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): January 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<br><br>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<br><br>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 January 14, 2022, Wells Fargo & Company (the “Company”) issued a news release regarding its results of operations and financial condition for the quarter ended December 31, 2021, and posted on its website its 4Q21 Quarterly Supplement, which contains certain additional information about the Company’s financial results for the quarter ended December 31, 2021. The news release is included as Exhibit 99.1 and the 4Q21 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 January 14, 2022, the Company intends to host a live conference call that will also be available by webcast to discuss the Company’s fourth quarter 2021 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. Except for the “2022 net interest income expectations” portion on page 16 of the presentation materials, which portion shall be considered “filed,” the rest of 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 January 14, 2022	Filed herewith
99.2	4Q21 Quarterly Supplement	Filed herewith
99.3	Presentation Materials – 4Q21 Financial Results	Furnished herewith, except for<br><br>the “2022 net interest income<br><br>expectations” portion on page 16, which portion is deemed filed 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:	January 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	January 14, 2022<br><br>Wells Fargo Reports Fourth Quarter 2021 Net Income of $5.8 billion, or $1.38 per Diluted Share<br><br>Full Year 2021 Net Income of $21.5 billion, or $4.95 per Diluted Share
Company-wide Financial Summary
---	---	---	---	---
	Quarter ended
	Dec 31,<br>2021			Dec 31,<br>2020
Selected Income Statement Data( in millions except per share amounts)
	$	20,856		18,489
	13,198			14,802
	(452)			(179)
	5,750			3,091
	1.38			0.66
Selected Balance Sheet Data( in billions)
	$	875.0		899.7
	1,470.0			1,380.1
	11.4		%	11.6
Performance Metrics
	12.8		%	6.6
	15.3			8.0

All values are in US Dollars.

Operating Segments and Other Highlights
	Quarter ended		Dec 31, 2021 <br>% Change from
($ in billions)	Dec 31,<br>2021			Sep 30,<br>2021		Dec 31,<br>2020
Average loans
Consumer Banking and Lending	$	325.4		—	%	(13)
Commercial Banking	184.6			3		(3)
Corporate and Investment Banking	272.0			6		13
Wealth and Investment Management	84.0			1		5
Average deposits
Consumer Banking and Lending	864.4			2		13
Commercial Banking	207.7			4		12
Corporate and Investment Banking	182.1			(4)		(12)
Wealth and Investment Management	180.9			2		7

Capital

◦Repurchased 139.7 million shares, or $7.0 billion, of common stock in fourth quarter 2021

Fourth quarter 2021 results included:

◦$943 million, or $0.18 per share, net gain on the sales of our Corporate Trust Services (CTS) business and Wells Fargo Asset Management (WFAM)

◦$875 million, or $0.17 per share, decrease in the allowance for credit losses

◦($268) million, or ($0.05) per share, impairment of certain leased rail cars

Chief Executive Officer Charlie Scharf commented, “As I look back on my slightly more than two years at Wells Fargo, I’m incredibly proud of what our team has accomplished as we remake this incredible franchise. We have made sweeping changes to the leadership and culture, made significant progress on our risk, regulatory, and control work, improved the efficiency of the company while investing in our business in a more holistic and aggressive way, and have taken a different approach to our customer- and community-facing responsibilities as a large public company. And those on the front lines have worked fearlessly and tirelessly to support our customers through incredibly difficult circumstances.” “In 2021, we improved our financial returns, including reducing our expenses and returning a significant amount of excess capital to our shareholders by increasing our dividend and repurchasing $14.5 billion of common stock. We also had strong deposit growth and while loan demand was weak early in the year, loans grew 5% in the second half with growth in both our consumer and commercial portfolios. As the economy continued to recover we saw increased consumer spending, higher investment banking fees, higher asset-based fees in our Wealth and Investment Management business, and strong equity gains in our affiliated venture capital and private equity businesses. We continued to manage credit well and the strong economic environment helped reduce charge-offs to historical lows and our results benefitted from reductions in our allowance for credit losses,” Scharf added. “The changes we’ve made to the company and continued strong economic growth prospects make us feel good about how we are positioned entering 2022. But we also remain cognizant that we still have a multiyear effort to satisfy our regulatory requirements – with setbacks likely to continue along the way – and we continue our work to put exposures related to our historical practices behind us,” Scharf continued. “As we look forward, we will continue to be aggressive in driving progress and improvement in our performance, embrace our responsibility to our customers and communities, and I remain incredibly optimistic about our future,” 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 4Q21 Quarterly Supplement for more information on CET1. CET1 for December 31, 2021, 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 4Q21 Quarterly Supplement.

Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Annual Report on Form 10-K for the year ended December 31, 2021, 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		Dec 31, 2021 <br>% Change from			Year ended
	Dec 31,<br>2021			Sep 30,<br>2021	Dec 31,<br>2020	Sep 30,<br>2021		Dec 31,<br>2020	Dec 31,<br>2021			Dec 31,<br>2020
Earnings ( in millions except per share amounts)
	$	9,262		8,909	9,355	4	%	(1)	$	35,779		39,956
	11,594			9,925	9,134	17		27	42,713			34,308
	20,856			18,834	18,489	11		13	78,492			74,264
	423			257	584	65		(28)	1,582			3,370
	(875)			(1,652)	(763)	47		(15)	(5,737)			10,759
	(452)			(1,395)	(179)	68		NM	(4,155)			14,129
	13,198			13,303	14,802	(1)		(11)	53,831			57,630
	1,711			1,521	574	12		198	5,578			(1,157)
	$	5,750		5,122	3,091	12		86	$	21,548		3,377
	1.38			1.17	0.66	18		109	4.95			0.43
Balance Sheet Data (average) ( in billions)
	$	875.0		854.0	899.7	2		(3)	$	864.3		941.8
	1,470.0			1,450.9	1,380.1	1		7	1,437.8			1,376.0
	1,943.4			1,949.7	1,925.0	—		1	1,941.9			1,941.7
Financial Ratios
	1.17		%	1.04	0.64				1.11		%	0.17
	12.8			11.1	6.6				12.0			1.1
	15.3			13.2	8.0				14.3			1.3
	63			71	80				69			78
	2.11			2.03	2.16				2.05			2.28

All values are in US Dollars.

NM – Not meaningful

(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 4Q21 Quarterly Supplement.

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

Fourth Quarter 2021 vs. Fourth Quarter 2020

◦Net interest income decreased 1%, primarily due to the impact of lower yields on earning assets and lower loan balances reflecting soft demand and elevated prepayments, largely offset by a decrease in long-term debt, lower mortgage-backed securities premium amortization, and higher interest income from loans purchased from securitization pools and Paycheck Protection Program (PPP) loans

◦Noninterest income increased 27%, driven by strong results in our affiliated venture capital and private equity businesses, and net gains from the sales of divested businesses. In addition, investment banking fees improved on higher debt underwriting and advisory fees, and card and deposit-related fees increased. These increases were partially offset by impairment of certain leased rail cars, lower mortgage banking income primarily due to lower gain on sale margins and lower originations, and lower trading activity in spread products

◦Noninterest expense decreased 11%, driven by efficiency initiatives that drove lower personnel expense, consultant spend, and occupancy expense, as well as lower restructuring charges and operating losses

◦Provision for credit losses in fourth quarter 2021 included an $875 million decrease in the allowance for credit losses due to continued improvements in the economic environment, as well as a decrease in net charge-offs

-2-

Selected Company-wide Capital and Liquidity Information

				Quarter ended
( in billions)	Dec 31,<br>2021			Sep 30,<br>2021	Dec 31,<br>2020
Capital:
	$	190.1		191.1	185.7
	168.3			169.8	164.6
	141.3			142.0	136.7
	11.4		%	11.6	11.6
	23.0			23.7	25.7
	6.9			6.9	8.1
Liquidity:
	118			119	133

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 4Q21 Quarterly Supplement for more information on CET1. CET1 for December 31, 2021, is a preliminary estimate.

(c)Represents TLAC divided by the greater of risk-weighted assets determined under the Standardized and Advanced Approaches, which is our binding TLAC ratio. TLAC for December 31, 2021, is a preliminary estimate.

(d)SLR for December 31, 2021, is a preliminary estimate.

(e)Represents high-quality liquid assets divided by projected net cash outflows, as each is defined under the LCR rule. LCR for December 31, 2021, is a preliminary estimate.

Selected Company-wide Credit Information

				Quarter ended
( in millions)	Dec 31,<br>2021			Sep 30,<br>2021	Dec 31,<br>2020
Net charge-offs	$	423		257	584
	0.19		%	0.12	0.26
Total nonaccrual loans	$	7,212		7,058	8,728
	0.81		%	0.82	0.98
Total nonperforming assets	$	7,324		7,179	8,887
	0.82		%	0.83	1.00
Allowance for credit losses for loans	$	13,788		14,705	19,713
	1.54		%	1.70	2.22

All values are in US Dollars.

Fourth Quarter 2021 vs. Third Quarter 2021

◦Net loan charge-offs remained low. In our commercial portfolio, net loan charge-offs as a percentage of average loans decreased to 0.02% (annualized). The consumer net loan charge-off rate increased to 0.41% (annualized); $152 million of the $172 million increase in consumer net loan charge-offs was related to a change in practice to fully charge-off certain delinquent legacy residential mortgage loans

◦Nonperforming assets increased 2%. Nonaccrual loans increased $154 million driven by an increase in residential mortgage nonaccrual loans primarily resulting from certain borrowers exiting COVID-19-related accommodation programs, partially offset by a decrease in commercial nonaccrual loans

-3-

Business Segment Performance

Consumer Banking and Lending offers diversified financial products and services for consumers and small businesses with annual sales generally up to $5 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				Dec 31, 2021 <br>% Change from
			Dec 31,<br>2021		Sep 30,<br>2021	Dec 31,<br>2020	Sep 30,<br>2021		Dec 31,<br>2020
Earnings (in millions)
	Consumer and Small Business Banking		$	4,872	4,822	4,701	1	%	4
	Consumer Lending:
		Home Lending	1,843		2,012	1,995	(8)		(8)
		Credit Card	1,419		1,399	1,372	1		3
		Auto	470		445	403	6		17
		Personal Lending	129		126	142	2		(9)
	Total revenue		8,733		8,804	8,613	(1)		1
	Provision for credit losses		126		(518)	351	124		(64)
	Noninterest expense		6,126		6,053	6,441	1		(5)
	Net income		$	1,862	2,451	1,364	(24)		37
Average balances (in billions)
	Loans		$	325.4	325.6	373.9	—		(13)
	Deposits		864.4		848.4	763.2	2		13

Fourth Quarter 2021 vs. Fourth Quarter 2020

◦Revenue increased 1%

▪Consumer and Small Business Banking was up 4% primarily due to higher deposit-related fees reflecting lower fee waivers provided in response to the COVID-19 pandemic and an increase in consumer activity, including higher debit card transactions. Net interest income declined modestly as a result of the impact of lower interest rates, largely offset by higher deposit balances

▪Home Lending was down 8% primarily due to lower mortgage banking income driven by lower gain on sale margins and lower originations, partially offset by higher interest income from loans purchased from securitization pools and higher gains from increased re-securitization activity of these loans

▪Credit Card was up 3% on higher point-of-sale volume, partially offset by higher rewards costs including promotional offers on our new Active CashSM card

▪Auto was up 17% on higher loan balances, while Personal Lending was down 9% primarily due to lower loan balances

◦Noninterest expense was down 5% primarily due to lower operating losses, as well as lower personnel expense and professional and outside services expense primarily due to 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				Dec 31, 2021 <br>% Change from
		Dec 31,<br>2021		Sep 30,<br>2021	Dec 31,<br>2020	Sep 30,<br>2021		Dec 31,<br>2020
Earnings (in millions)
	Middle Market Banking	$	1,167	1,165	1,149	—	%	2
	Asset-Based Lending and Leasing	1,117		911	1,104	23		1
	Total revenue	2,284		2,076	2,253	10		1
	Provision for credit losses	(384)		(335)	69	(15)		NM
	Noninterest expense	1,393		1,396	1,547	—		(10)
	Net income	$	954	759	472	26		102
Average balances (in billions)
	Loans	$	184.6	178.6	190.9	3		(3)
	Deposits	207.7		199.2	184.9	4		12

NM – Not meaningful

Fourth Quarter 2021 vs. Fourth Quarter 2020

◦Revenue increased 1%

▪Middle Market Banking was up 2% and included higher deposit balances, as well as modestly higher investment banking fees, partially offset by the impact of lower interest rates

▪Asset-Based Lending and Leasing was up 1% driven by higher net gains from equity securities and higher revenue from renewable energy investments, partially offset by lower loan balances

◦Noninterest expense decreased 10% primarily driven by lower personnel and consulting expense due to efficiency initiatives, and lower lease expense

-5-

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

Selected Financial Information

			Quarter ended				Dec 31, 2021 <br>% Change from
			Dec 31,<br>2021		Sep 30,<br>2021	Dec 31,<br>2020	Sep 30,<br>2021		Dec 31,<br>2020
Earnings (in millions)
	Banking:
		Lending	$	519	502	424	3	%	22
		Treasury Management and Payments	373		372	384	—		(3)
		Investment Banking	464		367	348	26		33
	Total Banking		1,356		1,241	1,156	9		17
	Commercial Real Estate		1,095		942	1,012	16		8
	Markets:
		Fixed Income, Currencies, and Commodities (FICC)	794		884	889	(10)		(11)
		Equities	205		234	194	(12)		6
		Credit Adjustment (CVA/DVA) and Other	13		58	(67)	(78)		119
	Total Markets		1,012		1,176	1,016	(14)		—
	Other		49		26	(30)	88		263
	Total revenue		3,512		3,385	3,154	4		11
	Provision for credit losses		(194)		(460)	186	58		NM
	Noninterest expense		1,765		1,797	1,798	(2)		(2)
	Net income		$	1,454	1,530	889	(5)		64
Average balances (in billions)
	Loans		$	272.0	257.3	239.8	6		13
	Deposits		182.1		189.4	205.8	(4)		(12)

NM – Not meaningful

Fourth Quarter 2021 vs. Fourth Quarter 2020

◦Revenue increased 11%

▪Banking was up 17% primarily driven by higher debt origination and advisory fees, and higher loan balances, partially offset by lower deposit balances predominantly due to actions taken to manage under the asset cap

▪Commercial Real Estate was up 8% reflecting higher loan balances and higher capital markets results on stronger commercial real estate financing activity, partially offset by lower deposit balances predominantly due to actions taken to manage under the asset cap

▪Markets decreased slightly as lower trading activity in spread products was largely offset by higher asset-backed finance revenue and higher foreign exchange trading revenue

◦Noninterest expense decreased 2% primarily driven by lower operations and consulting expense due to efficiency initiatives, partially offset by higher revenue-related compensation

-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				Dec 31, 2021 <br>% Change from
		Dec 31,<br>2021		Sep 30,<br>2021	Dec 31,<br>2020	Sep 30,<br>2021		Dec 31,<br>2020
Earnings (in millions)
	Net interest income	$	666	637	714	5	%	(7)
	Noninterest income	2,982		2,981	2,733	—		9
	Total revenue	3,648		3,618	3,447	1		6
	Provision for credit losses	(3)		(73)	(4)	96		25
	Noninterest expense	2,898		2,917	2,770	(1)		5
	Net income	$	564	579	510	(3)		11
Total client assets (in billions)		2,183		2,091	2,005	4		9
Average balances (in billions)
	Loans	$	84.0	82.8	80.1	1		5
	Deposits	180.9		176.6	169.8	2		7

Fourth Quarter 2021 vs. Fourth Quarter 2020

◦Revenue increased 6%, primarily due to higher asset-based fees on higher market valuations. Net interest income declined as a result of the impact of lower interest rates, partially offset by higher deposit and loan balances

◦Noninterest expense increased 5%, primarily driven by higher revenue-related compensation, partially offset by lower salaries expense due to efficiency initiatives

◦Total client assets increased 9%, primarily driven by higher market valuations

-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				Dec 31, 2021 <br>% Change from
		Dec 31,<br>2021		Sep 30,<br>2021	Dec 31,<br>2020	Sep 30,<br>2021		Dec 31,<br>2020
Earnings (in millions)
	Net interest income	$	(420)	(427)	(230)	2	%	(83)
	Noninterest income	3,540		1,752	1,692	102		109
	Total revenue	3,120		1,325	1,462	135		113
	Provision for credit losses	3		(9)	(781)	133		100
	Noninterest expense	1,016		1,140	2,246	(11)		(55)
	Net income (loss)	$	916	(197)	(144)	565		736

Fourth Quarter 2021 vs. Fourth Quarter 2020

◦Revenue increased 113%

▪Net interest income decreased primarily due to lower loan balances due to the sale of our student loan portfolio

▪Noninterest income increased predominantly driven by strong results in our affiliated venture capital and private equity businesses, and net gains of $674 million and $269 million from the sales of our Corporate Trust Services business and Wells Fargo Asset Management, respectively, partially offset by impairment of certain leased rail cars and lower fee income due to the sales of divested businesses

◦Noninterest expense decreased primarily due to lower restructuring charges and lower expenses due to the sales of divested businesses

Conference Call

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

https://attendesource.com/profile/web/index.cfm?PKwebID=0x85786abcd.

A replay of the conference call will be available from approximately 1 p.m. ET on Friday, January 14 through Friday, January 28. Please dial 1-888-566-0401 (U.S. and Canada) or 203-369-3040 (International/U.S. Toll) and enter passcode: 1422. The replay will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and https://attendesource.com/profile/web/index.cfm?PKwebID=0x85786abcd.

-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, and any slowdown in global economic growth;

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

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

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

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

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

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

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

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

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

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

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

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

•fiscal and monetary policies of the Federal Reserve Board;

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

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

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

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

For 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, 2020, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov4.

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

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

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

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About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is the leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health and a low-carbon economy.

Contact Information

Media

Beth Richek, 704-374-2545

beth.richek@wellsfargo.com

Investor Relations

John M. Campbell, 415-396-0523

john.m.campbell@wellsfargo.com

#

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Document

Exhibit 99.2

4Q21 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							Dec 31, 2021 <br>% Change from			Year ended
(in millions, except per share amounts)	Dec 31,<br>2021			Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2020	Sep 30,<br>2021		Dec 31,<br>2020	Dec 31,<br>2021			Dec 31,<br>2020	%<br>Change
Selected Income Statement Data
Total revenue	$	20,856		18,834	20,270	18,532	18,489	11	%	13	$	78,492		74,264	6	%
Noninterest expense	13,198			13,303	13,341	13,989	14,802	(1)		(11)	53,831			57,630	(7)
Pre-tax pre-provision profit (PTPP) (1)	7,658			5,531	6,929	4,543	3,687	38		108	24,661			16,634	48
Provision for credit losses	(452)			(1,395)	(1,260)	(1,048)	(179)	68		NM	(4,155)			14,129	NM
Wells Fargo net income	5,750			5,122	6,040	4,636	3,091	12		86	21,548			3,377	538
Wells Fargo net income applicable to common stock	5,470			4,787	5,743	4,256	2,741	14		100	20,256			1,786	NM
Common Share Data
Diluted earnings (loss) per common share	1.38			1.17	1.38	1.02	0.66	18		109	4.95			0.43	NM
Dividends declared per common share	0.20			0.20	0.10	0.10	0.10	—		100	0.60			1.22	(51)
Common shares outstanding	3,885.8			3,996.9	4,108.0	4,141.1	4,144.0	(3)		(6)
Average common shares outstanding	3,927.6			4,056.3	4,124.6	4,141.3	4,137.6	(3)		(5)	4,061.9			4,118.0	(1)
Diluted average common shares outstanding	3,964.7			4,090.4	4,156.1	4,171.0	4,151.3	(3)		(4)	4,096.2			4,134.2	(1)
Book value per common share (2)	$	43.32		42.47	41.74	40.27	39.71	2		9
Tangible book value per common share (2)(3)	36.35			35.54	34.95	33.49	32.99	2		10
Selected Equity Data (period-end)
Total equity	190,110			191,071	193,127	188,034	185,712	(1)		2
Common stockholders' equity	168,331			169,753	171,453	166,748	164,570	(1)		2
Tangible common equity (3)	141,254			142,047	143,577	138,702	136,727	(1)		3
Performance Ratios
Return on average assets (ROA) (4)	1.17		%	1.04	1.25	0.97	0.64				1.11		%	0.17
Return on average equity (ROE) (5)	12.8			11.1	13.6	10.3	6.6				12.0			1.1
Return on average tangible common equity (ROTCE) (3)	15.3			13.2	16.3	12.4	8.0				14.3			1.3
Efficiency ratio (6)	63			71	66	75	80				69			78
Net interest margin on a taxable-equivalent basis	2.11			2.03	2.02	2.05	2.16				2.05			2.28

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).

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Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA (continued)

	Quarter ended							Dec 31, 2021 <br>% Change from			Year ended
($ in millions, unless otherwise noted)	Dec 31,<br>2021			Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2020	Sep 30,<br>2021		Dec 31,<br>2020	Dec 31,<br>2021		Dec 31,<br>2020	%<br>Change
Selected Balance Sheet Data (average)
Loans	$	875,036		854,024	854,747	873,439	899,704	2	%	(3)	$	864,288	941,788	(8)	%
Assets	1,943,430			1,949,700	1,939,879	1,934,425	1,925,013	—		1	1,941,905		1,941,709	—
Deposits	1,470,027			1,450,941	1,435,824	1,393,472	1,380,100	1		7	1,437,812		1,376,011	4
Selected Balance Sheet Data (period-end)
Debt securities	537,531			542,993	533,565	505,826	501,207	(1)		7
Loans	895,394			862,827	852,300	861,572	887,637	4		1
Allowance for credit losses for loans	13,788			14,705	16,391	18,043	19,713	(6)		(30)
Equity securities	72,886			66,526	64,547	57,702	60,008	10		21
Assets	1,948,068			1,954,901	1,945,996	1,957,264	1,952,911	—		—
Deposits	1,482,479			1,470,379	1,440,472	1,437,119	1,404,381	1		6
Headcount (#) (period-end)	249,435			253,871	259,196	264,513	268,531	(2)		(7)
Capital and other metrics (1)
Risk-based capital ratios and components (2):
Standardized Approach:
Common Equity Tier 1 (CET1)	11.4		%	11.6	12.1	11.8	11.6
Tier 1 capital	12.9			13.2	13.7	13.5	13.3
Total capital	15.9			16.2	16.8	16.8	16.5
Risk-weighted assets (RWAs) (in billions)	$	1,238.0		1,218.9	1,188.7	1,179.0	1,193.7	2		4
Advanced Approach:
Common Equity Tier 1 (CET1)	12.6		%	12.4	12.7	12.6	11.9
Tier 1 capital	14.3			14.1	14.5	14.4	13.7
Total capital	16.7			16.5	16.9	16.9	16.1
Risk-weighted assets (RWAs) (in billions)	$	1,116.7		1,138.6	1,126.5	1,109.4	1,158.4	(2)		(4)
Tier 1 leverage ratio	8.3		%	8.4	8.5	8.4	8.3
Supplementary Leverage Ratio (SLR)	6.9			6.9	7.1	7.9	8.1
Total Loss Absorbing Capacity (TLAC) Ratio (3)	23.0			23.7	25.1	25.2	25.7
Liquidity Coverage Ratio (LCR) (4)	118			119	123	127	133

(1)Ratios and metrics for December 31, 2021, are preliminary estimates.

(2)See the tables on pages 27 and 28 for more information on CET1, tier 1 capital, and total capital. The information presented reflects fully phased-in CET1, tier 1 capital, and RWAs, but reflects total capital in accordance with transition requirements.

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

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

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Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME

	Quarter ended						Dec 31, 2021 <br>% Change from			Year ended
(in millions, except per share amounts)	Dec 31,<br>2021		Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2020	Sep 30,<br>2021		Dec 31,<br>2020	Dec 31,<br>2021		Dec 31,<br>2020	%<br>Change
Interest income	$	10,121	9,834	9,693	10,046	10,550	3	%	(4)	$	39,694	47,919	(17)	%
Interest expense	859		925	893	1,238	1,195	(7)		(28)	3,915		7,963	(51)
Net interest income	9,262		8,909	8,800	8,808	9,355	4		(1)	35,779		39,956	(10)
Noninterest income
Deposit-related fees	1,462		1,416	1,342	1,255	1,333	3		10	5,475		5,221	5
Lending-related fees	357		365	362	361	356	(2)		—	1,445		1,381	5
Investment advisory and other asset-based fees	2,579		2,882	2,794	2,756	2,598	(11)		(1)	11,011		9,863	12
Commissions and brokerage services fees	558		525	580	636	589	6		(5)	2,299		2,384	(4)
Investment banking fees	669		547	570	568	486	22		38	2,354		1,865	26
Card fees	1,071		1,078	1,077	949	943	(1)		14	4,175		3,544	18
Mortgage banking	1,035		1,259	1,336	1,326	1,207	(18)		(14)	4,956		3,493	42
Net gains (losses) from trading activities	(177)		92	21	348	(60)	NM		NM	284		1,172	(76)
Net gains on debt securities	119		283	—	151	160	(58)		(26)	553		873	(37)
Net gains from equity securities	2,470		869	2,696	392	884	184		179	6,427		665	866
Lease income	46		322	313	315	224	(86)		(79)	996		1,245	(20)
Other	1,405		287	379	667	414	390		239	2,738		2,602	5
Total noninterest income	11,594		9,925	11,470	9,724	9,134	17		27	42,713		34,308	24
Total revenue	20,856		18,834	20,270	18,532	18,489	11		13	78,492		74,264	6
Provision for credit losses	(452)		(1,395)	(1,260)	(1,048)	(179)	68		NM	(4,155)		14,129	NM
Noninterest expense
Personnel	8,475		8,690	8,818	9,558	8,948	(2)		(5)	35,541		34,811	2
Technology, telecommunications and equipment	827		741	815	844	838	12		(1)	3,227		3,099	4
Occupancy	725		738	735	770	826	(2)		(12)	2,968		3,263	(9)
Operating losses	512		540	303	213	621	(5)		(18)	1,568		3,523	(55)
Professional and outside services	1,468		1,417	1,450	1,388	1,664	4		(12)	5,723		6,706	(15)
Leases (1)	195		220	226	226	227	(11)		(14)	867		1,022	(15)
Advertising and promotion	225		153	132	90	138	47		63	600		600	—
Restructuring charges	66		1	(4)	13	781	NM		(92)	76		1,499	(95)
Other	705		803	866	887	759	(12)		(7)	3,261		3,107	5
Total noninterest expense	13,198		13,303	13,341	13,989	14,802	(1)		(11)	53,831		57,630	(7)
Income before income tax expense (benefit)	8,110		6,926	8,189	5,591	3,866	17		110	28,816		2,505	NM
Income tax expense (benefit)	1,711		1,521	1,445	901	574	12		198	5,578		(1,157)	NM
Net income before noncontrolling interests	6,399		5,405	6,744	4,690	3,292	18		94	23,238		3,662	535
Less: Net income from noncontrolling interests	649		283	704	54	201	129		223	1,690		285	493
Wells Fargo net income	$	5,750	5,122	6,040	4,636	3,091	12		86	$	21,548	3,377	538
Less: Preferred stock dividends and other	280		335	297	380	350	(16)		(20)	1,292		1,591	(19)
Wells Fargo net income applicable to common stock	$	5,470	4,787	5,743	4,256	2,741	14		100	$	20,256	1,786	NM
Per share information
Earnings per common share	$	1.39	1.18	1.39	1.03	0.66	18		111	$	4.99	0.43	NM
Diluted earnings per common share	1.38		1.17	1.38	1.02	0.66	18		109	4.95		0.43	NM

NM – Not meaningful

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

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Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET

							Dec 31, 2021 <br>% Change from
(in millions)	Dec 31,<br>2021		Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2020	Sep 30,<br>2021		Dec 31,<br>2020
Assets
Cash and due from banks	$	24,616	25,509	25,304	28,339	28,236	(4)	%	(13)
Interest-earning deposits with banks	209,614		241,178	248,869	258,394	236,376	(13)		(11)
Total cash, cash equivalents, and restricted cash	234,230		266,687	274,173	286,733	264,612	(12)		(11)
Federal funds sold and securities purchased under resale agreements	66,223		67,807	70,149	79,502	65,672	(2)		1
Debt securities:
Trading, at fair value	88,265		94,943	82,727	72,784	75,095	(7)		18
Available-for-sale, at fair value	177,244		185,557	189,897	200,850	220,392	(4)		(20)
Held-to-maturity, at amortized cost	272,022		262,493	260,941	232,192	205,720	4		32
Loans held for sale	23,617		24,811	25,594	35,434	36,384	(5)		(35)
Loans	895,394		862,827	852,300	861,572	887,637	4		1
Allowance for loan losses	(12,490)		(13,517)	(15,148)	(16,928)	(18,516)	8		33
Net loans	882,904		849,310	837,152	844,644	869,121	4		2
Mortgage servicing rights	8,189		8,148	8,009	8,832	7,437	1		10
Premises and equipment, net	8,571		8,599	8,745	8,760	8,895	—		(4)
Goodwill	25,180		26,191	26,194	26,290	26,392	(4)		(5)
Derivative assets	21,478		27,060	25,415	25,429	25,846	(21)		(17)
Equity securities	72,886		66,526	64,547	57,702	60,008	10		21
Other assets	67,259		66,769	72,453	78,112	87,337	1		(23)
Total assets	$	1,948,068	1,954,901	1,945,996	1,957,264	1,952,911	—		—
Liabilities
Noninterest-bearing deposits	$	527,748	529,051	504,108	494,087	467,068	—		13
Interest-bearing deposits	954,731		941,328	936,364	943,032	937,313	1		2
Total deposits	1,482,479		1,470,379	1,440,472	1,437,119	1,404,381	1		6
Short-term borrowings	34,409		41,980	45,635	58,920	58,999	(18)		(42)
Derivative liabilities	9,424		12,976	14,551	14,930	16,509	(27)		(43)
Accrued expenses and other liabilities	70,957		75,513	72,555	74,949	74,360	(6)		(5)
Long-term debt	160,689		162,982	179,656	183,312	212,950	(1)		(25)
Total liabilities	1,757,958		1,763,830	1,752,869	1,769,230	1,767,199	—		(1)
Equity
Wells Fargo stockholders’ equity:
Preferred stock	20,057		20,270	20,820	21,170	21,136	(1)		(5)
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares	9,136		9,136	9,136	9,136	9,136	—		—
Additional paid-in capital	60,196		60,134	60,018	59,854	60,197	—		—
Retained earnings	180,322		175,709	171,765	166,458	162,683	3		11
Cumulative other comprehensive income (loss)	(1,702)		(1,177)	(564)	(1,250)	194	(45)		NM
Treasury stock (1)	(79,757)		(74,169)	(69,038)	(67,589)	(67,791)	(8)		(18)
Unearned ESOP shares	(646)		(875)	(875)	(875)	(875)	26		26
Total Wells Fargo stockholders’ equity	187,606		189,028	191,262	186,904	184,680	(1)		2
Noncontrolling interests	2,504		2,043	1,865	1,130	1,032	23		143
Total equity	190,110		191,071	193,127	188,034	185,712	(1)		2
Total liabilities and equity	$	1,948,068	1,954,901	1,945,996	1,957,264	1,952,911	—		—

NM – Not meaningful

(1)Number of shares of treasury stock were 1,596,009,977, 1,484,890,493, 1,373,813,200, 1,340,691,115, and 1,337,799,931 at December 31, September 30, June 30, and March 31, 2021, and December 31, 2020, respectively.

-6-

Wells Fargo & Company and Subsidiaries

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

	Quarter ended							Dec 31, 2021 <br>% Change from			Year ended				%<br>Change
($ in millions)	Dec 31, 2021			Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2021		Dec 31, 2020	Dec 31, 2021			Dec 31, 2020
Average Balances
Assets
Interest-earning deposits with banks	$	216,061		250,314	255,237	223,437	222,010	(14)	%	(3)	$	236,281		186,386	27	%
Federal funds sold and securities purchased under resale agreements	65,388			68,912	72,513	72,148	67,023	(5)		(2)	69,720			82,798	(16)
Trading debt securities	92,597			88,476	84,612	87,383	93,877	5		(1)	88,282			94,731	(7)
Available-for-sale debt securities	178,770			179,237	192,418	206,946	214,042	—		(16)	189,237			229,077	(17)
Held-to-maturity debt securities	264,695			261,182	237,812	216,826	192,697	1		37	245,304			173,505	41
Loans held for sale	24,149			24,490	27,173	34,554	29,436	(1)		(18)	27,554			27,493	—
Loans	875,036			854,024	854,747	873,439	899,704	2		(3)	864,288			941,788	(8)
Equity securities	35,711			32,790	29,773	29,434	25,744	9		39	31,946			28,950	10
Other	11,514			10,070	9,103	9,498	7,896	14		46	10,052			7,505	34
Total interest-earning assets	1,763,921			1,769,495	1,763,388	1,753,665	1,752,429	—		1	1,762,664			1,772,233	(1)
Total noninterest-earning assets	179,509			180,205	176,491	180,760	172,584	—		4	179,241			169,476	6
Total assets	$	1,943,430		1,949,700	1,939,879	1,934,425	1,925,013	—		1	$	1,941,905		1,941,709	—
Liabilities
Interest-bearing deposits	$	938,682		941,014	941,746	931,116	925,729	—		1	$	938,168		963,342	(3)
Short-term borrowings	37,845			43,899	48,505	59,082	57,304	(14)		(34)	47,265			70,206	(33)
Long-term debt	161,335			174,643	181,101	198,340	214,223	(8)		(25)	178,742			224,587	(20)
Other liabilities	28,245			30,387	27,718	28,875	25,949	(7)		9	28,809			28,435	1
Total interest-bearing liabilities	1,166,107			1,189,943	1,199,070	1,217,413	1,223,205	(2)		(5)	1,192,984			1,286,570	(7)
Noninterest-bearing demand deposits	531,345			509,927	494,078	462,356	454,371	4		17	499,644			412,669	21
Other noninterest-bearing liabilities	55,234			55,789	55,763	65,582	61,993	(1)		(11)	58,058			57,781	—
Total liabilities	1,752,686			1,755,659	1,748,911	1,745,351	1,739,569	—		1	1,750,686			1,757,020	—
Total equity	190,744			194,041	190,968	189,074	185,444	(2)		3	191,219			184,689	4
Total liabilities and equity	$	1,943,430		1,949,700	1,939,879	1,934,425	1,925,013	—		1	$	1,941,905		1,941,709	—
Average Interest Rates
Interest-earning assets
Interest-earning deposits with banks	0.16		%	0.15	0.11	0.10	0.10				0.13		%	0.29
Federal funds sold and securities purchased under resale agreements	(0.01)			0.03	0.02	0.04	0.05				0.02			0.47
Trading debt securities	2.39			2.33	2.37	2.45	2.40				2.39			2.69
Available-for-sale debt securities	1.55			1.57	1.43	1.63	1.78				1.55			2.29
Held-to-maturity debt securities	1.86			1.87	1.86	1.90	1.95				1.87			2.21
Loans held for sale	2.79			2.81	2.85	3.85	3.56				3.14			3.45
Loans	3.32			3.29	3.33	3.34	3.43				3.32			3.64
Equity securities	2.16			1.78	1.77	1.87	2.04				1.91			1.92
Other	0.09			0.09	0.04	0.03	—				0.06			0.18
Total interest-earning assets	2.31			2.24	2.23	2.33	2.43				2.28			2.73
Interest-bearing liabilities
Interest-bearing deposits	0.04			0.04	0.04	0.05	0.07				0.04			0.29
Short-term borrowings	(0.14)			(0.06)	(0.09)	(0.06)	(0.08)				(0.09)			0.36
Long-term debt	1.71			1.71	1.57	2.07	1.78				1.78			1.99
Other liabilities	1.38			1.15	1.47	1.50	1.38				1.37			1.54
Total interest-bearing liabilities	0.29			0.31	0.30	0.41	0.39				0.33			0.62
Interest rate spread on a taxable-equivalent basis (2)	2.02			1.93	1.93	1.92	2.04				1.95			2.11
Net interest margin on a taxable-equivalent basis (2)	2.11			2.03	2.02	2.05	2.16				2.05			2.28

(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 $106 million, $105 million, $109 million, $107 million and $120 million for the quarters ended December 31, September 30, June 30, and March 31, 2021 and December 31, 2020, respectively, and $427 million and $494 million for the years ended December 31, 2021 and 2020, 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 December 31, 2021
(in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate (2)	Reconciling Items (3)	Consolidated<br>Company
Net interest income	$	5,867	1,273	1,982	666	(420)	(106)	9,262
Noninterest income	2,866		1,011	1,530	2,982	3,540	(335)	11,594
Total revenue	8,733		2,284	3,512	3,648	3,120	(441)	20,856
Provision for credit losses	126		(384)	(194)	(3)	3	—	(452)
Noninterest expense	6,126		1,393	1,765	2,898	1,016	—	13,198
Income (loss) before income tax expense (benefit)	2,481		1,275	1,941	753	2,101	(441)	8,110
Income tax expense (benefit)	619		318	488	189	538	(441)	1,711
Net income before noncontrolling interests	1,862		957	1,453	564	1,563	—	6,399
Less: Net income (loss) from noncontrolling interests	—		3	(1)	—	647	—	649
Net income	$	1,862	954	1,454	564	916	—	5,750
						Quarter ended 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
						Quarter ended December 31, 2020
Net interest income	$	5,741	1,439	1,811	714	(230)	(120)	9,355
Noninterest income	2,872		814	1,343	2,733	1,692	(320)	9,134
Total revenue	8,613		2,253	3,154	3,447	1,462	(440)	18,489
Provision for credit losses	351		69	186	(4)	(781)	—	(179)
Noninterest expense	6,441		1,547	1,798	2,770	2,246	—	14,802
Income (loss) before income tax expense (benefit)	1,821		637	1,170	681	(3)	(440)	3,866
Income tax expense (benefit)	457		163	282	171	(59)	(440)	574
Net income before noncontrolling interests	1,364		474	888	510	56	—	3,292
Less: Net income (loss) from noncontrolling interests	—		2	(1)	—	200	—	201
Net income (loss)	$	1,364	472	889	510	(144)	—	3,091

(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)

						Year ended December 31, 2021
(in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate (2)	Reconciling Items (3)	Consolidated<br>Company
Net interest income	$	22,807	4,960	7,410	2,570	(1,541)	(427)	35,779
Noninterest income	12,070		3,589	6,429	11,776	10,036	(1,187)	42,713
Total revenue	34,877		8,549	13,839	14,346	8,495	(1,614)	78,492
Provision for credit losses	(1,178)		(1,500)	(1,439)	(95)	57	—	(4,155)
Noninterest expense	24,648		5,862	7,200	11,734	4,387	—	53,831
Income (loss) before income tax expense (benefit)	11,407		4,187	8,078	2,707	4,051	(1,614)	28,816
Income tax expense (benefit)	2,852		1,045	2,019	680	596	(1,614)	5,578
Net income before noncontrolling interests	8,555		3,142	6,059	2,027	3,455	—	23,238
Less: Net income (loss) from noncontrolling interests	—		8	(3)	—	1,685	—	1,690
Net income	$	8,555	3,134	6,062	2,027	1,770	—	21,548
						Year ended December 31, 2020
Net interest income	$	23,378	6,134	7,509	2,988	441	(494)	39,956
Noninterest income	10,638		3,041	6,419	10,225	4,916	(931)	34,308
Total revenue	34,016		9,175	13,928	13,213	5,357	(1,425)	74,264
Provision for credit losses	5,662		3,744	4,946	249	(472)	—	14,129
Noninterest expense	26,976		6,323	7,703	10,912	5,716	—	57,630
Income (loss) before income tax expense (benefit)	1,378		(892)	1,279	2,052	113	(1,425)	2,505
Income tax expense (benefit)	302		(208)	330	514	(670)	(1,425)	(1,157)
Net income (loss) before noncontrolling interests	1,076		(684)	949	1,538	783	—	3,662
Less: Net income (loss) from noncontrolling interests	—		5	(1)	—	281	—	285
Net income (loss)	$	1,076	(689)	950	1,538	502	—	3,377

-9-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT

	Quarter ended						Dec 31, 2021 <br>% Change from			Year ended
($ in millions)	Dec 31,<br>2021		Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2020	Sep 30,<br>2021		Dec 31,<br>2020	Dec 31,<br>2021		Dec 31,<br>2020	%<br>Change
Income Statement
Net interest income	$	5,867	5,707	5,618	5,615	5,741	3	%	2	$	22,807	23,378	(2)	%
Noninterest income:
Deposit-related fees	853		799	732	661	742	7		15	3,045		2,904	5
Card fees	1,007		1,014	1,017	892	890	(1)		13	3,930		3,318	18
Mortgage banking	905		1,168	1,158	1,259	1,082	(23)		(16)	4,490		3,224	39
Other	101		116	161	227	158	(13)		(36)	605		1,192	(49)
Total noninterest income	2,866		3,097	3,068	3,039	2,872	(7)		—	12,070		10,638	13
Total revenue	8,733		8,804	8,686	8,654	8,613	(1)		1	34,877		34,016	3
Net charge-offs	408		302	359	370	332	35		23	1,439		1,875	(23)
Change in the allowance for credit losses	(282)		(820)	(726)	(789)	19	66		NM	(2,617)		3,787	NM
Provision for credit losses	126		(518)	(367)	(419)	351	124		(64)	(1,178)		5,662	NM
Noninterest expense	6,126		6,053	6,202	6,267	6,441	1		(5)	24,648		26,976	(9)
Income before income tax expense	2,481		3,269	2,851	2,806	1,821	(24)		36	11,407		1,378	728
Income tax expense	619		818	713	702	457	(24)		35	2,852		302	844
Net income	$	1,862	2,451	2,138	2,104	1,364	(24)		37	$	8,555	1,076	695
Revenue by Line of Business
Consumer and Small Business Banking	$	4,872	4,822	4,714	4,550	4,701	1		4	$	18,958	18,684	1
Consumer Lending:
Home Lending	1,843		2,012	2,072	2,227	1,995	(8)		(8)	8,154		7,875	4
Credit Card	1,419		1,399	1,363	1,346	1,372	1		3	5,527		5,288	5
Auto	470		445	415	403	403	6		17	1,733		1,575	10
Personal Lending	129		126	122	128	142	2		(9)	505		594	(15)
Total revenue	$	8,733	8,804	8,686	8,654	8,613	(1)		1	$	34,877	34,016	3
Selected Balance Sheet Data (average)
Loans by Line of Business:
Home Lending	$	214,900	217,011	223,229	243,036	265,292	(1)		(19)	$	224,446	268,586	(16)
Auto	55,773		53,043	50,762	49,518	48,966	5		14	52,293		49,460	6
Credit Card	37,041		35,407	34,211	35,205	36,135	5		3	35,471		37,093	(4)
Small Business	12,573		15,122	18,768	20,137	17,929	(17)		(30)	16,625		15,173	10
Personal Lending	5,121		4,974	4,922	5,185	5,547	3		(8)	5,050		6,151	(18)
Total loans	$	325,408	325,557	331,892	353,081	373,869	—		(13)	$	333,885	376,463	(11)
Total deposits	864,373		848,419	835,752	789,439	763,177	2		13	834,739		722,085	16
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:
Home Lending	$	214,407	216,649	218,626	230,478	253,942	(1)		(16)	$	214,407	253,942	(16)
Auto	57,260		54,472	51,784	50,007	49,072	5		17	57,260		49,072	17
Credit Card	38,453		36,061	34,936	34,246	36,664	7		5	38,453		36,664	5
Small Business	11,270		13,686	16,494	20,820	17,743	(18)		(36)	11,270		17,743	(36)
Personal Lending	5,184		5,050	4,920	4,998	5,375	3		(4)	5,184		5,375	(4)
Total loans	$	326,574	325,918	326,760	340,549	362,796	—		(10)	$	326,574	362,796	(10)
Total deposits	883,674		858,424	840,434	837,765	784,565	3		13	883,674		784,565	13

NM – Not meaningful

-10-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT (continued)

							Dec 31, 2021 <br>% Change from			Year ended
( in millions, unless otherwise noted)			Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2020	Sep 30,<br>2021		Dec 31,<br>2020	Dec 31,<br>2021			Dec 31,<br>2020	%<br>Change
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1)		%	19.7	17.3	17.2	10.7				17.2		%	1.6
Efficiency ratio (2)			69	71	72	75				71			79
Headcount (#) (period-end)			114,334	116,185	123,547	125,034	(1)	%	(10)	112,913			125,034	(10)	%
Retail bank branches (#)			4,796	4,878	4,944	5,032	—		(5)	4,777			5,032	(5)
Digital active customers (# in millions) (3)			32.7	32.6	32.9	32.0	1		3	33.0			32.0	3
Mobile active customers (# in millions) (3)			27.0	26.8	26.7	26.0	1		5	27.3			26.0	5
Consumer and Small Business Banking:
Deposit spread (4)		%	1.5	1.5	1.6	1.7				1.5		%	1.8
Debit card purchase volume ( in billions) (5)	122.4		118.6	122.0	108.5	105.3	3		16	$	471.5		391.9	20
Debit card purchase transactions (# in millions) (5)			2,515	2,504	2,266	2,297	—		10	9,808			8,792	12
Home Lending:
Mortgage banking:
Net servicing income	125		109	(76)	(123)	(82)	15		252	$	35		(160)	122
Net gains on mortgage loan originations/sales			1,059	1,234	1,382	1,164	(26)		(33)	4,455			3,384	32
Total mortgage banking	905		1,168	1,158	1,259	1,082	(23)		(16)	$	4,490		3,224	39
Originations ( in billions):
Retail	32.8		35.2	36.9	33.6	32.3	(7)		2	$	138.5		118.7	17
Correspondent			16.7	16.3	18.2	21.6	(8)		(29)	66.5			104.0	(36)
Total originations	48.1		51.9	53.2	51.8	53.9	(7)		(11)	$	205.0		222.7	(8)
% of originations held for sale (HFS)		%	60.6	65.6	75.8	75.2				64.6		%	73.9
Third party mortgage loans serviced (period-end) ( in billions) (6)	716.8		739.5	769.4	801.0	856.7	(3)		(16)	$	716.8		856.7	(16)
Mortgage servicing rights (MSR) carrying value (period-end)			6,862	6,717	7,536	6,125	1		13	6,920			6,125	13
Ratio of MSR carrying value (period-end) to third party mortgage loans serviced (period-end) (6)		%	0.93	0.87	0.94	0.71				0.97		%	0.71
Home lending loans 30+ days or more delinquency rate (7)(8)			0.45	0.51	0.56	0.64				0.38			0.64
Credit Card:
Point of sale (POS) volume ( in billions)	29.4		26.5	25.5	21.1	22.9	11		28	$	102.5		81.6	26
New accounts (# in thousands) (9)			526	323	266	240	—		119	1,640			1,022	60
Credit card loans 30+ days or more delinquency rate (8)		%	1.40	1.46	2.01	2.17				1.50		%	2.17
Auto:
Auto originations ( in billions)	9.4		9.2	8.3	7.0	5.3	2		77	$	33.9		22.8	49
Auto loans 30+ days or more delinquency rate (8)		%	1.46	1.30	1.22	1.77				1.84		%	1.77
Personal Lending:
New funded balances	798		731	565	413	294	9		171	$	2,507		1,599	57

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)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 status.

(9)Excludes certain private label new account openings.

-11-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT

	Quarter ended							Dec 31, 2021 <br>% Change from			Year ended
($ in millions)	Dec 31,<br>2021			Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2020	Sep 30,<br>2021		Dec 31,<br>2020	Dec 31,<br>2021			Dec 31,<br>2020	%<br>Change
Income Statement
Net interest income	$	1,273		1,231	1,202	1,254	1,439	3	%	(12)	$	4,960		6,134	(19)	%
Noninterest income:
Deposit-related fees	320			323	325	317	311	(1)		3	1,285			1,219	5
Lending-related fees	129			132	135	136	138	(2)		(7)	532			531	—
Lease income	170			165	173	174	73	3		133	682			646	6
Other	392			225	273	200	292	74		34	1,090			645	69
Total noninterest income	1,011			845	906	827	814	20		24	3,589			3,041	18
Total revenue	2,284			2,076	2,108	2,081	2,253	10		1	8,549			9,175	(7)
Net charge-offs	(7)			16	53	39	81	NM		NM	101			590	(83)
Change in the allowance for credit losses	(377)			(351)	(435)	(438)	(12)	(7)		NM	(1,601)			3,154	NM
Provision for credit losses	(384)			(335)	(382)	(399)	69	(15)		NM	(1,500)			3,744	NM
Noninterest expense	1,393			1,396	1,443	1,630	1,547	—		(10)	5,862			6,323	(7)
Income (loss) before income tax expense (benefit)	1,275			1,015	1,047	850	637	26		100	4,187			(892)	569
Income tax expense (benefit)	318			254	261	212	163	25		95	1,045			(208)	602
Less: Net income from noncontrolling interests	3			2	2	1	2	50		50	8			5	60
Net income (loss)	$	954		759	784	637	472	26		102	$	3,134		(689)	555
Revenue by Line of Business
Middle Market Banking	$	1,167		1,165	1,151	1,159	1,149	—		2	$	4,642		5,067	(8)
Asset-Based Lending and Leasing	1,117			911	957	922	1,104	23		1	3,907			4,108	(5)
Total revenue	$	2,284		2,076	2,108	2,081	2,253	10		1	$	8,549		9,175	(7)
Revenue by Product
Lending and leasing	$	1,236		1,190	1,207	1,202	1,262	4		(2)	$	4,835		5,432	(11)
Treasury management and payments	711			713	680	721	733	—		(3)	2,825			3,205	(12)
Other	337			173	221	158	258	95		31	889			538	65
Total revenue	$	2,284		2,076	2,108	2,081	2,253	10		1	$	8,549		9,175	(7)
Selected Metrics
Return on allocated capital	18.5		%	14.5	15.2	12.3	8.6				15.1		%	(4.5)
Efficiency ratio	61			67	68	78	69				69			69
Headcount (#) (period-end)	18,397			18,638	19,647	20,486	20,241	(1)		(9)	18,397			20,241	(9)

NM – Not meaningful

-12-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT (continued)

	Quarter ended						Dec 31, 2021 <br>% Change from			Year ended
($ in millions)	Dec 31,<br>2021		Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2020	Sep 30,<br>2021		Dec 31,<br>2020	Dec 31,<br>2021		Dec 31,<br>2020	%<br>Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	125,011	118,039	117,585	120,929	125,525	6	%	—	$	120,396	143,263	(16)	%
Commercial real estate	45,755		46,576	47,203	48,574	50,441	(2)		(9)	47,018		52,220	(10)
Lease financing and other	13,855		14,007	13,784	13,640	14,937	(1)		(7)	13,823		15,953	(13)
Total loans	$	184,621	178,622	178,572	183,143	190,903	3		(3)	$	181,237	211,436	(14)
Loans by Line of Business:
Middle Market Banking	$	103,594	101,523	102,054	104,379	102,692	2		1	$	102,882	112,848	(9)
Asset-Based Lending and Leasing	81,027		77,099	76,518	78,764	88,211	5		(8)	78,355		98,588	(21)
Total loans	$	184,621	178,622	178,572	183,143	190,903	3		(3)	$	181,237	211,436	(14)
Total deposits	207,678		199,226	192,586	189,364	184,864	4		12	197,269		178,946	10
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	$	131,078	120,203	117,782	119,322	124,253	9		5	$	131,078	124,253	5
Commercial real estate	45,467		46,318	46,905	47,832	49,903	(2)		(9)	45,467		49,903	(9)
Lease financing and other	13,803		14,018	14,218	13,534	14,821	(2)		(7)	13,803		14,821	(7)
Total loans	$	190,348	180,539	178,905	180,688	188,977	5		1	$	190,348	188,977	1
Loans by Line of Business:
Middle Market Banking	$	106,834	102,279	102,062	102,372	101,193	4		6	$	106,834	101,193	6
Asset-Based Lending and Leasing	83,514		78,260	76,843	78,316	87,784	7		(5)	83,514		87,784	(5)
Total loans	$	190,348	180,539	178,905	180,688	188,977	5		1	$	190,348	188,977	1
Total deposits	205,428		204,853	197,461	191,948	188,292	—		9	205,428		188,292	9

-13-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT

	Quarter ended							Dec 31, 2021 <br>% Change from			Year ended
($ in millions)	Dec 31,<br>2021			Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2020	Sep 30,<br>2021		Dec 31,<br>2020	Dec 31,<br>2021			Dec 31,<br>2020	%<br>Change
Income Statement
Net interest income	$	1,982		1,866	1,783	1,779	1,811	6	%	9	$	7,410		7,509	(1)	%
Noninterest income:
Deposit-related fees	283			286	277	266	272	(1)		4	1,112			1,062	5
Lending-related fees	192			196	190	183	178	(2)		8	761			684	11
Investment banking fees	678			536	580	611	459	26		48	2,405			1,952	23
Net gains (losses) on trading activities	(174)			85	30	331	(28)	NM		NM	272			1,190	(77)
Other	551			416	478	434	462	32		19	1,879			1,531	23
Total noninterest income	1,530			1,519	1,555	1,825	1,343	1		14	6,429			6,419	—
Total revenue	3,512			3,385	3,338	3,604	3,154	4		11	13,839			13,928	(1)
Net charge-offs	8			(48)	(19)	37	177	117		(95)	(22)			742	NM
Change in the allowance for credit losses	(202)			(412)	(482)	(321)	9	51		NM	(1,417)			4,204	NM
Provision for credit losses	(194)			(460)	(501)	(284)	186	58		NM	(1,439)			4,946	NM
Noninterest expense	1,765			1,797	1,805	1,833	1,798	(2)		(2)	7,200			7,703	(7)
Income before income tax expense	1,941			2,048	2,034	2,055	1,170	(5)		66	8,078			1,279	532
Income tax expense	488			518	513	500	282	(6)		73	2,019			330	512
Less: Net loss from noncontrolling interests	(1)			—	(2)	—	(1)	NM		—	(3)			(1)	NM
Net income	$	1,454		1,530	1,523	1,555	889	(5)		64	$	6,062		950	538
Revenue by Line of Business
Banking:
Lending	$	519		502	474	453	424	3		22	$	1,948		1,767	10
Treasury Management and Payments	373			372	353	370	384	—		(3)	1,468			1,680	(13)
Investment Banking	464			367	407	416	348	26		33	1,654			1,448	14
Total Banking	1,356			1,241	1,234	1,239	1,156	9		17	5,070			4,895	4
Commercial Real Estate	1,095			942	1,014	912	1,012	16		8	3,963			3,607	10
Markets:
Fixed Income, Currencies, and Commodities (FICC)	794			884	888	1,144	889	(10)		(11)	3,710			4,314	(14)
Equities	205			234	206	252	194	(12)		6	897			1,204	(25)
Credit Adjustment (CVA/DVA) and Other	13			58	(16)	36	(67)	(78)		119	91			26	250
Total Markets	1,012			1,176	1,078	1,432	1,016	(14)		—	4,698			5,544	(15)
Other	49			26	12	21	(30)	88		263	108			(118)	192
Total revenue	$	3,512		3,385	3,338	3,604	3,154	4		11	$	13,839		13,928	(1)
Selected Metrics
Return on allocated capital	16.0		%	16.9	17.0	17.6	9.4				16.9		%	1.8
Efficiency ratio	50			53	54	51	57				52			55
Headcount (#) (period-end)	8,489			8,459	8,673	8,249	8,178	—		4	8,489			8,178	4

NM – Not meaningful

-14-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT (continued)

	Quarter ended						Dec 31, 2021 <br>% Change from			Year ended
($ in millions)	Dec 31,<br>2021		Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2020	Sep 30,<br>2021		Dec 31,<br>2020	Dec 31,<br>2021		Dec 31,<br>2020	%<br>Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	182,778	170,486	167,076	162,290	155,669	7	%	17	$	170,713	172,492	(1)	%
Commercial real estate	89,216		86,809	85,346	83,858	84,175	3		6	86,323		82,832	4
Total loans	$	271,994	257,295	252,422	246,148	239,844	6		13	$	257,036	255,324	1
Loans by Line of Business:
Banking	$	101,589	95,911	90,839	86,536	82,413	6		23	$	93,766	93,501	—
Commercial Real Estate	116,630		110,683	108,893	107,609	107,838	5		8	110,978		108,279	2
Markets	53,775		50,701	52,690	52,003	49,593	6		8	52,292		53,544	(2)
Total loans	$	271,994	257,295	252,422	246,148	239,844	6		13	$	257,036	255,324	1
Trading-related assets:
Trading account securities	$	118,147	112,148	104,743	106,358	108,972	5		8	$	110,386	109,803	1
Reverse repurchase agreements/securities borrowed	53,526		56,758	62,066	63,965	57,835	(6)		(7)	59,044		71,485	(17)
Derivative assets	24,267		25,191	24,731	27,102	23,604	(4)		3	25,315		21,986	15
Total trading-related assets	$	195,940	194,097	191,540	197,425	190,411	1		3	$	194,745	203,274	(4)
Total assets	543,946		524,124	513,414	511,528	495,994	4		10	523,344		521,514	—
Total deposits	182,101		189,424	190,810	194,501	205,797	(4)		(12)	189,176		234,332	(19)
Allocated capital	34,000		34,000	34,000	34,000	34,000	—		—	34,000		34,000	—
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	191,391	177,002	166,969	163,808	160,000	8		20	$	191,391	160,000	20
Commercial real estate	92,983		86,955	86,290	84,836	84,456	7		10	92,983		84,456	10
Total loans	$	284,374	263,957	253,259	248,644	244,456	8		16	$	284,374	244,456	16
Loans by Line of Business:
Banking	$	101,926	99,683	92,758	88,042	84,640	2		20	$	101,926	84,640	20
Commercial Real Estate	125,926		112,050	108,885	108,508	107,207	12		17	125,926		107,207	17
Markets	56,522		52,224	51,616	52,094	52,609	8		7	56,522		52,609	7
Total loans	$	284,374	263,957	253,259	248,644	244,456	8		16	$	284,374	244,456	16
Trading-related assets:
Trading account securities	$	108,697	114,187	108,291	100,586	109,311	(5)		(1)	$	108,697	109,311	(1)
Reverse repurchase agreements/securities borrowed	55,973		55,123	57,351	71,282	57,248	2		(2)	55,973		57,248	(2)
Derivative assets	21,398		27,096	25,288	24,228	25,916	(21)		(17)	21,398		25,916	(17)
Total trading-related assets	$	186,068	196,406	190,930	196,096	192,475	(5)		(3)	$	186,068	192,475	(3)
Total assets	546,549		535,385	516,518	512,045	508,518	2		7	546,549		508,518	7
Total deposits	168,609		191,786	188,219	188,920	203,004	(12)		(17)	168,609		203,004	(17)

-15-

Wells Fargo & Company and Subsidiaries

WEALTH AND INVESTMENT MANAGEMENT SEGMENT

	Quarter ended							Dec 31, 2021 <br>% Change from			Year ended
($ in millions, unless otherwise noted)	Dec 31,<br>2021			Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2020	Sep 30,<br>2021		Dec 31,<br>2020	Dec 31,<br>2021			Dec 31,<br>2020	%<br>Change
Income Statement
Net interest income	$	666		637	610	657	714	5	%	(7)	$	2,570		2,988	(14)	%
Noninterest income:
Investment advisory and other asset-based fees	2,429			2,457	2,382	2,306	2,134	(1)		14	9,574			8,085	18
Commissions and brokerage services fees	484			458	513	555	518	6		(7)	2,010			2,078	(3)
Other	69			66	31	26	81	5		(15)	192			62	210
Total noninterest income	2,982			2,981	2,926	2,887	2,733	—		9	11,776			10,225	15
Total revenue	3,648			3,618	3,536	3,544	3,447	1		6	14,346			13,213	9
Net charge-offs	19			(3)	(6)	—	(3)	733		733	10			(3)	433
Change in the allowance for credit losses	(22)			(70)	30	(43)	(1)	69		NM	(105)			252	NM
Provision for credit losses	(3)			(73)	24	(43)	(4)	96		25	(95)			249	NM
Noninterest expense	2,898			2,917	2,891	3,028	2,770	(1)		5	11,734			10,912	8
Income before income tax expense	753			774	621	559	681	(3)		11	2,707			2,052	32
Income tax expense	189			195	156	140	171	(3)		11	680			514	32
Net income	$	564		579	465	419	510	(3)		11	$	2,027		1,538	32
Selected Metrics
Return on allocated capital	25.0		%	25.7	20.7	18.9	22.6				22.6		%	17.0
Efficiency ratio	79			81	82	85	80				82			83
Headcount (#) (period-end)	25,906			26,112	26,989	27,993	28,306	(1)		(8)	25,906			28,306	(8)
Advisory assets ($ in billions)	$	964		920	931	885	853	5		13	$	964		853	13
Other brokerage assets and deposits ($ in billions)	1,219			1,171	1,212	1,177	1,152	4		6	1,219			1,152	6
Total client assets ($ in billions)	$	2,183		2,091	2,143	2,062	2,005	4		9	$	2,183		2,005	9
Annualized revenue per advisor ($ in thousands) (1)	1,171			1,141	1,084	1,058	1,010	3		16	1,114			939	19
Total financial and wealth advisors (#) (period-end)	12,367			12,552	12,819	13,277	13,513	(1)		(8)	12,367			13,513	(8)
Selected Balance Sheet Data (average)
Total loans	$	84,007		82,785	81,784	80,839	80,109	1		5	$	82,364		78,775	5
Total deposits	180,939			176,570	174,980	173,678	169,815	2		7	176,562			162,476	9
Allocated capital	8,750			8,750	8,750	8,750	8,750	—		—	8,750			8,750	—
Selected Balance Sheet Data (period-end)
Total loans	84,101			82,824	82,783	81,175	80,785	2		4	84,101			80,785	4
Total deposits	192,548			177,809	174,267	175,999	175,483	8		10	192,548			175,483	10

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						Dec 31, 2021 <br>% Change from			Year ended
($ in millions)	Dec 31,<br>2021		Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2020	Sep 30,<br>2021		Dec 31,<br>2020	Dec 31,<br>2021		Dec 31,<br>2020	%<br>Change
Income Statement
Net interest income	$	(420)	(427)	(304)	(390)	(230)	2	%	(83)	$	(1,541)	441	NM
Noninterest income	3,540		1,752	3,327	1,417	1,692	102		109	10,036		4,916	104	%
Total revenue	3,120		1,325	3,023	1,027	1,462	135		113	8,495		5,357	59
Net charge-offs	(5)		(10)	(8)	77	(3)	50		(67)	54		166	(67)
Change in the allowance for credit losses	8		1	(26)	20	(778)	700		101	3		(638)	100
Provision for credit losses	3		(9)	(34)	97	(781)	133		100	57		(472)	112
Noninterest expense	1,016		1,140	1,000	1,231	2,246	(11)		(55)	4,387		5,716	(23)
Income (loss) before income tax expense (benefit)	2,101		194	2,057	(301)	(3)	983		NM	4,051		113	NM
Income tax expense (benefit)	538		110	223	(275)	(59)	389		NM	596		(670)	189
Less: Net income from noncontrolling interests	647		281	704	53	200	130		224	1,685		281	500
Net income (loss)	$	916	(197)	1,130	(79)	(144)	565		736	$	1,770	502	253
Selected Metrics
Headcount (#) (period-end) (2)	83,730		86,328	87,702	84,238	86,772	(3)		(4)	83,730		86,772	(4)
Selected Balance Sheet Data (average)
Cash, cash equivalents, and restricted cash	$	216,156	250,414	255,043	222,799	221,357	(14)		(2)	$	236,124	183,420	29
Available-for-sale debt securities	169,953		172,035	185,396	200,421	207,008	(1)		(18)	181,841		221,493	(18)
Held-to-maturity debt securities	262,969		260,167	237,788	217,346	191,123	1		38	244,735		172,755	42
Equity securities	15,172		13,254	11,499	10,904	10,201	14		49	12,720		12,445	2
Total loans	9,006		9,765	10,077	10,228	14,979	(8)		(40)	9,766		19,790	(51)
Total assets	727,818		762,067	754,629	727,628	712,602	(4)		2	743,089		675,250	10
Total deposits	34,936		37,302	41,696	46,490	56,447	(6)		(38)	40,066		78,172	(49)
Selected Balance Sheet Data (period-end)
Cash, cash equivalents, and restricted cash	$	209,696	241,423	248,784	257,887	235,262	(13)		(11)	$	209,696	235,262	(11)
Available-for-sale debt securities	165,926		173,237	177,923	188,724	208,694	(4)		(20)	165,926		208,694	(20)
Held-to-maturity debt securities	269,285		261,583	260,054	231,352	204,858	3		31	269,285		204,858	31
Equity securities	16,549		14,022	13,142	11,093	10,305	18		61	16,549		10,305	61
Total loans	9,997		9,589	10,593	10,516	10,623	4		(6)	9,997		10,623	(6)
Total assets	721,335		751,155	761,915	753,899	728,667	(4)		(1)	721,335		728,667	(1)
Total deposits	32,220		37,507	40,091	42,487	53,037	(14)		(39)	32,220		53,037	(39)

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.

(2)Beginning in first quarter 2021, employees who were notified of displacement remained as headcount in their respective operating segment rather than included in Corporate.

-17-

Wells Fargo & Company and Subsidiaries

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

	Quarter ended							Dec 31, 2021 Change from
($ in millions)	Dec 31,<br>2021			Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2020	Sep 30,2021
Period-End Loans
Commercial and industrial	$	350,436		326,425	317,618	319,055	318,805	24,011
Real estate mortgage	127,733			121,985	120,678	121,198	121,720	5,748
Real estate construction	20,092			21,129	22,406	21,533	21,805	(1,037)
Lease financing	14,859			15,398	15,720	15,734	16,087	(539)
Total commercial	513,120			484,937	476,422	477,520	478,417	28,183
Residential mortgage – first lien	242,270			242,935	244,371	254,363	276,674	(665)
Residential mortgage – junior lien	16,618			18,026	19,637	21,308	23,286	(1,408)
Credit card	38,453			36,061	34,936	34,246	36,664	2,392
Auto	56,659			53,827	51,073	49,210	48,187	2,832
Other consumer	28,274			27,041	25,861	24,925	24,409	1,233
Total consumer	382,274			377,890	375,878	384,052	409,220	4,384
Total loans	$	895,394		862,827	852,300	861,572	887,637	32,567
Average Loans
Commercial and industrial	$	335,752		319,426	318,917	318,311	315,924	16,326
Real estate mortgage	123,806			121,453	120,526	120,734	121,228	2,353
Real estate construction	20,800			21,794	22,015	21,755	22,559	(994)
Lease financing	15,227			15,492	15,565	15,799	16,757	(265)
Total commercial	495,585			478,165	477,023	476,599	476,468	17,420
Residential mortgage – first lien	242,515			243,201	247,815	266,251	287,361	(686)
Residential mortgage – junior lien	17,317			18,809	20,457	22,321	24,210	(1,492)
Credit card	37,041			35,407	34,211	35,205	36,135	1,634
Auto	55,161			52,370	50,014	48,680	48,033	2,791
Other consumer	27,417			26,072	25,227	24,383	27,497	1,345
Total consumer	379,451			375,859	377,724	396,840	423,236	3,592
Total loans	$	875,036		854,024	854,747	873,439	899,704	21,012
Average Interest Rates
Commercial and industrial	2.45		%	2.44	2.52	2.47	2.50
Real estate mortgage	2.64			2.67	2.74	2.73	2.81
Real estate construction	3.08			3.10	3.08	3.10	3.13
Lease financing	4.27			4.45	4.49	4.62	6.57
Total commercial	2.58			2.60	2.66	2.63	2.74
Residential mortgage – first lien	3.27			3.12	3.16	3.11	3.12
Residential mortgage – junior lien	4.22			4.11	4.13	4.13	4.16
Credit card	11.25			11.47	11.48	11.90	11.80
Auto	4.37			4.44	4.52	4.66	4.82
Other consumer	3.67			3.70	3.70	3.87	4.55
Total consumer	4.28			4.18	4.18	4.18	4.20
Total loans	3.32		%	3.29	3.33	3.34	3.43

All values are in US Dollars.

-18-

Wells Fargo & Company and Subsidiaries

NET LOAN CHARGE-OFFS

	Quarter ended
	Dec 31, 2021				Sep 30, 2021				Jun 30, 2021				Mar 31, 2021				Dec 31, 2020				Dec 31, 2021 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)		Sep 30,2021	Dec 31,<br>2020
By product:
Commercial:
Commercial and industrial	$	3	—	%	$	46	0.06	%	$	81	0.10	%	$	88	0.11	%	$	111	0.14	%		(108)
Real estate mortgage	22		0.07		(10)		(0.03)		(5)		(0.02)		46		0.16		162		0.53		32	(140)
Real estate construction	—		(0.01)		1		—		(1)		—		—		—		—		—		(1)	—
Lease financing	3		0.09		1		0.03		5		0.12		15		0.40		35		0.83		2	(32)
Total commercial	28		0.02		38		0.03		80		0.07		149		0.13		308		0.26		(10)	(280)
Consumer:
Residential mortgage – first lien	110		0.18		(14)		(0.02)		(19)		(0.03)		(24)		(0.04)		(3)		—		124	113
Residential mortgage – junior lien	8		0.19		(28)		(0.61)		(31)		(0.60)		(19)		(0.35)		(24)		(0.39)		36	32
Credit card	150		1.61		158		1.77		256		3.01		236		2.71		190		2.09		(8)	(40)
Auto	58		0.41		26		0.20		45		0.35		52		0.44		51		0.43		32	7
Other consumer	67		0.96		79		1.22		50		0.80		119		1.97		62		0.88		(12)	5
Total consumer	393		0.41		221		0.23		301		0.32		364		0.37		276		0.26		172	117
Total net charge-offs	$	421	0.19	%	$	259	0.12	%	$	381	0.18	%	$	513	0.24	%	$	584	0.26	%		(163)
By segment:
Consumer Banking and Lending	$	410	0.50	%	$	302	0.37	%	$	359	0.43	%	$	370	0.42	%	$	332	0.35	%		78
Commercial Banking	(9)		(0.02)		16		0.04		50		0.11		39		0.09		81		0.17		(25)	(90)
Corporate and Investing Banking	8		0.01		(48)		(0.07)		(18)		(0.03)		36		0.06		177		0.29		56	(169)
Wealth and Investment Management	18		0.09		(3)		(0.01)		(3)		(0.01)		—		—		(3)		(0.01)		21	21
Corporate	(6)		(0.26)		(8)		(0.33)		(7)		(0.28)		68		2.70		(3)		(0.08)		2	(3)
Total net charge-offs	$	421	0.19	%	$	259	0.12	%	$	381	0.18	%	$	513	0.24	%	$	584	0.26	%		(163)

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							Dec 31, 2021 Change from	Year ended Dec 31,
(in millions)	Dec 31,<br>2021			Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2020	Sep 30,2021	2021	2020	$ Change
Balance, beginning of period	$	14,705		16,391	18,043	19,713	20,471	(1,686)	19,713	10,456	9,257
Cumulative effect from change in accounting policies (1)	—			—	—	—	—	—	—	(1,337)	1,337
Allowance for purchased credit-deteriorated (PCD) loans (2)	—			—	—	—	—	—	—	8	(8)
Balance, beginning of period, adjusted	14,705			16,391	18,043	19,713	20,471	(1,686)	19,713	9,127	10,586
Provision for credit losses	(464)			(1,387)	(1,239)	(1,117)	(144)	923	(4,207)	14,005	(18,212)
Interest income on certain loans (3)	(33)			(35)	(36)	(41)	(36)	2	(145)	(153)	8
Net loan charge-offs:
Commercial:
Commercial and industrial	(3)			(46)	(81)	(88)	(111)	43	(218)	(1,239)	1,021
Real estate mortgage	(22)			10	5	(46)	(162)	(32)	(53)	(283)	230
Real estate construction	—			(1)	1	—	—	1	—	19	(19)
Lease financing	(3)			(1)	(5)	(15)	(35)	(2)	(24)	(87)	63
Total commercial	(28)			(38)	(80)	(149)	(308)	10	(295)	(1,590)	1,295
Consumer:
Residential mortgage – first lien	(110)			14	19	24	3	(124)	(53)	5	(58)
Residential mortgage – junior lien	(8)			28	31	19	24	(36)	70	55	15
Credit card	(150)			(158)	(256)	(236)	(190)	8	(800)	(1,139)	339
Auto	(58)			(26)	(45)	(52)	(51)	(32)	(181)	(270)	89
Other consumer	(67)			(79)	(50)	(119)	(62)	12	(315)	(350)	35
Total consumer	(393)			(221)	(301)	(364)	(276)	(172)	(1,279)	(1,699)	420
Net loan charge-offs	(421)			(259)	(381)	(513)	(584)	(162)	(1,574)	(3,289)	1,715
Other	1			(5)	4	1	6	6	1	23	(22)
Balance, end of period	$	13,788		14,705	16,391	18,043	19,713	(917)	13,788	19,713	(5,925)
Components:
Allowance for loan losses	$	12,490		13,517	15,148	16,928	18,516	(1,027)	12,490	18,516	(6,026)
Allowance for unfunded credit commitments	1,298			1,188	1,243	1,115	1,197	110	1,298	1,197	101
Allowance for credit losses for loans	$	13,788		14,705	16,391	18,043	19,713	(917)	13,788	19,713	(5,925)
Ratio of allowance for loan losses to total net loan charge-offs (annualized)	7.49x			13.14	9.93	8.13	7.97		7.94	5.63
Allowance for loan losses as a percentage of:
Total loans	1.39		%	1.57	1.78	1.96	2.09		1.39	2.09
Nonaccrual loans	173			192	205	210	212		173	212
Allowance for credit losses for loans as a percentage of:
Total loans	1.54			1.70	1.92	2.09	2.22		1.54	2.22
Nonaccrual loans	191			208	222	224	226		191	226

All values are in US Dollars.

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

(2)Represents the allowance for credit losses for purchased credit-impaired loans that automatically became PCD loans with the adoption of CECL.

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

-20-

Wells Fargo & Company and Subsidiaries

ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES FOR LOANS

	Dec 31, 2021				Sep 30, 2021				Jun 30, 2021				Mar 31, 2021				Dec 31, 2020
($ 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	$	4,873	1.39	%	$	5,193	1.59	%	$	5,640	1.78	%	$	6,512	2.04	%	$	7,230	2.27	%
Real estate mortgage	2,085		1.63		2,422		1.99		2,884		2.39		3,156		2.60		3,167		2.60
Real estate construction	431		2.15		470		2.22		530		2.37		410		1.90		410		1.88
Lease financing	402		2.71		480		3.12		516		3.28		604		3.84		709		4.41
Total commercial	7,791		1.52		8,565		1.77		9,570		2.01		10,682		2.24		11,516		2.41
Consumer:
Residential mortgage – first lien	1,156		0.48		1,197		0.49		1,283		0.53		1,202		0.47		1,600		0.58
Residential mortgage – junior lien	130		0.78		201		1.12		320		1.63		428		2.01		653		2.80
Credit card	3,290		8.56		3,356		9.31		3,663		10.48		4,082		11.92		4,082		11.13
Auto	928		1.64		901		1.67		1,026		2.01		1,108		2.25		1,230		2.55
Other consumer	493		1.74		485		1.79		529		2.05		541		2.17		632		2.59
Total consumer	5,997		1.57		6,140		1.62		6,821		1.81		7,361		1.92		8,197		2.00
Total allowance for credit losses for loans	$	13,788	1.54	%	$	14,705	1.70	%	$	16,391	1.92	%	$	18,043	2.09	%	$	19,713	2.22	%
By segment:
Consumer Banking and Lending	$	6,891	2.11	%	$	7,194	2.21	%	$	8,035	2.46	%	$	8,782	2.58	%	$	9,593	2.64	%
Commercial Banking	2,950		1.55		3,334		1.85		3,692		2.06		4,138		2.29		4,586		2.43
Corporate and Investing Banking	3,705		1.30		3,900		1.48		4,318		1.70		4,798		1.93		5,155		2.11
Wealth and Investment Management	271		0.32		292		0.35		362		0.44		332		0.41		375		0.46
Corporate	(29)		(0.29)		(15)		(0.16)		(16)		(0.15)		(7)		(0.07)		4		0.04
Total allowance for credit losses for loans	$	13,788	1.54	%	$	14,705	1.70	%	$	16,391	1.92	%	$	18,043	2.09	%	$	19,713	2.22	%

-21-

Wells Fargo & Company and Subsidiaries

NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)

	Dec 31, 2021				Sep 30, 2021				Jun 30, 2021				Mar 31, 2021				Dec 31, 2020				Dec 31, 2021 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		Sep 30,2021	Dec 31,<br>2020
By product:
Nonaccrual loans:
Commercial:
Commercial and industrial	$	980	0.28	%	$	1,274	0.39	%	$	1,691	0.53	%	$	2,223	0.70	%	$	2,698	0.85	%		(1,718)
Real estate mortgage	1,235		0.97		1,538		1.26		1,598		1.32		1,703		1.41		1,774		1.46		(303)	(539)
Real estate construction	13		0.06		20		0.09		45		0.20		55		0.26		48		0.22		(7)	(35)
Lease financing	148		1.00		188		1.22		215		1.37		249		1.58		259		1.61		(40)	(111)
Total commercial	2,376		0.46		3,020		0.62		3,549		0.74		4,230		0.89		4,779		1.00		(644)	(2,403)
Consumer:
Residential mortgage – first lien (1)	3,803		1.57		3,093		1.27		2,852		1.17		2,859		1.12		2,957		1.07		710	846
Residential mortgage – junior lien (1)	801		4.82		702		3.89		713		3.63		747		3.51		754		3.24		99	47
Auto	198		0.35		206		0.38		221		0.43		181		0.37		202		0.42		(8)	(4)
Other consumer	34		0.12		37		0.14		36		0.14		38		0.15		36		0.15		(3)	(2)
Total consumer	4,836		1.27		4,038		1.07		3,822		1.02		3,825		1.00		3,949		0.97		798	887
Total nonaccrual loans	7,212		0.81		7,058		0.82		7,371		0.86		8,055		0.93		8,728		0.98		154	(1,516)
Foreclosed assets	112				121				129				140				159				(9)	(47)
Total nonperforming assets	$	7,324	0.82	%	$	7,179	0.83	%	$	7,500	0.88	%	$	8,195	0.95	%	$	8,887	1.00	%		(1,563)
By segment:
Consumer Banking and Lending	$	4,672	1.43	%	$	3,955	1.21	%	$	3,730	1.14	%	$	3,763	1.10	%	$	3,895	1.07	%		777
Commercial Banking	1,520		0.80		1,827		1.01		2,096		1.17		2,511		1.39		2,511		1.33		(307)	(991)
Corporate and Investing Banking	778		0.27		1,073		0.41		1,310		0.52		1,618		0.65		2,198		0.90		(295)	(1,420)
Wealth and Investment Management	354		0.42		324		0.39		364		0.44		294		0.36		262		0.32		30	92
Corporate	—		—		—		—		—		—		9		0.09		21		0.20		—	(21)
Total nonperforming assets	$	7,324	0.82	%	$	7,179	0.83	%	$	7,500	0.88	%	$	8,195	0.95	%	$	8,887	1.00	%		(1,563)

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

	Dec 31, 2021							Sep 30, 2021							Dec 31, 2020
($ in millions)	Nonaccrual<br>loans		Loans outstanding	% of<br>total<br>loans		Total commitments (1)		Nonaccrual<br>loans		Loans outstanding	% of<br>total<br>loans		Total commitments (1)		Nonaccrual<br>loans		Loans outstanding	% of<br>total<br>loans		Total commitments (1)
Financials except banks	$	104	142,252	16	%	$	236,243	$	140	134,060	16	%	$	227,615	$	160	117,726	13	%	$	206,999
Technology, telecom and media	64		23,164	3		62,418		75		21,226	2		60,607		144		23,061	3		56,500
Real estate and construction	76		24,622	3		53,772		87		20,900	2		51,882		133		23,113	3		51,526
Equipment, machinery and parts manufacturing	24		18,072	2		43,489		29		17,503	2		43,111		81		18,158	2		41,332
Retail	26		17,413	2		40,220		36		17,181	2		40,071		94		17,393	2		41,669
Materials and commodities	32		14,661	2		36,582		40		13,225	2		35,454		39		12,071	1		33,879
Food and beverage manufacturing	7		13,214	1		30,759		7		12,637	1		30,898		17		12,401	1		28,908
Oil, gas and pipelines	197		8,820	*		28,968		280		8,725	1		28,988		953		10,471	1		30,055
Health care and pharmaceuticals	24		12,734	1		28,362		28		12,821	1		29,960		145		15,322	2		32,154
Auto related	31		10,546	1		25,410		56		9,290	1		24,881		79		11,817	1		25,034
Commercial services	77		10,266	1		23,551		77		9,537	1		24,328		107		10,284	1		24,442
Utilities	77		6,978	*		22,404		67		7,025	*		21,972		2		5,031	*		18,564
Diversified or miscellaneous	3		7,445	*		19,096		4		6,792	*		18,608		7		5,437	*		14,717
Insurance and fiduciaries	—		3,367	*		17,409		1		4,071	*		18,105		2		3,297	*		14,334
Entertainment and recreation	23		9,810	1		17,357		26		8,451	*		16,764		263		9,884	1		17,551
Banks	—		16,177	2		16,612		—		15,444	2		15,815		—		12,789	1		13,842
Transportation services	288		8,061	*		14,314		431		8,319	*		15,951		573		9,236	1		15,531
Agribusiness	35		6,048	*		11,454		51		5,333	*		11,082		81		6,314	*		11,642
Government and education	5		5,849	*		11,272		4		5,303	*		10,941		9		5,464	*		11,065
Other	35		5,796	*		29,895		23		3,980	*		19,050		68		5,623	*		23,315
Total	$	1,128	365,295	41	%	$	769,587	$	1,462	341,823	40	%	$	746,083	$	2,957	334,892	33	%	$	713,059

*Less than 1%.

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

-23-

Wells Fargo & Company and Subsidiaries

COMMERCIAL REAL ESTATE LOANS BY PROPERTY TYPE

	Dec 31, 2021							Sep 30, 2021							Dec 31, 2020
($ in millions)	Nonaccrual<br>loans		Loans outstanding	% of<br>total<br>loans		Total commitments (1)		Nonaccrual<br>loans		Loans outstanding	% of<br>total<br>loans		Total commitments (1)		Nonaccrual<br>loans		Loans outstanding	% of<br>total<br>loans		Total commitments (1)
Office buildings	$	134	36,736	4	%	$	42,781	$	167	36,206	4	%	$	41,932	$	274	37,251	4	%	$	43,059
Apartments	13		31,901	4		42,119		14		28,948	3		37,988		30		27,909	3		35,092
Industrial/warehouse	78		17,714	2		20,967		97		17,758	2		20,758		87		17,108	2		19,069
Hotel/motel	254		12,764	1		13,179		297		12,113	1		12,529		273		12,134	1		12,770
Retail (excluding shopping center)	135		12,450	1		13,014		141		13,116	2		13,789		286		13,808	2		14,444
Shopping center	422		10,448	1		11,082		593		10,712	1		11,321		588		11,441	1		12,065
Mixed use properties	81		6,303	*		10,718		94		6,233	*		7,360		98		6,192	*		7,424
Institutional	51		7,743	*		9,588		64		7,184	*		9,037		93		6,692	*		7,923
Collateral pool	—		3,509	*		4,106		—		3,095	*		3,770		—		2,970	*		3,546
1-4 family structure	—		1,057	*		3,014		—		1,336	*		3,176		—		1,346	*		3,400
Other	80		7,200	*		8,715		91		6,413	*		7,708		93		6,674	*		8,376
Total	$	1,248	147,825	17	%	$	179,283	$	1,558	143,114	17	%	$	169,368	$	1,822	143,525	16	%	$	167,168

*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 nonmarketable equity securities, net of applicable deferred taxes. The ratios are (i) tangible book value per common share, which represents tangible common equity divided by common shares outstanding; and (ii) return on average tangible common equity (ROTCE), which represents our annualized earnings as a percentage of tangible common equity. The methodology of determining tangible common equity may differ among companies. Management believes that tangible book value per common share and return on average tangible common equity, which utilize tangible common equity, are useful financial measures because they enable management, investors, and others to assess the Company’s use of equity.

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

								Dec 31, 2021 <br>% Change from
(in millions, except ratios)		Dec 31,<br>2021		Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2020	Sep 30,<br>2021		Dec 31,<br>2020
Tangible book value per common share:
Total equity		$	190,110	191,071	193,127	188,034	185,712	(1)	%	2
Adjustments:
Preferred stock		(20,057)		(20,270)	(20,820)	(21,170)	(21,136)	1		5
Additional paid-in capital on preferred stock		136		120	136	139	152	13		(11)
Unearned ESOP shares		646		875	875	875	875	(26)		(26)
Noncontrolling interests		(2,504)		(2,043)	(1,865)	(1,130)	(1,033)	(23)		NM
Total common stockholders' equity	(A)	168,331		169,753	171,453	166,748	164,570	(1)		2
Adjustments:
Goodwill		(25,180)		(26,191)	(26,194)	(26,290)	(26,392)	4		5
Certain identifiable intangible assets (other than MSRs)		(225)		(281)	(301)	(322)	(342)	20		34
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(2,437)		(2,120)	(2,256)	(2,300)	(1,965)	(15)		(24)
Applicable deferred taxes related to goodwill and other intangible assets (1)		765		886	875	866	856	(14)		(11)
Tangible common equity	(B)	$	141,254	142,047	143,577	138,702	136,727	(1)		3
Common shares outstanding	(C)	3,885.8		3,996.9	4,108.0	4,141.1	4,144.0	(3)		(6)
Book value per common share	(A)/(C)	$	43.32	42.47	41.74	40.27	39.71	2		9
Tangible book value per common share	(B)/(C)	36.35		35.54	34.95	33.49	32.99	2		10

NM - Not meaningful

-25-

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

		Quarter ended							Dec 31, 2021 <br>% Change from				Year ended
(in millions, except ratios)		Dec 31,<br>2021			Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2020	Sep 30,<br>2021		Dec 31,<br>2020		Dec 31,<br>2021			Dec 31,<br>2020	%<br>Change
Return on average tangible common equity:
Net income applicable to common stock	(A)	$	5,470		4,787	5,743	4,256	2,741	14	%	100	%	$	20,256		1,786	NM
Average total equity		190,744			194,041	190,968	189,074	185,444	(2)		3		191,219			184,689	4	%
Adjustments:
Preferred stock		(20,267)			(21,403)	(21,108)	(21,840)	(21,223)	5		5		(21,151)			(21,364)	(1)
Additional paid-in capital on preferred stock		120			145	138	145	156	(17)		(23)		137			148	(7)
Unearned ESOP shares		872			875	875	875	875	—		—		874			1,007	(13)
Noncontrolling interests		(2,119)			(1,845)	(1,313)	(1,115)	(887)	(15)		NM		(1,601)			(769)	108
Average common stockholders’ equity	(B)	169,350			171,813	169,560	167,139	164,365	(1)		3		169,478			163,711	4
Adjustments:
Goodwill		(25,569)			(26,192)	(26,213)	(26,383)	(26,390)	2		3		(26,087)			(26,387)	(1)
Certain identifiable intangible assets (other than MSRs)		(246)			(290)	(310)	(330)	(354)	15		31		(294)			(389)	(24)
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(2,309)			(2,169)	(2,208)	(2,217)	(1,889)	(6)		(22)		(2,226)			(2,002)	11
Applicable deferred taxes related to goodwill and other intangible assets (1)		848			882	873	863	852	(4)		—		867			834	4
Average tangible common equity	(C)	$	142,074		144,044	141,702	139,072	136,584	(1)		4		$	141,738		135,767	4
Return on average common stockholders’ equity (ROE) (annualized)	(A)/(B)	12.8		%	11.1	13.6	10.3	6.6					12.0		%	1.1
Return on average tangible common equity (ROTCE)<br><br>(annualized)	(A)/(C)	15.3			13.2	16.3	12.4	8.0					14.3			1.3

NM – Not meaningful

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

-26-

Wells Fargo & Company and Subsidiaries

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

		Estimated							Dec 31, 2021 <br>% Change from
(in billions, except ratios)		Dec 31,<br>2021			Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2020	Sep 30,<br>2021		Dec 31,<br>2020
Total equity (2)		$	190.1		191.1	193.1	188.0	185.7	(1)	%	2
Effect of accounting policy changes (2)		—			—	—	0.3	0.2
Total equity (as reported)		190.1			191.1	193.1	188.3	185.9	(1)		2
Adjustments:
Preferred stock		(20.1)			(20.3)	(20.8)	(21.2)	(21.1)	1		5
Additional paid-in capital on preferred stock		0.2			0.1	0.2	0.2	0.1	97		66
Unearned ESOP shares		0.6			0.9	0.9	0.9	0.9	(26)		(26)
Noncontrolling interests		(2.5)			(2.0)	(1.9)	(1.1)	(1.0)	(23)		NM
Total common stockholders' equity		168.3			169.8	171.5	167.1	164.8	(1)		2
Adjustments:
Goodwill		(25.2)			(26.2)	(26.2)	(26.3)	(26.4)	4		5
Certain identifiable intangible assets (other than MSRs)		(0.2)			(0.3)	(0.3)	(0.3)	(0.3)	20		34
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(2.4)			(2.1)	(2.3)	(2.3)	(2.0)	(15)		(24)
Applicable deferred taxes related to goodwill and other intangible assets (3)		0.8			0.9	0.9	0.9	0.9	(14)		(11)
CECL transition provision (4)		0.2			0.5	0.9	1.3	1.7	(48)		(86)
Other		(0.9)			(1.0)	(1.1)	(0.7)	(0.4)	17		NM
Common Equity Tier 1	(A)	140.6			141.6	143.4	139.7	138.3	(1)		2
Preferred stock		20.1			20.3	20.8	21.2	21.1	(1)		(5)
Additional paid-in capital on preferred stock		(0.2)			(0.1)	(0.2)	(0.2)	(0.1)	(100)		(100)
Unearned ESOP shares		(0.6)			(0.9)	(0.9)	(0.9)	(0.9)	26		28
Other		(0.2)			(0.3)	(0.1)	(0.1)	(0.2)	54		24
Total Tier 1 capital	(B)	159.7			160.6	163.0	159.7	158.2	(1)		1
Long-term debt and other instruments qualifying as Tier 2		22.7			22.8	23.2	23.8	24.4	—		(7)
Qualifying allowance for credit losses (5)		14.1			14.6	14.3	14.1	14.1	(3)		—
Other		(0.2)			(0.4)	(0.5)	(0.2)	(0.1)	58		(29)
Effect of Basel III transition requirements		—			—	—	0.1	0.1	4		(79)
Total qualifying capital (Basel III transition requirements)	(C)	$	196.3		197.6	200.1	197.5	196.7	(1)		—
Total risk-weighted assets (RWAs)	(D)	$	1,238.0		1,218.9	1,188.7	1,179.0	1,193.7	2		4
Common Equity Tier 1 to total RWAs	(A)/(D)	11.4		%	11.6	12.1	11.8	11.6
Tier 1 capital to total RWAs	(B)/(D)	12.9			13.2	13.7	13.5	13.3
Total capital to total RWAs	(C)/(D)	15.9			16.2	16.8	16.8	16.5

NM – Not meaningful

(1)The Basel III capital rules for calculating CET1 and tier 1 capital, along with RWAs, are fully phased-in. However, the requirements for determining total capital remained in accordance with transition requirements at December 31, 2021, but became fully phased-in beginning January 1, 2022. The Basel III capital rules provide for two capital frameworks (the Standardized Approach and the Advanced Approach applicable to certain institutions), and we must calculate our CET1, tier 1 and total capital ratios under both approaches.

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

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

(4)In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out of the benefits. The impact of the CECL transition provision on our regulatory capital at December 31, 2021, was an increase in capital of $239 million, reflecting a $991 million (post-tax) increase in capital recognized upon our initial adoption of CECL, offset by 25% of the $4.9 billion increase in our ACL under CECL from January 1, 2020, through December 31, 2021.

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

-27-

Wells Fargo & Company and Subsidiaries

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

		Estimated							Dec 31, 2021 <br>% Change from
(in billions, except ratios)		Dec 31,<br>2021			Sep 30,<br>2021	Jun 30,<br>2021	Mar 31,<br>2021	Dec 31,<br>2020	Sep 30,<br>2021		Dec 31,<br>2020
Total equity (2)		$	190.1		191.1	193.1	188.0	185.7	(1)	%	2
Effect of accounting policy changes (2)		—			—	—	0.3	0.2
Total equity (as reported)		190.1			191.1	193.1	188.3	185.9	(1)		2
Adjustments:
Preferred stock		(20.1)			(20.3)	(20.8)	(21.2)	(21.1)	1		5
Additional paid-in capital on preferred stock		0.2			0.1	0.2	0.2	0.1	97		66
Unearned ESOP shares		0.6			0.9	0.9	0.9	0.9	(26)		(26)
Noncontrolling interests		(2.5)			(2.0)	(1.9)	(1.1)	(1.0)	(23)		NM
Total common stockholders' equity		168.3			169.8	171.5	167.1	164.8	(1)		2
Adjustments:
Goodwill		(25.2)			(26.2)	(26.2)	(26.3)	(26.4)	4		5
Certain identifiable intangible assets (other than MSRs)		(0.2)			(0.3)	(0.3)	(0.3)	(0.3)	20		34
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(2.4)			(2.1)	(2.3)	(2.3)	(2.0)	(15)		(24)
Applicable deferred taxes related to goodwill and other intangible assets (3)		0.8			0.9	0.9	0.9	0.9	(14)		(11)
CECL transition provision (4)		0.2			0.5	0.9	1.3	1.7	(48)		(86)
Other		(0.9)			(1.0)	(1.1)	(0.7)	(0.4)	17		NM
Common Equity Tier 1	(A)	140.6			141.6	143.4	139.7	138.3	(1)		2
Preferred stock		20.1			20.3	20.8	21.2	21.1	(1)		(5)
Additional paid-in capital on preferred stock		(0.2)			(0.1)	(0.2)	(0.2)	(0.1)	(100)		(100)
Unearned ESOP shares		(0.6)			(0.9)	(0.9)	(0.9)	(0.9)	26		28
Other		(0.2)			(0.3)	(0.1)	(0.1)	(0.2)	54		24
Total Tier 1 capital	(B)	159.7			160.6	163.0	159.7	158.2	(1)		1
Long-term debt and other instruments qualifying as Tier 2		22.7			22.8	23.2	23.8	24.4	—		(7)
Qualifying allowance for credit losses (5)		4.4			4.4	4.3	4.2	4.4	1		—
Other		(0.2)			(0.4)	(0.4)	(0.3)	(0.2)	58		5
Effect of Basel III transition requirements		—			—	—	0.3	0.1	4		(79)
Total qualifying capital (Basel III transition requirements)	(C)	$	186.6		187.4	190.1	187.7	186.9	—		—
Total RWAs	(D)	$	1,116.7		1,138.6	1,126.5	1,109.4	1,158.4	(2)		(4)
Common Equity Tier 1 to total RWAs	(A)/(D)	12.6		%	12.4	12.7	12.6	11.9
Tier 1 capital to total RWAs	(B)/(D)	14.3			14.1	14.5	14.4	13.7
Total capital to total RWAs	(C)/(D)	16.7			16.5	16.9	16.9	16.1

NM – Not meaningful

(4)In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out of the benefits. The impact of the CECL transition provision on our regulatory capital at December 31, 2021 was an increase in capital of $239 million, reflecting a $991 million (post-tax) increase in capital recognized upon our initial adoption of CECL, offset by 25% of the $4.9 billion increase in our ACL under CECL from January 1, 2020, through December 31, 2021.

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

-28-

ex993-wellsfargo4q21pres

24Q21 Financial Results • Helped customers avoid overdraft, overdraft protection and non-sufficient fund (NSF) fees: – Over 1.1 million customer accounts now benefiting from Clear Access Banking, our checking account with no overdraft or NSF fees – Our Overdraft Rewind feature helped over 3.1 million customers avoid overdraft, overdraft protection or NSF fees on 9.3 million transactions – Sent more than 1.3 million balance alerts every day to help customers avoid overdrafts by making a deposit or transferring funds from another account – Recently announced a set of overdraft changes in our continued efforts to better serve our customers and provide more choice and flexibility, as well as reduce overdraft fees, including: ◦ NSF fees will be eliminated by the end of 1Q22 ◦ Transfer fees for customers enrolled in overdraft protection will be eliminated by the end of 1Q22 ◦ Additional service and product changes expected to be rolled out later in the year include early access to direct deposits for qualifying deposits, 24-hour grace periods for overdrafts, and a new short-term credit product • Helped over 585,000 homeowners with new low-rate loans to either purchase a home or refinance an existing mortgage: over 193,000 purchases and 392,000 refinances • Extended forbearance options for over 1 million mortgage customers since the start of the COVID-19 pandemic • Closed $2.2 billion in new commitments for affordable housing under the Government-sponsored enterprise (GSE) and Federal Housing Administration (FHA) programs (consisting of 105 properties nationwide with 25,800 total units including 24,900 rent restricted affordable units) Actively helping our customers, communities and employees in 2021 Supporting our Customers • Announced a goal of achieving net zero greenhouse gas emissions, including our emissions attributable to our financing, by 2050 and joined the Net-Zero Banking Alliance • Increased our sustainable finance commitment to $500 billion between 2021 and 2030 • Issued our first sustainability bond, the Inclusive Communities and Climate Bond, raising $1 billion in capital to support housing affordability, socioeconomic advancement and empowerment, and renewable energy • Surpassed $13.3 billion in cumulative tax-equity investments in nearly 600 wind, solar, and fuel cell transactions since 2007. Between the inception of our Renewable Energy & Environmental Finance (REEF) Group in 2005 and October 2021, REEF provided financing to 13% of the utility-scale wind and solar capacity in the U.S. 1 • Announced plans to raise U.S. minimum hourly pay levels to a range of $18 to $22, based on role, location, and market conditions • In 4Q21, provided supplemental pay to eligible branch employees in active status until the end of 2021 and the first part of January, in recognition of their contributions during the pandemic • Contributed $3 million to the We Care Fund to help employees significantly affected by the pandemic or unforeseen circumstances Supporting Sustainability Supporting our Employees Amounts in the bullet points are for full year 2021, unless otherwise noted. 1. Source: US Energy Information Administration (EIA). Monthly Electricity Report, Table 6.02.b, as of 10/31/2021.

34Q21 Financial Results Actively helping our customers, communities and employees in 2021 • Wells Fargo voluntarily committed to donate the gross processing fees received from Paycheck Protection Program (PPP) loans funded in 2020 to create the Open for Business Fund, a ~$420 million commitment • The Open for Business Fund provides support for Community Development Financial Institutions (CDFIs) and other nonprofit organizations that provide capital, training and long-term support to small businesses • Fulfilled our ~$420 million commitment, which included grants to 235 CDFIs and nonprofits, which in turn is estimated to help nearly 152,000 small businesses and maintain more than 255,000 jobs – Roughly 85% of small businesses served by grantees are projected to be those hardest hit by the pandemic, including Black, African American, Hispanic, Native American, and Asian American owned small businesses – Small business owners have used the funding to keep paying their employees, pivot to new business models, buy needed supplies, close the gap on rent and utilities, and meet other business needs – Announced $20 million grant in Charlotte, which will help ~1,000 Charlotte- area business owners make property, equipment and technology upgrades, and meet other business needs – Expect to make remaining grant announcements in 1Q22 Supporting the Small Business Recovery Through Our Open for Business Fund • Charitable Donations: $615 million in donations, including support for the Open for Business Fund • Contributions and announcements included: – Addressing Housing Affordability: helped keep an estimated 300,000 people housed during the pandemic with more than $160 million donated to nonprofits (2020 - 2021) ◦ Engaged Habitat for Humanity and Rebuilding Together to build and repair more than 400 homes in low and moderate income communities across the U.S. – Investing in Minority Depository Institutions (MDIs): completed investments in 13 black-owned banks, fulfilling $50 million pledge made in 2020 – Strengthening Historically Black Colleges and Universities (HBCUs): funded $5.6 million under the “Our Money Matters” financial health initiative to reach an estimated 40,000 students of color over the next three years, and awarded $1 million to the Thurgood Marshall Scholarship Fund in the fourth quarter to support HBCU seniors toward graduation – Launched Banking Inclusion Initiative: unveiled a 10-year commitment to help unbanked individuals gain access to affordable, mainstream, digitally-enabled transactional accounts – Stepping up for Disaster Relief: provided $8 million in relief funding to nonprofits serving communities impacted by floods, wildfires, tornados and other disasters Additional Actions to Support Our Communities Amounts in the bullet points are for full year 2021, unless otherwise noted.

44Q21 Financial Results 4Q21 results Financial Results ROE: 12.8% ROTCE: 15.3%1 Efficiency ratio: 63%2 Credit Quality Capital and Liquidity CET1 ratio: 11.4%3 LCR: 118%4 TLAC ratio: 23.0%5 • Provision for credit losses of $(452) million, down $273 million – Total net charge-offs of $423 million, down $161 million ◦ Net loan charge-offs of 0.19% of average loans (annualized) – Allowance for credit losses for loans of $13.8 billion, down $5.9 billion from 4Q20 and down $917 million from 3Q21 • Common Equity Tier 1 (CET1) capital of $140.6 billion3 • CET1 ratio of 11.4% under the Standardized Approach and 12.6% under the Advanced Approach3 • Repurchased 139.7 million shares of common stock, or $7.0 billion, and issued 28.6 million shares, or $1.4 billion, predominantly associated with annual company contributions to our 401(k) plan, in the quarter Comparisons in the bullet points are for 4Q21 versus 4Q20, unless otherwise noted. 1. Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 20. 2. The efficiency ratio is noninterest expense divided by total revenue. 3. The Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach is our binding CET1 ratio. See page 21 for additional information regarding CET1 capital and ratios. CET1 is a preliminary estimate. 4. Liquidity coverage ratio (LCR) represents high-quality liquid assets divided by projected net cash outflows, as each is defined under the LCR rule. LCR is a preliminary estimate. 5. Represents total loss absorbing capacity (TLAC) divided by the greater of risk-weighted assets determined under the Standardized and Advanced Approaches, which is our binding TLAC ratio. TLAC is a preliminary estimate. ($ in millions, except EPS) Pre-tax Income EPS Net gain on sales of our Corporate Trust Services business and Wells Fargo Asset Management $943 $0.18 Change in the allowance for credit losses $875 $0.17 Impairment of certain leased rail cars ($268) ($0.05) • Effective income tax rate of 22.9% • Average loans of $875.0 billion, down 3%; period-end loans of $895.4 billion, up 1% from 4Q20 and up 4% from 3Q21 • Average deposits of $1.5 trillion, up 7% • Net income of $5.8 billion, or $1.38 per diluted common share – Revenue of $20.9 billion, up 13% ◦ Net gains from equity securities of $2.5 billion ($1.9 billion net of noncontrolling interests), up from $884 million in 4Q20 and $869 million in 3Q21 – Noninterest expense of $13.2 billion, down 11% – Results included:

54Q21 Financial Results 4Q21 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 20. $ in millions (mm), except per share data 4Q21 3Q21 4Q20 vs. 3Q21 vs. 4Q20 Net interest income $9,262 8,909 9,355 $353 (93) Noninterest income 11,594 9,925 9,134 1,669 2,460 Total revenue 20,856 18,834 18,489 2,022 2,367 Net charge-offs 423 257 584 166 (161) Change in the allowance for credit losses (875) (1,652) (763) 777 (112) Provision for credit losses (452) (1,395) (179) 943 (273) Noninterest expense 13,198 13,303 14,802 (105) (1,604) Pre-tax income 8,110 6,926 3,866 1,184 4,244 Income tax expense 1,711 1,521 574 190 1,137 Effective income tax rate (%) 22.9 % 22.9 15.6 4 bps 737 Net income $5,750 5,122 3,091 $628 2,659 Diluted earnings per common share $1.38 1.17 0.66 $0.21 0.72 Diluted average common shares (# mm) 3,964.7 4,090.4 4,151.3 (126) (187) Return on equity (ROE) 12.8 % 11.1 6.6 177 bps 620 Return on average tangible common equity (ROTCE) 1 15.3 13.2 8.0 209 729 Efficiency ratio 63 71 80 (735) (1678)

64Q21 Financial Results Credit quality • Commercial net loan charge-offs down $10 million • Consumer net loan charge-offs up $172 million and included $152 million, or 16 bps, of net charge-offs related to a change in practice to fully charge-off certain delinquent legacy residential mortgage loans • Nonperforming assets increased $145 million, or 2%, as a $644 million decline in commercial nonaccruals driven by lower CRE mortgage and C&I nonaccruals was more than offset by a $809 million increase in residential mortgage nonaccruals primarily resulting from certain customers exiting COVID-19-related accommodation programs Provision for Credit Losses and Net Charge-offs ($ in millions) Allowance for Credit Losses for Loans ($ in millions) • Allowance for credit losses for loans down $917 million due to continued improvements in the economic environment – Allowance coverage for total loans down 16 bps from 3Q21 and down 68 bps from 4Q20 Comparisons in the bullet points are for 4Q21 versus 3Q21, unless otherwise noted. (179) (1,048) (1,260) (1,395) (452) 584 523 379 257 423 Provision for Credit Losses Net Charge-offs Net Loan Charge-off Ratio 4Q20 1Q21 2Q21 3Q21 4Q21 19,713 18,043 16,391 14,705 13,788 11,516 10,682 9,570 8,565 7,791 8,197 7,361 6,821 6,140 5,997 Commercial Consumer Allowance coverage for total loans 4Q20 1Q21 2Q21 3Q21 4Q21 0.26% 0.24% 0.12% 0.18% 0.19% 2.09% 2.22% 1.92% 1.70% 1.54%

74Q21 Financial Results Loans and deposits • Average loans down $24.7 billion, or 3%, year-over-year (YoY), and up $21.0 billion from 3Q21 including a $16.3 billion increase in commercial & industrial (C&I) loans • Total average loan yield of 3.32%, down 11 bps YoY and up 3 bps from 3Q21 reflecting higher interest income from loans purchased from securitization pools • Period-end loans up 1% YoY, and up $32.6 billion, or 4%, from 3Q21 on growth in C&I, CRE mortgage, auto, credit card and other consumer loans • Average deposits up $89.9 billion, or 7%, YoY as growth across most businesses was partially offset by targeted actions to manage to the asset cap, primarily in Corporate Treasury and Corporate and Investment Banking • Average deposit cost of 2 bps, down 1 bp from 3Q21 and down 3 bps YoY reflecting the lower interest rate environment Average Loans Outstanding ($ in billions) Average Deposits and Rates ($ in billions) 899.7 873.4 854.7 854.0 875.0 476.5 476.6 477.0 478.2 495.6 423.2 396.8 377.7 375.9 379.5 Commercial Loans Consumer Loans Total Average Loan Yield 4Q20 1Q21 2Q21 3Q21 4Q21 1,380.1 1,393.5 1,435.8 1,450.9 1,470.0 763.2 789.4 835.7 848.4 864.4 184.9 189.4 192.6 199.2 207.7 205.8 194.5 190.8 189.4 182.1 169.8 173.7 175.0 176.6 180.9 Corporate Wealth and Investment Management Corporate and Investment Banking Commercial Banking Consumer Banking and Lending 4Q20 1Q21 2Q21 3Q21 4Q21 3.43% 3.34% 3.33% 3.29% 3.32% Average Deposit Cost 4Q20 1Q21 2Q21 3Q21 4Q21 0.05% 0.03% 0.03% 0.03% 0.02% 34.937.341.746.556.4 Period-End Loans Outstanding ($ in billions) 4Q21 vs. 3Q21 vs. 4Q20 Commercial $ 513.1 6 % 7 % Consumer 382.3 1 % (7) % Total loans $ 895.4 4 % 1 %

84Q21 Financial Results Net interest income • Net interest income down $93 million, or 1%, from 4Q20 reflecting the impact of lower yields on earning assets and lower loan balances, largely offset by a decrease in long-term debt, lower mortgage-backed securities (MBS) premium amortization, and higher interest income from loans purchased from securitization pools and Paycheck Protection Program (PPP) loans – 4Q21 MBS premium amortization was $477 million vs. $646 million in 4Q20 and $499 million in 3Q21 • Net interest income up $353 million, or 4%, from 3Q21 driven by higher loan balances, including $106 million higher interest income from loans purchased from securitization pools, higher trading assets, and a favorable funding mix Net Interest Income ($ in millions) 9,355 8,808 8,800 8,909 9,262 Net Interest Income Net Interest Margin (NIM) on a taxable-equivalent basis 4Q20 1Q21 2Q21 3Q21 4Q21 2.16% 2.05% 2.02% 2.03% 2.11% 1. Includes taxable-equivalent adjustments predominantly related to tax-exempt income on certain loans and securities. 1

94Q21 Financial Results Noninterest expense • Noninterest expense down 11% from 4Q20 – Personnel expense down 5% on lower salaries expense driven by reduced headcount reflecting efficiency initiatives, as well as lower incentive compensation and employee benefits expense, partially offset by higher revenue-related incentive compensation – Non-personnel expense down $1.1 billion, or 17%, including a $715 million decline in restructuring charges, lower operating losses, as well as lower consultant and occupancy expense reflecting efficiency initiatives • Noninterest expense down 1% from 3Q21 – Personnel expense down 2% on lower salaries, employee benefits and incentive compensation expense, partially offset by supplemental pay for eligible branch employees in 4Q21 – Non-personnel expense up $110 million, or 2%, and included: ◦ $65 million higher restructuring charges primarily driven by severance ◦ $72 million higher advertising and promotion expense ◦ Operating losses driven by litigation and customer remediation accruals on a variety of historical matters ◦ Lower occupancy and lease expense Noninterest Expense ($ in millions) 14,802 13,989 13,341 13,303 13,198 8,948 9,558 8,818 8,690 8,475 4,452 4,101 4,145 4,072 4,145 Goodwill Write-down All Other Expenses Restructuring Charges Operating Losses Personnel Expense 4Q20 1Q21 2Q21 3Q21 4Q21 Headcount (Period-end, '000s) 4Q20 1Q21 2Q21 3Q21 4Q21 269 265 259 254 249 540 1(4) 303 13 79 213 781 104 621 66 512 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

104Q21 Financial Results Consumer Banking and Lending • Total revenue up 1% YoY and down 1% from 3Q21 – CSBB up 4% YoY primarily due to higher deposit-related fees reflecting lower COVID-19-related fee waivers and an increase in consumer activity, including higher debit card transactions. Deposit growth of 15% YoY was offset by lower spreads. – Home Lending down 8% YoY primarily due to lower gain on sale margins and originations, partially offset by higher interest income from loans purchased from securitization pools and higher gains from increased re-securitization activity of these loans – Credit Card up 3% YoY on higher point-of-sale volume, partially offset by higher rewards costs including promotional offers on our new Active CashSM card. In addition, new accounts more than doubled YoY and loans increased 3% YoY. – Auto up 17% YoY and up 6% from 3Q21 on higher loan balances – Personal Lending up 2% from 3Q21 on higher loan balances • Noninterest expense down 5% YoY primarily due to lower operating losses, as well as lower personnel expense and professional and outside services expense primarily due to 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) 4Q21 vs. 3Q21 vs. 4Q20 Revenue by line of business: Consumer and Small Business Banking (CSBB) $4,872 $50 171 Consumer Lending: Home Lending 1,843 (169) (152) Credit Card 1,419 20 47 Auto 470 25 67 Personal Lending 129 3 (13) Total revenue 8,733 (71) 120 Provision for credit losses 126 644 (225) Noninterest expense 6,126 73 (315) Pre-tax income 2,481 (788) 660 Net income $1,862 ($589) 498 Selected Metrics 4Q21 3Q21 4Q20 Return on allocated capital 1 14.8 % 19.7 10.7 Efficiency ratio 2 70 69 75 Retail bank branches # 4,777 4,796 5,032 Digital (online and mobile) active customers 3 (mm) 33.0 32.7 32.0 Mobile active customers 3 (mm) 27.3 27.0 26.0 Average Balances and Selected Credit Metrics $ in billions 4Q21 3Q21 4Q20 Balances Loans $325.4 325.6 373.9 Deposits 864.4 848.4 763.2 Credit Performance Net charge-offs as a % of average loans 0.50 % 0.37 0.35

114Q21 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 Transactions 1 1. Debit card purchase volume and transactions reflect combined activity for both consumer and business debit card purchases. 53.9 51.8 53.2 51.9 48.1 32.3 33.6 36.9 35.2 32.8 21.6 18.2 16.3 16.7 15.3 Retail Correspondent Refinances as a % of Originations 4Q20 1Q21 2Q21 3Q21 4Q21 105.3 108.5 122.0 118.6 122.4 POS Volume ($ in billions) POS Transactions (billions) 4Q20 1Q21 2Q21 3Q21 4Q21 5.3 7.0 8.3 9.2 9.4 4Q20 1Q21 2Q21 3Q21 4Q21 22.9 21.1 25.5 26.5 29.4 4Q20 1Q21 2Q21 3Q21 4Q21 2.3 2.3 2.5 2.5 2.5 52% 64% 55% 55% 59%

124Q21 Financial Results Commercial Banking • Total revenue up 1% YoY and up 10% from 3Q21 – Middle Market Banking revenue up 2% YoY and included higher deposit balances and modestly higher investment banking fees, partially offset by the impact of lower interest rates – Asset-Based Lending and Leasing revenue up 1% YoY driven by higher net gains from equity securities and higher revenue from renewable energy investments, partially offset by lower loan balances; up 23% from 3Q21 predominantly driven by higher net gains from equity securities • Noninterest expense down 10% YoY primarily driven by lower personnel and consulting expense due to efficiency initiatives, and lower lease expense Summary Financials $ in millions 4Q21 vs. 3Q21 vs. 4Q20 Revenue by line of business: Middle Market Banking $1,167 $2 18 Asset-Based Lending and Leasing 1,117 206 13 Total revenue 2,284 208 31 Provision for credit losses (384) (49) (453) Noninterest expense 1,393 (3) (154) Pre-tax income 1,275 260 638 Net income $954 $195 482 Selected Metrics 4Q21 3Q21 4Q20 Return on allocated capital 18.5 % 14.5 8.6 Efficiency ratio 61 67 69 Average loans by line of business ($ in billions) Middle Market Banking $103.6 101.5 102.7 Asset-Based Lending and Leasing 81.0 77.1 88.2 Total loans $184.6 178.6 190.9 Average deposits 207.7 199.2 184.9

134Q21 Financial Results Corporate and Investment Banking • Total revenue up 11% YoY and up 4% from 3Q21 – Banking revenue up 17% YoY and up 9% from 3Q21 primarily driven by higher advisory and debt origination fees, and higher loan balances, partially offset by lower deposit balances predominantly due to actions taken to manage under the asset cap – Commercial Real Estate revenue up 8% YoY and up 16% from 3Q21 driven by higher capital markets results on stronger commercial real estate financing activity, higher loan balances, as well as higher net gains on equity securities, partially offset by lower deposit balances predominantly due to actions taken to manage under the asset cap – Markets revenue relatively stable YoY; down 14% from 3Q21 primarily due to lower trading activity in spread products and equity derivatives • Noninterest expense down 2% YoY primarily driven by lower operations and consulting expense due to efficiency initiatives, partially offset by higher revenue-related compensation Summary Financials $ in millions 4Q21 vs. 3Q21 vs. 4Q20 Revenue by line of business: Banking: Lending $519 $17 95 Treasury Management and Payments 373 1 (11) Investment Banking 464 97 116 Total Banking 1,356 115 200 Commercial Real Estate 1,095 153 83 Markets: Fixed Income, Currencies and Commodities (FICC) 794 (90) (95) Equities 205 (29) 11 Credit Adjustment (CVA/DVA) and Other 13 (45) 80 Total Markets 1,012 (164) (4) Other 49 23 79 Total revenue 3,512 127 358 Provision for credit losses (194) 266 (380) Noninterest expense 1,765 (32) (33) Pre-tax income 1,941 (107) 771 Net income $1,454 ($76) 565 Selected Metrics 4Q21 3Q21 4Q20 Return on allocated capital 16.0 % 16.9 9.4 Efficiency ratio 50 53 57 Average Balances ($ in billions) Loans by line of business 4Q21 3Q21 4Q20 Banking $101.6 95.9 82.4 Commercial Real Estate 116.6 110.7 107.8 Markets 53.8 50.7 49.6 Total loans $272.0 257.3 239.8 Deposits 182.1 189.4 205.8 Trading-related assets 195.9 194.1 190.4

144Q21 Financial Results Wealth and Investment Management • Total revenue up 6% YoY – Net interest income down 7% YoY driven by the impact of lower interest rates, partially offset by higher deposit and loan balances – Noninterest income up 9% YoY on higher asset-based fees primarily due to higher market valuations, partially offset by lower retail brokerage transactional activity • Noninterest expense up 5% YoY and included higher revenue-related compensation, partially offset by lower salaries expense due to efficiency initiatives • Total client assets increased 9% YoY to $2.2 trillion, primarily driven by higher market valuations Summary Financials $ in millions 4Q21 vs. 3Q21 vs. 4Q20 Net interest income $666 $29 (48) Noninterest income 2,982 1 249 Total revenue 3,648 30 201 Provision for credit losses (3) 70 1 Noninterest expense 2,898 (19) 128 Pre-tax income 753 (21) 72 Net income $564 ($15) 54 Selected Metrics ($ in billions, unless otherwise noted) 4Q21 3Q21 4Q20 Return on allocated capital 25.0 % 25.7 22.6 Efficiency ratio 79 81 80 Average loans $84.0 82.8 80.1 Average deposits 180.9 176.6 169.8 Client assets Advisory assets 964 920 853 Other brokerage assets and deposits 1,219 1,171 1,152 Total client assets $2,183 2,091 2,005 Annualized revenue per advisor ($ in thousands) 1 1,171 1,141 1,010 Total financial and wealth advisors 12,367 12,552 13,513 1. Represents annualized segment total revenue divided by average total financial and wealth advisors for the period.

154Q21 Financial Results Corporate • Net interest income down YoY primarily due to the sale of our student loan portfolio • Noninterest income up YoY and from 3Q21 on strong results in our affiliated venture capital and private equity businesses, and net gains from the sales of divested businesses, partially offset by a $268 million impairment of certain leased rail cars and lower fee income due to the sales of divested businesses • Noninterest expense down YoY primarily due to lower restructuring charges and lower expenses due to the sales of divested businesses • Divestitures of our Corporate Trust Services business and Wells Fargo Asset Management in the quarter – Closed each of the sales on November 1, 2021, with a $674 million net gain on the sale of our Corporate Trust Services business and a $269 million net gain on the sale of Wells Fargo Asset Management – Businesses contributed $1.6 billion of revenue in 2021 (excluding net gains on sale) – 2021 results included noninterest expense attributable to the businesses of $1.5 billion: ◦ ~$1.0 billion of expenses that will not remain in 2022 ◦ ~$200 million that will carry into 2022 attributable to transition services agreements (P&L neutral due to offsetting revenue) ◦ ~$300 million of remaining corporate overhead expense, which will be managed down over time Summary Financials $ in millions 4Q21 vs. 3Q21 vs. 4Q20 Net interest income ($420) $7 (190) Noninterest income 3,540 1,788 1,848 Total revenue 3,120 1,795 1,658 Provision for credit losses 3 12 784 Noninterest expense 1,016 (124) (1,230) Pre-tax income 2,101 1,907 2,104 Income tax expense 538 428 597 Less: Net income from noncontrolling interests 647 366 447 Net income $916 $1,113 1,060

164Q21 Financial Results $35.8 GAAP Full Year 2021 Lower PPP/ EPBO Loan Balances Loan Growth and Other Balance Sheet/Mix Rates/ Repricing Full Year 2022 2022 net interest income considerations 2022 Net Interest Income Considerations • 2022 net interest income could potentially be up to ~ 8% higher than the full year 2021 level of $35.8 billion – Expectations assume the asset cap will remain in place for 2022 – Lower PPP and EPBO loan balances expected to be more than offset by other loan growth and other balance sheet/mix, which would result in an expected net ~3% increase – Assuming the recent forward rate curve materializes (approximately three 25 basis point rate increases in 2022 beginning in May), would potentially result in up to ~5% increase • Net interest income performance will ultimately be determined by a variety of factors, many of which are uncertain, including the absolute level of rates and the shape of the yield curve, loan demand, and cash redeployment Potential for up to an ~ 8% increase ($ in billions) 1 1. Early pool buyout loans (EPBO) are loans purchased from securitization pools. Recent Forward Rate Curve Average rates 1Q22 2Q22 3Q22 4Q22 Fed Funds 0.25 % 0.44 0.69 0.88 10-year Treasury 1.73 1.78 1.83 1.87 Potential for up to ~ 5% based on recent forward rate curve ~ 3%

174Q21 Financial Results Update on efficiency initiatives Making progress on our goal to build a more efficient company with a streamlined organizational structure and less complexity in processes and products to better serve our customers Summary • Building the right risk and control infrastructure to strengthen our company continues to be our top priority – Investments in risk management infrastructure and remediating legacy regulatory issues are excluded from efficiency initiatives and are critical for our success – Efficiency initiatives are rigorously reviewed to help ensure no impact on our risk and regulatory work – Many of these efficiency initiatives are designed to reduce risk and improve customer service • Continuously evolving and growing our portfolio of efficiency initiatives with realized and identified potential gross saves in excess of $10 billion, up from previously disclosed $8 billion – ~$4 billion of gross savings realized in 2021 – Embedding continuous improvement mindset in operating disciplines – We continue to invest across our businesses – Targeting payback of <2 years for most initiatives – Other initiatives are expected to be executed over a span of 2-3 years Selected efficiency initiatives • Headcount reduction of ~16k, or ~6% (excluding divested businesses) • Eliminated management layers and increased span of control: 20%+ decrease in managers with low span of control • Branch rationalization: completed ~270 branch consolidations (consolidated 575 branches, or 11%, since 2019) and further optimized branch staffing • Real estate optimization: ~7% net reduction in our office real estate portfolio, driven by property sales, lease terminations, and downsizing (46.1 million sq ft to 42.7 million sq ft) • Technology organizational efficiencies: ~20% reduction in non- engineering roles due to an accelerated adoption of Agile framework, helping to enable an 8% increase in engineers • Commercial Banking operations and service model consolidation initiated • Consumer Lending efficiencies driven by reduced third party spend 2022 Areas of Focus 2021 Progress • Process automation and reengineering across Operations, including contact center modernization and automated fraud detection and claims handling • Digital enablement in Consumer Banking: self-service capabilities, reduced friction in payments and money movement • Consumer Lending process automation including mortgage and auto underwriting decisioning and funding, and digitization of mortgage servicing and card activities • Real estate: incremental ~5% reduction in office real estate, including ~10% reduction in number of office and administrative locations • Commercial Banking operational efficiency: savings from continued business process improvement, reengineering, and intelligent automation

184Q21 Financial Results $53.8 $52.3 0.3 0.5 2021 Expense 2021 Expense 2022 Outlook 2022 Expense Expectations 2022 expense expectations • 2021 noninterest expense – Results included $509 million of expenses from: ◦ $183 million goodwill write-down associated with the sale of our student loan portfolio ◦ $76 million of restructuring charges ◦ $250 million civil money penalty from the OCC in 3Q21 – Results also included ~$1.0 billion of expenses associated with divested businesses which will not remain in 2022 • Operating losses – 2022 outlook includes ~$1.3 billion of operating losses (e.g., litigation, customer remediation accruals, fraud, theft, etc.), consistent with 2021 level (excluding the OCC fine) – As previously disclosed, we still have outstanding litigation and regulatory issues and related expenses could significantly exceed 2021 levels • Other 2022 expense expectations – Revenue-related expense driven primarily by modeled increases in equity markets – Inflationary increases to wages and benefits include compensation expense above normal levels – Incremental investments primarily related to personnel investments largely in Commercial Banking, Corporate & Investment Banking, and Technology Business exit charges, restructuring charges and Sept. 2021 OCC fine Expenses associated with divested businesses ($ in billions) Expected net expense reduction details Expected revenue- related expense Expected net expense reduction Identified efficiency initiatives Incremental investments Other items (excluding divested business expenses and charges, restructuring charges, and Sept. 2021 OCC fine) Wages and benefits inflation (0.5) (1.0) (1.6) ~$51.5 $(3.3) 1.2 0.5

Appendix

204Q21 Financial Results Tangible Common Equity Wells Fargo & Company and Subsidiaries TANGIBLE COMMON EQUITY We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than MSRs) and goodwill and other intangibles on nonmarketable equity securities, net of applicable deferred taxes. One of these ratios is return on average tangible common equity (ROTCE), which represents our annualized earnings as a percentage of tangible common equity. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity, which utilizes tangible common equity, is a useful financial measure because it enables management, investors, and others to assess the Company’s use of equity. The table below provides a reconciliation of this non-GAAP financial measure to GAAP financial measures. Quarter ended (in millions, except ratios) Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Return on average tangible common equity: Net income applicable to common stock (A) $ 5,470 4,787 5,743 4,256 2,741 Average total equity 190,744 194,041 190,968 189,074 185,444 Adjustments: Preferred stock (20,267) (21,403) (21,108) (21,840) (21,223) Additional paid-in capital on preferred stock 120 145 138 145 156 Unearned ESOP shares 872 875 875 875 875 Noncontrolling interests (2,119) (1,845) (1,313) (1,115) (887) Average common stockholders’ equity (B) $ 169,350 171,813 169,560 167,139 164,365 Adjustments: Goodwill (25,569) (26,192) (26,213) (26,383) (26,390) Certain identifiable intangible assets (other than MSRs) (246) (290) (310) (330) (354) Goodwill and other intangibles on nonmarketable equity securities (included in other assets) (2,309) (2,169) (2,208) (2,217) (1,889) Applicable deferred taxes related to goodwill and other intangible assets (1) 848 882 873 863 852 Average tangible common equity (C) $ 142,074 144,044 141,702 139,072 136,584 Return on average common stockholders’ equity (ROE) (annualized) (A)/(B) 12.8 % 11.1 13.6 10.3 6.6 Return on average tangible common equity (ROTCE) (annualized) (A)/(C) 15.3 13.2 16.3 12.4 8.0 (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.

214Q21 Financial Results 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) Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Total equity (2) $ 190.1 191.1 193.1 188.0 185.7 Effect of accounting policy changes (2) — — — 0.3 0.2 Total equity (as reported) 190.1 191.1 193.1 188.3 185.9 Adjustments: Preferred stock (20.1) (20.3) (20.8) (21.2) (21.1) Additional paid-in capital on preferred stock 0.2 0.1 0.2 0.2 0.1 Unearned ESOP shares 0.6 0.9 0.9 0.9 0.9 Noncontrolling interests (2.5) (2.0) (1.9) (1.1) (1.0) Total common stockholders' equity $ 168.3 169.8 171.5 167.1 164.8 Adjustments: Goodwill (25.2) (26.2) (26.2) (26.3) (26.4) Certain identifiable intangible assets (other than MSRs) (0.2) (0.3) (0.3) (0.3) (0.3) Goodwill and other intangibles on nonmarketable equity securities (included in other assets) (2.4) (2.1) (2.3) (2.3) (2.0) Applicable deferred taxes related to goodwill and other intangible assets (3) 0.8 0.9 0.9 0.9 0.9 Current expected credit loss (CECL) transition provision (4) 0.2 0.5 0.9 1.3 1.7 Other (0.9) (1.0) (1.1) (0.7) (0.4) Common Equity Tier 1 (A) $ 140.6 141.6 143.4 139.7 138.3 Total risk-weighted assets (RWAs) under Standardized Approach (B) 1,238.0 1,218.9 1,188.7 1,179.0 1,193.7 Total RWAs under Advanced Approach (C) $ 1,116.7 1,138.6 1,126.5 1,109.4 1,158.4 Common Equity Tier 1 to total RWAs under Standardized Approach (A)/(B) 11.4 % 11.6 12.1 11.8 11.6 Common Equity Tier 1 to total RWAs under Advanced Approach (A)/(C) 12.6 12.4 12.7 12.6 11.9 (1) The Basel III capital rules for calculating CET1 and tier 1 capital, along with RWAs, are fully phased-in. However, the requirements for determining total capital remained in accordance with transition requirements at December 31, 2021, but became fully phased-in beginning January 1, 2022. The Basel III capital rules provide for two capital frameworks (the Standardized Approach and the Advanced Approach applicable to certain institutions), and we must calculate our CET1, tier 1 and total capital ratios under both approaches. (2) In second quarter 2021, we elected to change our accounting method for low-income housing tax credit (LIHTC) investments. We also elected to change the presentation of investment tax credits related to solar energy investments. Prior period total equity was revised to conform with the current period presentation. Prior period risk-based capital and certain other regulatory related metrics were not revised. (3) Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period end. (4) In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out of the benefits. The impact of the CECL transition provision on our regulatory capital at December 31, 2021 was an increase in capital of $239 million, reflecting a $991 million (post-tax) increase in capital recognized upon our initial adoption of CECL, offset by 25% of the $4.9 billion increase in our ACL under CECL from January 1, 2020, through December 31, 2021.

224Q21 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 Annual Report on Form 10-K for the year ended December 31, 2021, 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 fourth quarter 2021 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, 2020.