UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (date of earliest event reported): January 13, 2023

WELLS FARGO & COMPANY

(Exact name of registrant as specified in its charter)

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

420 Montgomery Street, San Francisco, California 94104

(Address of principal executive offices) (Zip Code)

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On January 13, 2023, Wells Fargo & Company (the “Company”) issued a news release regarding its results of operations and financial condition for the quarter ended December 31, 2022, and posted on its website its 4Q22 Quarterly Supplement, which contains certain additional information about the Company’s financial results for the quarter ended December 31, 2022. The news release is included as Exhibit 99.1 and the 4Q22 Quarterly Supplement is included as Exhibit 99.2 to this report, and each is incorporated by reference into this Item 2.02. The information included in Exhibit 99.1 and Exhibit 99.2 is considered to be “filed” for purposes of Section 18 under the Securities Exchange Act of 1934.

Item 7.01 Regulation FD Disclosure.

On January 13, 2023, the Company intends to host a live conference call that will also be available by webcast to discuss the Company’s fourth quarter 2022 financial results and other matters relating to the Company. In connection therewith, the Company has posted on its website presentation materials containing certain historical and forward-looking information relating to the Company. The presentation materials are included as Exhibit 99.3 to this report and are incorporated by reference into this Item 7.01. Except for the “2023 net interest income considerations” portion on page 17 of the presentation materials, which portion shall be considered “filed,” the rest of Exhibit 99.3 shall not be considered “filed” for purposes of Section 18 under the Securities Exchange Act of 1934 and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description	Location
99.1	News Release dated January 13, 2023	Filed herewith
99.2	4Q22 Quarterly Supplement	Filed herewith
99.3	Presentation Materials – 4Q22 Financial Results	Furnished herewith, except for<br><br>the “2023 net interest income<br><br>considerations” portion on<br><br>page 17, which portion is<br><br>deemed filed herewith
104	Cover Page Interactive Data File	Embedded within the Inline XBRL document

SIGNATURE

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

Dated:	January 13, 2023	WELLS FARGO & COMPANY
		By:	/s/ MUNEERA S. CARR
			Muneera S. Carr
			Executive Vice President,<br><br>Chief Accounting Officer and Controller

Document

Exhibit 99.1

News Release	January 13, 2023<br><br>Wells Fargo Reports Fourth Quarter 2022<br><br>Net Income of $2.9 billion<br><br>Diluted EPS of $0.67 included a previously disclosed ($0.70) per share impact from litigation, regulatory, and customer remediation matters
Company-wide Financial Summary
---	---	---	---	---
	Quarter ended
	Dec 31,<br>2022			Dec 31,<br>2021
Selected Income Statement Data( in millions except per share amounts)
	$	19,660		20,856
	16,202			13,198
	957			(452)
	2,864			5,750
	0.67			1.38
Selected Balance Sheet Data( in billions)
	$	948.5		875.0
	1,380.5			1,470.0
	10.6		%	11.4
Performance Metrics
	6.4		%	12.8
	7.6			15.3

All values are in US Dollars.

Operating Segments
	Quarter ended		Dec 31, 2022 <br>% Change from
($ in billions)	Dec 31,<br>2022			Sep 30,<br>2022		Dec 31,<br>2021
Average loans
Consumer Banking and Lending	$	338.0		1	%	4
Commercial Banking	218.4			5		18
Corporate and Investment Banking	298.3			(3)		10
Wealth and Investment Management	84.8			(1)		1
Average deposits
Consumer Banking and Lending	864.6			(3)		—
Commercial Banking	175.4			(3)		(16)
Corporate and Investment Banking	156.2			—		(14)
Wealth and Investment Management	142.2			(10)		(21)
Fourth quarter 2022 results included:
---

◦($3.3) billion, or ($0.70) per share, of operating losses primarily related to a variety of previously disclosed historical matters, including litigation, regulatory, and customer remediation matters

◦($1.0) billion impairment of equity securities (($749) million, or ($0.15) per share, net of noncontrolling interests) predominantly in our affiliated venture capital business

◦($353) million, or ($0.07) per share, of severance expense primarily in Home Lending

◦$510 million, or $0.13 per share, of discrete tax benefits

Chief Executive Officer Charlie Scharf commented, “Though the quarter was significantly impacted by previously disclosed operating losses, our underlying performance reflected the progress we are making to improve returns. Rising interest rates drove strong net interest income growth, credit losses have continued to increase slowly but credit quality remained strong, and we continue to make progress on our efficiency initiatives.” “The operating losses incurred in the fourth quarter reflect an important milestone in our work to resolve historical issues. Our broad-reaching agreement with the CFPB in December helps resolve multiple matters, the majority of which have been outstanding for several years. Over the past three years we have made significant changes to address the matters referenced in the settlement and many of the required actions were already substantially complete prior to this announcement. While our risk and regulatory work hasn’t always followed a straight line and we have more to do, we have made significant progress, and are moving forward,” Scharf added. “We continue to invest in the future. This past year we enhanced our digital and mobile capabilities to better serve our customers and launched innovative products and solutions, including a new small dollar product – Flex Loan, two new credit cards, and a new digital banking platform for our commercial clients. We have also made significant changes that helped millions of customers avoid overdraft fees,” Scharf continued. “Our customers have remained resilient with deposit balances, consumer spending, and credit quality still stronger than pre-pandemic levels. As we look forward, we are carefully watching the impact of higher rates on our customers and expect to see deposit balances and credit quality continue to return toward pre-pandemic levels. We continue to prioritize building an appropriate risk and control infrastructure and I am optimistic about our future as we continue to advance our efficiency initiatives, invest to better serve our customers and grow our business,” Scharf concluded.

1 Represents our Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach, which is our binding CET1 ratio. See tables on pages 27-28 of the 4Q22 Quarterly Supplement for more information on CET1. CET1 for December 31, 2022, is a preliminary estimate.

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

3 Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 25-26 of the 4Q22 Quarterly Supplement.

Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Annual Report on Form 10-K for the year ended December 31, 2022, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.

Selected Company-wide Financial Information

				Quarter ended		Dec 31, 2022 <br>% Change from			Year ended
	Dec 31,<br>2022			Sep 30,<br>2022	Dec 31,<br>2021	Sep 30,<br>2022		Dec 31,<br>2021	Dec 31,<br>2022			Dec 31,<br>2021
Earnings ( in millions except per share amounts)
	$	13,433		12,098	9,262	11	%	45	$	44,950		35,779
	6,227			7,407	11,594	(16)		(46)	28,835			42,713
	19,660			19,505	20,856	1		(6)	73,785			78,492
	560			399	423	40		32	1,609			1,582
	397			385	(875)	3		145	(75)			(5,737)
	957			784	(452)	22		312	1,534			(4,155)
	16,202			14,327	13,198	13		23	57,282			53,831
	(127)			894	1,711	NM		NM	2,087			5,578
	$	2,864		3,528	5,750	(19)		(50)	$	13,182		21,548
	0.67			0.85	1.38	(21)		(51)	3.14			4.95
Balance Sheet Data (average) ( in billions)
	$	948.5		945.5	875.0	—		8	$	929.8		864.3
	1,380.5			1,407.9	1,470.0	(2)		(6)	1,424.3			1,437.8
	1,875.2			1,880.7	1,943.4	—		(4)	1,894.3			1,941.9
Financial Ratios
	0.61		%	0.74	1.17				0.70		%	1.11
	6.4			8.0	12.8				7.5			12.0
	7.6			9.6	15.3				9.0			14.3
	82			73	63				78			69
	3.14			2.83	2.11				2.63			2.05

All values are in US Dollars.

NM – Not meaningful

(a)Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 25-26 of the 4Q22 Quarterly Supplement.

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

Fourth Quarter 2022 vs. Fourth Quarter 2021

◦Net interest income increased 45%, primarily due to the impact of higher interest rates, higher loan balances, and lower mortgage-backed securities premium amortization

◦Noninterest income decreased 46%, driven by lower results in our affiliated venture capital and private equity businesses; the impact of business divestitures, including net gains from sales in fourth quarter 2021; a decline in mortgage banking income on lower originations and gain on sale margins, as well as lower gains from the resecuritization of loans purchased from securitization pools; lower asset-based fees in Wealth and Investment Management on lower market valuations; and lower investment banking and deposit-related fees. These decreases were partially offset by improved results in our Markets business

◦Noninterest expense increased 23% driven by higher operating losses primarily related to a variety of previously disclosed historical matters, including litigation, regulatory, and customer remediation matters, and higher severance expense, partially offset by lower revenue-related compensation and the impact of efficiency initiatives

◦Provision for credit losses in fourth quarter 2022 included a $397 million increase in the allowance for credit losses primarily reflecting loan growth, as well as a less favorable economic environment

◦Income tax benefit in fourth quarter 2022 included $510 million of discrete tax benefits related to interest on overpayments in prior years

-2-

Selected Company-wide Capital and Liquidity Information

				Quarter ended
( in billions)	Dec 31,<br>2022			Sep 30,<br>2022	Dec 31,<br>2021
Capital:
	$	181.9		178.4	190.1
	160.6			156.9	168.3
	133.8			130.1	141.3
	10.6		%	10.3	11.4
	23.3			23.0	23.0
	6.9			6.7	6.9
Liquidity:
	122			123	118

All values are in US Dollars.

(b)Represents our CET1 ratio calculated under the Standardized Approach, which is our binding CET1 ratio. See tables on pages 27-28 of the 4Q22 Quarterly Supplement for more information on CET1. CET1 for December 31, 2022, is a preliminary estimate.

(c)Represents TLAC divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC for December 31, 2022, is a preliminary estimate.

(d)SLR for December 31, 2022, is a preliminary estimate.

(e)Represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. LCR for December 31, 2022, is a preliminary estimate.

Selected Company-wide Credit Information

				Quarter ended
( in millions)	Dec 31,<br>2022			Sep 30,<br>2022	Dec 31,<br>2021
Net charge-offs	$	560		399	423
	0.23		%	0.17	0.19
Total nonaccrual loans	$	5,626		5,587	7,212
	0.59		%	0.59	0.81
Total nonperforming assets	$	5,763		5,712	7,324
	0.60		%	0.60	0.82
Allowance for credit losses for loans	$	13,609		13,225	13,788
	1.42		%	1.40	1.54

All values are in US Dollars.

Fourth Quarter 2022 vs. Third Quarter 2022

◦Commercial net loan charge-offs as a percentage of average loans were 0.06% (annualized), while the consumer net loan charge-off rate increased to 0.48% (annualized), up from 0.40%, primarily due to higher net loan charge-offs in the credit card portfolio

◦Nonperforming assets increased 1%. Nonaccrual loans increased $39 million driven by higher commercial real estate nonaccrual loans, partially offset by lower residential mortgage nonaccrual loans

-3-

Operating Segment Performance

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

Selected Financial Information

			Quarter ended				Dec 31, 2022 <br>% Change from
			Dec 31,<br>2022		Sep 30,<br>2022	Dec 31,<br>2021	Sep 30,<br>2022		Dec 31,<br>2021
Earnings (in millions)
	Consumer and Small Business Banking		$	6,608	6,232	4,872	6	%	36
	Consumer Lending:
		Home Lending	786		973	1,843	(19)		(57)
		Credit Card	1,353		1,349	1,271	—		6
		Auto	413		423	470	(2)		(12)
		Personal Lending	303		300	277	1		9
	Total revenue		9,463		9,277	8,733	2		8
	Provision for credit losses		936		917	126	2		643
	Noninterest expense		7,088		6,758	6,126	5		16
	Net income		$	1,077	1,201	1,862	(10)		(42)
Average balances (in billions)
	Loans		$	338.0	335.6	325.4	1		4
	Deposits		864.6		888.0	864.4	(3)		—

Fourth Quarter 2022 vs. Fourth Quarter 2021

◦Revenue increased 8%

▪Consumer and Small Business Banking was up 36% driven by the impact of higher interest rates, partially offset by lower deposit-related fees reflecting the elimination of non-sufficient funds fees and other efforts to help customers avoid overdraft fees

▪Home Lending was down 57% on lower mortgage banking income driven by lower originations and gain on sale margins, as well as lower revenue from the resecuritization of loans purchased from securitization pools

▪Credit Card was up 6% driven by higher loan balances, including the impact of higher point of sale volume and new product launches

▪Auto was down 12% driven by loan spread compression and lower loan balances

▪Personal Lending was up 9% on higher loan balances, partially offset by loan spread compression

◦Noninterest expense increased 16% reflecting higher operating losses, severance expense, and operating costs, partially offset by lower revenue-related compensation in Home Lending due to lower production, and the impact of efficiency initiatives

-4-

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

Selected Financial Information

		Quarter ended				Dec 31, 2022 <br>% Change from
		Dec 31,<br>2022		Sep 30,<br>2022	Dec 31,<br>2021	Sep 30,<br>2022		Dec 31,<br>2021
Earnings (in millions)
	Middle Market Banking	$	2,076	1,793	1,167	16	%	78
	Asset-Based Lending and Leasing	1,073		1,159	1,117	(7)		(4)
	Total revenue	3,149		2,952	2,284	7		38
	Provision for credit losses	(43)		(168)	(384)	74		89
	Noninterest expense	1,523		1,526	1,393	—		9
	Net income	$	1,238	1,182	954	5		30
Average balances (in billions)
	Loans	$	218.4	209.0	184.6	5		18
	Deposits	175.4		180.2	207.7	(3)		(16)

Fourth Quarter 2022 vs. Fourth Quarter 2021

◦Revenue increased 38%

▪Middle Market Banking was up 78% primarily due to the impact of higher interest rates and higher loan balances, partially offset by lower deposit balances and lower deposit-related fees driven by the impact of higher earnings credit rates, which result in lower fees for commercial customers

▪Asset-Based Lending and Leasing was down 4% driven by lower net gains from equity securities, partially offset by loan growth

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

-5-

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

Selected Financial Information

			Quarter ended				Dec 31, 2022 <br>% Change from
			Dec 31,<br>2022		Sep 30,<br>2022	Dec 31,<br>2021	Sep 30,<br>2022		Dec 31,<br>2021
Earnings (in millions)
	Banking:
		Lending	$	593	580	519	2	%	14
		Treasury Management and Payments	738		670	373	10		98
		Investment Banking	317		336	464	(6)		(32)
	Total Banking		1,648		1,586	1,356	4		22
	Commercial Real Estate		1,267		1,212	1,095	5		16
	Markets:
		Fixed Income, Currencies, and Commodities (FICC)	935		914	794	2		18
		Equities	279		316	205	(12)		36
		Credit Adjustment (CVA/DVA) and Other	(35)		17	13	NM		NM
	Total Markets		1,179		1,247	1,012	(5)		17
	Other		45		15	49	200		(8)
	Total revenue		4,139		4,060	3,512	2		18
	Provision for credit losses		41		32	(194)	28		121
	Noninterest expense		1,837		1,900	1,765	(3)		4
	Net income		$	1,692	1,592	1,454	6		16
Average balances (in billions)
	Loans		$	298.3	306.2	272.0	(3)		10
	Deposits		156.2		156.8	182.1	—		(14)

NM – Not meaningful

Fourth Quarter 2022 vs. Fourth Quarter 2021

◦Revenue increased 18%

▪Banking was up 22% driven by stronger treasury management results reflecting the impact of higher interest rates and improved lending results on higher loan balances, partially offset by lower investment banking fees reflecting lower market activity

▪Commercial Real Estate was up 16% reflecting higher loan balances and the impact of higher interest rates

▪Markets was up 17% due to higher trading revenue in equities, rates and commodities, foreign exchange, and municipal products

◦Noninterest expense increased 4% driven by higher operating costs and salaries expense, partially offset by the impact of efficiency initiatives

-6-

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

Selected Financial Information

		Quarter ended				Dec 31, 2022 <br>% Change from
		Dec 31,<br>2022		Sep 30,<br>2022	Dec 31,<br>2021	Sep 30,<br>2022		Dec 31,<br>2021
Earnings (in millions)
	Net interest income	$	1,124	1,088	666	3	%	69
	Noninterest income	2,571		2,577	2,982	—		(14)
	Total revenue	3,695		3,665	3,648	1		1
	Provision for credit losses	11		8	(3)	38		467
	Noninterest expense	2,731		2,796	2,898	(2)		(6)
	Net income	$	715	639	564	12		27
Total client assets (in billions)		1,861		1,759	2,183	6		(15)
Average balances (in billions)
	Loans	$	84.8	85.5	84.0	(1)		1
	Deposits	142.2		158.4	180.9	(10)		(21)

Fourth Quarter 2022 vs. Fourth Quarter 2021

◦Revenue increased 1%

▪Net interest income was up 69% due to the impact of higher interest rates, partially offset by lower deposit balances as customers continued to reallocate cash into higher yielding alternatives

▪Noninterest income was down 14% on lower asset-based fees driven by a decrease in market valuations

◦Noninterest expense decreased 6% driven by lower revenue-related compensation and the impact of efficiency initiatives

-7-

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

Selected Financial Information

		Quarter ended				Dec 31, 2022 <br>% Change from
		Dec 31,<br>2022		Sep 30,<br>2022	Dec 31,<br>2021	Sep 30,<br>2022		Dec 31,<br>2021
Earnings (in millions)
	Net interest income	$	78	(248)	(420)	131	%	119
	Noninterest income	(367)		284	3,540	NM		NM
	Total revenue	(289)		36	3,120	NM		NM
	Provision for credit losses	12		(5)	3	340		300
	Noninterest expense	3,023		1,347	1,016	124		198
	Net income (loss)	$	(1,858)	(1,086)	916	(71)		NM

NM – Not meaningful

Fourth Quarter 2022 vs. Fourth Quarter 2021

◦Revenue decreased $3.4 billion

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

▪Noninterest income decreased driven by lower results in our affiliated venture capital and private equity businesses, including impairments of equity securities in fourth quarter 2022 driven by market conditions, and net gains in fourth quarter 2021 from the sales of our Corporate Trust Services business and Wells Fargo Asset Management, partially offset by the impairment of certain leased rail cars in fourth quarter 2021

◦Noninterest expense increased due to higher operating losses

Conference Call

The Company will host a live conference call on Friday, January 13, at 12:00 p.m. ET. You may listen to the call by dialing 1-888-790-1806 (U.S. and Canada) or 312-470-7125 (International/U.S. Toll) and enter passcode: 4859855#. The call will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and

https://metroconnectionsevents.com/wf4Qearnings0123.

A replay of the conference call will be available from approximately 3:00 p.m. ET on Friday, January 13 through

Friday, January 27. Please dial 1-800-813-5525 (U.S. and Canada) or 203-369-3346 (International/U.S. Toll) and enter passcode: 5964#. The replay will also be available online at

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

https://metroconnectionsevents.com/wf4Qearnings0123.

-8-

Forward-Looking Statements

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

•fiscal and monetary policies of the Federal Reserve Board;

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

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

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

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

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

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

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

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

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About Wells Fargo

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

Contact Information

Media

Beth Richek, 704-374-2545

beth.richek@wellsfargo.com

Investor Relations

John M. Campbell, 415-396-0523

john.m.campbell@wellsfargo.com

#

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Document

Exhibit 99.2

4Q22 Quarterly Supplement

Wells Fargo & Company and Subsidiaries

QUARTERLY FINANCIAL DATA

TABLE OF CONTENTS

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

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA

	Quarter ended							Dec 31, 2022 <br>% Change from			Year ended
(in millions, except per share amounts)	Dec 31,<br>2022			Sep 30,<br>2022	Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2022		Dec 31,<br>2021	Dec 31,<br>2022			Dec 31,<br>2021	%<br>Change
Selected Income Statement Data
Total revenue	$	19,660		19,505	17,028	17,592	20,856	1	%	(6)	$	73,785		78,492	(6)	%
Noninterest expense	16,202			14,327	12,883	13,870	13,198	13		23	57,282			53,831	6
Pre-tax pre-provision profit (PTPP) (1)	3,458			5,178	4,145	3,722	7,658	(33)		(55)	16,503			24,661	(33)
Provision for credit losses	957			784	580	(787)	(452)	22		312	1,534			(4,155)	NM
Wells Fargo net income	2,864			3,528	3,119	3,671	5,750	(19)		(50)	13,182			21,548	(39)
Wells Fargo net income applicable to common stock	2,585			3,250	2,839	3,393	5,470	(20)		(53)	12,067			20,256	(40)
Common Share Data
Diluted earnings per common share	0.67			0.85	0.74	0.88	1.38	(21)		(51)	3.14			4.95	(37)
Dividends declared per common share	0.30			0.30	0.25	0.25	0.20	—		50	1.10			0.60	83
Common shares outstanding	3,833.8			3,795.4	3,793.0	3,789.9	3,885.8	1		(1)
Average common shares outstanding	3,799.9			3,796.5	3,793.8	3,831.1	3,927.6	—		(3)	3,805.2			4,061.9	(6)
Diluted average common shares outstanding	3,832.7			3,825.1	3,819.6	3,868.9	3,964.7	—		(3)	3,837.0			4,096.2	(6)
Book value per common share (2)	$	41.89		41.34	41.72	42.21	43.32	1		(3)
Tangible book value per common share (2)(3)	34.89			34.27	34.66	35.13	36.35	2		(4)
Selected Equity Data (period-end)
Total equity	181,875			178,409	179,793	181,689	190,110	2		(4)
Common stockholders' equity	160,614			156,914	158,256	159,968	168,331	2		(5)
Tangible common equity (3)	133,752			130,082	131,460	133,144	141,254	3		(5)
Performance Ratios
Return on average assets (ROA) (4)	0.61		%	0.74	0.66	0.78	1.17				0.70		%	1.11
Return on average equity (ROE) (5)	6.4			8.0	7.1	8.4	12.8				7.5			12.0
Return on average tangible common equity (ROTCE) (3)	7.6			9.6	8.6	10.0	15.3				9.0			14.3
Efficiency ratio (6)	82			73	76	79	63				78			69
Net interest margin on a taxable-equivalent basis	3.14			2.83	2.39	2.16	2.11				2.63			2.05
Average deposit cost	0.46			0.14	0.04	0.03	0.02				0.16			0.03

NM – Not meaningful

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

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

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

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

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

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

-3-

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA (continued)

	Quarter ended							Dec 31, 2022 <br>% Change from			Year ended
($ in millions, unless otherwise noted)	Dec 31,<br>2022			Sep 30,<br>2022	Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2022		Dec 31,<br>2021	Dec 31,<br>2022		Dec 31,<br>2021	%<br>Change
Selected Balance Sheet Data (average)
Loans	$	948,517		945,465	926,567	898,005	875,036	—	%	8	$	929,820	864,288	8	%
Assets	1,875,217			1,880,690	1,902,571	1,919,392	1,943,430	—		(4)	1,894,309		1,941,905	(2)
Deposits	1,380,459			1,407,851	1,445,793	1,464,072	1,470,027	(2)		(6)	1,424,269		1,437,812	(1)
Selected Balance Sheet Data (period-end)
Debt securities	496,808			502,035	516,772	535,916	537,531	(1)		(8)
Loans	955,871			945,906	943,734	911,807	895,394	1		7
Allowance for credit losses for loans	13,609			13,225	12,884	12,681	13,788	3		(1)
Equity securities	64,414			59,560	61,774	70,755	72,886	8		(12)
Assets	1,881,016			1,877,745	1,881,142	1,939,709	1,948,068	—		(3)
Deposits	1,383,985			1,398,151	1,425,153	1,481,354	1,482,479	(1)		(7)
Headcount (#) (period-end)	238,698			239,209	243,674	246,577	249,435	—		(4)
Capital and other metrics (1)
Risk-based capital ratios and components (2):
Standardized Approach:
Common Equity Tier 1 (CET1)	10.6		%	10.3	10.4	10.5	11.4
Tier 1 capital	12.1			11.9	11.9	12.0	12.9
Total capital	14.8			14.6	14.6	14.7	15.8
Risk-weighted assets (RWAs) (in billions)	$	1,259.7		1,255.6	1,253.6	1,265.5	1,239.0	—		2
Advanced Approach:
Common Equity Tier 1 (CET1)	12.0		%	11.8	11.6	11.8	12.6
Tier 1 capital	13.7			13.5	13.3	13.5	14.3
Total capital	15.9			15.7	15.6	15.9	16.7
Risk-weighted assets (RWAs) (in billions)	$	1,112.2		1,104.1	1,121.6	1,119.5	1,116.1	1		—
Tier 1 leverage ratio	8.3		%	8.0	8.0	8.0	8.3
Supplementary Leverage Ratio (SLR)	6.9			6.7	6.6	6.6	6.9
Total Loss Absorbing Capacity (TLAC) Ratio (3)	23.3			23.0	22.7	22.3	23.0
Liquidity Coverage Ratio (LCR) (4)	122			123	121	119	118

(1)Ratios and metrics for December 31, 2022, are preliminary estimates.

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

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

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

-4-

Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME

	Quarter ended						Dec 31, 2022 <br>% Change from			Year ended
(in millions, except per share amounts)	Dec 31,<br>2022		Sep 30,<br>2022	Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2022		Dec 31,<br>2021	Dec 31,<br>2022		Dec 31,<br>2021	%<br>Change
Interest income	$	17,793	14,494	11,556	10,181	10,121	23	%	76	$	54,024	39,694	36	%
Interest expense	4,360		2,396	1,358	960	859	82		408	9,074		3,915	132
Net interest income	13,433		12,098	10,198	9,221	9,262	11		45	44,950		35,779	26
Noninterest income
Deposit-related fees	1,178		1,289	1,376	1,473	1,462	(9)		(19)	5,316		5,475	(3)
Lending-related fees	344		358	353	342	357	(4)		(4)	1,397		1,445	(3)
Investment advisory and other asset-based fees	2,049		2,111	2,346	2,498	2,579	(3)		(21)	9,004		11,011	(18)
Commissions and brokerage services fees	601		562	542	537	558	7		8	2,242		2,299	(2)
Investment banking fees	331		375	286	447	669	(12)		(51)	1,439		2,354	(39)
Card fees	1,095		1,119	1,112	1,029	1,071	(2)		2	4,355		4,175	4
Mortgage banking	79		324	287	693	1,035	(76)		(92)	1,383		4,956	(72)
Net gains (losses) from trading activities	552		900	446	218	(177)	(39)		412	2,116		284	645
Net gains from debt securities	—		6	143	2	119	(100)		(100)	151		553	(73)
Net gains (losses) from equity securities	(733)		(34)	(615)	576	2,470	NM		NM	(806)		6,427	NM
Lease income	287		322	333	327	46	(11)		524	1,269		996	27
Other	444		75	221	229	1,405	492		(68)	969		2,738	(65)
Total noninterest income	6,227		7,407	6,830	8,371	11,594	(16)		(46)	28,835		42,713	(32)
Total revenue	19,660		19,505	17,028	17,592	20,856	1		(6)	73,785		78,492	(6)
Provision for credit losses	957		784	580	(787)	(452)	22		312	1,534		(4,155)	137
Noninterest expense
Personnel	8,415		8,212	8,442	9,271	8,475	2		(1)	34,340		35,541	(3)
Technology, telecommunications and equipment	902		798	799	876	827	13		9	3,375		3,227	5
Occupancy	722		732	705	722	725	(1)		—	2,881		2,968	(3)
Operating losses	3,517		2,218	576	673	512	59		587	6,984		1,568	345
Professional and outside services	1,357		1,235	1,310	1,286	1,468	10		(8)	5,188		5,723	(9)
Leases (1)	191		186	185	188	195	3		(2)	750		867	(13)
Advertising and promotion	178		126	102	99	225	41		(21)	505		600	(16)
Restructuring charges	—		—	—	5	66	NM		(100)	5		76	(93)
Other	920		820	764	750	705	12		30	3,254		3,261	—
Total noninterest expense	16,202		14,327	12,883	13,870	13,198	13		23	57,282		53,831	6
Income before income tax expense	2,501		4,394	3,565	4,509	8,110	(43)		(69)	14,969		28,816	(48)
Income tax expense (benefit)	(127)		894	613	707	1,711	NM		NM	2,087		5,578	(63)
Net income before noncontrolling interests	2,628		3,500	2,952	3,802	6,399	(25)		(59)	12,882		23,238	(45)
Less: Net income (loss) from noncontrolling interests	(236)		(28)	(167)	131	649	NM		NM	(300)		1,690	NM
Wells Fargo net income	$	2,864	3,528	3,119	3,671	5,750	(19)	%	(50)	$	13,182	21,548	(39)	%
Less: Preferred stock dividends and other	279		278	280	278	280	—		—	1,115		1,292	(14)
Wells Fargo net income applicable to common stock	$	2,585	3,250	2,839	3,393	5,470	(20)	%	(53)	$	12,067	20,256	(40)	%
Per share information
Earnings per common share	$	0.68	0.86	0.75	0.89	1.39	(21)	%	(51)	$	3.17	4.99	(36)	%
Diluted earnings per common share	0.67		0.85	0.74	0.88	1.38	(21)		(51)	3.14		4.95	(37)

NM – Not meaningful

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

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Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET

							Dec 31, 2022 <br>% Change from
(in millions)	Dec 31,<br>2022		Sep 30,<br>2022	Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2022		Dec 31,<br>2021
Assets
Cash and due from banks	$	34,596	27,634	29,716	27,454	24,616	25	%	41
Interest-earning deposits with banks	124,561		137,821	125,424	174,441	209,614	(10)		(41)
Total cash, cash equivalents, and restricted cash	159,157		165,455	155,140	201,895	234,230	(4)		(32)
Federal funds sold and securities purchased under resale agreements	68,036		55,840	55,546	67,764	66,223	22		3
Debt securities:
Trading, at fair value	86,155		85,766	89,157	86,672	88,265	—		(2)
Available-for-sale, at fair value	113,594		115,835	125,832	168,436	177,244	(2)		(36)
Held-to-maturity, at amortized cost	297,059		300,434	301,783	280,808	272,022	(1)		9
Loans held for sale	7,104		9,434	9,674	19,824	23,617	(25)		(70)
Loans	955,871		945,906	943,734	911,807	895,394	1		7
Allowance for loan losses	(12,985)		(12,571)	(11,786)	(11,504)	(12,490)	(3)		(4)
Net loans	942,886		933,335	931,948	900,303	882,904	1		7
Mortgage servicing rights	10,480		11,027	10,386	9,753	8,189	(5)		28
Premises and equipment, net	8,350		8,493	8,444	8,473	8,571	(2)		(3)
Goodwill	25,173		25,172	25,178	25,181	25,180	—		—
Derivative assets	22,774		29,253	24,896	27,365	21,478	(22)		6
Equity securities	64,414		59,560	61,774	70,755	72,886	8		(12)
Other assets	75,834		78,141	81,384	72,480	67,259	(3)		13
Total assets	$	1,881,016	1,877,745	1,881,142	1,939,709	1,948,068	—		(3)
Liabilities
Noninterest-bearing deposits	$	458,010	494,594	515,437	529,957	527,748	(7)		(13)
Interest-bearing deposits	925,975		903,557	909,716	951,397	954,731	2		(3)
Total deposits	1,383,985		1,398,151	1,425,153	1,481,354	1,482,479	(1)		(7)
Short-term borrowings	51,145		48,382	37,075	33,601	34,409	6		49
Derivative liabilities	20,085		23,400	17,168	15,499	9,424	(14)		113
Accrued expenses and other liabilities	69,056		72,991	71,662	74,229	70,957	(5)		(3)
Long-term debt	174,870		156,412	150,291	153,337	160,689	12		9
Total liabilities	1,699,141		1,699,336	1,701,349	1,758,020	1,757,958	—		(3)
Equity
Wells Fargo stockholders’ equity:
Preferred stock	19,448		20,057	20,057	20,057	20,057	(3)		(3)
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares	9,136		9,136	9,136	9,136	9,136	—		—
Additional paid-in capital	60,319		60,216	60,024	59,899	60,196	—		—
Retained earnings	187,649		186,551	184,475	182,623	180,322	1		4
Accumulated other comprehensive income (loss)	(13,381)		(14,344)	(10,608)	(6,767)	(1,702)	7		NM
Treasury stock (1)	(82,853)		(84,781)	(84,906)	(85,059)	(79,757)	2		(4)
Unearned ESOP shares	(429)		(646)	(646)	(646)	(646)	34		34
Total Wells Fargo stockholders’ equity	179,889		176,189	177,532	179,243	187,606	2		(4)
Noncontrolling interests	1,986		2,220	2,261	2,446	2,504	(11)		(21)
Total equity	181,875		178,409	179,793	181,689	190,110	2		(4)
Total liabilities and equity	$	1,881,016	1,877,745	1,881,142	1,939,709	1,948,068	—		(3)

NM – Not meaningful

(1)Number of shares of treasury stock were 1,648,007,022, 1,686,372,007, 1,688,846,993, 1,691,916,667, and 1,596,009,977 at December 31, September 30, June 30, and March 31, 2022, and December 31, 2021, respectively.

-6-

Wells Fargo & Company and Subsidiaries

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

	Quarter ended							Dec 31, 2022 <br>% Change from			Year ended				%<br>Change
($ in millions)	Dec 31, 2022			Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2022		Dec 31, 2021	Dec 31, 2022			Dec 31, 2021
Average Balances
Assets
Interest-earning deposits with banks	$	127,854		130,761	146,271	179,051	216,061	(2)	%	(41)	$	145,802		236,281	(38)	%
Federal funds sold and securities purchased under resale agreements	65,860			57,432	60,450	64,845	65,388	15		1	62,137			69,720	(11)
Trading debt securities	94,465			91,618	89,258	90,677	92,597	3		2	91,515			88,282	4
Available-for-sale debt securities	122,271			127,821	147,138	169,048	178,770	(4)		(32)	141,404			189,237	(25)
Held-to-maturity debt securities	303,391			305,063	298,101	279,245	264,695	(1)		15	296,540			245,304	21
Loans held for sale	9,932			11,458	14,828	19,513	24,149	(13)		(59)	13,900			27,554	(50)
Loans	948,517			945,465	926,567	898,005	875,036	—		8	929,820			864,288	8
Equity securities	28,587			29,722	30,770	33,282	35,711	(4)		(20)	30,575			31,946	(4)
Other	11,932			13,577	16,085	11,498	11,514	(12)		4	13,275			10,052	32
Total interest-earning assets	1,712,809			1,712,917	1,729,468	1,745,164	1,763,921	—		(3)	1,724,968			1,762,664	(2)
Total noninterest-earning assets	162,408			167,773	173,103	174,228	179,509	(3)		(10)	169,341			179,241	(6)
Total assets	$	1,875,217		1,880,690	1,902,571	1,919,392	1,943,430	—		(4)	$	1,894,309		1,941,905	(2)
Liabilities
Interest-bearing deposits	$	902,564		902,219	924,526	945,335	938,682	—		(4)	$	918,499		938,168	(2)
Short-term borrowings	51,246			39,447	35,591	32,758	37,845	30		35	39,810			47,265	(16)
Long-term debt	166,796			158,984	151,230	153,803	161,335	5		3	157,742			178,742	(12)
Other liabilities	33,559			36,217	35,583	31,092	28,245	(7)		19	34,126			28,809	18
Total interest-bearing liabilities	1,154,165			1,136,867	1,146,930	1,162,988	1,166,107	2		(1)	1,150,177			1,192,984	(4)
Noninterest-bearing demand deposits	477,895			505,632	521,267	518,737	531,345	(5)		(10)	505,770			499,644	1
Other noninterest-bearing liabilities	60,608			55,154	53,358	51,330	55,234	10		10	55,138			58,058	(5)
Total liabilities	1,692,668			1,697,653	1,721,555	1,733,055	1,752,686	—		(3)	1,711,085			1,750,686	(2)
Total equity	182,549			183,037	181,016	186,337	190,744	—		(4)	183,224			191,219	(4)
Total liabilities and equity	$	1,875,217		1,880,690	1,902,571	1,919,392	1,943,430	—		(4)	$	1,894,309		1,941,905	(2)
Average Interest Rates
Interest-earning assets
Interest-earning deposits with banks	3.50		%	2.12	0.88	0.22	0.16				1.54		%	0.13
Federal funds sold and securities purchased under resale agreements	3.29			1.73	0.47	(0.05)	(0.01)				1.38			0.02
Trading debt securities	3.17			2.75	2.50	2.44	2.39				2.72			2.39
Available-for-sale debt securities	3.10			2.47	1.91	1.72	1.55				2.24			1.55
Held-to-maturity debt securities	2.45			2.23	2.06	1.98	1.86				2.19			1.87
Loans held for sale	5.11			4.18	3.41	2.86	2.79				3.69			3.14
Loans	5.13			4.28	3.52	3.25	3.32				4.06			3.32
Equity securities	2.63			2.09	2.51	2.05	2.16				2.31			1.91
Other	3.57			1.97	0.65	0.12	0.09				1.54			0.06
Total interest-earning assets	4.16			3.39	2.70	2.38	2.31				3.16			2.28
Interest-bearing liabilities
Interest-bearing deposits	0.70			0.23	0.07	0.04	0.04				0.26			0.04
Short-term borrowings	3.15			1.59	0.34	(0.17)	(0.14)				1.46			(0.09)
Long-term debt	5.22			3.90	2.67	1.98	1.71				3.49			1.78
Other liabilities	2.09			1.89	1.78	1.68	1.38				1.87			1.37
Total interest-bearing liabilities	1.50			0.84	0.47	0.33	0.29				0.79			0.33
Interest rate spread on a taxable-equivalent basis (2)	2.66			2.55	2.23	2.05	2.02				2.37			1.95
Net interest margin on a taxable-equivalent basis (2)	3.14			2.83	2.39	2.16	2.11				2.63			2.05

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

(2)Includes taxable-equivalent adjustments of $116 million, $105 million, $108 million, $107 million, and $106 million for the quarters ended December 31, September 30, June 30, and March 31, 2022, and December 31, 2021, respectively, and $436 million and $427 million for the years ended December 31, 2022 and 2021, respectively, predominantly related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.

-7-

Wells Fargo & Company and Subsidiaries

COMBINED SEGMENT RESULTS (1)

						Quarter ended December 31, 2022
(in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate (2)	Reconciling Items (3)	Consolidated<br>Company
Net interest income	$	7,574	2,357	2,416	1,124	78	(116)	13,433
Noninterest income	1,889		792	1,723	2,571	(367)	(381)	6,227
Total revenue	9,463		3,149	4,139	3,695	(289)	(497)	19,660
Provision for credit losses	936		(43)	41	11	12	—	957
Noninterest expense	7,088		1,523	1,837	2,731	3,023	—	16,202
Income (loss) before income tax expense (benefit)	1,439		1,669	2,261	953	(3,324)	(497)	2,501
Income tax expense (benefit)	362		428	569	238	(1,227)	(497)	(127)
Net income (loss) before noncontrolling interests	1,077		1,241	1,692	715	(2,097)	—	2,628
Less: Net income (loss) from noncontrolling interests	—		3	—	—	(239)	—	(236)
Net income (loss)	$	1,077	1,238	1,692	715	(1,858)	—	2,864
						Quarter ended September 30, 2022
Net interest income	$	7,102	1,991	2,270	1,088	(248)	(105)	12,098
Noninterest income	2,175		961	1,790	2,577	284	(380)	7,407
Total revenue	9,277		2,952	4,060	3,665	36	(485)	19,505
Provision for credit losses	917		(168)	32	8	(5)	—	784
Noninterest expense	6,758		1,526	1,900	2,796	1,347	—	14,327
Income (loss) before income tax expense (benefit)	1,602		1,594	2,128	861	(1,306)	(485)	4,394
Income tax expense (benefit)	401		409	536	222	(189)	(485)	894
Net income (loss) before noncontrolling interests	1,201		1,185	1,592	639	(1,117)	—	3,500
Less: Net income (loss) from noncontrolling interests	—		3	—	—	(31)	—	(28)
Net income (loss)	$	1,201	1,182	1,592	639	(1,086)	—	3,528
						Quarter ended December 31, 2021
Net interest income	$	5,867	1,273	1,982	666	(420)	(106)	9,262
Noninterest income	2,866		1,011	1,530	2,982	3,540	(335)	11,594
Total revenue	8,733		2,284	3,512	3,648	3,120	(441)	20,856
Provision for credit losses	126		(384)	(194)	(3)	3	—	(452)
Noninterest expense	6,126		1,393	1,765	2,898	1,016	—	13,198
Income (loss) before income tax expense (benefit)	2,481		1,275	1,941	753	2,101	(441)	8,110
Income tax expense (benefit)	619		318	488	189	538	(441)	1,711
Net income before noncontrolling interests	1,862		957	1,453	564	1,563	—	6,399
Less: Net income (loss) from noncontrolling interests	—		3	(1)	—	647	—	649
Net income	$	1,862	954	1,454	564	916	—	5,750

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

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

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

-8-

Wells Fargo & Company and Subsidiaries

COMBINED SEGMENT RESULTS (continued) (1)

						Year ended December 31, 2022
(in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate (2)	Reconciling Items (3)	Consolidated<br>Company
Net interest income	$	27,044	7,289	8,733	3,927	(1,607)	(436)	44,950
Noninterest income	8,766		3,631	6,509	10,895	609	(1,575)	28,835
Total revenue	35,810		10,920	15,242	14,822	(998)	(2,011)	73,785
Provision for credit losses	2,276		(534)	(185)	(25)	2	—	1,534
Noninterest expense	26,277		6,058	7,560	11,613	5,774	—	57,282
Income (loss) before income tax expense (benefit)	7,257		5,396	7,867	3,234	(6,774)	(2,011)	14,969
Income tax expense (benefit)	1,816		1,366	1,989	812	(1,885)	(2,011)	2,087
Net income (loss) before noncontrolling interests	5,441		4,030	5,878	2,422	(4,889)	—	12,882
Less: Net income (loss) from noncontrolling interests	—		12	—	—	(312)	—	(300)
Net income (loss)	$	5,441	4,018	5,878	2,422	(4,577)	—	13,182
						Year ended December 31, 2021
Net interest income	$	22,807	4,960	7,410	2,570	(1,541)	(427)	35,779
Noninterest income	12,070		3,589	6,429	11,776	10,036	(1,187)	42,713
Total revenue	34,877		8,549	13,839	14,346	8,495	(1,614)	78,492
Provision for credit losses	(1,178)		(1,500)	(1,439)	(95)	57	—	(4,155)
Noninterest expense	24,648		5,862	7,200	11,734	4,387	—	53,831
Income (loss) before income tax expense (benefit)	11,407		4,187	8,078	2,707	4,051	(1,614)	28,816
Income tax expense (benefit)	2,852		1,045	2,019	680	596	(1,614)	5,578
Net income before noncontrolling interests	8,555		3,142	6,059	2,027	3,455	—	23,238
Less: Net income (loss) from noncontrolling interests	—		8	(3)	—	1,685	—	1,690
Net income	$	8,555	3,134	6,062	2,027	1,770	—	21,548

-9-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT

	Quarter ended						Dec 31, 2022 <br>% Change from			Year ended
($ in millions)	Dec 31,<br>2022		Sep 30,<br>2022	Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2022		Dec 31,<br>2021	Dec 31,<br>2022		Dec 31,<br>2021	%<br>Change
Income Statement
Net interest income	$	7,574	7,102	6,372	5,996	5,867	7	%	29	$	27,044	22,807	19	%
Noninterest income:
Deposit-related fees	696		773	779	845	853	(10)		(18)	3,093		3,045	2
Card fees	1,025		1,043	1,038	961	1,007	(2)		2	4,067		3,930	3
Mortgage banking	23		212	211	654	905	(89)		(97)	1,100		4,490	(76)
Other	145		147	107	107	101	(1)		44	506		605	(16)
Total noninterest income	1,889		2,175	2,135	2,567	2,866	(13)		(34)	8,766		12,070	(27)
Total revenue	9,463		9,277	8,507	8,563	8,733	2		8	35,810		34,877	3
Net charge-offs	525		435	358	375	408	21		29	1,693		1,439	18
Change in the allowance for credit losses	411		482	255	(565)	(282)	(15)		246	583		(2,617)	122
Provision for credit losses	936		917	613	(190)	126	2		643	2,276		(1,178)	293
Noninterest expense	7,088		6,758	6,036	6,395	6,126	5		16	26,277		24,648	7
Income before income tax expense	1,439		1,602	1,858	2,358	2,481	(10)		(42)	7,257		11,407	(36)
Income tax expense	362		401	465	588	619	(10)		(42)	1,816		2,852	(36)
Net income	$	1,077	1,201	1,393	1,770	1,862	(10)		(42)	$	5,441	8,555	(36)
Revenue by Line of Business
Consumer and Small Business Banking	$	6,608	6,232	5,510	5,071	4,872	6		36	$	23,421	18,958	24
Consumer Lending:
Home Lending	786		973	972	1,490	1,843	(19)		(57)	4,221		8,154	(48)
Credit Card	1,353		1,349	1,304	1,265	1,271	—		6	5,271		4,928	7
Auto	413		423	436	444	470	(2)		(12)	1,716		1,733	(1)
Personal Lending	303		300	285	293	277	1		9	1,181		1,104	7
Total revenue	$	9,463	9,277	8,507	8,563	8,733	2		8	$	35,810	34,877	3
Selected Balance Sheet Data (average)
Loans by Line of Business:
Consumer and Small Business Banking	$	9,590	9,895	10,453	10,605	12,573	(3)		(24)	$	10,132	16,625	(39)
Consumer Lending:
Home Lending	222,546		221,870	218,371	213,714	214,900	—		4	219,157		224,446	(2)
Credit Card	37,152		35,052	32,825	31,503	30,375	6		22	34,151		29,052	18
Auto	54,490		55,430	56,813	57,278	55,773	(2)		(2)	55,994		52,293	7
Personal Lending	14,219		13,397	12,397	11,955	11,787	6		21	12,999		11,469	13
Total loans	$	337,997	335,644	330,859	325,055	325,408	1		4	$	332,433	333,885	—
Total deposits	864,623		888,037	898,650	881,339	864,373	(3)		—	883,130		834,739	6
Allocated capital	48,000		48,000	48,000	48,000	48,000	—		—	48,000		48,000	—
Selected Balance Sheet Data (period-end)
Loans by Line of Business:
Consumer and Small Business Banking	$	9,704	9,898	10,400	11,006	11,270	(2)		(14)	$	9,704	11,270	(14)
Consumer Lending:
Home Lending	223,525		222,471	222,088	215,858	214,407	—		4	223,525		214,407	4
Credit Card	38,475		35,965	34,075	31,974	31,671	7		21	38,475		31,671	21
Auto	54,281		55,116	56,224	57,652	57,260	(2)		(5)	54,281		57,260	(5)
Personal Lending	14,544		13,902	12,945	12,068	11,966	5		22	14,544		11,966	22
Total loans	$	340,529	337,352	335,732	328,558	326,574	1		4	$	340,529	326,574	4
Total deposits	859,695		886,991	892,373	909,896	883,674	(3)		(3)	859,695		883,674	(3)

-10-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT (continued)

							Dec 31, 2022 <br>% Change from			Year ended
( in millions, unless otherwise noted)			Sep 30,<br>2022	Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2022		Dec 31,<br>2021	Dec 31,<br>2022			Dec 31,<br>2021	%<br>Change
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1)		%	9.4	11.1	14.4	14.8				10.8		%	17.2
Efficiency ratio (2)			73	71	75	70				73			71
Retail bank branches (#)			4,612	4,660	4,705	4,777	—	%	(4)	4,598			4,777	(4)	%
Digital active customers (# in millions) (3)			33.6	33.4	33.7	33.0	—		2	33.5			33.0	2
Mobile active customers (# in millions) (3)			28.3	28.0	27.8	27.3	—		4	28.3			27.3	4
Consumer and Small Business Banking:
Deposit spread (4)		%	2.1	1.7	1.6	1.4				2.0		%	1.5
Debit card purchase volume ( in billions) (5)	124.0		122.4	125.2	115.0	122.4	1		1	$	486.6		471.5	3
Debit card purchase transactions (# in millions) (5)			2,501	2,517	2,338	2,523	—		(1)	9,852			9,808	—
Home Lending:
Mortgage banking:
Net servicing income	94		81	77	116	125	16		(25)	$	368		35	951
Net gains (losses) on mortgage loan originations/sales			131	134	538	780	NM		NM	732			4,455	(84)
Total mortgage banking	23		212	211	654	905	(89)		(97)	$	1,100		4,490	(76)
Originations ( in billions):
Retail	8.2		12.4	19.6	24.1	32.8	(34)		(75)	$	64.3		138.5	(54)
Correspondent			9.1	14.5	13.8	15.3	(30)		(58)	43.8			66.5	(34)
Total originations	14.6		21.5	34.1	37.9	48.1	(32)		(70)	$	108.1		205.0	(47)
% of originations held for sale (HFS)		%	59.2	46.1	51.4	55.7				52.5		%	64.6
Third party mortgage loans serviced (period-end) ( in billions) (6)	679.2		687.4	696.9	704.2	716.8	(1)		(5)	$	679.2		716.8	(5)
Mortgage servicing rights (MSR) carrying value (period-end)			9,828	9,163	8,511	6,920	(5)		35	9,310			6,920	35
Ratio of MSR carrying value (period-end) to third party mortgage loans serviced(period-end) (6)		%	1.43	1.31	1.21	0.97				1.37		%	0.97
Home lending loans 30+ days delinquency rate (7)(8)(9)			0.29	0.28	0.29	0.39				0.31			0.39
Credit Card:
Point of sale (POS) volume ( in billions)	32.3		30.7	30.1	26.0	27.5	5		17	$	119.1		95.3	25
New accounts (# in thousands)			584	524	484	525	(4)		7	2,153			1,640	31
Credit card loans 30+ days delinquency rate		%	1.81	1.54	1.58	1.52				2.08		%	1.52
Credit card loans 90+ days delinquency rate			0.85	0.74	0.78	0.72				1.01			0.72
Auto:
Auto originations ( in billions)	5.0		5.4	5.4	7.3	9.4	(7)		(47)	$	23.1		33.9	(32)
Auto loans 30+ days delinquency rate (8)		%	2.19	1.95	1.68	1.84				2.64		%	1.84
Personal Lending:
New volume ( in billions)	3.2		3.5	3.3	2.6	2.7	(9)		19	$	12.6		9.8	29

All values are in US Dollars.

NM – Not meaningful

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

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

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

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

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

(6)Excludes residential mortgage loans subserviced for others.

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

(8)Excludes nonaccrual loans.

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

-11-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT

	Quarter ended							Dec 31, 2022 <br>% Change from			Year ended
($ in millions)	Dec 31,<br>2022			Sep 30,<br>2022	Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2022		Dec 31,<br>2021	Dec 31,<br>2022			Dec 31,<br>2021	%<br>Change
Income Statement
Net interest income	$	2,357		1,991	1,580	1,361	1,273	18	%	85	$	7,289		4,960	47	%
Noninterest income:
Deposit-related fees	237			256	310	328	320	(7)		(26)	1,131			1,285	(12)
Lending-related fees	122			126	122	121	129	(3)		(5)	491			532	(8)
Lease income	176			176	179	179	170	—		4	710			682	4
Other	257			403	301	338	392	(36)		(34)	1,299			1,090	19
Total noninterest income	792			961	912	966	1,011	(18)		(22)	3,631			3,589	1
Total revenue	3,149			2,952	2,492	2,327	2,284	7		38	10,920			8,549	28
Net charge-offs	32			(3)	4	(29)	(7)	NM		557	4			101	(96)
Change in the allowance for credit losses	(75)			(165)	17	(315)	(377)	55		80	(538)			(1,601)	66
Provision for credit losses	(43)			(168)	21	(344)	(384)	74		89	(534)			(1,500)	64
Noninterest expense	1,523			1,526	1,478	1,531	1,393	—		9	6,058			5,862	3
Income before income tax expense	1,669			1,594	993	1,140	1,275	5		31	5,396			4,187	29
Income tax expense	428			409	249	280	318	5		35	1,366			1,045	31
Less: Net income from noncontrolling interests	3			3	3	3	3	—		—	12			8	50
Net income	$	1,238		1,182	741	857	954	5		30	$	4,018		3,134	28
Revenue by Line of Business
Middle Market Banking	$	2,076		1,793	1,459	1,246	1,167	16		78	$	6,574		4,642	42
Asset-Based Lending and Leasing	1,073			1,159	1,033	1,081	1,117	(7)		(4)	4,346			3,907	11
Total revenue	$	3,149		2,952	2,492	2,327	2,284	7		38	$	10,920		8,549	28
Revenue by Product
Lending and leasing	$	1,357		1,333	1,308	1,255	1,236	2		10	$	5,253		4,835	9
Treasury management and payments	1,519			1,242	943	779	711	22		114	4,483			2,825	59
Other	273			377	241	293	337	(28)		(19)	1,184			889	33
Total revenue	$	3,149		2,952	2,492	2,327	2,284	7		38	$	10,920		8,549	28
Selected Metrics
Return on allocated capital	24.2		%	23.1	14.3	16.9	18.5				19.7		%	15.1
Efficiency ratio	48			52	59	66	61				55			69

NM – Not meaningful

-12-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT (continued)

	Quarter ended						Dec 31, 2022 <br>% Change from			Year ended
($ in millions)	Dec 31,<br>2022		Sep 30,<br>2022	Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2022		Dec 31,<br>2021	Dec 31,<br>2022		Dec 31,<br>2021	%<br>Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	159,236	150,365	143,833	135,792	125,011	6	%	27	$	147,379	120,396	22	%
Commercial real estate	45,551		45,121	44,790	45,053	45,755	1		—	45,130		47,018	(4)
Lease financing and other	13,635		13,511	13,396	13,550	13,855	1		(2)	13,523		13,823	(2)
Total loans	$	218,422	208,997	202,019	194,395	184,621	5		18	$	206,032	181,237	14
Loans by Line of Business:
Middle Market Banking	$	119,740	117,031	113,033	108,583	103,594	2		16	$	114,634	102,882	11
Asset-Based Lending and Leasing	98,682		91,966	88,986	85,812	81,027	7		22	91,398		78,355	17
Total loans	$	218,422	208,997	202,019	194,395	184,621	5		18	$	206,032	181,237	14
Total deposits	175,442		180,231	188,286	200,699	207,678	(3)		(16)	186,079		197,269	(6)
Allocated capital	19,500		19,500	19,500	19,500	19,500	—		—	19,500		19,500	—
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	163,797	155,400	146,656	140,932	131,078	5		25	$	163,797	131,078	25
Commercial real estate	45,816		45,540	44,992	44,428	45,467	1		1	45,816		45,467	1
Lease financing and other	13,916		13,645	13,593	13,473	13,803	2		1	13,916		13,803	1
Total loans	$	223,529	214,585	205,241	198,833	190,348	4		17	$	223,529	190,348	17
Loans by Line of Business:
Middle Market Banking	$	121,192	118,627	116,064	110,258	106,834	2		13	$	121,192	106,834	13
Asset-Based Lending and Leasing	102,337		95,958	89,177	88,575	83,514	7		23	102,337		83,514	23
Total loans	$	223,529	214,585	205,241	198,833	190,348	4		17	$	223,529	190,348	17
Total deposits	173,942		172,727	183,145	195,549	205,428	1		(15)	173,942		205,428	(15)

-13-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT

	Quarter ended							Dec 31, 2022 <br>% Change from			Year ended
($ in millions)	Dec 31,<br>2022			Sep 30,<br>2022	Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2022		Dec 31,<br>2021	Dec 31,<br>2022			Dec 31,<br>2021	%<br>Change
Income Statement
Net interest income	$	2,416		2,270	2,057	1,990	1,982	6	%	22	$	8,733		7,410	18	%
Noninterest income:
Deposit-related fees	240			255	280	293	283	(6)		(15)	1,068			1,112	(4)
Lending-related fees	191			198	195	185	192	(4)		(1)	769			761	1
Investment banking fees	331			392	307	462	678	(16)		(51)	1,492			2,405	(38)
Net gains (losses) from trading activities	606			674	378	228	(174)	(10)		448	1,886			272	593
Other	355			271	356	312	551	31		(36)	1,294			1,879	(31)
Total noninterest income	1,723			1,790	1,516	1,480	1,530	(4)		13	6,509			6,429	1
Total revenue	4,139			4,060	3,573	3,470	3,512	2		18	15,242			13,839	10
Net charge-offs	10			(16)	(11)	(31)	8	163		25	(48)			(22)	NM
Change in the allowance for credit losses	31			48	(51)	(165)	(202)	(35)		115	(137)			(1,417)	90
Provision for credit losses	41			32	(62)	(196)	(194)	28		121	(185)			(1,439)	87
Noninterest expense	1,837			1,900	1,840	1,983	1,765	(3)		4	7,560			7,200	5
Income before income tax expense	2,261			2,128	1,795	1,683	1,941	6		16	7,867			8,078	(3)
Income tax expense	569			536	459	425	488	6		17	1,989			2,019	(1)
Less: Net loss from noncontrolling interests	—			—	—	—	(1)	—		100	—			(3)	100
Net income	$	1,692		1,592	1,336	1,258	1,454	6		16	$	5,878		6,062	(3)
Revenue by Line of Business
Banking:
Lending	$	593		580	528	521	519	2		14	$	2,222		1,948	14
Treasury Management and Payments	738			670	529	432	373	10		98	2,369			1,468	61
Investment Banking	317			336	222	331	464	(6)		(32)	1,206			1,654	(27)
Total Banking	1,648			1,586	1,279	1,284	1,356	4		22	5,797			5,070	14
Commercial Real Estate	1,267			1,212	1,060	995	1,095	5		16	4,534			3,963	14
Markets:
Fixed Income, Currencies, and Commodities (FICC)	935			914	934	877	794	2		18	3,660			3,710	(1)
Equities	279			316	253	267	205	(12)		36	1,115			897	24
Credit Adjustment (CVA/DVA) and Other	(35)			17	13	25	13	NM		NM	20			91	(78)
Total Markets	1,179			1,247	1,200	1,169	1,012	(5)		17	4,795			4,698	2
Other	45			15	34	22	49	200		(8)	116			108	7
Total revenue	$	4,139		4,060	3,573	3,470	3,512	2		18	$	15,242		13,839	10
Selected Metrics
Return on allocated capital	17.7		%	16.6	13.8	13.2	16.0				15.3		%	16.9
Efficiency ratio	44			47	51	57	50				50			52

NM – Not meaningful

-14-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT (continued)

	Quarter ended						Dec 31, 2022 <br>% Change from			Year ended
($ in millions)	Dec 31,<br>2022		Sep 30,<br>2022	Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2022		Dec 31,<br>2021	Dec 31,<br>2022		Dec 31,<br>2021	%<br>Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	196,697	205,185	200,527	191,152	182,778	(4)	%	8	$	198,424	170,713	16	%
Commercial real estate	101,553		101,055	98,167	93,346	89,216	—		14	98,560		86,323	14
Total loans	$	298,250	306,240	298,694	284,498	271,994	(3)		10	$	296,984	257,036	16
Loans by Line of Business:
Banking	$	104,187	109,909	109,123	102,485	101,589	(5)		3	$	106,440	93,766	14
Commercial Real Estate	137,680		137,568	133,212	126,248	116,630	—		18	133,719		110,978	20
Markets	56,383		58,763	56,359	55,765	53,775	(4)		5	56,825		52,292	9
Total loans	$	298,250	306,240	298,694	284,498	271,994	(3)		10	$	296,984	257,036	16
Trading-related assets:
Trading account securities	$	111,803	110,919	110,499	115,687	118,147	1		(5)	$	112,213	110,386	2
Reverse repurchase agreements/securities borrowed	52,814		45,486	48,909	54,832	53,526	16		(1)	50,491		59,044	(14)
Derivative assets	24,556		28,050	30,845	26,244	24,267	(12)		1	27,421		25,315	8
Total trading-related assets	$	189,173	184,455	190,253	196,763	195,940	3		(3)	$	190,125	194,745	(2)
Total assets	553,308		560,509	564,306	551,404	543,946	(1)		2	557,396		523,344	7
Total deposits	156,205		156,830	164,860	169,181	182,101	—		(14)	161,720		189,176	(15)
Allocated capital	36,000		36,000	36,000	36,000	34,000	—		6	36,000		34,000	6
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	196,529	198,253	207,414	194,201	191,391	(1)		3	$	196,529	191,391	3
Commercial real estate	101,848		101,440	100,872	96,426	92,983	—		10	101,848		92,983	10
Total loans	$	298,377	299,693	308,286	290,627	284,374	—		5	$	298,377	284,374	5
Loans by Line of Business:
Banking	$	101,183	103,809	111,639	107,081	101,926	(3)		(1)	$	101,183	101,926	(1)
Commercial Real Estate	137,495		137,077	137,083	129,375	125,926	—		9	137,495		125,926	9
Markets	59,699		58,807	59,564	54,171	56,522	2		6	59,699		56,522	6
Total loans	$	298,377	299,693	308,286	290,627	284,374	—		5	$	298,377	284,374	5
Trading-related assets:
Trading account securities	$	111,801	113,488	109,634	113,763	108,697	(1)		3	$	111,801	108,697	3
Reverse repurchase agreements/securities borrowed	55,407		44,194	42,696	57,579	55,973	25		(1)	55,407		55,973	(1)
Derivative assets	22,218		28,545	24,540	26,695	21,398	(22)		4	22,218		21,398	4
Total trading-related assets	$	189,426	186,227	176,870	198,037	186,068	2		2	$	189,426	186,068	2
Total assets	550,177		550,695	567,733	564,976	546,549	—		1	550,177		546,549	1
Total deposits	157,217		154,550	162,439	168,467	168,609	2		(7)	157,217		168,609	(7)

-15-

Wells Fargo & Company and Subsidiaries

WEALTH AND INVESTMENT MANAGEMENT SEGMENT

	Quarter ended							Dec 31, 2022 <br>% Change from			Year ended
($ in millions, unless otherwise noted)	Dec 31,<br>2022			Sep 30,<br>2022	Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2022		Dec 31,<br>2021	Dec 31,<br>2022			Dec 31,<br>2021	%<br>Change
Income Statement
Net interest income	$	1,124		1,088	916	799	666	3	%	69	$	3,927		2,570	53	%
Noninterest income:
Investment advisory and other asset-based fees	1,999			2,066	2,306	2,476	2,429	(3)		(18)	8,847			9,574	(8)
Commissions and brokerage services fees	532			486	459	454	484	9		10	1,931			2,010	(4)
Other	40			25	24	28	69	60		(42)	117			192	(39)
Total noninterest income	2,571			2,577	2,789	2,958	2,982	—		(14)	10,895			11,776	(7)
Total revenue	3,695			3,665	3,705	3,757	3,648	1		1	14,822			14,346	3
Net charge-offs	(2)			(1)	—	(4)	19	(100)		NM	(7)			10	NM
Change in the allowance for credit losses	13			9	(7)	(33)	(22)	44		159	(18)			(105)	83
Provision for credit losses	11			8	(7)	(37)	(3)	38		467	(25)			(95)	74
Noninterest expense	2,731			2,796	2,911	3,175	2,898	(2)		(6)	11,613			11,734	(1)
Income before income tax expense	953			861	801	619	753	11		27	3,234			2,707	19
Income tax expense	238			222	198	154	189	7		26	812			680	19
Net income	$	715		639	603	465	564	12		27	$	2,422		2,027	19
Selected Metrics
Return on allocated capital	31.9		%	28.4	27.1	21.0	25.0				27.1		%	22.6
Efficiency ratio	74			76	79	85	79				78			82
Advisory assets ($ in billions)	$	797		756	800	912	964	5		(17)	$	797		964	(17)
Other brokerage assets and deposits ($ in billions)	1,064			1,003	1,035	1,168	1,219	6		(13)	1,064			1,219	(13)
Total client assets ($ in billions)	$	1,861		1,759	1,835	2,080	2,183	6		(15)	$	1,861		2,183	(15)
Annualized revenue per advisor ($ in thousands) (1)	1,230			1,212	1,213	1,221	1,171	1		5	1,219			1,114	9
Total financial and wealth advisors (#) (period-end)	12,027			12,011	12,184	12,250	12,367	—		(3)	12,027			12,367	(3)
Selected Balance Sheet Data (average)
Total loans	$	84,760		85,472	85,912	84,765	84,007	(1)		1	$	85,228		82,364	3
Total deposits	142,230			158,367	173,670	185,814	180,939	(10)		(21)	164,883			176,562	(7)
Allocated capital	8,750			8,750	8,750	8,750	8,750	—		—	8,750			8,750	—
Selected Balance Sheet Data (period-end)
Total loans	$	84,273		85,180	85,342	84,688	84,101	(1)		—	84,273			84,101	—
Total deposits	138,760			148,890	165,633	183,727	192,548	(7)		(28)	138,760			192,548	(28)

NM – Not meaningful

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

-16-

Wells Fargo & Company and Subsidiaries

CORPORATE (1)

	Quarter ended						Dec 31, 2022 <br>% Change from			Year ended
($ in millions)	Dec 31,<br>2022		Sep 30,<br>2022	Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2022		Dec 31,<br>2021	Dec 31,<br>2022		Dec 31,<br>2021	%<br>Change
Income Statement
Net interest income	$	78	(248)	(619)	(818)	(420)	131	%	119	$	(1,607)	(1,541)	(4)	%
Noninterest income	(367)		284	(114)	806	3,540	NM		NM	609		10,036	(94)
Total revenue	(289)		36	(733)	(12)	3,120	NM		NM	(998)		8,495	NM
Net charge-offs	(5)		(16)	(6)	(6)	(5)	69		—	(33)		54	NM
Change in the allowance for credit losses	17		11	21	(14)	8	55		113	35		3	NM
Provision for credit losses	12		(5)	15	(20)	3	340		300	2		57	(96)
Noninterest expense	3,023		1,347	618	786	1,016	124		198	5,774		4,387	32
Income (loss) before income tax expense (benefit)	(3,324)		(1,306)	(1,366)	(778)	2,101	NM		NM	(6,774)		4,051	NM
Income tax expense (benefit)	(1,227)		(189)	(242)	(227)	538	NM		NM	(1,885)		596	NM
Less: Net income (loss) from noncontrolling interests	(239)		(31)	(170)	128	647	NM		NM	(312)		1,685	NM
Net income (loss)	$	(1,858)	(1,086)	(954)	(679)	916	(71)		NM	$	(4,577)	1,770	NM
Selected Balance Sheet Data (average)
Cash, cash equivalents, and restricted cash	$	130,329	134,725	145,637	178,747	216,156	(3)		(40)	$	147,192	236,124	(38)
Available-for-sale debt securities	102,650		110,575	127,997	156,756	169,953	(7)		(40)	124,308		181,841	(32)
Held-to-maturity debt securities	295,494		297,335	291,710	275,510	262,969	(1)		12	290,087		244,735	19
Equity securities	15,918		15,423	15,681	15,760	15,172	3		5	15,695		12,720	23
Total loans	9,088		9,112	9,083	9,292	9,006	—		1	9,143		9,766	(6)
Total assets	605,526		617,713	642,606	687,341	727,818	(2)		(17)	638,017		743,089	(14)
Total deposits	41,959		24,386	20,327	27,039	34,936	72		20	28,457		40,066	(29)
Selected Balance Sheet Data (period-end)
Cash, cash equivalents, and restricted cash	$	127,106	141,743	123,872	175,201	209,696	(10)		(39)	$	127,106	209,696	(39)
Available-for-sale debt securities	102,669		104,726	114,469	157,164	165,926	(2)		(38)	102,669		165,926	(38)
Held-to-maturity debt securities	294,141		297,530	298,895	277,965	269,285	(1)		9	294,141		269,285	9
Equity securities	15,508		15,581	15,004	16,137	16,549	—		(6)	15,508		16,549	(6)
Total loans	9,163		9,096	9,133	9,101	9,997	1		(8)	9,163		9,997	(8)
Total assets	601,214		615,408	611,658	682,912	721,335	(2)		(17)	601,214		721,335	(17)
Total deposits	54,371		34,993	21,563	23,715	32,220	55		69	54,371		32,220	69

NM – Not meaningful

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

-17-

Wells Fargo & Company and Subsidiaries

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

	Quarter ended							Dec 31, 2022 Change from
($ in millions)	Dec 31,<br>2022			Sep 30,<br>2022	Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,2022
Period-End Loans
Commercial and industrial	$	386,806		379,694	380,235	362,137	350,436	7,112
Commercial real estate	155,802			155,659	155,154	150,108	147,825	143
Lease financing	14,908			14,617	14,530	14,469	14,859	291
Total commercial	557,516			549,970	549,919	526,714	513,120	7,546
Residential mortgage	269,117			268,065	267,545	260,634	258,888	1,052
Credit card	46,293			43,558	41,222	38,639	38,453	2,735
Auto	53,669			54,545	55,658	57,083	56,659	(876)
Other consumer	29,276			29,768	29,390	28,737	28,274	(492)
Total consumer	398,355			395,936	393,815	385,093	382,274	2,419
Total loans	$	955,871		945,906	943,734	911,807	895,394	9,965
Average Loans
Commercial and industrial	$	381,889		381,375	370,615	353,829	335,752	514
Commercial real estate	155,674			155,291	152,456	147,723	144,606	383
Lease financing	14,656			14,526	14,445	14,586	15,227	130
Total commercial	552,219			551,192	537,516	516,138	495,585	1,027
Residential mortgage	268,232			267,609	263,877	258,900	259,832	623
Credit card	44,829			42,407	39,614	38,164	37,041	2,422
Auto	53,917			54,874	56,262	56,701	55,161	(957)
Other consumer	29,320			29,383	29,298	28,102	27,417	(63)
Total consumer	396,298			394,273	389,051	381,867	379,451	2,025
Total loans	$	948,517		945,465	926,567	898,005	875,036	3,052
Average Interest Rates
Commercial and industrial	5.41		%	4.13	2.92	2.41	2.45
Commercial real estate	5.45			4.23	3.08	2.74	2.70
Lease financing	4.45			3.76	4.24	4.24	4.27
Total commercial	5.40			4.14	3.00	2.56	2.58
Residential mortgage	3.38			3.27	3.20	3.20	3.33
Credit card	12.00			11.51	11.13	11.32	11.25
Auto	4.46			4.27	4.18	4.17	4.37
Other consumer	6.89			5.58	4.26	3.69	3.67
Total consumer	4.76			4.47	4.23	4.20	4.28
Total loans	5.13		%	4.28	3.52	3.25	3.32

All values are in US Dollars.

-18-

Wells Fargo & Company and Subsidiaries

NET LOAN CHARGE-OFFS

	Quarter ended
	Dec 31, 2022				Sep 30, 2022				Jun 30, 2022				Mar 31, 2022				Dec 31, 2021				Dec 31, 2022 Change from
($ in millions)	Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Net loan <br>charge-offs		As a % of average loans (1)		Sep 30,2022	Dec 31,<br>2021
By product:
Commercial and industrial	$	66	0.07	%	$	13	0.01	%	$	27	0.03	%	$	(23)	(0.03)	%	$	3	—	%		63
Commercial real estate	10		0.03		(12)		(0.03)		(4)		(0.01)		(5)		(0.01)		22		0.06		22	(12)
Lease financing	3		0.06		5		0.15		—		—		(1)		(0.02)		3		0.09		(2)	—
Total commercial	79		0.06		6		—		23		0.02		(29)		(0.02)		28		0.02		73	51
Residential mortgage	(12)		(0.02)		(14)		(0.02)		(16)		(0.03)		(21)		(0.03)		118		0.18		2	(130)
Credit card	274		2.42		202		1.90		199		2.02		176		1.87		150		1.61		72	124
Auto	137		1.00		121		0.87		68		0.49		96		0.68		58		0.41		16	79
Other consumer	82		1.13		84		1.13		70		0.98		83		1.20		67		0.96		(2)	15
Total consumer	481		0.48		393		0.40		321		0.33		334		0.35		393		0.41		88	88
Total net charge-offs	$	560	0.23	%	$	399	0.17	%	$	344	0.15	%	$	305	0.14	%	$	421	0.19	%		139
By segment:
Consumer Banking and Lending	$	525	0.62	%	$	435	0.51	%	$	358	0.43	%	$	375	0.47	%	$	410	0.50	%		115
Commercial Banking	32		0.06		(3)		(0.01)		3		0.01		(29)		(0.06)		(9)		(0.02)		35	41
Corporate and Investing Banking	10		0.01		(16)		(0.02)		(11)		(0.01)		(31)		(0.04)		8		0.01		26	2
Wealth and Investment Management	(2)		(0.01)		(1)		—		—		—		(4)		(0.02)		18		0.09		(1)	(20)
Corporate	(5)		(0.22)		(16)		(0.70)		(6)		(0.26)		(6)		(0.26)		(6)		(0.26)		11	1
Total net charge-offs	$	560	0.23	%	$	399	0.17	%	$	344	0.15	%	$	305	0.14	%	$	421	0.19	%		139

All values are in US Dollars.

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

-19-

Wells Fargo & Company and Subsidiaries

CHANGES IN ALLOWANCE FOR CREDIT LOSSES FOR LOANS

	Quarter ended							Dec 31, 2022 Change from
($ in millions)	Dec 31,<br>2022			Sep 30,<br>2022	Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,2022
Balance, beginning of period	$	13,225		12,884	12,681	13,788	14,705	341
Provision for credit losses	968			773	578	(775)	(464)	195
Interest income on certain loans (1)	(26)			(26)	(27)	(29)	(33)	—
Net loan charge-offs:
Commercial and industrial	(66)			(13)	(27)	23	(3)	(53)
Commercial real estate	(10)			12	4	5	(22)	(22)
Lease financing	(3)			(5)	—	1	(3)	2
Total commercial	(79)			(6)	(23)	29	(28)	(73)
Residential mortgage	12			14	16	21	(118)	(2)
Credit card	(274)			(202)	(199)	(176)	(150)	(72)
Auto	(137)			(121)	(68)	(96)	(58)	(16)
Other consumer	(82)			(84)	(70)	(83)	(67)	2
Total consumer	(481)			(393)	(321)	(334)	(393)	(88)
Net loan charge-offs	(560)			(399)	(344)	(305)	(421)	(161)
Other	2			(7)	(4)	2	1	9
Balance, end of period	$	13,609		13,225	12,884	12,681	13,788	384
Components:
Allowance for loan losses	$	12,985		12,571	11,786	11,504	12,490	414
Allowance for unfunded credit commitments	624			654	1,098	1,177	1,298	(30)
Allowance for credit losses for loans	$	13,609		13,225	12,884	12,681	13,788	384
Ratio of allowance for loan losses to total net loan charge-offs (annualized)	5.85x			7.94	8.54	9.31	7.49
Allowance for loan losses as a percentage of:
Total loans	1.36		%	1.33	1.25	1.26	1.39
Nonaccrual loans	231			225	197	167	173
Allowance for credit losses for loans as a percentage of:
Total loans	1.42			1.40	1.37	1.39	1.54
Nonaccrual loans	242			237	215	185	191

All values are in US Dollars.

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

-20-

Wells Fargo & Company and Subsidiaries

ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES FOR LOANS

	Dec 31, 2022				Sep 30, 2022				Jun 30, 2022				Mar 31, 2022				Dec 31, 2021
($ in millions)	ACL		ACL<br>as %<br>of loan<br>class		ACL		ACL<br>as %<br>of loan<br>class		ACL		ACL<br>as %<br>of loan<br>class		ACL		ACL<br>as %<br>of loan<br>class		ACL		ACL<br>as %<br>of loan<br>class
By product:
Commercial and industrial	$	4,507	1.17	%	$	4,547	1.20	%	$	4,620	1.22	%	$	4,625	1.28	%	$	4,873	1.39	%
Commercial real estate	2,231		1.43		2,233		1.43		2,188		1.41		2,249		1.50		2,516		1.70
Lease financing	218		1.46		211		1.44		274		1.89		274		1.89		402		2.71
Total commercial	6,956		1.25		6,991		1.27		7,082		1.29		7,148		1.36		7,791		1.52
Residential mortgage (1)	1,096		0.41		1,001		0.37		1,018		0.38		929		0.36		1,286		0.50
Credit card	3,567		7.71		3,364		7.72		3,253		7.89		3,094		8.01		3,290		8.56
Auto	1,380		2.57		1,340		2.46		1,045		1.88		1,030		1.80		928		1.64
Other consumer	610		2.08		529		1.78		486		1.65		480		1.67		493		1.74
Total consumer	6,653		1.67		6,234		1.57		5,802		1.47		5,533		1.44		5,997		1.57
Total allowance for credit losses for loans	$	13,609	1.42	%	$	13,225	1.40	%	$	12,884	1.37	%	$	12,681	1.39	%	$	13,788	1.54	%
By segment:
Consumer Banking and Lending	$	7,394	2.17	%	$	7,002	2.08	%	$	6,540	1.95	%	$	6,305	1.92	%	$	6,891	2.11	%
Commercial Banking	2,397		1.07		2,477		1.15		2,644		1.29		2,631		1.32		2,950		1.55
Corporate and Investing Banking	3,552		1.19		3,517		1.17		3,480		1.13		3,532		1.22		3,705		1.30
Wealth and Investment Management	253		0.30		240		0.28		231		0.27		238		0.28		271		0.32
Corporate	13		0.14		(11)		(0.12)		(11)		(0.12)		(25)		(0.27)		(29)		(0.29)
Total allowance for credit losses for loans	$	13,609	1.42	%	$	13,225	1.40	%	$	12,884	1.37	%	$	12,681	1.39	%	$	13,788	1.54	%

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

-21-

Wells Fargo & Company and Subsidiaries

NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)

	Dec 31, 2022				Sep 30, 2022				Jun 30, 2022				Mar 31, 2022				Dec 31, 2021				Dec 31, 2022 Change from
($ in millions)	Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Balance		% of<br>total<br>loans		Sep 30,2022	Dec 31,<br>2021
By product:
Nonaccrual loans:
Commercial and industrial	$	746	0.19	%	$	742	0.20	%	$	722	0.19	%	$	799	0.22	%	$	980	0.28	%		(234)
Commercial real estate	958		0.61		853		0.55		901		0.58		1,037		0.69		1,248		0.84		105	(290)
Lease financing	119		0.80		108		0.74		96		0.66		117		0.81		148		1.00		11	(29)
Total commercial	1,823		0.33		1,703		0.31		1,719		0.31		1,953		0.37		2,376		0.46		120	(553)
Residential mortgage (1)	3,611		1.34		3,677		1.37		4,051		1.51		4,675		1.79		4,604		1.78		(66)	(993)
Auto	153		0.29		171		0.31		188		0.34		208		0.36		198		0.35		(18)	(45)
Other consumer	39		0.13		36		0.12		35		0.12		35		0.12		34		0.12		3	5
Total consumer	3,803		0.95		3,884		0.98		4,274		1.09		4,918		1.28		4,836		1.27		(81)	(1,033)
Total nonaccrual loans	5,626		0.59		5,587		0.59		5,993		0.64		6,871		0.75		7,212		0.81		39	(1,586)
Foreclosed assets	137				125				130				130				112				12	25
Total nonperforming assets	$	5,763	0.60	%	$	5,712	0.60	%	$	6,123	0.65	%	$	7,001	0.77	%	$	7,324	0.82	%		(1,561)
By segment:
Consumer Banking and Lending	$	3,747	1.10	%	$	3,811	1.13	%	$	4,179	1.24	%	$	4,754	1.45	%	$	4,672	1.43	%		(925)
Commercial Banking	1,029		0.46		1,025		0.48		1,065		0.52		1,242		0.62		1,520		0.80		4	(491)
Corporate and Investing Banking	764		0.26		673		0.22		646		0.21		706		0.24		778		0.27		91	(14)
Wealth and Investment Management	199		0.24		203		0.24		233		0.27		299		0.35		354		0.42		(4)	(155)
Corporate	24		0.26		—		—		—		—		—		—		—		—		24	24
Total nonperforming assets	$	5,763	0.60	%	$	5,712	0.60	%	$	6,123	0.65	%	$	7,001	0.77	%	$	7,324	0.82	%		(1,561)

All values are in US Dollars.

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

-22-

Wells Fargo & Company and Subsidiaries

COMMERCIAL AND INDUSTRIAL LOANS AND LEASE FINANCING BY INDUSTRY

	Dec 31, 2022							Sep 30, 2022							Dec 31, 2021
($ in millions)	Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans		Total commitments (1)		Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans		Total commitments (1)		Nonaccrual<br>loans		Loans outstanding balance	% of<br>total<br>loans		Total commitments (1)
Financials except banks	$	44	147,171	15	%	$	247,936	$	53	144,595	15	%	$	248,059	$	104	142,283	16	%	$	236,133
Technology, telecom and media	31		27,767	3		78,230		69		27,892	3		67,050		64		23,345	3		62,984
Real estate and construction	73		24,478	3		57,138		65		25,572	3		59,197		78		25,035	3		55,304
Equipment, machinery and parts manufacturing	83		23,675	2		54,807		14		22,915	2		46,784		24		18,130	2		43,729
Retail	47		19,487	2		54,260		49		19,673	2		45,653		27		17,645	2		41,344
Materials and commodities	86		16,610	2		41,707		78		17,026	2		40,173		32		14,684	2		36,660
Oil, gas and pipelines	55		9,991	1		39,329		55		9,858	1		30,897		197		8,828	*		28,978
Food and beverage manufacturing	17		17,393	2		35,094		18		15,659	2		34,794		7		13,242	1		30,882
Health care and pharmaceuticals	21		14,861	2		30,463		21		14,472	2		29,207		24		12,847	1		28,808
Auto related	10		13,168	1		28,545		9		12,137	1		27,262		31		10,629	1		25,735
Commercial services	50		11,418	1		27,989		28		10,818	1		25,676		78		10,492	1		24,617
Utilities	18		9,457	*		26,918		61		8,848	*		26,090		77		6,982	*		22,406
Entertainment and recreation	28		13,085	1		24,535		35		11,407	1		17,812		23		9,907	1		17,893
Diversified or miscellaneous	2		8,161	*		22,432		11		8,219	*		21,009		3		7,493	*		18,317
Banks	—		14,403	2		16,733		—		15,575	2		17,694		—		16,178	2		16,612
Transportation services	237		8,389	*		16,342		226		7,817	*		15,405		288		8,162	*		14,710
Insurance and fiduciaries	1		4,691	*		15,741		1		4,515	*		15,630		1		3,387	*		13,993
Agribusiness	24		6,180	*		14,063		25		6,301	*		11,417		35		6,086	*		11,576
Government and education	25		6,482	*		12,590		16		6,578	*		12,657		5		5,863	*		11,193
Other	13		4,847	*		14,325		16		4,434	*		11,677		30		4,077	*		11,583
Total	$	865	401,714	42	%	$	859,177	$	850	394,311	42	%	$	804,143	$	1,128	365,295	41	%	$	753,457

*Less than 1%.

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

-23-

Wells Fargo & Company and Subsidiaries

COMMERCIAL REAL ESTATE LOANS BY PROPERTY TYPE (1)

	Dec 31, 2022							Sep 30, 2022							Dec 31, 2021
($ 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	$	8	39,743	4	%	$	51,567	$	9	38,855	4	%	$	51,565	$	13	31,901	4	%	$	42,119
Office buildings	186		36,144	4		40,827		173		35,194	4		40,411		134		36,736	4		42,781
Industrial/warehouse	42		20,634	2		24,546		44		19,453	2		24,465		78		17,714	2		20,967
Hotel/motel	153		12,751	1		13,758		153		13,144	1		14,030		254		12,764	1		13,179
Retail (excluding shopping center)	199		11,753	1		12,486		87		11,853	1		12,576		135		12,450	1		13,014
Shopping center	259		9,534	*		10,131		253		9,825	1		10,434		422		10,448	1		11,082
Institutional	33		7,725	*		9,178		34		7,987	*		9,411		51		7,743	*		9,588
Mixed use properties	54		5,887	*		7,139		57		7,356	*		8,688		81		6,303	*		10,718
Collateral pool	—		3,062	*		3,662		—		3,305	*		3,804		—		3,509	*		4,106
Storage facility	—		2,929	*		3,201		—		2,877	*		3,110		—		2,257	*		2,742
Other	24		5,640	*		8,825		43		5,810	*		8,866		80		6,000	*		8,987
Total	$	958	155,802	16	%	$	185,320	$	853	155,659	16	%	$	187,360	$	1,248	147,825	17	%	$	179,283

*Less than 1%.

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

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

-24-

Wells Fargo & Company and Subsidiaries TANGIBLE COMMON EQUITY

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

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

								Dec 31, 2022 <br>% Change from
(in millions, except ratios)		Dec 31,<br>2022		Sep 30,<br>2022	Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2022		Dec 31,<br>2021
Tangible book value per common share:
Total equity		$	181,875	178,409	179,793	181,689	190,110	2	%	(4)
Adjustments:
Preferred stock (1)		(19,448)		(20,057)	(20,057)	(20,057)	(20,057)	3		3
Additional paid-in capital on preferred stock (1)		173		136	135	136	136	27		27
Unearned Employee Stock Ownership Plan (ESOP) shares (1)		—		646	646	646	646	(100)		(100)
Noncontrolling interests		(1,986)		(2,220)	(2,261)	(2,446)	(2,504)	11		21
Total common stockholders' equity	(A)	160,614		156,914	158,256	159,968	168,331	2		(5)
Adjustments:
Goodwill		(25,173)		(25,172)	(25,178)	(25,181)	(25,180)	—		—
Certain identifiable intangible assets (other than MSRs)		(152)		(171)	(191)	(210)	(225)	11		32
Goodwill and other intangibles on investments in consolidated portfolio companies (included in<br><br>other assets)		(2,427)		(2,378)	(2,307)	(2,304)	(2,437)	(2)		—
Applicable deferred taxes related to goodwill and other intangible assets (2)		890		889	880	871	765	—		16
Tangible common equity	(B)	$	133,752	130,082	131,460	133,144	141,254	3		(5)
Common shares outstanding	(C)	3,833.8		3,795.4	3,793.0	3,789.9	3,885.8	1		(1)
Book value per common share	(A)/(C)	$	41.89	41.34	41.72	42.21	43.32	1		(3)
Tangible book value per common share	(B)/(C)	34.89		34.27	34.66	35.13	36.35	2		(4)

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

(2)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.

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

		Quarter ended							Year ended
(in millions, except ratios)		Dec 31,<br>2022			Sep 30,<br>2022	Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2022		Dec 31,<br>2021	Dec 31,<br>2022			Dec 31,<br>2021	%<br>Change
Return on average tangible common equity:
Net income applicable to common stock	(A)	$	2,585		3,250	2,839	3,393	5,470	(20)	%	(53)	$	12,067		20,256	(40)	%
Average total equity		182,549			183,037	181,016	186,337	190,744	—		(4)	183,224			191,219	(4)
Adjustments:
Preferred stock (1)		(19,553)			(20,057)	(20,057)	(20,057)	(20,267)	3		4	(19,930)			(21,151)	(6)
Additional paid-in capital on preferred stock (1)		166			135	135	134	120	23		38	143			137	4
Unearned ESOP shares (1)		112			646	646	646	872	(83)		(87)	512			874	(41)
Noncontrolling interests		(2,185)			(2,258)	(2,386)	(2,468)	(2,119)	3		(3)	(2,323)			(1,601)	45
Average common stockholders’ equity	(B)	161,089			161,503	159,354	164,592	169,350	—		(5)	161,626			169,478	(5)
Adjustments:
Goodwill		(25,173)			(25,177)	(25,179)	(25,180)	(25,569)	—		2	(25,177)			(26,087)	(3)
Certain identifiable intangible assets (other than MSRs)		(160)			(181)	(200)	(218)	(246)	12		35	(190)			(294)	(35)
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)		(2,378)			(2,359)	(2,304)	(2,395)	(2,309)	(1)		(3)	(2,359)			(2,226)	6
Applicable deferred taxes related to goodwill and other intangible assets (2)		890			886	877	803	848	—		5	864			867	—
Average tangible common equity	(C)	$	134,268		134,672	132,548	137,602	142,074	—		(5)	$	134,764		141,738	(5)
Return on average common stockholders’ equity (ROE) (annualized)	(A)/(B)	6.4		%	8.0	7.1	8.4	12.8				7.5		%	12.0
Return on average tangible common equity (ROTCE) (annualized)	(A)/(C)	7.6			9.6	8.6	10.0	15.3				9.0			14.3

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

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Wells Fargo & Company and Subsidiaries

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

	Estimated							Dec 31, 2022 <br>% Change from
( in billions)	Dec 31,<br>2022			Sep 30,<br>2022	Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2022		Dec 31,<br>2021
Total equity	$	181.9		178.4	179.8	181.7	190.1	2	%	(4)
Adjustments:
Preferred stock (2)	(19.4)			(20.1)	(20.1)	(20.1)	(20.1)	3		3
Additional paid-in capital on preferred stock (2)	0.1			0.1	0.2	0.1	0.1	(46)		(46)
Unearned ESOP shares (2)	—			0.7	0.7	0.7	0.7	(100)		(100)
Noncontrolling interests	(2.0)			(2.2)	(2.3)	(2.4)	(2.5)	11		21
Total common stockholders' equity	160.6			156.9	158.3	160.0	168.3	2		(5)
Adjustments:
Goodwill	(25.2)			(25.2)	(25.2)	(25.2)	(25.2)	—		—
Certain identifiable intangible assets (other than MSRs)	(0.2)			(0.2)	(0.2)	(0.2)	(0.2)	11		32
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)	(2.4)			(2.4)	(2.3)	(2.3)	(2.4)	(2)		—
Applicable deferred taxes related to goodwill and other intangible assets (3)	0.9			0.9	0.9	0.9	0.8	—		16
Current expected credit loss (CECL) transition provision (4)	0.2			0.2	0.2	0.2	0.2	—		(25)
Other	(0.4)			(0.4)	(1.6)	(1.1)	(0.9)	—		52
Common Equity Tier 1	133.5			129.8	130.1	132.3	140.6	3		(5)
Preferred stock (2)	19.4			20.1	20.1	20.1	20.1	(3)		(3)
Additional paid-in capital on preferred stock (2)	(0.1)			(0.1)	(0.2)	(0.1)	(0.2)	—		50
Unearned ESOP shares (2)	—			(0.7)	(0.7)	(0.7)	(0.6)	100		100
Other	(0.2)			(0.3)	(0.2)	(0.3)	(0.2)	27		5
Total Tier 1 capital	152.6			148.8	149.1	151.3	159.7	3		(4)
Long-term debt and other instruments qualifying as Tier 2	20.5			20.6	21.6	22.3	22.7	—		(10)
Qualifying allowance for credit losses (5)	14.0			13.6	13.2	13.0	14.1	3		(1)
Other	(0.3)			(0.3)	(0.3)	(0.3)	(0.2)	(10)		(57)
Total qualifying capital	$	186.8		182.7	183.6	186.3	196.3	2		(5)
Total risk-weighted assets (RWAs)	$	1,259.7		1,255.6	1,253.6	1,265.5	1,239.0	—		2
Common Equity Tier 1 to total RWAs	10.6		%	10.3	10.4	10.5	11.4
Tier 1 capital to total RWAs	12.1			11.9	11.9	12.0	12.9
Total capital to total RWAs	14.8			14.6	14.6	14.7	15.8

All values are in US Dollars.

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

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

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

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

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

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Wells Fargo & Company and Subsidiaries

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

	Estimated							Dec 31, 2022 <br>% Change from
( in billions)	Dec 31,<br>2022			Sep 30,<br>2022	Jun 30,<br>2022	Mar 31,<br>2022	Dec 31,<br>2021	Sep 30,<br>2022		Dec 31,<br>2021
Total equity	$	181.9		178.4	179.8	181.7	190.1	2	%	(4)
Adjustments:
Preferred stock (2)	(19.4)			(20.1)	(20.1)	(20.1)	(20.1)	3		3
Additional paid-in capital on preferred stock (2)	0.1			0.1	0.2	0.1	0.2	(46)		(69)
Unearned ESOP shares (2)	—			0.7	0.7	0.7	0.6	(100)		(100)
Noncontrolling interests	(2.0)			(2.2)	(2.3)	(2.4)	(2.5)	11		21
Total common stockholders' equity	160.6			156.9	158.3	160.0	168.3	2		(5)
Adjustments:
Goodwill	(25.2)			(25.2)	(25.2)	(25.2)	(25.2)	—		—
Certain identifiable intangible assets (other than MSRs)	(0.2)			(0.2)	(0.2)	(0.2)	(0.2)	11		32
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)	(2.4)			(2.4)	(2.3)	(2.3)	(2.4)	(2)		—
Applicable deferred taxes related to goodwill and other intangible assets (3)	0.9			0.9	0.9	0.9	0.8	—		16
CECL transition provision (4)	0.2			0.2	0.2	0.2	0.2	—		(25)
Other	(0.4)			(0.4)	(1.6)	(1.1)	(0.9)	—		52
Common Equity Tier 1	133.5			129.8	130.1	132.3	140.6	3		(5)
Preferred stock (2)	19.4			20.1	20.1	20.1	20.1	(3)		(3)
Additional paid-in capital on preferred stock (2)	(0.1)			(0.1)	(0.2)	(0.1)	(0.2)	—		50
Unearned ESOP shares (2)	—			(0.7)	(0.7)	(0.7)	(0.6)	100		100
Other	(0.2)			(0.3)	(0.2)	(0.3)	(0.2)	27		5
Total Tier 1 capital	152.6			148.8	149.1	151.3	159.7	3		(4)
Long-term debt and other instruments qualifying as Tier 2	20.5			20.6	21.6	22.3	22.7	—		(10)
Qualifying allowance for credit losses (5)	4.5			4.4	4.4	4.4	4.4	1		1
Other	(0.3)			(0.3)	(0.3)	(0.3)	(0.2)	(10)		(57)
Total qualifying capital	$	177.3		173.5	174.8	177.7	186.6	2		(5)
Total RWAs	$	1,112.2		1,104.1	1,121.6	1,119.5	1,116.1	1		—
Common Equity Tier 1 to total RWAs	12.0		%	11.8	11.6	11.8	12.6
Tier 1 capital to total RWAs	13.7			13.5	13.3	13.5	14.3
Total capital to total RWAs	15.9			15.7	15.6	15.9	16.7

All values are in US Dollars.

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

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

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ex993-wellsfargo4q22pres

24Q22 Financial Results • Helped customers avoid overdraft fees and meet short-term cash needs: – Eliminated non-sufficient fund (NSF) fees – Eliminated transfer fees for customers enrolled in overdraft protection – Established Extra Day Grace Period which has helped ~3.4 million customers avoid overdraft fees by providing consumer customers an extra business day to cure negative balances and avoid overdraft fees – Rolled-out Early Pay Day, which provides consumer customers who receive eligible direct deposits the ability to access funds up to two days earlier – Launched Flex Loan, a digital only, small dollar, short-term credit product – Over 1.7 million Clear Access BankingSM accounts, our checking account with no overdraft fees • Banking Inclusion Initiative: Launched first 5 HOPE Inside Centers in Oakland, Houston, Greater Atlanta, Phoenix and Los Angeles as part of our work to introduce HOPE Inside Centers in 20 markets by the end of 2023, and redesign 100 branches in low‑ to moderate‑income neighborhoods across the nation • Helped over 244,000 homeowners with new loans to either purchase a home or refinance an existing mortgage • $3.5 billion in new commitments (including forward commitments) for affordable housing under the Government-sponsored enterprise (GSE) and Federal Housing Administration (FHA) programs (consisting of 35,900 total units including 33,700 rent restricted affordable units). Actively helped our customers in 2022 Supporting our Customers • Reimagined Wells Fargo Mobile® app for consumer and small business customers – 28.3 million mobile active customers1 – 6.6 billion mobile logins • Launched two credit cards – Wells Fargo AutographSM: our new reward card which provides 3x points across top spending categories of travel, dining, and streaming services – BILT Mastercard®: allows renters to earn rewards on rental payments which can be used towards a down payment on a home purchase • Relaunched Intuitive Investor®, a digitally automated investment platform, making it easier for customers to invest with a streamlined account opening and a lower minimum investment requirement of $500 • Introduced Wells Fargo Premier, a new integrated banking, lending and investment offering oriented towards the complex financial needs of our affluent clients • Launched Wells Fargo Vantage℠, a one-stop-shop digital banking experience for commercial and corporate clients which allows for the customization and personalization of the client experience • Continued the development of payment APIs for commercial and corporate clients, invested in solutions to support our financial institution clients, and began developing digital commercial lending solutions New Digital and Product Offerings 1. Mobile active customers is the number of consumer and small business customers who have logged on via a mobile device in the prior 90 days.

34Q22 Financial Results • Published the Wells Fargo CO2eMissionSM, a climate alignment and target- setting methodology for our financing portfolios, and set the first interim financed emissions targets for the Oil & Gas and Power sectors • Issued our second sustainability bond, the Inclusive Communities and Climate Bond, raising $2 billion in capital to support housing affordability, economic opportunity, renewable energy and clean transportation • Published our first sustainable finance progress report highlighting the $68 billion in financing towards sustainable activities and businesses which is 14% of our $500 billion goal • From the inception of our Renewable Energy & Environmental Finance (REEF) Group in 2005 to September 2022, REEF provided over $14.4 billion in financing to ~12% of the utility-scale wind and solar capacity in the U.S.1 • Published inaugural Diversity, Equity and Inclusion (DE&I) Report highlighting internal progress and external work supporting underserved communities • Continued efforts to sustain and grow employee-focused initiatives: – Completed inaugural Building Organizational Leadership Diversity (BOLD) program and launched the next cohort of participants – Continued the GLIDE – Relaunch returnship program hosting two cohorts with 105 fellows hired in 2022 with an overall cohort diversity rate of 87%2. Converted 88% of program hires into full-time employment upon program completion • Expanded on-demand DE&I training to all employees • Spent more than $1 billion with certified diverse suppliers Actively helped our customers, communities and employees in 2022 • Donated approximately $300 million to over 3,400 nonprofits in support of housing, small business, financial health, sustainability and other community needs – Included ~$15 million in grants to support sustainability-related philanthropic efforts • Strengthened local communities through ~ 700,000 hours of volunteer service from Wells Fargo employees • Launched $60 million Wealth Opportunities Restored through Homeownership (WORTH) program which aims to create 40,000 homebuyers of color in eight markets across the U.S. • Started Growing Diverse Housing Developers, a $40 million initiative to increase affordable housing supply and grow success of diverse housing developers • Collaborated with the National Urban League on new five-year Diverse Appraiser Program to increase diversity in the home appraiser industry in Charlotte, Atlanta and Houston • Continued support for our Open for Business Fund helping small business owners acquire commercial property, equipment and other upgrades • Distributed more than $22 million in grants for financial coaching to help people build savings, reduce debt, acquire assets, and improve credit • Expanded our business coaching and mentoring program with the Nasdaq Entrepreneurial Center to reach 1,200 women-owned small businesses Additional Actions to Support Our Communities Amounts in the bullets are for full year 2022, unless otherwise noted. 1. Source: US Energy Information Administration (EIA). Monthly Electricity Report. 2. 73% diverse by gender, 63% diverse by race/ethnicity and 3% diverse by veteran status. Supporting Sustainability Supporting Diversity, Equity and Inclusion (DE&I)

44Q22 Financial Results 4Q22 results Financial Results ROE: 6.4% ROTCE: 7.6%1 Efficiency ratio: 82%2 Credit Quality Capital and Liquidity CET1 ratio: 10.6%3 LCR: 122%4 TLAC ratio: 23.3%5 • Provision for credit losses of $957 million – Total net charge-offs of $560 million, up $137 million, with net loan charge-offs of 0.23% of average loans (annualized) – Allowance for credit losses of $13.6 billion, down $179 million from 4Q21 and included a $397 million increase in 4Q22 • Common Equity Tier 1 (CET1) capital of $133.5 billion3 • CET1 ratio of 10.6% under the Standardized Approach and 12.0% under the Advanced Approach3 Comparisons in the bullet points are for 4Q22 versus 4Q21, unless otherwise noted. 1. Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 23. 2. The efficiency ratio is noninterest expense divided by total revenue. 3. The Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach is our binding CET1 ratio. See page 25 for additional information regarding CET1 capital and ratios. CET1 is a preliminary estimate. 4. Liquidity coverage ratio (LCR) represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. LCR is a preliminary estimate. 5. Represents TLAC divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC is a preliminary estimate. 6. Impairments of equity securities, net of noncontrolling interests = $749 million. • Net income of $2.9 billion, or $0.67 per diluted common share. Results included: • Revenue of $19.7 billion, down 6% – Businesses divested in 2021 accounted for $1.1 billion of revenue in 4Q21, including $943 million in net gains on sales • Noninterest expense of $16.2 billion, up 23% – Businesses divested in 2021 accounted for ~$186 million of noninterest expense in 4Q21 • Effective income tax rate of (4.6)% included $510 million of discrete tax benefits related to interest on overpayments in prior years • Average loans of $948.5 billion, up 8% • Average deposits of $1.4 trillion, down 6% ($ in millions, except EPS) Pre-tax Income EPS Litigation, regulatory, and customer remediation matters, primarily related to a variety of previously disclosed historical matters ($3,287) ($0.70) Impairments of equity securities predominantly in our affiliated venture capital business6 (1,050) (0.15) Severance expense, primarily in Home Lending (353) (0.07) Discrete tax benefits 510 0.13

54Q22 Financial Results Capital Capital Position • Common Equity Tier 1 (CET1) ratio of 10.6%1 at December 31, 2022 remained above our regulatory minimum and buffers of 9.2%2 • CET1 ratio down ~80 bps from 4Q21 and reflected: – Decline in accumulated other comprehensive income driven by higher interest rates and wider agency mortgage-backed securities spreads resulted in a decline in the CET1 ratio of 85 bps Capital Return • Period-end common shares outstanding down 52.0 million, or 1%, year-over-year (YoY) • 4Q22 common stock dividend of $0.30 per share • Issued 38.5 million shares of common stock in 4Q22 predominantly associated with annual company contributions to our 401(k) plan • No common stock repurchases in 4Q22; we currently expect to resume common stock repurchases in 1Q23 Total Loss Absorbing Capacity (TLAC) • As of December 31, 2022, our TLAC as a percentage of total risk- weighted assets was 23.3%3 compared with the required minimum of 21.5% Common Equity Tier 1 Ratio under the Standardized Approach1 11.4% 10.5% 10.4% 10.3% 10.6% 4Q21 1Q22 2Q22 3Q22 4Q22 Estimated 1. The Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach is our binding CET1 ratio. See page 25 for additional information regarding CET1 capital and ratios. 4Q22 CET1 is a preliminary estimate. 2. Includes a 4.50% minimum requirement, a stress capital buffer of 3.20%, and a G-SIB capital surcharge of 1.50%. 3. Represents TLAC divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC is a preliminary estimate. 9.2% Regulatory Minimum and Buffers2

64Q22 Financial Results 4Q22 earnings 1. Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 23. Quarter ended $ Change from Year ended $ Change from $ in millions (mm), except per share data 4Q22 3Q22 4Q21 3Q22 4Q21 2022 2021 2021 Net interest income $13,433 12,098 9,262 $1,335 4,171 $44,950 35,779 $9,171 Noninterest income 6,227 7,407 11,594 (1,180) (5,367) 28,835 42,713 (13,878) Total revenue 19,660 19,505 20,856 155 (1,196) 73,785 78,492 (4,707) Net charge-offs 560 399 423 161 137 1,609 1,582 27 Change in the allowance for credit losses 397 385 (875) 12 1,272 (75) (5,737) 5,662 Provision for credit losses 957 784 (452) 173 1,409 1,534 (4,155) 5,689 Noninterest expense 16,202 14,327 13,198 1,875 3,004 57,282 53,831 3,451 Pre-tax income 2,501 4,394 8,110 (1,893) (5,609) 14,969 28,816 (13,847) Income tax expense (benefit) (127) 894 1,711 (1,021) (1,838) 2,087 5,578 (3,491) Effective income tax rate (%) (4.6) % 20.2 22.8 (2,486) bps (2,747) 13.7 % 20.6 (690) bps Net income $2,864 3,528 5,750 ($664) (2,886) $13,182 21,548 ($8,366) Diluted earnings per common share $0.67 0.85 1.38 ($0.18) (0.71) $3.14 4.95 ($1.81) Diluted average common shares (# mm) 3,832.7 3,825.1 3,964.7 8 (132) 3,837.0 4,096.2 (259) Return on equity (ROE) 6.4 % 8.0 12.8 (161) bps (645) 7.5 % 12.0 (446) bps Return on average tangible common equity (ROTCE)1 7.6 9.6 15.3 (194) (764) 9.0 14.3 (534) Efficiency ratio 82 73 63 896 1,914 78 69 905

74Q22 Financial Results Credit quality • Commercial net loan charge-offs up $73 million to 6 bps of average loans (annualized) • Consumer net loan charge-offs up $88 million to 48 bps of average loans (annualized) driven by a $72 million increase in net loan charge-offs in credit card • Nonperforming assets increased $51 million, or 1%, as higher commercial real estate nonaccrual loans were partially offset by lower residential mortgage nonaccrual loans Provision for Credit Losses and Net Charge-offs ($ in millions) Allowance for Credit Losses for Loans ($ in millions) • Allowance for credit losses for loans increased primarily reflecting loan growth, as well as a less favorable economic environment – Allowance coverage for total loans up 2 bps from 3Q22 and down 12 bps from 4Q21 Comparisons in the bullet points are for 4Q22 versus 3Q22, unless otherwise noted. (452) (787) 580 784 957 423 305 345 399 560 Provision for Credit Losses Net Charge-offs Net Loan Charge-off Ratio 4Q21 1Q22 2Q22 3Q22 4Q22 13,788 12,681 12,884 13,225 13,609 7,791 7,148 7,082 6,991 6,956 5,997 5,533 5,802 6,234 6,653 Commercial Consumer Allowance coverage for total loans 4Q21 1Q22 2Q22 3Q22 4Q22 0.19% 0.14% 0.17%0.15% 0.23% 1.39% 1.54% 1.37% 1.40% 1.42%

84Q22 Financial Results Loans and deposits • Average loans up $73.5 billion, or 8%, YoY, and up $3.1 billion from 3Q22 driven by higher credit card loans and higher residential mortgage loans • Total average loan yield of 5.13%, up 181 bps YoY and up 85 bps from 3Q22 reflecting the impact of higher interest rates • Period-end loans up $60.5 billion, or 7%, YoY, and up $10.0 billion, or 1%, from 3Q22 driven by higher commercial & industrial loans and higher credit card loans • Average deposits down $89.5 billion, or 6%, YoY, and down $27.4 billion, or 2%, from 3Q22 predominantly reflecting consumer deposit outflows • Average deposit cost of 46 bps, up 32 bps from 3Q22 driven by higher deposit costs across all operating segments in response to rising interest rates Average Loans Outstanding ($ in billions) Average Deposits and Rates ($ in billions) 875.0 898.0 926.6 945.5 948.5 495.6 516.1 537.5 551.2 552.2 379.5 381.9 389.1 394.3 396.3 Commercial Loans Consumer Loans Total Average Loan Yield 4Q21 1Q22 2Q22 3Q22 4Q22 864.4 881.3 898.6 888.1 864.6 207.7 200.7 188.3 180.2 175.4 182.1 169.2 164.9 156.8 156.2 Corporate Wealth and Investment Management Corporate and Investment Banking Commercial Banking Consumer Banking and Lending 4Q21 1Q22 2Q22 3Q22 4Q22 3.32% 3.25% 3.52% 4.28% 5.13% Average Deposit Cost 4Q21 1Q22 2Q22 3Q22 4Q22 0.02% 0.03% 0.04% 0.14% 0.46% 42.124.420.327.134.9 Period-End Loans Outstanding ($ in billions) 4Q22 vs 3Q22 vs 4Q21 Commercial $ 557.5 1 % 9 % Consumer 398.4 1 % 4 % Total loans $ 955.9 1 % 7 % 180.9 158.4 142.2 173.7185.8 1,470.0 1,464.1 1,445.8 1,407.9 1,380.5

94Q22 Financial Results 9,262 9,221 10,198 12,098 13,433 Net Interest Income Net Interest Margin (NIM) on a taxable-equivalent basis 4Q21 1Q22 2Q22 3Q22 4Q22 3.14% Net interest income • Net interest income up $4.2 billion, or 45%, from 4Q21 primarily due to the impact of higher interest rates, higher loan balances, and lower mortgage- backed securities (MBS) premium amortization – 4Q22 MBS premium amortization was $174 million vs. $477 million in 4Q21 and $230 million in 3Q22 • Net interest income up $1.3 billion, or 11%, from 3Q22 primarily due to the impact of higher interest rates Net Interest Income ($ in millions) 2.11% 2.16% 2.39% 2.83% 1. Includes taxable-equivalent adjustments predominantly related to tax-exempt income on certain loans and securities. 1

104Q22 Financial Results Noninterest expense • Noninterest expense up $3.0 billion, or 23%, from 4Q21 – Operating losses up $3.0 billion reflecting $3.3 billion primarily related to a variety of previously disclosed historical matters, including litigation, regulatory, and customer remediation matters – Other expenses of $12.7 billion were stable ◦ Personnel expense down $60 million, or 1%, primarily reflecting lower revenue-related compensation, as well as the impact of efficiency initiatives and lower expense from business divestitures, partially offset by $353 million in severance expense primarily in Home Lending ◦ Non-personnel expense up $59 million, or 1% • Noninterest expense up $1.9 billion, or 13%, from 3Q22 – Operating losses up $1.3 billion reflecting $3.3 billion primarily related to a variety of previously disclosed historical matters, including litigation, regulatory, and customer remediation matters – Other expenses of $12.7 billion, up $576 million, or 5% ◦ Personnel expense up $203 million, or 2%, and included $353 million in severance expense primarily in Home Lending, partially offset by lower revenue-related expense, as well as the impact of efficiency initiatives ◦ Non-personnel expense up $373 million driven by typically higher 4Q expense in professional and outside services, technology, telecommunications and equipment, and advertising and promotion, as well as higher travel and entertainment expense Noninterest Expense ($ in millions) 13,198 13,870 12,883 14,327 16,202 8,475 9,271 8,442 8,212 8,415 4,211 3,926 3,865 3,897 4,270 512 673 576 2,218 3,517 Operating Losses Non-personnel Expense Personnel Expense 4Q21 1Q22 2Q22 3Q22 4Q22 Headcount (Period-end, '000s) 4Q21 1Q22 2Q22 3Q22 4Q22 249 247 244 239 239 1. 4Q21 noninterest expense included approximately $100 million of operating expenses associated with our Corporate Trust Services business and Wells Fargo Asset Management, which were sold on November 1, 2021. The approximately $100 million excludes expenses attributable to transition services agreements and corporate overhead. 2. The amount for December 31, 2022, will be updated at the time of the filing of our Form 10-K in February and may change. 1 Reasonably possible losses in excess of our accrual for legal actions • Our current estimate of the high end of the range of reasonably possible losses in excess of our accrual for legal actions as of December 31, 2022, is ~$1.4 billion2, down ~$2.3 billion from the ~$3.7 billion as of September 30, 2022

114Q22 Financial Results Consumer Banking and Lending • Total revenue up 8% YoY and up 2% from 3Q22 – CSBB up 36% YoY driven by the impact of higher interest rates; up 6% from 3Q22 as higher net interest income was partially offset by lower deposit- related fees reflecting our efforts to help customers avoid overdraft fees – Home Lending down 57% YoY on lower mortgage banking income driven by lower originations and gain on sale margins, as well as lower revenue from the resecuritization of loans purchased from securitization pools; down 19% from 3Q22 on lower revenue from the resecuritization of loans purchased from securitization pools, as well as lower mortgage originations and gain on sale margins – Credit Card up 6% YoY on higher loan balances, including the impact of higher point of sale volume and new product launches – Auto down 12% YoY due to loan spread compression and lower loan balances – Personal Lending up 9% YoY on higher loan balances, partially offset by loan spread compression • Noninterest expense up 16% YoY and up 5% from 3Q22 as higher operating losses and severance expense of $305 million were partially offset by lower revenue-related compensation in Home Lending, as well as the impact of efficiency initiatives 1. Return on allocated capital is segment net income (loss) applicable to common stock divided by segment average allocated capital. Segment net income (loss) applicable to common stock is segment net income (loss) less allocated preferred stock dividends. 2. Efficiency ratio is segment noninterest expense divided by segment total revenue. 3. Digital and mobile active customers is the number of consumer and small business customers who have logged on via a digital or mobile device, respectively, in the prior 90 days. Summary Financials $ in millions (mm) 4Q22 vs. 3Q22 vs. 4Q21 Revenue by line of business: Consumer and Small Business Banking (CSBB) $6,608 $376 1,736 Consumer Lending: Home Lending 786 (187) (1,057) Credit Card 1,353 4 82 Auto 413 (10) (57) Personal Lending 303 3 26 Total revenue 9,463 186 730 Provision for credit losses 936 19 810 Noninterest expense 7,088 330 962 Pre-tax income 1,439 (163) (1,042) Net income $1,077 ($124) (785) Selected Metrics 4Q22 3Q22 4Q21 Return on allocated capital1 8.3 % 9.4 14.8 Efficiency ratio2 75 73 70 Retail bank branches # 4,598 4,612 4,777 Digital (online and mobile) active customers3 (mm) 33.5 33.6 33.0 Mobile active customers3 (mm) 28.3 28.3 27.3 Average Balances and Selected Credit Metrics $ in billions 4Q22 3Q22 4Q21 Balances Loans $338.0 335.6 325.4 Deposits 864.6 888.0 864.4 Credit Performance Net charge-offs as a % of average loans 0.62 % 0.51 0.50

124Q22 Financial Results Consumer Banking and Lending Mortgage Loan Originations ($ in billions) Auto Loan Originations ($ in billions) Credit Card POS Volume ($ in billions) Debit Card Point of Sale (POS) Volume and Transactions1 1. Debit card purchase volume and transactions reflect combined activity for both consumer and business debit card purchases. 48.1 37.9 34.1 21.5 14.632.8 24.1 19.6 12.4 8.2 15.3 13.8 14.5 9.1 6.4 Retail Correspondent Refinances as a % of Originations 4Q21 1Q22 2Q22 3Q22 4Q22 122.4 115.0 125.2 122.4 124.0 POS Volume ($ in billions) POS Transactions (billions) 4Q21 1Q22 2Q22 3Q22 4Q22 9.4 7.3 5.4 5.4 5.0 4Q21 1Q22 2Q22 3Q22 4Q22 27.5 26.0 30.1 30.7 32.3 4Q21 1Q22 2Q22 3Q22 4Q22 2.5 2.3 2.5 2.5 2.5 59% 56% 28% 16% 13%

134Q22 Financial Results Commercial Banking • Total revenue up 38% YoY and up 7% from 3Q22 – Middle Market Banking revenue up 78% YoY primarily due to the impact of higher interest rates and higher loan balances, partially offset by lower deposit balances and lower deposit-related fees driven by the impact of higher earnings credit rates (ECRs), which result in lower fees for commercial customers; up 16% from 3Q22 due to the impact of higher interest rates and higher loan balances, partially offset by higher ECRs and lower deposit balances – Asset-Based Lending and Leasing revenue down 4% YoY and down 7% from 3Q22 driven by lower net gains from equity securities, partially offset by loan growth • Noninterest expense up 9% YoY primarily due to higher personnel expense and operating losses, partially offset by the impact of efficiency initiatives Summary Financials $ in millions 4Q22 vs. 3Q22 vs. 4Q21 Revenue by line of business: Middle Market Banking $2,076 $283 909 Asset-Based Lending and Leasing 1,073 (86) (44) Total revenue 3,149 197 865 Provision for credit losses (43) 125 341 Noninterest expense 1,523 (3) 130 Pre-tax income 1,669 75 394 Net income $1,238 $56 284 Selected Metrics 4Q22 3Q22 4Q21 Return on allocated capital 24.2 % 23.1 18.5 Efficiency ratio 48 52 61 Average loans by line of business ($ in billions) Middle Market Banking $119.7 117.0 103.6 Asset-Based Lending and Leasing 98.7 92.0 81.0 Total loans $218.4 209.0 184.6 Average deposits 175.4 180.2 207.7

144Q22 Financial Results Corporate and Investment Banking • Total revenue up 18% YoY and up 2% from 3Q22 – Banking revenue up 22% YoY driven by stronger treasury management results due to the impact of higher interest rates and higher lending revenue on higher loan balances, partially offset by lower investment banking fees reflecting lower market activity; up 4% from 3Q22 predominantly driven by stronger treasury management results reflecting higher interest rates, partially offset by lower investment banking fees – Commercial Real Estate revenue up 16% YoY driven by higher loan balances and the impact of higher interest rates; up 5% from 3Q22 predominantly driven by stronger lending results and treasury management results, partially offset by lower commercial mortgage-backed securities gain on sale margins and volumes – Markets revenue up 17% YoY driven by higher trading revenue in equities, rates and commodities, foreign exchange, and municipal products; down 5% from 3Q22 reflecting lower equities and credit products trading revenue, partially offset by higher trading revenue in municipal products • Noninterest expense up 4% YoY driven by higher operating costs and salaries expense, partially offset by the impact of efficiency initiatives; down 3% from 3Q22 on lower personnel expense and lower operating costs Summary Financials $ in millions 4Q22 vs. 3Q22 vs. 4Q21 Revenue by line of business: Banking: Lending $593 $13 74 Treasury Management and Payments 738 68 365 Investment Banking 317 (19) (147) Total Banking 1,648 62 292 Commercial Real Estate 1,267 55 172 Markets: Fixed Income, Currencies and Commodities (FICC) 935 21 141 Equities 279 (37) 74 Credit Adjustment (CVA/DVA) and Other (35) (52) (48) Total Markets 1,179 (68) 167 Other 45 30 (4) Total revenue 4,139 79 627 Provision for credit losses 41 9 235 Noninterest expense 1,837 (63) 72 Pre-tax income 2,261 133 320 Net income $1,692 $100 238 Selected Metrics 4Q22 3Q22 4Q21 Return on allocated capital 17.7 % 16.6 16.0 Efficiency ratio 44 47 50 Average Balances ($ in billions) Loans by line of business 4Q22 3Q22 4Q21 Banking $104.2 109.9 101.6 Commercial Real Estate 137.7 137.6 116.6 Markets 56.4 58.7 53.8 Total loans $298.3 306.2 272.0 Deposits 156.2 156.8 182.1 Trading-related assets 189.2 184.5 195.9

154Q22 Financial Results Wealth and Investment Management Summary Financials $ in millions 4Q22 vs. 3Q22 vs. 4Q21 Net interest income $1,124 $36 458 Noninterest income 2,571 (6) (411) Total revenue 3,695 30 47 Provision for credit losses 11 3 14 Noninterest expense 2,731 (65) (167) Pre-tax income 953 92 200 Net income $715 $76 151 Selected Metrics ($ in billions, unless otherwise noted) 4Q22 3Q22 4Q21 Return on allocated capital 31.9 % 28.4 25.0 Efficiency ratio 74 76 79 Average loans $84.8 85.5 84.0 Average deposits 142.2 158.4 180.9 Client assets Advisory assets 797 756 964 Other brokerage assets and deposits 1,064 1,003 1,219 Total client assets $1,861 1,759 2,183 Annualized revenue per advisor ($ in thousands)1 1,230 1,212 1,171 Total financial and wealth advisors 12,027 12,011 12,367 1. Represents annualized segment total revenue divided by average total financial and wealth advisors for the period. • Total revenue up 1% YoY and up 1% from 3Q22 – Net interest income up 69% YoY and up 3% from 3Q22 driven by the impact of higher interest rates, partially offset by lower deposit balances as customers continued to reallocate cash into higher yielding alternatives – Noninterest income down 14% YoY on lower asset-based fees driven by a decrease in market valuations • Noninterest expense down 6% YoY and down 2% from 3Q22 reflecting lower revenue-related compensation and the impact of efficiency initiatives

164Q22 Financial Results Corporate • Net interest income up YoY due to the impact of higher interest rates – Business divestitures in 2021 accounted for $27 million of net interest income in 4Q21 • Noninterest income down YoY due to lower results in our affiliated venture capital and private equity businesses, including $1.0 billion of impairments of equity securities in 4Q22 driven by market conditions, and net gains in 4Q21 from the sales of our Corporate Trust Services business and Wells Fargo Asset Management, partially offset by the impairment of certain leased rail cars in 4Q21 – Business divestitures in 2021 accounted for $1.1 billion of noninterest income in 4Q21, including a $674 million net gain on the sale of our Corporate Trust Services business and a $269 million net gain on the sale of Wells Fargo Asset Management • Noninterest expense up YoY due to higher operating losses, partially offset by the impact of business divestitures – Business divestitures in 2021 accounted for ~$186 million of noninterest expense in 4Q21 Summary Financials $ in millions 4Q22 vs. 3Q22 vs. 4Q21 Net interest income $78 $326 498 Noninterest income (367) (651) (3,907) Total revenue (289) (325) (3,409) Provision for credit losses 12 17 9 Noninterest expense 3,023 1,676 2,007 Pre-tax income (3,324) (2,018) (5,425) Income tax expense (benefit) (1,227) (1,038) (1,765) Less: Net income from noncontrolling interests (239) (208) (886) Net loss ($1,858) ($772) (2,774)

174Q22 Financial Results $45.0 GAAP Full Year 2022 Rates/Repricing Balance Sheet/Mix CIB Markets NII Full Year 2023 2023 net interest income considerations 2023 Net Interest Income Considerations • 2023 net interest income could potentially be ~ 10% higher than the full year 2022 level of $45.0 billion – Based on recent implied forward rates – Balance sheet/mix expectations driven by deposit run-off and mix shift, partially offset by modest loan growth – Expected decline in CIB Markets net interest income due to higher funding costs, partially offset by an increase in net trading gains in noninterest income – Expectations assume the asset cap will remain in place for 2023 • Net interest income performance will ultimately be determined by a variety of factors, many of which are uncertain, including the absolute level of rates and the shape of the yield curve; deposit balances, mix and pricing; and loan demand Potential for a ~10% increase ($ in billions) Forward Rate Curve as of 1/9/23 Average rates 1Q23 2Q23 3Q23 4Q23 Fed Funds 4.72 % 5.06 5.05 4.80 10-year Treasury 3.52 3.50 3.48 3.47

184Q22 Financial Results 1.7 0.5 Identified efficiency initiatives Incremental Investments Other $57.3 $50.3 1.0 $50.2 2022 Expense 2022 Expense (excluding operating losses) 2023 Outlook (excluding operating losses) 2023 Expense Expectations (Excluding Operating Losses) 2023 expense expectations Building the right risk and control infrastructure to strengthen our Company remains our top priority • 2023 expense expectations (excluding operating losses) – Merit increases including inflationary pressures; FDIC expense increase from higher FDIC surcharge (~+$250 million) – Lower revenue-related expense driven primarily by decreases in Home Lending; Wealth and Investment Management revenue-related expense assumed flat at current market levels – Incremental investments primarily related to personnel investments (largely in Technology, Corporate & Investment Banking, and Commercial Banking) and higher marketing spend in Consumer Banking and Lending • Efficiency initiatives – Delivered on commitment of ~$7.5 billion of gross expense saves in 2021-2022 – 2023 opportunities include: ◦ Consumer Banking – branch footprint and staffing ◦ Technology driven efficiencies – streamline operations and increase automation ◦ Consumer Lending – optimization of Home Lending ◦ Real estate – incremental ~5% reduction in office real estate ◦ Focus on third party spending – Continue to see more opportunities past 2023 • Operating losses (not included in 2023 outlook) – Currently anticipate ~$1.3 billion of ongoing business-related operating losses in 2023, such as fraud, theft and other business as usual losses – As previously disclosed, we have outstanding litigation, regulatory, and customer remediation matters that could impact operating losses 2022 Operating Losses ($ in billions) Expected net expense reduction details Expected merit increases, FDIC expense Expected net expense reduction Expected revenue- related expense ~ (7.0) (0.1) (1.0) $(3.2)

194Q22 Financial Results Investing to support our customers • Targeted Investment Banking coverage and product hires • Focused buildout of coverage in under penetrated markets in Commercial Banking • Attract experienced Financial Advisors and enhance the comprehensive tools they use to support customers Areas of focus for 2023 investments Improving payments products which are at the heart of our customers’ daily financial activities • Credit card -- including new products and service enhancements and additional marketing, e.g., latest launch of AutographSM • Digital lending experiences such as Flex Loan • Global treasury services for commercial clients • Digital and real-time payment capabilities Payments ProductsRisk and Controls Digital Operations and BranchesClient Coverage Technology Continuing to transform our tech platforms • Allowing customers and clients to experience the bank as one company by a streamlined banking platform • Moving more applications to public/private cloud to increase scalability and improve speed to market • Consolidation of our data center footprint • Continued investment in cybersecurity Continuing to build the right risk and control infrastructure to strengthen our Company remains our top priority • Continued upgrading of our risk management infrastructure and remediating legacy regulatory issues Building experiences for customers that are streamlined, intuitive and transparent • For consumers, improvements such as: – Further enhancements to Wells Fargo Mobile® app – Fargo, a financial digital assistant – LifeSync, a comprehensive advice platform – Intuitive Investor®, automated investment platform • For commercial clients, additional enhancements to Wells Fargo Vantage℠ Automating and upgrading our physical presence and operations processes to drive efficiency and better customer service • Operations improvements include contact center upgrades, automated fraud detection and claims handling • Renovation of existing branch footprint to help improve customer experience • Optimize ATM technology and footprint • Strengthen marketing capabilities to drive new account acquisition for consumer customers

204Q22 Financial Results 8% 8% 9% 4Q22 ROTCE 4Q22 Adjusted ROTCE 4Q22 Return on tangible common equity (ROTCE)1 ~16% 8% • 4Q22 ROE of 6%; 4Q22 ROTCE of 8%1 • 4Q22 adjusted ROTCE4 excluded the following notable items3: – $3.3 billion of operating losses related to litigation, regulatory, and customer remediation matters – Elevated impairments of equity securities, severance and discrete tax benefits • Other factors to consider: – Net interest income was higher than our long-term expectations due to interest rates, funding balances, mix, and pricing – Net loan charge-off levels were below our long-term expectations • As a result, we believe we have additional work to do to achieve our medium-term ROTCE goal on a sustainable basis 4Q22 ROTCE2 ~ 1. Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 23. 2. Numbers in the chart do not add to the total due to rounding. 3. 4Q22 notable items included $3.3 billion of operating losses related to litigation, regulatory, and customer remediation matters; $1.0 billion of impairments of equity securities; $353 million of severance expense; and $510 million of discrete tax benefits. For additional information on notable items, see pages 4 and 24. 4. Adjusted return on average 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 23-24. Excluded 4Q22 notable items 3 As reported 4

214Q22 Financial Results ~ • Clear, achievable path to a sustainable ~15% ROTCE in the medium-term; requires: – Capital optimization and continued progress on efficiency initiatives ◦ Capital return and redeploying capital to higher returning products and businesses ◦ Improving the efficiency ratios of our operating segments and underlying businesses – Returns on growth-related investments ◦ Investments include: • Credit card • Improving segmentation of our customer base including a focus on the affluent strategy • Increase deposit and lending penetration in Wealth and Investment Management • Investment Banking • On our 4Q20 earnings call we laid out a path to higher returns; ROTCE in 4Q20 was 8%1 • We executed on our efficiency initiatives outlined on our 4Q20 earnings call – Delivered ~$7.5 billion of gross expense saves – Reduced headcount by nearly 30,000, or 11% • We executed on our capital return outlined on our 4Q20 earnings call – Returned $16 billion in net common stock repurchases – Increased our common stock dividend from $0.10 per share to $0.30 per share Progress since 4Q20 Path to medium-term ROTCE Longer-term ROTCE Our top priority remains continuing to build a risk and control infrastructure appropriate for the size and complexity of Wells Fargo • Continued execution on running the company in a more controlled and disciplined manner • Our goal is for our four operating segments to produce returns comparable to our best peers Note: Path to higher returns represents a hypothetical scenario. 1. Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 23. Path to higher returns

Appendix

234Q22 Financial Results Tangible Common Equity Wells Fargo & Company and Subsidiaries TANGIBLE COMMON EQUITY We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than MSRs) and goodwill and other intangibles on investments in consolidated portfolio companies, net of applicable deferred taxes. One of these ratios is return on average tangible common equity (ROTCE), which represents our annualized earnings as a percentage of tangible common equity. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity, which utilizes tangible common equity, is a useful financial measure because it enables management, investors, and others to assess the Company’s use of equity. The table below provides a reconciliation of this non-GAAP financial measure to GAAP financial measures. Quarter ended Year ended (in millions, except ratios) Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2022 Dec 31, 2021 Return on average tangible common equity: Net income applicable to common stock (A) $ 2,585 3,250 2,839 3,393 5,470 2,741 $ 12,067 20,256 Average total equity 182,549 183,037 181,016 186,337 190,744 185,444 183,224 191,219 Adjustments: Preferred stock1 (19,553) (20,057) (20,057) (20,057) (20,267) (21,223) (19,930) (21,151) Additional paid-in capital on preferred stock1 166 135 135 134 120 156 143 137 Unearned ESOP shares1 112 646 646 646 872 875 512 874 Noncontrolling interests (2,185) (2,258) (2,386) (2,468) (2,119) (887) (2,323) (1,601) Average common stockholders’ equity (B) 161,089 161,503 159,354 164,592 169,350 164,365 161,626 169,478 Adjustments: Goodwill (25,173) (25,177) (25,179) (25,180) (25,569) (26,390) (25,177) (26,087) Certain identifiable intangible assets (other than MSRs) (160) (181) (200) (218) (246) (354) (190) (294) Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (2,378) (2,359) (2,304) (2,395) (2,309) (1,889) (2,359) (2,226) Applicable deferred taxes related to goodwill and other intangible assets2 890 886 877 803 848 852 864 867 Average tangible common equity (C) $ 134,268 134,672 132,548 137,602 142,074 136,584 $ 134,764 141,738 Return on average common stockholders’ equity (ROE) (annualized) (A)/(B) 6.4 % 8.0 7.1 8.4 12.8 6.6 7.5 % 12.0 Return on average tangible common equity (ROTCE) (annualized) (A)/(C) 7.6 9.6 8.6 10.0 15.3 8.0 9.0 14.3 1. In fourth quarter 2022, we redeemed all outstanding shares of our ESOP Cumulative Convertible Preferred Stock in exchange for shares of the Company’s common stock. 2. 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.

244Q22 Financial Results Tangible Common Equity, continued Wells Fargo & Company and Subsidiaries TANGIBLE COMMON EQUITY In fourth quarter 2022, we adjusted ROTCE to consider notable items that occurred in the quarter. Management believes that adjusted ROTCE is a useful financial measure because it enables management, investors, and others to assess the Company’s use of equity considering notable items that occurred in fourth quarter 2022. The table below provides a reconciliation of this non-GAAP financial measure to GAAP financial measures. Quarter ended (in millions, except ratios) Dec 31, 2022 Return on average tangible common equity: Net income applicable to common stock (A) $ 2,585 Adjustments for notable items: Operating losses related to litigation, regulatory, and customer remediation matters 3,287 Impairments of equity securities, net of noncontrolling interests 749 Severance expense 353 Discrete tax benefits (510) Applicable tax effect related to notable items1 (892) Adjusted net income applicable to common stock (B) 5,572 Average total equity 182,549 Adjustments: Preferred stock2 (19,553) Additional paid-in capital on preferred stock2 166 Unearned ESOP shares2 112 Noncontrolling interests (2,185) Average common stockholders’ equity (C) 161,089 Adjustments: Goodwill (25,173) Certain identifiable intangible assets (other than MSRs) (160) Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (2,378) Applicable deferred taxes related to goodwill and other intangible assets3 890 Average tangible common equity (D) $ 134,268 Return on average common stockholders’ equity (ROE) (annualized) (A)/(C) 6.4 % Return on average tangible common equity (ROTCE) (annualized) (A)/(D) 7.6 Adjusted return on average tangible common equity (adjusted ROTCE) (annualized) (B)/(D) 16.5 1. Determined by applying the combined federal statutory rate and composite state income tax rates to notable items in fourth quarter 2022. 2. In fourth quarter 2022, we redeemed all outstanding shares of our ESOP Cumulative Convertible Preferred Stock in exchange for shares of the Company’s common stock. 3. Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.

254Q22 Financial Results 1. The Basel III capital rules provide for two capital frameworks (the Standardized Approach and the Advanced Approach applicable to certain institutions), and we must calculate our CET1, Tier 1 and total capital ratios under both approaches. 2. In fourth quarter 2022, we redeemed all outstanding shares of our ESOP Cumulative Convertible Preferred Stock in exchange for shares of the Company’s common stock. 3. Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end. 4. In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out period in which the benefit is reduced by 25% in year one, 50% in year two and 75% in year three. Common Equity Tier 1 under Basel III Wells Fargo & Company and Subsidiaries RISK-BASED CAPITAL RATIOS UNDER BASEL III1 Estimated (in billions, except ratio) Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Total equity $ 181.9 178.4 179.8 181.7 190.1 Adjustments: Preferred stock2 (19.4) (20.1) (20.1) (20.1) (20.1) Additional paid-in capital on preferred stock2 0.1 0.1 0.2 0.1 0.1 Unearned ESOP shares2 — 0.7 0.7 0.7 0.7 Noncontrolling interests (2.0) (2.2) (2.3) (2.4) (2.5) Total common stockholders' equity 160.6 156.9 158.3 160.0 168.3 Adjustments: Goodwill (25.2) (25.2) (25.2) (25.2) (25.2) Certain identifiable intangible assets (other than MSRs) (0.2) (0.2) (0.2) (0.2) (0.2) Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (2.4) (2.4) (2.3) (2.3) (2.4) Applicable deferred taxes related to goodwill and other intangible assets3 0.9 0.9 0.9 0.9 0.8 Current expected credit loss (CECL) transition provision4 0.2 0.2 0.2 0.2 0.2 Other (0.4) (0.4) (1.6) (1.1) (0.9) Common Equity Tier 1 (A) $ 133.5 129.8 130.1 132.3 140.6 Total risk-weighted assets (RWAs) under Standardized Approach (B) 1,259.7 1,255.6 1,253.6 1,265.5 1,239.0 Total RWAs under Advanced Approach (C) 1,112.2 1,104.1 1,121.6 1,119.5 1,116.1 Common Equity Tier 1 to total RWAs under Standardized Approach (A)/(B) 10.6 % 10.3 10.4 10.5 11.4 Common Equity Tier 1 to total RWAs under Advanced Approach (A)/(C) 12.0 11.8 11.6 11.8 12.6

264Q22 Financial Results Disclaimer and forward-looking statements Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Annual Report on Form 10-K for the year ended December 31, 2022, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information. This document contains forward-looking statements. In addition, we may make forward-looking statements in our other documents filed or furnished with the Securities and Exchange Commission, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company, including our outlook for future growth; (ii) our noninterest expense and efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses, our allowance for credit losses, and the economic scenarios considered to develop the allowance; (iv) our expectations regarding net interest income and net interest margin; (v) loan growth or the reduction or mitigation of risk in our loan portfolios; (vi) future capital or liquidity levels, ratios or targets; (vii) the performance of our mortgage business and any related exposures; (viii) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (ix) future common stock dividends, common share repurchases and other uses of capital; (x) our targeted range for return on assets, return on equity, and return on tangible common equity; (xi) expectations regarding our effective income tax rate; (xii) the outcome of contingencies, such as legal proceedings; (xiii) environmental, social and governance related goals or commitments; and (xiv) the Company’s plans, objectives and strategies. Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Investors are urged to not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward- looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For more information about factors that could cause actual results to differ materially from expectations, refer to the “Forward-Looking Statements” discussion in Wells Fargo’s press release announcing our fourth quarter 2022 results and in our most recent Quarterly Report on Form 10-Q, as well as to Wells Fargo’s other reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021.