1,274	0.39	%	$	1,691	0.53	%	$	2,223	0.70	%		(1,424)
Real estate mortgage	1,033		0.80		1,235		0.97		1,538		1.26		1,598		1.32		1,703		1.41		(202)	(670)
Real estate construction	4		0.02		13		0.06		20		0.09		45		0.20		55		0.26		(9)	(51)
Lease financing	117		0.81		148		1.00		188		1.22		215		1.37		249		1.58		(31)	(132)
Total commercial	1,953		0.37		2,376		0.46		3,020		0.62		3,549		0.74		4,230		0.89		(423)	(2,277)
Consumer:
Residential mortgage – first lien (1)	3,873		1.58		3,803		1.57		3,093		1.27		2,852		1.17		2,859		1.12		70	1,014
Residential mortgage – junior lien (1)	802		5.21		801		4.82		702		3.89		713		3.63		747		3.51		1	55
Auto	208		0.36		198		0.35		206		0.38		221		0.43		181		0.37		10	27
Other consumer	35		0.12		34		0.12		37		0.14		36		0.14		38		0.15		1	(3)
Total consumer	4,918		1.28		4,836		1.27		4,038		1.07		3,822		1.02		3,825		1.00		82	1,093
Total nonaccrual loans	6,871		0.75		7,212		0.81		7,058		0.82		7,371		0.86		8,055		0.93		(341)	(1,184)
Foreclosed assets	130				112				121				129				140				18	(10)
Total nonperforming assets	$	7,001	0.77	%	$	7,324	0.82	%	$	7,179	0.83	%	$	7,500	0.88	%	$	8,195	0.95	%		(1,194)
By segment:
Consumer Banking and Lending	$	4,754	1.45	%	$	4,672	1.43	%	$	3,955	1.21	%	$	3,730	1.14	%	$	3,763	1.10	%		991
Commercial Banking	1,242		0.62		1,520		0.80		1,827		1.01		2,096		1.17		2,511		1.39		(278)	(1,269)
Corporate and Investing Banking	706		0.24		778		0.27		1,073		0.41		1,310		0.52		1,618		0.65		(72)	(912)
Wealth and Investment Management	299		0.35		354		0.42		324		0.39		364		0.44		294		0.36		(55)	5
Corporate	—		—		—		—		—		—		—		—		9		0.09		—	(9)
Total nonperforming assets	$	7,001	0.77	%	$	7,324	0.82	%	$	7,179	0.83	%	$	7,500	0.88	%	$	8,195	0.95	%		(1,194)

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, 2022							Dec 31, 2021							Mar 31, 2021
($ in millions)	Nonaccrual<br>loans		Loans outstanding	% of<br>total<br>loans		Total commitments (1)		Nonaccrual<br>loans		Loans outstanding	% of<br>total<br>loans		Total commitments (1)		Nonaccrual<br>loans		Loans outstanding	% of<br>total<br>loans		Total commitments (1)
Financials except banks	$	59	140,267	15	%	$	243,673	$	104	142,283	16	%	$	236,435	$	130	119,793	14	%	$	212,236
Technology, telecom and media	63		24,382	3		61,899		64		23,345	3		63,551		90		21,582	3		55,433
Real estate and construction	72		24,961	3		56,783		78		25,035	3		56,278		146		23,867	3		53,829
Equipment, machinery and parts manufacturing	17		19,763	2		44,640		24		18,130	2		43,778		66		16,537	2		39,986
Retail	21		17,529	2		40,651		27		17,645	2		41,447		84		17,129	2		40,975
Materials and commodities	28		16,141	2		38,491		32		14,684	2		36,704		43		12,591	1		34,138
Food and beverage manufacturing	6		14,935	2		31,794		7		13,242	1		30,903		18		12,061	1		29,160
Health care and pharmaceuticals	25		13,279	1		29,827		24		12,847	1		29,057		42		15,020	2		31,610
Oil, gas and pipelines	85		8,447	*		29,626		197		8,828	*		29,010		635		9,906	1		30,124
Auto related	22		10,762	1		26,051		31		10,629	1		25,772		74		11,297	1		25,113
Commercial services	69		10,632	1		25,284		78		10,492	1		24,804		85		10,322	1		25,730
Utilities	78		8,303	*		24,429		77		6,982	*		22,428		67		6,270	*		19,012
Diversified or miscellaneous	21		8,233	*		20,103		3		7,493	*		19,395		28		6,304	*		16,802
Entertainment and recreation	43		11,438	1		19,426		23		9,907	1		17,943		255		9,483	1		17,108
Insurance and fiduciaries	1		4,366	*		18,879		1		3,387	*		17,521		1		3,947	*		18,050
Banks	—		18,336	2		18,829		—		16,178	2		16,615		—		13,292	2		14,209
Transportation services	246		8,116	*		15,173		288		8,162	*		14,775		554		8,889	1		15,372
Agribusiness	32		6,058	*		11,642		35		6,086	*		11,701		71		6,056	*		11,453
Government and education	4		5,717	*		11,230		5		5,863	*		11,358		9		5,182	*		10,792
Other	24		4,941	*		20,821		30		4,077	*		20,112		74		5,261	*		19,232
Total	$	916	376,606	41	%	$	789,251	$	1,128	365,295	41	%	$	769,587	$	2,472	334,789	39	%	$	720,364

*Less than 1%.

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

-22-

Wells Fargo & Company and Subsidiaries

COMMERCIAL REAL ESTATE LOANS BY PROPERTY TYPE

	Mar 31, 2022							Dec 31, 2021						Mar 31, 2021
($ in millions)	Nonaccrual<br>loans		Loans outstanding	% of<br>total<br>loans		Total commitments (1)		Nonaccrual<br>loans	Loans outstanding	% of<br>total<br>loans		Total commitments (1)		Nonaccrual<br>loans	Loans outstanding	% of<br>total<br>loans		Total commitments (1)
Apartments	$	13	33,501	4	%	$	44,686	13	31,901	4	%	$	42,119	30	27,965	3	%	$	34,832
Office buildings	130		36,551	4		42,169		134	36,736	4		42,781		258	37,084	4		42,796
Industrial/warehouse	70		17,929	2		21,092		78	17,714	2		20,967		85	17,168	2		19,422
Retail (excluding shopping center)	117		12,308	1		12,982		135	12,450	1		13,014		293	13,582	2		14,159
Hotel/motel	200		12,439	1		12,940		254	12,764	1		13,179		324	12,262	1		12,788
Shopping center	342		10,295	1		10,938		422	10,448	1		11,082		470	11,124	1		11,748
Institutional	39		7,886	*		9,519		51	7,743	*		9,588		82	6,698	*		8,146
Mixed use properties	71		7,503	*		9,051		81	6,303	*		10,718		105	6,142	*		7,432
Collateral pool	—		3,603	*		4,193		—	3,509	*		4,106		—	2,979	*		3,624
Storage facility	—		2,529	*		3,025		—	2,257	*		2,742		—	1,828	*		2,424
Other	55		5,564	*		8,401		80	6,000	*		8,987		111	5,899	*		9,094
Total	$	1,037	150,108	16	%	$	178,996	1,248	147,825	17	%	$	179,283	1,758	142,731	17	%	$	166,465

*Less than 1%.

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

-23-

Wells Fargo & Company and Subsidiaries TANGIBLE COMMON EQUITY

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

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

								Mar 31, 2022 <br>% Change from
(in millions, except ratios)		Mar 31,<br>2022		Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2021		Mar 31,<br>2021
Tangible book value per common share:
Total equity		$	181,689	190,110	191,071	193,127	188,034	(4)	%	(3)
Adjustments:
Preferred stock		(20,057)		(20,057)	(20,270)	(20,820)	(21,170)	—		5
Additional paid-in capital on preferred stock		136		136	120	136	139	—		(2)
Unearned ESOP shares		646		646	875	875	875	—		(26)
Noncontrolling interests		(2,446)		(2,504)	(2,043)	(1,865)	(1,130)	2		NM
Total common stockholders' equity	(A)	159,968		168,331	169,753	171,453	166,748	(5)		(4)
Adjustments:
Goodwill		(25,181)		(25,180)	(26,191)	(26,194)	(26,290)	—		4
Certain identifiable intangible assets (other than MSRs)		(210)		(225)	(281)	(301)	(322)	7		35
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(2,304)		(2,437)	(2,120)	(2,256)	(2,300)	5		—
Applicable deferred taxes related to goodwill and other intangible assets (1)		871		765	886	875	866	14		1
Tangible common equity	(B)	$	133,144	141,254	142,047	143,577	138,702	(6)		(4)
Common shares outstanding	(C)	3,789.9		3,885.8	3,996.9	4,108.0	4,141.1	(2)		(8)
Book value per common share	(A)/(C)	$	42.21	43.32	42.47	41.74	40.27	(3)		5
Tangible book value per common share	(B)/(C)	35.13		36.35	35.54	34.95	33.49	(3)		5

NM - Not meaningful

-24-

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

		Quarter ended							Mar 31, 2022 <br>% Change from
(in millions, except ratios)		Mar 31,<br>2022			Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2021		Mar 31,<br>2021
Return on average tangible common equity:
Net income applicable to common stock	(A)	$	3,393		5,470	4,787	5,743	4,256	(38)	%	(20)	%
Average total equity		186,337			190,744	194,041	190,968	189,074	(2)		(1)
Adjustments:
Preferred stock		(20,057)			(20,267)	(21,403)	(21,108)	(21,840)	1		8
Additional paid-in capital on preferred stock		134			120	145	138	145	12		(8)
Unearned ESOP shares		646			872	875	875	875	(26)		(26)
Noncontrolling interests		(2,468)			(2,119)	(1,845)	(1,313)	(1,115)	(16)		NM
Average common stockholders’ equity	(B)	164,592			169,350	171,813	169,560	167,139	(3)		(2)
Adjustments:
Goodwill		(25,180)			(25,569)	(26,192)	(26,213)	(26,383)	2		5
Certain identifiable intangible assets (other than MSRs)		(218)			(246)	(290)	(310)	(330)	11		34
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(2,395)			(2,309)	(2,169)	(2,208)	(2,217)	(4)		(8)
Applicable deferred taxes related to goodwill and other intangible assets (1)		803			848	882	873	863	(5)		(7)
Average tangible common equity	(C)	$	137,602		142,074	144,044	141,702	139,072	(3)		(1)
Return on average common stockholders’ equity (ROE) (annualized)	(A)/(B)	8.4		%	12.8	11.1	13.6	10.3
Return on average tangible common equity (ROTCE)<br><br>(annualized)	(A)/(C)	10.0			15.3	13.2	16.3	12.4

NM – Not meaningful

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

-25-

Wells Fargo & Company and Subsidiaries

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

	Estimated							Mar 31, 2022 <br>% Change from
( in billions)	Mar 31,<br>2022			Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2021		Mar 31,<br>2021
Total equity (2)	$	181.7		190.1	191.1	193.1	188.0	(4)	%	(3)
Effect of accounting policy changes (2)	—			—	—	—	0.3
Total equity (as reported)	181.7			190.1	191.1	193.1	188.3	(4)		(4)
Adjustments:
Preferred stock	(20.1)			(20.1)	(20.3)	(20.8)	(21.2)	—		5
Additional paid-in capital on preferred stock	0.1			0.1	0.1	0.2	0.2	—		(43)
Unearned ESOP shares	0.7			0.7	0.9	0.9	0.9	14		(15)
Noncontrolling interests	(2.4)			(2.5)	(2.0)	(1.9)	(1.1)	2		NM
Total common stockholders' equity	160.0			168.3	169.8	171.5	167.1	(5)		(4)
Adjustments:
Goodwill	(25.2)			(25.2)	(26.2)	(26.2)	(26.3)	—		4
Certain identifiable intangible assets (other than MSRs)	(0.2)			(0.2)	(0.3)	(0.3)	(0.3)	7		35
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)	(2.3)			(2.4)	(2.1)	(2.3)	(2.3)	5		—
Applicable deferred taxes related to goodwill and other intangible assets (3)	0.9			0.8	0.9	0.9	0.9	14		1
Current expected credit loss (CECL) transition provision (4)	0.2			0.2	0.5	0.9	1.3	(26)		(86)
Other	(1.1)			(0.9)	(1.0)	(1.1)	(0.7)	(33)		(64)
Common Equity Tier 1	132.3			140.6	141.6	143.4	139.7	(6)		(5)
Preferred stock	20.1			20.1	20.3	20.8	21.2	—		(5)
Additional paid-in capital on preferred stock	(0.1)			(0.2)	(0.1)	(0.2)	(0.2)	50		50
Unearned ESOP shares	(0.6)			(0.6)	(0.9)	(0.9)	(0.9)	—		26
Other	(0.3)			(0.2)	(0.3)	(0.1)	(0.1)	(35)		NM
Total Tier 1 capital	151.4			159.7	160.6	163.0	159.7	(5)		(5)
Long-term debt and other instruments qualifying as Tier 2	22.3			22.7	22.8	23.2	23.8	(2)		(6)
Qualifying allowance for credit losses (5)	13.0			14.1	14.6	14.3	14.1	(8)		(8)
Other	(0.3)			(0.2)	(0.4)	(0.5)	(0.1)	(56)		NM
Total qualifying capital	$	186.4		196.3	197.6	200.1	197.5	(5)		(6)
Total risk-weighted assets (RWAs)	$	1,264.4		1,239.0	1,218.9	1,188.7	1,179.0	2		7
Common Equity Tier 1 to total RWAs	10.5		%	11.4	11.6	12.1	11.8
Tier 1 capital to total RWAs	12.0			12.9	13.2	13.7	13.5
Total capital to total RWAs	14.7			15.8	16.2	16.8	16.8

All values are in US Dollars.

NM – Not meaningful

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

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

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

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

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

-26-

Wells Fargo & Company and Subsidiaries

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

	Estimated							Mar 31, 2022 <br>% Change from
( in billions)	Mar 31,<br>2022			Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2021		Mar 31,<br>2021
Total equity (2)	$	181.7		190.1	191.1	193.1	188.0	(4)	%	(3)
Effect of accounting policy changes (2)	—			—	—	—	0.3
Total equity (as reported)	181.7			190.1	191.1	193.1	188.3	(4)		(4)
Adjustments:
Preferred stock	(20.1)			(20.1)	(20.3)	(20.8)	(21.2)	—		5
Additional paid-in capital on preferred stock	0.1			0.2	0.1	0.2	0.2	(42)		(43)
Unearned ESOP shares	0.7			0.6	0.9	0.9	0.9	15		(15)
Noncontrolling interests	(2.4)			(2.5)	(2.0)	(1.9)	(1.1)	2		NM
Total common stockholders' equity	160.0			168.3	169.8	171.5	167.1	(5)		(4)
Adjustments:
Goodwill	(25.2)			(25.2)	(26.2)	(26.2)	(26.3)	—		4
Certain identifiable intangible assets (other than MSRs)	(0.2)			(0.2)	(0.3)	(0.3)	(0.3)	7		35
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)	(2.3)			(2.4)	(2.1)	(2.3)	(2.3)	5		—
Applicable deferred taxes related to goodwill and other intangible assets (3)	0.9			0.8	0.9	0.9	0.9	14		1
CECL transition provision (4)	0.2			0.2	0.5	0.9	1.3	(26)		(86)
Other	(1.1)			(0.9)	(1.0)	(1.1)	(0.7)	(33)		(64)
Common Equity Tier 1	132.3			140.6	141.6	143.4	139.7	(6)		(5)
Preferred stock	20.1			20.1	20.3	20.8	21.2	—		(5)
Additional paid-in capital on preferred stock	(0.1)			(0.2)	(0.1)	(0.2)	(0.2)	50		50
Unearned ESOP shares	(0.6)			(0.6)	(0.9)	(0.9)	(0.9)	—		26
Other	(0.3)			(0.2)	(0.3)	(0.1)	(0.1)	(35)		NM
Total Tier 1 capital	151.4			159.7	160.6	163.0	159.7	(5)		(5)
Long-term debt and other instruments qualifying as Tier 2	22.3			22.7	22.8	23.2	23.8	(2)		(6)
Qualifying allowance for credit losses (5)	4.4			4.4	4.4	4.3	4.2	—		4
Other	(0.3)			(0.2)	(0.4)	(0.4)	—	(56)		NM
Total qualifying capital	$	177.8		186.6	187.4	190.1	187.7	(5)		(5)
Total RWAs	$	1,120.4		1,116.1	1,138.6	1,126.5	1,109.4	—		1
Common Equity Tier 1 to total RWAs	11.8		%	12.6	12.4	12.7	12.6
Tier 1 capital to total RWAs	13.5			14.3	14.1	14.5	14.4
Total capital to total RWAs	15.9			16.7	16.5	16.9	16.9

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

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

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

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

-27-

ex993-wellsfargo1q22pres

© 2022 Wells Fargo Bank, N.A. All rights reserved. 1Q22 Financial Results April 14, 2022 Exhibit 99.3

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21Q22 Financial Results 1Q22 results Financial Results ROE: 8.4% ROTCE: 10.0%1 Efficiency ratio: 79%2 Credit Quality Capital and Liquidity CET1 ratio: 10.5%3 LCR: 119%4 TLAC ratio: 22.3%5 • Provision for credit losses of $(787) million, up $261 million – Total net charge-offs of $305 million, down $218 million ◦ Net loan charge-offs of 0.14% of average loans (annualized) – Allowance for credit losses for loans of $12.7 billion, down $5.4 billion from 1Q21 and down $1.1 billion from 4Q21 • Common Equity Tier 1 (CET1) capital of $132.3 billion3 • CET1 ratio of 10.5% under the Standardized Approach and 11.8% under the Advanced Approach3 • Repurchased 110.1 million shares of common stock, or $6.0 billion, in the quarter Comparisons in the bullet points are for 1Q22 versus 1Q21, unless otherwise noted. 1. Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 16. 2. The efficiency ratio is noninterest expense divided by total revenue. 3. The Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach is our binding CET1 ratio. See page 17 for additional information regarding CET1 capital and ratios. CET1 is a preliminary estimate. 4. Liquidity coverage ratio (LCR) represents high-quality liquid assets divided by projected net cash outflows, as each is defined under the LCR rule. LCR is a preliminary estimate. 5. Represents TLAC divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC is a preliminary estimate. • Net income of $3.7 billion, or $0.88 per diluted common share, which included a $0.21 per diluted common share impact from the decrease in the allowance for credit losses – Revenue of $17.6 billion, down 5% ◦ Mortgage banking noninterest income of $693 million, down from $1.3 billion in 1Q21 ◦ Businesses divested in 2021 accounted for $791 million of revenue in 1Q21 – Noninterest expense of $13.9 billion, down 1%, included a $460 million increase in operating losses primarily driven by customer remediation expense predominantly for a variety of historical matters ◦ Businesses divested in 2021 accounted for a ~$400 million decline in noninterest expense • Effective income tax rate of 16.1%, which included net discrete income tax benefits • Average loans of $898.0 billion, up 3%; period-end loans of $911.8 billion, up 6% from 1Q21 and up 2% from 4Q21 • Average deposits of $1.5 trillion, up 5%

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31Q22 Financial Results Capital Capital Position • Common Equity Tier 1 (CET1) ratio of 10.5%1 at March 31, 2022 remained above our regulatory minimum of 9.1% • CET1 ratio down 130 bps from 1Q21 and down 90 bps from 4Q21 and reflected: – Strong capital return to shareholders (see below) – $5.1 billion reduction in cumulative other comprehensive income in the quarter driven by higher interest rates and wider agency mortgage-backed securities (MBS) spreads – Higher risk-weighted assets (RWAs) on higher loan balances and commitments – Adoption of the standardized approach for counterparty credit risk (SA-CCR) resulting in an increase in RWAs of less than 1.0% in the quarter Capital Return • Period-end common shares outstanding down 351.2 million, or 8%, YoY and down 95.9 million, or 2%, from 4Q21 • Strong capital position allowed for meaningful capital return to shareholders – Since 3Q21 we have returned $20.9 billion to shareholders: ◦ $18.3 billion in gross common stock repurchases, in line with our Capital Plan for 3Q21 - 2Q22 ◦ $2.6 billion of common stock dividends, reflecting two increases Total Loss Absorbing Capacity (TLAC) • As of March 31, 2022, our TLAC as a percentage of total risk-weighted assets was 22.3%2 compared with the required minimum of 21.5% • Issued $8.0 billion of long-term debt in the quarter Common Equity Tier 1 Ratio under the Standardized Approach 1 11.8% 12.1% 11.6% 11.4% 10.5% 1Q21 2Q21 3Q21 4Q21 1Q22 Estimated 1. The Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach is our binding CET1 ratio. See page 17 for additional information regarding CET1 capital and ratios. 1Q22 CET1 is a preliminary estimate. 2. Represents TLAC divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC is a preliminary estimate. 9.1% Regulatory Minimum

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41Q22 Financial Results 1Q22 earnings 1. Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 16. $ in millions (mm), except per share data 1Q22 4Q21 1Q21 vs. 4Q21 vs. 1Q21 Net interest income $9,221 9,262 8,808 ($41) 413 Noninterest income 8,371 11,594 9,724 (3,223) (1,353) Total revenue 17,592 20,856 18,532 (3,264) (940) Net charge-offs 305 423 523 (118) (218) Change in the allowance for credit losses (1,092) (875) (1,571) (217) 479 Provision for credit losses (787) (452) (1,048) (335) 261 Noninterest expense 13,870 13,198 13,989 672 (119) Pre-tax income 4,509 8,110 5,591 (3,601) (1,082) Income tax expense 707 1,711 901 (1,004) (194) Effective income tax rate (%) 16.1 % 22.9 16.3 (678) bps (12) Net income $3,671 5,750 4,636 ($2,079) (965) Diluted earnings per common share $0.88 1.38 1.02 ($0.50) (0.14) Diluted average common shares (# mm) 3,868.9 3,964.7 4,171.0 (96) (302) Return on equity (ROE) 8.4 % 12.8 10.3 (446) bps (195) Return on average tangible common equity (ROTCE) 1 10.0 15.3 12.4 (527) (241) Efficiency ratio 79 63 75 1,556 336

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51Q22 Financial Results Credit quality • Commercial net loan charge-offs down $57 million to a net recovery position • Consumer net loan charge-offs down $59 million from a 4Q21 which included $152 million, or 16 bps, of net charge-offs related to a change in practice to fully charge-off certain delinquent legacy residential mortgage loans; 1Q22 included higher auto losses and seasonally higher credit card losses • Nonperforming assets decreased $323 million, or 4%, as a $423 million decrease in commercial nonaccruals, was partially offset by a $71 million increase in residential mortgage nonaccruals primarily resulting from certain borrowers exiting COVID-19-related accommodation programs Provision for Credit Losses and Net Charge-offs ($ in millions) Allowance for Credit Losses for Loans ($ in millions) • Allowance for credit losses for loans down $1.1 billion predominantly due to reduced uncertainty around the economic impact of the COVID-19 pandemic on our loan portfolios – Allowance coverage for total loans down 15 bps from 4Q21 and down 70 bps from 1Q21 Comparisons in the bullet points are for 1Q22 versus 4Q21, unless otherwise noted. (1,048) (1,260) (1,395) (452) (787) 523 379 257 423 305 Provision for Credit Losses Net Charge-offs Net Loan Charge-off Ratio 1Q21 2Q21 3Q21 4Q21 1Q22 18,043 16,391 14,705 13,788 12,681 10,682 9,570 8,565 7,791 7,148 7,361 6,821 6,140 5,997 5,533 Commercial Consumer Allowance coverage for total loans 1Q21 2Q21 3Q21 4Q21 1Q22 0.24% 0.18% 0.19% 0.12% 0.14% 1.92% 2.09% 1.70% 1.54% 1.39%

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61Q22 Financial Results Loans and deposits • Average loans up $24.6 billion, or 3%, year-over-year (YoY), and up $23.0 billion, or 3%, from 4Q21 including a $18.1 billion increase in commercial & industrial loans • Total average loan yield of 3.25%, down 9 bps YoY and down 7 bps from 4Q21 reflecting lower interest income from loans purchased from securitization pools • Period-end loans up $50.2 billion, or 6%, YoY, and up $16.4 billion, or 2%, from 4Q21 on growth in both and commercial and consumer loans • Average deposits up $70.6 billion, or 5%, YoY as growth across most businesses was partially offset by targeted actions to manage to the asset cap, primarily in Corporate Treasury and Corporate and Investment Banking • Average deposit cost of 3 bps, up 1 bp from 4Q21 on deposit mix changes, and stable YoY Average Loans Outstanding ($ in billions) Average Deposits and Rates ($ in billions) 873.4 854.7 854.0 875.0 898.0 476.6 477.0 478.2 495.6 516.1 396.8 377.7 375.9 379.5 381.9 Commercial Loans Consumer Loans Total Average Loan Yield 1Q21 2Q21 3Q21 4Q21 1Q22 1,393.5 1,435.8 1,450.9 1,470.0 1,464.1 789.4 835.7 848.4 864.4 881.3 189.4 192.6 199.2 207.7 200.7 194.5 190.8 189.4 182.1 169.2 173.7 175.0 176.6 180.9 185.8 Corporate Wealth and Investment Management Corporate and Investment Banking Commercial Banking Consumer Banking and Lending 1Q21 2Q21 3Q21 4Q21 1Q22 3.34% 3.33% 3.29% 3.32% 3.25% Average Deposit Cost 1Q21 2Q21 3Q21 4Q21 1Q22 0.03% 0.03% 0.03% 0.02% 0.03% 27.134.937.341.7 46.5 Period-End Loans Outstanding ($ in billions) 1Q22 vs 4Q21 vs 1Q21 Commercial $ 526.7 3 % 10 % Consumer 385.1 1 % — % Total loans $ 911.8 2 % 6 %

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71Q22 Financial Results 8,808 8,800 8,909 9,262 9,221 Net Interest Income Net Interest Margin (NIM) on a taxable-equivalent basis 1Q21 2Q21 3Q21 4Q21 1Q22 2.16% Net interest income • Net interest income up $413 million, or 5%, from 1Q21 primarily due to lower mortgage-backed securities premium amortization, a decrease in long-term debt, and higher loan balances, partially offset by lower interest income from loans purchased from securitization pools and Paycheck Protection Program (PPP) loans – 1Q22 MBS premium amortization was $361 million vs. $616 million in 1Q21 and $477 million in 4Q21 • Net interest income down $41 million from 4Q21 as higher earning asset yields and higher investment securities and loan balances, were more than offset by two fewer days in the quarter, lower interest income from loans purchased from securitization pools and PPP loans, higher funding costs and unfavorable hedge ineffectiveness accounting results Net Interest Income ($ in millions) 2.05% 2.02% 2.03% 2.11% 1. Includes taxable-equivalent adjustments predominantly related to tax-exempt income on certain loans and securities. 1

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81Q22 Financial Results Noninterest expense • Noninterest expense down 1% from 1Q21 – Personnel expense down 3% on lower salaries expense primarily reflecting efficiency initiatives and divestitures – Non-personnel expense up $168 million, or 4%, and included a $460 million increase in operating losses primarily driven by customer remediation expense predominantly for a variety of historical matters, partially offset by lower expenses from divestitures, and lower occupancy expense reflecting efficiency initiatives • Noninterest expense up 5% from 4Q21 – Personnel expense up 9% due to seasonally higher payroll tax, 401(k) plan, and incentive compensation expenses, partially offset by two fewer days in the quarter – Non-personnel expense down $124 million, or 3%, and included: ◦ Professional and outside services expense down $182 million reflecting efficiency initiatives ◦ $126 million lower advertising and promotion expense ◦ Operating losses up $161 million primarily driven by customer remediation expense predominantly for a variety of historical matters Noninterest Expense ($ in millions) 13,989 13,341 13,303 13,198 13,870 9,558 8,818 8,690 8,475 9,271 4,114 4,141 4,073 4,211 3,926 Goodwill Write-down All Other Expenses Operating Losses Personnel Expense 1Q21 2Q21 3Q21 4Q21 1Q22 Headcount (Period-end, '000s) 1Q21 2Q21 3Q21 4Q21 1Q22 265 259 254 249 247 512540 104 303 79 213 673 1. 4Q21 noninterest expense included approximately $100 million of operating expenses associated with our Corporate Trust Services business and Wells Fargo Asset Management, which were sold on November 1, 2021. The approximately $100 million excludes expenses attributable to transition services agreements and corporate overhead. 1

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91Q22 Financial Results Consumer Banking and Lending • Total revenue down 1% YoY and down 2% from 4Q21 – CSBB up 11% YoY primarily due to higher deposit balances, higher deposit- related fees primarily reflecting lower fee waivers, and an increase in debit card transaction volumes, partially offset by lower revenue from PPP loans – Home Lending down 33% YoY and 19% from 4Q21 on lower origination volumes and gain on sale margins, and lower interest income from loans purchased from securitization pools; YoY results were partially offset by higher mortgage servicing income – Credit Card 1 up 6% YoY reflecting higher loan balances and point of sale volume – Auto up 10% YoY on higher loan balances, and down 6% from 4Q21 on lower originations and spread compression • Noninterest expense up 2% YoY and up 4% from 4Q21 on higher operating losses primarily reflecting customer remediation expense predominantly for a variety of historical matters, as well as seasonally higher personnel expense 1. In 1Q22, we transferred our Retail Services business from Credit Card to Personal Lending. Prior period balances have been revised to conform with the current period presentation. 2. 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. 3. Efficiency ratio is segment noninterest expense divided by segment total revenue. 4. 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. 5. In 1Q22, we prospectively transferred certain customer accounts from the Commercial Banking operating segment to Small Business Banking in the Consumer Banking and Lending operating segment. Summary Financials $ in millions (mm) 1Q22 vs. 4Q21 vs. 1Q21 Revenue by line of business: Consumer and Small Business Banking (CSBB) $5,071 $199 521 Consumer Lending: Home Lending 1,490 (353) (737) Credit Card 1 1,265 (6) 77 Auto 444 (26) 41 Personal Lending 1 293 16 7 Total revenue 8,563 (170) (91) Provision for credit losses (190) (316) 229 Noninterest expense 6,395 269 128 Pre-tax income 2,358 (123) (448) Net income $1,770 ($92) (334) Selected Metrics 1Q22 4Q21 1Q21 Return on allocated capital 2 14.4 % 14.8 17.2 Efficiency ratio 3 75 70 72 Retail bank branches # 4,705 4,777 4,944 Digital (online and mobile) active customers 4 (mm) 33.7 33.0 32.9 Mobile active customers 4 (mm) 27.8 27.3 26.7 Average Balances and Selected Credit Metrics $ in billions 1Q22 4Q21 1Q21 Balances 5 Loans $325.1 325.4 353.1 Deposits 881.3 864.4 789.4 Credit Performance Net charge-offs as a % of average loans 0.47 % 0.50 0.42

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101Q22 Financial Results Consumer Banking and Lending Mortgage Loan Originations ($ in billions) Auto Loan Originations ($ in billions) Credit Card POS Volume2 ($ in billions) Debit Card Point of Sale (POS) Volume and Transactions 1 1. Debit card purchase volume and transactions reflect combined activity for both consumer and business debit card purchases. 2. In 1Q22, we prospectively transferred certain customer accounts from the Commercial Banking operating segment to Small Business Banking in the Consumer Banking and Lending operating segment. 51.8 53.2 51.9 48.1 37.9 33.6 36.9 35.2 32.8 24.1 18.2 16.3 16.7 15.3 13.8 Retail Correspondent Refinances as a % of Originations 1Q21 2Q21 3Q21 4Q21 1Q22 108.5 122.0 118.6 122.4 115.0 POS Volume ($ in billions) POS Transactions (billions) 1Q21 2Q21 3Q21 4Q21 1Q22 7.0 8.3 9.2 9.4 7.3 1Q21 2Q21 3Q21 4Q21 1Q22 19.6 23.6 24.6 27.5 26.0 1Q21 2Q21 3Q21 4Q21 1Q22 2.3 2.5 2.5 2.5 2.3 64% 55% 55% 59% 56%

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111Q22 Financial Results Commercial Banking • Total revenue up 12% YoY and up 2% from 4Q21 – Middle Market Banking revenue up 8% YoY on higher deposit and loan balances, as well as the impact of higher interest rates – Asset-Based Lending and Leasing revenue up 17% YoY driven by higher loan balances, stronger net gains from equity securities, and higher revenue from renewable energy investments; down 3% from 4Q21 predominantly driven by lower net gains from equity securities • Noninterest expense down 6% YoY primarily driven by lower personnel expense and occupancy expense due to efficiency initiatives, as well as lower lease expense; up 10% from 4Q21 primarily reflecting seasonally higher personnel expense 1. In 1Q22, we prospectively transferred certain customer accounts from the Commercial Banking operating segment to Small Business Banking in the Consumer Banking and Lending operating segment. Summary Financials $ in millions 1Q22 vs. 4Q21 vs. 1Q21 Revenue by line of business: Middle Market Banking $1,246 $79 87 Asset-Based Lending and Leasing 1,081 (36) 159 Total revenue 2,327 43 246 Provision for credit losses (344) 40 55 Noninterest expense 1,531 138 (99) Pre-tax income 1,140 (135) 290 Net income $857 ($97) 220 Selected Metrics 1Q22 4Q21 1Q21 Return on allocated capital 16.9 % 18.5 12.3 Efficiency ratio 66 61 78 Average loans by line of business ($ in billions) Middle Market Banking 1 $108.6 103.6 104.4 Asset-Based Lending and Leasing 85.8 81.0 78.8 Total loans 1 $194.4 184.6 183.2 Average deposits 1 200.7 207.7 189.4

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121Q22 Financial Results Corporate and Investment Banking • Total revenue down 4% YoY and down 1% from 4Q21 – Banking revenue up 4% YoY and down 5% from 4Q21 on lower Investment Banking fees resulting from lower market activity, and improved treasury management results and higher loan balances – Commercial Real Estate revenue up 9% YoY on higher loan balances and higher revenue in our low-income housing business, partially offset by lower commercial mortgage-backed securities gain on sale margins and volumes; down 9% from 4Q21 driven by lower commercial mortgage-backed securities gain on sale margins and volumes, as well as lower net gains from equity securities – Markets revenue down 18% YoY on lower trading activity in residential mortgage-backed securities and high yield products, partially offset by higher foreign exchange, rates and commodities trading revenue; up 16% from 4Q21 driven by higher trading activity across Equities products and in FICC • Noninterest expense up 12% from 4Q21 reflecting seasonally higher personnel expense Summary Financials $ in millions 1Q22 vs. 4Q21 vs. 1Q21 Revenue by line of business: Banking: Lending $521 $2 68 Treasury Management and Payments 432 59 62 Investment Banking 331 (133) (85) Total Banking 1,284 (72) 45 Commercial Real Estate 995 (100) 83 Markets: Fixed Income, Currencies and Commodities (FICC) 877 83 (267) Equities 267 62 15 Credit Adjustment (CVA/DVA) and Other 25 12 (11) Total Markets 1,169 157 (263) Other 22 (27) 1 Total revenue 3,470 (42) (134) Provision for credit losses (196) (2) 88 Noninterest expense 1,983 218 150 Pre-tax income 1,683 (258) (372) Net income $1,258 ($196) (297) Selected Metrics 1Q22 4Q21 1Q21 Return on allocated capital 13.2 % 16.0 17.6 Efficiency ratio 57 50 51 Average Balances ($ in billions) Loans by line of business 1Q22 4Q21 1Q21 Banking $102.5 101.6 86.5 Commercial Real Estate 126.2 116.6 107.6 Markets 55.8 53.8 52.0 Total loans $284.5 272.0 246.1 Deposits 169.2 182.1 194.5 Trading-related assets 196.8 195.9 197.4

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131Q22 Financial Results Wealth and Investment Management Summary Financials $ in millions 1Q22 vs. 4Q21 vs. 1Q21 Net interest income $799 $133 142 Noninterest income 2,958 (24) 71 Total revenue 3,757 109 213 Provision for credit losses (37) (34) 6 Noninterest expense 3,175 277 147 Pre-tax income 619 (134) 60 Net income $465 ($99) 46 Selected Metrics ($ in billions, unless otherwise noted) 1Q22 4Q21 1Q21 Return on allocated capital 21.0 % 25.0 18.9 Efficiency ratio 85 79 85 Average loans $84.8 84.0 80.8 Average deposits 185.8 180.9 173.7 Client assets Advisory assets 912 964 885 Other brokerage assets and deposits 1,168 1,219 1,177 Total client assets $2,080 2,183 2,062 Annualized revenue per advisor ($ in thousands) 1 1,221 1,171 1,058 Total financial and wealth advisors 12,250 12,367 13,277 1. Represents annualized segment total revenue divided by average total financial and wealth advisors for the period. • Total revenue up 6% YoY – Net interest income up 22% YoY driven by the impact of higher interest rates, as well as higher deposit and loan balances – Noninterest income up 2% YoY on higher asset-based fees primarily due to higher market valuations, partially offset by lower transactional activity • Noninterest expense up 5% YoY primarily driven by higher revenue-related compensation; up 10% from 4Q21 primarily reflecting seasonally higher personnel expense

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141Q22 Financial Results Corporate • Net interest income down YoY primarily due to higher deposit crediting rates paid to the operating segments, and the sales of our student loan portfolio and our Corporate Trust Services business in 2021 – Divestitures in 2021 accounted for $147 million in net interest income in 1Q21 • Noninterest income down YoY due to the impact of divestitures and lower gains on the sales of securities in our investment portfolio, partially offset by improved results in our affiliated venture capital and private equity businesses – Divestitures in 2021 accounted for $644 million in noninterest income in 1Q21, which included a $208 million gain on the sale of our student loan portfolio • Noninterest expense down YoY predominantly due to the impact of divestitures – Divestitures in 2021 accounted for a ~$400 million decline in noninterest expense and included ~$300 million related to Wells Fargo Asset Management and our Corporate Trust Services business, and a $104 million goodwill write-down on the sale of our student loan portfolio Summary Financials $ in millions 1Q22 vs. 4Q21 vs. 1Q21 Net interest income ($818) ($398) (428) Noninterest income 806 (2,734) (611) Total revenue (12) (3,132) (1,039) Provision for credit losses (20) (23) (117) Noninterest expense 786 (230) (445) Pre-tax income (778) (2,879) (477) Income tax expense (227) (765) 48 Less: Net income from noncontrolling interests 128 (519) 75 Net loss ($679) ($1,595) (600)

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Appendix

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161Q22 Financial Results Tangible Common Equity Wells Fargo & Company and Subsidiaries TANGIBLE COMMON EQUITY We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than MSRs) and goodwill and other intangibles on nonmarketable equity securities, net of applicable deferred taxes. One of these ratios is return on average tangible common equity (ROTCE), which represents our annualized earnings as a percentage of tangible common equity. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity, which utilizes tangible common equity, is a useful financial measure because it enables management, investors, and others to assess the Company’s use of equity. The table below provides a reconciliation of this non-GAAP financial measure to GAAP financial measures. Quarter ended (in millions, except ratios) Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Return on average tangible common equity: Net income applicable to common stock (A) $ 3,393 5,470 4,787 5,743 4,256 Average total equity 186,337 190,744 194,041 190,968 189,074 Adjustments: Preferred stock (20,057) (20,267) (21,403) (21,108) (21,840) Additional paid-in capital on preferred stock 134 120 145 138 145 Unearned ESOP shares 646 872 875 875 875 Noncontrolling interests (2,468) (2,119) (1,845) (1,313) (1,115) Average common stockholders’ equity (B) 164,592 169,350 171,813 169,560 167,139 Adjustments: Goodwill (25,180) (25,569) (26,192) (26,213) (26,383) Certain identifiable intangible assets (other than MSRs) (218) (246) (290) (310) (330) Goodwill and other intangibles on nonmarketable equity securities (included in other assets) (2,395) (2,309) (2,169) (2,208) (2,217) Applicable deferred taxes related to goodwill and other intangible assets (1) 803 848 882 873 863 Average tangible common equity (C) $ 137,602 142,074 144,044 141,702 139,072 Return on average common stockholders’ equity (ROE) (annualized) (A)/(B) 8.4 % 12.8 11.1 13.6 10.3 Return on average tangible common equity (ROTCE) (annualized) (A)/(C) 10.0 15.3 13.2 16.3 12.4 (1) Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period end.

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171Q22 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 second quarter 2021, we elected to change our accounting method for low-income housing tax credit (LIHTC) investments. We also elected to change the presentation of investment tax credits related to solar energy investments. Prior period total equity was revised to conform with the current period presentation. Prior period risk-based capital and certain other regulatory related metrics were not revised. (3) Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period end. (4) In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out period in which the benefit is reduced by 25% in year one, 50% in year two and 75% in year three. Common Equity Tier 1 under Basel III Wells Fargo & Company and Subsidiaries RISK-BASED CAPITAL RATIOS UNDER BASEL III (1) Estimated (in billions, except ratio) Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Total equity (2) $ 181.7 190.1 191.1 193.1 188.0 Effect of accounting policy changes (2) — — — — 0.3 Total equity (as reported) 181.7 190.1 191.1 193.1 188.3 Adjustments: Preferred stock (20.1) (20.1) (20.3) (20.8) (21.2) Additional paid-in capital on preferred stock 0.1 0.1 0.1 0.2 0.2 Unearned ESOP shares 0.7 0.7 0.9 0.9 0.9 Noncontrolling interests (2.4) (2.5) (2.0) (1.9) (1.1) Total common stockholders' equity 160.0 168.3 169.8 171.5 167.1 Adjustments: Goodwill (25.2) (25.2) (26.2) (26.2) (26.3) Certain identifiable intangible assets (other than MSRs) (0.2) (0.2) (0.3) (0.3) (0.3) Goodwill and other intangibles on nonmarketable equity securities (included in other assets) (2.3) (2.4) (2.1) (2.3) (2.3) Applicable deferred taxes related to goodwill and other intangible assets (3) 0.9 0.8 0.9 0.9 0.9 Current expected credit loss (CECL) transition provision (4) 0.2 0.2 0.5 0.9 1.3 Other (1.1) (0.9) (1.0) (1.1) (0.7) Common Equity Tier 1 (A) $ 132.3 140.6 141.6 143.4 139.7 Total risk-weighted assets (RWAs) under Standardized Approach (B) 1,264.4 1,239.0 1,218.9 1,188.7 1,179.0 Total RWAs under Advanced Approach (C) 1,120.4 1,116.1 1,138.6 1,126.5 1,109.4 Common Equity Tier 1 to total RWAs under Standardized Approach (A)/(B) 10.5 % 11.4 11.6 12.1 11.8 Common Equity Tier 1 to total RWAs under Advanced Approach (A)/(C) 11.8 12.6 12.4 12.7 12.6

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181Q22 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, 2022, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information. This document contains forward-looking statements. In addition, we may make forward-looking statements in our other documents filed or furnished with the Securities and Exchange Commission, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company, including our outlook for future growth; (ii) our noninterest expense and efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses, our allowance for credit losses, and the economic scenarios considered to develop the allowance; (iv) our expectations regarding net interest income and net interest margin; (v) loan growth or the reduction or mitigation of risk in our loan portfolios; (vi) future capital or liquidity levels, ratios or targets; (vii) the performance of our mortgage business and any related exposures; (viii) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (ix) future common stock dividends, common share repurchases and other uses of capital; (x) our targeted range for return on assets, return on equity, and return on tangible common equity; (xi) expectations regarding our effective income tax rate; (xii) the outcome of contingencies, such as legal proceedings; (xiii) environmental, social and governance related goals or commitments; and (xiv) the Company’s plans, objectives and strategies. Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Investors are urged to not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward- looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For more information about factors that could cause actual results to differ materially from expectations, refer to the “Forward-Looking Statements” discussion in Wells Fargo’s press release announcing our first quarter 2022 results and in our most recent Quarterly Report on Form 10-Q, as well as to Wells Fargo’s other reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021.

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