UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): April 11, 2025

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: 1-415-371-2921

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 Non-Cumulative Perpetual Class A Preferred Stock, Series Y	WFC.PRY	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Z	WFC.PRZ	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series AA	WFC.PRA	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series CC	WFC.PRC	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series DD	WFC.PRD	NYSE
Guarantee of Medium-Term Notes, Series A, due October 30, 2028 of Wells Fargo Finance LLC	WFC/28A	NYSE

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On April 11, 2025, Wells Fargo & Company (the “Company”) issued a news release regarding its results of operations and financial condition for the quarter ended March 31, 2025, and posted on its website its 1Q25 Quarterly Supplement, which contains certain additional information about the Company’s financial results for the quarter ended March 31, 2025. The news release is included as Exhibit 99.1 and the 1Q25 Quarterly Supplement is included as Exhibit 99.2 to this report, and each is incorporated by reference into this Item 2.02. The information included in Exhibit 99.1 and Exhibit 99.2 is considered to be “filed” for purposes of Section 18 under the Securities Exchange Act of 1934.

Item 7.01 Regulation FD Disclosure.

On April 11, 2025, the Company intends to host a live conference call that will also be available by webcast to discuss the Company’s first quarter 2025 financial results and other matters relating to the Company. In connection therewith, the Company has posted on its website presentation materials containing certain historical and forward-looking information relating to the Company. The presentation materials are included as Exhibit 99.3 to this report and are incorporated by reference into this Item 7.01. Exhibit 99.3 shall not be considered “filed” for purposes of Section 18 under the Securities Exchange Act of 1934 and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description	Location
99.1	News Release dated April 11, 2025	Filed herewith
99.2	1Q25 Quarterly Supplement	Filed herewith
99.3	Presentation Materials – 1Q25 Financial Results	Furnished herewith
104	Cover Page Interactive Data File	Embedded within the Inline XBRL document

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated:	April 11, 2025	WELLS FARGO & COMPANY
		By:	/s/ MUNEERA S. CARR
			Muneera S. Carr
			Executive Vice President,<br><br>Chief Accounting Officer and Controller

Document

Exhibit 99.1

News Release	April 11, 2025<br><br>Wells Fargo Reports First Quarter 2025 Net Income of $4.9 billion, or $1.39 per Diluted Share
Company-wide Financial Summary
---	---	---	---	---
	Quarter ended
	Mar 31,<br>2025			Mar 31,<br>2024
Selected Income Statement Data( in millions except per share amounts)
	$	20,149		20,863
	13,891			14,338
	932			938
	4,894			4,619
	1.39			1.20
Selected Balance Sheet Data( in billions)
	$	908.2		928.1
	1,339.3			1,341.6
	11.1		%	11.2
Performance Metrics
	11.5		%	10.5
	13.6			12.3

All values are in US Dollars.

Operating Segments and Other Highlights
	Quarter ended		Mar 31, 2025 <br>% Change from
($ in billions)	Mar 31,<br>2025			Dec 31,<br>2024		Mar 31,<br>2024
Average loans
Consumer Banking and Lending	$	318.1		(1)	%	(4)
Commercial Banking	223.8			1		—
Corporate and Investment Banking	277.3			1		(2)
Wealth and Investment Management	84.3			1		2
Average deposits
Consumer Banking and Lending	778.6			1		1
Commercial Banking	182.9			(1)		11
Corporate and Investment Banking	203.9			(1)		11
Wealth and Investment Management	123.4			4		22

Capital

◦Repurchased 44.5 million shares, or $3.5 billion, of common stock in first quarter 2025

First quarter 2025 results included:

◦$313 million, or $0.09 per share, of discrete tax benefits related to the resolution of prior period matters

◦$263 million, or $0.06 per share, gain on the previously announced sale of the non-agency third-party servicing segment of our commercial mortgage servicing business

◦$(149) million, or $(0.03) per share, of losses on debt securities related to a repositioning of the investment portfolio

| Chief Executive Officer Charlie Scharf commented, “We produced solid results with diluted earnings per share increasing 16% from a year ago reflecting fee-based revenue growth across many of our core businesses, continued expense discipline, improved credit results, and an 8% reduction in diluted common shares as we continued to return capital to shareholders. I am excited about the momentum we are building across our businesses as we work to build one of the most respected financial institutions in the country.”<br><br>“This quarter was an important proof point regarding our prior comments about our confidence in our progress on our risk and control work. Five consent orders were closed this past quarter and eleven have been closed since 2019. These recent closures reflect that we have completed much of the common risk and control infrastructure work across the company that is required by other orders. I’m incredibly proud of the work done by our teams and remain confident that we will complete the work needed to close our other open consent orders,” Scharf added.<br><br>“We support the administration’s willingness to look at barriers to fair trade for the United States, though there are certainly risks associated with such significant actions. Timely resolution which benefits the U.S. would be good for businesses, consumers, and the markets. We expect continued volatility and uncertainty and are prepared for a slower economic environment in 2025, but the actual outcome will be dependent on the results and timing of the policy changes. We and our customers come into the current environment from a position of strength that should serve us well. We are prepared for a variety of outcomes, our focus is unwavering, and we will continue transforming Wells Fargo by investing to build a well-controlled, faster-growing and a higher-returning company while we work to better serve our customers and become more efficient,” Scharf concluded. | | --- || Endnotes are presented on page 9. | | --- |

Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.

Selected Company-wide Financial Information

	Quarter ended					Mar 31, 2025 <br>% Change from
	Mar 31,<br>2025			Dec 31,<br>2024	Mar 31,<br>2024	Dec 31,<br>2024		Mar 31,<br>2024
Earnings ( in millions except per share amounts)
	$	11,495		11,836	12,227	(3)	%	(6)
	8,654			8,542	8,636	1		—
	20,149			20,378	20,863	(1)		(3)
	1,009			1,188	1,157	(15)		(13)
	(77)			(93)	(219)	17		65
	932			1,095	938	(15)		(1)
	13,891			13,900	14,338	—		(3)
	522			120	964	335		(46)
	$	4,894		5,079	4,619	(4)		6
	1.39			1.43	1.20	(3)		16
Balance Sheet Data (average) ( in billions)
	$	908.2		906.4	928.1	—		(2)
	1,339.3			1,353.8	1,341.6	(1)		—
	1,919.7			1,918.5	1,917.0	—		—
Financial Ratios
	1.03		%	1.05	0.97
	11.5			11.7	10.5
	13.6			13.9	12.3
	69			68	69
	2.67			2.70	2.81

All values are in US Dollars.

NM – Not meaningful

First Quarter 2025 vs. First Quarter 2024

◦Net interest income decreased 6%, driven by the impact of lower interest rates on floating rate assets, deposit mix and pricing changes, lower loan balances, and one fewer day in the quarter, partially offset by lower market funding

◦Noninterest income was stable and included a gain on the sale of our commercial non-agency third-party servicing business, an increase in asset-based fees in Wealth and Investment Management on higher market valuations, and higher investment banking fees, partially offset by lower results from our venture capital investments, higher net losses on debt securities related to a repositioning of the investment portfolio, and lower net gains from trading in our Markets business

◦Noninterest expense decreased 3%, driven by lower operating losses, lower Federal Deposit Insurance Corporation (FDIC) assessments, as first quarter 2024 included a $284 million FDIC special assessment, as well as the impact of efficiency initiatives. These decreases were partially offset by higher revenue-related compensation expense predominantly in Wealth and Investment Management and higher technology and equipment expense

◦Provision for credit losses in first quarter 2025 included a decrease in the allowance for credit losses, reflecting a lower allowance for commercial real estate loans on lower loan balances, partially offset by a higher allowance for commercial and industrial loans

◦Income tax expense in first quarter 2025 included $313 million of discrete tax benefits related to the resolution of

prior period matters

Endnotes are presented on page 9.	2

Selected Company-wide Capital and Liquidity Information

				Quarter ended
( in billions)	Mar 31,<br>2025			Dec 31,<br>2024	Mar 31,<br>2024
Capital:
	$	182.9		181.1	182.7
	162.6			160.7	162.5
	137.8			135.6	137.2
	11.1		%	11.1	11.2
	25.1			24.8	25.1
	6.8			6.7	6.9
Liquidity:
	125		%	125	126

All values are in US Dollars.

Selected Company-wide Loan Credit Information

				Quarter ended
( in millions)	Mar 31,<br>2025			Dec 31,<br>2024	Mar 31,<br>2024
Net loan charge-offs	$	1,009		1,211	1,149
	0.45		%	0.53	0.50
Total nonaccrual loans	$	7,978		7,730	8,075
	0.87		%	0.85	0.88
Total nonperforming assets	$	8,225		7,936	8,240
	0.90		%	0.87	0.89
Allowance for credit losses for loans	$	14,552		14,636	14,862
	1.59		%	1.60	1.61

All values are in US Dollars.

First Quarter 2025 vs. Fourth Quarter 2024

◦Commercial net loan charge-offs as a percentage of average loans were 0.16% (annualized), down from 0.30%, driven by lower commercial real estate net loan charge-offs, predominantly in the office portfolio. The consumer net loan charge-off rate increased slightly to 0.86% (annualized), up from 0.85%

◦Nonperforming assets were up $289 million, or 4%, primarily driven by higher commercial and industrial nonaccrual loans

Endnotes are presented on page 9.	3

Operating Segment Performance

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

Selected Financial Information

			Quarter ended				Mar 31, 2025 <br>% Change from
			Mar 31,<br>2025		Dec 31,<br>2024	Mar 31,<br>2024	Dec 31,<br>2024		Mar 31,<br>2024
Earnings (in millions)
	Consumer, Small and Business Banking		$	5,981	6,067	6,092	(1)	%	(2)
	Consumer Lending:
		Home Lending	866		854	864	1		—
		Credit Card	1,524		1,489	1,496	2		2
		Auto	237		263	300	(10)		(21)
		Personal Lending	305		307	339	(1)		(10)
	Total revenue		8,913		8,980	9,091	(1)		(2)
	Provision for credit losses		739		911	788	(19)		(6)
	Noninterest expense		5,928		5,925	6,024	—		(2)
	Net income		$	1,689	1,602	1,706	5		(1)
Average balances (in billions)
	Loans		$	318.1	321.4	329.7	(1)		(4)
	Deposits		778.6		773.6	773.2	1		1

First Quarter 2025 vs. First Quarter 2024

◦Revenue decreased 2%

▪Consumer, Small and Business Banking was down 2% driven by higher deposit costs, reflecting the impact of customer migration to higher yielding deposit products, partially offset by higher deposit balances

▪Home Lending was stable and included higher mortgage banking fees and lower net interest income on lower loan balances

▪Credit Card was up 2% driven by higher loan balances, partially offset by lower card fees

▪Auto was down 21% due to lower loan balances and loan spread compression

▪Personal Lending was down 10% driven by lower loan balances

◦Noninterest expense decreased 2% driven by lower operating losses and the impact of efficiency initiatives, partially offset by higher branch personnel and occupancy expense, reflecting investments in our branch network

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

Selected Financial Information

		Quarter ended				Mar 31, 2025 <br>% Change from
		Mar 31,<br>2025		Dec 31,<br>2024	Mar 31,<br>2024	Dec 31,<br>2024		Mar 31,<br>2024
Earnings (in millions)
	Net interest income	$	1,977	2,248	2,278	(12)	%	(13)
	Noninterest income	948		923	874	3		8
	Total revenue	2,925		3,171	3,152	(8)		(7)
	Provision for credit losses	187		33	143	467		31
	Noninterest expense	1,670		1,525	1,679	10		(1)
	Net income	$	794	1,203	986	(34)		(19)
Average balances (in billions)
	Loans	$	223.8	221.8	223.9	1		—
	Deposits	182.9		184.3	164.0	(1)		11

First Quarter 2025 vs. First Quarter 2024

◦Revenue decreased 7%

▪Net interest income was down 13% due to the impact of lower interest rates, partially offset by lower deposit pricing and higher deposit balances

▪Noninterest income was up 8% driven by higher treasury management fees, higher revenue from tax credit investments, and an increase in investment banking fees, partially offset by lower lease income and lower results from equity investments

◦Noninterest expense decreased 1% driven by lower personnel expense reflecting the impact of efficiency initiatives, partially offset by higher operating costs

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

Selected Financial Information

			Quarter ended				Mar 31, 2025 <br>% Change from
			Mar 31,<br>2025		Dec 31,<br>2024	Mar 31,<br>2024	Dec 31,<br>2024		Mar 31,<br>2024
Earnings (in millions)
	Banking:
		Lending	$	618	691	681	(11)	%	(9)
		Treasury Management and Payments	618		644	686	(4)		(10)
		Investment Banking	534		491	474	9		13
	Total Banking		1,770		1,826	1,841	(3)		(4)
	Commercial Real Estate		1,449		1,274	1,223	14		18
	Markets:
		Fixed Income, Currencies, and Commodities (FICC)	1,382		1,179	1,359	17		2
		Equities	448		385	450	16		—
		Credit Adjustment (CVA/DVA/FVA) and Other	(3)		(71)	19	96		NM
	Total Markets		1,827		1,493	1,828	22		—
	Other		18		20	90	(10)		(80)
	Total revenue		5,064		4,613	4,982	10		2
	Provision for credit losses		—		205	5	(100)		(100)
	Noninterest expense		2,476		2,300	2,330	8		6
	Net income		$	1,941	1,580	1,981	23		(2)
Average balances (in billions)
	Loans		$	277.3	274.0	283.2	1		(2)
	Deposits		203.9		205.1	183.3	(1)		11

NM – Not meaningful

First Quarter 2025 vs. First Quarter 2024

◦Revenue increased 2%

▪Banking was down 4% driven by the impact of lower interest rates, partially offset by lower deposit pricing and higher investment banking revenue on increased activity in debt capital markets

▪Commercial Real Estate was up 18% due to a gain on the sale of our commercial non-agency third-party servicing business, as well as increased capital markets activity and higher revenue in our low-income housing business, partially offset by lower loan balances and the impact of lower interest rates

▪Markets was stable and included higher revenue in commodities and foreign exchange and lower results in structured products and credit trading

◦Noninterest expense increased 6% driven by higher operating costs and an increase in incentive compensation expense, partially offset by the impact of efficiency initiatives

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

Selected Financial Information

		Quarter ended				Mar 31, 2025 <br>% Change from
To be updated		Mar 31,<br>2025		Dec 31,<br>2024	Mar 31,<br>2024	Dec 31,<br>2024		Mar 31,<br>2024
Earnings (in millions)
	Net interest income	$	826	856	869	(4)	%	(5)
	Noninterest income	3,048		3,102	2,873	(2)		6
	Total revenue	3,874		3,958	3,742	(2)		4
	Provision for credit losses	11		(27)	3	141		267
	Noninterest expense	3,360		3,307	3,230	2		4
	Net income	$	392	508	381	(23)		3
Total client assets (in billions)		2,233		2,293	2,186	(3)		2
Average balances (in billions)
	Loans	$	84.3	83.6	82.5	1		2
	Deposits	123.4		118.3	101.5	4		22

First Quarter 2025 vs. First Quarter 2024

◦Revenue increased 4%

▪Net interest income was down 5% driven by higher deposit costs, partially offset by higher deposit and loan balances

▪Noninterest income was up 6% on higher asset-based fees driven by an increase in market valuations

◦Noninterest expense increased 4% due to higher revenue-related compensation expense, partially offset by the impact of efficiency initiatives

Corporate includes corporate treasury and enterprise functions, net of expense allocations, in support of the reportable operating segments (including funds transfer pricing, capital, and liquidity), 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.

Selected Financial Information

		Quarter ended				Mar 31, 2025 <br>% Change from
		Mar 31,<br>2025		Dec 31,<br>2024	Mar 31,<br>2024	Dec 31,<br>2024		Mar 31,<br>2024
Earnings (in millions)
	Net interest income	$	36	(264)	32	114	%	13
	Noninterest income	(213)		368	291	NM		NM
	Total revenue	(177)		104	323	NM		NM
	Provision for credit losses	(5)		(27)	(1)	81		NM
	Noninterest expense	457		843	1,075	(46)		(57)
	Net income (loss)	$	78	186	(435)	(58)		118

NM – Not meaningful

First Quarter 2025 vs. First Quarter 2024

◦Revenue decreased reflecting lower results from our venture capital investments and higher net losses on debt securities related to a repositioning of the investment portfolio

◦Noninterest expense decreased reflecting lower FDIC assessments, as first quarter 2024 included a $284 million FDIC special assessment, and lower operating losses

Endnotes

Page 1 – Company-wide Financial Summary

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 table on page 27 of the 1Q25 Quarterly Supplement for more information on CET1. CET1 for March 31, 2025, 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 1Q25 Quarterly Supplement.

Page 2 – Selected Company-wide Financial Information

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 (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 1Q25 Quarterly Supplement.

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

Page 3 – Selected Company-wide Capital and Liquidity Information

1.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 1Q25 Quarterly Supplement.

2.Represents our CET1 ratio calculated under the Standardized Approach, which is our binding CET1 ratio. See table on page 27 of the 1Q25 Quarterly Supplement for more information on CET1. CET1 for March 31, 2025, is a preliminary estimate.

3.Represents TLAC divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC for March 31, 2025, is a preliminary estimate.

4.SLR for March 31, 2025, is a preliminary estimate.

5.Represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. LCR for March 31, 2025, is a preliminary estimate.

Conference Call

The Company will host a live conference call on Friday, April 11, 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: 8320644#. The call will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and

https://metroconnections-events.com/wf1Qearnings25.

A replay of the conference call will be available from approximately 1:00 p.m. ET on Friday, April 11 through

Friday, April 25. Please dial 1-866-360-7722 (U.S. and Canada) or 203-369-0174 (International/U.S. Toll) and enter passcode: 6785#. The replay will also be available online at

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

https://metroconnections-events.com/wf1Qearnings25.

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 or any of its businesses, 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) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (viii) future common stock dividends, common share repurchases and other uses of capital; (ix) our targeted range for return on assets, return on equity, and return on tangible common equity; (x) expectations regarding our effective income tax rate; (xi) the outcome of contingencies, such as legal actions; (xii) environmental, social and governance related goals or commitments; and (xiii) 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 and net interest margin;

•significant turbulence or a disruption in the capital or financial markets, which could result in, among other things, a reduction in the availability of funding or increased funding costs, a reduction in our ability to sell or securitize loans, and declines in asset values and/or recognition of impairment of securities held in our debt securities and equity securities portfolios;

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

•negative effects from 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;

•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 cyberattacks;

•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 tax laws, regulations, and guidance 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, 2024.

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, 2024, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov1.

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.

1 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.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.95 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. 34 on Fortune’s 2024 rankings of America’s largest corporations.

Contact Information

Media

Beth Richek, 980-308-1568

beth.richek@wellsfargo.com

Investor Relations

John M. Campbell, 415-396-0523

john.m.campbell@wellsfargo.com

#

Document

Exhibit 99.2

1Q25 Quarterly Supplement

Wells Fargo & Company and Subsidiaries

QUARTERLY FINANCIAL DATA

TABLE OF CONTENTS

	Page
Consolidated Results
Summary Financial Data	3
Consolidated Statement of Income	5
Consolidated Balance Sheet	6
Average Balances and Interest Rates (Taxable-Equivalent Basis)	7
Reportable Operating Segment Results
Combined Segment Results	8
Consumer Banking and Lending	9
Commercial Banking	11
Corporate and Investment Banking	13
Wealth and Investment Management	15
Corporate	16
Credit-Related Information
Consolidated Loans Outstanding – Period-End Balances, Average Balances, and Average Interest Rates	17
Net Loan Charge-offs	18
Changes in Allowance for Credit Losses for Loans	19
Allocation of the Allowance for Credit Losses for Loans	20
Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)	21
Commercial and Industrial Loans and Lease Financing by Industry	22
Commercial Real Estate Loans by Property Type	23
Trading Activities
Net Interest Income and Net Gains from Trading Activities	24
Equity
Tangible Common Equity	25
Risk-Based Capital Ratios Under Basel III	27

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA

	Quarter ended							Mar 31, 2025 <br>% Change from
(in millions, except ratios and per share amounts)	Mar 31,<br>2025			Dec 31,<br>2024	Sep 30,<br>2024	Jun 30,<br>2024	Mar 31,<br>2024	Dec 31,<br>2024		Mar 31,<br>2024
Selected Income Statement Data
Total revenue	$	20,149		20,378	20,366	20,689	20,863	(1)	%	(3)
Noninterest expense	13,891			13,900	13,067	13,293	14,338	—		(3)
Pre-tax pre-provision profit (PTPP) (1)	6,258			6,478	7,299	7,396	6,525	(3)		(4)
Provision for credit losses (2)	932			1,095	1,065	1,236	938	(15)		(1)
Wells Fargo net income	4,894			5,079	5,114	4,910	4,619	(4)		6
Wells Fargo net income applicable to common stock	4,616			4,801	4,852	4,640	4,313	(4)		7
Common Share Data
Diluted earnings per common share	1.39			1.43	1.42	1.33	1.20	(3)		16
Dividends declared per common share	0.40			0.40	0.40	0.35	0.35	—		14
Common shares outstanding	3,261.7			3,288.9	3,345.5	3,402.7	3,501.7	(1)		(7)
Average common shares outstanding	3,280.4			3,312.8	3,384.8	3,448.3	3,560.1	(1)		(8)
Diluted average common shares outstanding	3,321.6			3,360.7	3,425.1	3,486.2	3,600.1	(1)		(8)
Book value per common share (3)	$	49.86		48.85	49.26	47.01	46.40	2		7
Tangible book value per common share (3)(4)	42.24			41.24	41.76	39.57	39.17	2		8
Selected Equity Data (period-end)
Total equity	182,906			181,066	185,011	178,148	182,674	1		—
Common stockholders' equity	162,627			160,656	164,801	159,963	162,481	1		—
Tangible common equity (4)	137,776			135,628	139,711	134,660	137,163	2		—
Performance Ratios
Return on average assets (ROA) (5)	1.03		%	1.05	1.06	1.03	0.97
Return on average equity (ROE) (6)	11.5			11.7	11.7	11.5	10.5
Return on average tangible common equity (ROTCE) (4)	13.6			13.9	13.9	13.7	12.3
Efficiency ratio (7)	69			68	64	64	69
Net interest margin on a taxable-equivalent basis	2.67			2.70	2.67	2.75	2.81
Average deposit cost	1.58			1.73	1.91	1.84	1.74

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

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

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

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

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

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

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

-3-

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA (continued)

	Quarter ended							Mar 31, 2025 <br>% Change from
($ in millions, unless otherwise noted)	Mar 31,<br>2025			Dec 31,<br>2024	Sep 30,<br>2024	Jun 30,<br>2024	Mar 31,<br>2024	Dec 31,<br>2024		Mar 31,<br>2024
Selected Balance Sheet Data (average)
Loans	$	908,182		906,353	910,255	916,977	928,075	—	%	(2)
Assets	1,919,661			1,918,536	1,916,612	1,914,647	1,916,974	—		—
Deposits	1,339,328			1,353,836	1,341,680	1,346,478	1,341,628	(1)		—
Selected Balance Sheet Data (period-end)
Debt securities	528,493			519,131	529,832	520,254	506,280	2		4
Loans	913,842			912,745	909,711	917,907	922,784	—		(1)
Allowance for credit losses for loans	14,552			14,636	14,739	14,789	14,862	(1)		(2)
Equity securities	63,601			60,644	59,771	60,763	59,556	5		7
Assets	1,950,311			1,929,845	1,922,125	1,940,073	1,959,153	1		—
Deposits	1,361,728			1,371,804	1,349,646	1,365,894	1,383,147	(1)		(2)
Headcount (#) (period-end)	215,367			217,502	220,167	222,544	224,824	(1)		(4)
Capital and other metrics (1)
Risk-based capital ratios and components (2):
Standardized Approach:
Common Equity Tier 1 (CET1)	11.1		%	11.1	11.3	11.0	11.2
Tier 1 capital	12.6			12.6	12.8	12.3	12.7
Total capital	15.2			15.2	15.5	15.0	15.4
Risk-weighted assets (RWAs) (in billions)	$	1,223.4		1,216.1	1,219.9	1,219.5	1,221.6	1		—
Advanced Approach:
Common Equity Tier 1 (CET1)	12.7		%	12.4	12.7	12.3	12.4
Tier 1 capital	14.5			14.1	14.4	13.8	14.1
Total capital	16.5			16.1	16.4	15.8	16.2
Risk-weighted assets (RWAs) (in billions)	$	1,065.0		1,085.0	1,089.3	1,093.0	1,099.6	(2)		(3)
Tier 1 leverage ratio	8.1		%	8.1	8.3	8.0	8.2
Supplementary Leverage Ratio (SLR)	6.8			6.7	6.9	6.7	6.9
Total Loss Absorbing Capacity (TLAC) Ratio (3)	25.1			24.8	25.3	24.8	25.1
Liquidity Coverage Ratio (LCR) (4)	125			125	127	124	126

(1)Ratios and metrics for March 31, 2025, are preliminary estimates.

(2)See the table on page 27 for more information on CET1, tier 1 capital, and total capital.

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

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

-4-

Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME

	Quarter ended						Mar 31, 2025 <br>% Change from
(in millions, except per share amounts)	Mar 31,<br>2025		Dec 31,<br>2024	Sep 30,<br>2024	Jun 30,<br>2024	Mar 31,<br>2024	Dec 31,<br>2024		Mar 31,<br>2024
Interest income	$	20,973	22,055	22,998	22,884	22,840	(5)	%	(8)
Interest expense	9,478		10,219	11,308	10,961	10,613	(7)		(11)
Net interest income	11,495		11,836	11,690	11,923	12,227	(3)		(6)
Noninterest income
Deposit-related fees	1,269		1,237	1,299	1,249	1,230	3		3
Lending-related fees	364		388	376	369	367	(6)		(1)
Investment advisory and other asset-based fees	2,536		2,566	2,463	2,415	2,331	(1)		9
Commissions and brokerage services fees	638		635	646	614	626	—		2
Investment banking fees	775		725	672	641	627	7		24
Card fees	1,044		1,084	1,096	1,101	1,061	(4)		(2)
Mortgage banking	332		294	280	243	230	13		44
Net gains from trading activities	1,373		950	1,438	1,442	1,454	45		(6)
Net losses from debt securities	(147)		(448)	(447)	—	(25)	67		NM
Net gains (losses) from equity securities	(343)		715	257	80	18	NM		NM
Lease income	272		241	277	292	421	13		(35)
Other	541		155	319	320	296	249		83
Total noninterest income	8,654		8,542	8,676	8,766	8,636	1		—
Total revenue	20,149		20,378	20,366	20,689	20,863	(1)		(3)
Provision for credit losses (1)	932		1,095	1,065	1,236	938	(15)		(1)
Noninterest expense
Personnel	9,474		9,071	8,591	8,575	9,492	4		—
Technology, telecommunications and equipment	1,223		1,282	1,142	1,106	1,053	(5)		16
Occupancy	761		789	786	763	714	(4)		7
Operating losses	143		338	293	493	633	(58)		(77)
Professional and outside services	1,038		1,237	1,130	1,139	1,101	(16)		(6)
Leases (2)	157		158	152	159	164	(1)		(4)
Advertising and promotion	181		243	205	224	197	(26)		(8)
Other	914		782	768	834	984	17		(7)
Total noninterest expense	13,891		13,900	13,067	13,293	14,338	—		(3)
Income before income tax expense	5,326		5,383	6,234	6,160	5,587	(1)		(5)
Income tax expense	522		120	1,064	1,251	964	335		(46)
Net income before noncontrolling interests	4,804		5,263	5,170	4,909	4,623	(9)		4
Less: Net income (loss) from noncontrolling interests	(90)		184	56	(1)	4	NM		NM
Wells Fargo net income	$	4,894	5,079	5,114	4,910	4,619	(4)	%	6
Less: Preferred stock dividends and other	278		278	262	270	306	—		(9)
Wells Fargo net income applicable to common stock	$	4,616	4,801	4,852	4,640	4,313	(4)	%	7
Per share information
Earnings per common share	$	1.41	1.45	1.43	1.35	1.21	(3)	%	17
Diluted earnings per common share	1.39		1.43	1.42	1.33	1.20	(3)		16

NM – Not meaningful

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

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

-5-

Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET

							Mar 31, 2025 <br>% Change from
(in millions)	Mar 31,<br>2025		Dec 31,<br>2024	Sep 30,<br>2024	Jun 30,<br>2024	Mar 31,<br>2024	Dec 31,<br>2024		Mar 31,<br>2024
Assets
Cash and due from banks	$	35,256	37,080	33,530	32,701	30,180	(5)	%	17
Interest-earning deposits with banks	142,309		166,281	152,016	199,322	239,467	(14)		(41)
Federal funds sold and securities purchased under resale agreements	126,830		105,330	105,390	82,259	68,751	20		84
Debt securities:
Trading, at fair value	125,037		121,205	120,677	120,766	109,324	3		14
Available-for-sale, at fair value	176,229		162,978	166,004	148,752	138,245	8		27
Held-to-maturity, at amortized cost	227,227		234,948	243,151	250,736	258,711	(3)		(12)
Loans held for sale	6,431		6,260	7,275	7,312	5,473	3		18
Loans	913,842		912,745	909,711	917,907	922,784	—		(1)
Allowance for loan losses	(14,029)		(14,183)	(14,330)	(14,360)	(14,421)	1		3
Net loans	899,813		898,562	895,381	903,547	908,363	—		(1)
Mortgage servicing rights	7,180		7,779	7,493	8,027	8,248	(8)		(13)
Premises and equipment, net	10,357		10,297	9,955	9,648	9,426	1		10
Goodwill	25,066		25,167	25,173	25,172	25,173	—		—
Derivative assets	18,518		20,012	17,721	18,721	17,653	(7)		5
Equity securities	63,601		60,644	59,771	60,763	59,556	5		7
Other assets	86,457		73,302	78,588	72,347	80,583	18		7
Total assets	$	1,950,311	1,929,845	1,922,125	1,940,073	1,959,153	1		—
Liabilities
Noninterest-bearing deposits	$	377,443	383,616	370,005	348,525	356,162	(2)		6
Interest-bearing deposits	984,285		988,188	979,641	1,017,369	1,026,985	—		(4)
Total deposits	1,361,728		1,371,804	1,349,646	1,365,894	1,383,147	(1)		(2)
Short-term borrowings	139,776		108,806	111,894	118,834	109,014	28		28
Derivative liabilities	11,109		16,335	11,390	16,237	17,116	(32)		(35)
Accrued expenses and other liabilities	81,132		78,756	82,169	81,824	79,438	3		2
Long-term debt	173,660		173,078	182,015	179,136	187,764	—		(8)
Total liabilities	1,767,405		1,748,779	1,737,114	1,761,925	1,776,479	1		(1)
Equity
Wells Fargo stockholders’ equity:
Preferred stock	18,608		18,608	18,608	16,608	18,608	—		—
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	60,275		60,817	60,623	60,373	60,131	(1)		—
Retained earnings	217,405		214,198	210,749	207,281	203,870	1		7
Accumulated other comprehensive loss	(9,998)		(12,176)	(8,372)	(12,721)	(12,546)	18		20
Treasury stock (1)	(114,336)		(111,463)	(107,479)	(104,247)	(98,256)	(3)		(16)
Total Wells Fargo stockholders’ equity	181,090		179,120	183,265	176,430	180,943	1		—
Noncontrolling interests	1,816		1,946	1,746	1,718	1,731	(7)		5
Total equity	182,906		181,066	185,011	178,148	182,674	1		—
Total liabilities and equity	$	1,950,311	1,929,845	1,922,125	1,940,073	1,959,153	1		—

(1)Number of shares of treasury stock were 2,220,135,208, 2,192,867,645, 2,136,319,281, 2,079,100,421, and 1,980,132,879 at March 31, 2025, and December 31, September 30, June 30, and March 31, 2024, respectively.

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Wells Fargo & Company and Subsidiaries

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

	Quarter ended							Mar 31, 2025 <br>% Change from
($ in millions)	Mar 31, 2025			Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2024		Mar 31, 2024
Average Balances
Assets
Interest-earning deposits with banks	$	150,855		171,100	182,219	196,436	207,568	(12)	%	(27)
Federal funds sold and securities purchased under resale agreements	101,175			93,294	81,549	71,769	69,719	8		45
Trading debt securities	134,951			127,639	125,083	120,590	112,170	6		20
Available-for-sale debt securities	175,550			168,511	160,729	150,024	139,986	4		25
Held-to-maturity debt securities	233,952			242,961	250,010	258,631	264,755	(4)		(12)
Loans held for sale	7,589			7,210	7,032	7,091	5,835	5		30
Loans	908,182			906,353	910,255	916,977	928,075	—		(2)
Equity securities	29,267			29,211	27,480	26,332	21,350	—		37
Other interest-earning assets	10,796			10,079	9,711	8,128	8,940	7		21
Total interest-earning assets	1,752,317			1,756,358	1,754,068	1,755,978	1,758,398	—		—
Total noninterest-earning assets	167,344			162,178	162,544	158,669	158,576	3		6
Total assets	$	1,919,661		1,918,536	1,916,612	1,914,647	1,916,974	—		—
Liabilities
Interest-bearing deposits	$	972,927		984,438	986,206	1,006,806	996,874	(1)		(2)
Short-term borrowings	127,892			109,178	109,902	106,685	94,988	17		35
Long-term debt	173,052			175,414	183,586	182,201	197,116	(1)		(12)
Other interest-bearing liabilities	39,249			36,245	34,735	34,613	32,821	8		20
Total interest-bearing liabilities	1,313,120			1,305,275	1,314,429	1,330,305	1,321,799	1		(1)
Noninterest-bearing deposits	366,401			369,398	355,474	339,672	344,754	(1)		6
Other noninterest-bearing liabilities	56,782			60,930	62,341	63,118	63,752	(7)		(11)
Total liabilities	1,736,303			1,735,603	1,732,244	1,733,095	1,730,305	—		—
Total equity	183,358			182,933	184,368	181,552	186,669	—		(2)
Total liabilities and equity	$	1,919,661		1,918,536	1,916,612	1,914,647	1,916,974	—		—
Average Interest Rates
Interest-earning assets
Interest-earning deposits with banks	3.96		%	4.36	4.95	5.05	4.99
Federal funds sold and securities purchased under resale agreements	4.26			4.66	5.24	5.27	5.28
Trading debt securities	4.13			4.16	4.25	4.14	4.08
Available-for-sale debt securities	4.48			4.45	4.33	4.21	3.99
Held-to-maturity debt securities	2.41			2.51	2.57	2.64	2.70
Loans held for sale	6.20			6.38	7.33	7.53	7.82
Loans	5.96			6.16	6.41	6.40	6.38
Equity securities	2.01			2.40	2.26	2.99	2.82
Other interest-earning assets	4.15			4.73	5.12	5.42	5.14
Total interest-earning assets	4.85			5.02	5.24	5.25	5.24
Interest-bearing liabilities
Interest-bearing deposits	2.17			2.37	2.60	2.46	2.34
Short-term borrowings	4.32			4.67	5.20	5.19	5.16
Long-term debt	5.97			6.35	6.89	6.95	6.80
Other interest-bearing liabilities	3.33			3.01	3.05	3.13	2.88
Total interest-bearing liabilities	2.92			3.12	3.43	3.31	3.22
Interest rate spread on a taxable-equivalent basis (2)	1.93			1.90	1.81	1.94	2.02
Net interest margin on a taxable-equivalent basis (2)	2.67			2.70	2.67	2.75	2.81

(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 $77 million, $78 million, $84 million, $89 million, and $89 million for the quarters ended March 31, 2025, and December 31, September 30, June 30, and March 31, 2024, respectively, predominantly related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.

-7-

Wells Fargo & Company and Subsidiaries

COMBINED SEGMENT RESULTS (1)

						Quarter ended March 31, 2025
(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	$	6,943	1,977	1,790	826	36	(77)	11,495
Noninterest income	1,970		948	3,274	3,048	(213)	(373)	8,654
Total revenue	8,913		2,925	5,064	3,874	(177)	(450)	20,149
Provision for credit losses	739		187	—	11	(5)	—	932
Noninterest expense	5,928		1,670	2,476	3,360	457	—	13,891
Income (loss) before income tax expense (benefit)	2,246		1,068	2,588	503	(629)	(450)	5,326
Income tax expense (benefit)	557		272	647	111	(615)	(450)	522
Net income (loss) before noncontrolling interests	1,689		796	1,941	392	(14)	—	4,804
Less: Net income (loss) from noncontrolling interests	—		2	—	—	(92)	—	(90)
Net income	$	1,689	794	1,941	392	78	—	4,894
						Quarter ended December 31, 2024
Net interest income	$	7,020	2,248	2,054	856	(264)	(78)	11,836
Noninterest income	1,960		923	2,559	3,102	368	(370)	8,542
Total revenue	8,980		3,171	4,613	3,958	104	(448)	20,378
Provision for credit losses	911		33	205	(27)	(27)	—	1,095
Noninterest expense	5,925		1,525	2,300	3,307	843	—	13,900
Income (loss) before income tax expense (benefit)	2,144		1,613	2,108	678	(712)	(448)	5,383
Income tax expense (benefit)	542		408	528	170	(1,080)	(448)	120
Net income before noncontrolling interests	1,602		1,205	1,580	508	368	—	5,263
Less: Net income from noncontrolling interests	—		2	—	—	182	—	184
Net income	$	1,602	1,203	1,580	508	186	—	5,079
						Quarter ended March 31, 2024
Net interest income	$	7,110	2,278	2,027	869	32	(89)	12,227
Noninterest income	1,981		874	2,955	2,873	291	(338)	8,636
Total revenue	9,091		3,152	4,982	3,742	323	(427)	20,863
Provision for credit losses	788		143	5	3	(1)	—	938
Noninterest expense	6,024		1,679	2,330	3,230	1,075	—	14,338
Income (loss) before income tax expense (benefit)	2,279		1,330	2,647	509	(751)	(427)	5,587
Income tax expense (benefit)	573		341	666	128	(317)	(427)	964
Net income (loss) before noncontrolling interests	1,706		989	1,981	381	(434)	—	4,623
Less: Net income from noncontrolling interests	—		3	—	—	1	—	4
Net income (loss)	$	1,706	986	1,981	381	(435)	—	4,619

(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 expense allocations, in support of the reportable operating segments (including funds transfer pricing, capital, and liquidity), 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.

(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 affordable housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results.

-8-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT

	Quarter ended						Mar 31, 2025 <br>% Change from
($ in millions)	Mar 31,<br>2025		Dec 31,<br>2024	Sep 30,<br>2024	Jun 30,<br>2024	Mar 31,<br>2024	Dec 31,<br>2024		Mar 31,<br>2024
Income Statement
Net interest income	$	6,943	7,020	7,149	7,024	7,110	(1)	%	(2)
Noninterest income:
Deposit-related fees	651		657	710	690	677	(1)		(4)
Card fees	978		1,019	1,031	1,036	990	(4)		(1)
Mortgage banking	222		185	137	135	193	20		15
Other	119		99	97	121	121	20		(2)
Total noninterest income	1,970		1,960	1,975	1,982	1,981	1		(1)
Total revenue	8,913		8,980	9,124	9,006	9,091	(1)		(2)
Net charge-offs	877		887	871	907	881	(1)		—
Change in the allowance for credit losses	(138)		24	59	25	(93)	NM		(48)
Provision for credit losses	739		911	930	932	788	(19)		(6)
Noninterest expense	5,928		5,925	5,624	5,701	6,024	—		(2)
Income before income tax expense	2,246		2,144	2,570	2,373	2,279	5		(1)
Income tax expense	557		542	646	596	573	3		(3)
Net income	$	1,689	1,602	1,924	1,777	1,706	5		(1)
Revenue by Line of Business
Consumer, Small and Business Banking	$	5,981	6,067	6,222	6,129	6,092	(1)		(2)
Consumer Lending:
Home Lending	866		854	842	823	864	1		—
Credit Card	1,524		1,489	1,471	1,452	1,496	2		2
Auto	237		263	273	282	300	(10)		(21)
Personal Lending	305		307	316	320	339	(1)		(10)
Total revenue	$	8,913	8,980	9,124	9,006	9,091	(1)		(2)
Selected Balance Sheet Data (average)
Loans by Line of Business:
Consumer, Small and Business Banking	$	6,034	6,105	6,230	6,370	6,465	(1)		(7)
Consumer Lending:
Home Lending	205,507		207,780	209,825	211,994	214,335	(1)		(4)
Credit Card	50,109		50,243	49,141	47,463	46,412	—		8
Auto	42,498		43,005	43,949	45,650	47,621	(1)		(11)
Personal Lending	13,902		14,291	14,470	14,462	14,896	(3)		(7)
Total loans	$	318,050	321,424	323,615	325,939	329,729	(1)		(4)
Total deposits	778,601		773,631	773,554	778,228	773,248	1		1
Allocated capital	45,500		45,500	45,500	45,500	45,500	—		—
Selected Balance Sheet Data (period-end)
Loans by Line of Business:
Consumer, Small and Business Banking	$	6,144	6,256	6,372	6,513	6,584	(2)		(7)
Consumer Lending:
Home Lending	204,656		207,022	209,083	211,172	213,289	(1)		(4)
Credit Card	49,518		50,992	49,521	48,400	46,867	(3)		6
Auto	41,999		42,914	43,356	44,780	46,692	(2)		(10)
Personal Lending	13,656		14,246	14,413	14,495	14,575	(4)		(6)
Total loans	$	315,973	321,430	322,745	325,360	328,007	(2)		(4)
Total deposits	798,841		783,490	775,745	781,817	794,160	2		1

NM – Not meaningful

-9-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT (continued)

	Quarter ended							Mar 31, 2025 <br>% Change from
($ in millions, unless otherwise noted)	Mar 31,<br>2025			Dec 31,<br>2024	Sep 30,<br>2024	Jun 30,<br>2024	Mar 31,<br>2024	Dec 31,<br>2024		Mar 31,<br>2024
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1)	14.5		%	13.4	16.3	15.1	14.5
Efficiency ratio (2)	67			66	62	63	66
Retail bank branches (#, period-end)	4,155			4,177	4,196	4,227	4,247	(1)	%	(2)
Digital active customers (# in millions, period-end) (3)	36.7			36.0	35.8	35.6	35.5	2		3
Mobile active customers (# in millions, period-end) (3)	31.8			31.4	31.2	30.8	30.5	1		4
Consumer, Small and Business Banking:
Deposit spread (4)	2.47		%	2.46	2.52	2.50	2.53
Debit card purchase volume ($ in billions) (5)	$	126.0		131.0	126.8	128.2	121.5	(4)		4
Debit card purchase transactions (# in millions) (5)	2,486			2,622	2,585	2,581	2,442	(5)		2
Home Lending:
Mortgage banking:
Net servicing income	$	181		128	114	89	91	41		99
Net gains on mortgage loan originations/sales	41			57	23	46	102	(28)		(60)
Total mortgage banking	$	222		185	137	135	193	20		15
Mortgage loan originations ($ in billions)	$	4.4		5.9	5.5	5.3	3.5	(25)		26
% of originations held for sale (HFS)	38.2		%	40.3	41.0	38.6	43.5
Third party mortgage loans serviced ($ in billions, period-end) (6)	$	471.1		486.9	499.1	512.8	527.5	(3)		(11)
Mortgage servicing rights (MSR) carrying value (period-end)	6,536			6,844	6,544	7,061	7,249	(5)		(10)
Home lending loans 30+ days delinquency rate (period-end) (7)(8)(9)	0.29		%	0.29	0.30	0.33	0.30
Credit Card:
Credit card purchase volume ($ in billions) (5)	$	42.5		45.1	43.4	42.9	39.1	(6)		9
Credit card new accounts (# in thousands)	554			486	615	677	651	14		(15)
Credit card loans 30+ days delinquency rate (period-end) (8)(9)	2.82		%	2.91	2.87	2.71	2.92
Credit card loans 90+ days delinquency rate (period-end) (8)(9)	1.46			1.51	1.43	1.40	1.55
Auto:
Auto loan originations ($ in billions)	$	4.6		5.0	4.1	3.7	4.1	(8)		12
Auto loans 30+ days delinquency rate (period-end) (8)(9)	1.87		%	2.31	2.28	2.31	2.36

(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)Reflects combined activity for consumer and small business customers.

(6)Excludes residential mortgage loans subserviced for others.

(7)Excludes residential mortgage loans that are insured or guaranteed by U.S. government agencies.

(8)Excludes loans held for sale.

(9)Delinquency balances exclude nonaccrual loans.

-10-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT

	Quarter ended							Mar 31, 2025 <br>% Change from
($ in millions)	Mar 31,<br>2025			Dec 31,<br>2024	Sep 30,<br>2024	Jun 30,<br>2024	Mar 31,<br>2024	Dec 31,<br>2024		Mar 31,<br>2024
Income Statement
Net interest income	$	1,977		2,248	2,289	2,281	2,278	(12)	%	(13)
Noninterest income:
Deposit-related fees	335			303	303	290	284	11		18
Lending-related fees	136			140	138	139	138	(3)		(1)
Lease income	123			124	126	133	149	(1)		(17)
Other	354			356	477	279	303	(1)		17
Total noninterest income	948			923	1,044	841	874	3		8
Total revenue	2,925			3,171	3,333	3,122	3,152	(8)		(7)
Net charge-offs	41			111	50	97	75	(63)		(45)
Change in the allowance for credit losses	146			(78)	35	(68)	68	287		115
Provision for credit losses	187			33	85	29	143	467		31
Noninterest expense	1,670			1,525	1,480	1,506	1,679	10		(1)
Income before income tax expense	1,068			1,613	1,768	1,587	1,330	(34)		(20)
Income tax expense	272			408	448	402	341	(33)		(20)
Less: Net income from noncontrolling interests	2			2	2	3	3	—		(33)
Net income	$	794		1,203	1,318	1,182	986	(34)		(19)
Revenue by Product
Lending and leasing	$	1,267		1,291	1,293	1,308	1,309	(2)		(3)
Treasury management and payments	1,260			1,423	1,434	1,412	1,421	(11)		(11)
Other	398			457	606	402	422	(13)		(6)
Total revenue	$	2,925		3,171	3,333	3,122	3,152	(8)		(7)
Selected Metrics
Return on allocated capital	11.4		%	17.4	19.2	17.3	14.3
Efficiency ratio	57			48	44	48	53

-11-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT (continued)

	Quarter ended						Mar 31, 2025 <br>% Change from
($ in millions)	Mar 31,<br>2025		Dec 31,<br>2024	Sep 30,<br>2024	Jun 30,<br>2024	Mar 31,<br>2024	Dec 31,<br>2024		Mar 31,<br>2024
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	164,113	162,060	161,967	164,027	163,273	1	%	1
Commercial real estate	44,598		44,555	44,756	44,990	45,296	—		(2)
Lease financing and other	15,093		15,180	15,393	15,406	15,352	(1)		(2)
Total loans	$	223,804	221,795	222,116	224,423	223,921	1		—
Total deposits	182,859		184,293	173,158	166,892	164,027	(1)		11
Allocated capital	26,000		26,000	26,000	26,000	26,000	—		—
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	168,369	163,464	163,878	165,878	166,842	3		1
Commercial real estate	44,788		44,506	44,715	44,978	45,292	1		(1)
Lease financing and other	15,109		15,348	15,406	15,617	15,526	(2)		(3)
Total loans	$	228,266	223,318	223,999	226,473	227,660	2		—
Total deposits	181,469		188,650	178,406	168,979	168,547	(4)		8

-12-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT

	Quarter ended							Mar 31, 2025 <br>% Change from
($ in millions)	Mar 31,<br>2025			Dec 31,<br>2024	Sep 30,<br>2024	Jun 30,<br>2024	Mar 31,<br>2024	Dec 31,<br>2024		Mar 31,<br>2024
Income Statement
Net interest income	$	1,790		2,054	1,909	1,945	2,027	(13)	%	(12)
Noninterest income:
Deposit-related fees	275			269	279	263	262	2		5
Lending-related fees	201			221	213	205	203	(9)		(1)
Investment banking fees	765			726	668	634	647	5		18
Net gains from trading activities	1,347			933	1,366	1,387	1,405	44		(4)
Other	686			410	476	404	438	67		57
Total noninterest income	3,274			2,559	3,002	2,893	2,955	28		11
Total revenue	5,064			4,613	4,911	4,838	4,982	10		2
Net charge-offs	97			214	196	303	196	(55)		(51)
Change in the allowance for credit losses	(97)			(9)	(170)	(18)	(191)	NM		49
Provision for credit losses	—			205	26	285	5	(100)		(100)
Noninterest expense	2,476			2,300	2,229	2,170	2,330	8		6
Income before income tax expense	2,588			2,108	2,656	2,383	2,647	23		(2)
Income tax expense	647			528	664	598	666	23		(3)
Net income	$	1,941		1,580	1,992	1,785	1,981	23		(2)
Revenue by Line of Business
Banking:
Lending	$	618		691	698	688	681	(11)		(9)
Treasury Management and Payments	618			644	695	687	686	(4)		(10)
Investment Banking	534			491	419	430	474	9		13
Total Banking	1,770			1,826	1,812	1,805	1,841	(3)		(4)
Commercial Real Estate	1,449			1,274	1,364	1,283	1,223	14		18
Markets:
Fixed Income, Currencies, and Commodities (FICC)	1,382			1,179	1,327	1,228	1,359	17		2
Equities	448			385	396	558	450	16		—
Credit Adjustment (CVA/DVA/FVA) and Other (1)	(3)			(71)	31	7	19	96		NM
Total Markets	1,827			1,493	1,754	1,793	1,828	22		—
Other	18			20	(19)	(43)	90	(10)		(80)
Total revenue	$	5,064		4,613	4,911	4,838	4,982	10		2
Selected Metrics
Return on allocated capital	17.0		%	13.4	17.1	15.4	17.2
Efficiency ratio	49			50	45	45	47

NM – Not meaningful

(1)In fourth quarter 2024, we implemented a change to incorporate funding valuation adjustments (FVA) for our derivatives, which resulted in a loss of $85 million.

-13-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT (continued)

	Quarter ended						Mar 31, 2025 <br>% Change from
($ in millions)	Mar 31,<br>2025		Dec 31,<br>2024	Sep 30,<br>2024	Jun 30,<br>2024	Mar 31,<br>2024	Dec 31,<br>2024		Mar 31,<br>2024
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	192,654	185,677	183,255	180,789	185,432	4	%	4
Commercial real estate	84,633		88,285	91,963	94,998	97,811	(4)		(13)
Total loans	$	277,287	273,962	275,218	275,787	283,243	1		(2)
Loans by Line of Business:
Banking	$	86,528	85,722	86,548	86,130	90,897	1		(5)
Commercial Real Estate	117,318		119,414	124,056	128,107	131,709	(2)		(11)
Markets	73,441		68,826	64,614	61,550	60,637	7		21
Total loans	$	277,287	273,962	275,218	275,787	283,243	1		(2)
Trading-related assets:
Trading account securities	$	151,483	144,903	140,501	136,101	121,347	5		25
Reverse repurchase agreements/securities borrowed	97,171		87,517	74,041	64,896	62,856	11		55
Derivative assets	19,688		20,254	19,668	18,552	17,033	(3)		16
Total trading-related assets	$	268,342	252,674	234,210	219,549	201,236	6		33
Total assets	611,037		588,154	574,697	558,063	550,933	4		11
Total deposits	203,914		205,077	194,315	187,545	183,273	(1)		11
Allocated capital	44,000		44,000	44,000	44,000	44,000	—		—
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	197,142	192,573	183,341	181,441	178,986	2		10
Commercial real estate	83,522		86,107	90,382	93,889	96,611	(3)		(14)
Total loans	$	280,664	278,680	273,723	275,330	275,597	1		2
Loans by Line of Business:
Banking	$	88,239	86,328	88,221	84,054	86,066	2		3
Commercial Real Estate	116,051		117,213	121,238	126,080	129,627	(1)		(10)
Markets	76,374		75,139	64,264	65,196	59,904	2		27
Total loans	$	280,664	278,680	273,723	275,330	275,597	1		2
Trading-related assets:
Trading account securities	$	150,401	142,727	144,148	140,928	133,079	5		13
Reverse repurchase agreements/securities borrowed	122,875		96,470	83,562	70,615	62,019	27		98
Derivative assets	18,883		21,332	17,906	19,186	17,726	(11)		7
Total trading-related assets	$	292,159	260,529	245,616	230,729	212,824	12		37
Total assets	632,478		597,278	583,144	565,334	553,105	6		14
Total deposits	209,200		212,948	199,700	200,920	195,969	(2)		7

-14-

Wells Fargo & Company and Subsidiaries

WEALTH AND INVESTMENT MANAGEMENT SEGMENT

							Mar 31, 2025 <br>% Change from
( in millions, unless otherwise noted)			Dec 31,<br>2024	Sep 30,<br>2024	Jun 30,<br>2024	Mar 31,<br>2024	Dec 31,<br>2024		Mar 31,<br>2024
Income Statement
Net interest income	826		856	842	906	869	(4)	%	(5)
Noninterest income:
Investment advisory and other asset-based fees			2,504	2,406	2,357	2,267	(1)		9
Commissions and brokerage services fees			539	548	521	545	(1)		(2)
Other			59	82	74	61	(32)		(34)
Total noninterest income			3,102	3,036	2,952	2,873	(2)		6
Total revenue			3,958	3,878	3,858	3,742	(2)		4
Net charge-offs			(1)	(5)	(2)	6	NM		NM
Change in the allowance for credit losses			(26)	21	(12)	(3)	165		667
Provision for credit losses			(27)	16	(14)	3	141		267
Noninterest expense			3,307	3,154	3,193	3,230	2		4
Income before income tax expense			678	708	679	509	(26)		(1)
Income tax expense			170	179	195	128	(35)		(13)
Net income	392		508	529	484	381	(23)		3
Selected Metrics
Return on allocated capital		%	30.2	31.5	29.0	22.7
Efficiency ratio			84	81	83	86
Client assets ( in billions, period-end):
Advisory assets	980		998	993	945	939	(2)		4
Other brokerage assets and deposits			1,295	1,301	1,255	1,247	(3)		—
Total client assets	2,233		2,293	2,294	2,200	2,186	(3)		2
Selected Balance Sheet Data (average)
Total loans	84,344		83,570	82,797	83,166	82,483	1		2
Total deposits			118,327	107,991	102,843	101,474	4		22
Allocated capital			6,500	6,500	6,500	6,500	—		—
Selected Balance Sheet Data (period-end)
Total loans	84,444		84,340	83,023	83,338	82,999	—		2
Total deposits			127,008	112,472	103,722	102,478	(2)		22

All values are in US Dollars.

NM – Not meaningful

-15-

Wells Fargo & Company and Subsidiaries

CORPORATE (1)

	Quarter ended						Mar 31, 2025 <br>% Change from
($ in millions)	Mar 31,<br>2025		Dec 31,<br>2024	Sep 30,<br>2024	Jun 30,<br>2024	Mar 31,<br>2024	Dec 31,<br>2024		Mar 31,<br>2024
Income Statement
Net interest income	$	36	(264)	(415)	(144)	32	114	%	13
Noninterest income	(213)		368	78	392	291	NM		NM
Total revenue	(177)		104	(337)	248	323	NM		NM
Net charge-offs	—		(23)	(1)	(2)	(1)	100		100
Change in the allowance for credit losses	(5)		(4)	9	6	—	(25)		NM
Provision for credit losses	(5)		(27)	8	4	(1)	81		NM
Noninterest expense	457		843	580	723	1,075	(46)		(57)
Loss before income tax benefit	(629)		(712)	(925)	(479)	(751)	12		16
Income tax benefit	(615)		(1,080)	(330)	(157)	(317)	43		(94)
Less: Net income (loss) from noncontrolling interests	(92)		182	54	(4)	1	NM		NM
Net income (loss)	$	78	186	(649)	(318)	(435)	(58)		118
Selected Balance Sheet Data (average)
Available-for-sale debt securities	$	161,430	153,969	147,093	131,822	122,794	5		31
Held-to-maturity debt securities	226,714		235,661	242,621	251,100	257,088	(4)		(12)
Equity securities	15,398		15,027	15,216	15,571	15,958	2		(4)
Total assets	618,339		639,324	648,930	656,535	663,483	(3)		(7)
Total deposits	50,576		72,508	92,662	110,970	119,606	(30)		(58)
Selected Balance Sheet Data (period-end)
Available-for-sale debt securities	$	167,634	154,397	157,042	138,087	127,084	9		32
Held-to-maturity debt securities	224,111		231,892	240,174	247,746	255,761	(3)		(12)
Equity securities	15,138		15,437	14,861	15,297	15,798	(2)		(4)
Total assets	621,445		633,799	642,618	670,494	699,401	(2)		(11)
Total deposits	47,636		59,708	83,323	110,456	121,993	(20)		(61)

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 expense allocations, in support of the reportable operating segments (including funds transfer pricing, capital, and liquidity), 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.

-16-

Wells Fargo & Company and Subsidiaries

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

	Quarter ended							Mar 31, 2025 Change from
($ in millions)	Mar 31,<br>2025			Dec 31,<br>2024	Sep 30,<br>2024	Jun 30,<br>2024	Mar 31,<br>2024	Dec 31,2024
Period-End Loans
Commercial and industrial	$	390,533		381,241	372,750	374,588	372,963	9,292
Commercial real estate	134,035			136,505	141,410	145,318	148,786	(2,470)
Lease financing	16,131			16,413	16,482	16,705	16,579	(282)
Total commercial	540,699			534,159	530,642	536,611	538,328	6,540
Residential mortgage	247,613			250,269	252,676	255,085	257,622	(2,656)
Credit card	54,608			56,542	55,046	53,756	52,035	(1,934)
Auto	41,482			42,367	42,815	44,280	46,202	(885)
Other consumer	29,440			29,408	28,532	28,175	28,597	32
Total consumer	373,143			378,586	379,069	381,296	384,456	(5,443)
Total loans	$	913,842		912,745	909,711	917,907	922,784	1,097
Average Loans
Commercial and industrial	$	381,702		372,848	370,911	371,514	375,593	8,854
Commercial real estate	135,271			139,111	143,187	146,750	150,083	(3,840)
Lease financing	16,182			16,301	16,529	16,519	16,363	(119)
Total commercial	533,155			528,260	530,627	534,783	542,039	4,895
Residential mortgage	248,739			251,256	253,667	256,189	259,053	(2,517)
Credit card	55,363			55,699	54,580	52,642	51,708	(336)
Auto	41,967			42,466	43,430	45,164	47,114	(499)
Other consumer	28,958			28,672	27,951	28,199	28,161	286
Total consumer	375,027			378,093	379,628	382,194	386,036	(3,066)
Total loans	$	908,182		906,353	910,255	916,977	928,075	1,829
Average Interest Rates
Commercial and industrial	6.34		%	6.73	7.16	7.22	7.18
Commercial real estate	6.19			6.52	6.90	6.93	6.94
Lease financing	5.78			5.77	5.68	5.47	5.34
Total commercial	6.28			6.65	7.05	7.08	7.06
Residential mortgage	3.68			3.68	3.67	3.65	3.61
Credit card	12.74			12.53	12.73	12.75	13.14
Auto	5.33			5.29	5.22	5.09	4.98
Other consumer	7.61			7.97	8.56	8.56	8.62
Total consumer	5.51			5.48	5.51	5.43	5.42
Total loans	5.96			6.16	6.41	6.40	6.38

All values are in US Dollars.

-17-

Wells Fargo & Company and Subsidiaries

NET LOAN CHARGE-OFFS

	Quarter ended
	Mar 31, 2025				Dec 31, 2024				Sep 30, 2024				Jun 30, 2024				Mar 31, 2024				Mar 31, 2025 Change from
($ in millions)	Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Dec 31,2024	Mar 31,<br>2024
By product:
Commercial and industrial	$	108	0.11	%	$	132	0.14	%	$	129	0.14	%	$	188	0.20	%	$	148	0.16	%		(40)
Commercial real estate	95		0.28		261		0.74		184		0.51		271		0.74		187		0.50		(166)	(92)
Lease financing	8		0.20		10		0.23		10		0.25		9		0.21		6		0.13		(2)	2
Total commercial	211		0.16		403		0.30		323		0.24		468		0.35		341		0.25		(192)	(130)
Residential mortgage	(15)		(0.02)		(14)		(0.02)		(23)		(0.04)		(19)		(0.03)		(13)		(0.02)		(1)	(2)
Credit card	650		4.76		628		4.49		601		4.38		649		4.96		577		4.48		22	73
Auto	64		0.62		82		0.77		83		0.76		79		0.70		112		0.96		(18)	(48)
Other consumer	99		1.39		112		1.56		127		1.82		124		1.77		132		1.88		(13)	(33)
Total consumer	798		0.86		808		0.85		788		0.83		833		0.88		808		0.84		(10)	(10)
Total net loan charge-offs	$	1,009	0.45	%	$	1,211	0.53	%	$	1,111	0.49	%	$	1,301	0.57	%	$	1,149	0.50	%		(140)
By segment:
Consumer Banking and Lending	$	877	1.12	%	$	887	1.10	%	$	871	1.07	%	$	907	1.12	%	$	881	1.07	%		(4)
Commercial Banking	41		0.07		111		0.20		50		0.09		94		0.17		75		0.13		(70)	(34)
Corporate and Investing Banking	97		0.14		214		0.31		196		0.28		303		0.44		188		0.27		(117)	(91)
Wealth and Investment Management	(6)		(0.03)		(1)		—		(5)		(0.02)		(2)		(0.01)		6		0.03		(5)	(12)
Corporate	—		—		—		—		(1)		(0.06)		(1)		(0.05)		(1)		(0.05)		—	1
Total net loan charge-offs	$	1,009	0.45	%	$	1,211	0.53	%	$	1,111	0.49	%	$	1,301	0.57	%	$	1,149	0.50	%		(140)

All values are in US Dollars.

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

-18-

Wells Fargo & Company and Subsidiaries

CHANGES IN ALLOWANCE FOR CREDIT LOSSES FOR LOANS

	Quarter ended							Mar 31, 2025 Change from
($ in millions)	Mar 31,<br>2025			Dec 31,<br>2024	Sep 30,<br>2024	Jun 30,<br>2024	Mar 31,<br>2024	Dec 31,2024
Balance, beginning of period	$	14,636		14,739	14,789	14,862	15,088	(103)
Provision for credit losses for loans	925			1,116	1,059	1,229	926	(191)
Net loan charge-offs:
Commercial and industrial	(108)			(132)	(129)	(188)	(148)	24
Commercial real estate	(95)			(261)	(184)	(271)	(187)	166
Lease financing	(8)			(10)	(10)	(9)	(6)	2
Total commercial	(211)			(403)	(323)	(468)	(341)	192
Residential mortgage	15			14	23	19	13	1
Credit card	(650)			(628)	(601)	(649)	(577)	(22)
Auto	(64)			(82)	(83)	(79)	(112)	18
Other consumer	(99)			(112)	(127)	(124)	(132)	13
Total consumer	(798)			(808)	(788)	(833)	(808)	10
Net loan charge-offs	(1,009)			(1,211)	(1,111)	(1,301)	(1,149)	202
Other	—			(8)	2	(1)	(3)	8
Balance, end of period	$	14,552		14,636	14,739	14,789	14,862	(84)
Components:
Allowance for loan losses	$	14,029		14,183	14,330	14,360	14,421	(154)
Allowance for unfunded credit commitments	523			453	409	429	441	70
Allowance for credit losses for loans	$	14,552		14,636	14,739	14,789	14,862	(84)
Ratio of allowance for loan losses to total net loan charge-offs (annualized)	3.43x			2.95	3.24	2.74	3.12
Allowance for loan losses as a percentage of:
Total loans	1.54		%	1.55	1.58	1.56	1.56
Nonaccrual loans	176			183	175	170	179
Allowance for credit losses for loans as a percentage of:
Total loans	1.59			1.60	1.62	1.61	1.61
Nonaccrual loans	182			189	180	175	184

All values are in US Dollars.

-19-

Wells Fargo & Company and Subsidiaries

ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES FOR LOANS

	Mar 31, 2025				Dec 31, 2024				Sep 30, 2024				Jun 30, 2024				Mar 31, 2024
($ 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	$	4,331	1.11	%	$	4,151	1.09	%	$	4,230	1.13	%	$	4,276	1.14	%	$	4,332	1.16	%
Commercial real estate	3,365		2.51		3,583		2.62		3,653		2.58		3,754		2.58		3,782		2.54
Lease financing	234		1.45		212		1.29		209		1.27		206		1.23		203		1.22
Total commercial	7,930		1.47		7,946		1.49		8,092		1.52		8,236		1.53		8,317		1.54
Residential mortgage (1)	542		0.22		541		0.22		542		0.21		521		0.20		596		0.23
Credit card	4,840		8.86		4,869		8.61		4,704		8.55		4,517		8.40		4,321		8.30
Auto	629		1.52		636		1.50		726		1.70		804		1.82		894		1.93
Other consumer	611		2.08		644		2.19		675		2.37		711		2.52		734		2.57
Total consumer	6,622		1.77		6,690		1.77		6,647		1.75		6,553		1.72		6,545		1.70
Total allowance for credit losses for loans	$	14,552	1.59	%	$	14,636	1.60	%	$	14,739	1.62	%	$	14,789	1.61	%	$	14,862	1.61	%
By segment:
Consumer Banking and Lending	$	7,332	2.32	%	$	7,470	2.32	%	$	7,445	2.31	%	$	7,386	2.27	%	$	7,361	2.24	%
Commercial Banking	2,509		1.10		2,364		1.06		2,443		1.09		2,408		1.06		2,472		1.09
Corporate and Investing Banking	4,444		1.58		4,551		1.63		4,573		1.67		4,738		1.72		4,758		1.73
Wealth and Investment Management	258		0.31		241		0.29		266		0.32		245		0.29		258		0.31
Corporate	9		0.20		10		0.20		12		0.19		12		0.16		13		0.15
Total allowance for credit losses for loans	$	14,552	1.59	%	$	14,636	1.60	%	$	14,739	1.62	%	$	14,789	1.61	%	$	14,862	1.61	%

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

-20-

Wells Fargo & Company and Subsidiaries

NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)

	Mar 31, 2025				Dec 31, 2024				Sep 30, 2024				Jun 30, 2024				Mar 31, 2024				Mar 31, 2025 Change from
($ in millions)	Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Dec 31,2024	Mar 31,<br>2024
By product:
Nonaccrual loans:
Commercial and industrial	$	969	0.25	%	$	763	0.20	%	$	743	0.20	%	$	754	0.20	%	$	750	0.20	%		219
Commercial real estate	3,836		2.86		3,771		2.76		4,115		2.91		4,321		2.97		3,913		2.63		65	(77)
Lease financing	78		0.48		84		0.51		94		0.57		86		0.51		76		0.46		(6)	2
Total commercial	4,883		0.90		4,618		0.86		4,952		0.93		5,161		0.96		4,739		0.88		265	144
Residential mortgage (1)	2,982		1.20		2,991		1.20		3,086		1.22		3,135		1.23		3,193		1.24		(9)	(211)
Auto	83		0.20		89		0.21		99		0.23		103		0.23		109		0.24		(6)	(26)
Other consumer	30		0.10		32		0.11		35		0.12		35		0.12		34		0.12		(2)	(4)
Total consumer	3,095		0.83		3,112		0.82		3,220		0.85		3,273		0.86		3,336		0.87		(17)	(241)
Total nonaccrual loans	7,978		0.87		7,730		0.85		8,172		0.90		8,434		0.92		8,075		0.88		248	(97)
Foreclosed assets	247				206				212				216				165				41	82
Total nonperforming assets	$	8,225	0.90	%	$	7,936	0.87	%	$	8,384	0.92	%	$	8,650	0.94	%	$	8,240	0.89	%		(15)
By segment:
Consumer Banking and Lending	$	3,011	0.95	%	$	3,029	0.94	%	$	3,144	0.97	%	$	3,194	0.98	%	$	3,240	0.99	%		(229)
Commercial Banking	1,536		0.67		1,173		0.53		1,120		0.50		980		0.43		932		0.41		363	604
Corporate and Investing Banking	3,442		1.23		3,508		1.26		3,912		1.43		4,265		1.55		3,831		1.39		(66)	(389)
Wealth and Investment Management	236		0.28		226		0.27		208		0.25		211		0.25		237		0.29		10	(1)
Corporate	—		—		—		—		—		—		—		—		—		—		—	—
Total nonperforming assets	$	8,225	0.90	%	$	7,936	0.87	%	$	8,384	0.92	%	$	8,650	0.94	%	$	8,240	0.89	%		(15)

All values are in US Dollars.

(1)Residential mortgage loans are not placed on nonaccrual status when they are insured or guaranteed by U.S. government agencies, such as the Federal Housing Administration or the Department of Veterans Affairs.

-21-

Wells Fargo & Company and Subsidiaries

COMMERCIAL AND INDUSTRIAL LOANS AND LEASE FINANCING BY INDUSTRY

	Mar 31, 2025							Dec 31, 2024							Mar 31, 2024
($ in millions)	Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans		Total commitments (1)		Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans		Total commitments (1)		Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans		Total commitments (1)
Financials except banks	$	16	162,485	18	%	$	260,237	$	24	156,831	17	%	$	255,576	$	40	140,105	15	%	$	230,518
Technology, telecom and media	68		23,259	3		60,552		106		23,590	3		61,813		95		25,021	3		63,450
Real estate and construction	95		25,411	3		54,272		92		24,839	3		52,741		64		25,800	3		54,633
Equipment, machinery and parts manufacturing	31		25,563	3		50,572		35		25,135	3		51,150		35		25,914	3		48,633
Retail	268		18,623	2		45,408		91		17,709	2		43,374		59		19,841	2		48,926
Materials and commodities	119		14,476	2		33,883		100		13,624	1		37,365		86		15,301	2		38,653
Food and beverage manufacturing	9		16,316	2		32,215		9		16,665	2		35,079		20		16,321	2		33,212
Auto related	7		16,505	2		31,013		8		16,507	2		30,537		11		15,669	2		29,298
Oil, gas and pipelines	3		10,950	1		30,638		3		10,503	1		30,486		30		10,125	1		32,316
Health care and pharmaceuticals	62		13,590	1		30,564		27		13,620	1		30,726		69		15,001	2		29,857
Commercial services	88		11,148	1		27,462		78		11,152	1		26,968		43		10,813	1		26,054
Diversified or miscellaneous	10		10,295	1		25,897		9		9,115	*		22,847		52		9,191	*		22,072
Utilities	1		7,030	*		25,221		—		6,641	*		24,735		1		7,020	*		24,515
Entertainment and recreation	42		13,786	2		24,967		53		12,672	1		19,691		20		13,830	1		19,837
Insurance and fiduciaries	1		5,456	*		16,832		2		4,368	*		15,753		1		5,230	*		16,482
Transportation services	149		9,418	1		16,563		154		9,560	1		16,477		133		8,956	*		15,901
Government and education	29		6,179	*		12,659		29		5,897	*		11,711		24		5,320	*		11,471
Agribusiness	36		6,013	*		10,665		13		6,349	*		11,225		17		6,476	*		11,927
Consumer services	13		3,150	*		7,499		14		3,121	*		7,165		26		3,208	*		7,388
Other	—		7,011	*		10,679		—		9,756	*		14,223		—		10,400	*		15,405
Total	$	1,047	406,664	44	%	$	807,798	$	847	397,654	44	%	$	799,642	$	826	389,542	42	%	$	780,548

*Less than 1%.

(1)Total commitments consists of loans outstanding plus unfunded credit commitments, excluding issued letters of credit and discretionary amounts where our approval or consent is required prior to any loan funding or commitment increase.

-22-

Wells Fargo & Company and Subsidiaries

COMMERCIAL REAL ESTATE LOANS BY PROPERTY TYPE (1)

	Mar 31, 2025							Dec 31, 2024							Mar 31, 2024
($ 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	$	352	39,537	4	%	$	43,808	$	85	39,758	4	%	$	44,783	$	46	42,680	5	%	$	50,220
Office	2,897		26,415	3		27,611		3,136		27,380	3		28,768		3,136		30,477	3		32,725
Industrial/warehouse	67		23,286	3		25,576		74		24,038	3		26,178		26		25,734	3		27,972
Hotel/motel	239		11,606	1		12,004		190		11,506	1		12,015		186		12,523	1		13,239
Retail (excluding shopping center)	145		11,296	1		11,915		161		11,345	1		11,951		264		11,480	1		12,220
Shopping center	97		7,969	*		8,404		93		8,113	*		8,571		177		8,661	*		9,263
Institutional	13		5,095	*		5,365		12		5,186	*		5,524		41		5,795	*		6,284
Mixed use properties	18		2,342	*		2,719		18		2,316	*		2,427		27		2,971	*		3,095
Mobile home park	8		2,194	*		2,331		—		2,273	*		2,376		—		2,122	*		2,297
Storage facility	—		1,828	*		2,050		—		2,088	*		2,240		—		2,744	*		2,964
Other	—		2,467	*		3,859		2		2,502	*		4,177		10		3,599	*		5,521
Total	$	3,836	134,035	15	%	$	145,642	$	3,771	136,505	15	%	$	149,010	$	3,913	148,786	16	%	$	165,800

*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.

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Wells Fargo & Company and Subsidiaries

NET INTEREST INCOME AND NET GAINS FROM TRADING ACTIVITIES (1)

	Quarter ended						Mar 31, 2025 <br>% Change from
($ in millions)	Mar 31,<br>2025		Dec 31,<br>2024	Sep 30,<br>2024	Jun 30,<br>2024	Mar 31,<br>2024	Dec 31,<br>2024		Mar 31,<br>2024
Interest income	$	1,521	1,476	1,453	1,369	1,243	3	%	22
Interest expense	293		270	211	212	181	9		62
Total net interest income	1,228		1,206	1,242	1,157	1,062	2		16
Net gains from trading activities	1,373		950	1,438	1,442	1,454	45		(6)
Total trading-related net interest and noninterest income	$	2,601	2,156	2,680	2,599	2,516	21		3

(1)Provides net interest income and noninterest income earned from trading assets and liabilities, which are measured at fair value through earnings.

-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.

							Mar 31, 2025 <br>% Change from
( in millions)	Mar 31,<br>2025		Dec 31,<br>2024	Sep 30,<br>2024	Jun 30,<br>2024	Mar 31,<br>2024	Dec 31,<br>2024		Mar 31,<br>2024
Tangible book value per common share:
Total equity	$	182,906	181,066	185,011	178,148	182,674	1	%	—
Adjustments:
Preferred stock	(18,608)		(18,608)	(18,608)	(16,608)	(18,608)	—		—
Additional paid-in capital on preferred stock	145		144	144	141	146	1		(1)
Noncontrolling interests	(1,816)		(1,946)	(1,746)	(1,718)	(1,731)	7		(5)
Total common stockholders' equity	162,627		160,656	164,801	159,963	162,481	1		—
Adjustments:
Goodwill	(25,066)		(25,167)	(25,173)	(25,172)	(25,173)	—		—
Certain identifiable intangible assets (other than MSRs)	(65)		(73)	(85)	(96)	(107)	11		39
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)	(674)		(735)	(772)	(968)	(965)	8		30
Applicable deferred taxes related to goodwill and other intangible assets (1)	954		947	940	933	927	1		3
Tangible common equity	$	137,776	135,628	139,711	134,660	137,163	2		—
Common shares outstanding	3,261.7		3,288.9	3,345.5	3,402.7	3,501.7	(1)		(7)
Book value per common share	$	49.86	48.85	49.26	47.01	46.40	2		7
Tangible book value per common share	42.24		41.24	41.76	39.57	39.17	2		8

All values are in US Dollars.

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

-25-

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

	Quarter ended
( in millions)	Mar 31,<br>2025			Dec 31,<br>2024	Sep 30,<br>2024	Jun 30,<br>2024	Mar 31,<br>2024	Dec 31,<br>2024		Mar 31,<br>2024
Return on average tangible common equity:
Net income applicable to common stock	$	4,616		4,801	4,852	4,640	4,313	(4)	%	7
Average total equity	183,358			182,933	184,368	181,552	186,669	—		(2)
Adjustments:
Preferred stock	(18,608)			(18,608)	(18,129)	(18,300)	(19,291)	—		4
Additional paid-in capital on preferred stock	145			144	143	145	155	1		(6)
Noncontrolling interests	(1,894)			(1,803)	(1,748)	(1,743)	(1,710)	(5)		(11)
Average common stockholders’ equity	163,001			162,666	164,634	161,654	165,823	—		(2)
Adjustments:
Goodwill	(25,135)			(25,170)	(25,172)	(25,172)	(25,174)	—		—
Certain identifiable intangible assets (other than MSRs)	(69)			(78)	(89)	(101)	(112)	12		38
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)	(734)			(772)	(965)	(965)	(879)	5		16
Applicable deferred taxes related to goodwill and other intangible assets (1)	952			945	938	931	924	1		3
Average tangible common equity	$	138,015		137,591	139,346	136,347	140,582	—		(2)
Return on average common stockholders’ equity (ROE) (annualized)	11.5		%	11.7	11.7	11.5	10.5
Return on average tangible common equity (ROTCE) (annualized)	13.6			13.9	13.9	13.7	12.3

All values are in US Dollars.

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Wells Fargo & Company and Subsidiaries

RISK-BASED CAPITAL RATIOS UNDER BASEL III (1)

	Estimated
( in billions)	Mar 31, 2025			Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024
Total equity	$	182.9		181.1	185.0	178.1	182.7
Adjustments:
Preferred stock	(18.6)			(18.6)	(18.6)	(16.6)	(18.6)
Additional paid-in capital on preferred stock	0.1			0.1	0.1	0.2	0.1
Noncontrolling interests	(1.8)			(1.9)	(1.7)	(1.7)	(1.7)
Total common stockholders' equity	162.6			160.7	164.8	160.0	162.5
Adjustments:
Goodwill	(25.1)			(25.2)	(25.2)	(25.2)	(25.2)
Certain identifiable intangible assets (other than MSRs)	(0.1)			(0.1)	(0.1)	(0.1)	(0.1)
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)	(0.7)			(0.7)	(0.8)	(1.0)	(1.0)
Applicable deferred taxes related to goodwill and other intangible assets (2)	1.0			0.9	0.9	0.9	0.9
Other	(2.1)			(1.0)	(1.3)	(0.4)	(0.4)
Common Equity Tier 1 under the Standardized and Advanced Approaches	135.6			134.6	138.3	134.2	136.7
Preferred stock	18.6			18.6	18.6	16.6	18.6
Additional paid-in capital on preferred stock	(0.1)			(0.1)	(0.1)	(0.2)	(0.1)
Other	(0.2)			(0.2)	(0.2)	(0.1)	(0.3)
Total Tier 1 capital under the Standardized and Advanced Approaches	153.9			152.9	156.6	150.5	154.9
Long-term debt and other instruments qualifying as Tier 2	17.6			17.6	17.7	18.3	19.0
Qualifying allowance for credit losses (3)	14.4			14.5	14.6	14.7	14.7
Other	(0.4)			(0.3)	(0.4)	(0.3)	(0.5)
Total Tier 2 capital under the Standardized Approach	31.6			31.8	31.9	32.7	33.2
Total qualifying capital under the Standardized Approach	$	185.5		184.7	188.5	183.2	188.1
Long-term debt and other instruments qualifying as Tier 2	17.6			17.6	17.7	18.3	19.0
Qualifying allowance for credit losses (3)	4.3			4.3	4.3	4.4	4.4
Other	(0.4)			(0.3)	(0.4)	(0.3)	(0.5)
Total Tier 2 capital under the Advanced Approach	21.5			21.6	21.6	22.4	22.9
Total qualifying capital under the Advanced Approach	$	175.4		174.5	178.2	172.9	177.8
Total risk-weighted assets (RWAs) under the Standardized Approach	$	1,223.4		1,216.1	1,219.9	1,219.5	1,221.6
Total RWAs under the Advanced Approach	$	1,065.0		1,085.0	1,089.3	1,093.0	1,099.6
Ratios under the Standardized Approach:
Common Equity Tier 1	11.1		%	11.1	11.3	11.0	11.2
Tier 1 capital	12.6			12.6	12.8	12.3	12.7
Total capital	15.2			15.2	15.5	15.0	15.4
Ratios under the Advanced Approach:
Common Equity Tier 1	12.7		%	12.4	12.7	12.3	12.4
Tier 1 capital	14.5			14.1	14.4	13.8	14.1
Total capital	16.5			16.1	16.4	15.8	16.2

All values are in US Dollars.

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

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

(3)Differences between the approaches are driven by the qualifying amounts of ACL includable in Tier 2 capital. Under the Advanced Approach, eligible credit reserves represented by the amount of qualifying ACL in excess of expected credit losses (using regulatory definitions) is limited to 0.60% of Advanced credit RWAs, whereas the Standardized Approach includes ACL in Tier 2 capital up to 1.25% of Standardized credit RWAs. Under both approaches, any excess ACL is deducted from the respective total RWAs.

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ex993-wellsfargo1q25pres

21Q25 Financial Results 1Q25 results Financial Results ROE: 11.5% ROTCE: 13.6%1 Efficiency ratio: 69%2 Credit Quality Capital and Liquidity CET1 ratio: 11.1%5 LCR: 125%6 TLAC ratio: 25.1%7 • Provision for credit losses4 of $932 million – Total net loan charge-offs of $1.0 billion, down $140 million, with net loan charge-offs of 0.45% of average loans (annualized) – Allowance for credit losses for loans of $14.6 billion, down 2% • Common Equity Tier 1 (CET1) capital5 of $135.6 billion • CET1 ratio5 of 11.1% under the Standardized Approach • Liquidity coverage ratio (LCR)6 of 125% • Net income of $4.9 billion, or $1.39 per diluted common share, included: • Revenue of $20.1 billion, down 3% – Net interest income of $11.5 billion, down 6% – Noninterest income of $8.7 billion, up slightly • Noninterest expense of $13.9 billion, down 3% • Pre-tax pre-provision profit3 of $6.3 billion, down 4% • Effective income tax rate of 9.6% and included $313 million of discrete tax benefits • Average loans of $908.2 billion, down 2% • Average deposits of $1.3 trillion, down slightly Comparisons in the bullet points are for 1Q25 versus 1Q24, unless otherwise noted. Endnotes are presented starting on page 17. ($ in millions, except EPS) Pre-tax Income EPS Discrete tax benefits related to the resolution of prior period matters $313 $0.09 Gain on the previously announced sale of the non-agency third party servicing segment of our commercial mortgage servicing business 263 0.06 Losses on debt securities related to a repositioning of the investment portfolio (149) (0.03)

31Q25 Financial Results 1Q25 earnings Quarter ended $ Change from $ in millions, except per share data 1Q25 4Q24 1Q24 4Q24 1Q24 Net interest income $11,495 11,836 12,227 ($341) (732) Noninterest income 8,654 8,542 8,636 112 18 Total revenue 20,149 20,378 20,863 (229) (714) Net charge-offs 1,009 1,188 1,157 (179) (148) Change in the allowance for credit losses (77) (93) (219) 16 142 Provision for credit losses1 932 1,095 938 (163) (6) Noninterest expense 13,891 13,900 14,338 (9) (447) Pre-tax income 5,326 5,383 5,587 (57) (261) Income tax expense 522 120 964 402 (442) Effective income tax rate (%) 9.6 % 2.3 17.3 733 bps (763) Net income $4,894 5,079 4,619 ($185) 275 Diluted earnings per common share $1.39 1.43 1.20 ($0.04) 0.19 Diluted average common shares (# mm) 3,321.6 3,360.7 3,600.1 (39) (279) Return on equity (ROE) 11.5 % 11.7 10.5 (26) bps 103 Return on average tangible common equity (ROTCE)2 13.6 13.9 12.3 (32) 122 Efficiency ratio 69 68 69 73 22 Endnotes are presented starting on page 17.

41Q25 Financial Results Net Interest Income ($ in millions) 12,227 11,923 11,690 11,836 11,495 Net Interest Margin (NIM) on a taxable-equivalent basis 1Q24 2Q24 3Q24 4Q24 1Q25 2.67% Net interest income • Net interest income down $732 million, or 6%, from 1Q24 driven by the impact of lower interest rates on floating rate assets, deposit mix and pricing changes, lower loan balances, and one fewer day in the quarter, partially offset by lower market funding • Net interest income down $341 million, or 3%, from 4Q24 driven by two fewer days in the quarter and the impact of lower interest rates on floating rate assets, partially offset by deposit pricing, lower market funding, and higher commercial loan balances 2.81% 2.75% 2.67% 2.70% 1 Endnotes are presented starting on page 17.

51Q25 Financial Results Loans and deposits • Average loans down 2% year-over-year (YoY) driven by declines in commercial real estate and residential mortgage loans; up $1.8 billion from 4Q24 driven by commercial & industrial loans • Total average loan yield of 5.96%, down 42 bps YoY and down 20 bps from 4Q24 reflecting the impact of lower interest rates • Period-end loans down $9.0 billion, or 1%, YoY and up $1.1 billion from 4Q24 • Average deposits down $2.3 billion YoY; down 1% from 4Q24 on a reduction in higher cost CDs issued by Corporate Treasury and declines in wholesale deposits, partially offset by higher consumer deposits • Period-end deposits down 2% YoY and down 1% from 4Q24 Average Loans Outstanding ($ in billions) 928.1 917.0 910.3 906.4 908.2 542.1 534.8 530.6 528.3 533.2 386.0 382.2 379.7 378.1 375.0 Total Average Loan Yield Consumer Loans Commercial Loans 1Q24 2Q24 3Q24 4Q24 1Q25 6.38% 6.40% 6.41% 6.16% 5.96% Period-End Deposits ($ in billions) 1Q25 vs 4Q24 vs 1Q24 Consumer Banking and Lending $798.8 2 % 1 % Commercial Banking 181.5 (4) 8 Corporate and Investment Banking 209.2 (2) 7 Wealth and Investment Management 124.6 (2) 22 Corporate 47.6 (20) (61) Total deposits $1,361.7 (1) % (2) % Average deposit cost 1.58 % (0.15) (0.16) 1,341.6 1,346.5 1,341.7 1,353.8 1,339.3 773.2 778.2 773.6 773.6 778.6 164.0 166.9 173.2 184.3 182.9 183.3 187.5 194.3 205.1 203.9 101.5 102.8 108.0 118.3 123.4 119.6 111.1 92.6 72.5 Corporate Wealth and Investment Management Corporate and Investment Banking Commercial Banking Consumer Banking and Lending 1Q24 2Q24 3Q24 4Q24 1Q25 Period-End Loans Outstanding ($ in billions) 1Q25 vs 4Q24 vs 1Q24 Commercial $540.7 1 % — % Consumer 373.1 (1) (3) Total loans $913.8 — % (1) % Average Deposits ($ in billions) 50.5

61Q25 Financial Results Noninterest Income ($ in millions) 8,636 8,766 8,676 8,542 8,654 940 935 686 957 655 1,061 1,101 1,096 1,084 1,044 627 641 672 725 775 1,454 1,442 1,438 950 1,373 1,597 1,618 1,675 1,625 1,633 2,957 3,029 3,109 3,201 3,174 Investment advisory fees and brokerage commissions Deposit and lending-related fees Net gains from trading activities Investment banking fees Card fees All other 1Q24 2Q24 3Q24 4Q24 1Q25 • Noninterest income stable with 1Q24 – Investment advisory fees and brokerage commissions1 up $217 million, or 7%, driven by higher asset-based fees reflecting higher market valuations – Net gains from trading activities down $81 million, or 6%, and included lower revenue from credit trading and mortgage trading, partially offset by higher commodities trading and FX revenue – Investment banking fees up $148 million, or 24%, on increased activity in debt capital markets – All other2 down $285 million and included: ◦ $361 million lower net equity gains (losses) driven by lower results from our venture capital investments ◦ $149 million of losses on debt securities related to a repositioning of the investment portfolio ◦ $263 million gain on sale of our commercial non-agency third party servicing business • Noninterest income up $112 million, or 1%, from 4Q24 – Net gains from trading activities up 45% reflecting higher customer activity across most asset classes, as well as seasonality; 4Q24 also included an $(85) million impact from the change to incorporate funding valuation adjustments (FVA) on derivatives – Investment banking fees up $50 million, or 7%, on increased activity in debt capital markets – All other2 down $302 million driven by lower results from our venture capital investments Noninterest income 2 1 Endnotes are presented starting on page 17.

71Q25 Financial Results 14,338 13,293 13,067 13,900 13,891 3,929 4,173 4,246 4,521 4,251 9,492 8,575 8,591 8,424 9,474 Operating Losses FDIC Special Assessment Personnel Expense Non-personnel Expense 1Q24 2Q24 3Q24 4Q24 1Q25 Noninterest expense • Noninterest expense down $447 million, or 3%, from 1Q24 – Operating losses down $490 million – FDIC special assessment2 down $261 million – Personnel expense down $18 million on the impact of efficiency initiatives, partially offset by higher revenue-related compensation expense and higher retirement-eligible employee stock compensation expense – Non-personnel expense up $322 million, or 8%, and included higher technology and equipment expense and occupancy expense, partially offset by the impact of efficiency initiatives • Noninterest expense stable with 4Q24 – Operating losses down $195 million – Personnel expense up $403 million on seasonal personnel expense and annual merit increases – Non-personnel expense down $270 million, or 6%, and included lower professional and outside services expense, advertising and promotion expense, and technology and equipment expense Noninterest Expense ($ in millions) Headcount (Period-end, '000s) 1Q24 2Q24 3Q24 4Q24 1Q25 225 223 220 218 215 338 293493 633 Endnotes are presented starting on page 17. (30)(63) 52 284 6471 1 143 23

81Q25 Financial Results 938 1,236 1,065 1,095 932 1,149 1,301 1,111 1,211 1,009 Provision for Credit Losses Net Loan Charge-offs Net Loan Charge-off Ratio 1Q24 2Q24 3Q24 4Q24 1Q25 Credit quality: net loan charge-offs • Commercial net loan charge-offs down $192 million to 16 bps of average loans (annualized) reflecting a $166 million decrease in commercial real estate (CRE) net loan charge-offs – CRE net loan charge-offs of $95 million, or 28 bps of average loans (annualized), predominantly driven by CRE office net loan charge-offs • Consumer net loan charge-offs down $10 million to 86 bps of average loans (annualized) on a decline in auto and other consumer net loan charge-offs, partially offset by an increase in credit card net loan charge-offs reflecting seasonality • Nonperforming assets of $8.2 billion, up $289 million, or 4%, primarily driven by a $206 million increase in commercial & industrial nonaccrual loans Provision for Credit Losses1 and Net Loan Charge-offs ($ in millions) Comparisons in the bullet points are for 1Q25 versus 4Q24. Endnotes are presented starting on page 17. 0.50% 0.57% 0.53%0.49% 1 0.45%

91Q25 Financial Results Credit quality: allowance for credit losses for loans Allowance for Credit Losses for Loans ($ in millions) • Allowance for credit losses (ACL) for loans down $84 million reflecting a lower allowance for commercial real estate loans on lower loan balances, partially offset by a higher allowance for commercial and industrial loans – Allowance coverage for total loans down 2 bps from 1Q24 and down 1 bp from 4Q24 • CRE office ACL of $2.1 billion, down $191 million – CRE office ACL as a % of loans of 7.9%, down from 8.3% ◦ Corporate and Investment Banking (CIB) CRE office ACL as a % of loans of 11.2%, down from 12.0% • CRE nonaccrual loans of $3.8 billion, up $65 million, or 2%, and included a $239 million decrease in CRE office nonaccrual loans 14,862 14,789 14,739 14,636 14,552 8,317 8,236 8,092 7,946 7,930 6,545 6,553 6,647 6,690 6,622 Commercial Consumer Allowance coverage for total loans 1Q24 2Q24 3Q24 4Q24 1Q25 1.61%1.61% 1.62% 1.60% 1.59% 1 CRE Allowance for Credit Losses (ACL) and Nonaccrual Loans, as of 3/31/25 ($ in millions) Allowance for Credit Losses Loans Outstanding ACL as a % of Loans Nonaccrual Loans CIB CRE Office $1,869 16,619 11.2% $2,730 All other CRE Office 225 9,796 2.3 167 Total CRE Office 2,094 26,415 7.9 2,897 All other CRE 1,271 107,620 1.2 939 Total CRE $3,365 134,035 2.5% $3,836 Comparisons in the bullet points are for 1Q25 versus 4Q24, unless otherwise noted.

101Q25 Financial Results Capital and liquidity Capital Position • Common Equity Tier 1 (CET1) ratio1 of 11.1% at March 31, 2025 • CET1 ratio down 10 bps from 1Q24 and stable with 4Q24 – An increase in accumulated other comprehensive income driven by lower interest rates had a 14 bps impact on the CET1 ratio versus 4Q24 Capital Return • $3.5 billion in gross common stock repurchases, or 44.5 million shares, in 1Q25; period-end common shares outstanding down 240.0 million, or 7%, from 1Q24 • 1Q25 common stock dividend of $0.40 per share with $1.3 billion in common stock dividends paid Total Loss Absorbing Capacity (TLAC) • As of March 31, 2025, our TLAC as a percentage of total risk-weighted assets3 was 25.1% compared with the required minimum of 21.5% Liquidity Position • Strong liquidity position with a 1Q25 LCR4 of 125% which remained above our regulatory minimum of 100% 11.2% 11.0% 11.3% 11.1% 11.1% 1Q24 2Q24 3Q24 4Q24 1Q25 Estimated 9.8% Regulatory Minimum and Buffers2 Common Equity Tier 1 Ratio under the Standardized Approach1 Endnotes are presented starting on page 17.

111Q25 Financial Results • Total revenue down 2% YoY and down 1% from 4Q24 – CSBB down 2% YoY driven by lower net interest income; down 1% from 4Q24 on lower net interest income and seasonally lower debit card fees – Credit Card up 2% YoY reflecting higher loan balances, partially offset by lower card fees – Auto down 21% YoY and down 10% from 4Q24 driven by lower loan balances and loan spread compression – Personal Lending down 10% YoY driven by lower loan balances • Noninterest expense down 2% YoY reflecting lower operating losses and the impact of efficiency initiatives, partially offset by higher branch personnel expense and occupancy expense, reflecting investments in our branch network Consumer Banking and Lending (CBL) Summary Financials $ in millions (mm) 1Q25 vs. 4Q24 vs. 1Q24 Revenue by line of business: Consumer, Small and Business Banking (CSBB) $5,981 ($86) (111) Consumer Lending: Home Lending 866 12 2 Credit Card 1,524 35 28 Auto 237 (26) (63) Personal Lending 305 (2) (34) Total revenue 8,913 (67) (178) Provision for credit losses 739 (172) (49) Noninterest expense 5,928 3 (96) Pre-tax income 2,246 102 (33) Net income $1,689 $87 (17) Selected Metrics and Average Balances $ in billions 1Q25 4Q24 1Q24 Return on allocated capital1 14.5 % 13.4 14.5 Efficiency ratio2 67 66 66 Average loans $318.1 321.4 329.7 Average deposits 778.6 773.6 773.2 Retail bank branches (#, period-end) 4,155 4,177 4,247 Mobile active customers3 (# in mm, period-end) 31.8 31.4 30.5 Other Selected Metrics $ in billions 1Q25 4Q24 1Q24 Debit card purchase volume4 $126.0 131.0 121.5 Average Home Lending loans 205.5 207.8 214.3 Mortgage loan originations 4.4 5.9 3.5 Average Credit Card loans 50.1 50.2 46.4 Credit Card purchase volume4 42.5 45.1 39.1 Credit Card new accounts (# in thousands) 554 486 651 Average Auto loans $42.5 43.0 47.6 Auto loan originations 4.6 5.0 4.1 Endnotes are presented starting on page 17.

121Q25 Financial Results Commercial Banking (CB) • Total revenue down 7% YoY and down 8% from 4Q24 – Net interest income down 13% YoY driven by the impact of lower interest rates, partially offset by lower deposit pricing and higher deposit balances; down 12% from 4Q24 driven by the impact of lower interest rates, partially offset by lower deposit pricing – Noninterest income up 8% YoY on higher treasury management fees, higher revenue from tax credit investments, and an increase in investment banking fees, partially offset by lower results from equity investments • Noninterest expense down 1% YoY; up 10% from 4Q24 driven by seasonal personnel expenses and higher operating costs Summary Financials $ in millions 1Q25 vs. 4Q24 vs. 1Q24 Earnings Net interest income $1,977 ($271) (301) Noninterest income 948 25 74 Total revenue 2,925 (246) (227) Provision for credit losses 187 154 44 Noninterest expense 1,670 145 (9) Pre-tax income 1,068 (545) (262) Net income $794 ($409) (192) Selected Metrics 1Q25 4Q24 1Q24 Return on allocated capital 11.4 % 17.4 14.3 Efficiency ratio 57 48 53 Average balances ($ in billions) Loans $223.8 221.8 223.9 Deposits 182.9 184.3 164.0

131Q25 Financial Results Corporate and Investment Banking (CIB) • Total revenue up 2% YoY and up 10% from 4Q24 – Banking revenue down 4% YoY driven by the impact of lower interest rates, partially offset by lower deposit pricing and higher investment banking revenue on increased activity in debt capital markets – Commercial Real Estate revenue up 14% from 4Q24 driven by the $263 million gain on sale of our non-agency third party servicing business, as well as higher revenue in our low-income housing business and increased capital markets activity, partially offset by the impact of lower loan balances and interest rates – Markets revenue up 22% from 4Q24 reflecting seasonality and higher trading activity across most asset classes • Noninterest expense up 6% YoY driven by higher operating costs and incentive compensation expense, partially offset by the impact of efficiency initiatives; up 8% from 4Q24 driven by seasonal personnel expense Summary Financials $ in millions 1Q25 vs. 4Q24 vs. 1Q24 Revenue by line of business: Banking: Lending $618 ($73) (63) Treasury Management and Payments 618 (26) (68) Investment Banking 534 43 60 Total Banking 1,770 (56) (71) Commercial Real Estate 1,449 175 226 Markets: Fixed Income, Currencies and Commodities (FICC) 1,382 203 23 Equities 448 63 (2) Credit Adjustment (CVA/DVA/FVA) and Other (3) 68 (22) Total Markets 1,827 334 (1) Other 18 (2) (72) Total revenue 5,064 451 82 Provision for credit losses — (205) (5) Noninterest expense 2,476 176 146 Pre-tax income 2,588 480 (59) Net income $1,941 $361 (40) Selected Metrics 1Q25 4Q24 1Q24 Return on allocated capital 17.0 % 13.4 17.2 Efficiency ratio 49 50 47 Average Balances ($ in billions) Loans by line of business 1Q25 4Q24 1Q24 Banking $86.5 85.7 90.9 Commercial Real Estate 117.4 119.4 131.7 Markets 73.4 68.8 60.6 Total loans $277.3 273.9 283.2 Deposits 203.9 205.1 183.3 Trading-related assets 268.3 252.7 201.2

141Q25 Financial Results Wealth and Investment Management (WIM) Summary Financials $ in millions 1Q25 vs. 4Q24 vs. 1Q24 Net interest income $826 ($30) (43) Noninterest income 3,048 (54) 175 Total revenue 3,874 (84) 132 Provision for credit losses 11 38 8 Noninterest expense 3,360 53 130 Pre-tax income 503 (175) (6) Net income $392 ($116) 11 Selected Metrics $ in billions 1Q25 4Q24 1Q24 Return on allocated capital 23.6 % 30.2 22.7 Efficiency ratio 87 84 86 Average loans $84.3 83.6 82.5 Average deposits 123.4 118.3 101.5 Client assets Advisory assets 980 998 939 Other brokerage assets and deposits 1,253 1,295 1,247 Total client assets $2,233 2,293 2,186 • Total revenue up 4% YoY and down 2% from 4Q24 – Net interest income down 5% YoY driven by higher deposit costs, partially offset by higher deposit and loan balances; down 4% from 4Q24 driven by the impact of lower interest rates – Noninterest income up 6% YoY on higher asset-based fees driven by an increase in market valuations; down 2% from 4Q24 largely due to lower asset-based fees • Noninterest expense up 4% YoY on higher revenue-related compensation, partially offset by the impact of efficiency initiatives; up 2% from 4Q24 driven by seasonal personnel expense

151Q25 Financial Results Corporate • Revenue decreased YoY reflecting lower results from our venture capital investments and higher net losses on debt securities related to a repositioning of the investment portfolio • Noninterest expense down YoY reflecting lower FDIC assessments, as 1Q24 included a $284 million FDIC special assessment, and lower operating losses Summary Financials $ in millions 1Q25 vs. 4Q24 vs. 1Q24 Net interest income $36 $300 4 Noninterest income (213) (581) (504) Total revenue (177) (281) (500) Provision for credit losses (5) 22 (4) Noninterest expense 457 (386) (618) Pre-tax loss (629) 83 122 Income tax benefit (615) 465 (298) Less: Net loss from noncontrolling interests (92) (274) (93) Net income $78 ($108) 513

161Q25 Financial Results Outlook Expect 2025 net interest income to be ~1% to 3% higher than in 2024, unchanged from prior guidance • 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 Net Interest Income Noninterest Expense Expect 2025 noninterest expense to be ~$54.2 billion, unchanged from prior guidance

171Q25 Financial Results Endnotes Page 2 – 1Q25 results 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 19. 2. The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income). 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 20 for additional information regarding CET1 capital and ratios. CET1 for March 31, 2025, 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 for March 31, 2025, 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 for March 31, 2025, is a preliminary estimate. Page 3 – 1Q25 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 (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 19. Page 4 – Net interest income 1. Includes taxable-equivalent adjustments predominantly related to tax-exempt income on certain loans and securities. Page 6 – Noninterest income 1. Investment advisory fees and brokerage commissions includes investment advisory and other asset-based fees and commissions and brokerage services fees. 2. All other includes mortgage banking, net losses from debt securities, net gains (losses) from equity securities, lease income, and other. Page 7 – Noninterest expense 1. 4Q24 total personnel expense of $9.1 billion included $647 million of severance expense. 2. Federal Deposit Insurance Corporation (FDIC) special assessment expense reflects updates provided by the FDIC on losses to the deposit insurance fund.

181Q25 Financial Results Page 8 – Credit quality: net loan charge-offs 1. Includes provision for credit losses for loans, debt securities, and other financial assets. Page 10 – Capital and liquidity 1. The Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach is our binding CET1 ratio. See page 20 for additional information regarding CET1 capital and ratios. 1Q25 CET1 is a preliminary estimate. 2. Includes a 4.50% minimum requirement, a stress capital buffer of 3.80%, 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. 1Q25 LCR is a preliminary estimate. Page 11 – 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. 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. 4. Reflects combined activity for consumer and small business customers. Endnotes (continued)

191Q25 Financial Results Tangible Common Equity Wells Fargo & Company and Subsidiaries TANGIBLE COMMON EQUITY We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than MSRs) and goodwill and other intangibles on investments in consolidated portfolio companies, net of applicable deferred taxes. One of these ratios is return on average tangible common equity (ROTCE), which represents our annualized earnings as a percentage of tangible common equity. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity, which utilizes tangible common equity, is a useful financial measure because it enables management, investors, and others to assess the Company’s use of equity. The table below provides a reconciliation of this non-GAAP financial measure to GAAP financial measures. Quarter ended ($ in millions) Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Return on average tangible common equity: Net income applicable to common stock (A) $4,616 4,801 4,852 4,640 4,313 Average total equity 183,358 182,933 184,368 181,552 186,669 Adjustments: Preferred stock (18,608) (18,608) (18,129) (18,300) (19,291) Additional paid-in capital on preferred stock 145 144 143 145 155 Noncontrolling interests (1,894) (1,803) (1,748) (1,743) (1,710) Average common stockholders’ equity (B) 163,001 162,666 164,634 161,654 165,823 Adjustments: Goodwill (25,135) (25,170) (25,172) (25,172) (25,174) Certain identifiable intangible assets (other than MSRs) (69) (78) (89) (101) (112) Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (734) (772) (965) (965) (879) Applicable deferred taxes related to goodwill and other intangible assets1 952 945 938 931 924 Average tangible common equity (C) $138,015 137,591 139,346 136,347 140,582 Return on average common stockholders’ equity (ROE) (annualized) (A)/(B) 11.5 % 11.7 11.7 11.5 10.5 Return on average tangible common equity (ROTCE) (annualized) (A)/(C) 13.6 13.9 13.9 13.7 12.3 1. Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.

201Q25 Financial Results 1. The Basel III capital rules provide for two capital frameworks (the Standardized Approach and the Advanced Approach applicable to certain institutions), and we must calculate our CET1, Tier 1 and total capital ratios under both approaches. 2. Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end. Common Equity Tier 1 under Basel III Wells Fargo & Company and Subsidiaries RISK-BASED CAPITAL RATIOS UNDER BASEL III1 Estimated ($ in billions) Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Total equity $182.9 181.1 185.0 178.1 182.7 Adjustments: Preferred stock (18.6) (18.6) (18.6) (16.6) (18.6) Additional paid-in capital on preferred stock 0.1 0.1 0.1 0.2 0.1 Noncontrolling interests (1.8) (1.9) (1.7) (1.7) (1.7) Total common stockholders' equity 162.6 160.7 164.8 160.0 162.5 Adjustments: Goodwill (25.1) (25.2) (25.2) (25.2) (25.2) Certain identifiable intangible assets (other than MSRs) (0.1) (0.1) (0.1) (0.1) (0.1) Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (0.7) (0.7) (0.8) (1.0) (1.0) Applicable deferred taxes related to goodwill and other intangible assets2 1.0 0.9 0.9 0.9 0.9 Other (2.1) (1.0) (1.3) (0.4) (0.4) Common Equity Tier 1 (A) $135.6 134.6 138.3 134.2 136.7 Total risk-weighted assets (RWAs) under the Standardized Approach (B) 1,223.4 1,216.1 1,219.9 1,219.5 1,221.6 Total RWAs under the Advanced Approach (C) 1,065.0 1,085.0 1,089.3 1,093.0 1,099.6 Common Equity Tier 1 to total RWAs under the Standardized Approach (A)/(B) 11.1 % 11.1 11.3 11.0 11.2 Common Equity Tier 1 to total RWAs under the Advanced Approach (A)/(C) 12.7 12.4 12.7 12.3 12.4

211Q25 Financial Results Disclaimer and forward-looking statements Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, 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 or any of its businesses, 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) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (viii) future common stock dividends, common share repurchases and other uses of capital; (ix) our targeted range for return on assets, return on equity, and return on tangible common equity; (x) expectations regarding our effective income tax rate; (xi) the outcome of contingencies, such as legal actions; (xii) environmental, social and governance related goals or commitments; and (xiii) 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 may 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 additional information about factors that could cause actual results to differ materially from our expectations, refer to the “Forward-Looking Statements” discussion in Wells Fargo’s press release announcing our first quarter 2025 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, 2024.