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): October 13, 2023

WELLS FARGO & COMPANY

(Exact name of registrant as specified in its charter)

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

420 Montgomery Street, San Francisco, California 94104

(Address of principal executive offices) (Zip Code)

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

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

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

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

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

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

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

Title of Each Class	Trading Symbol	Name of Each Exchange <br>on Which Registered
Common Stock, par value $1-2/3	WFC	New York Stock<br><br>Exchange<br><br>(NYSE)
7.5% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L	WFC.PRL	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of 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 October 13, 2023, Wells Fargo & Company (the “Company”) issued a news release regarding its results of operations and financial condition for the quarter ended September 30, 2023, and posted on its website its 3Q23 Quarterly Supplement, which contains certain additional information about the Company’s financial results for the quarter ended September 30, 2023. The news release is included as Exhibit 99.1 and the 3Q23 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 October 13, 2023, the Company intends to host a live conference call that will also be available by webcast to discuss the Company’s third quarter 2023 financial results and other matters relating to the Company. In connection therewith, the Company has posted on its website presentation materials containing certain historical and forward-looking information relating to the Company. The presentation materials are included as Exhibit 99.3 to this report and are incorporated by reference into this Item 7.01. Exhibit 99.3 shall not be considered “filed” for purposes of Section 18 under the Securities Exchange Act of 1934 and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description	Location
99.1	News Release dated October 13, 2023	Filed herewith
99.2	3Q23 Quarterly Supplement	Filed herewith
99.3	Presentation Materials – 3Q23 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:	October 13, 2023	WELLS FARGO & COMPANY
		By:	/s/ MUNEERA S. CARR
			Muneera S. Carr
			Executive Vice President,<br><br>Chief Accounting Officer and Controller

Document

Exhibit 99.1

News Release	October 13, 2023<br><br>Wells Fargo Reports Third Quarter 2023 Net Income of $5.8 billion, or $1.48 per Diluted Share
Company-wide Financial Summary
---	---	---	---	---
	Quarter ended
	Sep 30,<br>2023			Sep 30,<br>2022
Selected Income Statement Data( in millions except per share amounts)
	$	20,857		19,566
	13,113			14,306
	1,197			784
	5,767			3,592
	1.48			0.86
Selected Balance Sheet Data( in billions)
	$	943.2		945.5
	1,340.3			1,407.9
	11.0		%	10.3
Performance Metrics
	13.3		%	8.1
	15.9			9.8

All values are in US Dollars.

Operating Segments and Other Highlights
	Quarter ended		Sep 30, 2023 <br>% Change from
($ in billions)	Sep 30,<br>2023			Jun 30,<br>2023		Sep 30,<br>2022
Average loans
Consumer Banking and Lending	$	335.5		—	%	—
Commercial Banking	224.4			(1)		7
Corporate and Investment Banking	291.7			—		(5)
Wealth and Investment Management	82.2			(1)		(4)
Average deposits
Consumer Banking and Lending	801.1			(3)		(10)
Commercial Banking	160.6			(4)		(11)
Corporate and Investment Banking	157.2			(2)		—
Wealth and Investment Management	107.5			(4)		(32)

Capital

◦Repurchased 33.8 million shares, or $1.5 billion, of common stock in third quarter 2023

Third quarter 2023 results included:

◦$349 million, or $0.09 per share, of discrete tax benefits related to the resolution of prior period tax matters

◦The sale of approximately $2 billion of private equity investments, which had a minimal impact to net income, but resulted in an increase of ~14 basis points to our CET12 ratio

Chief Executive Officer Charlie Scharf commented, “Our third quarter results were solid with net income of $5.8 billion and revenue of $20.9 billion. Our revenue growth from a year ago included both higher net interest income and noninterest income as we benefited from higher rates and the investments we are making in our businesses. Expenses declined from a year ago due to lower operating losses. While the economy has continued to be resilient, we are seeing the impact of the slowing economy with loan balances declining and charge-offs continuing to deteriorate modestly.”<br><br>“In addition to making progress on our risk and control work, which is our top priority, we also continued to take steps to advance our business strategy. In the third quarter, we sold certain private equity investments; announced a new strategic relationship with Centerbridge Partners that will provide our middle market clients greater access to alternative sources of capital; continued to enhance our digital capabilities including adding a Spanish-language capability to FargoTM, our AI-powered virtual assistant; and made important hires across the businesses we are looking to grow,” Scharf added.<br><br>“In the third quarter, we increased our common stock dividend by 17% and our CET1 ratio was 11.0%, 210 basis points above our new regulatory minimum plus buffers starting in the fourth quarter. While proposed bank capital rules include higher capital requirements, we are starting from a strong capital position and returning excess capital to shareholders remains a priority,” Scharf concluded.

1 Includes provision for credit losses for loans, debt securities, and other financial assets.

2 Represents our Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach, which is our binding CET1 ratio. See tables on pages 27-28 of the 3Q23 Quarterly Supplement for more information on CET1. CET1 for September 30, 2023, is a preliminary estimate.

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

4 Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 25-26 of the 3Q23 Quarterly Supplement.

Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.

Selected Company-wide Financial Information

				Quarter ended		Sep 30, 2023 <br>% Change from
	Sep 30,<br>2023			Jun 30,<br>2023	Sep 30,<br>2022	Jun 30,<br>2023		Sep 30,<br>2022
Earnings ( in millions except per share amounts)
	$	13,105		13,163	12,098	—	%	8
	7,752			7,370	7,468	5		4
	20,857			20,533	19,566	2		7
	864			764	399	13		117
	333			949	385	(65)		(14)
	1,197			1,713	784	(30)		53
	13,113			12,987	14,306	1		(8)
	811			930	912	(13)		(11)
	$	5,767		4,938	3,592	17		61
	1.48			1.25	0.86	18		72
Balance Sheet Data (average) ( in billions)
	$	943.2		945.9	945.5	—		—
	1,340.3			1,347.4	1,407.9	(1)		(5)
	1,891.9			1,878.3	1,880.7	1		1
Financial Ratios
	1.21		%	1.05	0.76
	13.3			11.4	8.1
	15.9			13.7	9.8
	63			63	73
	3.03			3.09	2.83

All values are in US Dollars.

(a)Includes provision for credit losses for loans, debt securities, and other financial assets.

(b)Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 25-26 of the 3Q23 Quarterly Supplement.

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

Third Quarter 2023 vs. Third Quarter 2022

◦Net interest income increased 8%, primarily due to the impact of higher interest rates, partially offset by lower deposit balances

◦Noninterest income increased 4%, driven by higher trading revenue in our Markets business, higher investment banking fees, and an increase in asset-based fees in Wealth and Investment Management on higher market valuations, partially offset by lower mortgage banking income and lower deposit-related fees

◦Noninterest expense decreased 8%, driven by lower operating losses and the impact of efficiency initiatives, partially offset by higher severance expense, technology and equipment expense, revenue-related compensation, advertising costs, and FDIC assessments

◦Provision for credit losses in third quarter 2023 included a $333 million increase in the allowance for credit losses primarily for commercial real estate office loans, as well as for higher credit card loan balances, partially offset by a lower allowance for auto loans

◦Income tax expense in third quarter 2023 included $349 million of discrete tax benefits related to the resolution of prior period tax matters

-2-

Selected Company-wide Capital and Liquidity Information

				Quarter ended
( in billions)	Sep 30,<br>2023			Jun 30,<br>2023	Sep 30,<br>2022
Capital:
	$	182.4		182.0	178.5
	161.4			160.9	157.0
	136.2			134.0	130.2
	11.0		%	10.7	10.3
	24.0			23.1	23.0
	6.9			6.9	6.7
Liquidity:
	123		%	123	123

All values are in US Dollars.

(a)Tangible common equity is a non-GAAP financial measure. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 25-26 of the 3Q23 Quarterly Supplement.

(b)Represents our CET1 ratio calculated under the Standardized Approach, which is our binding CET1 ratio. See tables on pages 27-28 of the 3Q23 Quarterly Supplement for more information on CET1. CET1 for September 30, 2023, is a preliminary estimate.

(c)Represents TLAC divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC for September 30, 2023, is a preliminary estimate.

(d)SLR for September 30, 2023, is a preliminary estimate.

(e)Represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. LCR for September 30, 2023, is a preliminary estimate.

Selected Company-wide Loan Credit Information

				Quarter ended
( in millions)	Sep 30,<br>2023			Jun 30,<br>2023	Sep 30,<br>2022
Net loan charge-offs	$	850		764	399
	0.36		%	0.32	0.17
Total nonaccrual loans	$	8,002		6,886	5,587
	0.85		%	0.73	0.59
Total nonperforming assets	$	8,179		7,019	5,712
	0.87		%	0.74	0.60
Allowance for credit losses for loans	$	15,064		14,786	13,225
	1.60		%	1.56	1.40

All values are in US Dollars.

Third Quarter 2023 vs. Second Quarter 2023

◦Commercial net loan charge-offs as a percentage of average loans were 0.13% (annualized), down from 0.15%, driven by lower net loan charge-offs in the commercial and industrial portfolio, partially offset by higher commercial real estate net loan charge-offs. The consumer net loan charge-off rate increased to 0.67% (annualized), up from 0.58%, primarily due to higher net loan charge-offs in the auto and credit card portfolios

◦Nonperforming assets were up $1.2 billion, or 17%, driven by higher commercial real estate nonaccrual loans, predominantly in the office portfolio, partially offset by lower commercial and industrial nonaccrual loans

-3-

Operating Segment Performance

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

Selected Financial Information

			Quarter ended				Sep 30, 2023 <br>% Change from
			Sep 30,<br>2023		Jun 30,<br>2023	Sep 30,<br>2022	Jun 30,<br>2023		Sep 30,<br>2022
Earnings (in millions)
	Consumer, Small and Business Banking		$	6,665	6,576	6,232	1	%	7
	Consumer Lending:
		Home Lending	840		847	973	(1)		(14)
		Credit Card	1,375		1,321	1,349	4		2
		Auto	360		378	423	(5)		(15)
		Personal Lending	341		333	300	2		14
	Total revenue		9,581		9,455	9,277	1		3
	Provision for credit losses		768		874	917	(12)		(16)
	Noninterest expense		5,913		6,027	6,758	(2)		(13)
	Net income		$	2,173	1,914	1,201	14		81
Average balances (in billions)
	Loans		$	335.5	336.4	335.6	—		—
	Deposits		801.1		823.3	888.0	(3)		(10)

Third Quarter 2023 vs. Third Quarter 2022

◦Revenue increased 3%

▪Consumer, Small and Business Banking was up 7% driven by the impact of higher interest rates, partially offset by lower deposit balances and lower deposit-related fees reflecting our efforts to help customers avoid overdraft fees

▪Home Lending was down 14% due to a decline in mortgage banking income driven by lower originations and lower servicing income, which included the impact of sales of mortgage servicing rights

▪Credit Card was up 2% driven by higher loan balances, including the impact of higher point of sale volume and new product launches, partially offset by the impact of introductory promotional rates and higher credit card rewards expense

▪Auto was down 15% driven by loan spread compression and lower loan balances

▪Personal Lending was up 14% on higher loan balances

◦Noninterest expense was down 13% due to lower operating losses and the impact of efficiency initiatives, partially offset by higher operating costs and advertising costs

-4-

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

Selected Financial Information

		Quarter ended				Sep 30, 2023 <br>% Change from
		Sep 30,<br>2023		Jun 30,<br>2023	Sep 30,<br>2022	Jun 30,<br>2023		Sep 30,<br>2022
Earnings (in millions)
	Middle Market Banking	$	2,212	2,199	1,793	1	%	23
	Asset-Based Lending and Leasing	1,193		1,170	1,159	2		3
	Total revenue	3,405		3,369	2,952	1		15
	Provision for credit losses	52		26	(168)	100		131
	Noninterest expense	1,543		1,630	1,526	(5)		1
	Net income	$	1,354	1,281	1,182	6		15
Average balances (in billions)
	Loans	$	224.4	225.8	209.0	(1)		7
	Deposits	160.6		166.7	180.2	(4)		(11)

Third Quarter 2023 vs. Third Quarter 2022

◦Revenue increased 15%

▪Middle Market Banking was up 23% driven by the impact of higher interest rates and higher loan balances, partially offset by lower deposit balances

▪Asset-Based Lending and Leasing was up 3% due to higher loan balances and higher revenue from renewable energy investments, partially offset by lower net gains from equity securities

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

-5-

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

Selected Financial Information

			Quarter ended				Sep 30, 2023 <br>% Change from
			Sep 30,<br>2023		Jun 30,<br>2023	Sep 30,<br>2022	Jun 30,<br>2023		Sep 30,<br>2022
Earnings (in millions)
	Banking:
		Lending	$	721	685	580	5	%	24
		Treasury Management and Payments	747		762	670	(2)		11
		Investment Banking	430		311	336	38		28
	Total Banking		1,898		1,758	1,586	8		20
	Commercial Real Estate		1,376		1,333	1,212	3		14
	Markets:
		Fixed Income, Currencies, and Commodities (FICC)	1,148		1,133	914	1		26
		Equities	518		397	316	30		64
		Credit Adjustment (CVA/DVA) and Other	(12)		14	17	NM		NM
	Total Markets		1,654		1,544	1,247	7		33
	Other		(5)		(4)	15	(25)		NM
	Total revenue		4,923		4,631	4,060	6		21
	Provision for credit losses		324		933	32	(65)		913
	Noninterest expense		2,182		2,087	1,900	5		15
	Net income		$	1,816	1,210	1,592	50		14
Average balances (in billions)
	Loans		$	291.7	291.5	306.2	—		(5)
	Deposits		157.2		160.3	156.8	(2)		—

NM – Not meaningful

Third Quarter 2023 vs. Third Quarter 2022

◦Revenue increased 21%

▪Banking was up 20% driven by higher lending revenue, stronger treasury management results reflecting the impact of higher interest rates, and higher investment banking revenue on increased activity across all products

▪Commercial Real Estate was up 14% reflecting the impact of higher interest rates and higher revenue in our low-income housing business, partially offset by lower loan and deposit balances

▪Markets was up 33% driven by higher revenue in structured products, equities, credit products, and foreign exchange, partially offset by lower trading activity in rates products

◦Noninterest expense increased 15% driven by higher operating costs and personnel expense, partially offset by the impact of efficiency initiatives

-6-

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

Selected Financial Information

		Quarter ended				Sep 30, 2023 <br>% Change from
		Sep 30,<br>2023		Jun 30,<br>2023	Sep 30,<br>2022	Jun 30,<br>2023		Sep 30,<br>2022
Earnings (in millions)
	Net interest income	$	1,007	1,009	1,088	—	%	(7)
	Noninterest income	2,695		2,639	2,577	2		5
	Total revenue	3,702		3,648	3,665	1		1
	Provision for credit losses	(10)		24	8	NM		NM
	Noninterest expense	3,006		2,974	2,796	1		8
	Net income	$	529	487	639	9		(17)
Total client assets (in billions)		1,948		1,998	1,759	(3)		11
Average balances (in billions)
	Loans	$	82.2	83.0	85.5	(1)		(4)
	Deposits	107.5		112.4	158.4	(4)		(32)

NM – Not meaningful

Third Quarter 2023 vs. Third Quarter 2022

◦Revenue increased 1%

▪Net interest income was down 7% driven by lower deposit balances as customers reallocated cash into higher yielding alternatives, as well as lower loan balances, partially offset by the impact of higher interest rates

▪Noninterest income was up 5% on higher asset-based fees driven by an increase in market valuations

◦Noninterest expense increased 8% due to higher revenue-related compensation and operating costs, partially offset by the impact of efficiency initiatives

-7-

Corporate includes corporate treasury and enterprise functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and venture capital and private equity investments. 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. In third quarter 2023, we sold investments in certain private equity funds, which had a minimal impact to net income.

Selected Financial Information

		Quarter ended				Sep 30, 2023 <br>% Change from
		Sep 30,<br>2023		Jun 30,<br>2023	Sep 30,<br>2022	Jun 30,<br>2023		Sep 30,<br>2022
Earnings (in millions)
	Net interest income	$	(269)	(91)	(248)	NM		(8)
	Noninterest income	21		121	345	(83)	%	(94)
	Total revenue	(248)		30	97	NM		NM
	Provision for credit losses	63		(144)	(5)	144		NM
	Noninterest expense	469		269	1,326	74		(65)
	Net income (loss)	$	(105)	46	(1,022)	NM		90

NM – Not meaningful

Third Quarter 2023 vs. Third Quarter 2022

◦Revenue decreased $345 million, reflecting assumption changes related to the valuation of our Visa B common stock exposure, as well as lower venture capital revenue

◦Noninterest expense decreased reflecting lower operating losses

Conference Call

The Company will host a live conference call on Friday, October 13, at 10:00 a.m. ET. You may listen to the call by dialing 1-888-673-9782 (U.S. and Canada) or 312-470-7126 (International/U.S. Toll) and enter passcode: 7928529#. The call will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and

https://metroconnectionsevents.com/wf3Qearnings1023.

A replay of the conference call will be available from approximately 1:00 p.m. ET on Friday, October 13 through

Friday, October 27. Please dial 1-800-510-0118 (U.S. and Canada) or 203-369-3808 (International/U.S. Toll) and enter passcode: 3625#. The replay will also be available online at

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

https://metroconnectionsevents.com/wf3Qearnings1023.

-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 expectations regarding noninterest expense and our 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) our expectations regarding our mortgage business and any related commitments or 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, declines in commercial real estate prices, 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 any negative effects relating to our mortgage servicing, loan modification or foreclosure practices, and any changes in industry standards, regulatory or judicial requirements, or our strategic plans for the business;

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

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

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

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

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

-9-

•regulatory matters, including the failure to resolve outstanding matters on a timely basis and the potential impact of new matters, litigation, or other legal actions, which may result in, among other things, additional costs, fines, penalties, restrictions on our business activities, reputational harm, or other adverse consequences;

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

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

•fiscal and monetary policies of the Federal Reserve Board;

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

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

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

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

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

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

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

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

-10-

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 47 on Fortune’s 2023 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy.

Contact Information

Media

Beth Richek, 704-374-2545

beth.richek@wellsfargo.com

Investor Relations

John M. Campbell, 415-396-0523

john.m.campbell@wellsfargo.com

#

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Document

Exhibit 99.2

3Q23 Quarterly Supplement

Wells Fargo & Company and Subsidiaries

QUARTERLY FINANCIAL DATA

TABLE OF CONTENTS

	Pages
Consolidated Results
Summary Financial Data	3
Consolidated Statement of Income	5
Consolidated Balance Sheet	6
Average Balances and Interest Rates (Taxable-Equivalent Basis)	7
Reportable Operating Segment Results
Combined Segment Results	8
Consumer Banking and Lending	10
Commercial Banking	12
Corporate and Investment Banking	14
Wealth and Investment Management	16
Corporate	17
Credit-Related Information
Consolidated Loans Outstanding – Period-End Balances, Average Balances, and Average Interest Rates	18
Net Loan Charge-offs	19
Changes in Allowance for Credit Losses for Loans	20
Allocation of the Allowance for Credit Losses for Loans	21
Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)	22
Commercial and Industrial Loans and Lease Financing by Industry	23
Commercial Real Estate Loans by Property Type	24
Equity
Tangible Common Equity	25
Risk-Based Capital Ratios Under Basel III – Standardized Approach	27
Risk-Based Capital Ratios Under Basel III – Advanced Approach	28

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA

	Quarter ended							Sep 30, 2023 <br>% Change from			Nine months ended
(in millions, except ratios and per share amounts)	Sep 30,<br>2023			Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2022	Jun 30,<br>2023		Sep 30,<br>2022	Sep 30,<br>2023			Sep 30,<br>2022	%<br>Change
Selected Income Statement Data
Total revenue	$	20,857		20,533	20,729	20,034	19,566	2	%	7	$	62,119		54,334	14	%
Noninterest expense	13,113			12,987	13,676	16,186	14,306	1		(8)	39,776			41,019	(3)
Pre-tax pre-provision profit (PTPP) (1)	7,744			7,546	7,053	3,848	5,260	3		47	22,343			13,315	68
Provision for credit losses (2)	1,197			1,713	1,207	957	784	(30)		53	4,117			577	614
Wells Fargo net income	5,767			4,938	4,991	3,155	3,592	17		61	15,696			10,522	49
Wells Fargo net income applicable to common stock	5,450			4,659	4,713	2,877	3,313	17		65	14,822			9,685	53
Common Share Data
Diluted earnings per common share	1.48			1.25	1.23	0.75	0.86	18		72	3.96			2.52	57
Dividends declared per common share	0.35			0.30	0.30	0.30	0.30	17		17	0.95			0.80	19
Common shares outstanding	3,637.9			3,667.7	3,763.2	3,833.8	3,795.4	(1)		(4)
Average common shares outstanding	3,648.8			3,699.9	3,785.6	3,799.9	3,796.5	(1)		(4)	3,710.9			3,807.0	(3)
Diluted average common shares outstanding	3,680.6			3,724.9	3,818.7	3,832.7	3,825.1	(1)		(4)	3,741.6			3,838.5	(3)
Book value per common share (3)	$	44.37		43.87	43.02	41.98	41.36	1		7
Tangible book value per common share (3)(4)	37.43			36.53	35.87	34.98	34.29	2		9
Selected Equity Data (period-end)
Total equity	182,373			181,952	183,220	182,213	178,478	—		2
Common stockholders' equity	161,424			160,916	161,893	160,952	156,983	—		3
Tangible common equity (4)	136,153			133,990	134,992	134,090	130,151	2		5
Performance Ratios
Return on average assets (ROA) (5)	1.21		%	1.05	1.09	0.67	0.76				1.12		%	0.74
Return on average equity (ROE) (6)	13.3			11.4	11.7	7.1	8.1				12.2			8.0
Return on average tangible common equity (ROTCE) (4)	15.9			13.7	14.0	8.5	9.8				14.6			9.6
Efficiency ratio (7)	63			63	66	81	73				64			75
Net interest margin on a taxable-equivalent basis	3.03			3.09	3.20	3.14	2.83				3.10			2.46
Average deposit cost	1.36			1.13	0.83	0.46	0.14				1.11			0.07

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

(2)Includes provision for credit losses for loans, debt securities, and other financial assets.

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

(4)Tangible common equity, tangible book value per common share, and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 25 and 26.

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

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

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

-3-

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA (continued)

	Quarter ended							Sep 30, 2023 <br>% Change from			Nine months ended
($ in millions, unless otherwise noted)	Sep 30,<br>2023			Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2022	Jun 30,<br>2023		Sep 30,<br>2022	Sep 30,<br>2023		Sep 30,<br>2022	%<br>Change
Selected Balance Sheet Data (average)
Loans	$	943,193		945,906	948,651	948,517	945,465	—	%	—	$	945,896	923,520	2	%
Assets	1,891,883			1,878,253	1,863,676	1,875,191	1,880,689	1		1	1,878,040		1,900,744	(1)
Deposits	1,340,307			1,347,449	1,356,694	1,380,459	1,407,851	(1)		(5)	1,348,090		1,439,033	(6)
Selected Balance Sheet Data (period-end)
Debt securities	490,726			503,468	511,597	496,808	502,035	(3)		(2)
Loans	942,424			947,960	947,991	955,871	945,906	(1)		—
Allowance for credit losses for loans	15,064			14,786	13,705	13,609	13,225	2		14
Equity securities	56,026			67,471	60,610	64,414	59,560	(17)		(6)
Assets	1,909,261			1,876,320	1,886,400	1,881,020	1,877,719	2		2
Deposits	1,354,010			1,344,584	1,362,629	1,383,985	1,398,151	1		(3)
Headcount (#) (period-end)	227,363			233,834	235,591	238,698	239,209	(3)		(5)
Capital and other metrics (1)
Risk-based capital ratios and components (2):
Standardized Approach:
Common Equity Tier 1 (CET1)	11.0		%	10.7	10.8	10.6	10.3
Tier 1 capital	12.6			12.2	12.3	12.1	11.9
Total capital	15.3			15.0	15.1	14.8	14.6
Risk-weighted assets (RWAs) (in billions)	$	1,233.7		1,250.7	1,243.8	1,259.9	1,255.6	(1)		(2)
Advanced Approach:
Common Equity Tier 1 (CET1)	12.0		%	12.0	12.0	12.0	11.8
Tier 1 capital	13.7			13.7	13.7	13.7	13.5
Total capital	15.8			15.8	15.9	15.9	15.7
Risk-weighted assets (RWAs) (in billions)	$	1,130.3		1,118.4	1,117.9	1,112.3	1,104.1	1		2
Tier 1 leverage ratio	8.3		%	8.3	8.4	8.3	8.0
Supplementary Leverage Ratio (SLR)	6.9			6.9	7.0	6.9	6.7
Total Loss Absorbing Capacity (TLAC) Ratio (3)	24.0			23.1	23.3	23.3	23.0
Liquidity Coverage Ratio (LCR) (4)	123			123	122	122	123

(1)Ratios and metrics for September 30, 2023, are preliminary estimates.

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

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

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

-4-

Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME

	Quarter ended						Sep 30, 2023 <br>% Change from			Nine months ended
(in millions, except per share amounts)	Sep 30,<br>2023		Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2022	Jun 30,<br>2023		Sep 30,<br>2022	Sep 30,<br>2023		Sep 30,<br>2022	%<br>Change
Interest income	$	22,093	20,830	19,356	17,793	14,494	6	%	52	$	62,279	36,231	72	%
Interest expense	8,988		7,667	6,020	4,360	2,396	17		275	22,675		4,714	381
Net interest income	13,105		13,163	13,336	13,433	12,098	—		8	39,604		31,517	26
Noninterest income
Deposit-related fees	1,179		1,165	1,148	1,178	1,289	1		(9)	3,492		4,138	(16)
Lending-related fees	372		352	356	344	358	6		4	1,080		1,053	3
Investment advisory and other asset-based fees	2,224		2,163	2,114	2,049	2,111	3		5	6,501		6,955	(7)
Commissions and brokerage services fees	567		570	619	601	562	(1)		1	1,756		1,641	7
Investment banking fees	492		376	326	331	375	31		31	1,194		1,108	8
Card fees	1,098		1,098	1,033	1,095	1,119	—		(2)	3,229		3,260	(1)
Mortgage banking	193		202	232	79	324	(4)		(40)	627		1,304	(52)
Net gains from trading activities	1,265		1,122	1,342	552	900	13		41	3,729		1,564	138
Net gains from debt securities	6		4	—	—	6	50		—	10		151	(93)
Net losses from equity securities	(25)		(94)	(357)	(733)	(34)	73		26	(476)		(73)	NM
Lease income	291		307	347	287	322	(5)		(10)	945		982	(4)
Other	90		105	233	818	136	(14)		(34)	428		734	(42)
Total noninterest income	7,752		7,370	7,393	6,601	7,468	5		4	22,515		22,817	(1)
Total revenue	20,857		20,533	20,729	20,034	19,566	2		7	62,119		54,334	14
Provision for credit losses (1)	1,197		1,713	1,207	957	784	(30)		53	4,117		577	614
Noninterest expense
Personnel	8,627		8,606	9,415	8,415	8,212	—		5	26,648		25,925	3
Technology, telecommunications and equipment	975		947	922	902	798	3		22	2,844		2,473	15
Occupancy	724		707	713	722	732	2		(1)	2,144		2,159	(1)
Operating losses	329		232	267	3,517	2,218	42		(85)	828		3,467	(76)
Professional and outside services	1,310		1,304	1,229	1,357	1,235	—		6	3,843		3,831	—
Leases (2)	172		180	177	191	186	(4)		(8)	529		559	(5)
Advertising and promotion	215		184	154	178	126	17		71	553		327	69
Restructuring charges	—		—	—	—	—	NM		NM	—		5	(100)
Other	761		827	799	904	799	(8)		(5)	2,387		2,273	5
Total noninterest expense	13,113		12,987	13,676	16,186	14,306	1		(8)	39,776		41,019	(3)
Income before income tax expense (benefit)	6,547		5,833	5,846	2,891	4,476	12		46	18,226		12,738	43
Income tax expense (benefit)	811		930	966	(29)	912	(13)		(11)	2,707		2,280	19
Net income before noncontrolling interests	5,736		4,903	4,880	2,920	3,564	17		61	15,519		10,458	48
Less: Net loss from noncontrolling interests	(31)		(35)	(111)	(235)	(28)	11		(11)	(177)		(64)	NM
Wells Fargo net income	$	5,767	4,938	4,991	3,155	3,592	17	%	61	$	15,696	10,522	49	%
Less: Preferred stock dividends and other	317		279	278	278	279	14		14	874		837	4
Wells Fargo net income applicable to common stock	$	5,450	4,659	4,713	2,877	3,313	17	%	65	$	14,822	9,685	53	%
Per share information
Earnings per common share	$	1.49	1.26	1.24	0.76	0.87	18	%	71	$	3.99	2.54	57	%
Diluted earnings per common share	1.48		1.25	1.23	0.75	0.86	18		72	3.96		2.52	57

NM – Not meaningful

(1)Includes provision for credit losses for loans, debt securities, and other financial assets.

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

-5-

Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET

							Sep 30, 2023 <br>% Change from
(in millions)	Sep 30,<br>2023		Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2022	Jun 30,<br>2023		Sep 30,<br>2022
Assets
Cash and due from banks	$	30,815	31,915	31,958	34,596	27,634	(3)	%	12
Interest-earning deposits with banks	187,081		123,418	130,478	124,561	137,821	52		36
Federal funds sold and securities purchased under resale agreements	70,431		66,500	67,288	68,036	55,840	6		26
Debt securities:
Trading, at fair value	97,075		96,857	90,052	86,155	85,766	—		13
Available-for-sale, at fair value	126,437		134,251	144,398	113,594	115,835	(6)		9
Held-to-maturity, at amortized cost	267,214		272,360	277,147	297,059	300,434	(2)		(11)
Loans held for sale	4,308		6,029	6,199	7,104	9,434	(29)		(54)
Loans	942,424		947,960	947,991	955,871	945,906	(1)		—
Allowance for loan losses	(14,554)		(14,258)	(13,120)	(12,985)	(12,571)	(2)		(16)
Net loans	927,870		933,702	934,871	942,886	933,335	(1)		(1)
Mortgage servicing rights	9,526		9,345	9,950	10,480	11,027	2		(14)
Premises and equipment, net	8,559		8,392	8,416	8,350	8,493	2		1
Goodwill	25,174		25,175	25,173	25,173	25,172	—		—
Derivative assets	21,096		17,990	17,117	22,774	29,253	17		(28)
Equity securities	56,026		67,471	60,610	64,414	59,560	(17)		(6)
Other assets	77,649		82,915	82,743	75,838	78,115	(6)		(1)
Total assets	$	1,909,261	1,876,320	1,886,400	1,881,020	1,877,719	2		2
Liabilities
Noninterest-bearing deposits	$	384,330	402,322	434,912	458,010	494,594	(4)		(22)
Interest-bearing deposits	969,680		942,262	927,717	925,975	903,557	3		7
Total deposits	1,354,010		1,344,584	1,362,629	1,383,985	1,398,151	1		(3)
Short-term borrowings (1)	93,330		84,255	81,007	51,145	48,382	11		93
Derivative liabilities	23,463		21,431	16,897	20,067	23,379	9		—
Accrued expenses and other liabilities	66,050		73,466	69,181	68,740	72,917	(10)		(9)
Long-term debt (2)	190,035		170,632	173,466	174,870	156,412	11		21
Total liabilities	1,726,888		1,694,368	1,703,180	1,698,807	1,699,241	2		2
Equity
Wells Fargo stockholders’ equity:
Preferred stock	19,448		19,448	19,448	19,448	20,057	—		(3)
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares	9,136		9,136	9,136	9,136	9,136	—		—
Additional paid-in capital	60,365		60,173	59,946	60,319	60,216	—		—
Retained earnings	199,287		195,164	191,688	187,968	186,579	2		7
Accumulated other comprehensive income (loss)	(15,877)		(13,441)	(12,572)	(13,362)	(14,303)	(18)		(11)
Treasury stock (3)	(91,215)		(89,860)	(86,049)	(82,853)	(84,781)	(2)		(8)
Unearned ESOP shares	(429)		(429)	(429)	(429)	(646)	—		34
Total Wells Fargo stockholders’ equity	180,715		180,191	181,168	180,227	176,258	—		3
Noncontrolling interests	1,658		1,761	2,052	1,986	2,220	(6)		(25)
Total equity	182,373		181,952	183,220	182,213	178,478	—		2
Total liabilities and equity	$	1,909,261	1,876,320	1,886,400	1,881,020	1,877,719	2		2

(1)Includes $0.0 billion, $2.0 billion, $5.0 billion, $7.0 billion, and $9.0 billion of Federal Home Loan Bank (FHLB) advances at September 30, June 30, and March 31, 2023, and December 31, and September 30, 2022, respectively.

(2)Includes $36.0 billion, $23.0 billion, $24.0 billion, $27.0 billion, and $10.0 billion of FHLB advances at September 30, June 30, and March 31, 2023, and December 31, and September 30, 2022, respectively.

(3)Number of shares of treasury stock were 1,843,884,672, 1,814,145,600, 1,718,587,875, 1,648,007,022, and 1,686,372,007 at September 30, June 30, and March 31, 2023, and December 31, and September 30, 2022, respectively.

-6-

Wells Fargo & Company and Subsidiaries

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

	Quarter ended							Sep 30, 2023 <br>% Change from			Nine months ended				%<br>Change
($ in millions)	Sep 30, 2023			Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2023		Sep 30, 2022	Sep 30, 2023			Sep 30, 2022
Average Balances
Assets
Interest-earning deposits with banks	$	158,893		129,236	114,858	127,854	130,761	23	%	22	$	134,490		151,851	(11)	%
Federal funds sold and securities purchased under resale agreements	68,715			69,505	68,633	65,860	57,432	(1)		20	68,951			60,882	13
Trading debt securities	109,802			102,605	96,405	94,465	91,618	7		20	102,986			90,521	14
Available-for-sale debt securities	139,511			149,320	145,894	122,271	127,821	(7)		9	144,885			147,852	(2)
Held-to-maturity debt securities	273,948			279,093	279,955	303,391	305,063	(2)		(10)	277,644			294,231	(6)
Loans held for sale	5,437			6,031	6,611	9,932	11,458	(10)		(53)	6,022			15,237	(60)
Loans	943,193			945,906	948,651	948,517	945,465	—		—	945,896			923,520	2
Equity securities	25,019			27,891	28,651	28,587	29,722	(10)		(16)	27,174			31,244	(13)
Other	8,565			10,118	11,043	11,932	13,577	(15)		(37)	9,900			13,727	(28)
Total interest-earning assets	1,733,083			1,719,705	1,700,701	1,712,809	1,712,917	1		1	1,717,948			1,729,065	(1)
Total noninterest-earning assets	158,800			158,548	162,975	162,382	167,772	—		(5)	160,092			171,679	(7)
Total assets	$	1,891,883		1,878,253	1,863,676	1,875,191	1,880,689	1		1	$	1,878,040		1,900,744	(1)
Liabilities
Interest-bearing deposits	$	953,500		936,886	920,226	902,564	902,219	2		6	$	936,993		923,869	1
Short-term borrowings	90,078			83,059	58,496	51,246	39,447	8		128	77,327			35,956	115
Long-term debt	181,955			170,843	172,567	166,796	158,984	7		14	175,156			154,691	13
Other liabilities	32,564			34,496	33,427	33,559	36,217	(6)		(10)	33,492			34,317	(2)
Total interest-bearing liabilities	1,258,097			1,225,284	1,184,716	1,154,165	1,136,867	3		11	1,222,968			1,148,833	6
Noninterest-bearing demand deposits	386,807			410,563	436,468	477,895	505,632	(6)		(24)	411,097			515,164	(20)
Other noninterest-bearing liabilities	62,151			57,963	58,195	60,510	55,148	7		13	59,450			53,397	11
Total liabilities	1,707,055			1,693,810	1,679,379	1,692,570	1,697,647	1		1	1,693,515			1,717,394	(1)
Total equity	184,828			184,443	184,297	182,621	183,042	—		1	184,525			183,350	1
Total liabilities and equity	$	1,891,883		1,878,253	1,863,676	1,875,191	1,880,689	1		1	$	1,878,040		1,900,744	(1)
Average Interest Rates
Interest-earning assets
Interest-earning deposits with banks	4.81		%	4.50	4.12	3.50	2.12				4.52		%	0.98
Federal funds sold and securities purchased under resale agreements	5.13			4.73	4.12	3.29	1.73				4.66			0.69
Trading debt securities	3.86			3.50	3.33	3.17	2.75				3.57			2.57
Available-for-sale debt securities	3.92			3.72	3.54	3.10	2.47				3.72			2.00
Held-to-maturity debt securities	2.65			2.62	2.55	2.45	2.23				2.61			2.09
Loans held for sale	6.40			6.22	5.90	5.11	4.18				6.16			3.38
Loans	6.23			5.99	5.69	5.13	4.28				5.97			3.70
Equity securities	2.42			2.79	2.39	2.63	2.09				2.54			2.22
Other	4.93			4.76	4.60	3.57	1.97				4.75			0.94
Total interest-earning assets	5.09			4.88	4.62	4.16	3.39				4.87			2.82
Interest-bearing liabilities
Interest-bearing deposits	1.92			1.63	1.22	0.70	0.23				1.59			0.11
Short-term borrowings	4.99			4.64	3.95	3.15	1.59				4.61			0.65
Long-term debt	6.67			6.31	5.83	5.22	3.90				6.28			2.87
Other liabilities	2.54			2.41	2.16	2.09	1.89				2.37			1.79
Total interest-bearing liabilities	2.84			2.51	2.05	1.50	0.84				2.48			0.55
Interest rate spread on a taxable-equivalent basis (2)	2.25			2.37	2.57	2.66	2.55				2.39			2.27
Net interest margin on a taxable-equivalent basis (2)	3.03			3.09	3.20	3.14	2.83				3.10			2.46

(1)The average balance amounts represent amortized costs. The average 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 $104 million, $105 million, $107 million, $116 million, and $105 million for the quarters ended September 30, June 30, and March 31, 2023, and December 31, and September 30, 2022, respectively, and $316 million and $320 million for the first nine months of 2023 and 2022, respectively, predominantly related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.

-7-

Wells Fargo & Company and Subsidiaries

COMBINED SEGMENT RESULTS (1)

						Quarter ended September 30, 2023
(in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate (2)	Reconciling Items (3)	Consolidated<br>Company
Net interest income	$	7,633	2,519	2,319	1,007	(269)	(104)	13,105
Noninterest income	1,948		886	2,604	2,695	21	(402)	7,752
Total revenue	9,581		3,405	4,923	3,702	(248)	(506)	20,857
Provision for credit losses	768		52	324	(10)	63	—	1,197
Noninterest expense	5,913		1,543	2,182	3,006	469	—	13,113
Income (loss) before income tax expense (benefit)	2,900		1,810	2,417	706	(780)	(506)	6,547
Income tax expense (benefit)	727		453	601	177	(641)	(506)	811
Net income (loss) before noncontrolling interests	2,173		1,357	1,816	529	(139)	—	5,736
Less: Net income (loss) from noncontrolling interests	—		3	—	—	(34)	—	(31)
Net income (loss)	$	2,173	1,354	1,816	529	(105)	—	5,767
						Quarter ended June 30, 2023
Net interest income	$	7,490	2,501	2,359	1,009	(91)	(105)	13,163
Noninterest income	1,965		868	2,272	2,639	121	(495)	7,370
Total revenue	9,455		3,369	4,631	3,648	30	(600)	20,533
Provision for credit losses	874		26	933	24	(144)	—	1,713
Noninterest expense	6,027		1,630	2,087	2,974	269	—	12,987
Income (loss) before income tax expense (benefit)	2,554		1,713	1,611	650	(95)	(600)	5,833
Income tax expense (benefit)	640		429	401	163	(103)	(600)	930
Net income before noncontrolling interests	1,914		1,284	1,210	487	8	—	4,903
Less: Net income (loss) from noncontrolling interests	—		3	—	—	(38)	—	(35)
Net income	$	1,914	1,281	1,210	487	46	—	4,938
						Quarter ended September 30, 2022
Net interest income	$	7,102	1,991	2,270	1,088	(248)	(105)	12,098
Noninterest income	2,175		961	1,790	2,577	345	(380)	7,468
Total revenue	9,277		2,952	4,060	3,665	97	(485)	19,566
Provision for credit losses	917		(168)	32	8	(5)	—	784
Noninterest expense	6,758		1,526	1,900	2,796	1,326	—	14,306
Income (loss) before income tax expense (benefit)	1,602		1,594	2,128	861	(1,224)	(485)	4,476
Income tax expense (benefit)	401		409	536	222	(171)	(485)	912
Net income (loss) before noncontrolling interests	1,201		1,185	1,592	639	(1,053)	—	3,564
Less: Net income (loss) from noncontrolling interests	—		3	—	—	(31)	—	(28)
Net income (loss)	$	1,201	1,182	1,592	639	(1,022)	—	3,592

(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 venture capital and private equity investments. 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. In third quarter 2023, we sold investments in certain private equity funds, which had a minimal impact to net income.

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

-8-

Wells Fargo & Company and Subsidiaries

COMBINED SEGMENT RESULTS (continued) (1)

						Nine months ended September 30, 2023
(in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate (2)	Reconciling Items (3)	Consolidated<br>Company
Net interest income	$	22,556	7,509	7,139	3,060	(344)	(316)	39,604
Noninterest income	5,844		2,572	7,317	7,971	147	(1,336)	22,515
Total revenue	28,400		10,081	14,456	11,031	(197)	(1,652)	62,119
Provision for credit losses	2,509		35	1,509	25	39	—	4,117
Noninterest expense	17,978		4,925	6,486	9,041	1,346	—	39,776
Income (loss) before income tax expense (benefit)	7,913		5,121	6,461	1,965	(1,582)	(1,652)	18,226
Income tax expense (benefit)	1,985		1,281	1,617	492	(1,016)	(1,652)	2,707
Net income (loss) before noncontrolling interests	5,928		3,840	4,844	1,473	(566)	—	15,519
Less: Net income (loss) from noncontrolling interests	—		9	—	—	(186)	—	(177)
Net income (loss)	$	5,928	3,831	4,844	1,473	(380)	—	15,696
						Nine months ended September 30, 2022
Net interest income	$	19,470	4,932	6,317	2,803	(1,685)	(320)	31,517
Noninterest income	6,877		2,839	4,786	8,324	1,185	(1,194)	22,817
Total revenue	26,347		7,771	11,103	11,127	(500)	(1,514)	54,334
Provision for credit losses	1,340		(491)	(226)	(36)	(10)	—	577
Noninterest expense	19,189		4,535	5,723	8,882	2,690	—	41,019
Income (loss) before income tax expense (benefit)	5,818		3,727	5,606	2,281	(3,180)	(1,514)	12,738
Income tax expense (benefit)	1,454		938	1,420	574	(592)	(1,514)	2,280
Net income (loss) before noncontrolling interests	4,364		2,789	4,186	1,707	(2,588)	—	10,458
Less: Net income (loss) from noncontrolling interests	—		9	—	—	(73)	—	(64)
Net income (loss)	$	4,364	2,780	4,186	1,707	(2,515)	—	10,522

-9-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT

	Quarter ended						Sep 30, 2023 <br>% Change from			Nine months ended
($ in millions)	Sep 30,<br>2023		Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2022	Jun 30,<br>2023		Sep 30,<br>2022	Sep 30,<br>2023		Sep 30,<br>2022	%<br>Change
Income Statement
Net interest income	$	7,633	7,490	7,433	7,574	7,102	2	%	7	$	22,556	19,470	16	%
Noninterest income:
Deposit-related fees	670		666	672	696	773	1		(13)	2,008		2,397	(16)
Card fees	1,027		1,022	958	1,025	1,043	—		(2)	3,007		3,042	(1)
Mortgage banking	105		132	160	23	212	(20)		(50)	397		1,077	(63)
Other	146		145	141	145	147	1		(1)	432		361	20
Total noninterest income	1,948		1,965	1,931	1,889	2,175	(1)		(10)	5,844		6,877	(15)
Total revenue	9,581		9,455	9,364	9,463	9,277	1		3	28,400		26,347	8
Net charge-offs	722		621	589	525	435	16		66	1,932		1,168	65
Change in the allowance for credit losses	46		253	278	411	482	(82)		(90)	577		172	235
Provision for credit losses	768		874	867	936	917	(12)		(16)	2,509		1,340	87
Noninterest expense	5,913		6,027	6,038	7,088	6,758	(2)		(13)	17,978		19,189	(6)
Income before income tax expense	2,900		2,554	2,459	1,439	1,602	14		81	7,913		5,818	36
Income tax expense	727		640	618	362	401	14		81	1,985		1,454	37
Net income	$	2,173	1,914	1,841	1,077	1,201	14		81	$	5,928	4,364	36
Revenue by Line of Business
Consumer, Small and Business Banking	$	6,665	6,576	6,486	6,608	6,232	1		7	$	19,727	16,813	17
Consumer Lending:
Home Lending	840		847	863	786	973	(1)		(14)	2,550		3,435	(26)
Credit Card	1,375		1,321	1,305	1,353	1,349	4		2	4,001		3,918	2
Auto	360		378	392	413	423	(5)		(15)	1,130		1,303	(13)
Personal Lending	341		333	318	303	300	2		14	992		878	13
Total revenue	$	9,581	9,455	9,364	9,463	9,277	1		3	$	28,400	26,347	8
Selected Balance Sheet Data (average)
Loans by Line of Business:
Consumer, Small and Business Banking	$	8,983	9,215	9,363	9,590	9,895	(3)		(9)	$	9,186	10,315	(11)
Consumer Lending:
Home Lending	218,546		220,641	222,561	222,546	221,870	(1)		(1)	220,568		218,015	1
Credit Card	41,168		39,225	38,190	37,152	35,052	5		17	39,539		33,139	19
Auto	51,578		52,476	53,676	54,490	55,430	(2)		(7)	52,569		56,500	(7)
Personal Lending	15,270		14,794	14,518	14,219	13,397	3		14	14,863		12,588	18
Total loans	$	335,545	336,351	338,308	337,997	335,644	—		—	$	336,725	330,557	2
Total deposits	801,061		823,339	841,265	864,623	888,037	(3)		(10)	821,741		889,366	(8)
Allocated capital	44,000		44,000	44,000	48,000	48,000	—		(8)	44,000		48,000	(8)
Selected Balance Sheet Data (period-end)
Loans by Line of Business:
Consumer, Small and Business Banking	$	9,115	9,299	9,457	9,704	9,898	(2)		(8)
Consumer Lending:
Home Lending	217,955		219,595	222,012	223,525	222,471	(1)		(2)
Credit Card	42,040		40,053	38,201	38,475	35,965	5		17
Auto	50,407		52,175	53,244	54,281	55,116	(3)		(9)
Personal Lending	15,439		15,095	14,597	14,544	13,902	2		11
Total loans	$	334,956	336,217	337,511	340,529	337,352	—		(1)
Total deposits	798,897		820,495	851,304	859,695	886,991	(3)		(10)

-10-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT (continued)

							Sep 30, 2023 <br>% Change from			Nine months ended
( in millions, unless otherwise noted)			Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2022	Jun 30,<br>2023		Sep 30,<br>2022	Sep 30,<br>2023			Sep 30,<br>2022	%<br>Change
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1)		%	16.9	16.5	8.3	9.4				17.5		%	11.6
Efficiency ratio (2)			64	64	75	73				63			73
Retail bank branches (#, period-end)			4,455	4,525	4,598	4,612	(2)	%	(6)
Digital active customers (# in millions, period-end) (3)			34.2	34.3	33.5	33.6	1		3
Mobile active customers (# in millions, period-end) (3)			29.1	28.8	28.3	28.3	2		5
Consumer, Small and Business Banking:
Deposit spread (4)		%	2.6	2.5	2.4	2.1				2.6		%	1.8
Debit card purchase volume ( in billions) (5)	124.5		124.9	117.3	124.0	122.4	—		2	$	366.7		362.6	1
Debit card purchase transactions (# in millions) (5)			2,535	2,369	2,496	2,501	1		2	7,454			7,356	1
Home Lending:
Mortgage banking:
Net servicing income	41		62	84	94	81	(34)		(49)	$	187		274	(32)
Net gains (losses) on mortgage loan originations/sales			70	76	(71)	131	(9)		(51)	210			803	(74)
Total mortgage banking	105		132	160	23	212	(20)		(50)	$	397		1,077	(63)
Originations ( in billions):
Retail	6.4		7.7	5.6	8.2	12.4	(17)		(48)	$	19.7		56.1	(65)
Correspondent			0.1	1.0	6.4	9.1	(100)		(100)	1.1			37.4	(97)
Total originations	6.4		7.8	6.6	14.6	21.5	(18)		(70)	$	20.8		93.5	(78)
% of originations held for sale (HFS)		%	45.3	46.8	60.7	59.2				44.4		%	51.2
Third party mortgage loans serviced ( in billions, period-end) (6)	591.8		609.1	666.8	679.2	687.4	(3)		(14)
Mortgage servicing rights (MSR) carrying value (period-end)			8,251	8,819	9,310	9,828	2		(14)
Ratio of MSR carrying value (period-end) to third party mortgage loans serviced (period-end) (6)		%	1.35	1.32	1.37	1.43
Home lending loans 30+ days delinquency rate (period-end) (7)(8)			0.25	0.26	0.31	0.29
Credit Card:
Point of sale (POS) volume ( in billions)	35.2		34.0	30.1	32.3	30.7	4		15	$	99.3		86.8	14
New accounts (# in thousands)			611	567	561	584	17		22	1,892			1,592	19
Credit card loans 30+ days delinquency rate (period-end)		%	2.39	2.26	2.08	1.81
Credit card loans 90+ days delinquency rate (period-end)			1.17	1.16	1.01	0.85
Auto:
Auto originations ( in billions)	4.1		4.8	5.0	5.0	5.4	(15)		(24)	$	13.9		18.1	(23)
Auto loans 30+ days delinquency rate (period-end) (8)		%	2.55	2.25	2.64	2.19
Personal Lending:
New volume ( in billions)	3.1		3.3	2.9	3.2	3.5	(6)		(11)	$	9.3		9.4	(1)

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.

-11-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT

	Quarter ended							Sep 30, 2023 <br>% Change from			Nine months ended
($ in millions)	Sep 30,<br>2023			Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2022	Jun 30,<br>2023		Sep 30,<br>2022	Sep 30,<br>2023			Sep 30,<br>2022	%<br>Change
Income Statement
Net interest income	$	2,519		2,501	2,489	2,357	1,991	1	%	27	$	7,509		4,932	52	%
Noninterest income:
Deposit-related fees	257			248	236	237	256	4		—	741			894	(17)
Lending-related fees	133			131	129	122	126	2		6	393			369	7
Lease income	153			167	169	176	176	(8)		(13)	489			534	(8)
Other	343			322	284	257	403	7		(15)	949			1,042	(9)
Total noninterest income	886			868	818	792	961	2		(8)	2,572			2,839	(9)
Total revenue	3,405			3,369	3,307	3,149	2,952	1		15	10,081			7,771	30
Net charge-offs	37			63	(39)	32	(3)	(41)		NM	61			(28)	318
Change in the allowance for credit losses	15			(37)	(4)	(75)	(165)	141		109	(26)			(463)	94
Provision for credit losses	52			26	(43)	(43)	(168)	100		131	35			(491)	107
Noninterest expense	1,543			1,630	1,752	1,523	1,526	(5)		1	4,925			4,535	9
Income before income tax expense	1,810			1,713	1,598	1,669	1,594	6		14	5,121			3,727	37
Income tax expense	453			429	399	428	409	6		11	1,281			938	37
Less: Net income from noncontrolling interests	3			3	3	3	3	—		—	9			9	—
Net income	$	1,354		1,281	1,196	1,238	1,182	6		15	$	3,831		2,780	38
Revenue by Line of Business
Middle Market Banking	$	2,212		2,199	2,155	2,076	1,793	1		23	$	6,566		4,498	46
Asset-Based Lending and Leasing	1,193			1,170	1,152	1,073	1,159	2		3	3,515			3,273	7
Total revenue	$	3,405		3,369	3,307	3,149	2,952	1		15	$	10,081		7,771	30
Revenue by Product
Lending and leasing	$	1,321		1,332	1,324	1,357	1,333	(1)		(1)	$	3,977		3,896	2
Treasury management and payments	1,541			1,584	1,562	1,519	1,242	(3)		24	4,687			2,964	58
Other	543			453	421	273	377	20		44	1,417			911	56
Total revenue	$	3,405		3,369	3,307	3,149	2,952	1		15	$	10,081		7,771	30
Selected Metrics
Return on allocated capital	20.2		%	19.3	18.1	24.2	23.1				19.2		%	18.1
Efficiency ratio	45			48	53	48	52				49			58

NM – Not meaningful

-12-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT (continued)

	Quarter ended						Sep 30, 2023 <br>% Change from			Nine months ended
($ in millions)	Sep 30,<br>2023		Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2022	Jun 30,<br>2023		Sep 30,<br>2022	Sep 30,<br>2023		Sep 30,<br>2022	%<br>Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	164,182	165,980	163,210	159,236	150,365	(1)	%	9	$	164,461	143,383	15	%
Commercial real estate	45,716		45,855	45,862	45,551	45,121	—		1	45,810		44,988	2
Lease financing and other	14,518		13,989	13,754	13,635	13,511	4		7	14,090		13,486	4
Total loans	$	224,416	225,824	222,826	218,422	208,997	(1)		7	$	224,361	201,857	11
Loans by Line of Business:
Middle Market Banking	$	120,509	122,204	121,625	119,740	117,031	(1)		3	$	121,442	112,913	8
Asset-Based Lending and Leasing	103,907		103,620	101,201	98,682	91,966	—		13	102,919		88,944	16
Total loans	$	224,416	225,824	222,826	218,422	208,997	(1)		7	$	224,361	201,857	11
Total deposits	160,556		166,747	170,467	175,442	180,231	(4)		(11)	165,887		189,664	(13)
Allocated capital	25,500		25,500	25,500	19,500	19,500	—		31	25,500		19,500	31
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	165,094	168,492	166,853	163,797	155,400	(2)		6
Commercial real estate	45,663		45,784	45,895	45,816	45,540	—		—
Lease financing and other	15,014		14,435	13,851	13,916	13,645	4		10
Total loans	$	225,771	228,711	226,599	223,529	214,585	(1)		5
Loans by Line of Business:
Middle Market Banking	$	119,354	122,104	121,626	121,192	118,627	(2)		1
Asset-Based Lending and Leasing	106,417		106,607	104,973	102,337	95,958	—		11
Total loans	$	225,771	228,711	226,599	223,529	214,585	(1)		5
Total deposits	160,368		164,764	169,827	173,942	172,727	(3)		(7)

-13-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT

	Quarter ended							Sep 30, 2023 <br>% Change from			Nine months ended
($ in millions)	Sep 30,<br>2023			Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2022	Jun 30,<br>2023		Sep 30,<br>2022	Sep 30,<br>2023			Sep 30,<br>2022	%<br>Change
Income Statement
Net interest income	$	2,319		2,359	2,461	2,416	2,270	(2)	%	2	$	7,139		6,317	13	%
Noninterest income:
Deposit-related fees	247			247	236	240	255	—		(3)	730			828	(12)
Lending-related fees	206			191	194	191	198	8		4	591			578	2
Investment banking fees	545			390	314	331	392	40		39	1,249			1,161	8
Net gains from trading activities	1,193			1,081	1,257	606	674	10		77	3,531			1,280	176
Other	413			363	440	355	271	14		52	1,216			939	29
Total noninterest income	2,604			2,272	2,441	1,723	1,790	15		45	7,317			4,786	53
Total revenue	4,923			4,631	4,902	4,139	4,060	6		21	14,456			11,103	30
Net charge-offs	105			83	17	10	(16)	27		756	205			(58)	453
Change in the allowance for credit losses	219			850	235	31	48	(74)		356	1,304			(168)	876
Provision for credit losses	324			933	252	41	32	(65)		913	1,509			(226)	768
Noninterest expense	2,182			2,087	2,217	1,837	1,900	5		15	6,486			5,723	13
Income before income tax expense	2,417			1,611	2,433	2,261	2,128	50		14	6,461			5,606	15
Income tax expense	601			401	615	569	536	50		12	1,617			1,420	14
Net income	$	1,816		1,210	1,818	1,692	1,592	50		14	$	4,844		4,186	16
Revenue by Line of Business
Banking:
Lending	$	721		685	692	593	580	5		24	$	2,098		1,629	29
Treasury Management and Payments	747			762	785	738	670	(2)		11	2,294			1,631	41
Investment Banking	430			311	280	317	336	38		28	1,021			889	15
Total Banking	1,898			1,758	1,757	1,648	1,586	8		20	5,413			4,149	30
Commercial Real Estate	1,376			1,333	1,311	1,267	1,212	3		14	4,020			3,267	23
Markets:
Fixed Income, Currencies, and Commodities (FICC)	1,148			1,133	1,285	935	914	1		26	3,566			2,725	31
Equities	518			397	437	279	316	30		64	1,352			836	62
Credit Adjustment (CVA/DVA) and Other	(12)			14	71	(35)	17	NM		NM	73			55	33
Total Markets	1,654			1,544	1,793	1,179	1,247	7		33	4,991			3,616	38
Other	(5)			(4)	41	45	15	(25)		NM	32			71	(55)
Total revenue	$	4,923		4,631	4,902	4,139	4,060	6		21	$	14,456		11,103	30
Selected Metrics
Return on allocated capital	15.5		%	10.2	15.9	17.7	16.6				13.9		%	14.6
Efficiency ratio	44			45	45	44	47				45			52

NM – Not meaningful

-14-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT (continued)

	Quarter ended						Sep 30, 2023 <br>% Change from			Nine months ended
($ in millions)	Sep 30,<br>2023		Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2022	Jun 30,<br>2023		Sep 30,<br>2022	Sep 30,<br>2023		Sep 30,<br>2022	%<br>Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	191,128	190,529	193,770	196,697	205,185	—	%	(7)	$	191,800	199,006	(4)	%
Commercial real estate	100,523		100,941	100,972	101,553	101,055	—		(1)	100,810		97,551	3
Total loans	$	291,651	291,470	294,742	298,250	306,240	—		(5)	$	292,610	296,557	(1)
Loans by Line of Business:
Banking	$	94,010	95,413	99,078	104,187	109,909	(1)		(14)	$	96,148	107,200	(10)
Commercial Real Estate	135,639		136,473	136,806	137,680	137,568	(1)		(1)	136,302		132,384	3
Markets	62,002		59,584	58,858	56,383	58,763	4		6	60,160		56,973	6
Total loans	$	291,651	291,470	294,742	298,250	306,240	—		(5)	$	292,610	296,557	(1)
Trading-related assets:
Trading account securities	$	122,376	118,462	112,628	111,803	110,919	3		10	$	117,858	112,351	5
Reverse repurchase agreements/securities borrowed	62,284		60,164	57,818	52,814	45,486	4		37	60,105		49,708	21
Derivative assets	19,760		17,522	17,928	24,556	28,050	13		(30)	18,410		28,386	(35)
Total trading-related assets	$	204,420	196,148	188,374	189,173	184,455	4		11	$	196,373	190,445	3
Total assets	559,647		550,091	548,808	553,308	560,509	2		—	552,888		558,773	(1)
Total deposits	157,212		160,251	157,551	156,205	156,830	(2)		—	158,337		163,578	(3)
Allocated capital	44,000		44,000	44,000	36,000	36,000	—		22	44,000		36,000	22
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	190,547	190,317	191,020	196,529	198,253	—		(4)
Commercial real estate	99,783		101,028	100,797	101,848	101,440	(1)		(2)
Total loans	$	290,330	291,345	291,817	298,377	299,693	—		(3)
Loans by Line of Business:
Banking	$	93,723	93,596	97,178	101,183	103,809	—		(10)
Commercial Real Estate	133,939		136,257	135,728	137,495	137,077	(2)		(2)
Markets	62,668		61,492	58,911	59,699	58,807	2		7
Total loans	$	290,330	291,345	291,817	298,377	299,693	—		(3)
Trading-related assets:
Trading account securities	$	120,547	130,008	115,198	111,801	113,488	(7)		6
Reverse repurchase agreements/securities borrowed	64,240		59,020	57,502	55,407	44,194	9		45
Derivative assets	21,231		17,804	16,968	22,218	28,545	19		(26)
Total trading-related assets	$	206,018	206,832	189,668	189,426	186,227	—		11
Total assets	557,642		559,520	542,168	550,177	550,695	—		1
Total deposits	162,776		158,770	158,564	157,217	154,550	3		5

-15-

Wells Fargo & Company and Subsidiaries

WEALTH AND INVESTMENT MANAGEMENT SEGMENT

							Sep 30, 2023 <br>% Change from			Nine months ended
( in millions, unless otherwise noted)			Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2022	Jun 30,<br>2023		Sep 30,<br>2022	Sep 30,<br>2023			Sep 30,<br>2022	%<br>Change
Income Statement
Net interest income	1,007		1,009	1,044	1,124	1,088	—	%	(7)	$	3,060		2,803	9	%
Noninterest income:
Investment advisory and other asset-based fees			2,110	2,061	1,999	2,066	3		5	6,335			6,848	(7)
Commissions and brokerage services fees			494	541	532	486	—		1	1,527			1,399	9
Other			35	35	40	25	11		56	109			77	42
Total noninterest income			2,639	2,637	2,571	2,577	2		5	7,971			8,324	(4)
Total revenue			3,648	3,681	3,695	3,665	1		1	11,031			11,127	(1)
Net charge-offs			(1)	(1)	(2)	(1)	200		200	(1)			(5)	80
Change in the allowance for credit losses			25	12	13	9	NM		NM	26			(31)	184
Provision for credit losses			24	11	11	8	NM		NM	25			(36)	169
Noninterest expense			2,974	3,061	2,731	2,796	1		8	9,041			8,882	2
Income before income tax expense			650	609	953	861	9		(18)	1,965			2,281	(14)
Income tax expense			163	152	238	222	9		(20)	492			574	(14)
Net income	529		487	457	715	639	9		(17)	$	1,473		1,707	(14)
Selected Metrics
Return on allocated capital		%	30.5	28.9	31.9	28.4				30.8		%	25.5
Efficiency ratio			82	83	74	76				82			80
Client assets ( in billions, period-end):
Advisory assets	825		850	825	797	756	(3)		9
Other brokerage assets and deposits			1,148	1,104	1,064	1,003	(2)		12
Total client assets	1,948		1,998	1,929	1,861	1,759	(3)		11
Selected Balance Sheet Data (average)
Total loans	82,195		83,045	83,621	84,760	85,472	(1)		(4)	$	82,948		85,386	(3)
Total deposits			112,360	126,604	142,230	158,367	(4)		(32)	115,418			172,516	(33)
Allocated capital			6,250	6,250	8,750	8,750	—		(29)	6,250			8,750	(29)
Selected Balance Sheet Data (period-end)
Total loans	82,331		82,456	82,817	84,273	85,180	—		(3)
Total deposits			108,532	117,252	138,760	148,890	(5)		(31)

All values are in US Dollars.

NM – Not meaningful

-16-

Wells Fargo & Company and Subsidiaries

CORPORATE (1)

	Quarter ended						Sep 30, 2023 <br>% Change from			Nine months ended
($ in millions)	Sep 30,<br>2023		Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2022	Jun 30,<br>2023		Sep 30,<br>2022	Sep 30,<br>2023		Sep 30,<br>2022	%<br>Change
Income Statement
Net interest income	$	(269)	(91)	16	78	(248)	NM		(8)	$	(344)	(1,685)	80	%
Noninterest income	21		121	5	7	345	(83)	%	(94)	147		1,185	(88)
Total revenue	(248)		30	21	85	97	NM		NM	(197)		(500)	61
Net charge-offs	(1)		(2)	(2)	(5)	(16)	50		94	(5)		(28)	82
Change in the allowance for credit losses	64		(142)	122	17	11	145		482	44		18	144
Provision for credit losses	63		(144)	120	12	(5)	144		NM	39		(10)	490
Noninterest expense	469		269	608	3,007	1,326	74		(65)	1,346		2,690	(50)
Loss before income tax benefit	(780)		(95)	(707)	(2,934)	(1,224)	NM		36	(1,582)		(3,180)	50
Income tax benefit	(641)		(103)	(272)	(1,129)	(171)	NM		NM	(1,016)		(592)	(72)
Less: Net loss from noncontrolling interests	(34)		(38)	(114)	(238)	(31)	11		(10)	(186)		(73)	NM
Net income (loss)	$	(105)	46	(321)	(1,567)	(1,022)	NM		90	$	(380)	(2,515)	85
Selected Balance Sheet Data (average)
Cash and due from banks, and interest-earning deposits with banks	$	164,900	132,505	117,419	130,329	134,725	24		22	$	138,449	152,875	(9)
Available-for-sale debt securities	119,745		130,496	128,770	102,650	110,575	(8)		8	126,304		131,607	(4)
Held-to-maturity debt securities	266,012		270,999	272,718	295,494	297,335	(2)		(11)	269,885		288,265	(6)
Equity securities	15,784		15,327	15,519	15,918	15,423	3		2	15,544		15,620	—
Total loans	9,386		9,216	9,154	9,088	9,112	2		3	9,252		9,163	1
Total assets	623,339		610,417	596,087	605,500	617,712	2		1	610,047		648,967	(6)
Total deposits	113,978		84,752	60,807	41,959	24,386	34		367	86,707		23,909	263
Selected Balance Sheet Data (period-end)
Cash and due from banks, and interest-earning deposits with banks	$	194,653	128,077	136,093	127,106	141,743	52		37
Available-for-sale debt securities	115,005		123,169	133,311	102,669	104,726	(7)		10
Held-to-maturity debt securities	264,248		269,414	274,202	294,141	297,530	(2)		(11)
Equity securities	15,496		15,097	15,200	15,508	15,581	3		(1)
Total loans	9,036		9,231	9,247	9,163	9,096	(2)		(1)
Total assets	641,455		593,597	620,241	601,218	615,382	8		4
Total deposits	128,714		92,023	65,682	54,371	34,993	40		268

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 venture capital and private equity investments. 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. In third quarter 2023, we sold investments in certain private equity funds, which had a minimal impact to net income.

-17-

Wells Fargo & Company and Subsidiaries

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

	Quarter ended							Sep 30, 2023 Change from
($ in millions)	Sep 30,<br>2023			Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2022	Jun 30,2023
Period-End Loans
Commercial and industrial	$	382,527		386,011	384,690	386,806	379,694	(3,484)
Commercial real estate	152,486			154,276	154,707	155,802	155,659	(1,790)
Lease financing	16,038			15,334	14,820	14,908	14,617	704
Total commercial	551,051			555,621	554,217	557,516	549,970	(4,570)
Residential mortgage	263,174			265,085	267,138	269,117	268,065	(1,911)
Credit card	49,851			47,717	45,766	46,293	43,558	2,134
Auto	49,865			51,587	52,631	53,669	54,545	(1,722)
Other consumer	28,483			27,950	28,239	29,276	29,768	533
Total consumer	391,373			392,339	393,774	398,355	395,936	(966)
Total loans	$	942,424		947,960	947,991	955,871	945,906	(5,536)
Average Loans
Commercial and industrial	$	382,277		383,361	383,277	381,889	381,375	(1,084)
Commercial real estate	153,686			154,660	155,074	155,674	155,291	(974)
Lease financing	15,564			15,010	14,832	14,656	14,526	554
Total commercial	551,527			553,031	553,183	552,219	551,192	(1,504)
Residential mortgage	263,918			266,128	267,984	268,232	267,609	(2,210)
Credit card	48,889			46,762	45,842	44,829	42,407	2,127
Auto	51,014			51,880	53,065	53,917	54,874	(866)
Other consumer	27,845			28,105	28,577	29,320	29,383	(260)
Total consumer	391,666			392,875	395,468	396,298	394,273	(1,209)
Total loans	$	943,193		945,906	948,651	948,517	945,465	(2,713)
Average Interest Rates
Commercial and industrial	7.03		%	6.70	6.25	5.41	4.13
Commercial real estate	6.83			6.59	6.24	5.45	4.23
Lease financing	4.90			4.76	4.63	4.45	3.76
Total commercial	6.92			6.62	6.20	5.40	4.14
Residential mortgage	3.55			3.48	3.44	3.38	3.27
Credit card	13.08			12.96	12.74	12.00	11.51
Auto	4.78			4.67	4.56	4.46	4.27
Other consumer	8.65			8.29	7.74	6.89	5.58
Total consumer	5.26			5.11	4.98	4.76	4.47
Total loans	6.23		%	5.99	5.69	5.13	4.28

All values are in US Dollars.

-18-

Wells Fargo & Company and Subsidiaries

NET LOAN CHARGE-OFFS

	Quarter ended
	Sep 30, 2023				Jun 30, 2023				Mar 31, 2023				Dec 31, 2022				Sep 30, 2022				Sep 30, 2023 Change from
($ in millions)	Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Jun 30,2023	Sep 30,<br>2022
By product:
Commercial and industrial	$	93	0.10	%	$	119	0.12	%	$	43	0.05	%	$	66	0.07	%	$	13	0.01	%		80
Commercial real estate	93		0.24		79		0.21		17		0.04		10		0.03		(12)		(0.03)		14	105
Lease financing	2		0.07		2		0.05		3		0.07		3		0.06		5		0.15		—	(3)
Total commercial	188		0.13		200		0.15		63		0.05		79		0.06		6		—		(12)	182
Residential mortgage	(4)		(0.01)		(12)		(0.02)		(11)		(0.02)		(12)		(0.02)		(14)		(0.02)		8	10
Credit card	420		3.41		396		3.39		344		3.05		274		2.42		202		1.90		24	218
Auto	138		1.07		89		0.68		121		0.93		137		1.00		121		0.87		49	17
Other consumer	108		1.55		91		1.31		87		1.21		82		1.13		84		1.13		17	24
Total consumer	662		0.67		564		0.58		541		0.56		481		0.48		393		0.40		98	269
Total net loan charge-offs	$	850	0.36	%	$	764	0.32	%	$	604	0.26	%	$	560	0.23	%	$	399	0.17	%		451
By segment:
Consumer Banking and Lending	$	722	0.85	%	$	621	0.74	%	$	589	0.71	%	$	525	0.62	%	$	435	0.51	%		287
Commercial Banking	29		0.05		63		0.11		2		—		32		0.06		(3)		(0.01)		(34)	32
Corporate and Investing Banking	99		0.13		83		0.11		17		0.02		10		0.01		(16)		(0.02)		16	115
Wealth and Investment Management	1		—		(1)		—		(1)		—		(2)		(0.01)		(1)		—		2	2
Corporate	(1)		(0.04)		(2)		(0.09)		(3)		(0.13)		(5)		(0.22)		(16)		(0.70)		1	15
Total net loan charge-offs	$	850	0.36	%	$	764	0.32	%	$	604	0.26	%	$	560	0.23	%	$	399	0.17	%		451

All values are in US Dollars.

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

-19-

Wells Fargo & Company and Subsidiaries

CHANGES IN ALLOWANCE FOR CREDIT LOSSES FOR LOANS

	Quarter ended							Sep 30, 2023 Change from
($ in millions)	Sep 30,<br>2023			Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2022	Jun 30,2023
Balance, beginning of period	$	14,786		13,705	13,609	13,225	12,884	1,081
Cumulative effect from change in accounting policy (1)	—			—	(429)	—	—	—
Balance, beginning of period, adjusted	14,786			13,705	13,180	13,225	12,884	1,081
Provision for credit losses for loans	1,143			1,839	1,129	968	773	(696)
Interest income on certain loans (2)	—			—	—	(26)	(26)	—
Net loan charge-offs:
Commercial and industrial	(93)			(119)	(43)	(66)	(13)	26
Commercial real estate	(93)			(79)	(17)	(10)	12	(14)
Lease financing	(2)			(2)	(3)	(3)	(5)	—
Total commercial	(188)			(200)	(63)	(79)	(6)	12
Residential mortgage	4			12	11	12	14	(8)
Credit card	(420)			(396)	(344)	(274)	(202)	(24)
Auto	(138)			(89)	(121)	(137)	(121)	(49)
Other consumer	(108)			(91)	(87)	(82)	(84)	(17)
Total consumer	(662)			(564)	(541)	(481)	(393)	(98)
Net loan charge-offs	(850)			(764)	(604)	(560)	(399)	(86)
Other	(15)			6	—	2	(7)	(21)
Balance, end of period	$	15,064		14,786	13,705	13,609	13,225	278
Components:
Allowance for loan losses	$	14,554		14,258	13,120	12,985	12,571	296
Allowance for unfunded credit commitments	510			528	585	624	654	(18)
Allowance for credit losses for loans	$	15,064		14,786	13,705	13,609	13,225	278
Ratio of allowance for loan losses to total net loan charge-offs (annualized)	4.32x			4.65	5.35	5.85	7.94
Allowance for loan losses as a percentage of:
Total loans	1.54		%	1.50	1.38	1.36	1.33
Nonaccrual loans	182			207	218	231	225
Allowance for credit losses for loans as a percentage of:
Total loans	1.60			1.56	1.45	1.42	1.40
Nonaccrual loans	188			215	228	242	237

All values are in US Dollars.

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

(2)Prior to our adoption of ASU 2022-02 on January 1, 2023, certain loans with an allowance measured by discounting expected cash flows using the loan’s effective interest rate over the remaining life of the loan recognized changes in the allowance attributable to the passage of time as interest income.

-20-

Wells Fargo & Company and Subsidiaries

ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES FOR LOANS

	Sep 30, 2023				Jun 30, 2023				Mar 31, 2023				Dec 31, 2022				Sep 30, 2022
($ in millions)	ACL		ACL<br>as %<br>of loan<br>class		ACL		ACL<br>as %<br>of loan<br>class		ACL		ACL<br>as %<br>of loan<br>class		ACL		ACL<br>as %<br>of loan<br>class		ACL		ACL<br>as %<br>of loan<br>class
By product:
Commercial and industrial	$	4,269	1.12	%	$	4,266	1.11	%	$	4,287	1.11	%	$	4,507	1.17	%	$	4,547	1.20	%
Commercial real estate	3,842		2.52		3,618		2.35		2,724		1.76		2,231		1.43		2,233		1.43
Lease financing	199		1.24		197		1.28		213		1.44		218		1.46		211		1.44
Total commercial	8,310		1.51		8,081		1.45		7,224		1.30		6,956		1.25		6,991		1.27
Residential mortgage (1)	718		0.27		734		0.28		751		0.28		1,096		0.41		1,001		0.37
Credit card	4,021		8.07		3,865		8.10		3,641		7.96		3,567		7.71		3,364		7.72
Auto	1,264		2.53		1,408		2.73		1,449		2.75		1,380		2.57		1,340		2.46
Other consumer	751		2.64		698		2.50		640		2.27		610		2.08		529		1.78
Total consumer	6,754		1.73		6,705		1.71		6,481		1.65		6,653		1.67		6,234		1.57
Total allowance for credit losses for loans	$	15,064	1.60	%	$	14,786	1.56	%	$	13,705	1.45	%	$	13,609	1.42	%	$	13,225	1.40	%
By segment:
Consumer Banking and Lending	$	7,515	2.24	%	$	7,469	2.22	%	$	7,215	2.14	%	$	7,394	2.17	%	$	7,002	2.08	%
Commercial Banking	2,401		1.06		2,379		1.04		2,417		1.07		2,397		1.07		2,477		1.15
Corporate and Investing Banking	4,840		1.67		4,634		1.59		3,785		1.30		3,552		1.19		3,517		1.17
Wealth and Investment Management	279		0.34		290		0.35		265		0.32		253		0.30		240		0.28
Corporate	29		0.32		14		0.15		23		0.25		13		0.14		(11)		(0.12)
Total allowance for credit losses for loans	$	15,064	1.60	%	$	14,786	1.56	%	$	13,705	1.45	%	$	13,609	1.42	%	$	13,225	1.40	%

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

-21-

Wells Fargo & Company and Subsidiaries

NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)

	Sep 30, 2023				Jun 30, 2023				Mar 31, 2023				Dec 31, 2022				Sep 30, 2022				Sep 30, 2023 Change from
($ in millions)	Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Jun 30,2023	Sep 30,<br>2022
By product:
Nonaccrual loans:
Commercial and industrial	$	638	0.17	%	$	845	0.22	%	$	739	0.19	%	$	746	0.19	%	$	742	0.20	%		(104)
Commercial real estate	3,863		2.53		2,507		1.63		1,450		0.94		958		0.61		853		0.55		1,356	3,010
Lease financing	85		0.53		77		0.50		86		0.58		119		0.80		108		0.74		8	(23)
Total commercial	4,586		0.83		3,429		0.62		2,275		0.41		1,823		0.33		1,703		0.31		1,157	2,883
Residential mortgage (1)	3,258		1.24		3,289		1.24		3,552		1.33		3,611		1.34		3,677		1.37		(31)	(419)
Auto	126		0.25		135		0.26		145		0.28		153		0.29		171		0.31		(9)	(45)
Other consumer	32		0.11		33		0.12		38		0.13		39		0.13		36		0.12		(1)	(4)
Total consumer	3,416		0.87		3,457		0.88		3,735		0.95		3,803		0.95		3,884		0.98		(41)	(468)
Total nonaccrual loans	8,002		0.85		6,886		0.73		6,010		0.63		5,626		0.59		5,587		0.59		1,116	2,415
Foreclosed assets	177				133				132				137				125				44	52
Total nonperforming assets	$	8,179	0.87	%	$	7,019	0.74	%	$	6,142	0.65	%	$	5,763	0.60	%	$	5,712	0.60	%		2,467
By segment:
Consumer Banking and Lending	$	3,354	1.00	%	$	3,416	1.02	%	$	3,689	1.09	%	$	3,747	1.10	%	$	3,811	1.13	%		(457)
Commercial Banking	1,024		0.45		1,164		0.51		1,037		0.46		1,029		0.46		1,025		0.48		(140)	(1)
Corporate and Investing Banking	3,588		1.24		2,243		0.77		1,226		0.42		764		0.26		673		0.22		1,345	2,915
Wealth and Investment Management	213		0.26		196		0.24		190		0.23		199		0.24		203		0.24		17	10
Corporate	—		—		—		—		—		—		24		0.26		—		—		—	—
Total nonperforming assets	$	8,179	0.87	%	$	7,019	0.74	%	$	6,142	0.65	%	$	5,763	0.60	%	$	5,712	0.60	%		2,467

All values are in US Dollars.

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

-22-

Wells Fargo & Company and Subsidiaries

COMMERCIAL AND INDUSTRIAL LOANS AND LEASE FINANCING BY INDUSTRY

	Sep 30, 2023					Jun 30, 2023					Sep 30, 2022
($ in millions)	Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans		Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans		Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans
Financials except banks	$	10	147,362	16	%	$	10	148,643	16	%	$	53	144,595	15	%
Technology, telecom and media	29		26,817	3		43		27,186	3		69		27,892	3
Real estate and construction	58		25,321	3		61		25,180	3		65		25,572	3
Retail	72		20,913	2		83		20,658	2		49		19,673	2
Equipment, machinery and parts manufacturing	109		25,847	3		187		26,032	3		14		22,915	2
Materials and commodities	168		14,640	2		185		16,073	2		78		17,026	2
Food and beverage manufacturing	3		15,655	2		3		16,161	2		18		15,659	2
Oil, gas and pipelines	3		10,559	1		32		10,456	1		55		9,858	1
Health care and pharmaceuticals	20		14,985	2		19		14,996	2		21		14,472	2
Auto related	7		14,167	2		8		13,888	1		9		12,137	1
Commercial services	36		10,800	1		57		11,206	1		28		10,818	1
Utilities	1		8,099	*		1		7,709	*		61		8,848	*
Diversified or miscellaneous	3		7,673	*		2		8,069	*		11		8,219	*
Entertainment and recreation	19		13,212	1		25		12,935	1		35		11,407	1
Transportation services	140		8,972	*		147		8,993	*		226		7,817	*
Insurance and fiduciaries	1		4,964	*		1		5,016	*		1		4,515	*
Banks	—		11,799	1		—		11,080	1		—		15,575	2
Government and education	29		5,675	*		27		6,168	*		16		6,578	*
Agribusiness	8		5,965	*		6		6,107	*		25		6,301	*
Other	7		5,140	*		25		4,789	*		16		4,434	*
Total	$	723	398,565	42	%	$	922	401,345	42	%	$	850	394,311	42	%

*Less than 1%.

-23-

Wells Fargo & Company and Subsidiaries

COMMERCIAL REAL ESTATE LOANS BY PROPERTY TYPE (1)

	Sep 30, 2023							Jun 30, 2023							Sep 30, 2022
($ in millions)	Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans		Total commitments (2)		Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans		Total commitments (2)		Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans		Total commitments (2)
Apartments	$	144	40,813	4	%	$	49,709	$	9	40,752	4	%	$	50,699	$	9	38,855	4	%	$	51,565
Office (3)	2,790		32,201	3		35,242		1,517		33,089	3		36,757		173		35,194	4		40,411
Industrial/warehouse	29		24,389	3		27,470		38		23,900	3		27,802		44		19,453	2		24,465
Hotel/motel	217		12,826	1		14,396		149		12,923	1		13,910		153		13,144	1		14,030
Retail (excluding shopping center)	272		11,187	1		11,848		357		11,412	1		12,334		87		11,853	1		12,576
Shopping center	183		8,762	*		9,304		193		9,249	*		9,816		253		9,825	1		10,434
Institutional	112		6,125	*		7,001		118		6,099	*		6,906		34		7,987	*		9,411
Mixed use properties	105		5,166	*		5,989		113		5,343	*		6,330		57		7,356	*		8,688
Collateral pool	—		2,867	*		3,272		—		3,031	*		3,410		—		3,305	*		3,804
Storage facility	—		2,815	*		3,028		—		2,983	*		3,299		—		2,877	*		3,110
Other	11		5,335	*		8,012		13		5,495	*		8,361		43		5,810	*		8,866
Total	$	3,863	152,486	16	%	$	175,271	$	2,507	154,276	16	%	$	179,624	$	853	155,659	16	%	$	187,360

*Less than 1%.

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

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

(3)In second quarter 2023, we reclassified certain CRE loans to better align with regulatory reporting guidance, which resulted in a decrease in loans outstanding of approximately $2.0 billion to the office property type.

-24-

Wells Fargo & Company and Subsidiaries TANGIBLE COMMON EQUITY

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

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

							Sep 30, 2023 <br>% Change from
( in millions)	Sep 30,<br>2023		Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2022	Jun 30,<br>2023		Sep 30,<br>2022
Tangible book value per common share:
Total equity	$	182,373	181,952	183,220	182,213	178,478	—	%	2
Adjustments:
Preferred stock (1)	(19,448)		(19,448)	(19,448)	(19,448)	(20,057)	—		3
Additional paid-in capital on preferred stock (1)	157		173	173	173	136	(9)		15
Unearned Employee Stock Ownership Plan (ESOP) shares (1)	—		—	—	—	646	NM		(100)
Noncontrolling interests	(1,658)		(1,761)	(2,052)	(1,986)	(2,220)	6		25
Total common stockholders' equity	161,424		160,916	161,893	160,952	156,983	—		3
Adjustments:
Goodwill	(25,174)		(25,175)	(25,173)	(25,173)	(25,172)	—		—
Certain identifiable intangible assets (other than MSRs)	(132)		(145)	(139)	(152)	(171)	9		23
Goodwill and other intangibles on investments in consolidated portfolio companies (included inother assets) (2)	(878)		(2,511)	(2,486)	(2,427)	(2,378)	65		63
Applicable deferred taxes related to goodwill and other intangible assets (3)	913		905	897	890	889	1		3
Tangible common equity	$	136,153	133,990	134,992	134,090	130,151	2		5
Common shares outstanding	3,637.9		3,667.7	3,763.2	3,833.8	3,795.4	(1)		(4)
Book value per common share	44.37		43.87	43.02	41.98	41.36	1		7
Tangible book value per common share	37.43		36.53	35.87	34.98	34.29	2		9

All values are in US Dollars.

NM – Not meaningful

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

(2)In third quarter 2023, we sold investments in certain private equity funds. As a result, we have removed the related goodwill and other intangible assets on investments in consolidated portfolio companies.

(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.

-25-

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

	Quarter ended							Nine months ended
( in millions)	Sep 30,<br>2023			Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2022	Jun 30,<br>2023		Sep 30,<br>2022	Sep 30,<br>2023			Sep 30,<br>2022	%<br>Change
Return on average tangible common equity:
Net income applicable to common stock	$	5,450		4,659	4,713	2,877	3,313	17	%	65	$	14,822		9,685	53	%
Average total equity	184,828			184,443	184,297	182,621	183,042	—		1	184,525			183,350	1
Adjustments:
Preferred stock (1)	(20,441)			(19,448)	(19,448)	(19,553)	(20,057)	(5)		(2)	(19,782)			(20,057)	1
Additional paid-in capital on preferred stock (1)	171			173	173	166	135	(1)		27	172			135	27
Unearned ESOP shares (1)	—			—	—	112	646	NM		(100)	—			646	(100)
Noncontrolling interests	(1,775)			(1,924)	(2,019)	(2,185)	(2,258)	8		21	(1,905)			(2,370)	20
Average common stockholders’ equity	162,783			163,244	163,003	161,161	161,508	—		1	163,010			161,704	1
Adjustments:
Goodwill	(25,174)			(25,175)	(25,173)	(25,173)	(25,177)	—		—	(25,174)			(25,179)	—
Certain identifiable intangible assets (other than MSRs)	(137)			(140)	(145)	(160)	(181)	2		24	(141)			(199)	29
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (2)	(2,539)			(2,487)	(2,440)	(2,378)	(2,359)	(2)		(8)	(2,489)			(2,352)	(6)
Applicable deferred taxes related to goodwill and other intangible assets (3)	910			903	895	890	886	1		3	902			855	5
Average tangible common equity	$	135,843		136,345	136,140	134,340	134,677	—		1	$	136,108		134,829	1
Return on average common stockholders’ equity (ROE) (annualized)	13.3		%	11.4	11.7	7.1	8.1				12.2		%	8.0
Return on average tangible common equity (ROTCE) (annualized)	15.9		%	13.7	14.0	8.5	9.8				14.6		%	9.6

All values are in US Dollars.

NM – Not meaningful

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

-26-

Wells Fargo & Company and Subsidiaries

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

	Estimated							Sep 30, 2023 <br>% Change from
( in billions)	Sep 30,<br>2023			Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2022	Jun 30,<br>2023		Sep 30,<br>2022
Total equity (2)	$	182.4		182.0	183.2	182.2	178.5	—	%	2
Effect of accounting policy change (2)	—			—	—	(0.3)	(0.1)
Total equity (as reported)	182.4			182.0	183.2	181.9	178.4	—		2
Adjustments:
Preferred stock (3)	(19.4)			(19.4)	(19.4)	(19.4)	(20.1)	—		3
Additional paid-in capital on preferred stock (3)	0.1			0.1	0.2	0.1	0.1	—		—
Unearned ESOP shares (3)	—			—	—	—	0.7	NM		(100)
Noncontrolling interests	(1.7)			(1.8)	(2.1)	(2.0)	(2.2)	6		23
Total common stockholders' equity	161.4			160.9	161.9	160.6	156.9	—		3
Adjustments:
Goodwill	(25.2)			(25.2)	(25.2)	(25.2)	(25.2)	—		—
Certain identifiable intangible assets (other than MSRs)	(0.1)			(0.1)	(0.1)	(0.2)	(0.2)	—		50
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (4)	(0.9)			(2.5)	(2.5)	(2.4)	(2.4)	64		63
Applicable deferred taxes related to goodwill and other intangible assets (5)	0.9			0.9	0.9	0.9	0.9	—		—
Current expected credit loss (CECL) transition provision (6)	0.1			0.1	0.1	0.2	0.2	—		(50)
Other	—			0.1	(0.6)	(0.4)	(0.4)	(100)		100
Common Equity Tier 1	136.2			134.2	134.5	133.5	129.8	1		5
Preferred stock (3)	19.4			19.4	19.4	19.4	20.1	—		(3)
Additional paid-in capital on preferred stock (3)	(0.1)			(0.1)	(0.2)	(0.1)	(0.1)	—		—
Unearned ESOP shares (3)	—			—	—	—	(0.7)	NM		100
Other	(0.3)			(0.3)	(0.2)	(0.2)	(0.3)	—		—
Total Tier 1 capital	155.2			153.2	153.5	152.6	148.8	1		4
Long-term debt and other instruments qualifying as Tier 2	19.1			19.7	20.3	20.5	20.6	(3)		(7)
Qualifying allowance for credit losses (7)	14.9			15.1	14.2	13.9	13.6	(1)		10
Other	(0.5)			(0.4)	(0.3)	(0.3)	(0.3)	(25)		(67)
Total qualifying capital	$	188.7		187.6	187.7	186.7	182.7	1		3
Total risk-weighted assets (RWAs)	$	1,233.7		1,250.7	1,243.8	1,259.9	1,255.6	(1)		(2)
Common Equity Tier 1 to total RWAs	11.0		%	10.7	10.8	10.6	10.3
Tier 1 capital to total RWAs	12.6			12.2	12.3	12.1	11.9
Total capital to total RWAs	15.3			15.0	15.1	14.8	14.6

All values are in US Dollars.

NM – Not meaningful

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

(2)In first quarter 2023, we adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2018-12. We adopted this ASU with retrospective application, which required revision of prior period financial statements. Prior period risk-based capital and certain other regulatory related metrics were not revised.

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

(4)In third quarter 2023, we sold investments in certain private equity funds. As a result, we have removed the related goodwill and other intangible assets on investments in consolidated portfolio companies.

(5)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.

(6)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.

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

-27-

Wells Fargo & Company and Subsidiaries

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

	Estimated							Sep 30, 2023 <br>% Change from
( in billions)	Sep 30,<br>2023			Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2022	Jun 30,<br>2023		Sep 30,<br>2022
Total equity (2)	$	182.4		182.0	183.2	182.2	178.5	—	%	2
Effect of accounting policy change (2)	—			—	—	(0.3)	(0.1)
Total equity (as reported)	182.4			182.0	183.2	181.9	178.4	—		2
Adjustments:
Preferred stock (3)	(19.4)			(19.4)	(19.4)	(19.4)	(20.1)	—		3
Additional paid-in capital on preferred stock (3)	0.1			0.1	0.2	0.1	0.1	—		—
Unearned ESOP shares (3)	—			—	—	—	0.7	NM		(100)
Noncontrolling interests	(1.7)			(1.8)	(2.1)	(2.0)	(2.2)	6		23
Total common stockholders' equity	161.4			160.9	161.9	160.6	156.9	—		3
Adjustments:
Goodwill	(25.2)			(25.2)	(25.2)	(25.2)	(25.2)	—		—
Certain identifiable intangible assets (other than MSRs)	(0.1)			(0.1)	(0.1)	(0.2)	(0.2)	—		50
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (4)	(0.9)			(2.5)	(2.5)	(2.4)	(2.4)	64		63
Applicable deferred taxes related to goodwill and other intangible assets (5)	0.9			0.9	0.9	0.9	0.9	—		—
CECL transition provision (6)	0.1			0.1	0.1	0.2	0.2	—		(50)
Other	—			0.1	(0.6)	(0.4)	(0.4)	(100)		100
Common Equity Tier 1	136.2			134.2	134.5	133.5	129.8	1		5
Preferred stock (3)	19.4			19.4	19.4	19.4	20.1	—		(3)
Additional paid-in capital on preferred stock (3)	(0.1)			(0.1)	(0.2)	(0.1)	(0.1)	—		—
Unearned ESOP shares (3)	—			—	—	—	(0.7)	NM		100
Other	(0.3)			(0.3)	(0.2)	(0.2)	(0.3)	—		—
Total Tier 1 capital	155.2			153.2	153.5	152.6	148.8	1		4
Long-term debt and other instruments qualifying as Tier 2	19.1			19.7	20.3	20.5	20.6	(3)		(7)
Qualifying allowance for credit losses (7)	4.6			4.5	4.5	4.5	4.4	2		5
Other	(0.5)			(0.4)	(0.3)	(0.3)	(0.3)	(25)		(67)
Total qualifying capital	$	178.4		177.0	178.0	177.3	173.5	1		3
Total RWAs	$	1,130.3		1,118.4	1,117.9	1,112.3	1,104.1	1		2
Common Equity Tier 1 to total RWAs	12.0		%	12.0	12.0	12.0	11.8
Tier 1 capital to total RWAs	13.7			13.7	13.7	13.7	13.5
Total capital to total RWAs	15.8			15.8	15.9	15.9	15.7

All values are in US Dollars.

NM – Not meaningful

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

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

-28-

ex993-wellsfargo3q23pres

23Q23 Financial Results 3Q23 results Financial Results ROE: 13.3% ROTCE: 15.9%1 Efficiency ratio: 63%2 Credit Quality Capital and Liquidity CET1 ratio: 11.0%3 LCR: 123%6 TLAC ratio: 24.0%7 • Provision for credit losses5 of $1.2 billion – Total net loan charge-offs of $850 million, up $451 million, with net loan charge-offs of 0.36% of average loans (annualized) – Allowance for credit losses for loans of $15.1 billion, up $1.8 billion • CET1 capital of $136.2 billion3 • CET1 ratio of 11.0% under the Standardized Approach and 12.0% under the Advanced Approach3 • Liquidity coverage ratio (LCR) of 123%6 Comparisons in the bullet points are for 3Q23 versus 3Q22, unless otherwise noted. 1. Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 17. 2. The efficiency ratio is noninterest expense divided by total revenue. 3. The Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach is our binding CET1 ratio. See page 18 for additional information regarding CET1 capital and ratios. CET1 is a preliminary estimate. 4. 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. 5. Includes provision for credit losses for loans, debt securities, and other financial assets. 6. Liquidity coverage ratio (LCR) represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. LCR is a preliminary estimate. 7. Represents total loss absorbing capacity (TLAC) divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC is a preliminary estimate. • Net income of $5.8 billion, or $1.48 per diluted common share, included: – $349 million, or $0.09 per share, of discrete tax benefits related to the resolution of prior period tax matters – The sale of ~$2 billion of private equity investments, which had a minimal impact to net income, but resulted in an increase of ~14 bps to our Common Equity Tier 1 (CET1) ratio3 • Revenue of $20.9 billion, up 7% – Net interest income of $13.1 billion, up 8% – Noninterest income of $7.8 billion, up 4% • Noninterest expense of $13.1 billion, down 8% • Pre-tax pre-provision profit4 of $7.7 billion, up 47% • Effective income tax rate of 12.3% included $349 million of discrete tax benefits • Average loans of $943.2 billion • Average deposits of $1.3 trillion, down 5%

33Q23 Financial Results Capital and liquidity Capital Position • Common Equity Tier 1 (CET1) ratio of 11.0%1 at September 30, 2023 remained above our regulatory minimum and buffers of 9.2%2 • CET1 ratio up ~70 bps from 3Q22 and up ~30 bps from 2Q23, which included: – A decline in accumulated other comprehensive income driven by higher interest rates and wider mortgage-backed securities spreads, which resulted in declines in the CET1 ratio of 8 bps from 3Q22 and 16 bps from 2Q23 – A ~14 bps increase resulting from the 3Q23 sale of certain private equity investments and the resulting removal of the related goodwill and other intangible assets on investments in consolidated portfolio companies • As of 10/1/23, the Company's stress capital buffer (SCB) decreased to 2.9%, which decreased our CET1 regulatory minimum and buffers to 8.9% Capital Return • Period-end common shares outstanding down 157.5 million, or 4%, from 3Q22 – $1.5 billion in gross common stock repurchases, or 33.8 million shares, in 3Q23 • 3Q23 common stock dividend increased to $0.35 per share, up from $0.30 per share in 2Q23 Total Loss Absorbing Capacity (TLAC) • As of September 30, 2023, our TLAC as a percentage of total risk-weighted assets was 24.0%3 compared with the required minimum of 21.5% Liquidity Position • Strong liquidity position with a 3Q23 liquidity coverage ratio4 of 123% which remained above our regulatory minimum of 100% 10.3% 10.6% 10.8% 10.7% 11.0% 3Q22 4Q22 1Q23 2Q23 3Q23 Estimated 1. The Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach is our binding CET1 ratio. See page 18 for additional information regarding CET1 capital and ratios. 3Q23 CET1 is a preliminary estimate. 2. Includes a 4.50% minimum requirement, a stress capital buffer of 2.90% as of 10/1/23, which declined from 3.20% as of 9/30/23, and a G-SIB capital surcharge of 1.50%. 3. Represents total loss absorbing capacity (TLAC) divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC is a preliminary estimate. 4. Liquidity coverage ratio (LCR) represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. 3Q23 LCR is a preliminary estimate. 8.9% Regulatory Minimum and Buffers2 as of 10/1/23 (9.2% at 9/30/23) Common Equity Tier 1 Ratio under the Standardized Approach1

43Q23 Financial Results 3Q23 earnings 1. Includes provision for credit losses for loans, debt securities, and other financial assets. 2. Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 17. Quarter ended $ Change from $ in millions, except per share data 3Q23 2Q23 3Q22 2Q23 3Q22 Net interest income $13,105 13,163 12,098 ($58) 1,007 Noninterest income 7,752 7,370 7,468 382 284 Total revenue 20,857 20,533 19,566 324 1,291 Net charge-offs 864 764 399 100 465 Change in the allowance for credit losses 333 949 385 (616) (52) Provision for credit losses1 1,197 1,713 784 (516) 413 Noninterest expense 13,113 12,987 14,306 126 (1,193) Pre-tax income 6,547 5,833 4,476 714 2,071 Income tax expense (benefit) 811 930 912 (119) (101) Effective income tax rate (%) 12.3 % 15.8 20.2 (352) bps (792) Net income $5,767 4,938 3,592 $829 2,175 Diluted earnings per common share $1.48 1.25 0.86 $0.23 0.62 Diluted average common shares (# mm) 3,680.6 3,724.9 3,825.1 (44) (145) Return on equity (ROE) 13.3 % 11.4 8.1 184 bps 515 Return on average tangible common equity (ROTCE)2 15.9 13.7 9.8 221 616 Efficiency ratio 63 63 73 (38) (1,024)

53Q23 Financial Results Credit quality: net loan charge-offs • Commercial net loan charge-offs down $12 million to 13 bps of average loans (annualized) as a $26 million decrease in commercial and industrial net loan charge- offs was partially offset by a $14 million increase in commercial real estate (CRE) net loan charge-offs • Consumer net loan charge-offs up $98 million to 67 bps of average loans (annualized) primarily on $49 million higher auto net loan charge-offs from 2Q seasonal lows and a $24 million increase in credit card net loan charge-offs • Nonperforming assets of $8.2 billion, up $1.2 billion, or 17%, as higher CRE nonaccrual loans were partially offset by lower commercial and industrial nonaccrual loans – CRE nonaccrual loans of $3.9 billion, up $1.4 billion driven by a $1.3 billion increase in CRE office nonaccrual loans Provision for Credit Losses1 and Net Loan Charge-offs ($ in millions) Comparisons in the bullet points are for 3Q23 versus 2Q23, unless otherwise noted. 1. Includes provision for credit losses for loans, debt securities, and other financial assets. 784 957 1,207 1,713 1,197 399 560 604 764 850 Provision for Credit Losses Net Loan Charge-offs Net Loan Charge-off Ratio 3Q22 4Q22 1Q23 2Q23 3Q23 0.17% 0.23% 0.32% 0.26% 0.36% 1 1

63Q23 Financial Results Credit quality: allowance for credit losses for loans Allowance for Credit Losses for Loans ($ in millions) • Allowance for credit losses for loans (ACL) up from both 3Q22 and 2Q23 primarily for commercial real estate (CRE) office loans, as well as higher credit card loan balances, partially offset by a lower ACL for auto loans • CRE Office ACL of $2.6 billion, up $359 million – CRE Office ACL as a % of loans of 7.9%, up from 6.6% ◦ Corporate and Investment Banking (CIB) CRE Office ACL as a % of loans of 10.8%, up from 8.8% Comparisons in the bullet points are for 3Q23 versus 2Q23, unless otherwise noted. 1. On 1/1/2023, we adopted the Troubled Debt Restructuring (TDR) accounting standard which removed $429 million of ACL with an offset directly to retained earnings. 13,225 13,609 13,705 14,786 15,064 6,991 6,956 7,224 8,081 8,310 6,234 6,653 6,481 6,705 6,754 Commercial Consumer Allowance coverage for total loans 3Q22 4Q22 1Q23 2Q23 3Q23 1.42%1.40% 1.45% 1.56% 1.60% 1 CRE Allowance for Credit Losses (ACL) and Nonaccrual Loans, as of 9/30/23 ($ in millions) Allowance for Credit Losses Loans Outstanding ACL as a % of Loans Nonaccrual Loans CIB CRE Office $ 2,322 21,472 10.8% $ 2,666 All other CRE Office 237 10,729 2.2 124 Total CRE Office 2,559 32,201 7.9 2,790 All other CRE 1,283 120,285 1.1 1,073 Total CRE $ 3,842 152,486 2.5% $ 3,863 1

73Q23 Financial Results Loans and deposits • Average loans down $2.3 billion year-over-year (YoY) driven by lower auto loans, residential mortgage loans, and commercial real estate loans, partially offset by higher credit card loans, and commercial and industrial loans • Total average loan yield of 6.23%, up 195 bps YoY and up 24 bps from 2Q23 reflecting the impact of higher interest rates • Period-end loans of $942.4 billion, down $3.5 billion YoY and down $5.5 billion from 2Q23 • Average deposits down $67.6 billion, or 5%, YoY; down $7.1 billion, or 1%, from 2Q23 reflecting consumer deposit outflows on consumer spending, as well as customer migration to higher yielding alternatives • Period-end deposits down $44.2 billion, or 3%, YoY, and up $9.4 billion, or 1%, from 2Q23 Average Loans Outstanding ($ in billions) Average Deposits and Rates ($ in billions) 945.5 948.5 948.7 945.9 943.2 551.2 552.2 553.2 553.0 551.5 394.3 396.3 395.5 392.9 391.7 Commercial Loans Consumer Loans Total Average Loan Yield 3Q22 4Q22 1Q23 2Q23 3Q23 4.28% 5.13% 5.69% 5.99% 6.23% Period-End Deposits ($ in billions) 3Q23 vs 2Q23 vs 3Q22 Consumer Banking and Lending $ 798.9 (3) % (10) % Commercial Banking 160.4 (3) (7) Corporate & Investment Banking 162.8 3 5 Wealth & Investment Management 103.2 (5) (31) Corporate 128.7 NM NM Total deposits $ 1,354.0 1 % (3) % Average deposit cost 1.36 % 0.23 1.22 888.1 864.6 841.3 823.3 801.1 180.2 175.4 170.5 166.7 160.6 156.8 156.2 157.6 160.3 157.2 Corporate Wealth and Investment Management Corporate and Investment Banking Commercial Banking Consumer Banking and Lending 3Q22 4Q22 1Q23 2Q23 3Q23 1,380.51,407.9 1,356.7 1,347.4 1,340.324.4 42.1 60.7 84.7 113.9158.4 142.2 126.6 112.4 107.5

83Q23 Financial Results 12,098 13,433 13,336 13,163 13,105 Net Interest Income Net Interest Margin (NIM) on a taxable-equivalent basis 3Q22 4Q22 1Q23 2Q23 3Q23 3.03% Net interest income • Net interest income up $1.0 billion, or 8%, from 3Q22 primarily due to the impact of higher interest rates, partially offset by lower deposit balances – 3Q23 MBS premium amortization was $163 million vs. $230 million in 3Q22 and $163 million in 2Q23 • Net interest income down $58 million from 2Q23 due to lower average deposit balances, partially offset by one additional day in the quarter and the impact of higher interest rates • 2023 net interest income is expected to be ~16% higher than the full year 2022 level of $45.0 billion, up from prior guidance of ~14% higher, with 4Q23 expected to be ~$12.7 billion Net Interest Income ($ in millions) 2.83% 3.14% 3.20% 3.09% 1. Includes taxable-equivalent adjustments predominantly related to tax-exempt income on certain loans and securities. 1

93Q23 Financial Results Noninterest expense • Noninterest expense down $1.2 billion, or 8%, from 3Q22 – Operating losses down $1.9 billion – Other expenses of $12.8 billion, up $696 million, or 6% ◦ Personnel expense up $415 million, or 5%, driven by a $186 million increase in severance expense, as well as higher revenue-related compensation expense, partially offset by the impact of efficiency initiatives ◦ Non-personnel expense up $281 million, or 7%, on higher technology and equipment expense, advertising expense, and FDIC assessments • Noninterest expense up $126 million, or 1%, from 2Q23 – Operating losses up $97 million – Other expenses of $12.8 billion, up $29 million ◦ Personnel expense up $21 million and included an $87 million increase in severance expense, as well as higher revenue-related compensation expense ◦ Non-personnel expense up $8 million • 2023 noninterest expense excluding operating losses is expected to be ~$51.5 billion, up from prior guidance of ~$51.0 billion, with 4Q23 expected to be ~$12.6 billion – As previously disclosed, we have outstanding litigation, regulatory, and customer remediation matters that could impact operating losses Noninterest Expense ($ in millions) 14,306 16,186 13,676 12,987 13,113 8,212 8,415 9,415 8,606 8,627 3,876 4,254 3,994 4,149 4,157 2,218 3,517 Operating Losses Non-personnel Expense Personnel Expense 3Q22 4Q22 1Q23 2Q23 3Q23 Headcount (Period-end, '000s) 3Q22 4Q22 1Q23 2Q23 3Q23 239 239 236 234 227 329232 267

103Q23 Financial Results Consumer Banking and Lending • Total revenue up 3% YoY and up 1% from 2Q23 – CSBB up 7% YoY as the impact of higher interest rates was partially offset by lower deposit balances, as well as lower deposit-related fees reflecting our efforts to help customers avoid overdraft fees – Home Lending down 14% YoY due to a decline in mortgage banking income driven by lower originations and lower servicing income, which included the impact of sales of mortgage servicing rights – Credit Card up 2% YoY on higher loan balances, including the impact of higher point of sale (POS) volume and new product launches, partially offset by introductory promotional rates and higher credit card rewards expense; up 4% from 2Q23 on higher loan balances and balance transfer fees, partially offset by higher credit card rewards expense – Auto down 15% YoY and down 5% from 2Q23 on loan spread compression and lower loan balances – Personal Lending up 14% YoY and up 2% from 2Q23 on higher loan balances • Noninterest expense down 13% YoY on lower operating losses and the impact of efficiency initiatives, partially offset by higher operating costs and advertising expense; down 2% from 2Q23 on lower personnel expense reflecting lower headcount 1. Return on allocated capital is segment net income (loss) applicable to common stock divided by segment average allocated capital. Segment net income (loss) applicable to common stock is segment net income (loss) less allocated preferred stock dividends. 2. Efficiency ratio is segment noninterest expense divided by segment total revenue. 3. Digital and mobile active customers is the number of consumer and small business customers who have logged on via a digital or mobile device, respectively, in the prior 90 days. Summary Financials $ in millions (mm) 3Q23 vs. 2Q23 vs. 3Q22 Revenue by line of business: Consumer, Small and Business Banking (CSBB) $6,665 $89 433 Consumer Lending: Home Lending 840 (7) (133) Credit Card 1,375 54 26 Auto 360 (18) (63) Personal Lending 341 8 41 Total revenue 9,581 126 304 Provision for credit losses 768 (106) (149) Noninterest expense 5,913 (114) (845) Pre-tax income 2,900 346 1,298 Net income $2,173 $259 972 Selected Metrics 3Q23 2Q23 3Q22 Return on allocated capital1 19.1 % 16.9 9.4 Efficiency ratio2 62 64 73 Retail bank branches # 4,355 4,455 4,612 Digital (online and mobile) active customers3 (mm) 34.6 34.2 33.6 Mobile active customers3 (mm) 29.6 29.1 28.3 Average Balances and Selected Credit Metrics $ in billions 3Q23 2Q23 3Q22 Balances Loans $335.5 336.4 335.6 Deposits 801.1 823.3 888.0 Credit Performance Net charge-offs as a % of average loans 0.85 % 0.74 0.51

113Q23 Financial Results Consumer Banking and Lending Mortgage Loan Originations ($ in billions) Auto Loan Originations ($ in billions) Credit Card POS Volume ($ in billions) Debit Card Point of Sale (POS) Volume and Transactions1 1. Debit card purchase volume and transactions reflect combined activity for both consumer and business debit card purchases. 21.5 14.6 6.6 7.8 6.4 12.4 8.2 5.6 7.7 6.4 Retail Correspondent Refinances as a % of Originations 3Q22 4Q22 1Q23 2Q23 3Q23 122.4 124.0 117.3 124.9 124.5 POS Volume ($ in billions) POS Transactions (billions) 3Q22 4Q22 1Q23 2Q23 3Q23 5.4 5.0 5.0 4.8 4.1 3Q22 4Q22 1Q23 2Q23 3Q23 30.7 32.3 30.1 34.0 35.2 3Q22 4Q22 1Q23 2Q23 3Q23 2.5 2.5 2.4 2.5 2.6 16% 13% 16% 17% 16% 9.1 6.4

123Q23 Financial Results Commercial Banking • Total revenue up 15% YoY and up 1% from 2Q23 – Middle Market Banking revenue up 23% YoY driven by the impact of higher interest rates and higher loan balances, partially offset by lower deposit balances – Asset-Based Lending and Leasing revenue up 3% YoY on higher loan balances and higher revenue from renewable energy investments, partially offset by lower net gains on equity securities; up 2% from 2Q23 on higher net interest income, as well as higher revenue from renewable energy investments, partially offset by lower lease income • Noninterest expense up 1% YoY on higher operating costs and personnel expense, partially offset by lower operating losses and the impact of efficiency initiatives; down 5% from 2Q23 predominantly driven by lower operating costs and personnel expense Summary Financials $ in millions 3Q23 vs. 2Q23 vs. 3Q22 Revenue by line of business: Middle Market Banking $2,212 $13 419 Asset-Based Lending and Leasing 1,193 23 34 Total revenue 3,405 36 453 Provision for credit losses 52 26 220 Noninterest expense 1,543 (87) 17 Pre-tax income 1,810 97 216 Net income $1,354 $73 172 Selected Metrics 3Q23 2Q23 3Q22 Return on allocated capital 20.2 % 19.3 23.1 Efficiency ratio 45 48 52 Average loans by line of business ($ in billions) Middle Market Banking $120.5 122.2 117.0 Asset-Based Lending and Leasing 103.9 103.6 92.0 Total loans $224.4 225.8 209.0 Average deposits 160.6 166.7 180.2

133Q23 Financial Results Corporate and Investment Banking • Total revenue up 21% YoY and up 6% from 2Q23 – Banking revenue up 20% YoY driven by higher lending revenue, stronger treasury management results reflecting the impact of higher interest rates, and higher investment banking revenue on increased activity across all products; up 8% from 2Q23 primarily on higher investment banking revenue – Commercial Real Estate revenue up 14% YoY reflecting the impact of higher interest rates and higher revenue in our low-income housing business, partially offset by lower loan and deposit balances – Markets revenue up 33% YoY and up 7% from 2Q23 driven by higher revenue in structured products, equities, credit products, and foreign exchange, partially offset by lower trading activity in rates products • Noninterest expense up 15% YoY and up 5% from 2Q23 driven by higher operating costs and personnel expense, partially offset by the impact of efficiency initiatives Summary Financials $ in millions 3Q23 vs. 2Q23 vs. 3Q22 Revenue by line of business: Banking: Lending $721 $36 141 Treasury Management and Payments 747 (15) 77 Investment Banking 430 119 94 Total Banking 1,898 140 312 Commercial Real Estate 1,376 43 164 Markets: Fixed Income, Currencies and Commodities (FICC) 1,148 15 234 Equities 518 121 202 Credit Adjustment (CVA/DVA) and Other (12) (26) (29) Total Markets 1,654 110 407 Other (5) (1) (20) Total revenue 4,923 292 863 Provision for credit losses 324 (609) 292 Noninterest expense 2,182 95 282 Pre-tax income 2,417 806 289 Net income $1,816 $606 224 Selected Metrics 3Q23 2Q23 3Q22 Return on allocated capital 15.5 % 10.2 16.6 Efficiency ratio 44 45 47 Average Balances ($ in billions) Loans by line of business 3Q23 2Q23 3Q22 Banking $94.0 95.4 109.9 Commercial Real Estate 135.6 136.5 137.6 Markets 62.0 59.6 58.7 Total loans $291.6 291.5 306.2 Deposits 157.2 160.3 156.8 Trading-related assets 204.4 196.1 184.5

143Q23 Financial Results Wealth and Investment Management Summary Financials $ in millions 3Q23 vs. 2Q23 vs. 3Q22 Net interest income $1,007 ($2) (81) Noninterest income 2,695 56 118 Total revenue 3,702 54 37 Provision for credit losses (10) (34) (18) Noninterest expense 3,006 32 210 Pre-tax income 706 56 (155) Net income $529 $42 (110) Selected Metrics ($ in billions) 3Q23 2Q23 3Q22 Return on allocated capital 32.8 % 30.5 28.4 Efficiency ratio 81 82 76 Average loans $82.2 83.0 85.5 Average deposits 107.5 112.4 158.4 Client assets Advisory assets 825 850 756 Other brokerage assets and deposits 1,123 1,148 1,003 Total client assets $1,948 1,998 1,759 • Total revenue up 1% YoY and up 1% from 2Q23 – Net interest income down 7% YoY driven by lower deposit balances as customers reallocated cash into higher yielding alternatives, as well as lower loan balances, partially offset by the impact of higher interest rates – Noninterest income up 5% YoY and up 2% from 2Q23 on higher asset-based fees driven by an increase in market valuations • Noninterest expense up 8% YoY on higher revenue-related compensation and operating costs, partially offset by the impact of efficiency initiatives; up 1% from 2Q23 on higher revenue-related compensation

153Q23 Financial Results Corporate • Revenue decreased $345 million YoY reflecting assumption changes related to the valuation of our Visa B common stock exposure, as well as lower venture capital revenue • Noninterest expense down YoY reflecting lower operating losses Summary Financials $ in millions 3Q23 vs. 2Q23 vs. 3Q22 Net interest income ($269) ($178) (21) Noninterest income 21 (100) (324) Total revenue (248) (278) (345) Provision for credit losses 63 207 68 Noninterest expense 469 200 (857) Pre-tax loss (780) (685) 444 Income tax benefit (641) (538) (470) Less: Net loss from noncontrolling interests (34) 4 (3) Net loss ($105) ($151) 917

Appendix

173Q23 Financial Results Tangible Common Equity Wells Fargo & Company and Subsidiaries TANGIBLE COMMON EQUITY We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than MSRs) and goodwill and other intangibles on investments in consolidated portfolio companies, net of applicable deferred taxes. One of these ratios is return on average tangible common equity (ROTCE), which represents our annualized earnings as a percentage of tangible common equity. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity, which utilizes tangible common equity, is a useful financial measure because it enables management, investors, and others to assess the Company’s use of equity. The table below provides a reconciliation of this non-GAAP financial measure to GAAP financial measures. Quarter ended ($ in millions) Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Return on average tangible common equity: Net income applicable to common stock (A) $ 5,450 4,659 4,713 2,877 3,313 Average total equity 184,828 184,443 184,297 182,621 183,042 Adjustments: Preferred stock1 (20,441) (19,448) (19,448) (19,553) (20,057) Additional paid-in capital on preferred stock1 171 173 173 166 135 Unearned ESOP shares1 — — — 112 646 Noncontrolling interests (1,775) (1,924) (2,019) (2,185) (2,258) Average common stockholders’ equity (B) 162,783 163,244 163,003 161,161 161,508 Adjustments: Goodwill (25,174) (25,175) (25,173) (25,173) (25,177) Certain identifiable intangible assets (other than MSRs) (137) (140) (145) (160) (181) Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)2 (2,539) (2,487) (2,440) (2,378) (2,359) Applicable deferred taxes related to goodwill and other intangible assets3 910 903 895 890 886 Average tangible common equity (C) $ 135,843 136,345 136,140 134,340 134,677 Return on average common stockholders’ equity (ROE) (annualized) (A)/(B) 13.3 % 11.4 11.7 7.1 8.1 Return on average tangible common equity (ROTCE) (annualized) (A)/(C) 15.9 % 13.7 14.0 8.5 9.8 1. In fourth quarter 2022, we redeemed all outstanding shares of our ESOP Cumulative Convertible Preferred Stock in exchange for shares of the Company’s common stock. 2. In third quarter 2023, we sold investments in certain private equity funds. As a result, we have removed the related goodwill and other intangible assets on investments in consolidated portfolio companies. 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.

183Q23 Financial Results 1. The Basel III capital rules provide for two capital frameworks (the Standardized Approach and the Advanced Approach applicable to certain institutions), and we must calculate our CET1, Tier 1 and total capital ratios under both approaches. 2. In first quarter 2023, we adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2018-12. We adopted this ASU with retrospective application, which required revision of prior period financial statements. Prior period risk-based capital and certain other regulatory related metrics were not revised. 3. In fourth quarter 2022, we redeemed all outstanding shares of our ESOP Cumulative Convertible Preferred Stock in exchange for shares of the Company’s common stock. 4. In third quarter 2023, we sold investments in certain private equity funds. As a result, we have removed the related goodwill and other intangible assets on investments in consolidated portfolio companies. 5. 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. 6. In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out period in which the benefit is reduced by 25% in year one, 50% in year two and 75% in year three. Common Equity Tier 1 under Basel III Wells Fargo & Company and Subsidiaries RISK-BASED CAPITAL RATIOS UNDER BASEL III1 Estimated ($ in billions) Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Total equity2 $ 182.4 182.0 183.2 182.2 178.5 Effect of accounting policy change2 — — — (0.3) (0.1) Total equity (as reported) 182.4 182.0 183.2 181.9 178.4 Adjustments: Preferred stock3 (19.4) (19.4) (19.4) (19.4) (20.1) Additional paid-in capital on preferred stock3 0.1 0.1 0.2 0.1 0.1 Unearned ESOP shares3 — — — — 0.7 Noncontrolling interests (1.7) (1.8) (2.1) (2.0) (2.2) Total common stockholders' equity 161.4 160.9 161.9 160.6 156.9 Adjustments: Goodwill (25.2) (25.2) (25.2) (25.2) (25.2) Certain identifiable intangible assets (other than MSRs) (0.1) (0.1) (0.1) (0.2) (0.2) Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)4 (0.9) (2.5) (2.5) (2.4) (2.4) Applicable deferred taxes related to goodwill and other intangible assets5 0.9 0.9 0.9 0.9 0.9 Current expected credit loss (CECL) transition provision6 0.1 0.1 0.1 0.2 0.2 Other — 0.1 (0.6) (0.4) (0.4) Common Equity Tier 1 (A) $ 136.2 134.2 134.5 133.5 129.8 Total risk-weighted assets (RWAs) under Standardized Approach (B) 1,233.7 1,250.7 1,243.8 1,259.9 1,255.6 Total RWAs under Advanced Approach (C) 1,130.3 1,118.4 1,117.9 1,112.3 1,104.1 Common Equity Tier 1 to total RWAs under Standardized Approach (A)/(B) 11.0 % 10.7 10.8 10.6 10.3 Common Equity Tier 1 to total RWAs under Advanced Approach (A)/(C) 12.0 12.0 12.0 12.0 11.8

193Q23 Financial Results Disclaimer and forward-looking statements Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information. This document contains forward-looking statements. In addition, we may make forward-looking statements in our other documents filed or furnished with the Securities and Exchange Commission, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company, including our outlook for future growth; (ii) our expectations regarding noninterest expense and our 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) our expectations regarding our mortgage business and any related commitments or exposures; (viii) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (ix) future common stock dividends, common share repurchases and other uses of capital; (x) our targeted range for return on assets, return on equity, and return on tangible common equity; (xi) expectations regarding our effective income tax rate; (xii) the outcome of contingencies, such as legal proceedings; (xiii) environmental, social and governance related goals or commitments; and (xiv) the Company’s plans, objectives and strategies. Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Investors are urged to not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For more information about factors that could cause actual results to differ materially from expectations, refer to the “Forward-Looking Statements” discussion in Wells Fargo’s press release announcing our third quarter 2023 results and in our most recent Quarterly Report on Form 10-Q, as well as to Wells Fargo’s other reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022.