News Release | July 12, 2024

Wells Fargo Reports Second Quarter 2024 Net Income of$4.9 billion, or $1.33 per Diluted Share
Company-wide Financial Summary

Operating Segments and Other Highlights
Quarter ended
Jun 30,Jun 30,2024
2023

Selected Income Statement Data($ in millions except per share amounts)
Total revenue
Noninterest expense
1
Provision for credit losses
Net income
Diluted earnings per common share$ 20,689
13,293
1,236
4,910
1.33

20,533
12,987
1,713
4,938
1.25

3

Consumer Banking and Lending$ 325.9(1)%(3)

Commercial Banking

224.4

—

(1)

Corporate and Investment
Banking

275.8

(3)

(5)

Wealth and Investment
Management

83.2

1

—

Consumer Banking and Lending

778.2

1

(5)

Commercial Banking

166.9

2

—

Corporate and Investment
Banking

187.5

2

17

Wealth and Investment
Management

102.8

1

(8)

Average deposits$

917.0
1,346.5
11.0%

945.9
1,347.4
10.7

Performance Metrics
ROE
4
ROTCE

Jun 30, 2024
% Change fromMar 31, Jun 30,
2024
2023

Average loans

Selected Balance Sheet Data($ in billions)Average loans
Average deposits
2
CET1($ in billions)

Quarter
ended
Jun 30,
2024

11.5%
13.7

11.4
13.7

Capital◦ Repurchased 100.5 million shares, or $6.1 billion, ofcommon stock in second quarter 2024

Chief Executive Officer Charlie Scharf commented, “Our efforts to transform Wells Fargo were reflected in our second
quarter financial performance as diluted earnings per common share grew from both the first quarter and a year ago. We
continued to see growth in our fee-based revenue offsetting an expected decline in net interest income. The investments
we have been making allowed us to take advantage of the market activity in the quarter with strong performance ininvestment advisory, trading, and investment banking fees. Credit performance was consistent with our expectations,commercial loan demand remained tepid, we saw growth in deposit balances in all of our businesses, and the pace ofcustomers reallocating cash into higher yielding alternatives slowed.”“Our capital position remains strong and we continue to use it to support our customers while also prudently returning
excess capital to our shareholders. We repurchased over $12 billion of common stock during the first half of this year andas we previously announced, we expect to increase our third quarter common stock dividend by 14%, subject to approvalby the Company’s Board of Directors at its regularly scheduled meeting later this month.” Scharf added.
“Our risk and control work remains our top priority, and we are also continuing to execute on our strategy to better serve
our customers and drive higher returns over time. In the second quarter we launched two new credit cards, a small
business card and a consumer card. We have now launched nine new cards since 2021, driving strong credit card spend
and account growth. We are investing in our branch network to improve the customer experience including refurbishingbranches and enhancing technology. In our commercial businesses we are investing in talent and technology to capture
the opportunity inherent in our franchise including hiring a new Co-CEO of Corporate and Investment Banking. I’m proudof the progress we’ve made due to the commitment of everyone who works at Wells Fargo and am excited about theopportunities ahead,” Scharf concluded.

1
2
3
4

Includes provision for credit losses for loans, debt securities, and other financial assets.
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 2Q24 Quarterly Supplement for more
information on CET1. CET1 for June 30, 2024, is a preliminary estimate.
Return on equity (ROE) represents Wells Fargo net income applicable to common stock divided by average common stockholders’ equity.
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 2Q24 Quarterly Supplement.

Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on
Form 10-Q for the quarter ended June 30, 2024, and may differ materially from the results and disclosures in this document due to, among otherthings, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.

Selected Company-wide Financial Information
Jun 30, 2024
% Change from

Quarter ended
Jun 30,2024

Mar 31,
2024

Jun 30,2023

Mar 31,
2024

Jun 30,2023

12,227

13,163

(2)%

(9)
19

Earnings ($ in millions except per share amounts)
Net interest income$

11,923Noninterest income

8,766

8,636

7,370

2

Total revenue

20,68920,863

20,533

(1)

1

1,303

1,157

764

13

71

Net charge-offs

(67)

(219)

949

69

NM

Provision for credit losses

Change in the allowance for credit losses

1,236

938

1,713

32

(28)

Noninterest expense

13,293

14,33812,987(7)

2

Income tax expense

1,251

964

930

30

35

4,910

4,619

4,938

6

(1)

1.33

1.20

1.25

11

6

917.0

928.1

945.9

(1)

(3)

1

Wells Fargo net income$

Diluted earnings per common share

Balance Sheet Data (average) ($ in billions)
Loans

$

Deposits

1,346.5

1,341.6

1,347.4——

Assets1,914.6

1,917.0

1,878.3—

2

Financial Ratios
Return on assets (ROA)

1.03 %

0.97

1.05

Return on equity (ROE)

11.5

10.5

11.4

13.7

12.3

13.7

2

Return on average tangible common equity (ROTCE)
3

Efficiency ratio

Net interest margin on a taxable-equivalent basis

64

69

63

2.75

2.81

3.09

NM – Not meaningful
1 Includes provision for credit losses for loans, debt securities, and other financial assets.
2 Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial
measures, see the “Tangible Common Equity” tables on pages 25-26 of the 2Q24 Quarterly Supplement.
3 The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).

Second Quarter 2024 vs. Second Quarter 2023
◦ Net interest income decreased 9%, due to the impact of higher interest rates on funding costs, including the impact oflower deposit balances and customer migration to higher yielding deposit products in Consumer Banking and Lending
and Wealth and Investment Management, higher deposit costs in Commercial Banking and Corporate and Investment
Banking, as well as lower loan balances, partially offset by higher yields on earning assets◦ Noninterest income increased 19%, driven primarily by higher trading revenue in our Markets business, higher
investment banking fees, an increase in asset-based fees in Wealth and Investment Management on higher market
5valuations, the impact from the adoption of a new accounting standard for renewable energy tax credit investments ,and improved results from our venture capital investments◦ Noninterest expense increased 2%, driven by higher operating losses including higher customer remediation accruals forhistorical matters, an increase in revenue-related compensation predominantly in Wealth and Investment Management,
and higher technology and equipment expense, partially offset by the impact of efficiency initiatives including lower
salaries expense and professional and outside services expense◦ Provision for credit losses in second quarter 2024 included a modest decrease in the allowance for credit losses, as ahigher allowance for credit card loans was more than offset by lower allowances for most other loan portfolios

5

In first quarter 2024, we adopted a new accounting standard to use the proportional amortization method for renewable energy tax credit investments. Under the proportional amortization method, theamortization of the investments and the related tax impacts are both recognized in income tax expense. Previously, we recognized the amortization of the investments in other noninterest income andthe related tax impacts were recognized in income tax expense.

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Selected Company-wide Capital and Liquidity Information
Quarter ended($ in billions)Jun 30,2024

Mar 31,
2024

Jun 30,
2023

178.1

182.7

182.0

160.0

162.5

160.9

134.7

137.2

134.0

11.0 %

11.2

10.7

24.8

25.1

23.1

6.7

6.9

6.9

124 %

126

123

Capital:
Total equity$

Common stockholders’ equity
1

Tangible common equity

2

Common Equity Tier 1 (CET1) ratio

3

Total loss absorbing capacity (TLAC) ratio
4

Supplementary Leverage Ratio (SLR)
Liquidity:
5

Liquidity Coverage Ratio (LCR)

1 Tangible common equity is a non-GAAP financial measure. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on
pages 25-26 of the 2Q24 Quarterly Supplement.
2 Represents our CET1 ratio calculated under the Standardized Approach, which is our binding CET1 ratio. See tables on pages 27-28 of the 2Q24 Quarterly Supplement for more information on CET1.
CET1 for June 30, 2024, is a preliminary estimate.
3 Represents TLAC divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC for June 30,
2024, is a preliminary estimate.
4 SLR for June 30, 2024, is a preliminary estimate.
5 Represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. LCR for June 30, 2024, is a preliminary estimate.

◦ In June, the Company completed the 2024 Comprehensive Capital Analysis and Review stress test process▪ The Company’s stress capital buffer (SCB) for October 1, 2024, through September 30, 2025, is expected to be 3.8%;
the Federal Reserve Board has indicated that it will publish our final SCB by August 31, 2024
▪ Third quarter 2024 common stock dividend is expected to be $0.40 per share, up from $0.35 per share, subject toapproval by the Company’s Board of Directors at its regularly scheduled meeting in July

Selected Company-wide Loan Credit Information
Quarter ended
Jun 30,2024

Mar 31,
2024

1,301

1,149

764

0.57 %

0.50

0.32

$

8,434

8,075

6,886

0.92 %

0.88

0.73

$

8,650

8,240

7,019

0.94 %

0.89

0.74

14,862

14,786

1.61

1.56($ in millions)
Net loan charge-offs$

Net loan charge-offs as a % of average total loans (annualized)
Total nonaccrual loans
As a % of total loans
Total nonperforming assets
As a % of total loans
Allowance for credit losses for loans$

As a % of total loans

14,7891.61 %Jun 30,2023

Second Quarter 2024 vs. First Quarter 2024
◦ Commercial net loan charge-offs as a percentage of average loans were 0.35% (annualized), up from 0.25%, driven byhigher commercial real estate net loan charge-offs, predominantly in the office portfolio, as well as higher commercial
and industrial net loan charge-offs. The consumer net loan charge-off rate increased to 0.88% (annualized), up from
0.84%, due to higher net loan charge-offs in the credit card portfolio, partially offset by lower net loan charge-offs in theauto portfolio◦ Nonperforming assets were up $410 million, or 5%, driven by higher commercial real estate nonaccrual loans,predominantly in the office portfolio-3-

Operating Segment Performance
Consumer Banking and Lending offers diversified financial products and services for consumers and small businesses withannual 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

Jun 30, 2024
% Change fromJun 30,2024

Mar 31,
2024

Jun 30,2023

Mar 31,
2024

Jun 30,
2023

6,129

6,092

6,448

1%

(5)

Earnings (in millions)
Consumer, Small and Business Banking$

Consumer Lending:Home Lending

823

864

847

(5)

(3)

1,452

1,496

1,449

(3)

—

Auto

282

300

378

(6)

(25)

Personal Lending

320

339

333

(6)

(4)

9,006

9,091

9,455

(1)

(5)

932

788

874

18

7

5,701

6,024

6,027

(5)

(5)

$

1,777

1,706

1,914

4

(7)

$

325.9

329.7

336.4

(1)

(3)

778.2

773.2

823.3

1

(5)

Credit Card

Total revenue
Provision for credit losses
Noninterest expense
Net income
Average balances (in billions)
Loans
Deposits

Second Quarter 2024 vs. Second Quarter 2023
◦ Revenue decreased 5%▪ Consumer, Small and Business Banking was down 5% driven by lower deposit balances and the impact of customer
migration to higher yielding deposit products including promotional savings and time deposit accounts▪ Home Lending was down 3% reflecting lower net interest income on lower loan balances▪ Credit Card was stable reflecting higher loan balances, including the impact of higher point of sale volume and new
account growth, offset by lower other fee revenue▪ Auto was down 25% due to lower loan balances and loan spread compression▪ Personal Lending was down 4% driven by lower loan balances and loan spread compression◦ Noninterest expense was down 5% reflecting lower operating costs and the impact of efficiency initiatives, partially
offset by higher advertising and occupancy expense-4-

Commercial Banking provides financial solutions to private, family owned and certain public companies. Products andservices include banking and credit products across multiple industry sectors and municipalities, secured lending and leaseproducts, and treasury management.
Selected Financial Information
Quarter ended

Jun 30, 2024
% Change fromJun 30,2024

Mar 31,
2024

Jun 30,2023

Mar 31,
2024

Jun 30,
2023

2,153

2,078

2,199

969

1,074

1,170

3,122

3,152

3,369

(1)

(7)

29

143

26

(80)

12

1,506

1,679

1,630

(10)

(8)

$

1,182

986

1,281

20

(8)

$

224.4

223.9

225.8

—

(1)

166.9

164.0

166.7

2

—

Earnings (in millions)1

Middle Market Banking$
1

Asset-Based Lending and Leasing
Total revenue
Provision for credit losses
Noninterest expense
Net income

4%
(10)

(2)
(17)

Average balances (in billions)
Loans
Deposits

1 In second quarter 2024, we prospectively transferred our commercial auto business from Asset-Based Lending and Leasing to Middle Market Banking.

Second Quarter 2024 vs. Second Quarter 2023
◦ Revenue decreased 7%▪ Middle Market Banking was down 2% driven by lower net interest income reflecting the impact of higher interest rates
on deposit costs, partially offset by higher treasury management fees
▪ Asset-Based Lending and Leasing was down 17% and included lower net interest income, lease income, and revenue
from equity investments◦ Noninterest expense decreased 8% on lower personnel expense reflecting the impact of efficiency initiatives, and lower
operating costs-5-Corporate and Investment Banking delivers a suite of capital markets, banking and financial products and services tocorporate, commercial real estate, government and institutional clients globally. Products and services include corporatebanking, 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

Jun 30, 2024
% Change fromJun 30,2024

Mar 31,
2024

Jun 30,2023

Mar 31,
2024

Jun 30,
2023

688

681

685

1%

—

687

686

762

—

(10)
38

Earnings (in millions)
Banking:
Lending$

Treasury Management and Payments

430

474

311

(9)

Total Banking

Investment Banking

1,805

1,841

1,758

(2)

3

Commercial Real Estate

1,283

1,223

1,333

5

(4)

1,228

1,359

1,133

(10)

8

558

450

397

24

41
(50)

Markets:
Fixed Income, Currencies, and Commodities (FICC)
Equities
Credit Adjustment (CVA/DVA) and Other

7

19

14

(63)

1,793

1,828

1,544

(2)

16

(43)

90

(4)

NM

NM

4,838

4,982

4,631

(3)

4

285

5

933

NM

(69)

2,170

2,330

2,087

(7)

4

$

1,785

1,981

1,210

(10)

48

$

275.8

283.2

291.5

(3)

(5)

187.5

183.3

160.3

2

17

Total Markets
Other
Total revenue
Provision for credit losses
Noninterest expense
Net income
Average balances (in billions)
Loans
Deposits
NM – Not meaningful

Second Quarter 2024 vs. Second Quarter 2023
◦ Revenue increased 4%▪ Banking was up 3% driven by higher investment banking revenue on increased activity across all products, partially
offset by lower treasury management results driven by the impact of higher interest rates on deposit costs▪ Commercial Real Estate was down 4% and included the impact of lower loan balances, partially offset by higher
commercial mortgage-backed securities volumes▪ Markets was up 16% driven by higher revenue in equities, structured products, and credit products, partially offset bylower revenue in rates products◦ Noninterest expense increased 4% driven by higher operating costs, partially offset by the impact of efficiency initiatives-6-

Wealth and Investment Management provides personalized wealth management, brokerage, financial planning, lending,private banking, trust and fiduciary products and services to affluent, high-net worth and ultra-high-net worth clients. We
operate through financial advisors in our brokerage and wealth offices, consumer bank branches, independent offices, and®
®
digitally through WellsTrade and Intuitive Investor .
Selected Financial Information
Quarter ended
Jun 30,2024

Jun 30, 2024
% Change fromMar 31,
2024

Jun 30,2023

Mar 31,
2024

Jun 30,2023

Earnings (in millions)
906

869

1,009

4%

(10)

Noninterest income

2,952

2,873

2,639

3

12

Total revenue

3,858

3,742

3,648

3

6

(14)

3

24

NM

NM

3,193

3,230

2,974

(1)

7

484

381

487

27

(1)

2,200

2,186

1,998

1

10

$

Net interest income

Provision for credit losses
Noninterest expense
Net income$

Total client assets (in billions)Average balances (in billions)
Loans

$

Deposits

83.2

82.5

83.0

1

—

102.8

101.5

112.4

1

(8)

NM – Not meaningful

Second Quarter 2024 vs. Second Quarter 2023
◦ Revenue increased 6%▪ Net interest income was down 10% driven by lower deposit balances and higher deposit costs as customers reallocatedcash into higher yielding alternatives▪ Noninterest income was up 12% on higher asset-based fees driven by an increase in market valuations◦ Noninterest expense increased 7% due to higher revenue-related compensation and higher operating losses, partially
offset by lower operating costs 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 andventure capital and private equity investments. Corporate also includes certain lines of business that management hasdetermined 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
Jun 30,2024

Mar 31,
2024

Jun 30, 2024
% Change fromJun 30,2023

Mar 31,
2024

Jun 30,2023

Earnings (in millions)
Net interest income

(144)

32

(91)

NM

(58)

Noninterest income

$

392

291

121

35 %

224

Total revenue

248

323

30

(23)

727

4

(1)

(144)

500

103

723

1,075

269

(33)

169

(318)

(435)

46

27

NM

Provision for credit losses
Noninterest expense
Net income (loss)$

NM – Not meaningful

Second Quarter 2024 vs. Second Quarter 2023
◦ Revenue increased $218 million reflecting improved results from our venture capital investments◦ Noninterest expense increased and included higher operating losses and FDIC assessments

Conference Call
The Company will host a live conference call on Friday, July 12, at 10:00 a.m. ET. You may listen to the call by dialing
1-888-673-9782 (U.S. and Canada) or 312-470-7126 (International/U.S. Toll) and enter passcode: 7928529#. The call will
also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ andhttps://metroconnectionsevents.com/WF2Qearnings0724.
A replay of the conference call will be available from approximately 1:00 p.m. ET on Friday, July 12 throughFriday, July 26. Please dial 1-866-361-4944 (U.S. and Canada) or 203-369-0192 (International/U.S. Toll) and enterpasscode: 5714#. The replay will also be available online athttps://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ andhttps://metroconnectionsevents.com/WF2Qearnings0724.

-8-

Forward-Looking Statements
This document contains forward-looking statements. In addition, we may make forward-looking statements in our otherdocuments filed or furnished with the Securities and Exchange Commission, and our management may make forwardlooking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements canbe identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,”“projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular,
forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial
performance of the Company, including our outlook for future growth; (ii) our expectations regarding noninterest expenseand our efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses,
our allowance for credit losses, and the economic scenarios considered to develop the allowance; (iv) our expectations
regarding net interest income and net interest margin; (v) loan growth or the reduction or mitigation of risk in our loan
portfolios; (vi) future capital or liquidity levels, ratios or targets; (vii) our expectations regarding our mortgage business andany related commitments or exposures; (viii) the expected outcome and impact of legal, regulatory and legislative
developments, as well as our expectations regarding compliance therewith; (ix) future common stock dividends, commonshare 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, suchas legal actions; (xiii) environmental, social and governance related goals or commitments; and (xiv) the Company’s plans,
objectives and strategies.
Forward-looking statements are not based on historical facts but instead represent our current expectations andassumptions 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 topredict. 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 orrisk factors is complete, important factors that could cause actual results to differ materially from those in the forwardlooking statements include the following, without limitation:
•

•
•
•

•

•

•
•

•

•

current and future economic and market conditions, including the effects of declines in housing prices, highunemployment rates, declines in commercial real estate prices, U.S. fiscal debt, budget and tax matters, geopoliticalmatters, and any slowdown in global economic growth;
our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital
standards) and our ability to generate capital internally or raise capital on favorable terms;
current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses,
including rules and regulations relating to bank products and financial services;
our ability to realize any efficiency ratio or expense target as part of our expense management initiatives, including as aresult 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 ourassets 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, anddeclines in asset values and/or recognition of impairment of securities held in our debt securities and equity securities
portfolios;
the effect of a fall in stock market prices on our investment banking business and our fee income from our brokerage
and wealth management businesses;
developments in our mortgage banking business, including any negative effects relating to our mortgage servicing,loan modification or foreclosure practices, and any changes in industry standards, regulatory or judicial requirements,
or our strategic plans for the business;
negative effects from 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 orservices, our ability to keep and attract customers, our ability to attract and retain qualified employees, and our
reputation;
regulatory matters, including the failure to resolve outstanding matters on a timely basis and the potential impact of
new matters, litigation, or other legal actions, which may result in, among other things, additional costs, fines,
penalties, restrictions on our business activities, reputational harm, or other adverse consequences;
-9-

•
•
•
•
•
•

a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors orother 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 tax laws, regulations, and guidance as well as the effect of discrete items on our effective income tax rate;
our ability to develop and execute effective business plans and strategies; andthe other risk factors and uncertainties described under “Risk Factors” in our Annual Report on Form 10-K for the year
ended December 31, 2023.

In addition to the above factors, we also caution that the amount and timing of any future common stock dividends orrepurchases will depend on the earnings, cash requirements and financial condition of the Company, the impact to ourbalance sheet of expected customer activity, our capital requirements and long-term targeted capital structure, theresults of supervisory stress tests, market conditions (including the trading price of our stock), regulatory and legal
considerations, including regulatory requirements under the Federal Reserve Board’s capital plan rule, and other factors
deemed relevant by the Company, and may be subject to regulatory approval or conditions.
For additional information about factors that could cause actual results to differ materially from our expectations, refer toour 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, 2023, as filed with the Securities and Exchange Commission and6available on its website at www.sec.gov .
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 areunable 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 besignificant to future results.

6

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

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About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets.
We provide a diversified set of banking, investment and mortgage products and services, as well as consumer andcommercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial
Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 34 on
Fortune’s 2024 rankings of America’s largest corporations. 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
orInvestor Relations
John M. Campbell, 415-396-0523
john.m.campbell@wellsfargo.com###-11-