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 14, 2022

WELLS FARGO & COMPANY

(Exact name of registrant as specified in its charter)

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

420 Montgomery Street, San Francisco, California 94104

(Address of principal executive offices) (Zip Code)

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On October 14, 2022, Wells Fargo & Company (the “Company”) issued a news release regarding its results of operations and financial condition for the quarter ended September 30, 2022, and posted on its website its 3Q22 Quarterly Supplement, which contains certain additional information about the Company’s financial results for the quarter ended September 30, 2022. The news release is included as Exhibit 99.1 and the 3Q22 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 14, 2022, the Company intends to host a live conference call that will also be available by webcast to discuss the Company’s third quarter 2022 financial results and other matters relating to the Company. In connection therewith, the Company has posted on its website presentation materials containing certain historical and forward-looking information relating to the Company. The presentation materials are included as Exhibit 99.3 to this report and are incorporated by reference into this Item 7.01. Exhibit 99.3 shall not be considered “filed” for purposes of Section 18 under the Securities Exchange Act of 1934 and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description	Location
99.1	News Release dated October 14, 2022	Filed herewith
99.2	3Q22 Quarterly Supplement	Filed herewith
99.3	Presentation Materials – 3Q22 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 14, 2022	WELLS FARGO & COMPANY
		By:	/s/ MUNEERA S. CARR
			Muneera S. Carr
			Executive Vice President,<br><br>Chief Accounting Officer and Controller

Document

Exhibit 99.1

News Release	October 14, 2022<br><br>Wells Fargo Reports Third Quarter 2022 Net Income of $3.5 billion<br><br>Diluted EPS of $0.85 included a $(0.45) per share impact from accruals for litigation, customer remediation, and regulatory matters
Company-wide Financial Summary
---	---	---	---	---
	Quarter ended
	Sep 30,<br>2022			Sep 30,<br>2021
Selected Income Statement Data( in millions except per share amounts)
	$	19,505		18,834
	14,327			13,303
	784			(1,395)
	3,528			5,122
	0.85			1.17
Selected Balance Sheet Data( in billions)
	$	945.5		854.0
	1,407.9			1,450.9
	10.3		%	11.6
Performance Metrics
	8.0		%	11.1
	9.6			13.2

All values are in US Dollars.

Operating Segments
	Quarter ended		Sep 30, 2022 <br>% Change from
($ in billions)	Sep 30,<br>2022			Jun 30,<br>2022		Sep 30,<br>2021
Average loans
Consumer Banking and Lending	$	335.6		1	%	3
Commercial Banking	209.0			3		17
Corporate and Investment Banking	306.2			3		19
Wealth and Investment Management	85.5			(1)		3
Average deposits
Consumer Banking and Lending	888.0			(1)		5
Commercial Banking	180.2			(4)		(10)
Corporate and Investment Banking	156.8			(5)		(17)
Wealth and Investment Management	158.4			(9)		(10)
Third quarter 2022 results included:
---

◦$(2.0) billion, or $(0.45) per share, of accruals primarily related to a variety of historical matters, including litigation, customer remediation, and regulatory matters

Chief Executive Officer Charlie Scharf commented, “Our solid business performance in the third quarter was significantly impacted by $(2.0) billion, or $(0.45) per share, in operating losses related to litigation, customer remediation, and regulatory matters primarily related to a variety of historical matters. We have been focused on increasing our earnings capacity and see the positive impacts of rising interest rates driving strong net interest income growth and our continued focus on improving operating efficiencies resulting in lower expenses excluding the operating losses above. Credit performance remains strong and we are continuing to invest in our technology platforms, digital platforms and an expanded product set.” “Our top priority remains strengthening our risk and control infrastructure which includes addressing open historical issues and issues that are identified as we advance this work. As we have said several times, we remain at risk of setbacks as we work to complete the work and put these issues behind us and expenses this quarter reflect our ongoing efforts,” Scharf added. “Wells Fargo is positioned well as we will continue to benefit from higher rates and ongoing disciplined expense management. Both consumer and business customers remain in a strong financial condition, and we continue to see historically low delinquencies and high payment rates across our portfolios. We are closely monitoring risks related to the continued impact of high inflation and increasing interest rates, as well as the broader geopolitical risks, and while we do expect to see continued increases in delinquencies and ultimately credit losses, the timing remains unclear,” Scharf continued. “As we look forward, we remain bullish on our business opportunities, and our higher operating margins and strong capital ratios have prepared us for a wide range of macro-economic scenarios. In the third quarter we increased our common stock dividend by 20% and our CET1 ratio was 10.3%, 110 basis points above our current regulatory minimum including buffers. We will continue to prudently manage our capital levels to be appropriately prepared for a range of scenarios, including a slowing economy and market volatility,” Scharf concluded.

1 Represents our Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach, which is our binding CET1 ratio. See tables on pages 27-28 of the 3Q22 Quarterly Supplement for more information on CET1. CET1 for September 30, 2022, is a preliminary estimate.

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

3 Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 25-26 of the 3Q22 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, 2022, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.

Selected Company-wide Financial Information

				Quarter ended		Sep 30, 2022 <br>% Change from
	Sep 30,<br>2022			Jun 30,<br>2022	Sep 30,<br>2021	Jun 30,<br>2022		Sep 30,<br>2021
Earnings ( in millions except per share amounts)
	$	12,098		10,198	8,909	19	%	36
	7,407			6,830	9,925	8		(25)
	19,505			17,028	18,834	15		4
	399			345	257	16		55
	385			235	(1,652)	64		123
	784			580	(1,395)	35		156
	14,327			12,883	13,303	11		8
	894			613	1,521	46		(41)
	$	3,528		3,119	5,122	13		(31)
	0.85			0.74	1.17	15		(27)
Balance Sheet Data (average) ( in billions)
	$	945.5		926.6	854.0	2		11
	1,407.9			1,445.8	1,450.9	(3)		(3)
	1,880.7			1,902.6	1,949.7	(1)		(4)
Financial Ratios
	0.74		%	0.66	1.04
	8.0			7.1	11.1
	9.6			8.6	13.2
	73			76	71
	2.83			2.39	2.03

All values are in US Dollars.

(a)Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 25-26 of the 3Q22 Quarterly Supplement.

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

Third Quarter 2022 vs. Third Quarter 2021

◦Net interest income increased 36%, primarily due to the impact of higher interest rates, higher loan balances, and lower mortgage-backed securities premium amortization, partially offset by lower interest income from Paycheck Protection Program (PPP) loans and loans purchased from securitization pools

◦Noninterest income decreased 25%, driven by a decline in mortgage banking income on lower originations and gain on sale margins, as well as lower gains from the resecuritization of loans purchased from securitization pools; lower results in our affiliated venture capital and private equity businesses; lower asset-based fees in Wealth and Investment Management on lower market valuations; the impact of business divestitures; and lower investment banking and deposit-related fees. These decreases were partially offset by improved results in our Markets business

◦Noninterest expense increased 8% driven by higher operating losses on higher accruals primarily related to a variety of historical matters, including litigation, customer remediation, and regulatory matters, partially offset by lower revenue-related compensation and the impact of business divestitures and efficiency initiatives

◦Provision for credit losses in third quarter 2022 included a $385 million increase in the allowance for credit losses reflecting loan growth and a less favorable economic environment

-2-

Selected Company-wide Capital and Liquidity Information

				Quarter ended
( in billions)	Sep 30,<br>2022			Jun 30,<br>2022	Sep 30,<br>2021
Capital:
	$	178.4		179.8	191.1
	156.9			158.3	169.8
	130.1			131.5	142.0
	10.3		%	10.4	11.6
	23.0			22.7	23.7
	6.7			6.6	6.9
Liquidity:
	123			121	119

All values are in US Dollars.

(b)Represents our CET1 ratio calculated under the Standardized Approach, which is our binding CET1 ratio. See tables on pages 27-28 of the 3Q22 Quarterly Supplement for more information on CET1. CET1 for September 30, 2022, is a preliminary estimate.

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

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

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

Selected Company-wide Credit Information

				Quarter ended
( in millions)	Sep 30,<br>2022			Jun 30,<br>2022	Sep 30,<br>2021
Net charge-offs	$	399		345	257
	0.17		%	0.15	0.12
Total nonaccrual loans	$	5,587		5,993	7,058
	0.59		%	0.64	0.82
Total nonperforming assets	$	5,712		6,123	7,179
	0.60		%	0.65	0.83
Allowance for credit losses for loans	$	13,225		12,884	14,705
	1.40		%	1.37	1.70

All values are in US Dollars.

Third Quarter 2022 vs. Second Quarter 2022

◦Net loan charge-offs remained low. Commercial net loan charge-offs were $6 million, while consumer net loan charge-offs as a percentage of average loans were 0.40% (annualized), up from 0.33%, primarily due to higher net loan charge-offs in the auto portfolio

◦Nonperforming assets decreased 7%. Nonaccrual loans decreased $406 million driven by lower residential mortgage nonaccrual loans primarily due to sustained payment performance of borrowers after exiting COVID-19-related accommodation programs

-3-

Operating Segment Performance

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

Selected Financial Information

			Quarter ended				Sep 30, 2022 <br>% Change from
			Sep 30,<br>2022		Jun 30,<br>2022	Sep 30,<br>2021	Jun 30,<br>2022		Sep 30,<br>2021
Earnings (in millions)
	Consumer and Small Business Banking		$	6,232	5,510	4,822	13	%	29
	Consumer Lending:
		Home Lending	973		972	2,012	—		(52)
		Credit Card	1,349		1,304	1,251	3		8
		Auto	423		436	445	(3)		(5)
		Personal Lending	300		285	274	5		9
	Total revenue		9,277		8,507	8,804	9		5
	Provision for credit losses		917		613	(518)	50		277
	Noninterest expense		6,758		6,036	6,053	12		12
	Net income		$	1,201	1,393	2,451	(14)		(51)
Average balances (in billions)
	Loans		$	335.6	330.9	325.6	1		3
	Deposits		888.0		898.7	848.4	(1)		5

Third Quarter 2022 vs. Third Quarter 2021

◦Revenue increased 5%

▪Consumer and Small Business Banking was up 29% driven by the impact of higher interest rates and higher deposit balances, partially offset by lower revenue from PPP loans and lower deposit-related fees reflecting the elimination of non-sufficient funds and other fees

▪Home Lending was down 52% on lower mortgage banking income driven by lower originations and gain on sale margins, as well as lower revenue from the resecuritization of loans purchased from securitization pools

▪Credit Card was up 8% driven by higher loan balances, including the impact of higher point of sale volume and new product launches

▪Auto was down 5% driven by loan spread compression, partially offset by higher loan balances

▪Personal Lending was up 9% on higher loan balances

◦Noninterest expense increased 12% reflecting higher operating losses, partially offset by lower revenue-related compensation in Home Lending due to lower production and the impact of efficiency initiatives

-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, 2022 <br>% Change from
		Sep 30,<br>2022		Jun 30,<br>2022	Sep 30,<br>2021	Jun 30,<br>2022		Sep 30,<br>2021
Earnings (in millions)
	Middle Market Banking	$	1,793	1,459	1,165	23	%	54
	Asset-Based Lending and Leasing	1,159		1,033	911	12		27
	Total revenue	2,952		2,492	2,076	18		42
	Provision for credit losses	(168)		21	(335)	NM		50
	Noninterest expense	1,526		1,478	1,396	3		9
	Net income	$	1,182	741	759	60		56
Average balances (in billions)
	Loans	$	209.0	202.0	178.6	3		17
	Deposits	180.2		188.3	199.2	(4)		(10)

NM – Not meaningful

Third Quarter 2022 vs. Third Quarter 2021

◦Revenue increased 42%

▪Middle Market Banking was up 54% primarily due to the impact of higher interest rates and higher loan balances, partially offset by lower deposit balances and lower deposit-related fees driven by the impact of higher earnings credit rates, which result in lower fees for commercial customers

▪Asset-Based Lending and Leasing was up 27% driven by higher net gains from equity securities, higher loan balances, and higher revenue from renewable energy investments

◦Noninterest expense increased 9% primarily due to higher operating costs and operating losses, partially offset by the impact of efficiency initiatives

-5-

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

Selected Financial Information

			Quarter ended				Sep 30, 2022 <br>% Change from
			Sep 30,<br>2022		Jun 30,<br>2022	Sep 30,<br>2021	Jun 30,<br>2022		Sep 30,<br>2021
Earnings (in millions)
	Banking:
		Lending	$	580	528	502	10	%	16
		Treasury Management and Payments	670		529	372	27		80
		Investment Banking	336		222	367	51		(8)
	Total Banking		1,586		1,279	1,241	24		28
	Commercial Real Estate		1,212		1,060	942	14		29
	Markets:
		Fixed Income, Currencies, and Commodities (FICC)	914		934	884	(2)		3
		Equities	316		253	234	25		35
		Credit Adjustment (CVA/DVA) and Other	17		13	58	31		(71)
	Total Markets		1,247		1,200	1,176	4		6
	Other		15		34	26	(56)		(42)
	Total revenue		4,060		3,573	3,385	14		20
	Provision for credit losses		32		(62)	(460)	152		107
	Noninterest expense		1,900		1,840	1,797	3		6
	Net income		$	1,592	1,336	1,530	19		4
Average balances (in billions)
	Loans		$	306.2	298.7	257.3	3		19
	Deposits		156.8		164.9	189.4	(5)		(17)

Third Quarter 2022 vs. Third Quarter 2021

◦Revenue increased 20%

▪Banking was up 28% driven by stronger treasury management results reflecting the impact of higher interest rates, as well as higher loan balances, partially offset by lower investment banking fees reflecting lower market activity

▪Commercial Real Estate was up 29% reflecting higher loan balances and the impact of higher interest rates, as well as improved commercial mortgage-backed securities gain on sale margins

▪Markets was up 6% due to higher equities, rates and commodities, and foreign exchange trading revenue, partially offset by lower trading results in residential mortgage-backed securities

◦Noninterest expense increased 6% predominantly driven by higher operating costs, 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, 2022 <br>% Change from
		Sep 30,<br>2022		Jun 30,<br>2022	Sep 30,<br>2021	Jun 30,<br>2022		Sep 30,<br>2021
Earnings (in millions)
	Net interest income	$	1,088	916	637	19	%	71
	Noninterest income	2,577		2,789	2,981	(8)		(14)
	Total revenue	3,665		3,705	3,618	(1)		1
	Provision for credit losses	8		(7)	(73)	214		111
	Noninterest expense	2,796		2,911	2,917	(4)		(4)
	Net income	$	639	603	579	6		10
Total client assets (in billions)		1,759		1,835	2,091	(4)		(16)
Average balances (in billions)
	Loans	$	85.5	85.9	82.8	(1)		3
	Deposits	158.4		173.7	176.6	(9)		(10)

Third Quarter 2022 vs. Third Quarter 2021

◦Revenue increased 1% due to higher net interest income as a result of higher interest rates, mostly offset by lower asset-based fees driven by a decrease in market valuations

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

-7-

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

Selected Financial Information

		Quarter ended				Sep 30, 2022 <br>% Change from
		Sep 30,<br>2022		Jun 30,<br>2022	Sep 30,<br>2021	Jun 30,<br>2022		Sep 30,<br>2021
Earnings (in millions)
	Net interest income	$	(248)	(619)	(427)	60	%	42
	Noninterest income	284		(114)	1,752	349		(84)
	Total revenue	36		(733)	1,325	105		(97)
	Provision for credit losses	(5)		15	(9)	NM		44
	Noninterest expense	1,347		618	1,140	118		18
	Net loss	$	(1,086)	(954)	(197)	(14)		NM

NM – Not meaningful

Third Quarter 2022 vs. Third Quarter 2021

◦Revenue decreased $1.3 billion

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

▪Noninterest income decreased driven by lower results in our affiliated venture capital and private equity businesses and the impact of the sales of Wells Fargo Asset Management and our Corporate Trust Services business

◦Noninterest expense increased due to higher operating losses, partially offset by the impact of business divestitures

Conference Call

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

https://metroconnectionsevents.com/wf2022q3earnings.

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

Friday, October 28. Please dial 1-800-841-6832 (U.S. and Canada) or 203-369-3832 (International/U.S. Toll) and enter passcode: 6481. The replay will also be available online at

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

https://metroconnectionsevents.com/wf2022q3earnings.

-8-

Forward-Looking Statements

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

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

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

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

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

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

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

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

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

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

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

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

-9-

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

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

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

•fiscal and monetary policies of the Federal Reserve Board;

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

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

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

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

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

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

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

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

-10-

About Wells Fargo

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

Contact Information

Media

Beth Richek, 704-374-2545

beth.richek@wellsfargo.com

Investor Relations

John M. Campbell, 415-396-0523

john.m.campbell@wellsfargo.com

#

-11-

Document

Exhibit 99.2

3Q22 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, 2022 <br>% Change from			Nine months ended
(in millions, except per share amounts)	Sep 30,<br>2022			Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2022		Sep 30,<br>2021	Sep 30,<br>2022			Sep 30,<br>2021	%<br>Change
Selected Income Statement Data
Total revenue	$	19,505		17,028	17,592	20,856	18,834	15	%	4	$	54,125		57,636	(6)	%
Noninterest expense	14,327			12,883	13,870	13,198	13,303	11		8	41,080			40,633	1
Pre-tax pre-provision profit (PTPP) (1)	5,178			4,145	3,722	7,658	5,531	25		(6)	13,045			17,003	(23)
Provision for credit losses	784			580	(787)	(452)	(1,395)	35		156	577			(3,703)	NM
Wells Fargo net income	3,528			3,119	3,671	5,750	5,122	13		(31)	10,318			15,798	(35)
Wells Fargo net income applicable to common stock	3,250			2,839	3,393	5,470	4,787	14		(32)	9,482			14,786	(36)
Common Share Data
Diluted earnings per common share	0.85			0.74	0.88	1.38	1.17	15		(27)	2.47			3.57	(31)
Dividends declared per common share	0.30			0.25	0.25	0.20	0.20	20		50	0.80			0.40	100
Common shares outstanding	3,795.4			3,793.0	3,789.9	3,885.8	3,996.9	—		(5)
Average common shares outstanding	3,796.5			3,793.8	3,831.1	3,927.6	4,056.3	—		(6)	3,807.0			4,107.1	(7)
Diluted average common shares outstanding	3,825.1			3,819.6	3,868.9	3,964.7	4,090.4	—		(6)	3,838.5			4,140.0	(7)
Book value per common share (2)	$	41.34		41.72	42.21	43.32	42.47	(1)		(3)
Tangible book value per common share (2)(3)	34.27			34.66	35.13	36.35	35.54	(1)		(4)
Selected Equity Data (period-end)
Total equity	178,409			179,793	181,689	190,110	191,071	(1)		(7)
Common stockholders' equity	156,914			158,256	159,968	168,331	169,753	(1)		(8)
Tangible common equity (3)	130,082			131,460	133,144	141,254	142,047	(1)		(8)
Performance Ratios
Return on average assets (ROA) (4)	0.74		%	0.66	0.78	1.17	1.04				0.73		%	1.09
Return on average equity (ROE) (5)	8.0			7.1	8.4	12.8	11.1				7.8			11.7
Return on average tangible common equity (ROTCE) (3)	9.6			8.6	10.0	15.3	13.2				9.4			14.0
Efficiency ratio (6)	73			76	79	63	71				76			70
Net interest margin on a taxable-equivalent basis	2.83			2.39	2.16	2.11	2.03				2.46			2.03

NM – Not meaningful

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

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

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

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

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

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

-3-

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA (continued)

	Quarter ended							Sep 30, 2022 <br>% Change from			Nine months ended
($ in millions, unless otherwise noted)	Sep 30,<br>2022			Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2022		Sep 30,<br>2021	Sep 30,<br>2022		Sep 30,<br>2021	%<br>Change
Selected Balance Sheet Data (average)
Loans	$	945,465		926,567	898,005	875,036	854,024	2	%	11	$	923,520	860,666	7	%
Assets	1,880,690			1,902,571	1,919,392	1,943,430	1,949,700	(1)		(4)	1,900,743		1,941,391	(2)
Deposits	1,407,851			1,445,793	1,464,072	1,470,027	1,450,941	(3)		(3)	1,439,033		1,426,956	1
Selected Balance Sheet Data (period-end)
Debt securities	502,035			516,772	535,916	537,531	542,993	(3)		(8)
Loans	945,906			943,734	911,807	895,394	862,827	—		10
Allowance for credit losses for loans	13,225			12,884	12,681	13,788	14,705	3		(10)
Equity securities	59,560			61,774	70,755	72,886	66,526	(4)		(10)
Assets	1,877,745			1,881,142	1,939,709	1,948,068	1,954,901	—		(4)
Deposits	1,398,151			1,425,153	1,481,354	1,482,479	1,470,379	(2)		(5)
Headcount (#) (period-end)	239,209			243,674	246,577	249,435	253,871	(2)		(6)
Capital and other metrics (1)
Risk-based capital ratios and components (2):
Standardized Approach:
Common Equity Tier 1 (CET1)	10.3		%	10.4	10.5	11.4	11.6
Tier 1 capital	11.8			11.9	12.0	12.9	13.2
Total capital	14.5			14.6	14.7	15.8	16.2
Risk-weighted assets (RWAs) (in billions)	$	1,257.4		1,253.6	1,265.5	1,239.0	1,218.9	—		3
Advanced Approach:
Common Equity Tier 1 (CET1)	11.7		%	11.6	11.8	12.6	12.4
Tier 1 capital	13.5			13.3	13.5	14.3	14.1
Total capital	15.7			15.6	15.9	16.7	16.5
Risk-weighted assets (RWAs) (in billions)	$	1,104.9		1,121.6	1,119.5	1,116.1	1,138.6	(1)		(3)
Tier 1 leverage ratio	8.0		%	8.0	8.0	8.3	8.4
Supplementary Leverage Ratio (SLR)	6.7			6.6	6.6	6.9	6.9
Total Loss Absorbing Capacity (TLAC) Ratio (3)	23.0			22.7	22.3	23.0	23.7
Liquidity Coverage Ratio (LCR) (4)	123			121	119	118	119

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

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

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

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

-4-

Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME

	Quarter ended						Sep 30, 2022 <br>% Change from			Nine months ended
(in millions, except per share amounts)	Sep 30,<br>2022		Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2022		Sep 30,<br>2021	Sep 30,<br>2022		Sep 30,<br>2021	%<br>Change
Interest income	$	14,494	11,556	10,181	10,121	9,834	25	%	47	$	36,231	29,573	23	%
Interest expense	2,396		1,358	960	859	925	76		159	4,714		3,056	54
Net interest income	12,098		10,198	9,221	9,262	8,909	19		36	31,517		26,517	19
Noninterest income
Deposit-related fees	1,289		1,376	1,473	1,462	1,416	(6)		(9)	4,138		4,013	3
Lending-related fees	358		353	342	357	365	1		(2)	1,053		1,088	(3)
Investment advisory and other asset-based fees	2,111		2,346	2,498	2,579	2,882	(10)		(27)	6,955		8,432	(18)
Commissions and brokerage services fees	562		542	537	558	525	4		7	1,641		1,741	(6)
Investment banking fees	375		286	447	669	547	31		(31)	1,108		1,685	(34)
Card fees	1,119		1,112	1,029	1,071	1,078	1		4	3,260		3,104	5
Mortgage banking	324		287	693	1,035	1,259	13		(74)	1,304		3,921	(67)
Net gains (losses) from trading activities	900		446	218	(177)	92	102		878	1,564		461	239
Net gains from debt securities	6		143	2	119	283	(96)		(98)	151		434	(65)
Net gains (losses) from equity securities	(34)		(615)	576	2,470	869	94		NM	(73)		3,957	NM
Lease income	322		333	327	46	322	(3)		—	982		950	3
Other	75		221	229	1,405	287	(66)		(74)	525		1,333	(61)
Total noninterest income	7,407		6,830	8,371	11,594	9,925	8		(25)	22,608		31,119	(27)
Total revenue	19,505		17,028	17,592	20,856	18,834	15		4	54,125		57,636	(6)
Provision for credit losses	784		580	(787)	(452)	(1,395)	35		156	577		(3,703)	116
Noninterest expense
Personnel	8,212		8,442	9,271	8,475	8,690	(3)		(6)	25,925		27,066	(4)
Technology, telecommunications and equipment	798		799	876	827	741	—		8	2,473		2,400	3
Occupancy	732		705	722	725	738	4		(1)	2,159		2,243	(4)
Operating losses	2,218		576	673	512	540	285		311	3,467		1,056	228
Professional and outside services	1,235		1,310	1,286	1,468	1,417	(6)		(13)	3,831		4,255	(10)
Leases (1)	186		185	188	195	220	1		(15)	559		672	(17)
Advertising and promotion	126		102	99	225	153	24		(18)	327		375	(13)
Restructuring charges	—		—	5	66	1	NM		(100)	5		10	(50)
Other	820		764	750	705	803	7		2	2,334		2,556	(9)
Total noninterest expense	14,327		12,883	13,870	13,198	13,303	11		8	41,080		40,633	1
Income before income tax expense	4,394		3,565	4,509	8,110	6,926	23		(37)	12,468		20,706	(40)
Income tax expense	894		613	707	1,711	1,521	46		(41)	2,214		3,867	(43)
Net income before noncontrolling interests	3,500		2,952	3,802	6,399	5,405	19		(35)	10,254		16,839	(39)
Less: Net income (loss) from noncontrolling interests	(28)		(167)	131	649	283	83		NM	(64)		1,041	NM
Wells Fargo net income	$	3,528	3,119	3,671	5,750	5,122	13	%	(31)	$	10,318	15,798	(35)
Less: Preferred stock dividends and other	278		280	278	280	335	(1)		(17)	836		1,012	(17)
Wells Fargo net income applicable to common stock	$	3,250	2,839	3,393	5,470	4,787	14	%	(32)	$	9,482	14,786	(36)
Per share information
Earnings per common share	$	0.86	0.75	0.89	1.39	1.18	15		(27)	$	2.49	3.60	(31)
Diluted earnings per common share	0.85		0.74	0.88	1.38	1.17	15		(27)	2.47		3.57	(31)

NM – Not meaningful

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

-5-

Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET

							Sep 30, 2022 <br>% Change from
(in millions)	Sep 30,<br>2022		Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2022		Sep 30,<br>2021
Assets
Cash and due from banks	$	27,634	29,716	27,454	24,616	25,509	(7)	%	8
Interest-earning deposits with banks	137,821		125,424	174,441	209,614	241,178	10		(43)
Total cash, cash equivalents, and restricted cash	165,455		155,140	201,895	234,230	266,687	7		(38)
Federal funds sold and securities purchased under resale agreements	55,840		55,546	67,764	66,223	67,807	1		(18)
Debt securities:
Trading, at fair value	85,766		89,157	86,672	88,265	94,943	(4)		(10)
Available-for-sale, at fair value	115,835		125,832	168,436	177,244	185,557	(8)		(38)
Held-to-maturity, at amortized cost	300,434		301,783	280,808	272,022	262,493	—		14
Loans held for sale	9,434		9,674	19,824	23,617	24,811	(2)		(62)
Loans	945,906		943,734	911,807	895,394	862,827	—		10
Allowance for loan losses	(12,571)		(11,786)	(11,504)	(12,490)	(13,517)	(7)		7
Net loans	933,335		931,948	900,303	882,904	849,310	—		10
Mortgage servicing rights	11,027		10,386	9,753	8,189	8,148	6		35
Premises and equipment, net	8,493		8,444	8,473	8,571	8,599	1		(1)
Goodwill	25,172		25,178	25,181	25,180	26,191	—		(4)
Derivative assets	29,253		24,896	27,365	21,478	27,060	18		8
Equity securities	59,560		61,774	70,755	72,886	66,526	(4)		(10)
Other assets	78,141		81,384	72,480	67,259	66,769	(4)		17
Total assets	$	1,877,745	1,881,142	1,939,709	1,948,068	1,954,901	—		(4)
Liabilities
Noninterest-bearing deposits	$	494,594	515,437	529,957	527,748	529,051	(4)		(7)
Interest-bearing deposits	903,557		909,716	951,397	954,731	941,328	(1)		(4)
Total deposits	1,398,151		1,425,153	1,481,354	1,482,479	1,470,379	(2)		(5)
Short-term borrowings	48,382		37,075	33,601	34,409	41,980	30		15
Derivative liabilities	23,400		17,168	15,499	9,424	12,976	36		80
Accrued expenses and other liabilities	72,991		71,662	74,229	70,957	75,513	2		(3)
Long-term debt	156,412		150,291	153,337	160,689	162,982	4		(4)
Total liabilities	1,699,336		1,701,349	1,758,020	1,757,958	1,763,830	—		(4)
Equity
Wells Fargo stockholders’ equity:
Preferred stock	20,057		20,057	20,057	20,057	20,270	—		(1)
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	60,216		60,024	59,899	60,196	60,134	—		—
Retained earnings	186,551		184,475	182,623	180,322	175,709	1		6
Accumulated other comprehensive income (loss)	(14,344)		(10,608)	(6,767)	(1,702)	(1,177)	(35)		NM
Treasury stock (1)	(84,781)		(84,906)	(85,059)	(79,757)	(74,169)	—		(14)
Unearned ESOP shares	(646)		(646)	(646)	(646)	(875)	—		26
Total Wells Fargo stockholders’ equity	176,189		177,532	179,243	187,606	189,028	(1)		(7)
Noncontrolling interests	2,220		2,261	2,446	2,504	2,043	(2)		9
Total equity	178,409		179,793	181,689	190,110	191,071	(1)		(7)
Total liabilities and equity	$	1,877,745	1,881,142	1,939,709	1,948,068	1,954,901	—		(4)

NM – Not meaningful

(1)Number of shares of treasury stock were 1,686,372,007, 1,688,846,993, 1,691,916,667, 1,596,009,977, and 1,484,890,493 at September 30, June 30, and March 31, 2022, and December 31, and September 30, 2021, respectively.

-6-

Wells Fargo & Company and Subsidiaries

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

	Quarter ended							Sep 30, 2022 <br>% Change from			Nine months ended				%<br>Change
($ in millions)	Sep 30, 2022			Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2022		Sep 30, 2021	Sep 30, 2022			Sep 30, 2021
Average Balances
Assets
Interest-earning deposits with banks	$	130,761		146,271	179,051	216,061	250,314	(11)	%	(48)	$	151,851		243,095	(38)	%
Federal funds sold and securities purchased under resale agreements	57,432			60,450	64,845	65,388	68,912	(5)		(17)	60,882			71,179	(14)
Trading debt securities	91,618			89,258	90,677	92,597	88,476	3		4	90,521			86,828	4
Available-for-sale debt securities	127,821			147,138	169,048	178,770	179,237	(13)		(29)	147,852			192,765	(23)
Held-to-maturity debt securities	305,063			298,101	279,245	264,695	261,182	2		17	294,231			238,769	23
Loans held for sale	11,458			14,828	19,513	24,149	24,490	(23)		(53)	15,237			28,702	(47)
Loans	945,465			926,567	898,005	875,036	854,024	2		11	923,520			860,666	7
Equity securities	29,722			30,770	33,282	35,711	32,790	(3)		(9)	31,244			30,678	2
Other	13,577			16,085	11,498	11,514	10,070	(16)		35	13,727			9,559	44
Total interest-earning assets	1,712,917			1,729,468	1,745,164	1,763,921	1,769,495	(1)		(3)	1,729,065			1,762,241	(2)
Total noninterest-earning assets	167,773			173,103	174,228	179,509	180,205	(3)		(7)	171,678			179,150	(4)
Total assets	$	1,880,690		1,902,571	1,919,392	1,943,430	1,949,700	(1)		(4)	$	1,900,743		1,941,391	(2)
Liabilities
Interest-bearing deposits	$	902,219		924,526	945,335	938,682	941,014	(2)		(4)	$	923,869		937,995	(2)
Short-term borrowings	39,447			35,591	32,758	37,845	43,899	11		(10)	35,956			50,439	(29)
Long-term debt	158,984			151,230	153,803	161,335	174,643	5		(9)	154,691			184,608	(16)
Other liabilities	36,217			35,583	31,092	28,245	30,387	2		19	34,317			28,999	18
Total interest-bearing liabilities	1,136,867			1,146,930	1,162,988	1,166,107	1,189,943	(1)		(4)	1,148,833			1,202,041	(4)
Noninterest-bearing demand deposits	505,632			521,267	518,737	531,345	509,927	(3)		(1)	515,164			488,961	5
Other noninterest-bearing liabilities	55,154			53,358	51,330	55,234	55,789	3		(1)	53,295			59,010	(10)
Total liabilities	1,697,653			1,721,555	1,733,055	1,752,686	1,755,659	(1)		(3)	1,717,292			1,750,012	(2)
Total equity	183,037			181,016	186,337	190,744	194,041	1		(6)	183,451			191,379	(4)
Total liabilities and equity	$	1,880,690		1,902,571	1,919,392	1,943,430	1,949,700	(1)		(4)	$	1,900,743		1,941,391	(2)
Average Interest Rates
Interest-earning assets
Interest-earning deposits with banks	2.12		%	0.88	0.22	0.16	0.15				0.98		%	0.12
Federal funds sold and securities purchased under resale agreements	1.73			0.47	(0.05)	(0.01)	0.03				0.69			0.03
Trading debt securities	2.75			2.50	2.44	2.39	2.33				2.57			2.38
Available-for-sale debt securities	2.47			1.91	1.72	1.55	1.57				2.00			1.54
Held-to-maturity debt securities	2.23			2.06	1.98	1.86	1.87				2.09			1.88
Loans held for sale	4.18			3.41	2.86	2.79	2.81				3.38			3.24
Loans	4.28			3.52	3.25	3.32	3.29				3.70			3.32
Equity securities	2.09			2.51	2.05	2.16	1.78				2.22			1.81
Other	1.97			0.65	0.12	0.09	0.09				0.94			0.06
Total interest-earning assets	3.39			2.70	2.38	2.31	2.24				2.82			2.27
Interest-bearing liabilities
Interest-bearing deposits	0.23			0.07	0.04	0.04	0.04				0.11			0.04
Short-term borrowings	1.59			0.34	(0.17)	(0.14)	(0.06)				0.65			(0.07)
Long-term debt	3.90			2.67	1.98	1.71	1.71				2.87			1.79
Other liabilities	1.89			1.78	1.68	1.38	1.15				1.79			1.37
Total interest-bearing liabilities	0.84			0.47	0.33	0.29	0.31				0.55			0.34
Interest rate spread on a taxable-equivalent basis (2)	2.55			2.23	2.05	2.02	1.93				2.27			1.93
Net interest margin on a taxable-equivalent basis (2)	2.83			2.39	2.16	2.11	2.03				2.46			2.03

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

(2)Includes taxable-equivalent adjustments of $105 million, $108 million, $107 million, $106 million and $105 million for the quarters ended September 30, June 30, and March 31, 2022, and December 31 and September 30, 2021, respectively, and $320 million and $321 million for the first nine months of 2022 and 2021, respectively, predominantly related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.

-7-

Wells Fargo & Company and Subsidiaries

COMBINED SEGMENT RESULTS (1)

						Quarter ended September 30, 2022
(in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate (2)	Reconciling Items (3)	Consolidated<br>Company
Net interest income	$	7,102	1,991	2,270	1,088	(248)	(105)	12,098
Noninterest income	2,175		961	1,790	2,577	284	(380)	7,407
Total revenue	9,277		2,952	4,060	3,665	36	(485)	19,505
Provision for credit losses	917		(168)	32	8	(5)	—	784
Noninterest expense	6,758		1,526	1,900	2,796	1,347	—	14,327
Income (loss) before income tax expense (benefit)	1,602		1,594	2,128	861	(1,306)	(485)	4,394
Income tax expense (benefit)	401		409	536	222	(189)	(485)	894
Net income (loss) before noncontrolling interests	1,201		1,185	1,592	639	(1,117)	—	3,500
Less: Net income (loss) from noncontrolling interests	—		3	—	—	(31)	—	(28)
Net income (loss)	$	1,201	1,182	1,592	639	(1,086)	—	3,528
						Quarter ended June 30, 2022
Net interest income	$	6,372	1,580	2,057	916	(619)	(108)	10,198
Noninterest income	2,135		912	1,516	2,789	(114)	(408)	6,830
Total revenue	8,507		2,492	3,573	3,705	(733)	(516)	17,028
Provision for credit losses	613		21	(62)	(7)	15	—	580
Noninterest expense	6,036		1,478	1,840	2,911	618	—	12,883
Income (loss) before income tax expense (benefit)	1,858		993	1,795	801	(1,366)	(516)	3,565
Income tax expense (benefit)	465		249	459	198	(242)	(516)	613
Net income (loss) before noncontrolling interests	1,393		744	1,336	603	(1,124)	—	2,952
Less: Net income (loss) from noncontrolling interests	—		3	—	—	(170)	—	(167)
Net income (loss)	$	1,393	741	1,336	603	(954)	—	3,119
						Quarter ended September 30, 2021
Net interest income	$	5,707	1,231	1,866	637	(427)	(105)	8,909
Noninterest income	3,097		845	1,519	2,981	1,752	(269)	9,925
Total revenue	8,804		2,076	3,385	3,618	1,325	(374)	18,834
Provision for credit losses	(518)		(335)	(460)	(73)	(9)	—	(1,395)
Noninterest expense	6,053		1,396	1,797	2,917	1,140	—	13,303
Income (loss) before income tax expense (benefit)	3,269		1,015	2,048	774	194	(374)	6,926
Income tax expense (benefit)	818		254	518	195	110	(374)	1,521
Net income before noncontrolling interests	2,451		761	1,530	579	84	—	5,405
Less: Net income from noncontrolling interests	—		2	—	—	281	—	283
Net income (loss)	$	2,451	759	1,530	579	(197)	—	5,122

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

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

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

-8-

Wells Fargo & Company and Subsidiaries

COMBINED SEGMENT RESULTS (continued) (1)

						Nine months ended September 30, 2022
(in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate (2)	Reconciling Items (3)	Consolidated<br>Company
Net interest income	$	19,470	4,932	6,317	2,803	(1,685)	(320)	31,517
Noninterest income	6,877		2,839	4,786	8,324	976	(1,194)	22,608
Total revenue	26,347		7,771	11,103	11,127	(709)	(1,514)	54,125
Provision for credit losses	1,340		(491)	(226)	(36)	(10)	—	577
Noninterest expense	19,189		4,535	5,723	8,882	2,751	—	41,080
Income (loss) before income tax expense (benefit)	5,818		3,727	5,606	2,281	(3,450)	(1,514)	12,468
Income tax expense (benefit)	1,454		938	1,420	574	(658)	(1,514)	2,214
Net income (loss) before noncontrolling interests	4,364		2,789	4,186	1,707	(2,792)	—	10,254
Less: Net income (loss) from noncontrolling interests	—		9	—	—	(73)	—	(64)
Net income (loss)	$	4,364	2,780	4,186	1,707	(2,719)	—	10,318
						Nine months ended September 30, 2021
Net interest income	$	16,940	3,687	5,428	1,904	(1,121)	(321)	26,517
Noninterest income	9,204		2,578	4,899	8,794	6,496	(852)	31,119
Total revenue	26,144		6,265	10,327	10,698	5,375	(1,173)	57,636
Provision for credit losses	(1,304)		(1,116)	(1,245)	(92)	54	—	(3,703)
Noninterest expense	18,522		4,469	5,435	8,836	3,371	—	40,633
Income (loss) before income tax expense (benefit)	8,926		2,912	6,137	1,954	1,950	(1,173)	20,706
Income tax expense (benefit)	2,233		727	1,531	491	58	(1,173)	3,867
Net income before noncontrolling interests	6,693		2,185	4,606	1,463	1,892	—	16,839
Less: Net income (loss) from noncontrolling interests	—		5	(2)	—	1,038	—	1,041
Net income	$	6,693	2,180	4,608	1,463	854	—	15,798

-9-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT

	Quarter ended						Sep 30, 2022 <br>% Change from			Nine months ended
($ in millions)	Sep 30,<br>2022		Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2022		Sep 30,<br>2021	Sep 30,<br>2022		Sep 30,<br>2021	%<br>Change
Income Statement
Net interest income	$	7,102	6,372	5,996	5,867	5,707	11	%	24	$	19,470	16,940	15	%
Noninterest income:
Deposit-related fees	773		779	845	853	799	(1)		(3)	2,397		2,192	9
Card fees	1,043		1,038	961	1,007	1,014	—		3	3,042		2,923	4
Mortgage banking	212		211	654	905	1,168	—		(82)	1,077		3,585	(70)
Other	147		107	107	101	116	37		27	361		504	(28)
Total noninterest income	2,175		2,135	2,567	2,866	3,097	2		(30)	6,877		9,204	(25)
Total revenue	9,277		8,507	8,563	8,733	8,804	9		5	26,347		26,144	1
Net charge-offs	435		358	375	408	302	22		44	1,168		1,031	13
Change in the allowance for credit losses	482		255	(565)	(282)	(820)	89		159	172		(2,335)	107
Provision for credit losses	917		613	(190)	126	(518)	50		277	1,340		(1,304)	203
Noninterest expense	6,758		6,036	6,395	6,126	6,053	12		12	19,189		18,522	4
Income before income tax expense	1,602		1,858	2,358	2,481	3,269	(14)		(51)	5,818		8,926	(35)
Income tax expense	401		465	588	619	818	(14)		(51)	1,454		2,233	(35)
Net income	$	1,201	1,393	1,770	1,862	2,451	(14)		(51)	$	4,364	6,693	(35)
Revenue by Line of Business
Consumer and Small Business Banking	$	6,232	5,510	5,071	4,872	4,822	13		29	$	16,813	14,086	19
Consumer Lending:
Home Lending	973		972	1,490	1,843	2,012	—		(52)	3,435		6,311	(46)
Credit Card	1,349		1,304	1,265	1,271	1,251	3		8	3,918		3,657	7
Auto	423		436	444	470	445	(3)		(5)	1,303		1,263	3
Personal Lending	300		285	293	277	274	5		9	878		827	6
Total revenue	$	9,277	8,507	8,563	8,733	8,804	9		5	$	26,347	26,144	1
Selected Balance Sheet Data (average)
Loans by Line of Business:
Consumer and Small Business Banking	$	9,895	10,453	10,605	12,573	15,122	(5)		(35)	$	10,315	17,991	(43)
Consumer Lending:
Home Lending	221,870		218,371	213,714	214,900	217,011	2		2	218,015		227,663	(4)
Credit Card	35,052		32,825	31,503	30,375	28,925	7		21	33,139		28,607	16
Auto	55,430		56,813	57,278	55,773	53,043	(2)		5	56,500		51,121	11
Personal Lending	13,397		12,397	11,955	11,787	11,456	8		17	12,588		11,361	11
Total loans	$	335,644	330,859	325,055	325,408	325,557	1		3	$	330,557	336,743	(2)
Total deposits	888,037		898,650	881,339	864,373	848,419	(1)		5	889,366		824,752	8
Allocated capital	48,000		48,000	48,000	48,000	48,000	—		—	48,000		48,000	—
Selected Balance Sheet Data (period-end)
Loans by Line of Business:
Consumer and Small Business Banking	$	9,898	10,400	11,006	11,270	13,686	(5)		(28)	$	9,898	13,686	(28)
Consumer Lending:
Home Lending	222,471		222,088	215,858	214,407	216,649	—		3	222,471		216,649	3
Credit Card	35,965		34,075	31,974	31,671	29,433	6		22	35,965		29,433	22
Auto	55,116		56,224	57,652	57,260	54,472	(2)		1	55,116		54,472	1
Personal Lending	13,902		12,945	12,068	11,966	11,678	7		19	13,902		11,678	19
Total loans	$	337,352	335,732	328,558	326,574	325,918	—		4	$	337,352	325,918	4
Total deposits	886,991		892,373	909,896	883,674	858,424	(1)		3	886,991		858,424	3

-10-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT (continued)

							Sep 30, 2022 <br>% Change from			Nine months ended
( in millions, unless otherwise noted)			Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2022		Sep 30,<br>2021	Sep 30,<br>2022			Sep 30,<br>2021	%<br>Change
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1)		%	11.1	14.4	14.8	19.7				11.6		%	18.1
Efficiency ratio (2)			71	75	70	69				73			71
Retail bank branches (#)			4,660	4,705	4,777	4,796	(1)	%	(4)	4,612			4,796	(4)	%
Digital active customers (# in millions) (3)			33.4	33.7	33.0	32.7	1		3	33.6			32.7	3
Mobile active customers (# in millions) (3)			28.0	27.8	27.3	27.0	1		5	28.3			27.0	5
Consumer and Small Business Banking:
Deposit spread (4)		%	1.7	1.6	1.4	1.5				1.8		%	1.5
Debit card purchase volume ( in billions) (5)	122.4		125.2	115.0	122.4	118.6	(2)		3	$	362.6		349.1	4
Debit card purchase transactions (# in millions) (5)			2,517	2,338	2,523	2,515	(1)		(1)	7,356			7,285	1
Home Lending:
Mortgage banking:
Net servicing income	81		77	116	125	109	5		(26)	$	274		(90)	404
Net gains on mortgage loan originations/sales			134	538	780	1,059	(2)		(88)	803			3,675	(78)
Total mortgage banking	212		211	654	905	1,168	—		(82)	$	1,077		3,585	(70)
Originations ( in billions):
Retail	12.4		19.6	24.1	32.8	35.2	(37)		(65)	$	56.1		105.7	(47)
Correspondent			14.5	13.8	15.3	16.7	(37)		(46)	37.4			51.2	(27)
Total originations	21.5		34.1	37.9	48.1	51.9	(37)		(59)	$	93.5		156.9	(40)
% of originations held for sale (HFS)		%	46.1	51.4	55.7	60.6				51.2		%	67.3
Third party mortgage loans serviced (period-end) ( in billions) (6)	687.4		696.9	704.2	716.8	739.5	(1)		(7)	$	687.4		739.5	(7)
Mortgage servicing rights (MSR) carrying value (period-end)			9,163	8,511	6,920	6,862	7		43	9,828			6,862	43
Ratio of MSR carrying value (period-end) to third party mortgage loans serviced(period-end) (6)		%	1.31	1.21	0.97	0.93				1.43		%	0.93
Home lending loans 30+ days delinquency rate (7)(8)(9)			0.28	0.29	0.39	0.45				0.29			0.45
Credit Card:
Point of sale (POS) volume ( in billions)	30.7		30.1	26.0	27.5	24.6	2		25	$	86.8		67.8	28
New accounts (# in thousands)			524	484	525	526	11		11	1,592			1,115	43
Credit card loans 30+ days delinquency rate		%	1.54	1.58	1.52	1.46				1.81		%	1.46
Auto:
Auto originations ( in billions)	5.4		5.4	7.3	9.4	9.2	—		(41)	$	18.1		24.5	(26)
Auto loans 30+ days delinquency rate (8)		%	1.95	1.68	1.84	1.46				2.19		%	1.46
Personal Lending:
New volume ( in billions)	3.5		3.3	2.6	2.7	2.7	6		30	$	9.4		7.1	32

All values are in US Dollars.

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

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

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

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

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

(6)Excludes residential mortgage loans subserviced for others.

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

(8)Excludes nonaccrual loans.

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

-11-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT

	Quarter ended							Sep 30, 2022 <br>% Change from			Nine months ended
($ in millions)	Sep 30,<br>2022			Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2022		Sep 30,<br>2021	Sep 30,<br>2022			Sep 30,<br>2021	%<br>Change
Income Statement
Net interest income	$	1,991		1,580	1,361	1,273	1,231	26	%	62	$	4,932		3,687	34	%
Noninterest income:
Deposit-related fees	256			310	328	320	323	(17)		(21)	894			965	(7)
Lending-related fees	126			122	121	129	132	3		(5)	369			403	(8)
Lease income	176			179	179	170	165	(2)		7	534			512	4
Other	403			301	338	392	225	34		79	1,042			698	49
Total noninterest income	961			912	966	1,011	845	5		14	2,839			2,578	10
Total revenue	2,952			2,492	2,327	2,284	2,076	18		42	7,771			6,265	24
Net charge-offs	(3)			4	(29)	(7)	16	NM		NM	(28)			108	NM
Change in the allowance for credit losses	(165)			17	(315)	(377)	(351)	NM		53	(463)			(1,224)	62
Provision for credit losses	(168)			21	(344)	(384)	(335)	NM		50	(491)			(1,116)	56
Noninterest expense	1,526			1,478	1,531	1,393	1,396	3		9	4,535			4,469	1
Income before income tax expense	1,594			993	1,140	1,275	1,015	61		57	3,727			2,912	28
Income tax expense	409			249	280	318	254	64		61	938			727	29
Less: Net income from noncontrolling interests	3			3	3	3	2	—		50	9			5	80
Net income	$	1,182		741	857	954	759	60		56	$	2,780		2,180	28
Revenue by Line of Business
Middle Market Banking	$	1,793		1,459	1,246	1,167	1,165	23		54	$	4,498		3,475	29
Asset-Based Lending and Leasing	1,159			1,033	1,081	1,117	911	12		27	3,273			2,790	17
Total revenue	$	2,952		2,492	2,327	2,284	2,076	18		42	$	7,771		6,265	24
Revenue by Product
Lending and leasing	$	1,333		1,308	1,255	1,236	1,190	2		12	$	3,896		3,599	8
Treasury management and payments	1,242			943	779	711	713	32		74	2,964			2,114	40
Other	377			241	293	337	173	56		118	911			552	65
Total revenue	$	2,952		2,492	2,327	2,284	2,076	18		42	$	7,771		6,265	24
Selected Metrics
Return on allocated capital	23.1		%	14.3	16.9	18.5	14.5				18.1		%	14.0
Efficiency ratio	52			59	66	61	67				58			71

NM – Not meaningful

-12-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT (continued)

	Quarter ended						Sep 30, 2022 <br>% Change from			Nine months ended
($ in millions)	Sep 30,<br>2022		Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2022		Sep 30,<br>2021	Sep 30,<br>2022		Sep 30,<br>2021	%<br>Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	150,365	143,833	135,792	125,011	118,039	5	%	27	$	143,383	118,840	21	%
Commercial real estate	45,121		44,790	45,053	45,755	46,576	1		(3)	44,988		47,444	(5)
Lease financing and other	13,511		13,396	13,550	13,855	14,007	1		(4)	13,486		13,812	(2)
Total loans	$	208,997	202,019	194,395	184,621	178,622	3		17	$	201,857	180,096	12
Loans by Line of Business:
Middle Market Banking	$	117,031	113,033	108,583	103,594	101,523	4		15	$	112,913	102,642	10
Asset-Based Lending and Leasing	91,966		88,986	85,812	81,027	77,099	3		19	88,944		77,454	15
Total loans	$	208,997	202,019	194,395	184,621	178,622	3		17	$	201,857	180,096	12
Total deposits	180,231		188,286	200,699	207,678	199,226	(4)		(10)	189,664		193,761	(2)
Allocated capital	19,500		19,500	19,500	19,500	19,500	—		—	19,500		19,500	—
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	155,400	146,656	140,932	131,078	120,203	6		29	$	155,400	120,203	29
Commercial real estate	45,540		44,992	44,428	45,467	46,318	1		(2)	45,540		46,318	(2)
Lease financing and other	13,645		13,593	13,473	13,803	14,018	—		(3)	13,645		14,018	(3)
Total loans	$	214,585	205,241	198,833	190,348	180,539	5		19	$	214,585	180,539	19
Loans by Line of Business:
Middle Market Banking	$	118,627	116,064	110,258	106,834	102,279	2		16	$	118,627	102,279	16
Asset-Based Lending and Leasing	95,958		89,177	88,575	83,514	78,260	8		23	95,958		78,260	23
Total loans	$	214,585	205,241	198,833	190,348	180,539	5		19	$	214,585	180,539	19
Total deposits	172,727		183,145	195,549	205,428	204,853	(6)		(16)	172,727		204,853	(16)

-13-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT

	Quarter ended							Sep 30, 2022 <br>% Change from			Nine months ended
($ in millions)	Sep 30,<br>2022			Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2022		Sep 30,<br>2021	Sep 30,<br>2022			Sep 30,<br>2021	%<br>Change
Income Statement
Net interest income	$	2,270		2,057	1,990	1,982	1,866	10	%	22	$	6,317		5,428	16	%
Noninterest income:
Deposit-related fees	255			280	293	283	286	(9)		(11)	828			829	—
Lending-related fees	198			195	185	192	196	2		1	578			569	2
Investment banking fees	392			307	462	678	536	28		(27)	1,161			1,727	(33)
Net gains (losses) from trading activities	674			378	228	(174)	85	78		693	1,280			446	187
Other	271			356	312	551	416	(24)		(35)	939			1,328	(29)
Total noninterest income	1,790			1,516	1,480	1,530	1,519	18		18	4,786			4,899	(2)
Total revenue	4,060			3,573	3,470	3,512	3,385	14		20	11,103			10,327	8
Net charge-offs	(16)			(11)	(31)	8	(48)	(45)		67	(58)			(30)	(93)
Change in the allowance for credit losses	48			(51)	(165)	(202)	(412)	194		112	(168)			(1,215)	86
Provision for credit losses	32			(62)	(196)	(194)	(460)	152		107	(226)			(1,245)	82
Noninterest expense	1,900			1,840	1,983	1,765	1,797	3		6	5,723			5,435	5
Income before income tax expense	2,128			1,795	1,683	1,941	2,048	19		4	5,606			6,137	(9)
Income tax expense	536			459	425	488	518	17		3	1,420			1,531	(7)
Less: Net loss from noncontrolling interests	—			—	—	(1)	—	—		—	—			(2)	100
Net income	$	1,592		1,336	1,258	1,454	1,530	19		4	$	4,186		4,608	(9)
Revenue by Line of Business
Banking:
Lending	$	580		528	521	519	502	10		16	$	1,629		1,429	14
Treasury Management and Payments	670			529	432	373	372	27		80	1,631			1,095	49
Investment Banking	336			222	331	464	367	51		(8)	889			1,190	(25)
Total Banking	1,586			1,279	1,284	1,356	1,241	24		28	4,149			3,714	12
Commercial Real Estate	1,212			1,060	995	1,095	942	14		29	3,267			2,868	14
Markets:
Fixed Income, Currencies, and Commodities (FICC)	914			934	877	794	884	(2)		3	2,725			2,916	(7)
Equities	316			253	267	205	234	25		35	836			692	21
Credit Adjustment (CVA/DVA) and Other	17			13	25	13	58	31		(71)	55			78	(29)
Total Markets	1,247			1,200	1,169	1,012	1,176	4		6	3,616			3,686	(2)
Other	15			34	22	49	26	(56)		(42)	71			59	20
Total revenue	$	4,060		3,573	3,470	3,512	3,385	14		20	$	11,103		10,327	8
Selected Metrics
Return on allocated capital	16.6		%	13.8	13.2	16.0	16.9				14.6		%	17.2
Efficiency ratio	47			51	57	50	53				52			53

-14-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT (continued)

	Quarter ended						Sep 30, 2022 <br>% Change from			Nine months ended
($ in millions)	Sep 30,<br>2022		Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2022		Sep 30,<br>2021	Sep 30,<br>2022		Sep 30,<br>2021	%<br>Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	205,185	200,527	191,152	182,778	170,486	2	%	20	$	199,006	166,647	19	%
Commercial real estate	101,055		98,167	93,346	89,216	86,809	3		16	97,551		85,349	14
Total loans	$	306,240	298,694	284,498	271,994	257,295	3		19	$	296,557	251,996	18
Loans by Line of Business:
Banking	$	109,909	109,123	102,485	101,589	95,911	1		15	$	107,200	91,130	18
Commercial Real Estate	137,568		133,212	126,248	116,630	110,683	3		24	132,384		109,073	21
Markets	58,763		56,359	55,765	53,775	50,701	4		16	56,973		51,793	10
Total loans	$	306,240	298,694	284,498	271,994	257,295	3		19	$	296,557	251,996	18
Trading-related assets:
Trading account securities	$	110,919	110,499	115,687	118,147	112,148	—		(1)	$	112,351	107,771	4
Reverse repurchase agreements/securities borrowed	45,486		48,909	54,832	53,526	56,758	(7)		(20)	49,708		60,903	(18)
Derivative assets	28,050		30,845	26,244	24,267	25,191	(9)		11	28,386		25,668	11
Total trading-related assets	$	184,455	190,253	196,763	195,940	194,097	(3)		(5)	$	190,445	194,342	(2)
Total assets	560,509		564,306	551,404	543,946	524,124	(1)		7	558,773		516,401	8
Total deposits	156,830		164,860	169,181	182,101	189,424	(5)		(17)	163,578		191,560	(15)
Allocated capital	36,000		36,000	36,000	34,000	34,000	—		6	36,000		34,000	6
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	198,253	207,414	194,201	191,391	177,002	(4)		12	$	198,253	177,002	12
Commercial real estate	101,440		100,872	96,426	92,983	86,955	1		17	101,440		86,955	17
Total loans	$	299,693	308,286	290,627	284,374	263,957	(3)		14	$	299,693	263,957	14
Loans by Line of Business:
Banking	$	103,809	111,639	107,081	101,926	99,683	(7)		4	$	103,809	99,683	4
Commercial Real Estate	137,077		137,083	129,375	125,926	112,050	—		22	137,077		112,050	22
Markets	58,807		59,564	54,171	56,522	52,224	(1)		13	58,807		52,224	13
Total loans	$	299,693	308,286	290,627	284,374	263,957	(3)		14	$	299,693	263,957	14
Trading-related assets:
Trading account securities	$	113,488	109,634	113,763	108,697	114,187	4		(1)	$	113,488	114,187	(1)
Reverse repurchase agreements/securities borrowed	44,194		42,696	57,579	55,973	55,123	4		(20)	44,194		55,123	(20)
Derivative assets	28,545		24,540	26,695	21,398	27,096	16		5	28,545		27,096	5
Total trading-related assets	$	186,227	176,870	198,037	186,068	196,406	5		(5)	$	186,227	196,406	(5)
Total assets	550,695		567,733	564,976	546,549	535,385	(3)		3	550,695		535,385	3
Total deposits	154,550		162,439	168,467	168,609	191,786	(5)		(19)	154,550		191,786	(19)

-15-

Wells Fargo & Company and Subsidiaries

WEALTH AND INVESTMENT MANAGEMENT SEGMENT

	Quarter ended							Sep 30, 2022 <br>% Change from			Nine months ended
($ in millions, unless otherwise noted)	Sep 30,<br>2022			Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2022		Sep 30,<br>2021	Sep 30,<br>2022			Sep 30,<br>2021	%<br>Change
Income Statement
Net interest income	$	1,088		916	799	666	637	19	%	71	$	2,803		1,904	47	%
Noninterest income:
Investment advisory and other asset-based fees	2,066			2,306	2,476	2,429	2,457	(10)		(16)	6,848			7,145	(4)
Commissions and brokerage services fees	486			459	454	484	458	6		6	1,399			1,526	(8)
Other	25			24	28	69	66	4		(62)	77			123	(37)
Total noninterest income	2,577			2,789	2,958	2,982	2,981	(8)		(14)	8,324			8,794	(5)
Total revenue	3,665			3,705	3,757	3,648	3,618	(1)		1	11,127			10,698	4
Net charge-offs	(1)			—	(4)	19	(3)	NM		67	(5)			(9)	44
Change in the allowance for credit losses	9			(7)	(33)	(22)	(70)	229		113	(31)			(83)	63
Provision for credit losses	8			(7)	(37)	(3)	(73)	214		111	(36)			(92)	61
Noninterest expense	2,796			2,911	3,175	2,898	2,917	(4)		(4)	8,882			8,836	1
Income before income tax expense	861			801	619	753	774	7		11	2,281			1,954	17
Income tax expense	222			198	154	189	195	12		14	574			491	17
Net income	$	639		603	465	564	579	6		10	$	1,707		1,463	17
Selected Metrics
Return on allocated capital	28.4		%	27.1	21.0	25.0	25.7				25.5		%	21.8
Efficiency ratio	76			79	85	79	81				80			83
Advisory assets ($ in billions)	$	756		800	912	964	920	(6)		(18)	$	756		920	(18)
Other brokerage assets and deposits ($ in billions)	1,003			1,035	1,168	1,219	1,171	(3)		(14)	1,003			1,171	(14)
Total client assets ($ in billions)	$	1,759		1,835	2,080	2,183	2,091	(4)		(16)	$	1,759		2,091	(16)
Annualized revenue per advisor ($ in thousands) (1)	1,212			1,213	1,221	1,171	1,141	—		6	1,215			1,094	11
Total financial and wealth advisors (#) (period-end)	12,011			12,184	12,250	12,367	12,552	(1)		(4)	12,011			12,552	(4)
Selected Balance Sheet Data (average)
Total loans	$	85,472		85,912	84,765	84,007	82,785	(1)		3	$	85,386		81,810	4
Total deposits	158,367			173,670	185,814	180,939	176,570	(9)		(10)	172,516			175,087	(1)
Allocated capital	8,750			8,750	8,750	8,750	8,750	—		—	8,750			8,750	—
Selected Balance Sheet Data (period-end)
Total loans	85,180			85,342	84,688	84,101	82,824	—		3	85,180			82,824	3
Total deposits	148,890			165,633	183,727	192,548	177,809	(10)		(16)	148,890			177,809	(16)

NM – Not meaningful

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

-16-

Wells Fargo & Company and Subsidiaries

CORPORATE (1)

	Quarter ended						Sep 30, 2022 <br>% Change from			Nine months ended
($ in millions)	Sep 30,<br>2022		Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2022		Sep 30,<br>2021	Sep 30,<br>2022		Sep 30,<br>2021	%<br>Change
Income Statement
Net interest income	$	(248)	(619)	(818)	(420)	(427)	60	%	42	$	(1,685)	(1,121)	(50)	%
Noninterest income	284		(114)	806	3,540	1,752	349		(84)	976		6,496	(85)
Total revenue	36		(733)	(12)	3,120	1,325	105		(97)	(709)		5,375	NM
Net charge-offs	(16)		(6)	(6)	(5)	(10)	NM		(60)	(28)		59	NM
Change in the allowance for credit losses	11		21	(14)	8	1	(48)		NM	18		(5)	460
Provision for credit losses	(5)		15	(20)	3	(9)	NM		44	(10)		54	NM
Noninterest expense	1,347		618	786	1,016	1,140	118		18	2,751		3,371	(18)
Income (loss) before income tax expense (benefit)	(1,306)		(1,366)	(778)	2,101	194	4		NM	(3,450)		1,950	NM
Income tax expense (benefit)	(189)		(242)	(227)	538	110	22		NM	(658)		58	NM
Less: Net income (loss) from noncontrolling interests	(31)		(170)	128	647	281	82		NM	(73)		1,038	NM
Net income (loss)	$	(1,086)	(954)	(679)	916	(197)	(14)		NM	$	(2,719)	854	NM
Selected Balance Sheet Data (average)
Cash, cash equivalents, and restricted cash	$	134,725	145,637	178,747	216,156	250,414	(7)		(46)	$	152,875	242,853	(37)
Available-for-sale debt securities	110,575		127,997	156,756	169,953	172,035	(14)		(36)	131,607		185,847	(29)
Held-to-maturity debt securities	297,335		291,710	275,510	262,969	260,167	2		14	288,265		238,591	21
Equity securities	15,423		15,681	15,760	15,172	13,254	(2)		16	15,620		11,894	31
Total loans	9,112		9,083	9,292	9,006	9,765	—		(7)	9,163		10,021	(9)
Total assets	617,713		642,606	687,341	727,818	762,067	(4)		(19)	648,966		748,236	(13)
Total deposits	24,386		20,327	27,039	34,936	37,302	20		(35)	23,909		41,796	(43)
Selected Balance Sheet Data (period-end)
Cash, cash equivalents, and restricted cash	$	141,743	123,872	175,201	209,696	241,423	14		(41)	$	141,743	241,423	(41)
Available-for-sale debt securities	104,726		114,469	157,164	165,926	173,237	(9)		(40)	104,726		173,237	(40)
Held-to-maturity debt securities	297,530		298,895	277,965	269,285	261,583	—		14	297,530		261,583	14
Equity securities	15,581		15,004	16,137	16,549	14,022	4		11	15,581		14,022	11
Total loans	9,096		9,133	9,101	9,997	9,589	—		(5)	9,096		9,589	(5)
Total assets	615,408		611,658	682,912	721,335	751,155	1		(18)	615,408		751,155	(18)
Total deposits	34,993		21,563	23,715	32,220	37,507	62		(7)	34,993		37,507	(7)

NM – Not meaningful

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

-17-

Wells Fargo & Company and Subsidiaries

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

	Quarter ended							Sep 30, 2022 Change from
($ in millions)	Sep 30,<br>2022			Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,2022
Period-End Loans
Commercial and industrial	$	379,694		380,235	362,137	350,436	326,425	(541)
Real estate mortgage	133,770			133,411	129,495	127,733	121,985	359
Real estate construction	21,889			21,743	20,613	20,092	21,129	146
Lease financing	14,617			14,530	14,469	14,859	15,398	87
Total commercial	549,970			549,919	526,714	513,120	484,937	51
Residential mortgage – first lien	254,165			252,941	245,242	242,270	242,935	1,224
Residential mortgage – junior lien	13,900			14,604	15,392	16,618	18,026	(704)
Credit card	43,558			41,222	38,639	38,453	36,061	2,336
Auto	54,545			55,658	57,083	56,659	53,827	(1,113)
Other consumer	29,768			29,390	28,737	28,274	27,041	378
Total consumer	395,936			393,815	385,093	382,274	377,890	2,121
Total loans	$	945,906		943,734	911,807	895,394	862,827	2,172
Average Loans
Commercial and industrial	$	381,375		370,615	353,829	335,752	319,426	10,760
Real estate mortgage	133,720			131,128	127,464	123,806	121,453	2,592
Real estate construction	21,571			21,328	20,259	20,800	21,794	243
Lease financing	14,526			14,445	14,586	15,227	15,492	81
Total commercial	551,192			537,516	516,138	495,585	478,165	13,676
Residential mortgage – first lien	253,383			248,879	242,883	242,515	243,201	4,504
Residential mortgage – junior lien	14,226			14,998	16,017	17,317	18,809	(772)
Credit card	42,407			39,614	38,164	37,041	35,407	2,793
Auto	54,874			56,262	56,701	55,161	52,370	(1,388)
Other consumer	29,383			29,298	28,102	27,417	26,072	85
Total consumer	394,273			389,051	381,867	379,451	375,859	5,222
Total loans	$	945,465		926,567	898,005	875,036	854,024	18,898
Average Interest Rates
Commercial and industrial	4.13		%	2.92	2.41	2.45	2.44
Real estate mortgage	4.12			3.00	2.65	2.64	2.67
Real estate construction	4.93			3.59	3.31	3.08	3.10
Lease financing	3.76			4.24	4.24	4.27	4.45
Total commercial	4.14			3.00	2.56	2.58	2.60
Residential mortgage – first lien	3.16			3.12	3.14	3.27	3.12
Residential mortgage – junior lien	5.28			4.48	4.17	4.22	4.11
Credit card	11.51			11.13	11.32	11.25	11.47
Auto	4.27			4.18	4.17	4.37	4.44
Other consumer	5.58			4.26	3.69	3.67	3.70
Total consumer	4.47			4.23	4.20	4.28	4.18
Total loans	4.28		%	3.52	3.25	3.32	3.29

All values are in US Dollars.

-18-

Wells Fargo & Company and Subsidiaries

NET LOAN CHARGE-OFFS

	Quarter ended
	Sep 30, 2022				Jun 30, 2022				Mar 31, 2022				Dec 31, 2021				Sep 30, 2021				Sep 30, 2022 Change from
($ in millions)	Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Jun 30,2022	Sep 30,<br>2021
By product:
Commercial:
Commercial and industrial	$	13	0.01	%	$	27	0.03	%	$	(23)	(0.03)	%	$	3	—	%	$	46	0.06	%		(33)
Real estate mortgage	(12)		(0.04)		(4)		(0.01)		(5)		(0.02)		22		0.07		(10)		(0.03)		(8)	(2)
Real estate construction	—		—		—		—		—		—		—		—		1		—		—	(1)
Lease financing	5		0.15		—		—		(1)		(0.02)		3		0.09		1		0.03		5	4
Total commercial	6		—		23		0.02		(29)		(0.02)		28		0.02		38		0.03		(17)	(32)
Consumer:
Residential mortgage – first lien	(1)		—		(3)		(0.01)		(3)		—		110		0.18		(14)		(0.02)		2	13
Residential mortgage – junior lien	(13)		(0.36)		(13)		(0.36)		(18)		(0.46)		8		0.19		(28)		(0.61)		—	15
Credit card	202		1.90		199		2.02		176		1.87		150		1.61		158		1.77		3	44
Auto	121		0.87		68		0.49		96		0.68		58		0.41		26		0.20		53	95
Other consumer	84		1.13		70		0.98		83		1.20		67		0.96		79		1.22		14	5
Total consumer	393		0.40		321		0.33		334		0.35		393		0.41		221		0.23		72	172
Total net charge-offs	$	399	0.17	%	$	344	0.15	%	$	305	0.14	%	$	421	0.19	%	$	259	0.12	%		140
By segment:
Consumer Banking and Lending	$	435	0.51	%	$	358	0.43	%	$	375	0.47	%	$	410	0.50	%	$	302	0.37	%		133
Commercial Banking	(3)		(0.01)		3		0.01		(29)		(0.06)		(9)		(0.02)		16		0.04		(6)	(19)
Corporate and Investing Banking	(16)		(0.02)		(11)		(0.01)		(31)		(0.04)		8		0.01		(48)		(0.07)		(5)	32
Wealth and Investment Management	(1)		—		—		—		(4)		(0.02)		18		0.09		(3)		(0.01)		(1)	2
Corporate	(16)		(0.70)		(6)		(0.26)		(6)		(0.26)		(6)		(0.26)		(8)		(0.33)		(10)	(8)
Total net charge-offs	$	399	0.17	%	$	344	0.15	%	$	305	0.14	%	$	421	0.19	%	$	259	0.12	%		140

All values are in US Dollars.

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

-19-

Wells Fargo & Company and Subsidiaries

CHANGES IN ALLOWANCE FOR CREDIT LOSSES FOR LOANS

	Quarter ended							Sep 30, 2022 Change from
($ in millions)	Sep 30,<br>2022			Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,2022
Balance, beginning of period	$	12,884		12,681	13,788	14,705	16,391	203
Provision for credit losses	773			578	(775)	(464)	(1,387)	195
Interest income on certain loans (1)	(26)			(27)	(29)	(33)	(35)	1
Net loan charge-offs:
Commercial:
Commercial and industrial	(13)			(27)	23	(3)	(46)	14
Real estate mortgage	12			4	5	(22)	10	8
Real estate construction	—			—	—	—	(1)	—
Lease financing	(5)			—	1	(3)	(1)	(5)
Total commercial	(6)			(23)	29	(28)	(38)	17
Consumer:
Residential mortgage – first lien	1			3	3	(110)	14	(2)
Residential mortgage – junior lien	13			13	18	(8)	28	—
Credit card	(202)			(199)	(176)	(150)	(158)	(3)
Auto	(121)			(68)	(96)	(58)	(26)	(53)
Other consumer	(84)			(70)	(83)	(67)	(79)	(14)
Total consumer	(393)			(321)	(334)	(393)	(221)	(72)
Net loan charge-offs	(399)			(344)	(305)	(421)	(259)	(55)
Other	(7)			(4)	2	1	(5)	(3)
Balance, end of period	$	13,225		12,884	12,681	13,788	14,705	341
Components:
Allowance for loan losses	$	12,571		11,786	11,504	12,490	13,517	785
Allowance for unfunded credit commitments	654			1,098	1,177	1,298	1,188	(444)
Allowance for credit losses for loans	$	13,225		12,884	12,681	13,788	14,705	341
Ratio of allowance for loan losses to total net loan charge-offs (annualized)	7.94x			8.54	9.31	7.49	13.14
Allowance for loan losses as a percentage of:
Total loans	1.33		%	1.25	1.26	1.39	1.57
Nonaccrual loans	225			197	167	173	192
Allowance for credit losses for loans as a percentage of:
Total loans	1.40			1.37	1.39	1.54	1.70
Nonaccrual loans	237			215	185	191	208

All values are in US Dollars.

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

-20-

Wells Fargo & Company and Subsidiaries

ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES FOR LOANS

	Sep 30, 2022				Jun 30, 2022				Mar 31, 2022				Dec 31, 2021				Sep 30, 2021
($ in millions)	ACL		ACL<br>as %<br>of loan<br>class		ACL		ACL<br>as %<br>of loan<br>class		ACL		ACL<br>as %<br>of loan<br>class		ACL		ACL<br>as %<br>of loan<br>class		ACL		ACL<br>as %<br>of loan<br>class
By product:
Commercial:
Commercial and industrial	$	4,547	1.20	%	$	4,620	1.22	%	$	4,625	1.28	%	$	4,873	1.39	%	$	5,193	1.59	%
Real estate mortgage	1,656		1.24		1,810		1.36		1,883		1.45		2,085		1.63		2,422		1.99
Real estate construction	577		2.64		378		1.74		366		1.78		431		2.15		470		2.22
Lease financing	211		1.44		274		1.89		274		1.89		402		2.71		480		3.12
Total commercial	6,991		1.27		7,082		1.29		7,148		1.36		7,791		1.52		8,565		1.77
Consumer:
Residential mortgage – first lien (1)	1,027		0.40		1,024		0.40		927		0.38		1,156		0.48		1,197		0.49
Residential mortgage – junior lien (1)	(26)		(0.19)		(6)		(0.04)		2		0.01		130		0.78		201		1.12
Credit card	3,364		7.72		3,253		7.89		3,094		8.01		3,290		8.56		3,356		9.31
Auto	1,340		2.46		1,045		1.88		1,030		1.80		928		1.64		901		1.67
Other consumer	529		1.78		486		1.65		480		1.67		493		1.74		485		1.79
Total consumer	6,234		1.57		5,802		1.47		5,533		1.44		5,997		1.57		6,140		1.62
Total allowance for credit losses for loans	$	13,225	1.40	%	$	12,884	1.37	%	$	12,681	1.39	%	$	13,788	1.54	%	$	14,705	1.70	%
By segment:
Consumer Banking and Lending	$	7,002	2.08	%	$	6,540	1.95	%	$	6,305	1.92	%	$	6,891	2.11	%	$	7,194	2.21	%
Commercial Banking	2,477		1.15		2,644		1.29		2,631		1.32		2,950		1.55		3,334		1.85
Corporate and Investing Banking	3,517		1.17		3,480		1.13		3,532		1.22		3,705		1.30		3,900		1.48
Wealth and Investment Management	240		0.28		231		0.27		238		0.28		271		0.32		292		0.35
Corporate	(11)		(0.12)		(11)		(0.12)		(25)		(0.27)		(29)		(0.29)		(15)		(0.16)
Total allowance for credit losses for loans	$	13,225	1.40	%	$	12,884	1.37	%	$	12,681	1.39	%	$	13,788	1.54	%	$	14,705	1.70	%

(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, 2022				Jun 30, 2022				Mar 31, 2022				Dec 31, 2021				Sep 30, 2021				Sep 30, 2022 Change from
($ in millions)	Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Jun 30,2022	Sep 30,<br>2021
By product:
Nonaccrual loans:
Commercial:
Commercial and industrial	$	742	0.20	%	$	722	0.19	%	$	799	0.22	%	$	980	0.28	%	$	1,274	0.39	%		(532)
Real estate mortgage	850		0.64		898		0.67		1,033		0.80		1,235		0.97		1,538		1.26		(48)	(688)
Real estate construction	3		0.01		3		0.01		4		0.02		13		0.06		20		0.09		—	(17)
Lease financing	108		0.74		96		0.66		117		0.81		148		1.00		188		1.22		12	(80)
Total commercial	1,703		0.31		1,719		0.31		1,953		0.37		2,376		0.46		3,020		0.62		(16)	(1,317)
Consumer:
Residential mortgage – first lien (1)	3,024		1.19		3,322		1.31		3,873		1.58		3,803		1.57		3,093		1.27		(298)	(69)
Residential mortgage – junior lien (1)	653		4.70		729		4.99		802		5.21		801		4.82		702		3.89		(76)	(49)
Auto	171		0.31		188		0.34		208		0.36		198		0.35		206		0.38		(17)	(35)
Other consumer	36		0.12		35		0.12		35		0.12		34		0.12		37		0.14		1	(1)
Total consumer	3,884		0.98		4,274		1.09		4,918		1.28		4,836		1.27		4,038		1.07		(390)	(154)
Total nonaccrual loans	5,587		0.59		5,993		0.64		6,871		0.75		7,212		0.81		7,058		0.82		(406)	(1,471)
Foreclosed assets	125				130				130				112				121				(5)	4
Total nonperforming assets	$	5,712	0.60	%	$	6,123	0.65	%	$	7,001	0.77	%	$	7,324	0.82	%	$	7,179	0.83	%		(1,467)
By segment:
Consumer Banking and Lending	$	3,811	1.13	%	$	4,179	1.24	%	$	4,754	1.45	%	$	4,672	1.43	%	$	3,955	1.21	%		(144)
Commercial Banking	1,025		0.48		1,065		0.52		1,242		0.62		1,520		0.80		1,827		1.01		(40)	(802)
Corporate and Investing Banking	673		0.22		646		0.21		706		0.24		778		0.27		1,073		0.41		27	(400)
Wealth and Investment Management	203		0.24		233		0.27		299		0.35		354		0.42		324		0.39		(30)	(121)
Corporate	—		—		—		—		—		—		—		—		—		—		—	—
Total nonperforming assets	$	5,712	0.60	%	$	6,123	0.65	%	$	7,001	0.77	%	$	7,324	0.82	%	$	7,179	0.83	%		(1,467)

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, 2022							Jun 30, 2022							Sep 30, 2021
($ in millions)	Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans		Total commitments (1)		Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans		Total commitments (1)		Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans		Total commitments (1)
Financials except banks	$	53	144,595	15	%	$	248,059	$	56	146,264	15	%	$	245,199	$	140	134,060	16	%	$	227,289
Technology, telecom and media	69		27,892	3		67,050		70		26,215	3		67,564		75		21,226	2		60,120
Real estate and construction	65		25,572	3		59,197		67		26,154	3		58,281		87		20,900	2		50,959
Equipment, machinery and parts manufacturing	14		22,915	2		46,784		19		21,473	2		45,914		29		17,503	2		43,051
Retail	49		19,673	2		45,653		19		18,994	2		41,335		36		17,181	2		39,977
Materials and commodities	78		17,026	2		40,173		25		16,793	2		38,571		40		13,225	2		35,410
Food and beverage manufacturing	18		15,659	2		34,794		6		15,522	2		33,816		7		12,637	1		30,880
Oil, gas and pipelines	55		9,858	1		30,897		84		9,878	1		31,043		280		8,725	1		28,955
Health care and pharmaceuticals	21		14,472	2		29,207		20		13,936	1		29,624		28		12,821	1		29,718
Auto related	9		12,137	1		27,262		11		11,868	1		27,255		56		9,290	1		24,868
Utilities	61		8,848	*		26,090		77		9,060	*		25,579		67		7,025	*		21,953
Commercial services	28		10,818	1		25,676		38		10,954	1		24,824		77		9,537	1		24,158
Diversified or miscellaneous	11		8,219	*		21,009		10		8,661	*		20,714		4		6,792	*		17,643
Entertainment and recreation	35		11,407	1		17,812		39		11,399	1		18,909		26		8,451	*		16,716
Banks	—		15,575	2		17,694		—		19,775	2		20,836		—		15,444	2		15,812
Insurance and fiduciaries	1		4,515	*		15,630		1		5,104	*		15,688		1		4,071	*		15,080
Transportation services	226		7,817	*		15,405		213		8,583	*		15,725		431		8,319	*		15,896
Government and education	16		6,578	*		12,657		16		6,096	*		12,225		4		5,303	*		10,794
Agribusiness	25		6,301	*		11,417		26		6,070	*		11,631		51		5,333	*		10,986
Other	16		4,434	*		11,677		21		1,966	*		9,248		23		3,980	*		11,602
Total	$	850	394,311	42	%	$	804,143	$	818	394,765	42	%	$	793,981	$	1,462	341,823	40	%	$	731,867

*Less than 1%.

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

-23-

Wells Fargo & Company and Subsidiaries

COMMERCIAL REAL ESTATE LOANS BY PROPERTY TYPE

	Sep 30, 2022							Jun 30, 2022							Sep 30, 2021
($ in millions)	Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans		Total commitments (1)		Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans		Total commitments (1)		Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans		Total commitments (1)
Apartments	$	9	38,855	4	%	$	51,565	$	10	37,707	4	%	$	49,748	$	14	28,948	3	%	$	37,988
Office buildings	173		35,194	4		40,411		109		36,161	4		41,546		167		36,206	4		41,932
Industrial/warehouse	44		19,453	2		24,465		57		18,501	2		22,354		97		17,758	2		20,758
Hotel/motel	153		13,144	1		14,030		186		13,378	1		14,110		297		12,113	1		12,529
Retail (excluding shopping center)	87		11,853	1		12,576		105		11,970	1		12,744		141		13,116	2		13,789
Shopping center	253		9,825	1		10,434		283		10,167	1		10,781		593		10,712	1		11,321
Institutional	34		7,987	*		9,411		37		7,739	*		9,229		64		7,184	*		9,037
Mixed use properties	57		7,356	*		8,688		61		7,517	*		8,974		94		6,233	*		7,360
Collateral pool	—		3,305	*		3,804		—		3,389	*		3,904		—		3,095	*		3,770
Storage facility	—		2,877	*		3,110		—		2,825	*		3,044		—		2,161	*		2,815
Other	43		5,810	*		8,866		53		5,800	*		9,248		91		5,588	*		8,069
Total	$	853	155,659	16	%	$	187,360	$	901	155,154	16	%	$	185,682	$	1,558	143,114	17	%	$	169,368

*Less than 1%.

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

-24-

Wells Fargo & Company and Subsidiaries TANGIBLE COMMON EQUITY

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

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

								Sep 30, 2022 <br>% Change from
(in millions, except ratios)		Sep 30,<br>2022		Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2022		Sep 30,<br>2021
Tangible book value per common share:
Total equity		$	178,409	179,793	181,689	190,110	191,071	(1)	%	(7)
Adjustments:
Preferred stock		(20,057)		(20,057)	(20,057)	(20,057)	(20,270)	—		1
Additional paid-in capital on preferred stock		136		135	136	136	120	1		13
Unearned ESOP shares		646		646	646	646	875	—		(26)
Noncontrolling interests		(2,220)		(2,261)	(2,446)	(2,504)	(2,043)	2		(9)
Total common stockholders' equity	(A)	156,914		158,256	159,968	168,331	169,753	(1)		(8)
Adjustments:
Goodwill		(25,172)		(25,178)	(25,181)	(25,180)	(26,191)	—		4
Certain identifiable intangible assets (other than MSRs)		(171)		(191)	(210)	(225)	(281)	10		39
Goodwill and other intangibles on investments in consolidated portfolio companies (included in<br><br>other assets)		(2,378)		(2,307)	(2,304)	(2,437)	(2,120)	(3)		(12)
Applicable deferred taxes related to goodwill and other intangible assets (1)		889		880	871	765	886	1		—
Tangible common equity	(B)	$	130,082	131,460	133,144	141,254	142,047	(1)		(8)
Common shares outstanding	(C)	3,795.4		3,793.0	3,789.9	3,885.8	3,996.9	—		(5)
Book value per common share	(A)/(C)	$	41.34	41.72	42.21	43.32	42.47	(1)		(3)
Tangible book value per common share	(B)/(C)	34.27		34.66	35.13	36.35	35.54	(1)		(4)

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

-25-

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

		Quarter ended							Nine months ended
(in millions, except ratios)		Sep 30,<br>2022			Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2022		Sep 30,<br>2021	Sep 30,<br>2022			Sep 30,<br>2021	%<br>Change
Return on average tangible common equity:
Net income applicable to common stock	(A)	$	3,250		2,839	3,393	5,470	4,787	14	%	(32)	$	9,482		14,786	(36)	%
Average total equity		183,037			181,016	186,337	190,744	194,041	1		(6)	183,451			191,379	(4)
Adjustments:
Preferred stock		(20,057)			(20,057)	(20,057)	(20,267)	(21,403)	—		6	(20,057)			(21,449)	(6)
Additional paid-in capital on preferred stock		135			135	134	120	145	—		(7)	135			143	(6)
Unearned ESOP shares		646			646	646	872	875	—		(26)	646			875	(26)
Noncontrolling interests		(2,258)			(2,386)	(2,468)	(2,119)	(1,845)	5		(22)	(2,370)			(1,427)	66
Average common stockholders’ equity	(B)	161,503			159,354	164,592	169,350	171,813	1		(6)	161,805			169,521	(5)
Adjustments:
Goodwill		(25,177)			(25,179)	(25,180)	(25,569)	(26,192)	—		4	(25,179)			(26,262)	(4)
Certain identifiable intangible assets (other than MSRs)		(181)			(200)	(218)	(246)	(290)	10		38	(199)			(310)	(36)
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)		(2,359)			(2,304)	(2,395)	(2,309)	(2,169)	(2)		(9)	(2,352)			(2,198)	7
Applicable deferred taxes related to goodwill and other intangible assets (1)		886			877	803	848	882	1		—	855			873	(2)
Average tangible common equity	(C)	$	134,672		132,548	137,602	142,074	144,044	2		(7)	$	134,930		141,624	(5)
Return on average common stockholders’ equity (ROE) (annualized)	(A)/(B)	8.0		%	7.1	8.4	12.8	11.1				7.8		%	11.7
Return on average tangible common equity (ROTCE) (annualized)	(A)/(C)	9.6			8.6	10.0	15.3	13.2				9.4			14.0

-26-

Wells Fargo & Company and Subsidiaries

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

	Estimated							Sep 30, 2022 <br>% Change from
( in billions)	Sep 30,<br>2022			Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2022		Sep 30,<br>2021
Total equity	$	178.4		179.8	181.7	190.1	191.1	(1)	%	(7)
Adjustments:
Preferred stock	(20.1)			(20.1)	(20.1)	(20.1)	(20.3)	—		1
Additional paid-in capital on preferred stock	0.1			0.2	0.1	0.1	0.1	(33)		13
Unearned ESOP shares	0.7			0.7	0.7	0.7	0.9	—		(15)
Noncontrolling interests	(2.2)			(2.3)	(2.4)	(2.5)	(2.0)	2		(9)
Total common stockholders' equity	156.9			158.3	160.0	168.3	169.8	(1)		(8)
Adjustments:
Goodwill	(25.2)			(25.2)	(25.2)	(25.2)	(26.2)	—		4
Certain identifiable intangible assets (other than MSRs)	(0.2)			(0.2)	(0.2)	(0.2)	(0.3)	19		39
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)	(2.4)			(2.3)	(2.3)	(2.4)	(2.1)	(3)		(12)
Applicable deferred taxes related to goodwill and other intangible assets (2)	0.9			0.9	0.9	0.8	0.9	2		—
Current expected credit loss (CECL) transition provision (3)	0.2			0.2	0.2	0.2	0.5	1		(61)
Other	(0.4)			(1.6)	(1.1)	(0.9)	(1.0)	75		61
Common Equity Tier 1	129.8			130.1	132.3	140.6	141.6	—		(8)
Preferred stock	20.1			20.1	20.1	20.1	20.3	—		(1)
Additional paid-in capital on preferred stock	(0.1)			(0.2)	(0.1)	(0.2)	(0.1)	50		—
Unearned ESOP shares	(0.7)			(0.7)	(0.7)	(0.6)	(0.9)	6		20
Other	(0.3)			(0.2)	(0.3)	(0.2)	(0.3)	(39)		6
Total Tier 1 capital	148.8			149.1	151.3	159.7	160.6	—		(7)
Long-term debt and other instruments qualifying as Tier 2	20.6			21.6	22.3	22.7	22.8	(5)		(10)
Qualifying allowance for credit losses (4)	13.6			13.2	13.0	14.1	14.6	3		(7)
Other	(0.3)			(0.3)	(0.3)	(0.2)	(0.4)	8		39
Total qualifying capital	$	182.7		183.6	186.3	196.3	197.6	—		(8)
Total risk-weighted assets (RWAs)	$	1,257.4		1,253.6	1,265.5	1,239.0	1,218.9	—		3
Common Equity Tier 1 to total RWAs	10.3		%	10.4	10.5	11.4	11.6
Tier 1 capital to total RWAs	11.8			11.9	12.0	12.9	13.2
Total capital to total RWAs	14.5			14.6	14.7	15.8	16.2

All values are in US Dollars.

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

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

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

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

-27-

Wells Fargo & Company and Subsidiaries

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

	Estimated							Sep 30, 2022 <br>% Change from
( in billions)	Sep 30,<br>2022			Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2021	Jun 30,<br>2022		Sep 30,<br>2021
Total equity	$	178.4		179.8	181.7	190.1	191.1	(1)	%	(7)
Adjustments:
Preferred stock	(20.1)			(20.1)	(20.1)	(20.1)	(20.3)	—		1
Additional paid-in capital on preferred stock	0.1			0.2	0.1	0.2	0.1	(43)		13
Unearned ESOP shares	0.7			0.7	0.7	0.6	0.9	—		(15)
Noncontrolling interests	(2.2)			(2.3)	(2.4)	(2.5)	(2.0)	5		(9)
Total common stockholders' equity	156.9			158.3	160.0	168.3	169.8	(1)		(8)
Adjustments:
Goodwill	(25.2)			(25.2)	(25.2)	(25.2)	(26.2)	—		4
Certain identifiable intangible assets (other than MSRs)	(0.2)			(0.2)	(0.2)	(0.2)	(0.3)	19		39
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)	(2.4)			(2.3)	(2.3)	(2.4)	(2.1)	(3)		(12)
Applicable deferred taxes related to goodwill and other intangible assets (2)	0.9			0.9	0.9	0.8	0.9	2		—
CECL transition provision (3)	0.2			0.2	0.2	0.2	0.5	1		(61)
Other	(0.4)			(1.6)	(1.1)	(0.9)	(1.0)	74		61
Common Equity Tier 1	129.8			130.1	132.3	140.6	141.6	—		(8)
Preferred stock	20.1			20.1	20.1	20.1	20.3	—		(1)
Additional paid-in capital on preferred stock	(0.1)			(0.2)	(0.1)	(0.2)	(0.1)	50		—
Unearned ESOP shares	(0.7)			(0.7)	(0.7)	(0.6)	(0.9)	6		20
Other	(0.3)			(0.2)	(0.3)	(0.2)	(0.3)	(41)		6
Total Tier 1 capital	148.8			149.1	151.3	159.7	160.6	—		(7)
Long-term debt and other instruments qualifying as Tier 2	20.6			21.6	22.3	22.7	22.8	(5)		(10)
Qualifying allowance for credit losses (4)	4.4			4.4	4.4	4.4	4.4	—		1
Other	(0.3)			(0.3)	(0.3)	(0.2)	(0.4)	19		39
Total qualifying capital	$	173.5		174.8	177.7	186.6	187.4	(1)		(7)
Total RWAs	$	1,104.9		1,121.6	1,119.5	1,116.1	1,138.6	(1)		(3)
Common Equity Tier 1 to total RWAs	11.7		%	11.6	11.8	12.6	12.4
Tier 1 capital to total RWAs	13.5			13.3	13.5	14.3	14.1
Total capital to total RWAs	15.7			15.6	15.9	16.7	16.5

All values are in US Dollars.

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

-28-

ex993-wellsfargo3q22pres

23Q22 Financial Results 3Q22 results Financial Results ROE: 8.0% ROTCE: 9.6%1 Efficiency ratio: 73%2 Credit Quality Capital and Liquidity CET1 ratio: 10.3%3 LCR: 123%4 TLAC ratio: 23.0%5 • Provision for credit losses of $784 million – Total net charge-offs of $399 million, up $142 million, with net loan charge-offs of 0.17% of average loans (annualized) – Allowance for credit losses of $13.2 billion, down $1.5 billion from 3Q21 and included a $385 million increase in 3Q22 • Common Equity Tier 1 (CET1) capital of $129.8 billion3 • CET1 ratio of 10.3% under the Standardized Approach and 11.7% under the Advanced Approach3 Comparisons in the bullet points are for 3Q22 versus 3Q21, unless otherwise noted. 1. Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 16. 2. The efficiency ratio is noninterest expense divided by total revenue. 3. The Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach is our binding CET1 ratio. See page 17 for additional information regarding CET1 capital and ratios. CET1 is a preliminary estimate. 4. Liquidity coverage ratio (LCR) represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. LCR is a preliminary estimate. 5. Represents TLAC divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC is a preliminary estimate. • Net income of $3.5 billion, or $0.85 per diluted common share, included $(2.0) billion, or $(0.45) per share, of accruals primarily related to a variety of historical matters, including litigation, customer remediation, and regulatory matters • Revenue of $19.5 billion, up 4% on strong net interest income – Businesses divested in 2021 accounted for $459 million of revenue in 3Q21 • Noninterest expense of $14.3 billion, up 8% and included operating losses of $2.2 billion, up $1.7 billion – Businesses divested in 2021 accounted for ~$305 million of noninterest expense in 3Q21 • Effective income tax rate of 20.2% • Average loans of $945.5 billion, up 11% • Average deposits of $1.4 trillion, down 3%

33Q22 Financial Results Capital Capital Position • Common Equity Tier 1 (CET1) ratio of 10.3%1 at September 30, 2022 remained above our regulatory minimum and buffers of 9.1%2 • CET1 ratio down ~130 bps from 3Q21 and down ~10 bps from 2Q22 and reflected: – Declines in accumulated other comprehensive income driven by higher interest rates and wider agency mortgage-backed securities spreads resulted in declines in the CET1 ratio of 96 bps from 3Q21 and 21 bps from 2Q22 • As of 10/1/22, the Company's stress capital buffer (SCB) increased to 3.2%, which increased our CET1 regulatory minimum and buffers to 9.2% Capital Return • Period-end common shares outstanding down 201.5 million, or 5%, year-over- year (YoY) • 3Q22 common stock dividend increased to $0.30 per share, up from $0.25 per share in 2Q22 • No common stock repurchases in 3Q22 Total Loss Absorbing Capacity (TLAC) • As of September 30, 2022, our TLAC as a percentage of total risk-weighted assets was 23.0%3 compared with the required minimum of 21.5% • Issued $9.7 billion of Wells Fargo & Company (parent) senior, unsecured long- term debt in the quarter Common Equity Tier 1 Ratio under the Standardized Approach 1 11.6% 11.4% 10.5% 10.4% 10.3% 3Q21 4Q21 1Q22 2Q22 3Q22 Estimated 1. The Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach is our binding CET1 ratio. See page 17 for additional information regarding CET1 capital and ratios. 3Q22 CET1 is a preliminary estimate. 2. Includes a 4.50% minimum requirement, a stress capital buffer of 3.10%, and a G-SIB capital surcharge of 1.50%. 3. Represents TLAC divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC is a preliminary estimate. 9.1% Regulatory Minimum and Buffers2

43Q22 Financial Results 3Q22 earnings 1. Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 16. $ in millions (mm), except per share data 3Q22 2Q22 3Q21 vs. 2Q22 vs. 3Q21 Net interest income $12,098 10,198 8,909 $1,900 3,189 Noninterest income 7,407 6,830 9,925 577 (2,518) Total revenue 19,505 17,028 18,834 2,477 671 Net charge-offs 399 345 257 54 142 Change in the allowance for credit losses 385 235 (1,652) 150 2,037 Provision for credit losses 784 580 (1,395) 204 2,179 Noninterest expense 14,327 12,883 13,303 1,444 1,024 Pre-tax income 4,394 3,565 6,926 829 (2,532) Income tax expense 894 613 1,521 281 (627) Effective income tax rate (%) 20.2 % 16.4 22.9 379 bps (268) Net income $3,528 3,119 5,122 $409 (1,594) Diluted earnings per common share $0.85 0.74 1.17 $0.11 (0.32) Diluted average common shares (# mm) 3,825.1 3,819.6 4,090.4 6 (265) Return on equity (ROE) 8.0 % 7.1 11.1 84 bps (307) Return on average tangible common equity (ROTCE)1 9.6 8.6 13.2 98 (361) Efficiency ratio 73 76 71 (220) 282

53Q22 Financial Results Credit quality • Commercial net loan charge-offs down $17 million to 0 bps of average loans (annualized) • Consumer net loan charge-offs up $72 million to 40 bps of average loans (annualized) driven by a $53 million increase in net loan charge-offs in the auto portfolio • Nonperforming assets decreased $411 million, or 7%, on a $374 million decline in residential mortgage nonaccrual loans primarily due to sustained payment performance of borrowers after exiting COVID-19-related accommodation programs Provision for Credit Losses and Net Charge-offs ($ in millions) Allowance for Credit Losses for Loans ($ in millions) • Allowance for credit losses for loans increased reflecting loan growth and a less favorable economic environment – Allowance coverage for total loans up 3 bps from 2Q22 and down 30 bps from 3Q21 Comparisons in the bullet points are for 3Q22 versus 2Q22, unless otherwise noted. (1,395) (452) (787) 580 784257 423 305 345 399 Provision for Credit Losses Net Charge-offs Net Loan Charge-off Ratio 3Q21 4Q21 1Q22 2Q22 3Q22 14,705 13,788 12,681 12,884 13,225 8,565 7,791 7,148 7,082 6,991 6,140 5,997 5,533 5,802 6,234 Commercial Consumer Allowance coverage for total loans 3Q21 4Q21 1Q22 2Q22 3Q22 0.12% 0.19% 0.15%0.14% 0.17% 1.54% 1.70% 1.39% 1.37% 1.40%

63Q22 Financial Results Loans and deposits • Average loans up $91.4 billion, or 11%, YoY, and up $18.9 billion, or 2%, from 2Q22 including a $10.8 billion increase in commercial & industrial loans and a $4.5 billion increase in residential mortgage – first lien loans • Total average loan yield of 4.28%, up 99 bps YoY and up 76 bps from 2Q22 reflecting the impact of higher interest rates • Period-end loans up $83.1 billion, or 10%, YoY, and up $2.2 billion from 2Q22 on higher credit card loans and residential mortgage – first lien loans • Average deposits down $43.0 billion, or 3%, YoY, and down $37.9 billion, or 3%, from 2Q22 reflecting consumer deposit outflows to higher yielding products and continued consumer spending, as well as commercial non-operational deposit outflows • Average deposit cost of 14 bps, up 10 bps from 2Q22 driven by higher deposit costs in all operating segments except Consumer Banking and Lending Average Loans Outstanding ($ in billions) Average Deposits and Rates ($ in billions) 854.0 875.0 898.0 926.6 945.5 478.2 495.6 516.1 537.5 551.2 375.9 379.5 381.9 389.1 394.3 Commercial Loans Consumer Loans Total Average Loan Yield 3Q21 4Q21 1Q22 2Q22 3Q22 1,450.9 1,470.0 1,464.1 1,445.8 1,407.9 848.4 864.4 881.3 898.6 888.1 199.2 207.7 200.7 188.3 180.2 189.4 182.1 169.2 164.9 156.8 176.6 180.9 185.8 173.7 158.4 Corporate Wealth and Investment Management Corporate and Investment Banking Commercial Banking Consumer Banking and Lending 3Q21 4Q21 1Q22 2Q22 3Q22 3.29% 3.32% 3.25% 3.52% 4.28% Average Deposit Cost 3Q21 4Q21 1Q22 2Q22 3Q22 0.03% 0.02% 0.03% 0.04% 0.14% 24.420.327.134.937.3 Period-End Loans Outstanding ($ in billions) 3Q22 vs 2Q22 vs 3Q21 Commercial $ 550.0 — % 13 % Consumer 395.9 1 % 5 % Total loans $ 945.9 — % 10 %

73Q22 Financial Results 8,909 9,262 9,221 10,198 12,098 Net Interest Income Net Interest Margin (NIM) on a taxable-equivalent basis 3Q21 4Q21 1Q22 2Q22 3Q22 2.83% Net interest income • Net interest income up $3.2 billion, or 36%, from 3Q21 primarily due to the impact of higher interest rates, higher loan balances, and lower mortgage- backed securities (MBS) premium amortization, partially offset by lower interest income from Paycheck Protection Program (PPP) loans and loans purchased from securitization pools – 3Q22 MBS premium amortization was $230 million vs. $499 million in 3Q21 and $291 million in 2Q22 • Net interest income up $1.9 billion, or 19%, from 2Q22 as the impact of higher interest rates, higher loan balances, one additional day in the quarter, and lower MBS premium amortization, were partially offset by higher funding costs • 2022 net interest income is expected to be ~24% higher than the full year 2021 level of $35.8 billion with net interest income in 4Q22 expected to be ~$12.9 billion Net Interest Income ($ in millions) 2.03% 2.11% 2.16% 2.39% 1. Includes taxable-equivalent adjustments predominantly related to tax-exempt income on certain loans and securities. 1

83Q22 Financial Results Noninterest expense • Noninterest expense up $1.0 billion, or 8%, from 3Q21 – Operating losses up $1.7 billion reflecting higher accruals primarily related to a variety of historical matters, including litigation, customer remediation, and regulatory matters – Other expenses of $12.1 billion, down $654 million, or 5% ◦ Personnel expense down $478 million, or 6%, predominantly reflecting lower revenue-related compensation and the impact of business divestitures and efficiency initiatives ◦ Non-personnel expense down $176 million, or 4%, reflecting lower expenses as a result of business divestitures, and lower professional and outside services expense reflecting the impact of efficiency initiatives • Noninterest expense up $1.4 billion, or 11%, from 2Q22 – Operating losses up $1.6 billion reflecting higher accruals primarily related to a variety of historical matters, including litigation, customer remediation, and regulatory matters – Other expenses of $12.1 billion, down $198 million, or 2% ◦ Personnel expense down $230 million, or 3%, as lower revenue-related expense and employee benefits expense, as well as the impact of efficiency initiatives were partially offset by one additional day in the quarter ◦ Non-personnel expense up $32 million driven by a $24 million increase in advertising and promotion expense • 4Q22 other expenses, which exclude operating losses, are expected to be ~$12.3 billion • As previously disclosed, we have outstanding litigation, customer remediation, and regulatory matters, and related expenses could be significant Noninterest Expense ($ in millions) 13,303 13,198 13,870 12,883 14,327 8,690 8,475 9,271 8,442 8,212 4,073 4,211 3,926 3,865 3,897 540 512 673 576 2,218 Operating Losses Non-personnel Expense Personnel Expense 3Q21 4Q21 1Q22 2Q22 3Q22 Headcount (Period-end, '000s) 3Q21 4Q21 1Q22 2Q22 3Q22 254 249 247 244 239 NM – Not meaningful 1. 4Q21 noninterest expense included approximately $100 million of operating expenses associated with our Corporate Trust Services business and Wells Fargo Asset Management, which were sold on November 1, 2021. The approximately $100 million excludes expenses attributable to transition services agreements and corporate overhead. 1 YoY % Change NM Down 5%

93Q22 Financial Results Consumer Banking and Lending • Total revenue up 5% YoY and up 9% from 2Q22 – CSBB up 29% YoY driven by the impact of higher interest rates and higher deposit balances; up 13% from 2Q22 as higher net interest income was partially offset by lower deposit-related fees reflecting the elimination of non- sufficient funds and other fees – Home Lending down 52% YoY on lower mortgage banking income driven by lower originations and gain on sale margins, as well as lower revenue from the resecuritization of loans purchased from securitization pools – Credit Card up 8% YoY and up 3% from 2Q22 on higher loan balances, including the impact of higher point of sale volume and new product launches – Auto down 5% YoY and down 3% from 2Q22 due to loan spread compression and portfolio mix changes – Personal Lending up 9% YoY and up 5% from 2Q22 on higher loan balances • Noninterest expense up 12% YoY and up 12% from 2Q22 as higher operating losses were partially offset by lower personnel expense, including the impact of efficiency initiatives 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) 3Q22 vs. 2Q22 vs. 3Q21 Revenue by line of business: Consumer and Small Business Banking (CSBB) $6,232 $722 1,410 Consumer Lending: Home Lending 973 1 (1,039) Credit Card 1,349 45 98 Auto 423 (13) (22) Personal Lending 300 15 26 Total revenue 9,277 770 473 Provision for credit losses 917 304 1,435 Noninterest expense 6,758 722 705 Pre-tax income 1,602 (256) (1,667) Net income $1,201 ($192) (1,250) Selected Metrics 3Q22 2Q22 3Q21 Return on allocated capital 1 9.4 % 11.1 19.7 Efficiency ratio 2 73 71 69 Retail bank branches # 4,612 4,660 4,796 Digital (online and mobile) active customers 3 (mm) 33.6 33.4 32.7 Mobile active customers 3 (mm) 28.3 28.0 27.0 Average Balances and Selected Credit Metrics $ in billions 3Q22 2Q22 3Q21 Balances Loans $335.6 330.9 325.6 Deposits 888.0 898.7 848.4 Credit Performance Net charge-offs as a % of average loans 0.51 % 0.43 0.37

103Q22 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. 51.9 48.1 37.9 34.1 21.5 35.2 32.8 24.1 19.6 12.4 16.7 15.3 13.8 14.5 9.1 Retail Correspondent Refinances as a % of Originations 3Q21 4Q21 1Q22 2Q22 3Q22 118.6 122.4 115.0 125.2 122.4 POS Volume ($ in billions) POS Transactions (billions) 3Q21 4Q21 1Q22 2Q22 3Q22 9.2 9.4 7.3 5.4 5.4 3Q21 4Q21 1Q22 2Q22 3Q22 24.6 27.5 26.0 30.1 30.7 3Q21 4Q21 1Q22 2Q22 3Q22 2.5 2.5 2.3 2.5 2.555% 59% 56% 28% 16%

113Q22 Financial Results Commercial Banking • Total revenue up 42% YoY and up 18% from 2Q22 – Middle Market Banking revenue up 54% YoY primarily due to the impact of higher interest rates and higher loan balances, partially offset by lower deposit balances and lower deposit-related fees driven by the impact of higher earnings credit rates (ECRs), which result in lower fees for commercial customers; up 23% from 2Q22 due to the impact of higher interest rates and higher loan balances, partially offset by higher ECRs and lower deposit balances – Asset-Based Lending and Leasing revenue up 27% YoY driven by higher net gains from equity securities, higher loan balances, and higher revenue from renewable energy investments; up 12% from 2Q22 primarily driven by higher net gains from equity securities and higher loan balances • Noninterest expense up 9% YoY primarily due to higher operating costs and operating losses, partially offset by the impact of efficiency initiatives; up 3% from 2Q22 primarily driven by higher operating losses and personnel expense Summary Financials $ in millions 3Q22 vs. 2Q22 vs. 3Q21 Revenue by line of business: Middle Market Banking $1,793 $334 628 Asset-Based Lending and Leasing 1,159 126 248 Total revenue 2,952 460 876 Provision for credit losses (168) (189) 167 Noninterest expense 1,526 48 130 Pre-tax income 1,594 601 579 Net income $1,182 $441 423 Selected Metrics 3Q22 2Q22 3Q21 Return on allocated capital 23.1 % 14.3 14.5 Efficiency ratio 52 59 67 Average loans by line of business ($ in billions) Middle Market Banking $117.0 113.0 101.5 Asset-Based Lending and Leasing 92.0 89.0 77.1 Total loans $209.0 202.0 178.6 Average deposits 180.2 188.3 199.2

123Q22 Financial Results Corporate and Investment Banking • Total revenue up 20% YoY and up 14% from 2Q22 – Banking revenue up 28% YoY driven by stronger treasury management results due to the impact of higher interest rates and higher loan balances, partially offset by lower investment banking fees; up 24% from 2Q22 predominantly driven by stronger treasury management results, the impact of a $107 million write-down on unfunded leveraged finance commitments in 2Q22, and higher M&A fees – Commercial Real Estate revenue up 29% YoY and up 14% from 2Q22 reflecting higher loan balances, the impact of higher interest rates, and improved commercial mortgage-backed securities gain on sale margins – Markets revenue up 6% YoY driven by higher equities, rates and commodities, and foreign exchange trading revenue, partially offset by lower trading revenue in residential mortgage-backed securities; up 4% from 2Q22 reflecting higher trading activity in equities and credit products • Noninterest expense up 6% YoY predominantly driven by higher operating costs, partially offset by the impact of efficiency initiatives; up 3% from 2Q22 on higher personnel expense and higher operating costs Summary Financials $ in millions 3Q22 vs. 2Q22 vs. 3Q21 Revenue by line of business: Banking: Lending $580 $52 78 Treasury Management and Payments 670 141 298 Investment Banking 336 114 (31) Total Banking 1,586 307 345 Commercial Real Estate 1,212 152 270 Markets: Fixed Income, Currencies and Commodities (FICC) 914 (20) 30 Equities 316 63 82 Credit Adjustment (CVA/DVA) and Other 17 4 (41) Total Markets 1,247 47 71 Other 15 (19) (11) Total revenue 4,060 487 675 Provision for credit losses 32 94 492 Noninterest expense 1,900 60 103 Pre-tax income 2,128 333 80 Net income $1,592 $256 62 Selected Metrics 3Q22 2Q22 3Q21 Return on allocated capital 16.6 % 13.8 16.9 Efficiency ratio 47 51 53 Average Balances ($ in billions) Loans by line of business 3Q22 2Q22 3Q21 Banking $109.9 109.1 95.9 Commercial Real Estate 137.6 133.2 110.7 Markets 58.7 56.4 50.7 Total loans $306.2 298.7 257.3 Deposits 156.8 164.9 189.4 Trading-related assets 184.5 190.3 194.1

133Q22 Financial Results Wealth and Investment Management Summary Financials $ in millions 3Q22 vs. 2Q22 vs. 3Q21 Net interest income $1,088 $172 451 Noninterest income 2,577 (212) (404) Total revenue 3,665 (40) 47 Provision for credit losses 8 15 81 Noninterest expense 2,796 (115) (121) Pre-tax income 861 60 87 Net income $639 $36 60 Selected Metrics ($ in billions, unless otherwise noted) 3Q22 2Q22 3Q21 Return on allocated capital 28.4 % 27.1 25.7 Efficiency ratio 76 79 81 Average loans $85.5 85.9 82.8 Average deposits 158.4 173.7 176.6 Client assets Advisory assets 756 800 920 Other brokerage assets and deposits 1,003 1,035 1,171 Total client assets $1,759 1,835 2,091 Annualized revenue per advisor ($ in thousands) 1 1,212 1,213 1,141 Total financial and wealth advisors 12,011 12,184 12,552 1. Represents annualized segment total revenue divided by average total financial and wealth advisors for the period. • Total revenue up 1% YoY and down 1% from 2Q22 – Net interest income up 71% YoY and up 19% from 2Q22 predominantly driven by the impact of higher interest rates – Noninterest income down 14% YoY and down 8% from 2Q22 on lower asset- based fees driven by a decrease in market valuations • Noninterest expense down 4% YoY and down 4% from 2Q22 reflecting lower revenue-related compensation, as well as the impact of efficiency initiatives

143Q22 Financial Results Corporate • Net interest income up YoY due to the impact of higher interest rates – Business divestitures in 2021 accounted for $35 million of net interest income in 3Q21 • Noninterest income down YoY due to lower results in our affiliated venture capital and private equity businesses and the impact of the sales of Wells Fargo Asset Management and our Corporate Trust Services business – Business divestitures in 2021 accounted for $424 million of noninterest income in 3Q21 • Noninterest expense up YoY due to higher operating losses, partially offset by the impact of business divestitures – Business divestitures in 2021 accounted for ~$305 million of noninterest expense in 3Q21 Summary Financials $ in millions 3Q22 vs. 2Q22 vs. 3Q21 Net interest income ($248) $371 179 Noninterest income 284 398 (1,468) Total revenue 36 769 (1,289) Provision for credit losses (5) (20) 4 Noninterest expense 1,347 729 207 Pre-tax income (1,306) 60 (1,500) Income tax expense (189) 53 (299) Less: Net income from noncontrolling interests (31) 139 (312) Net loss ($1,086) ($132) (889)

Appendix

163Q22 Financial Results Tangible Common Equity Wells Fargo & Company and Subsidiaries TANGIBLE COMMON EQUITY We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than MSRs) and goodwill and other intangibles on investments in consolidated portfolio companies, net of applicable deferred taxes. One of these ratios is return on average tangible common equity (ROTCE), which represents our annualized earnings as a percentage of tangible common equity. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity, which utilizes tangible common equity, is a useful financial measure because it enables management, investors, and others to assess the Company’s use of equity. The table below provides a reconciliation of this non-GAAP financial measure to GAAP financial measures. Quarter ended (in millions, except ratios) Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Return on average tangible common equity: Net income applicable to common stock (A) $ 3,250 2,839 3,393 5,470 4,787 Average total equity 183,037 181,016 186,337 190,744 194,041 Adjustments: Preferred stock (20,057) (20,057) (20,057) (20,267) (21,403) Additional paid-in capital on preferred stock 135 135 134 120 145 Unearned ESOP shares 646 646 646 872 875 Noncontrolling interests (2,258) (2,386) (2,468) (2,119) (1,845) Average common stockholders’ equity (B) 161,503 159,354 164,592 169,350 171,813 Adjustments: Goodwill (25,177) (25,179) (25,180) (25,569) (26,192) Certain identifiable intangible assets (other than MSRs) (181) (200) (218) (246) (290) Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (2,359) (2,304) (2,395) (2,309) (2,169) Applicable deferred taxes related to goodwill and other intangible assets (1) 886 877 803 848 882 Average tangible common equity (C) $ 134,672 132,548 137,602 142,074 144,044 Return on average common stockholders’ equity (ROE) (annualized) (A)/(B) 8.0 % 7.1 8.4 12.8 11.1 Return on average tangible common equity (ROTCE) (annualized) (A)/(C) 9.6 8.6 10.0 15.3 13.2 1. Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.

173Q22 Financial Results 1. The Basel III capital rules provide for two capital frameworks (the Standardized Approach and the Advanced Approach applicable to certain institutions), and we must calculate our CET1, tier 1 and total capital ratios under both approaches. 2. Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end. 3. In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out period in which the benefit is reduced by 25% in year one, 50% in year two and 75% in year three. Common Equity Tier 1 under Basel III Wells Fargo & Company and Subsidiaries RISK-BASED CAPITAL RATIOS UNDER BASEL III (1) Estimated (in billions, except ratio) Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Total equity $ 178.4 179.8 181.7 190.1 191.1 Adjustments: Preferred stock (20.1) (20.1) (20.1) (20.1) (20.3) Additional paid-in capital on preferred stock 0.1 0.2 0.1 0.1 0.1 Unearned ESOP shares 0.7 0.7 0.7 0.7 0.9 Noncontrolling interests (2.2) (2.3) (2.4) (2.5) (2.0) Total common stockholders' equity 156.9 158.3 160.0 168.3 169.8 Adjustments: Goodwill (25.2) (25.2) (25.2) (25.2) (26.2) Certain identifiable intangible assets (other than MSRs) (0.2) (0.2) (0.2) (0.2) (0.3) Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (2.4) (2.3) (2.3) (2.4) (2.1) Applicable deferred taxes related to goodwill and other intangible assets (2) 0.9 0.9 0.9 0.8 0.9 Current expected credit loss (CECL) transition provision (3) 0.2 0.2 0.2 0.2 0.5 Other (0.4) (1.6) (1.1) (0.9) (1.0) Common Equity Tier 1 (A) $ 129.8 130.1 132.3 140.6 141.6 Total risk-weighted assets (RWAs) under Standardized Approach (B) 1,257.4 1,253.6 1,265.5 1,239.0 1,218.9 Total RWAs under Advanced Approach (C) 1,104.9 1,121.6 1,119.5 1,116.1 1,138.6 Common Equity Tier 1 to total RWAs under Standardized Approach (A)/(B) 10.3 % 10.4 10.5 11.3 11.6 Common Equity Tier 1 to total RWAs under Advanced Approach (A)/(C) 11.7 11.6 11.8 12.6 12.4

183Q22 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, 2022, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information. This document contains forward-looking statements. In addition, we may make forward-looking statements in our other documents filed or furnished with the Securities and Exchange Commission, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company, including our outlook for future growth; (ii) our noninterest expense and efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses, our allowance for credit losses, and the economic scenarios considered to develop the allowance; (iv) our expectations regarding net interest income and net interest margin; (v) loan growth or the reduction or mitigation of risk in our loan portfolios; (vi) future capital or liquidity levels, ratios or targets; (vii) the performance of our mortgage business and any related exposures; (viii) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (ix) future common stock dividends, common share repurchases and other uses of capital; (x) our targeted range for return on assets, return on equity, and return on tangible common equity; (xi) expectations regarding our effective income tax rate; (xii) the outcome of contingencies, such as legal proceedings; (xiii) environmental, social and governance related goals or commitments; and (xiv) the Company’s plans, objectives and strategies. Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Investors are urged to not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward- looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For more information about factors that could cause actual results to differ materially from expectations, refer to the “Forward-Looking Statements” discussion in Wells Fargo’s press release announcing our third quarter 2022 results and in our most recent Quarterly Report on Form 10-Q, as well as to Wells Fargo’s other reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021.