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 12, 2024

WELLS FARGO & COMPANY

(Exact name of registrant as specified in its charter)

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

420 Montgomery Street, San Francisco, California 94104

(Address of principal executive offices) (Zip Code)

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On January 12, 2024, Wells Fargo & Company (the “Company”) issued a news release regarding its results of operations and financial condition for the quarter ended December 31, 2023, and posted on its website its 4Q23 Quarterly Supplement, which contains certain additional information about the Company’s financial results for the quarter ended December 31, 2023. The news release is included as Exhibit 99.1 and the 4Q23 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 12, 2024, the Company intends to host a live conference call that will also be available by webcast to discuss the Company’s fourth quarter 2023 financial results and other matters relating to the Company. In connection therewith, the Company has posted on its website presentation materials containing certain historical and forward-looking information relating to the Company. The presentation materials are included as Exhibit 99.3 to this report and are incorporated by reference into this Item 7.01. Except for the “2024 net interest income

considerations” portion on page 18 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 12, 2024	Filed herewith
99.2	4Q23 Quarterly Supplement	Filed herewith
99.3	Presentation Materials – 4Q23 Financial Results	Furnished herewith, except for<br><br>the “2024 net interest income<br><br>considerations” portion on<br><br>page 18, which portion is<br><br>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 12, 2024	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 12, 2024<br><br>Wells Fargo Reports Fourth Quarter 2023 Net Income of $3.4 billion, or $0.86 per Diluted Share<br><br>Full Year 2023 Net Income of $19.1 billion, or $4.83 per Diluted Share
Company-wide Financial Summary
---	---	---	---	---
	Quarter ended
	Dec 31,<br>2023			Dec 31,<br>2022
Selected Income Statement Data( in millions except per share amounts)
	$	20,478		20,034
	15,786			16,186
	1,282			957
	3,446			3,155
	0.86			0.75
Selected Balance Sheet Data( in billions)
	$	938.0		948.5
	1,340.9			1,380.5
	11.4		%	10.6
Performance Metrics
	7.6		%	7.1
	9.0			8.5

All values are in US Dollars.

Operating Segments and Other Highlights
	Quarter ended		Dec 31, 2023 <br>% Change from
($ in billions)	Dec 31,<br>2023			Sep 30,<br>2023		Dec 31,<br>2022
Average loans
Consumer Banking and Lending	$	333.5		(1)	%	(1)
Commercial Banking	223.3			—		2
Corporate and Investment Banking	290.1			(1)		(3)
Wealth and Investment Management	82.2			—		(3)
Average deposits
Consumer Banking and Lending	779.5			(3)		(10)
Commercial Banking	163.3			2		(7)
Corporate and Investment Banking	173.1			10		11
Wealth and Investment Management	102.1			(5)		(28)

Capital

◦Repurchased 51.7 million shares, or $2.4 billion, of common stock in fourth quarter 2023

Fourth quarter 2023 results included:

◦$(1.9) billion, or ($0.40) per share, of expense from an FDIC special assessment

◦$(969) million, or ($0.20) per share, of severance expense for planned actions

◦$621 million or $0.17 per share, of discrete tax benefits related to the resolution of prior period tax matters

Chief Executive Officer Charlie Scharf commented, “Although our improved 2023 results benefited from the strong economic environment and higher interest rates, our continued focus on efficiency and strong credit discipline were important contributors as well.” “We continue to execute on our strategic priorities and while it is early and we have more to do, we are starting to see improved growth and increased market share in parts of the company which we believe will drive higher returns over time. For example, our new credit card products have driven an increase in consumer spend at a rate significantly better than the industry average. We have also been investing in the Corporate and Investment Bank where revenue grew 26% from a year ago and our investment banking and trading market shares increased. The positive results in both areas were accomplished while maintaining our existing risk appetite,” Scharf continued. “Additionally, continued execution of our more focused home lending strategy should also produce higher returns and earnings over the next several years. And while our Consumer, Small and Business Banking, Commercial Banking, and Wealth and Investment Management businesses remain strong, opportunities to increase share are significant,” Scharf added. “As we look forward, our business performance remains sensitive to interest rates and the health of the U.S. economy, but we are confident that the actions we are taking will drive stronger returns over the cycle. We are closely monitoring credit and while we see modest deterioration, it remains consistent with our expectations. Our capital position remains strong and returning excess capital to shareholders remains a priority,” Scharf continued. “I want to thank everyone who works at Wells Fargo for their dedication, talent, and all they do to move our company forward.” Scharf concluded.

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

2 Represents our Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach, which is our binding CET1 ratio. See tables on pages 27-28 of the 4Q23 Quarterly Supplement for more information on CET1. CET1 for December 31, 2023, is a preliminary estimate.

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

4 Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 25-26 of the 4Q23 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, 2023, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.

Selected Company-wide Financial Information

				Quarter ended		Dec 31, 2023 <br>% Change from			Year ended
	Dec 31,<br>2023			Sep 30,<br>2023	Dec 31,<br>2022	Sep 30,<br>2023		Dec 31,<br>2022	Dec 31,<br>2023			Dec 31,<br>2022
Earnings ( in millions except per share amounts)
	$	12,771		13,105	13,433	(3)	%	(5)	$	52,375		44,950
	7,707			7,752	6,601	(1)		17	30,222			29,418
	20,478			20,857	20,034	(2)		2	82,597			74,368
	1,258			864	560	46		125	3,450			1,609
	24			333	397	(93)		(94)	1,949			(75)
	1,282			1,197	957	7		34	5,399			1,534
	15,786			13,113	16,186	20		(2)	55,562			57,205
	(100)			811	(29)	NM		245	2,607			2,251
	$	3,446		5,767	3,155	(40)		9	$	19,142		13,677
	0.86			1.48	0.75	(42)		15	4.83			3.27
Balance Sheet Data (average) ( in billions)
	$	938.0		943.2	948.5	(1)		(1)	$	943.9		929.8
	1,340.9			1,340.3	1,380.5	—		(3)	1,346.3			1,424.3
	1,907.5			1,891.9	1,875.2	1		2	1,885.5			1,894.3
Financial Ratios
	0.72		%	1.21	0.67				1.02		%	0.72
	7.6			13.3	7.1				11.0			7.8
	9.0			15.9	8.5				13.1			9.3
	77			63	81				67			77
	2.92			3.03	3.14				3.06			2.63

All values are in US Dollars.

NM – Not meaningful

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

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

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

Fourth Quarter 2023 vs. Fourth Quarter 2022

◦Net interest income decreased 5%, due to lower deposit and loan balances, partially offset by the impact of higher interest rates

◦Noninterest income increased 17%, driven by improved results in our affiliated venture capital business on lower impairments, higher trading revenue in our Markets business, higher investment banking fees, and an increase in asset-based fees in Wealth and Investment Management on higher market valuations, partially offset by lower revenue in our legacy reinsurance business due to a gain in fourth quarter 2022 resulting from the adoption of a new accounting standard

◦Noninterest expense decreased 2%, driven by lower operating losses, lower professional and outside services expense, and the impact of efficiency initiatives, partially offset by higher Federal Deposit Insurance Corporation (FDIC) assessments, severance expense, technology and equipment expense, and revenue-related compensation

◦Provision for credit losses in fourth quarter 2023 included an increase in the allowance for credit losses driven by credit card and commercial real estate loans, partially offset by a lower allowance for auto loans. The change in allowance for credit losses also included higher net loan charge-offs for commercial real estate office and credit card loans

◦Income tax expense in fourth quarter 2023 included $621 million of discrete tax benefits related to the resolution of prior period tax matters

-2-

Selected Company-wide Capital and Liquidity Information

				Quarter ended
( in billions)	Dec 31,<br>2023			Sep 30,<br>2023	Dec 31,<br>2022
Capital:
	$	187.4		182.4	182.2
	166.4			161.4	161.0
	141.2			136.2	134.1
	11.4		%	11.0	10.6
	25.0			24.0	23.3
	7.1			6.9	6.9
Liquidity:
	125		%	123	122

All values are in US Dollars.

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

(b)Represents our CET1 ratio calculated under the Standardized Approach, which is our binding CET1 ratio. See tables on pages 27-28 of the 4Q23 Quarterly Supplement for more information on CET1. CET1 for December 31, 2023, is a preliminary estimate.

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

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

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

Selected Company-wide Loan Credit Information

				Quarter ended
( in millions)	Dec 31,<br>2023			Sep 30,<br>2023	Dec 31,<br>2022
Net loan charge-offs	$	1,252		850	560
	0.53		%	0.36	0.23
Total nonaccrual loans	$	8,256		8,002	5,626
	0.88		%	0.85	0.59
Total nonperforming assets	$	8,443		8,179	5,763
	0.90		%	0.87	0.60
Allowance for credit losses for loans	$	15,088		15,064	13,609
	1.61		%	1.60	1.42

All values are in US Dollars.

Fourth Quarter 2023 vs. Third Quarter 2023

◦Commercial net loan charge-offs as a percentage of average loans were 0.34% (annualized), up from 0.13%, driven by higher commercial real estate net loan charge-offs, predominantly in the office portfolio. The consumer net loan charge-off rate increased to 0.79% (annualized), up from 0.67%, due to higher net loan charge-offs in the credit card portfolio

◦Nonperforming assets were up $264 million, or 3%, driven by higher commercial real estate nonaccrual loans, predominantly in the office portfolio, partially offset by lower residential mortgage nonaccrual loans

-3-

Operating Segment Performance

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

Selected Financial Information

			Quarter ended				Dec 31, 2023 <br>% Change from
			Dec 31,<br>2023		Sep 30,<br>2023	Dec 31,<br>2022	Sep 30,<br>2023		Dec 31,<br>2022
Earnings (in millions)
	Consumer, Small and Business Banking		$	6,657	6,665	6,608	—	%	1
	Consumer Lending:
		Home Lending	839		840	786	—		7
		Credit Card	1,346		1,375	1,353	(2)		(1)
		Auto	334		360	413	(7)		(19)
		Personal Lending	343		341	303	1		13
	Total revenue		9,519		9,581	9,463	(1)		1
	Provision for credit losses		790		768	936	3		(16)
	Noninterest expense		6,046		5,913	7,088	2		(15)
	Net income		$	2,011	2,173	1,077	(7)		87
Average balances (in billions)
	Loans		$	333.5	335.5	338.0	(1)		(1)
	Deposits		779.5		801.1	864.6	(3)		(10)

Fourth Quarter 2023 vs. Fourth Quarter 2022

◦Revenue increased 1%

▪Consumer, Small and Business Banking was up 1% driven by the impact of higher interest rates, partially offset by lower deposit balances

▪Home Lending was up 7% on improved mortgage banking results due to valuation losses on certain loans held for sale in fourth quarter 2022, partially offset by lower gain on sale margins and originations, as well as lower loan balances

▪Credit Card was down 1% driven by the impact of introductory promotional rates and higher rewards expense, partially offset by higher loan balances, including the impact of higher point of sale volume and new product launches

▪Auto was down 19% driven by lower loan balances and loan spread compression

▪Personal Lending was up 13% on higher loan balances

◦Noninterest expense was down 15% due to lower operating losses and personnel expense, as well as the impact of efficiency initiatives, partially offset by higher advertising costs

-4-

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

Selected Financial Information

		Quarter ended				Dec 31, 2023 <br>% Change from
		Dec 31,<br>2023		Sep 30,<br>2023	Dec 31,<br>2022	Sep 30,<br>2023		Dec 31,<br>2022
Earnings (in millions)
	Middle Market Banking	$	2,196	2,212	2,076	(1)	%	6
	Asset-Based Lending and Leasing	1,172		1,193	1,073	(2)		9
	Total revenue	3,368		3,405	3,149	(1)		7
	Provision for credit losses	40		52	(43)	(23)		193
	Noninterest expense	1,630		1,543	1,523	6		7
	Net income	$	1,273	1,354	1,238	(6)		3
Average balances (in billions)
	Loans	$	223.3	224.4	218.4	—		2
	Deposits	163.3		160.6	175.4	2		(7)

Fourth Quarter 2023 vs. Fourth Quarter 2022

◦Revenue increased 7%

▪Middle Market Banking was up 6% driven by the impact of higher interest rates and higher deposit-related fees driven by lower earnings credit rates, partially offset by lower deposit balances

▪Asset-Based Lending and Leasing was up 9% due to the impact of higher interest rates and improved results on equity investments

◦Noninterest expense increased 7% on higher severance expense and operating costs, partially offset by the impact of efficiency initiatives

-5-

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

Selected Financial Information

			Quarter ended				Dec 31, 2023 <br>% Change from
			Dec 31,<br>2023		Sep 30,<br>2023	Dec 31,<br>2022	Sep 30,<br>2023		Dec 31,<br>2022
Earnings (in millions)
	Banking:
		Lending	$	774	721	593	7	%	31
		Treasury Management and Payments	742		747	738	(1)		1
		Investment Banking	383		430	317	(11)		21
	Total Banking		1,899		1,898	1,648	—		15
	Commercial Real Estate		1,291		1,376	1,267	(6)		2
	Markets:
		Fixed Income, Currencies, and Commodities (FICC)	1,122		1,148	935	(2)		20
		Equities	457		518	279	(12)		64
		Credit Adjustment (CVA/DVA) and Other	(8)		(12)	(35)	33		77
	Total Markets		1,571		1,654	1,179	(5)		33
	Other		(26)		(5)	45	NM		NM
	Total revenue		4,735		4,923	4,139	(4)		14
	Provision for credit losses		498		324	41	54		NM
	Noninterest expense		2,132		2,182	1,837	(2)		16
	Net income		$	1,582	1,816	1,692	(13)		(7)
Average balances (in billions)
	Loans		$	290.1	291.7	298.3	(1)		(3)
	Deposits		173.1		157.2	156.2	10		11

NM – Not meaningful

Fourth Quarter 2023 vs. Fourth Quarter 2022

◦Revenue increased 14%

▪Banking was up 15% driven by higher lending revenue, higher investment banking revenue on increased activity across all products, and stronger treasury management results reflecting the impact of higher interest rates and deposit balances

▪Commercial Real Estate was up 2% reflecting the impact of higher interest rates, partially offset by lower loan and deposit balances

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

◦Noninterest expense increased 16% driven by higher operating costs and higher personnel expense, including increased severance expense, partially offset by the impact of efficiency initiatives

-6-

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

Selected Financial Information

		Quarter ended				Dec 31, 2023 <br>% Change from
		Dec 31,<br>2023		Sep 30,<br>2023	Dec 31,<br>2022	Sep 30,<br>2023		Dec 31,<br>2022
Earnings (in millions)
	Net interest income	$	906	1,007	1,124	(10)	%	(19)
	Noninterest income	2,754		2,695	2,571	2		7
	Total revenue	3,660		3,702	3,695	(1)		(1)
	Provision for credit losses	(19)		(10)	11	(90)		NM
	Noninterest expense	3,023		3,006	2,731	1		11
	Net income	$	491	529	715	(7)		(31)
Total client assets (in billions)		2,084		1,948	1,861	7		12
Average balances (in billions)
	Loans	$	82.2	82.2	84.8	—		(3)
	Deposits	102.1		107.5	142.2	(5)		(28)

NM – Not meaningful

Fourth Quarter 2023 vs. Fourth Quarter 2022

◦Revenue decreased 1%

▪Net interest income was down 19% driven by lower deposit balances as customers reallocated cash into higher yielding alternatives, as well as lower loan balances, partially offset by the impact of higher interest rates

▪Noninterest income was up 7% on higher asset-based fees driven by an increase in market valuations

◦Noninterest expense increased 11% due to higher revenue-related compensation and severance expense, partially offset by the impact of efficiency initiatives

-7-

Corporate includes corporate treasury and enterprise functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and venture capital and private equity investments. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company as well as results for previously divested businesses. In third quarter 2023, we sold investments in certain private equity funds, which had a minimal impact to net income.

Selected Financial Information

		Quarter ended				Dec 31, 2023 <br>% Change from
		Dec 31,<br>2023		Sep 30,<br>2023	Dec 31,<br>2022	Sep 30,<br>2023		Dec 31,<br>2022
Earnings (in millions)
	Net interest income	$	(544)	(269)	78	NM		NM
	Noninterest income	284		21	7	NM		NM
	Total revenue	(260)		(248)	85	(5)	%	NM
	Provision for credit losses	(27)		63	12	NM		NM
	Noninterest expense	2,955		469	3,007	530		(2)
	Net loss	$	(1,911)	(105)	(1,567)	NM		(22)

NM – Not meaningful

Fourth Quarter 2023 vs. Fourth Quarter 2022

◦Revenue decreased $345 million

▪Net interest income decreased due to higher deposit crediting rates paid to the operating segments

▪Noninterest income increased reflecting improved results in our affiliated venture capital business on lower impairments, partially offset by lower revenue in our legacy reinsurance business due to a gain in fourth quarter 2022 resulting from the adoption of a new accounting standard

◦Noninterest expense decreased reflecting lower operating losses, partially offset by an FDIC special assessment and higher severance expense

Conference Call

The Company will host a live conference call on Friday, January 12, at 10:00 a.m. ET. You may listen to the call by dialing 1-888-673-9782 (U.S. and Canada) or 312-470-7126 (International/U.S. Toll) and enter passcode: 7928529#. The call will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and

https://metroconnectionsevents.com/wf4Qearnings124.

A replay of the conference call will be available from approximately 1:00 p.m. ET on Friday, January 12 through

Friday, January 26. Please dial 1-866-407-9243 (U.S. and Canada) or 203-369-0613 (International/U.S. Toll) and enter passcode: 9538#. The replay will also be available online at

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

https://metroconnectionsevents.com/wf4Qearnings124.

-8-

Forward-Looking Statements

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

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

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

•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;

•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;

•developments in our mortgage banking business, including any negative effects relating to our mortgage servicing, loan modification or foreclosure practices, and any changes in industry standards, regulatory or judicial requirements, or our strategic plans for the business;

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

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

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

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

•fiscal and monetary policies of the Federal Reserve Board;

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

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

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

In addition to the above factors, we also caution that the amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of the Company, the impact to our balance sheet of expected customer activity, our capital requirements and long-term targeted capital structure, the results of supervisory stress tests, market conditions (including the trading price of our stock), regulatory and legal considerations, including regulatory requirements under the Federal Reserve Board’s capital plan rule, and other factors deemed relevant by the Company, and may be subject to regulatory approval or conditions.

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

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

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

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

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About Wells Fargo

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

Contact Information

Media

Beth Richek, 704-374-2545

beth.richek@wellsfargo.com

Investor Relations

John M. Campbell, 415-396-0523

john.m.campbell@wellsfargo.com

#

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Document

Exhibit 99.2

4Q23 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, 2023 <br>% Change from			Year ended
(in millions, except ratios and per share amounts)	Dec 31,<br>2023			Sep 30,<br>2023	Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2023		Dec 31,<br>2022	Dec 31,<br>2023			Dec 31,<br>2022	%<br>Change
Selected Income Statement Data
Total revenue	$	20,478		20,857	20,533	20,729	20,034	(2)	%	2	$	82,597		74,368	11	%
Noninterest expense	15,786			13,113	12,987	13,676	16,186	20		(2)	55,562			57,205	(3)
Pre-tax pre-provision profit (PTPP) (1)	4,692			7,744	7,546	7,053	3,848	(39)		22	27,035			17,163	58
Provision for credit losses (2)	1,282			1,197	1,713	1,207	957	7		34	5,399			1,534	252
Wells Fargo net income	3,446			5,767	4,938	4,991	3,155	(40)		9	19,142			13,677	40
Wells Fargo net income applicable to common stock	3,160			5,450	4,659	4,713	2,877	(42)		10	17,982			12,562	43
Common Share Data
Diluted earnings per common share	0.86			1.48	1.25	1.23	0.75	(42)		15	4.83			3.27	48
Dividends declared per common share	0.35			0.35	0.30	0.30	0.30	—		17	1.30			1.10	18
Common shares outstanding	3,598.9			3,637.9	3,667.7	3,763.2	3,833.8	(1)		(6)
Average common shares outstanding	3,620.9			3,648.8	3,699.9	3,785.6	3,799.9	(1)		(5)	3,688.3			3,805.2	(3)
Diluted average common shares outstanding	3,657.0			3,680.6	3,724.9	3,818.7	3,832.7	(1)		(5)	3,720.4			3,837.0	(3)
Book value per common share (3)	$	46.25		44.37	43.87	43.02	41.98	4		10
Tangible book value per common share (3)(4)	39.23			37.43	36.53	35.87	34.98	5		12
Selected Equity Data (period-end)
Total equity	187,443			182,373	181,952	183,220	182,213	3		3
Common stockholders' equity	166,444			161,424	160,916	161,893	160,952	3		3
Tangible common equity (4)	141,193			136,153	133,990	134,992	134,090	4		5
Performance Ratios
Return on average assets (ROA) (5)	0.72		%	1.21	1.05	1.09	0.67				1.02		%	0.72
Return on average equity (ROE) (6)	7.6			13.3	11.4	11.7	7.1				11.0			7.8
Return on average tangible common equity (ROTCE) (4)	9.0			15.9	13.7	14.0	8.5				13.1			9.3
Efficiency ratio (7)	77			63	63	66	81				67			77
Net interest margin on a taxable-equivalent basis	2.92			3.03	3.09	3.20	3.14				3.06			2.63
Average deposit cost	1.58			1.36	1.13	0.83	0.46				1.23			0.16

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

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

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

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

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

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

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

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Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA (continued)

	Quarter ended							Dec 31, 2023 <br>% Change from			Year ended
($ in millions, unless otherwise noted)	Dec 31,<br>2023			Sep 30,<br>2023	Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2023		Dec 31,<br>2022	Dec 31,<br>2023		Dec 31,<br>2022	%<br>Change
Selected Balance Sheet Data (average)
Loans	$	938,041		943,193	945,906	948,651	948,517	(1)	%	(1)	$	943,916	929,820	2	%
Assets	1,907,535			1,891,883	1,878,253	1,863,676	1,875,191	1		2	1,885,475		1,894,303	—
Deposits	1,340,916			1,340,307	1,347,449	1,356,694	1,380,459	—		(3)	1,346,282		1,424,269	(5)
Selected Balance Sheet Data (period-end)
Debt securities	490,458			490,726	503,468	511,597	496,808	—		(1)
Loans	936,682			942,424	947,960	947,991	955,871	(1)		(2)
Allowance for credit losses for loans	15,088			15,064	14,786	13,705	13,609	—		11
Equity securities	57,336			56,026	67,471	60,610	64,414	2		(11)
Assets	1,932,468			1,909,261	1,876,320	1,886,400	1,881,020	1		3
Deposits	1,358,173			1,354,010	1,344,584	1,362,629	1,383,985	—		(2)
Headcount (#) (period-end)	225,869			227,363	233,834	235,591	238,698	(1)		(5)
Capital and other metrics (1)
Risk-based capital ratios and components (2):
Standardized Approach:
Common Equity Tier 1 (CET1)	11.4		%	11.0	10.7	10.8	10.6
Tier 1 capital	13.0			12.6	12.2	12.3	12.1
Total capital	15.7			15.3	15.0	15.1	14.8
Risk-weighted assets (RWAs) (in billions)	$	1,231.5		1,237.1	1,250.7	1,243.8	1,259.9	—		(2)
Advanced Approach:
Common Equity Tier 1 (CET1)	12.7		%	12.0	12.0	12.0	12.0
Tier 1 capital	14.4			13.7	13.7	13.7	13.7
Total capital	16.4			15.8	15.8	15.9	15.9
Risk-weighted assets (RWAs) (in billions)	$	1,112.5		1,130.8	1,118.4	1,117.9	1,112.3	(2)		—
Tier 1 leverage ratio	8.5		%	8.3	8.3	8.4	8.3
Supplementary Leverage Ratio (SLR)	7.1			6.9	6.9	7.0	6.9
Total Loss Absorbing Capacity (TLAC) Ratio (3)	25.0			24.0	23.1	23.3	23.3
Liquidity Coverage Ratio (LCR) (4)	125			123	123	122	122

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

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

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

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

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Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME

	Quarter ended						Dec 31, 2023 <br>% Change from			Year ended
(in millions, except per share amounts)	Dec 31,<br>2023		Sep 30,<br>2023	Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2023		Dec 31,<br>2022	Dec 31,<br>2023		Dec 31,<br>2022	%<br>Change
Interest income	$	22,839	22,093	20,830	19,356	17,793	3	%	28	$	85,118	54,024	58	%
Interest expense	10,068		8,988	7,667	6,020	4,360	12		131	32,743		9,074	261
Net interest income	12,771		13,105	13,163	13,336	13,433	(3)		(5)	52,375		44,950	17
Noninterest income
Deposit-related fees	1,202		1,179	1,165	1,148	1,178	2		2	4,694		5,316	(12)
Lending-related fees	366		372	352	356	344	(2)		6	1,446		1,397	4
Investment advisory and other asset-based fees	2,169		2,224	2,163	2,114	2,049	(2)		6	8,670		9,004	(4)
Commissions and brokerage services fees	619		567	570	619	601	9		3	2,375		2,242	6
Investment banking fees	455		492	376	326	331	(8)		37	1,649		1,439	15
Card fees	1,027		1,098	1,098	1,033	1,095	(6)		(6)	4,256		4,355	(2)
Mortgage banking	202		193	202	232	79	5		156	829		1,383	(40)
Net gains from trading activities	1,070		1,265	1,122	1,342	552	(15)		94	4,799		2,116	127
Net gains from debt securities	—		6	4	—	—	(100)		NM	10		151	(93)
Net gains (losses) from equity securities	35		(25)	(94)	(357)	(733)	240		105	(441)		(806)	45
Lease income	292		291	307	347	287	—		2	1,237		1,269	(3)
Other	270		90	105	233	818	200		(67)	698		1,552	(55)
Total noninterest income	7,707		7,752	7,370	7,393	6,601	(1)		17	30,222		29,418	3
Total revenue	20,478		20,857	20,533	20,729	20,034	(2)		2	82,597		74,368	11
Provision for credit losses (1)	1,282		1,197	1,713	1,207	957	7		34	5,399		1,534	252
Noninterest expense
Personnel	9,181		8,627	8,606	9,415	8,415	6		9	35,829		34,340	4
Technology, telecommunications and equipment	1,076		975	947	922	902	10		19	3,920		3,375	16
Occupancy	740		724	707	713	722	2		2	2,884		2,881	—
Operating losses	355		329	232	267	3,517	8		(90)	1,183		6,984	(83)
Professional and outside services	1,242		1,310	1,304	1,229	1,357	(5)		(8)	5,085		5,188	(2)
Leases (2)	168		172	180	177	191	(2)		(12)	697		750	(7)
Advertising and promotion	259		215	184	154	178	20		46	812		505	61
Other	2,765		761	827	799	904	263		206	5,152		3,182	62
Total noninterest expense	15,786		13,113	12,987	13,676	16,186	20		(2)	55,562		57,205	(3)
Income before income tax expense (benefit)	3,410		6,547	5,833	5,846	2,891	(48)		18	21,636		15,629	38
Income tax expense (benefit)	(100)		811	930	966	(29)	NM		245	2,607		2,251	16
Net income before noncontrolling interests	3,510		5,736	4,903	4,880	2,920	(39)		20	19,029		13,378	42
Less: Net income (loss) from noncontrolling interests	64		(31)	(35)	(111)	(235)	306		127	(113)		(299)	62
Wells Fargo net income	$	3,446	5,767	4,938	4,991	3,155	(40)	%	9	$	19,142	13,677	40	%
Less: Preferred stock dividends and other	286		317	279	278	278	(10)		3	1,160		1,115	4
Wells Fargo net income applicable to common stock	$	3,160	5,450	4,659	4,713	2,877	(42)	%	10	$	17,982	12,562	43	%
Per share information
Earnings per common share	$	0.87	1.49	1.26	1.24	0.76	(42)	%	14	$	4.88	3.30	48	%
Diluted earnings per common share	0.86		1.48	1.25	1.23	0.75	(42)		15	4.83		3.27	48

NM – Not meaningful

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

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

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Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET

							Dec 31, 2023 <br>% Change from
(in millions)	Dec 31,<br>2023		Sep 30,<br>2023	Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2023		Dec 31,<br>2022
Assets
Cash and due from banks	$	33,026	30,815	31,915	31,958	34,596	7	%	(5)
Interest-earning deposits with banks	204,193		187,081	123,418	130,478	124,561	9		64
Federal funds sold and securities purchased under resale agreements	80,456		70,431	66,500	67,288	68,036	14		18
Debt securities:
Trading, at fair value	97,302		97,075	96,857	90,052	86,155	—		13
Available-for-sale, at fair value	130,448		126,437	134,251	144,398	113,594	3		15
Held-to-maturity, at amortized cost	262,708		267,214	272,360	277,147	297,059	(2)		(12)
Loans held for sale	4,936		4,308	6,029	6,199	7,104	15		(31)
Loans	936,682		942,424	947,960	947,991	955,871	(1)		(2)
Allowance for loan losses	(14,606)		(14,554)	(14,258)	(13,120)	(12,985)	—		(12)
Net loans	922,076		927,870	933,702	934,871	942,886	(1)		(2)
Mortgage servicing rights	8,508		9,526	9,345	9,950	10,480	(11)		(19)
Premises and equipment, net	9,266		8,559	8,392	8,416	8,350	8		11
Goodwill	25,175		25,174	25,175	25,173	25,173	—		—
Derivative assets	18,223		21,096	17,990	17,117	22,774	(14)		(20)
Equity securities	57,336		56,026	67,471	60,610	64,414	2		(11)
Other assets	78,815		77,649	82,915	82,743	75,838	2		4
Total assets	$	1,932,468	1,909,261	1,876,320	1,886,400	1,881,020	1		3
Liabilities
Noninterest-bearing deposits	$	360,279	384,330	402,322	434,912	458,010	(6)		(21)
Interest-bearing deposits	997,894		969,680	942,262	927,717	925,975	3		8
Total deposits	1,358,173		1,354,010	1,344,584	1,362,629	1,383,985	—		(2)
Short-term borrowings (1)	89,559		93,330	84,255	81,007	51,145	(4)		75
Derivative liabilities	18,495		23,463	21,431	16,897	20,067	(21)		(8)
Accrued expenses and other liabilities	71,210		66,050	73,466	69,181	68,740	8		4
Long-term debt (2)	207,588		190,035	170,632	173,466	174,870	9		19
Total liabilities	1,745,025		1,726,888	1,694,368	1,703,180	1,698,807	1		3
Equity
Wells Fargo stockholders’ equity:
Preferred stock	19,448		19,448	19,448	19,448	19,448	—		—
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	60,555		60,365	60,173	59,946	60,319	—		—
Retained earnings	201,136		199,287	195,164	191,688	187,968	1		7
Accumulated other comprehensive income (loss)	(11,580)		(15,877)	(13,441)	(12,572)	(13,362)	27		13
Treasury stock (3)	(92,960)		(91,215)	(89,860)	(86,049)	(82,853)	(2)		(12)
Unearned ESOP shares	—		(429)	(429)	(429)	(429)	100		100
Total Wells Fargo stockholders’ equity	185,735		180,715	180,191	181,168	180,227	3		3
Noncontrolling interests	1,708		1,658	1,761	2,052	1,986	3		(14)
Total equity	187,443		182,373	181,952	183,220	182,213	3		3
Total liabilities and equity	$	1,932,468	1,909,261	1,876,320	1,886,400	1,881,020	1		3

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

(2)Includes $38.0 billion, $36.0 billion, $23.0 billion, $24.0 billion, and $27.0 billion of FHLB advances at December 31, September 30, June 30, and March 31, 2023, and December 31, 2022, respectively.

(3)Number of shares of treasury stock were 1,882,948,892, 1,843,884,672, 1,814,145,600, 1,718,587,875, and 1,648,007,022 at December 31, September 30, June 30, and March 31, 2023, and December 31, 2022, respectively.

-6-

Wells Fargo & Company and Subsidiaries

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

	Quarter ended							Dec 31, 2023 <br>% Change from			Year ended				%<br>Change
($ in millions)	Dec 31, 2023			Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2023		Dec 31, 2022	Dec 31, 2023			Dec 31, 2022
Average Balances
Assets
Interest-earning deposits with banks	$	193,647		158,893	129,236	114,858	127,854	22	%	51	$	149,401		145,802	2	%
Federal funds sold and securities purchased under resale agreements	72,626			68,715	69,505	68,633	65,860	6		10	69,878			62,137	12
Trading debt securities	109,340			109,802	102,605	96,405	94,465	—		16	104,588			91,515	14
Available-for-sale debt securities	136,389			139,511	149,320	145,894	122,271	(2)		12	142,743			141,404	1
Held-to-maturity debt securities	268,905			273,948	279,093	279,955	303,391	(2)		(11)	275,441			296,540	(7)
Loans held for sale	4,990			5,437	6,031	6,611	9,932	(8)		(50)	5,762			13,900	(59)
Loans	938,041			943,193	945,906	948,651	948,517	(1)		(1)	943,916			929,820	2
Equity securities	22,198			25,019	27,891	28,651	28,587	(11)		(22)	25,920			30,575	(15)
Other	8,861			8,565	10,118	11,043	11,932	3		(26)	9,638			13,275	(27)
Total interest-earning assets	1,754,997			1,733,083	1,719,705	1,700,701	1,712,809	1		2	1,727,287			1,724,968	—
Total noninterest-earning assets	152,538			158,800	158,548	162,975	162,382	(4)		(6)	158,188			169,335	(7)
Total assets	$	1,907,535		1,891,883	1,878,253	1,863,676	1,875,191	1		2	$	1,885,475		1,894,303	—
Liabilities
Interest-bearing deposits	$	974,890		953,500	936,886	920,226	902,564	2		8	$	946,545		918,499	3
Short-term borrowings	92,032			90,078	83,059	58,496	51,246	2		80	81,033			39,810	104
Long-term debt	196,213			181,955	170,843	172,567	166,796	8		18	180,464			157,742	14
Other liabilities	31,342			32,564	34,496	33,427	33,559	(4)		(7)	32,950			34,126	(3)
Total interest-bearing liabilities	1,294,477			1,258,097	1,225,284	1,184,716	1,154,165	3		12	1,240,992			1,150,177	8
Noninterest-bearing demand deposits	366,026			386,807	410,563	436,468	477,895	(5)		(23)	399,737			505,770	(21)
Other noninterest-bearing liabilities	61,179			62,151	57,963	58,195	60,510	(2)		1	59,886			55,189	9
Total liabilities	1,721,682			1,707,055	1,693,810	1,679,379	1,692,570	1		2	1,700,615			1,711,136	(1)
Total equity	185,853			184,828	184,443	184,297	182,621	1		2	184,860			183,167	1
Total liabilities and equity	$	1,907,535		1,891,883	1,878,253	1,863,676	1,875,191	1		2	$	1,885,475		1,894,303	—
Average Interest Rates
Interest-earning assets
Interest-earning deposits with banks	4.98		%	4.81	4.50	4.12	3.50				4.67		%	1.54
Federal funds sold and securities purchased under resale agreements	5.30			5.13	4.73	4.12	3.29				4.83			1.38
Trading debt securities	3.82			3.86	3.50	3.33	3.17				3.64			2.72
Available-for-sale debt securities	3.87			3.92	3.72	3.54	3.10				3.76			2.24
Held-to-maturity debt securities	2.69			2.65	2.62	2.55	2.45				2.63			2.19
Loans held for sale	6.75			6.40	6.22	5.90	5.11				6.29			3.69
Loans	6.35			6.23	5.99	5.69	5.13				6.07			4.06
Equity securities	2.99			2.42	2.79	2.39	2.63				2.63			2.31
Other	4.99			4.93	4.76	4.60	3.57				4.80			1.54
Total interest-earning assets	5.20			5.09	4.88	4.62	4.16				4.95			3.16
Interest-bearing liabilities
Interest-bearing deposits	2.17			1.92	1.63	1.22	0.70				1.74			0.26
Short-term borrowings	5.10			4.99	4.64	3.95	3.15				4.75			1.46
Long-term debt	6.78			6.67	6.31	5.83	5.22				6.41			3.49
Other liabilities	2.87			2.54	2.41	2.16	2.09				2.49			1.87
Total interest-bearing liabilities	3.09			2.84	2.51	2.05	1.50				2.64			0.79
Interest rate spread on a taxable-equivalent basis (2)	2.11			2.25	2.37	2.57	2.66				2.31			2.37
Net interest margin on a taxable-equivalent basis (2)	2.92			3.03	3.09	3.20	3.14				3.06			2.63

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

(2)Includes taxable-equivalent adjustments of $104 million, $104 million, $105 million, $107 million, and $116 million for the quarters ended December 31, September 30, June 30, and March 31, 2023, and December 31, 2022, respectively, and $420 million and $436 million for the years ended December 31, 2023 and 2022, respectively, predominantly related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.

-7-

Wells Fargo & Company and Subsidiaries

COMBINED SEGMENT RESULTS (1)

						Quarter ended December 31, 2023
(in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate (2)	Reconciling Items (3)	Consolidated<br>Company
Net interest income	$	7,629	2,525	2,359	906	(544)	(104)	12,771
Noninterest income	1,890		843	2,376	2,754	284	(440)	7,707
Total revenue	9,519		3,368	4,735	3,660	(260)	(544)	20,478
Provision for credit losses	790		40	498	(19)	(27)	—	1,282
Noninterest expense	6,046		1,630	2,132	3,023	2,955	—	15,786
Income (loss) before income tax expense (benefit)	2,683		1,698	2,105	656	(3,188)	(544)	3,410
Income tax expense (benefit)	672		423	523	165	(1,339)	(544)	(100)
Net income (loss) before noncontrolling interests	2,011		1,275	1,582	491	(1,849)	—	3,510
Less: Net income from noncontrolling interests	—		2	—	—	62	—	64
Net income (loss)	$	2,011	1,273	1,582	491	(1,911)	—	3,446
						Quarter ended September 30, 2023
Net interest income	$	7,633	2,519	2,319	1,007	(269)	(104)	13,105
Noninterest income	1,948		886	2,604	2,695	21	(402)	7,752
Total revenue	9,581		3,405	4,923	3,702	(248)	(506)	20,857
Provision for credit losses	768		52	324	(10)	63	—	1,197
Noninterest expense	5,913		1,543	2,182	3,006	469	—	13,113
Income (loss) before income tax expense (benefit)	2,900		1,810	2,417	706	(780)	(506)	6,547
Income tax expense (benefit)	727		453	601	177	(641)	(506)	811
Net income (loss) before noncontrolling interests	2,173		1,357	1,816	529	(139)	—	5,736
Less: Net income (loss) from noncontrolling interests	—		3	—	—	(34)	—	(31)
Net income (loss)	$	2,173	1,354	1,816	529	(105)	—	5,767
						Quarter ended December 31, 2022
Net interest income	$	7,574	2,357	2,416	1,124	78	(116)	13,433
Noninterest income	1,889		792	1,723	2,571	7	(381)	6,601
Total revenue	9,463		3,149	4,139	3,695	85	(497)	20,034
Provision for credit losses	936		(43)	41	11	12	—	957
Noninterest expense	7,088		1,523	1,837	2,731	3,007	—	16,186
Income (loss) before income tax expense (benefit)	1,439		1,669	2,261	953	(2,934)	(497)	2,891
Income tax expense (benefit)	362		428	569	238	(1,129)	(497)	(29)
Net income (loss) before noncontrolling interests	1,077		1,241	1,692	715	(1,805)	—	2,920
Less: Net income (loss) from noncontrolling interests	—		3	—	—	(238)	—	(235)
Net income (loss)	$	1,077	1,238	1,692	715	(1,567)	—	3,155

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

(2)All other business activities that are not included in the reportable operating segments have been included in Corporate. Corporate includes corporate treasury and enterprise functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and venture capital and private equity investments. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company as well as results for previously divested businesses. In third quarter 2023, we sold investments in certain private equity funds, which had a minimal impact to net income.

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

-8-

Wells Fargo & Company and Subsidiaries

COMBINED SEGMENT RESULTS (continued) (1)

						Year ended December 31, 2023
(in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate (2)	Reconciling Items (3)	Consolidated<br>Company
Net interest income	$	30,185	10,034	9,498	3,966	(888)	(420)	52,375
Noninterest income	7,734		3,415	9,693	10,725	431	(1,776)	30,222
Total revenue	37,919		13,449	19,191	14,691	(457)	(2,196)	82,597
Provision for credit losses	3,299		75	2,007	6	12	—	5,399
Noninterest expense	24,024		6,555	8,618	12,064	4,301	—	55,562
Income (loss) before income tax expense (benefit)	10,596		6,819	8,566	2,621	(4,770)	(2,196)	21,636
Income tax expense (benefit)	2,657		1,704	2,140	657	(2,355)	(2,196)	2,607
Net income (loss) before noncontrolling interests	7,939		5,115	6,426	1,964	(2,415)	—	19,029
Less: Net income (loss) from noncontrolling interests	—		11	—	—	(124)	—	(113)
Net income (loss)	$	7,939	5,104	6,426	1,964	(2,291)	—	19,142
						Year ended December 31, 2022
Net interest income	$	27,044	7,289	8,733	3,927	(1,607)	(436)	44,950
Noninterest income	8,766		3,631	6,509	10,895	1,192	(1,575)	29,418
Total revenue	35,810		10,920	15,242	14,822	(415)	(2,011)	74,368
Provision for credit losses	2,276		(534)	(185)	(25)	2	—	1,534
Noninterest expense	26,277		6,058	7,560	11,613	5,697	—	57,205
Income (loss) before income tax expense (benefit)	7,257		5,396	7,867	3,234	(6,114)	(2,011)	15,629
Income tax expense (benefit)	1,816		1,366	1,989	812	(1,721)	(2,011)	2,251
Net income (loss) before noncontrolling interests	5,441		4,030	5,878	2,422	(4,393)	—	13,378
Less: Net income (loss) from noncontrolling interests	—		12	—	—	(311)	—	(299)
Net income (loss)	$	5,441	4,018	5,878	2,422	(4,082)	—	13,677

-9-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT

	Quarter ended						Dec 31, 2023 <br>% Change from			Year ended
($ in millions)	Dec 31,<br>2023		Sep 30,<br>2023	Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2023		Dec 31,<br>2022	Dec 31,<br>2023		Dec 31,<br>2022	%<br>Change
Income Statement
Net interest income	$	7,629	7,633	7,490	7,433	7,574	—	%	1	$	30,185	27,044	12	%
Noninterest income:
Deposit-related fees	694		670	666	672	696	4		—	2,702		3,093	(13)
Card fees	960		1,027	1,022	958	1,025	(7)		(6)	3,967		4,067	(2)
Mortgage banking	115		105	132	160	23	10		400	512		1,100	(53)
Other	121		146	145	141	145	(17)		(17)	553		506	9
Total noninterest income	1,890		1,948	1,965	1,931	1,889	(3)		—	7,734		8,766	(12)
Total revenue	9,519		9,581	9,455	9,364	9,463	(1)		1	37,919		35,810	6
Net charge-offs	852		722	621	589	525	18		62	2,784		1,693	64
Change in the allowance for credit losses	(62)		46	253	278	411	NM		NM	515		583	(12)
Provision for credit losses	790		768	874	867	936	3		(16)	3,299		2,276	45
Noninterest expense	6,046		5,913	6,027	6,038	7,088	2		(15)	24,024		26,277	(9)
Income before income tax expense	2,683		2,900	2,554	2,459	1,439	(7)		86	10,596		7,257	46
Income tax expense	672		727	640	618	362	(8)		86	2,657		1,816	46
Net income	$	2,011	2,173	1,914	1,841	1,077	(7)		87	$	7,939	5,441	46
Revenue by Line of Business
Consumer, Small and Business Banking	$	6,657	6,665	6,576	6,486	6,608	—		1	$	26,384	23,421	13
Consumer Lending:
Home Lending	839		840	847	863	786	—		7	3,389		4,221	(20)
Credit Card	1,346		1,375	1,321	1,305	1,353	(2)		(1)	5,347		5,271	1
Auto	334		360	378	392	413	(7)		(19)	1,464		1,716	(15)
Personal Lending	343		341	333	318	303	1		13	1,335		1,181	13
Total revenue	$	9,519	9,581	9,455	9,364	9,463	(1)		1	$	37,919	35,810	6
Selected Balance Sheet Data (average)
Loans by Line of Business:
Consumer, Small and Business Banking	$	8,863	8,983	9,215	9,363	9,590	(1)		(8)	$	9,104	10,132	(10)
Consumer Lending:
Home Lending	216,733		218,546	220,641	222,561	222,546	(1)		(3)	219,601		219,157	—
Credit Card	43,473		41,168	39,225	38,190	37,152	6		17	40,530		34,151	19
Auto	49,078		51,578	52,476	53,676	54,490	(5)		(10)	51,689		55,994	(8)
Personal Lending	15,386		15,270	14,794	14,518	14,219	1		8	14,996		12,999	15
Total loans	$	333,533	335,545	336,351	338,308	337,997	(1)		(1)	$	335,920	332,433	1
Total deposits	779,490		801,061	823,339	841,265	864,623	(3)		(10)	811,091		883,130	(8)
Allocated capital	44,000		44,000	44,000	44,000	48,000	—		(8)	44,000		48,000	(8)
Selected Balance Sheet Data (period-end)
Loans by Line of Business:
Consumer, Small and Business Banking	$	9,042	9,115	9,299	9,457	9,704	(1)		(7)
Consumer Lending:
Home Lending	215,823		217,955	219,595	222,012	223,525	(1)		(3)
Credit Card	44,428		42,040	40,053	38,201	38,475	6		15
Auto	48,283		50,407	52,175	53,244	54,281	(4)		(11)
Personal Lending	15,291		15,439	15,095	14,597	14,544	(1)		5
Total loans	$	332,867	334,956	336,217	337,511	340,529	(1)		(2)
Total deposits	782,309		798,897	820,495	851,304	859,695	(2)		(9)

NM – Not meaningful

-10-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT (continued)

							Dec 31, 2023 <br>% Change from			Year ended
( in millions, unless otherwise noted)			Sep 30,<br>2023	Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2023		Dec 31,<br>2022	Dec 31,<br>2023			Dec 31,<br>2022	%<br>Change
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1)		%	19.1	16.9	16.5	8.3				17.5		%	10.8
Efficiency ratio (2)			62	64	64	75				63			73
Retail bank branches (#, period-end)			4,355	4,455	4,525	4,598	(1)	%	(6)
Digital active customers (# in millions, period-end) (3)			34.6	34.2	34.3	33.5	1		4
Mobile active customers (# in millions, period-end) (3)			29.6	29.1	28.8	28.3	1		6
Consumer, Small and Business Banking:
Deposit spread (4)		%	2.7	2.6	2.5	2.4				2.6		%	2.0
Debit card purchase volume ( in billions) (5)	126.1		124.5	124.9	117.3	124.0	1		2	$	492.8		486.6	1
Debit card purchase transactions (# in millions) (5)			2,550	2,535	2,369	2,496	—		2	10,000			9,852	2
Home Lending:
Mortgage banking:
Net servicing income	113		41	62	84	94	176		20	$	300		368	(18)
Net gains (losses) on mortgage loan originations/sales			64	70	76	(71)	(97)		103	212			732	(71)
Total mortgage banking	115		105	132	160	23	10		400	$	512		1,100	(53)
Originations ( in billions):
Retail	4.5		6.4	7.7	5.6	8.2	(30)		(45)	$	24.2		64.3	(62)
Correspondent			—	0.1	1.0	6.4	—		(100)	1.1			43.8	(97)
Total originations	4.5		6.4	7.8	6.6	14.6	(30)		(69)	$	25.3		108.1	(77)
% of originations held for sale (HFS)		%	40.7	45.3	46.8	60.7				44.6		%	52.5
Third party mortgage loans serviced ( in billions, period-end) (6)	559.7		591.8	609.1	666.8	679.2	(5)		(18)
Mortgage servicing rights (MSR) carrying value (period-end)			8,457	8,251	8,819	9,310	(12)		(20)
Ratio of MSR carrying value (period-end) to third party mortgage loans serviced (period-end) (6)		%	1.43	1.35	1.32	1.37
Home lending loans 30+ days delinquency rate (period-end) (7)(8)(9)			0.29	0.25	0.26	0.31
Credit Card:
Point of sale (POS) volume ( in billions)	37.1		35.2	34.0	30.1	32.3	5		15	$	136.4		119.1	15
New accounts (# in thousands)			714	611	567	561	(8)		17	2,547			2,153	18
Credit card loans 30+ days delinquency rate (period-end) (8)		%	2.70	2.39	2.26	2.08
Credit card loans 90+ days delinquency rate (period-end) (8)			1.37	1.17	1.16	1.01
Auto:
Auto originations ( in billions)	3.3		4.1	4.8	5.0	5.0	(20)		(34)	$	17.2		23.1	(26)
Auto loans 30+ days delinquency rate (period-end) (8)(9)		%	2.60	2.55	2.25	2.64
Personal Lending:
New volume ( in billions)	2.6		3.1	3.3	2.9	3.2	(16)		(19)	$	11.9		12.6	(6)

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).

(8)Excludes loans held for sale.

(9)Excludes nonaccrual loans.

-11-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT

	Quarter ended							Dec 31, 2023 <br>% Change from			Year ended
($ in millions)	Dec 31,<br>2023			Sep 30,<br>2023	Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2023		Dec 31,<br>2022	Dec 31,<br>2023			Dec 31,<br>2022	%<br>Change
Income Statement
Net interest income	$	2,525		2,519	2,501	2,489	2,357	—	%	7	$	10,034		7,289	38	%
Noninterest income:
Deposit-related fees	257			257	248	236	237	—		8	998			1,131	(12)
Lending-related fees	138			133	131	129	122	4		13	531			491	8
Lease income	155			153	167	169	176	1		(12)	644			710	(9)
Other	293			343	322	284	257	(15)		14	1,242			1,299	(4)
Total noninterest income	843			886	868	818	792	(5)		6	3,415			3,631	(6)
Total revenue	3,368			3,405	3,369	3,307	3,149	(1)		7	13,449			10,920	23
Net charge-offs	35			37	63	(39)	32	(5)		9	96			4	NM
Change in the allowance for credit losses	5			15	(37)	(4)	(75)	(67)		107	(21)			(538)	96
Provision for credit losses	40			52	26	(43)	(43)	(23)		193	75			(534)	114
Noninterest expense	1,630			1,543	1,630	1,752	1,523	6		7	6,555			6,058	8
Income before income tax expense	1,698			1,810	1,713	1,598	1,669	(6)		2	6,819			5,396	26
Income tax expense	423			453	429	399	428	(7)		(1)	1,704			1,366	25
Less: Net income from noncontrolling interests	2			3	3	3	3	(33)		(33)	11			12	(8)
Net income	$	1,273		1,354	1,281	1,196	1,238	(6)		3	$	5,104		4,018	27
Revenue by Line of Business
Middle Market Banking	$	2,196		2,212	2,199	2,155	2,076	(1)		6	$	8,762		6,574	33
Asset-Based Lending and Leasing	1,172			1,193	1,170	1,152	1,073	(2)		9	4,687			4,346	8
Total revenue	$	3,368		3,405	3,369	3,307	3,149	(1)		7	$	13,449		10,920	23
Revenue by Product
Lending and leasing	$	1,337		1,321	1,332	1,324	1,357	1		(1)	$	5,314		5,253	1
Treasury management and payments	1,527			1,541	1,584	1,562	1,519	(1)		1	6,214			4,483	39
Other	504			543	453	421	273	(7)		85	1,921			1,184	62
Total revenue	$	3,368		3,405	3,369	3,307	3,149	(1)		7	$	13,449		10,920	23
Selected Metrics
Return on allocated capital	19.0		%	20.2	19.3	18.1	24.2				19.1		%	19.7
Efficiency ratio	48			45	48	53	48				49			55

NM – Not meaningful

-12-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT (continued)

	Quarter ended						Dec 31, 2023 <br>% Change from			Year ended
($ in millions)	Dec 31,<br>2023		Sep 30,<br>2023	Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2023		Dec 31,<br>2022	Dec 31,<br>2023		Dec 31,<br>2022	%<br>Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	162,877	164,182	165,980	163,210	159,236	(1)	%	2	$	164,062	147,379	11	%
Commercial real estate	45,393		45,716	45,855	45,862	45,551	(1)		—	45,705		45,130	1
Lease financing and other	15,062		14,518	13,989	13,754	13,635	4		10	14,335		13,523	6
Total loans	$	223,332	224,416	225,824	222,826	218,422	—		2	$	224,102	206,032	9
Loans by Line of Business:
Middle Market Banking	$	118,971	120,509	122,204	121,625	119,740	(1)		(1)	$	120,819	114,634	5
Asset-Based Lending and Leasing	104,361		103,907	103,620	101,201	98,682	—		6	103,283		91,398	13
Total loans	$	223,332	224,416	225,824	222,826	218,422	—		2	$	224,102	206,032	9
Total deposits	163,299		160,556	166,747	170,467	175,442	2		(7)	165,235		186,079	(11)
Allocated capital	25,500		25,500	25,500	25,500	19,500	—		31	25,500		19,500	31
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	163,797	165,094	168,492	166,853	163,797	(1)		—
Commercial real estate	45,534		45,663	45,784	45,895	45,816	—		(1)
Lease financing and other	15,443		15,014	14,435	13,851	13,916	3		11
Total loans	$	224,774	225,771	228,711	226,599	223,529	—		1
Loans by Line of Business:
Middle Market Banking	$	118,482	119,354	122,104	121,626	121,192	(1)		(2)
Asset-Based Lending and Leasing	106,292		106,417	106,607	104,973	102,337	—		4
Total loans	$	224,774	225,771	228,711	226,599	223,529	—		1
Total deposits	162,526		160,368	164,764	169,827	173,942	1		(7)

-13-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT

	Quarter ended							Dec 31, 2023 <br>% Change from			Year ended
($ in millions)	Dec 31,<br>2023			Sep 30,<br>2023	Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2023		Dec 31,<br>2022	Dec 31,<br>2023			Dec 31,<br>2022	%<br>Change
Income Statement
Net interest income	$	2,359		2,319	2,359	2,461	2,416	2	%	(2)	$	9,498		8,733	9	%
Noninterest income:
Deposit-related fees	246			247	247	236	240	—		3	976			1,068	(9)
Lending-related fees	199			206	191	194	191	(3)		4	790			769	3
Investment banking fees	489			545	390	314	331	(10)		48	1,738			1,492	16
Net gains from trading activities	1,022			1,193	1,081	1,257	606	(14)		69	4,553			1,886	141
Other	420			413	363	440	355	2		18	1,636			1,294	26
Total noninterest income	2,376			2,604	2,272	2,441	1,723	(9)		38	9,693			6,509	49
Total revenue	4,735			4,923	4,631	4,902	4,139	(4)		14	19,191			15,242	26
Net charge-offs	376			105	83	17	10	258		NM	581			(48)	NM
Change in the allowance for credit losses	122			219	850	235	31	(44)		294	1,426			(137)	NM
Provision for credit losses	498			324	933	252	41	54		NM	2,007			(185)	NM
Noninterest expense	2,132			2,182	2,087	2,217	1,837	(2)		16	8,618			7,560	14
Income before income tax expense	2,105			2,417	1,611	2,433	2,261	(13)		(7)	8,566			7,867	9
Income tax expense	523			601	401	615	569	(13)		(8)	2,140			1,989	8
Net income	$	1,582		1,816	1,210	1,818	1,692	(13)		(7)	$	6,426		5,878	9
Revenue by Line of Business
Banking:
Lending	$	774		721	685	692	593	7		31	$	2,872		2,222	29
Treasury Management and Payments	742			747	762	785	738	(1)		1	3,036			2,369	28
Investment Banking	383			430	311	280	317	(11)		21	1,404			1,206	16
Total Banking	1,899			1,898	1,758	1,757	1,648	—		15	7,312			5,797	26
Commercial Real Estate	1,291			1,376	1,333	1,311	1,267	(6)		2	5,311			4,534	17
Markets:
Fixed Income, Currencies, and Commodities (FICC)	1,122			1,148	1,133	1,285	935	(2)		20	4,688			3,660	28
Equities	457			518	397	437	279	(12)		64	1,809			1,115	62
Credit Adjustment (CVA/DVA) and Other	(8)			(12)	14	71	(35)	33		77	65			20	225
Total Markets	1,571			1,654	1,544	1,793	1,179	(5)		33	6,562			4,795	37
Other	(26)			(5)	(4)	41	45	NM		NM	6			116	(95)
Total revenue	$	4,735		4,923	4,631	4,902	4,139	(4)		14	$	19,191		15,242	26
Selected Metrics
Return on allocated capital	13.4		%	15.5	10.2	15.9	17.7				13.8		%	15.3
Efficiency ratio	45			44	45	45	44				45			50

NM – Not meaningful

-14-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT (continued)

	Quarter ended						Dec 31, 2023 <br>% Change from			Year ended
($ in millions)	Dec 31,<br>2023		Sep 30,<br>2023	Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2023		Dec 31,<br>2022	Dec 31,<br>2023		Dec 31,<br>2022	%<br>Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	191,014	191,128	190,529	193,770	196,697	—	%	(3)	$	191,602	198,424	(3)	%
Commercial real estate	99,077		100,523	100,941	100,972	101,553	(1)		(2)	100,373		98,560	2
Total loans	$	290,091	291,651	291,470	294,742	298,250	(1)		(3)	$	291,975	296,984	(2)
Loans by Line of Business:
Banking	$	94,699	94,010	95,413	99,078	104,187	1		(9)	$	95,783	106,440	(10)
Commercial Real Estate	133,921		135,639	136,473	136,806	137,680	(1)		(3)	135,702		133,719	1
Markets	61,471		62,002	59,584	58,858	56,383	(1)		9	60,490		56,825	6
Total loans	$	290,091	291,651	291,470	294,742	298,250	(1)		(3)	$	291,975	296,984	(2)
Trading-related assets:
Trading account securities	$	118,938	122,376	118,462	112,628	111,803	(3)		6	$	118,130	112,213	5
Reverse repurchase agreements/securities borrowed	65,678		62,284	60,164	57,818	52,814	5		24	61,510		50,491	22
Derivative assets	19,308		19,760	17,522	17,928	24,556	(2)		(21)	18,636		27,421	(32)
Total trading-related assets	$	203,924	204,420	196,148	188,374	189,173	—		8	$	198,276	190,125	4
Total assets	556,196		559,647	550,091	548,808	553,308	(1)		1	553,722		557,396	(1)
Total deposits	173,117		157,212	160,251	157,551	156,205	10		11	162,062		161,720	—
Allocated capital	44,000		44,000	44,000	44,000	36,000	—		22	44,000		36,000	22
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	189,379	190,547	190,317	191,020	196,529	(1)		(4)
Commercial real estate	98,053		99,783	101,028	100,797	101,848	(2)		(4)
Total loans	$	287,432	290,330	291,345	291,817	298,377	(1)		(4)
Loans by Line of Business:
Banking	$	93,987	93,723	93,596	97,178	101,183	—		(7)
Commercial Real Estate	131,968		133,939	136,257	135,728	137,495	(1)		(4)
Markets	61,477		62,668	61,492	58,911	59,699	(2)		3
Total loans	$	287,432	290,330	291,345	291,817	298,377	(1)		(4)
Trading-related assets:
Trading account securities	$	115,562	120,547	130,008	115,198	111,801	(4)		3
Reverse repurchase agreements/securities borrowed	63,614		64,240	59,020	57,502	55,407	(1)		15
Derivative assets	18,023		21,231	17,804	16,968	22,218	(15)		(19)
Total trading-related assets	$	197,199	206,018	206,832	189,668	189,426	(4)		4
Total assets	547,203		557,642	559,520	542,168	550,177	(2)		(1)
Total deposits	185,142		162,776	158,770	158,564	157,217	14		18

-15-

Wells Fargo & Company and Subsidiaries

WEALTH AND INVESTMENT MANAGEMENT SEGMENT

							Dec 31, 2023 <br>% Change from			Year ended
( in millions, unless otherwise noted)			Sep 30,<br>2023	Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2023		Dec 31,<br>2022	Dec 31,<br>2023			Dec 31,<br>2022	%<br>Change
Income Statement
Net interest income	906		1,007	1,009	1,044	1,124	(10)	%	(19)	$	3,966		3,927	1	%
Noninterest income:
Investment advisory and other asset-based fees			2,164	2,110	2,061	1,999	(2)		6	8,446			8,847	(5)
Commissions and brokerage services fees			492	494	541	532	8		—	2,058			1,931	7
Other			39	35	35	40	187		180	221			117	89
Total noninterest income			2,695	2,639	2,637	2,571	2		7	10,725			10,895	(2)
Total revenue			3,702	3,648	3,681	3,695	(1)		(1)	14,691			14,822	(1)
Net charge-offs			1	(1)	(1)	(2)	(100)		100	(1)			(7)	86
Change in the allowance for credit losses			(11)	25	12	13	(73)		NM	7			(18)	139
Provision for credit losses			(10)	24	11	11	(90)		NM	6			(25)	124
Noninterest expense			3,006	2,974	3,061	2,731	1		11	12,064			11,613	4
Income before income tax expense			706	650	609	953	(7)		(31)	2,621			3,234	(19)
Income tax expense			177	163	152	238	(7)		(31)	657			812	(19)
Net income	491		529	487	457	715	(7)		(31)	$	1,964		2,422	(19)
Selected Metrics
Return on allocated capital		%	32.8	30.5	28.9	31.9				30.7		%	27.1
Efficiency ratio			81	82	83	74				82			78
Client assets ( in billions, period-end):
Advisory assets	891		825	850	825	797	8		12
Other brokerage assets and deposits			1,123	1,148	1,104	1,064	6		12
Total client assets	2,084		1,948	1,998	1,929	1,861	7		12
Selected Balance Sheet Data (average)
Total loans	82,181		82,195	83,045	83,621	84,760	—		(3)	$	82,755		85,228	(3)
Total deposits			107,500	112,360	126,604	142,230	(5)		(28)	112,069			164,883	(32)
Allocated capital			6,250	6,250	6,250	8,750	—		(29)	6,250			8,750	(29)
Selected Balance Sheet Data (period-end)
Total loans	82,555		82,331	82,456	82,817	84,273	—		(2)
Total deposits			103,255	108,532	117,252	138,760	1		(25)

All values are in US Dollars.

NM – Not meaningful

-16-

Wells Fargo & Company and Subsidiaries

CORPORATE (1)

	Quarter ended						Dec 31, 2023 <br>% Change from			Year ended
($ in millions)	Dec 31,<br>2023		Sep 30,<br>2023	Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2023		Dec 31,<br>2022	Dec 31,<br>2023		Dec 31,<br>2022	%<br>Change
Income Statement
Net interest income	$	(544)	(269)	(91)	16	78	NM		NM	$	(888)	(1,607)	45	%
Noninterest income	284		21	121	5	7	NM		NM	431		1,192	(64)
Total revenue	(260)		(248)	30	21	85	(5)	%	NM	(457)		(415)	(10)
Net charge-offs	(5)		(1)	(2)	(2)	(5)	NM		—	(10)		(33)	70
Change in the allowance for credit losses	(22)		64	(142)	122	17	NM		NM	22		35	(37)
Provision for credit losses	(27)		63	(144)	120	12	NM		NM	12		2	500
Noninterest expense	2,955		469	269	608	3,007	530		(2)	4,301		5,697	(25)
Loss before income tax benefit	(3,188)		(780)	(95)	(707)	(2,934)	NM		(9)	(4,770)		(6,114)	22
Income tax benefit	(1,339)		(641)	(103)	(272)	(1,129)	NM		(19)	(2,355)		(1,721)	(37)
Less: Net income (loss) from noncontrolling interests	62		(34)	(38)	(114)	(238)	282		126	(124)		(311)	60
Net income (loss)	$	(1,911)	(105)	46	(321)	(1,567)	NM		(22)	$	(2,291)	(4,082)	44
Selected Balance Sheet Data (average)
Cash and due from banks, and interest-earning deposits with banks	$	198,315	164,900	132,505	117,419	130,329	20		52	$	153,538	147,192	4
Available-for-sale debt securities	115,346		119,745	130,496	128,770	102,650	(4)		12	123,542		124,308	(1)
Held-to-maturity debt securities	261,103		266,012	270,999	272,718	295,494	(2)		(12)	267,672		290,087	(8)
Equity securities	15,906		15,784	15,327	15,519	15,918	1		—	15,635		15,695	—
Total loans	8,904		9,386	9,216	9,154	9,088	(5)		(2)	9,164		9,143	—
Total assets	645,573		623,339	610,417	596,087	605,500	4		7	619,002		638,011	(3)
Total deposits	122,880		113,978	84,752	60,807	41,959	8		193	95,825		28,457	237
Selected Balance Sheet Data (period-end)
Cash and due from banks, and interest-earning deposits with banks	$	211,420	194,653	128,077	136,093	127,106	9		66
Available-for-sale debt securities	118,923		115,005	123,169	133,311	102,669	3		16
Held-to-maturity debt securities	259,748		264,248	269,414	274,202	294,141	(2)		(12)
Equity securities	15,810		15,496	15,097	15,200	15,508	2		2
Total loans	9,054		9,036	9,231	9,247	9,163	—		(1)
Total assets	674,075		641,455	593,597	620,241	601,218	5		12
Total deposits	124,294		128,714	92,023	65,682	54,371	(3)		129

NM – Not meaningful

(1)All other business activities that are not included in the reportable operating segments have been included in Corporate. Corporate includes corporate treasury and enterprise functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and venture capital and private equity investments. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company as well as results for previously divested businesses. In third quarter 2023, we sold investments in certain private equity funds, which had a minimal impact to net income.

-17-

Wells Fargo & Company and Subsidiaries

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

	Quarter ended							Dec 31, 2023 Change from
($ in millions)	Dec 31,<br>2023			Sep 30,<br>2023	Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,2023
Period-End Loans
Commercial and industrial	$	380,388		382,527	386,011	384,690	386,806	(2,139)
Commercial real estate	150,616			152,486	154,276	154,707	155,802	(1,870)
Lease financing	16,423			16,038	15,334	14,820	14,908	385
Total commercial	547,427			551,051	555,621	554,217	557,516	(3,624)
Residential mortgage	260,724			263,174	265,085	267,138	269,117	(2,450)
Credit card	52,230			49,851	47,717	45,766	46,293	2,379
Auto	47,762			49,865	51,587	52,631	53,669	(2,103)
Other consumer	28,539			28,483	27,950	28,239	29,276	56
Total consumer	389,255			391,373	392,339	393,774	398,355	(2,118)
Total loans	$	936,682		942,424	947,960	947,991	955,871	(5,742)
Average Loans
Commercial and industrial	$	380,566		382,277	383,361	383,277	381,889	(1,711)
Commercial real estate	151,665			153,686	154,660	155,074	155,674	(2,021)
Lease financing	16,123			15,564	15,010	14,832	14,656	559
Total commercial	548,354			551,527	553,031	553,183	552,219	(3,173)
Residential mortgage	261,776			263,918	266,128	267,984	268,232	(2,142)
Credit card	51,249			48,889	46,762	45,842	44,829	2,360
Auto	48,554			51,014	51,880	53,065	53,917	(2,460)
Other consumer	28,108			27,845	28,105	28,577	29,320	263
Total consumer	389,687			391,666	392,875	395,468	396,298	(1,979)
Total loans	$	938,041		943,193	945,906	948,651	948,517	(5,152)
Average Interest Rates
Commercial and industrial	7.20		%	7.03	6.70	6.25	5.41
Commercial real estate	6.88			6.83	6.59	6.24	5.45
Lease financing	5.17			4.90	4.76	4.63	4.45
Total commercial	7.05			6.92	6.62	6.20	5.40
Residential mortgage	3.60			3.55	3.48	3.44	3.38
Credit card	13.03			13.08	12.96	12.74	12.00
Auto	4.90			4.78	4.67	4.56	4.46
Other consumer	8.68			8.65	8.29	7.74	6.89
Total consumer	5.37			5.26	5.11	4.98	4.76
Total loans	6.35		%	6.23	5.99	5.69	5.13

All values are in US Dollars.

-18-

Wells Fargo & Company and Subsidiaries

NET LOAN CHARGE-OFFS

	Quarter ended
	Dec 31, 2023				Sep 30, 2023				Jun 30, 2023				Mar 31, 2023				Dec 31, 2022				Dec 31, 2023 Change from
($ in millions)	Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Sep 30,2023	Dec 31,<br>2022
By product:
Commercial and industrial	$	90	0.09	%	$	93	0.10	%	$	119	0.12	%	$	43	0.05	%	$	66	0.07	%		24
Commercial real estate	377		0.99		93		0.24		79		0.21		17		0.04		10		0.03		284	367
Lease financing	5		0.14		2		0.07		2		0.05		3		0.07		3		0.06		3	2
Total commercial	472		0.34		188		0.13		200		0.15		63		0.05		79		0.06		284	393
Residential mortgage	3		—		(4)		(0.01)		(12)		(0.02)		(11)		(0.02)		(12)		(0.02)		7	15
Credit card	520		4.02		420		3.41		396		3.39		344		3.05		274		2.42		100	246
Auto	130		1.06		138		1.07		89		0.68		121		0.93		137		1.00		(8)	(7)
Other consumer	127		1.79		108		1.55		91		1.31		87		1.21		82		1.13		19	45
Total consumer	780		0.79		662		0.67		564		0.58		541		0.56		481		0.48		118	299
Total net loan charge-offs	$	1,252	0.53	%	$	850	0.36	%	$	764	0.32	%	$	604	0.26	%	$	560	0.23	%		692
By segment:
Consumer Banking and Lending	$	852	1.01	%	$	722	0.85	%	$	621	0.74	%	$	589	0.71	%	$	525	0.62	%		327
Commercial Banking	35		0.06		29		0.05		63		0.11		2		—		32		0.06		6	3
Corporate and Investing Banking	370		0.51		99		0.13		83		0.11		17		0.02		10		0.01		271	360
Wealth and Investment Management	—		—		1		—		(1)		—		(1)		—		(2)		(0.01)		(1)	2
Corporate	(5)		(0.22)		(1)		(0.04)		(2)		(0.09)		(3)		(0.13)		(5)		(0.22)		(4)	—
Total net loan charge-offs	$	1,252	0.53	%	$	850	0.36	%	$	764	0.32	%	$	604	0.26	%	$	560	0.23	%		692

All values are in US Dollars.

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

-19-

Wells Fargo & Company and Subsidiaries

CHANGES IN ALLOWANCE FOR CREDIT LOSSES FOR LOANS

	Quarter ended							Dec 31, 2023 Change from
($ in millions)	Dec 31,<br>2023			Sep 30,<br>2023	Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,2023
Balance, beginning of period	$	15,064		14,786	13,705	13,609	13,225	278
Cumulative effect from change in accounting policy (1)	—			—	—	(429)	—	—
Balance, beginning of period, adjusted	15,064			14,786	13,705	13,180	13,225	278
Provision for credit losses for loans	1,274			1,143	1,839	1,129	968	131
Interest income on certain loans (2)	—			—	—	—	(26)	—
Net loan charge-offs:
Commercial and industrial	(90)			(93)	(119)	(43)	(66)	3
Commercial real estate	(377)			(93)	(79)	(17)	(10)	(284)
Lease financing	(5)			(2)	(2)	(3)	(3)	(3)
Total commercial	(472)			(188)	(200)	(63)	(79)	(284)
Residential mortgage	(3)			4	12	11	12	(7)
Credit card	(520)			(420)	(396)	(344)	(274)	(100)
Auto	(130)			(138)	(89)	(121)	(137)	8
Other consumer	(127)			(108)	(91)	(87)	(82)	(19)
Total consumer	(780)			(662)	(564)	(541)	(481)	(118)
Net loan charge-offs	(1,252)			(850)	(764)	(604)	(560)	(402)
Other	2			(15)	6	—	2	17
Balance, end of period	$	15,088		15,064	14,786	13,705	13,609	24
Components:
Allowance for loan losses	$	14,606		14,554	14,258	13,120	12,985	52
Allowance for unfunded credit commitments	482			510	528	585	624	(28)
Allowance for credit losses for loans	$	15,088		15,064	14,786	13,705	13,609	24
Ratio of allowance for loan losses to total net loan charge-offs (annualized)	2.94x			4.32	4.65	5.35	5.85
Allowance for loan losses as a percentage of:
Total loans	1.56		%	1.54	1.50	1.38	1.36
Nonaccrual loans	177			182	207	218	231
Allowance for credit losses for loans as a percentage of:
Total loans	1.61			1.60	1.56	1.45	1.42
Nonaccrual loans	183			188	215	228	242

All values are in US Dollars.

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

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

-20-

Wells Fargo & Company and Subsidiaries

ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES FOR LOANS

	Dec 31, 2023				Sep 30, 2023				Jun 30, 2023				Mar 31, 2023				Dec 31, 2022
($ in millions)	ACL		ACL<br>as %<br>of loan<br>class		ACL		ACL<br>as %<br>of loan<br>class		ACL		ACL<br>as %<br>of loan<br>class		ACL		ACL<br>as %<br>of loan<br>class		ACL		ACL<br>as %<br>of loan<br>class
By product:
Commercial and industrial	$	4,272	1.12	%	$	4,269	1.12	%	$	4,266	1.11	%	$	4,287	1.11	%	$	4,507	1.17	%
Commercial real estate	3,939		2.62		3,842		2.52		3,618		2.35		2,724		1.76		2,231		1.43
Lease financing	201		1.22		199		1.24		197		1.28		213		1.44		218		1.46
Total commercial	8,412		1.54		8,310		1.51		8,081		1.45		7,224		1.30		6,956		1.25
Residential mortgage (1)	652		0.25		718		0.27		734		0.28		751		0.28		1,096		0.41
Credit card	4,223		8.09		4,021		8.07		3,865		8.10		3,641		7.96		3,567		7.71
Auto	1,042		2.18		1,264		2.53		1,408		2.73		1,449		2.75		1,380		2.57
Other consumer	759		2.66		751		2.64		698		2.50		640		2.27		610		2.08
Total consumer	6,676		1.72		6,754		1.73		6,705		1.71		6,481		1.65		6,653		1.67
Total allowance for credit losses for loans	$	15,088	1.61	%	$	15,064	1.60	%	$	14,786	1.56	%	$	13,705	1.45	%	$	13,609	1.42	%
By segment:
Consumer Banking and Lending	$	7,453	2.24	%	$	7,515	2.24	%	$	7,469	2.22	%	$	7,215	2.14	%	$	7,394	2.17	%
Commercial Banking	2,406		1.07		2,401		1.06		2,379		1.04		2,417		1.07		2,397		1.07
Corporate and Investing Banking	4,955		1.72		4,840		1.67		4,634		1.59		3,785		1.30		3,552		1.19
Wealth and Investment Management	260		0.31		279		0.34		290		0.35		265		0.32		253		0.30
Corporate	14		0.15		29		0.32		14		0.15		23		0.25		13		0.14
Total allowance for credit losses for loans	$	15,088	1.61	%	$	15,064	1.60	%	$	14,786	1.56	%	$	13,705	1.45	%	$	13,609	1.42	%

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

-21-

Wells Fargo & Company and Subsidiaries

NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)

	Dec 31, 2023				Sep 30, 2023				Jun 30, 2023				Mar 31, 2023				Dec 31, 2022				Dec 31, 2023 Change from
($ in millions)	Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Sep 30,2023	Dec 31,<br>2022
By product:
Nonaccrual loans:
Commercial and industrial	$	662	0.17	%	$	638	0.17	%	$	845	0.22	%	$	739	0.19	%	$	746	0.19	%		(84)
Commercial real estate	4,188		2.78		3,863		2.53		2,507		1.63		1,450		0.94		958		0.61		325	3,230
Lease financing	64		0.39		85		0.53		77		0.50		86		0.58		119		0.80		(21)	(55)
Total commercial	4,914		0.90		4,586		0.83		3,429		0.62		2,275		0.41		1,823		0.33		328	3,091
Residential mortgage (1)	3,192		1.22		3,258		1.24		3,289		1.24		3,552		1.33		3,611		1.34		(66)	(419)
Auto	115		0.24		126		0.25		135		0.26		145		0.28		153		0.29		(11)	(38)
Other consumer	35		0.12		32		0.11		33		0.12		38		0.13		39		0.13		3	(4)
Total consumer	3,342		0.86		3,416		0.87		3,457		0.88		3,735		0.95		3,803		0.95		(74)	(461)
Total nonaccrual loans	8,256		0.88		8,002		0.85		6,886		0.73		6,010		0.63		5,626		0.59		254	2,630
Foreclosed assets	187				177				133				132				137				10	50
Total nonperforming assets	$	8,443	0.90	%	$	8,179	0.87	%	$	7,019	0.74	%	$	6,142	0.65	%	$	5,763	0.60	%		2,680
By segment:
Consumer Banking and Lending	$	3,273	0.98	%	$	3,354	1.00	%	$	3,416	1.02	%	$	3,689	1.09	%	$	3,747	1.10	%		(474)
Commercial Banking	1,012		0.45		1,024		0.45		1,164		0.51		1,037		0.46		1,029		0.46		(12)	(17)
Corporate and Investing Banking	3,935		1.37		3,588		1.24		2,243		0.77		1,226		0.42		764		0.26		347	3,171
Wealth and Investment Management	223		0.27		213		0.26		196		0.24		190		0.23		199		0.24		10	24
Corporate	—		—		—		—		—		—		—		—		24		0.26		—	(24)
Total nonperforming assets	$	8,443	0.90	%	$	8,179	0.87	%	$	7,019	0.74	%	$	6,142	0.65	%	$	5,763	0.60	%		2,680

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, 2023					Sep 30, 2023					Dec 31, 2022
($ in millions)	Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans		Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans		Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans
Financials except banks	$	9	146,635	16	%	$	10	147,362	16	%	$	44	147,171	15	%
Technology, telecom and media	60		25,460	3		29		26,817	3		31		27,767	3
Real estate and construction	55		24,987	3		58		25,321	3		73		24,478	3
Retail	72		19,596	2		72		20,913	2		47		19,487	2
Equipment, machinery and parts manufacturing	37		24,785	3		109		25,847	3		83		23,675	2
Materials and commodities	112		14,235	2		168		14,640	2		86		16,610	2
Food and beverage manufacturing	15		16,047	2		3		15,655	2		17		17,393	2
Oil, gas and pipelines	2		10,730	1		3		10,559	1		55		9,991	1
Health care and pharmaceuticals	26		14,863	2		20		14,985	2		21		14,861	2
Auto related	8		15,203	2		7		14,167	2		10		13,168	1
Commercial services	37		11,095	1		36		10,800	1		50		11,418	1
Utilities	1		8,325	*		1		8,099	*		18		9,457	*
Diversified or miscellaneous	67		8,284	*		3		7,673	*		2		8,161	*
Entertainment and recreation	18		13,968	1		19		13,212	1		28		13,085	1
Transportation services	134		9,277	*		140		8,972	*		237		8,389	*
Insurance and fiduciaries	1		4,715	*		1		4,964	*		1		4,691	*
Banks	—		11,820	1		—		11,799	1		—		14,403	2
Agribusiness	31		6,466	*		8		5,965	*		24		6,180	*
Government and education	26		5,603	*		29		5,675	*		25		6,482	*
Other	15		4,717	*		7		5,140	*		13		4,847	*
Total	$	726	396,811	42	%	$	723	398,565	42	%	$	865	401,714	42	%

*Less than 1%.

-23-

Wells Fargo & Company and Subsidiaries

COMMERCIAL REAL ESTATE LOANS BY PROPERTY TYPE (1)

	Dec 31, 2023							Sep 30, 2023							Dec 31, 2022
($ in millions)	Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans		Total commitments (2)		Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans		Total commitments (2)		Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans		Total commitments (2)
Apartments	$	56	42,585	5	%	$	51,749	$	8	40,677	4	%	$	49,573	$	8	39,743	4	%	$	51,567
Office (3)	3,357		31,526	3		34,295		2,790		32,201	3		35,242		186		36,144	4		40,827
Industrial/warehouse	28		25,413	3		28,493		29		24,389	3		27,470		42		20,634	2		24,546
Hotel/motel	171		12,725	1		13,612		217		12,826	1		14,396		153		12,751	1		13,758
Retail (excluding shopping center)	272		11,670	1		12,338		272		11,187	1		11,848		199		11,753	1		12,486
Shopping center	183		8,745	*		9,356		183		8,762	*		9,304		259		9,534	*		10,131
Institutional	81		5,986	*		6,568		248		6,261	*		7,137		33		7,725	*		9,178
Mixed use properties	32		3,511	*		3,763		105		5,166	*		5,989		54		5,887	*		7,139
Storage facility	—		2,782	*		3,002		—		2,815	*		3,028		—		2,929	*		3,201
1-4 family structure	—		1,195	*		2,691		—		1,231	*		2,987		—		1,324	*		3,589
Other	8		4,478	*		5,600		11		6,971	*		8,297		24		7,378	*		8,898
Total	$	4,188	150,616	16	%	$	171,467	$	3,863	152,486	16	%	$	175,271	$	958	155,802	16	%	$	185,320

*Less than 1%.

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

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

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

-24-

Wells Fargo & Company and Subsidiaries TANGIBLE COMMON EQUITY

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

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

							Dec 31, 2023 <br>% Change from
( in millions)	Dec 31,<br>2023		Sep 30,<br>2023	Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2023		Dec 31,<br>2022
Tangible book value per common share:
Total equity	$	187,443	182,373	181,952	183,220	182,213	3	%	3
Adjustments:
Preferred stock (1)	(19,448)		(19,448)	(19,448)	(19,448)	(19,448)	—		—
Additional paid-in capital on preferred stock (1)	157		157	173	173	173	—		(9)
Unearned Employee Stock Ownership Plan (ESOP) shares (1)	—		—	—	—	—	NM		NM
Noncontrolling interests	(1,708)		(1,658)	(1,761)	(2,052)	(1,986)	(3)		14
Total common stockholders' equity	166,444		161,424	160,916	161,893	160,952	3		3
Adjustments:
Goodwill	(25,175)		(25,174)	(25,175)	(25,173)	(25,173)	—		—
Certain identifiable intangible assets (other than MSRs)	(118)		(132)	(145)	(139)	(152)	11		22
Goodwill and other intangibles on investments in consolidated portfolio companies (included inother assets) (2)	(878)		(878)	(2,511)	(2,486)	(2,427)	—		64
Applicable deferred taxes related to goodwill and other intangible assets (3)	920		913	905	897	890	1		3
Tangible common equity	$	141,193	136,153	133,990	134,992	134,090	4		5
Common shares outstanding	3,598.9		3,637.9	3,667.7	3,763.2	3,833.8	(1)		(6)
Book value per common share	46.25		44.37	43.87	43.02	41.98	4		10
Tangible book value per common share	39.23		37.43	36.53	35.87	34.98	5		12

All values are in US Dollars.

NM – Not meaningful

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

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

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

-25-

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

	Quarter ended							Year ended
( in millions)	Dec 31,<br>2023			Sep 30,<br>2023	Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022	Sep 30,<br>2023		Dec 31,<br>2022	Dec 31,<br>2023			Dec 31,<br>2022	%<br>Change
Return on average tangible common equity:
Net income applicable to common stock	$	3,160		5,450	4,659	4,713	2,877	(42)	%	10	$	17,982		12,562	43	%
Average total equity	185,853			184,828	184,443	184,297	182,621	1		2	184,860			183,167	1
Adjustments:
Preferred stock (1)	(19,448)			(20,441)	(19,448)	(19,448)	(19,553)	5		1	(19,698)			(19,930)	1
Additional paid-in capital on preferred stock (1)	157			171	173	173	166	(8)		(5)	168			143	17
Unearned ESOP shares (1)	—			—	—	—	112	NM		(100)	—			512	(100)
Noncontrolling interests	(1,664)			(1,775)	(1,924)	(2,019)	(2,185)	6		24	(1,844)			(2,323)	21
Average common stockholders’ equity	164,898			162,783	163,244	163,003	161,161	1		2	163,486			161,569	1
Adjustments:
Goodwill	(25,173)			(25,174)	(25,175)	(25,173)	(25,173)	—		—	(25,173)			(25,177)	—
Certain identifiable intangible assets (other than MSRs)	(124)			(137)	(140)	(145)	(160)	9		23	(136)			(190)	28
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (2)	(878)			(2,539)	(2,487)	(2,440)	(2,378)	65		63	(2,083)			(2,359)	12
Applicable deferred taxes related to goodwill and other intangible assets (3)	918			910	903	895	890	1		3	906			864	5
Average tangible common equity	$	139,641		135,843	136,345	136,140	134,340	3		4	$	137,000		134,707	2
Return on average common stockholders’ equity (ROE) (annualized)	7.6		%	13.3	11.4	11.7	7.1				11.0		%	7.8
Return on average tangible common equity (ROTCE) (annualized)	9.0			15.9	13.7	14.0	8.5				13.1			9.3

All values are in US Dollars.

NM – Not meaningful

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

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Wells Fargo & Company and Subsidiaries

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

	Estimated
( in billions)	Dec 31,<br>2023			Sep 30,<br>2023	Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022
Total equity (2)	$	187.4		182.4	182.0	183.2	182.2
Effect of accounting policy change (2)	—			—	—	—	(0.3)
Total equity (as reported)	187.4			182.4	182.0	183.2	181.9
Adjustments:
Preferred stock	(19.4)			(19.4)	(19.4)	(19.4)	(19.4)
Additional paid-in capital on preferred stock	0.1			0.1	0.1	0.2	0.1
Noncontrolling interests	(1.7)			(1.7)	(1.8)	(2.1)	(2.0)
Total common stockholders' equity	166.4			161.4	160.9	161.9	160.6
Adjustments:
Goodwill	(25.2)			(25.2)	(25.2)	(25.2)	(25.2)
Certain identifiable intangible assets (other than MSRs)	(0.1)			(0.1)	(0.1)	(0.1)	(0.2)
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (3)	(0.9)			(0.9)	(2.5)	(2.5)	(2.4)
Applicable deferred taxes related to goodwill and other intangible assets (4)	0.9			0.9	0.9	0.9	0.9
Current expected credit loss (CECL) transition provision (5)	0.1			0.1	0.1	0.1	0.2
Other	(0.4)			—	0.1	(0.6)	(0.4)
Common Equity Tier 1	140.8			136.2	134.2	134.5	133.5
Preferred stock	19.4			19.4	19.4	19.4	19.4
Additional paid-in capital on preferred stock	(0.1)			(0.1)	(0.1)	(0.2)	(0.1)
Other	(0.3)			(0.3)	(0.3)	(0.2)	(0.2)
Total Tier 1 capital	159.8			155.2	153.2	153.5	152.6
Long-term debt and other instruments qualifying as Tier 2	19.0			19.1	19.7	20.3	20.5
Qualifying allowance for credit losses (6)	14.9			14.9	15.1	14.2	13.9
Other	(0.6)			(0.4)	(0.4)	(0.3)	(0.3)
Total qualifying capital	$	193.1		188.8	187.6	187.7	186.7
Total risk-weighted assets (RWAs)	$	1,231.5		1,237.1	1,250.7	1,243.8	1,259.9
Common Equity Tier 1 to total RWAs	11.4		%	11.0	10.7	10.8	10.6
Tier 1 capital to total RWAs	13.0			12.6	12.2	12.3	12.1
Total capital to total RWAs	15.7			15.3	15.0	15.1	14.8

All values are in US Dollars.

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

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

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

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

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

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

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Wells Fargo & Company and Subsidiaries

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

	Estimated
( in billions)	Dec 31,<br>2023			Sep 30,<br>2023	Jun 30,<br>2023	Mar 31,<br>2023	Dec 31,<br>2022
Total equity (2)	$	187.4		182.4	182.0	183.2	182.2
Effect of accounting policy change (2)	—			—	—	—	(0.3)
Total equity (as reported)	187.4			182.4	182.0	183.2	181.9
Adjustments:
Preferred stock	(19.4)			(19.4)	(19.4)	(19.4)	(19.4)
Additional paid-in capital on preferred stock	0.1			0.1	0.1	0.2	0.1
Noncontrolling interests	(1.7)			(1.7)	(1.8)	(2.1)	(2.0)
Total common stockholders' equity	166.4			161.4	160.9	161.9	160.6
Adjustments:
Goodwill	(25.2)			(25.2)	(25.2)	(25.2)	(25.2)
Certain identifiable intangible assets (other than MSRs)	(0.1)			(0.1)	(0.1)	(0.1)	(0.2)
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (3)	(0.9)			(0.9)	(2.5)	(2.5)	(2.4)
Applicable deferred taxes related to goodwill and other intangible assets (4)	0.9			0.9	0.9	0.9	0.9
CECL transition provision (5)	0.1			0.1	0.1	0.1	0.2
Other	(0.4)			—	0.1	(0.6)	(0.4)
Common Equity Tier 1	140.8			136.2	134.2	134.5	133.5
Preferred stock	19.4			19.4	19.4	19.4	19.4
Additional paid-in capital on preferred stock	(0.1)			(0.1)	(0.1)	(0.2)	(0.1)
Other	(0.3)			(0.3)	(0.3)	(0.2)	(0.2)
Total Tier 1 capital	159.8			155.2	153.2	153.5	152.6
Long-term debt and other instruments qualifying as Tier 2	19.0			19.1	19.7	20.3	20.5
Qualifying allowance for credit losses (6)	4.5			4.5	4.5	4.5	4.5
Other	(0.6)			(0.4)	(0.4)	(0.3)	(0.3)
Total qualifying capital	$	182.7		178.4	177.0	178.0	177.3
Total RWAs	$	1,112.5		1,130.8	1,118.4	1,117.9	1,112.3
Common Equity Tier 1 to total RWAs	12.7		%	12.0	12.0	12.0	12.0
Tier 1 capital to total RWAs	14.4			13.7	13.7	13.7	13.7
Total capital to total RWAs	16.4			15.8	15.8	15.9	15.9

All values are in US Dollars.

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

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ex993-wellsfargo4q23pres

24Q23 Financial Results • Provided products to help customers avoid overdraft fees and meet short-term cash needs: – Over 3.2 million Clear Access BankingSM accounts, our checking account with no overdraft fees – Originated over 350,000 new Flex Loan accounts; a digital only, small dollar, short-term credit product • Banking Inclusion Initiative: Introduced HOPE Inside Centers in 15 markets now supporting 57 retail branches that provide financial education workshops and free one-on-one coaching • Refurbished over 550 branches for our customers and employees • Exceeded our $150 million Special Purpose Credit Program (SPCP) commitment to advance racial equity in homeownership, helping customers refinance their mortgages to below market rate loans with reduced closing costs • Launched $10,000 Homebuyer AccessSM grants that will be applied toward the down payment for eligible homebuyers who currently live in or are purchasing homes in certain underserved communities • Continued to partner with auto dealers across the country to award payment-free vehicles and financial mentoring to combat-wounded veterans and Gold Star families through Military Warriors Support Foundation’s Transportation4Heroes program • Entered into a strategic relationship with Centerbridge Partners to create Overland Advisors, which is focused on direct lending to middle market customers in Commercial Banking, thereby expanding their financing options Actively helped our customers and communities in 2023 Supporting our Customers • Continued enhancing the Wells Fargo Mobile® app for consumer and small business customers – 29.9 million mobile active customers1 with more mobile adoption momentum, adding 1.6 million mobile active customers in 2023 • Full rollout of FargoTM, our AI-powered virtual assistant that includes a Spanish- language capability, which had over 21.3 million interactions • Launched LifeSync®, our personalized digital approach to aligning customers' goals with their money, to all consumer customers • Relaunched WellsTrade®, our do-it-yourself investing platform, making it easier for customers to invest by expanding capabilities and streamlining the account opening process • Launched two Choice Hotels co-branded Mastercard credit cards • Expanded capabilities of VantageSM, our digital banking platform, to all Commercial Banking and Corporate and Investment Banking clients of the prior web version, as well as added new clients to the platform • Launched Vantage ConnectSM, a new embedded finance solution, and delivered 25+ new or significantly enhanced APIs throughout 2023 • Launched a single instant payments API which brings interoperability and simplicity to instant payments by providing a single solution for both FedNow Instant and TCH Real-Time Payments (RTP) New Digital and Product Offerings Amounts in the bullets are for full year 2023, unless otherwise noted. 1. Mobile active customers is the number of consumer and small business customers who have logged on via a mobile device in the prior 90 days.

34Q23 Financial Results • Renewable Energy & Environmental Finance Group provided nearly $2.4 billion in financing for wind and solar projects, which included the first‑of‑its‑kind tax equity transaction for a large offshore wind project in Massachusetts • Reported our progress of ~$129 billion in sustainable finance activities during the calendar years 2021 and 2022, representing ~26% of our goal to deploy $500 billion in sustainable finance by 2030 • Released a supplement to CO2eMissionSM, Wells Fargo’s net-zero alignment and target-setting methodology, which included our 2030 portfolio targets for three additional sectors — Automotive, Steel, and Aviation • Set refreshed operational sustainability goals for 2030. These goals include reducing greenhouse gas emissions from 2019 levels by 70%, energy usage and waste by 50%, and water usage by 45%; and transitioning to long-term contracts for new renewable sources to match 100% of annual purchased electricity needs Actively helped our customers and communities in 2023 Amounts in the bullets are for full year 2023, unless otherwise noted. 1. Information provided by a third party and, thus, Wells Fargo cannot independently verify the accuracy of this information. Supporting Sustainability Supporting Diversity, Equity, and Inclusion (DE&I) • Published our second annual Diversity, Equity, and Inclusion (DE&I) Report highlighting internal progress and external work supporting underserved communities • Completed and published a third-party racial equity assessment • Hired our first ever Chief Accessibility Officer to enhance focus on accessibility for both customers and employees • Growing and sustaining initiatives focused on increasing diverse representation, career development and mobility, and retention, including Glide - Relaunch returnship and Building Organizational Leadership Diversity (BOLD) program • Continued our commitment to spend with diverse suppliers Additional Actions to Support Our Communities • Donated approximately $300 million to over 3,000 nonprofits in support of housing, small business, financial health, sustainability and other community needs • Strengthened local communities through ~800,000 hours of volunteer service from Wells Fargo employees • Enabled 2,500 homebuyers of color in eight markets across the U.S. through our Wealth Opportunities Restored through Homeownership (WORTH) program1 • Expanded our commitment to housing affordability through another $20 million breakthrough challenge to advance ideas addressing the need for more affordable homes • Announced the Invest Native Initiative, a $20 million commitment to advance economic opportunities in Native communities, and have already announced nearly $11 million in grants to 28 organizations across six states • Committed $25 million for UnidosUS community-focused programs and nonprofit affiliate partners to advance Latino homeownership, of which $10 million will support the development of the HOME (Home Ownership Means Equity) initiative • Announced a 10-year strategic partnership with T.D. Jakes Group that could result in up to $1 billion in capital and financing, as well as grants, to build inclusive communities • Empowered 203,000 small businesses to keep or create 254,000 jobs through our Open for Business Fund (2020-June 2023). 72% of owners identified as being low-to-moderate income, and 53% were women-owned small businesses1 • Selected ~$10 million in grants for projects that prepare communities of color to access federal Inflation Reduction Act funding to both increase climate resilience and lower greenhouse gas emissions

44Q23 Financial Results 4Q23 results Financial Results ROE: 7.6% ROTCE: 9.0%1 Efficiency ratio: 77%2 Credit Quality Capital and Liquidity CET1 ratio: 11.4%5 LCR: 125%6 TLAC ratio: 25.0%7 • Provision for credit losses4 of $1.3 billion – Total net loan charge-offs of $1.3 billion, up $692 million, with net loan charge-offs of 0.53% of average loans (annualized) – Allowance for credit losses for loans of $15.1 billion, up $1.5 billion • CET1 capital of $140.8 billion5 • CET1 ratio of 11.4% under the Standardized Approach and 12.7% under the Advanced Approach5 • Liquidity coverage ratio (LCR) of 125%6 Comparisons in the bullet points are for 4Q23 versus 4Q22, 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 23. 2. The efficiency ratio is noninterest expense divided by total revenue. 3. Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company's ability to generate capital to cover credit losses through a credit cycle. 4. Includes provision for credit losses for loans, debt securities, and other financial assets. 5. The Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach is our binding CET1 ratio. See page 25 for additional information regarding CET1 capital and ratios. CET1 is a preliminary estimate. 6. Liquidity coverage ratio (LCR) represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. LCR is a preliminary estimate. 7. Represents total loss absorbing capacity (TLAC) divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC is a preliminary estimate. • Net income of $3.4 billion, or $0.86 per diluted common share, included: • Revenue of $20.5 billion, up 2% – Net interest income of $12.8 billion, down 5% – Noninterest income of $7.7 billion, up 17% • Noninterest expense of $15.8 billion, down 2% • Pre-tax pre-provision profit3 of $4.7 billion, up 22% • Effective income tax rate of (3.0)% included $621 million of discrete tax benefits • Average loans of $938.0 billion, down 1% • Average deposits of $1.3 trillion, down 3% ($ in millions, except EPS) Pre-tax Income EPS Federal Deposit Insurance Corporation (FDIC) special assessment ($1,931) ($0.40) Severance expense for planned actions (969) (0.20) Discrete tax benefits related to the resolution of prior period tax matters 621 0.17

54Q23 Financial Results Capital and liquidity Capital Position • Common Equity Tier 1 (CET1) ratio of 11.4%1 at December 31, 2023 remained above our regulatory minimum and buffers of 8.9%2 • CET1 ratio up ~80 bps from 4Q22 and up ~40 bps from 3Q23, which included: – An increase in accumulated other comprehensive income driven by lower interest rates and tighter mortgage-backed securities (MBS) spreads, which resulted in increases in the CET1 ratio of 11 bps from 4Q22 and 26 bps from 3Q23 Capital Return • Period-end common shares outstanding down 234.9 million, or 6%, from 4Q22 – $2.4 billion in gross common stock repurchases, or 51.7 million shares, in 4Q23 – Issued 12.6 million shares of common stock in 4Q23 predominantly associated with annual company contributions to our 401(k) plan • 4Q23 common stock dividend of $0.35 per share Total Loss Absorbing Capacity (TLAC) • As of December 31, 2023, our TLAC as a percentage of total risk-weighted assets was 25.0%3 compared with the required minimum of 21.5% Liquidity Position • Strong liquidity position with a 4Q23 liquidity coverage ratio4 of 125% which remained above our regulatory minimum of 100% 10.6% 10.8% 10.7% 11.0% 11.4% 4Q22 1Q23 2Q23 3Q23 4Q23 Estimated 1. The Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach is our binding CET1 ratio. See page 25 for additional information regarding CET1 capital and ratios. 4Q23 CET1 is a preliminary estimate. 2. Includes a 4.50% minimum requirement, a stress capital buffer of 2.90%, and a G-SIB capital surcharge of 1.50%. 3. Represents total loss absorbing capacity (TLAC) divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC is a preliminary estimate. 4. Liquidity coverage ratio (LCR) represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. 4Q23 LCR is a preliminary estimate. 8.9% Regulatory Minimum and Buffers2 Common Equity Tier 1 Ratio under the Standardized Approach1

64Q23 Financial Results 4Q23 earnings 1. Includes provision for credit losses for loans, debt securities, and other financial assets. 2. Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 23. Quarter ended $ Change from Year ended $ Change from $ in millions, except per share data 4Q23 3Q23 4Q22 3Q23 4Q22 2023 2022 2022 Net interest income $12,771 13,105 13,433 ($334) (662) $52,375 44,950 $7,425 Noninterest income 7,707 7,752 6,601 (45) 1,106 30,222 29,418 804 Total revenue 20,478 20,857 20,034 (379) 444 82,597 74,368 8,229 Net charge-offs 1,258 864 560 394 698 3,450 1,609 1,841 Change in the allowance for credit losses 24 333 397 (309) (373) 1,949 (75) 2,024 Provision for credit losses1 1,282 1,197 957 85 325 5,399 1,534 3,865 Noninterest expense 15,786 13,113 16,186 2,673 (400) 55,562 57,205 (1,643) Pre-tax income 3,410 6,547 2,891 (3,137) 519 21,636 15,629 6,007 Income tax expense (benefit) (100) 811 (29) (911) (71) 2,607 2,251 356 Effective income tax rate (%) (3.0) % 12.3 (0.9) (1,532) bps (206) 12.0 % 14.1 (210) bps Net income $3,446 5,767 3,155 ($2,321) 291 $19,142 13,677 $5,465 Diluted earnings per common share $0.86 1.48 0.75 ($0.62) 0.11 $4.83 3.27 $1.56 Diluted average common shares (# mm) 3,657.0 3,680.6 3,832.7 (24) (176) 3,720.4 3,837.0 (117) Return on equity (ROE) 7.6 % 13.3 7.1 (568) bps 52 11.0 % 7.8 322 bps Return on average tangible common equity (ROTCE)2 9.0 15.9 8.5 (694) 48 13.1 9.3 381 Efficiency ratio 77 63 81 1,421 (371) 67 77 (965)

74Q23 Financial Results 957 1,207 1,713 1,197 1,282560 604 764 850 1,252 Provision for Credit Losses Net Loan Charge-offs Net Loan Charge-off Ratio 4Q22 1Q23 2Q23 3Q23 4Q23 Credit quality: net loan charge-offs • Commercial net loan charge-offs up $284 million from 3Q23 to 34 bps of average loans (annualized) reflecting a $284 million increase in commercial real estate (CRE) net loan charge-offs – CRE net loan charge-offs of $377 million, or 99 bps of average loans (annualized), driven by CRE office net loan charge-offs • Consumer net loan charge-offs up $118 million to 79 bps of average loans (annualized) reflecting a $100 million increase in credit card net loan charge-offs and a $19 million increase in other consumer net loan charge-offs, partially offset by $8 million lower auto net loan charge-offs • Nonperforming assets of $8.4 billion, up $264 million, or 3%, driven by higher CRE nonaccrual loans, partially offset by lower residential mortgage nonaccrual loans – CRE nonaccrual loans of $4.2 billion, up $325 million driven by a $567 million increase in CRE office nonaccrual loans Provision for Credit Losses1 and Net Loan Charge-offs ($ in millions) Comparisons in the bullet points are for 4Q23 versus 3Q23. 1. Includes provision for credit losses for loans, debt securities, and other financial assets. 0.23% 0.26% 0.36% 0.32% 1 377 CRE net loan charge-offs 0.53%

84Q23 Financial Results Credit quality: allowance for credit losses for loans Allowance for Credit Losses for Loans ($ in millions) • Allowance for credit losses for loans (ACL) up, driven by credit card and commercial real estate loans, partially offset by a lower allowance for auto loans. The change in ACL also included higher net loan charge-offs for commercial real estate office loans and credit card loans • CRE Office ACL of $2.5 billion, down $75 million – CRE Office ACL as a % of loans of 7.9%, stable with 3Q23 ◦ Corporate and Investment Banking (CIB) CRE Office ACL as a % of loans of 11.0%, up from 10.8% Comparisons in the bullet points are for 4Q23 versus 3Q23. 1. On 1/1/2023, we adopted the Troubled Debt Restructuring (TDR) accounting standard which removed $429 million of ACL with an offset directly to retained earnings. 13,609 13,705 14,786 15,064 15,088 6,956 7,224 8,081 8,310 8,412 6,653 6,481 6,705 6,754 6,676 Commercial Consumer Allowance coverage for total loans 4Q22 1Q23 2Q23 3Q23 4Q23 1.45%1.42% 1.56% 1.60% 1.61% 1 CRE Allowance for Credit Losses (ACL) and Nonaccrual Loans, as of 12/31/23 ($ in millions) Allowance for Credit Losses Loans Outstanding ACL as a % of Loans Nonaccrual Loans CIB CRE Office $ 2,279 20,694 11.0% $ 3,236 All other CRE Office 205 10,832 1.9 121 Total CRE Office 2,484 31,526 7.9 3,357 All other CRE 1,455 119,090 1.2 831 Total CRE $ 3,939 150,616 2.6% $ 4,188 1

94Q23 Financial Results Loans and deposits • Average loans down $10.5 billion, or 1%, year-over-year (YoY) driven by declines in most loan categories, partially offset by higher credit card loans • Total average loan yield of 6.35%, up 122 bps YoY and up 12 bps from 3Q23 reflecting the impact of higher interest rates • Period-end loans of $936.7 billion, down $19.2 billion, or 2%, YoY, and down $5.7 billion from 3Q23 • Average deposits down $39.6 billion, or 3%, YoY reflecting consumer deposit outflows on consumer spending, as well as customer migration to higher yielding alternatives; up $609 million from 3Q23 • Period-end deposits down $25.8 billion, or 2%, YoY; up $4.2 billion from 3Q23 driven by higher Corporate and Investment Banking deposits Average Loans Outstanding ($ in billions) Average Deposits ($ in billions) 948.5 948.7 945.9 943.2 938.0 552.2 553.2 553.0 551.5 548.3 396.3 395.5 392.9 391.7 389.7 Commercial Loans Consumer Loans Total Average Loan Yield 4Q22 1Q23 2Q23 3Q23 4Q23 5.13% 5.69% 5.99% 6.23% 6.35% Period-End Deposits ($ in billions) 4Q23 vs 3Q23 vs 4Q22 Consumer Banking and Lending $ 782.3 (2) % (9) % Commercial Banking 162.5 1 (7) Corporate and Investment Banking 185.2 14 18 Wealth and Investment Management 103.9 1 (25) Corporate 124.3 (3) 129 Total deposits $ 1,358.2 — % (2) % Average deposit cost 1.58 % 0.22 1.12 1,380.5 1,356.7 1,347.4 1,340.3 1,340.9 864.6 841.3 823.3 801.1 779.5 175.4 170.5 166.7 160.6 163.3 156.2 157.6 160.3 157.2 173.1 142.2 126.6 112.4 107.5 102.1 Corporate Wealth and Investment Management Corporate and Investment Banking Commercial Banking Consumer Banking and Lending 4Q22 1Q23 2Q23 3Q23 4Q23 42.1 60.7 84.7 113.9 122.9

104Q23 Financial Results 13,433 13,336 13,163 13,105 12,771 Net Interest Income Net Interest Margin (NIM) on a taxable-equivalent basis 4Q22 1Q23 2Q23 3Q23 4Q23 2.92% Net interest income • Net interest income down $662 million, or 5%, from 4Q22 due to lower deposit and loan balances, partially offset by the impact of higher interest rates – 4Q23 MBS premium amortization was $136 million vs. $174 million in 4Q22 and $163 million in 3Q23 • Net interest income down $334 million, or 3%, from 3Q23 due to higher funding costs, including higher deposit costs reflecting both repricing and mix shifts, partially offset by the impact of higher interest rates Net Interest Income ($ in millions) 3.14% 3.20% 3.09% 3.03% 1. Includes taxable-equivalent adjustments predominantly related to tax-exempt income on certain loans and securities. 1

114Q23 Financial Results 16,186 13,676 12,987 13,113 15,786 4,254 3,994 4,149 4,157 4,319 8,062 9,415 8,606 8,627 8,212 1,9313,517 Operating Losses 4Q23 FDIC Special Assessment Personnel Expense Non-personnel Expense 4Q22 1Q23 2Q23 3Q23 4Q23 Noninterest expense • Noninterest expense down $400 million, or 2%, from 4Q22 – Operating losses down $3.2 billion – 4Q23 FDIC special assessment of $1.9 billion – Personnel expense up $766 million and included total severance expense of $1.1 billion, $969 million of which was for planned actions – Non-personnel expense up $65 million, or 2%, on higher technology and equipment expense, and advertising expense, partially offset by lower professional and outside services expense • Noninterest expense up $2.7 billion, or 20%, from 3Q23 – 4Q23 FDIC special assessment of $1.9 billion – Personnel expense up $554 million as $969 million of severance expense for planned actions was partially offset by lower benefits expense and incentive compensation, as well as the impact of efficiency initiatives – Non-personnel expense up $162 million, or 4%, on higher technology and equipment expense, as well as higher advertising and promotion expense, partially offset by lower professional and outside services expense Noninterest Expense ($ in millions) Headcount (Period-end, '000s) 4Q22 1Q23 2Q23 3Q23 4Q23 239 236 234 227 226 355 329232 267 Total Personnel Expense of 9,181 1. 4Q22 total severance expense of $353 million was primarily in Home Lending. 4Q23 total severance expense of $1.1 billion included $969 million for planned actions. Total Personnel Expense of 8,415 9691 3531

124Q23 Financial Results • Total revenue up 1% YoY and down 1% from 3Q23 – CSBB up 1% YoY as the impact of higher interest rates was partially offset by lower deposit balances – Home Lending up 7% YoY on improved mortgage banking results due to valuation losses on certain loans held for sale in 4Q22, partially offset by lower gain on sale margins and originations, as well as lower loan balances – Credit Card down 1% YoY driven by the impact of introductory promotional rates and higher rewards expense, partially offset by higher loan balances, including the impact of higher point of sale volume and new product launches; down 2% from 3Q23 as higher credit card rewards expense was partially offset by higher loan balances – Auto down 19% YoY driven by lower loan balances and loan spread compression; down 7% from 3Q23 driven by lower loan balances – Personal Lending up 13% YoY on higher loan balances • Noninterest expense down 15% YoY on lower operating losses and personnel expense, as well as the impact of efficiency initiatives, partially offset by higher advertising expense; up 2% from 3Q23 on higher severance expense Consumer Banking and Lending 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) 4Q23 vs. 3Q23 vs. 4Q22 Revenue by line of business: Consumer, Small and Business Banking (CSBB) $6,657 ($8) 49 Consumer Lending: Home Lending 839 (1) 53 Credit Card 1,346 (29) (7) Auto 334 (26) (79) Personal Lending 343 2 40 Total revenue 9,519 (62) 56 Provision for credit losses 790 22 (146) Noninterest expense 6,046 133 (1,042) Pre-tax income 2,683 (217) 1,244 Net income $2,011 ($162) 934 Selected Metrics 4Q23 3Q23 4Q22 Return on allocated capital1 17.6 % 19.1 8.3 Efficiency ratio2 64 62 75 Retail bank branches # 4,311 4,355 4,598 Digital (online and mobile) active customers3 (mm) 34.8 34.6 33.5 Mobile active customers3 (mm) 29.9 29.6 28.3 Average Balances and Selected Credit Metrics $ in billions 4Q23 3Q23 4Q22 Balances Loans $333.5 335.5 338.0 Deposits 779.5 801.1 864.6 Credit Performance Net charge-offs as a % of average loans 1.01 % 0.85 0.62

134Q23 Financial Results Consumer Banking and Lending Mortgage Loan Originations ($ in billions) Auto Loan Originations ($ in billions) Credit Card POS Volume ($ in billions) Debit Card Point of Sale (POS) Volume and Transactions1 1. Debit card purchase volume and transactions reflect combined activity for both consumer and business debit card purchases. 14.6 6.6 7.8 6.4 4.5 8.2 5.6 7.7 6.4 4.5 Retail Correspondent Refinances as a % of Originations 4Q22 1Q23 2Q23 3Q23 4Q23 124.0 117.3 124.9 124.5 126.1 POS Volume ($ in billions) POS Transactions (billions) 4Q22 1Q23 2Q23 3Q23 4Q23 5.0 5.0 4.8 4.1 3.3 4Q22 1Q23 2Q23 3Q23 4Q23 32.3 30.1 34.0 35.2 37.1 4Q22 1Q23 2Q23 3Q23 4Q23 2.5 2.4 2.5 2.6 2.5 13% 16% 17% 16% 24% 6.4

144Q23 Financial Results Commercial Banking • Total revenue up 7% YoY and down 1% from 3Q23 – Middle Market Banking revenue up 6% YoY driven by the impact of higher interest rates and higher deposit-related fees driven by lower earnings credit rates, partially offset by lower deposit balances – Asset-Based Lending and Leasing revenue up 9% YoY due to the impact of higher interest rates and improved results on equity investments; down 2% from 3Q23 driven by lower revenue from renewable energy investments • Noninterest expense up 7% YoY on higher severance expense and operating costs, partially offset by the impact of efficiency initiatives; up 6% from 3Q23 driven by higher severance expense Summary Financials $ in millions 4Q23 vs. 3Q23 vs. 4Q22 Revenue by line of business: Middle Market Banking $2,196 ($16) 120 Asset-Based Lending and Leasing 1,172 (21) 99 Total revenue 3,368 (37) 219 Provision for credit losses 40 (12) 83 Noninterest expense 1,630 87 107 Pre-tax income 1,698 (112) 29 Net income $1,273 ($81) 35 Selected Metrics 4Q23 3Q23 4Q22 Return on allocated capital 19.0 % 20.2 24.2 Efficiency ratio 48 45 48 Average loans by line of business ($ in billions) Middle Market Banking $119.0 120.5 119.7 Asset-Based Lending and Leasing 104.4 103.9 98.7 Total loans $223.4 224.4 218.4 Average deposits 163.3 160.6 175.4

154Q23 Financial Results Corporate and Investment Banking • Total revenue up 14% YoY and down 4% from 3Q23 – Banking revenue up 15% YoY driven by higher lending revenue, higher investment banking revenue on increased activity across all products, and stronger treasury management results reflecting the impact of higher interest rates and higher deposit balances – Commercial Real Estate revenue up 2% YoY reflecting the impact of higher interest rates, partially offset by lower loan and deposit balances; down 6% from 3Q23 driven by lower loan balances and lower capital markets revenue – Markets revenue up 33% YoY driven by higher revenue in structured products, equities, credit products, and commodities, partially offset by lower trading activity in rates products; down 5% from 3Q23 driven by seasonally lower trading activity across most asset classes • Noninterest expense up 16% YoY driven by higher operating costs and higher personnel expense, including increased severance expense, partially offset by the impact of efficiency initiatives; down 2% from 3Q23 driven by lower operating costs, lower personnel expense, and the impact of efficiency initiatives, partially offset by higher severance expense Summary Financials $ in millions 4Q23 vs. 3Q23 vs. 4Q22 Revenue by line of business: Banking: Lending $774 $53 181 Treasury Management and Payments 742 (5) 4 Investment Banking 383 (47) 66 Total Banking 1,899 1 251 Commercial Real Estate 1,291 (85) 24 Markets: Fixed Income, Currencies and Commodities (FICC) 1,122 (26) 187 Equities 457 (61) 178 Credit Adjustment (CVA/DVA) and Other (8) 4 27 Total Markets 1,571 (83) 392 Other (26) (21) (71) Total revenue 4,735 (188) 596 Provision for credit losses 498 174 457 Noninterest expense 2,132 (50) 295 Pre-tax income 2,105 (312) (156) Net income $1,582 ($234) (110) Selected Metrics 4Q23 3Q23 4Q22 Return on allocated capital 13.4 % 15.5 17.7 Efficiency ratio 45 44 44 Average Balances ($ in billions) Loans by line of business 4Q23 3Q23 4Q22 Banking $94.7 94.0 104.2 Commercial Real Estate 133.9 135.6 137.7 Markets 61.5 62.0 56.4 Total loans $290.1 291.6 298.3 Deposits 173.1 157.2 156.2 Trading-related assets 203.9 204.4 189.2

164Q23 Financial Results Wealth and Investment Management Summary Financials $ in millions 4Q23 vs. 3Q23 vs. 4Q22 Net interest income $906 ($101) (218) Noninterest income 2,754 59 183 Total revenue 3,660 (42) (35) Provision for credit losses (19) (9) (30) Noninterest expense 3,023 17 292 Pre-tax income 656 (50) (297) Net income $491 ($38) (224) Selected Metrics ($ in billions) 4Q23 3Q23 4Q22 Return on allocated capital 30.4 % 32.8 31.9 Efficiency ratio 83 81 74 Average loans $82.2 82.2 84.8 Average deposits 102.1 107.5 142.2 Client assets Advisory assets 891 825 797 Other brokerage assets and deposits 1,193 1,123 1,064 Total client assets $2,084 1,948 1,861 • Total revenue down 1% YoY and down 1% from 3Q23 – Net interest income down 19% YoY driven by lower deposit balances as customers reallocated cash into higher yielding alternatives, as well as lower loan balances, partially offset by the impact of higher interest rates – Noninterest income up 7% YoY on higher asset-based fees driven by an increase in market valuations; up 2% from 3Q23 on higher commissions and brokerage fees due to higher transaction activity, as well as higher other fee income, partially offset by lower asset-based fees • Noninterest expense up 11% YoY on higher revenue-related compensation and severance expense, partially offset by the impact of efficiency initiatives

174Q23 Financial Results Corporate • Revenue decreased $345 million YoY – Net interest income down YoY due to higher deposit crediting rates paid to the operating segments – Noninterest income up YoY reflecting improved results in our affiliated venture capital business on lower impairments, partially offset by lower revenue in our legacy reinsurance business due to a gain in 4Q22 resulting from the adoption of a new accounting standard • Noninterest expense down YoY reflecting lower operating losses, partially offset by an FDIC special assessment and higher severance expense Summary Financials $ in millions 4Q23 vs. 3Q23 vs. 4Q22 Net interest income ($544) ($275) (622) Noninterest income 284 263 277 Total revenue (260) (12) (345) Provision for credit losses (27) (90) (39) Noninterest expense 2,955 2,486 (52) Pre-tax loss (3,188) (2,408) (254) Income tax benefit (1,339) (698) (210) Less: Net income from noncontrolling interests 62 96 300 Net loss ($1,911) ($1,806) (344)

184Q23 Financial Results • 2024 net interest income could potentially be ~7-9% lower than the full year 2023 level of $52.4 billion. Key assumptions include: – Lower rates in the recent implied rate curve negatively impact our modestly asset sensitive balance sheet positioning – Average loans expected to decline slightly; expect modest growth in commercial loans and credit card loans in the second half of the year – Reinvestment of securities run-off into higher-yielding assets – Expect further attrition in Consumer Banking and Lending deposits resulting in a continued shift to a higher percentage of interest bearing deposits – Deposits in all other operating segments (CB, CIB and WIM) expected to be relatively stable – Expectation that net interest income will trough towards the end of the year – Expectations assume the asset cap will remain in place for 2024 • 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; deposit balances, mix and pricing; and loan demand $52.4 $50.7 GAAP Full Year 2023 4Q23 Annualized Full Year 2024 2024 net interest income considerations 2024 Net Interest Income Considerations Potential for ~7-9% decrease ($ in billions) Forward Rate Curve as of 1/5/24 Average rates 1Q24 2Q24 3Q24 4Q24 Fed Funds 5.30 % 4.96 4.54 4.16 10-year Treasury 4.04 4.03 4.02 4.02 1. 4Q23 annualized net interest income of $50.7 billion reflects 2023 day count. 1 ~(3%) ~(4-6%)

194Q23 Financial Results 1.1 0.7 0.9 Efficiency initiatives Incremental technology and equipment expense Expected merit increases Other $55.6 (1.9) $53.6 (1.3) 0.3 0.0 $52.6 2023 Expense 2023 Expense (excluding FDIC special assessment) 2024 Outlook 2024 Expense Expectations1 2024 expense expectations Building the right risk and control infrastructure to strengthen our Company remains our top priority • Delivered ~$10 billion of gross expense saves in 2021-2023 • 2024 expense expectations – Lower severance expense – Higher revenue-related expense driven by Wealth and Investment Management – Continue making significant investments in our risk and control infrastructure, technology infrastructure, and businesses • Efficiency initiatives include: – Branch footprint optimization – Technology driven efficiencies, including streamlining operations, increasing automation, and increasing digital infrastructure – Operational efficiencies from business optimization, process improvement, and process automation – Focus on third party spending across the enterprise – Continue to see more opportunities past 2024 • Incremental technology and equipment expense driven by amortization of capitalized technology investments and new hardware, software, and other non-labor technology expenses • Other includes investments in hiring, branch upgrades, and marketing (see page 20) • Currently anticipate ~$1.3 billion of ongoing business-related operating losses in 2024, such as fraud, theft, and other business as usual losses – As previously disclosed, we have outstanding litigation, regulatory, and customer remediation matters that could impact operating losses ($ in billions) Expected net other expense change details Expected net other expense change Expected revenue- related expense $(2.7) FDIC special assessment Expected lower severance expense ~ 1. Numbers in the chart do not add to the total due to rounding.

204Q23 Financial Results Areas of focus for 2024 investments Consumer Lending • Plans to launch additional credit cards, including a new travel card, as part of our AutographSM suite of products • Plans to launch a new small business credit card • Continued improvements in core card capabilities (e.g., credit risk decision engine, digital self service for collections) • Continued modernization of auto loan and servicing systems • Continued investment supporting an increase in homeownership for underserved communities Corporate and Investment Banking • Hiring in priority sectors and products within investment banking and capital markets to support growth initiatives • Continued investments to enhance Banking and CRE’s technology platform, including investments related to digital lending transformation, new issue trade and bookbuild execution, and banker experience capabilities • Continued investment in foreign exchange (FX) to evolve the business from payments provider to market liquidity provider • Enhance and automate electronic trading platform to drive greater client experience and efficiency, and reduce operational risk • Enhance risk management capabilities and capital decision making across lines of business and Risk in line with expected higher institutional client volumes Commercial Banking • Improve lending systems and architecture through platform modernization and client migration • Enhancements to Vantage℠ , including modernizing experience across payments, FX, liquidity, and lending • Improve core payment product functionality to meet clients’ expanding needs • New sales enablement and client insights capabilities • Focused buildout of coverage in under-penetrated markets and industries • Enhancements to pricing and profitability capabilities to drive customer profitability and capital efficiency Wealth and Investment Management • Advisory GatewaySM rollout for all advisor platforms – new front end for advisors to better serve clients • New streamlined client and advisor experience to transact digitally for alternative investments • A modern unified managed account platform enabling advisors to seamlessly model and move assets across investment strategies • Streamlined account opening and money movement experience to reduce paper and time for our advisors and clients Firmwide / Risk & Control • Continue to build our risk and control infrastructure and remediate regulatory issues • Further enhancements to automated monitoring and response tools for cyber threats • Continued transition of applications to public/private cloud to increase scalability and improve speed to market • Construction and core infrastructure build out of four new data centers • Continued investment in, and research on, use cases for generating automation through artificial intelligence Consumer, Small and Business Banking • Continued investment in product and digital offerings, including further enhancements to Wells Fargo Mobile® app, FargoTM, LifeSync®, our personalized digital financial advice platform, and the launch of PazeSM, a new digital wallet offering from Early Warning Services (EWS) • Accelerated efforts to refurbish and modernize an additional ~850 branches • Targeted hiring in top priority branches to maximize the affluent opportunity and elevate client experience and engagement • Scale marketing efforts to drive customer acquisition and organic growth

214Q23 Financial Results 4Q20 ROTCE 4Q23 ROTCE 4Q23 Return on tangible common equity (ROTCE)1 8% • 4Q20 ROE of 6.6% and 4Q20 ROTCE of 8.0%1 • 4Q23 ROE of 7.6% and 4Q23 ROTCE of 9.0%1 • We have made progress since 4Q20 improving our returns and still believe we have an achievable path to a sustainable ROTCE of 15% over the medium term – Our 4Q23 results were impacted by the notable items in the table and net interest income was higher than our long-term expectations – We believe we have multiple opportunities to improve our returns, including by: ◦ Returning excess capital ◦ Repositioning the home lending business ◦ Improving profitability in our consumer credit card business, as near-term results are impacted by acquisition costs and allowance builds ◦ Realizing returns on growth-related investments in fee businesses such as Corporate and Investment Banking and Wealth and Investment Management that should help fund additional investment We have made progress since 4Q20 improving our returns 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 23. 2. See page 24 for the calculation of the impact of 4Q23 notable items to ROE and ROTCE. 9% 4Q23 notable items: ($ in millions) Pre-tax Income ROE Impact2 ROTCE Impact2 FDIC special assessment $ (1,931) (3.5) % (4.1) Severance expense for planned actions (969) (1.8) (2.1) Discrete tax benefits 621 1.5 1.8

Appendix

234Q23 Financial Results Tangible Common Equity Wells Fargo & Company and Subsidiaries TANGIBLE COMMON EQUITY We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than MSRs) and goodwill and other intangibles on investments in consolidated portfolio companies, net of applicable deferred taxes. One of these ratios is return on average tangible common equity (ROTCE), which represents our annualized earnings as a percentage of tangible common equity. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity, which utilizes tangible common equity, is a useful financial measure because it enables management, investors, and others to assess the Company’s use of equity. The table below provides a reconciliation of this non-GAAP financial measure to GAAP financial measures. Quarter ended Year ended ($ in millions) Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Dec 31, 2020 Dec 31, 2023 Dec 31, 2022 Return on average tangible common equity: Net income applicable to common stock (A) $ 3,160 5,450 4,659 4,713 2,877 2,741 $ 17,982 12,562 Average total equity 185,853 184,828 184,443 184,297 182,621 185,444 184,860 183,167 Adjustments: Preferred stock1 (19,448) (20,441) (19,448) (19,448) (19,553) (21,223) (19,698) (19,930) Additional paid-in capital on preferred stock1 157 171 173 173 166 156 168 143 Unearned ESOP shares1 — — — — 112 875 — 512 Noncontrolling interests (1,664) (1,775) (1,924) (2,019) (2,185) (887) (1,844) (2,323) Average common stockholders’ equity (B) 164,898 162,783 163,244 163,003 161,161 164,365 163,486 161,569 Adjustments: Goodwill (25,173) (25,174) (25,175) (25,173) (25,173) (26,390) (25,173) (25,177) Certain identifiable intangible assets (other than MSRs) (124) (137) (140) (145) (160) (354) (136) (190) Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)2 (878) (2,539) (2,487) (2,440) (2,378) (1,889) (2,083) (2,359) Applicable deferred taxes related to goodwill and other intangible assets3 918 910 903 895 890 852 906 864 Average tangible common equity (C) $ 139,641 135,843 136,345 136,140 134,340 136,584 $ 137,000 134,707 Return on average common stockholders’ equity (ROE) (annualized) (A)/(B) 7.6 % 13.3 11.4 11.7 7.1 6.6 11.0 % 7.8 Return on average tangible common equity (ROTCE) (annualized) (A)/(C) 9.0 15.9 13.7 14.0 8.5 8.0 13.1 9.3 1. In fourth quarter 2022, we redeemed all outstanding shares of our ESOP Cumulative Convertible Preferred Stock in exchange for shares of the Company’s common stock. 2. In third quarter 2023, we sold investments in certain private equity funds. As a result, we have removed the related goodwill and other intangible assets on investments in consolidated portfolio companies. 3. Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.

244Q23 Financial Results Tangible Common Equity, continued Wells Fargo & Company and Subsidiaries TANGIBLE COMMON EQUITY The table below provides a calculation of the impact of fourth quarter 2023 notable items to return on equity (ROE) and return on average tangible common equity (ROTCE). Quarter ended ($ in millions) December 31, 2023 Average common stockholders' equity (B) $ 164,898 Average tangible common equity (C) 139,641 Notable items: Pre-tax income Post-tax income1 (D) ROE Impact (D)/(B) ROTCE Impact (D)/(C) FDIC special assessment $ (1,931) (1,454) (3.5) % (4.1) Severance expense for planned actions (969) (730) (1.8) (2.1) Discrete tax benefits 621 621 1.5 1.8 1. Determined by applying the combined federal statutory rate and composite state income tax rates to notable items as applicable.

254Q23 Financial Results 1. The Basel III capital rules provide for two capital frameworks (the Standardized Approach and the Advanced Approach applicable to certain institutions), and we must calculate our CET1, Tier 1 and total capital ratios under both approaches. 2. In first quarter 2023, we adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2018-12. We adopted this ASU with retrospective application, which required revision of prior period financial statements. Prior period risk-based capital and certain other regulatory related metrics were not revised. 3. In third quarter 2023, we sold investments in certain private equity funds. As a result, we have removed the related goodwill and other intangible assets on investments in consolidated portfolio companies. 4. Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end. 5. In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out period in which the benefit is reduced by 25% in year one, 50% in year two and 75% in year three. Common Equity Tier 1 under Basel III Wells Fargo & Company and Subsidiaries RISK-BASED CAPITAL RATIOS UNDER BASEL III1 Estimated ($ in billions) Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Total equity2 $ 187.4 182.4 182.0 183.2 182.2 Effect of accounting policy change2 — — — — (0.3) Total equity (as reported) 187.4 182.4 182.0 183.2 181.9 Adjustments: Preferred stock (19.4) (19.4) (19.4) (19.4) (19.4) Additional paid-in capital on preferred stock 0.1 0.1 0.1 0.2 0.1 Noncontrolling interests (1.7) (1.7) (1.8) (2.1) (2.0) Total common stockholders' equity 166.4 161.4 160.9 161.9 160.6 Adjustments: Goodwill (25.2) (25.2) (25.2) (25.2) (25.2) Certain identifiable intangible assets (other than MSRs) (0.1) (0.1) (0.1) (0.1) (0.2) Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)3 (0.9) (0.9) (2.5) (2.5) (2.4) Applicable deferred taxes related to goodwill and other intangible assets4 0.9 0.9 0.9 0.9 0.9 Current expected credit loss (CECL) transition provision5 0.1 0.1 0.1 0.1 0.2 Other (0.4) — 0.1 (0.6) (0.4) Common Equity Tier 1 (A) $ 140.8 136.2 134.2 134.5 133.5 Total risk-weighted assets (RWAs) under Standardized Approach (B) 1,231.5 1,237.1 1,250.7 1,243.8 1,259.9 Total RWAs under Advanced Approach (C) 1,112.5 1,130.8 1,118.4 1,117.9 1,112.3 Common Equity Tier 1 to total RWAs under Standardized Approach (A)/(B) 11.4 % 11.0 10.7 10.8 10.6 Common Equity Tier 1 to total RWAs under Advanced Approach (A)/(C) 12.7 12.0 12.0 12.0 12.0

264Q23 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, 2023, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information. This document contains forward-looking statements. In addition, we may make forward-looking statements in our other documents filed or furnished with the Securities and Exchange Commission, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company, including our outlook for future growth; (ii) our expectations regarding noninterest expense and our efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses, our allowance for credit losses, and the economic scenarios considered to develop the allowance; (iv) our expectations regarding net interest income and net interest margin; (v) loan growth or the reduction or mitigation of risk in our loan portfolios; (vi) future capital or liquidity levels, ratios or targets; (vii) our expectations regarding our mortgage business and any related commitments or exposures; (viii) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (ix) future common stock dividends, common share repurchases and other uses of capital; (x) our targeted range for return on assets, return on equity, and return on tangible common equity; (xi) expectations regarding our effective income tax rate; (xii) the outcome of contingencies, such as legal actions; (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 2023 results and in our most recent Quarterly Report on Form 10-Q, as well as to Wells Fargo’s other reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022.