# EDGAR Filing Document

**Accession Number:** 0000072971
**File Stem:** 0000072971-23-000003
**Filing Date:** 2023-1
**Character Count:** 204489
**Document Hash:** bdbdd8fa83d5a50a003751c1a0e7c6b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000072971-23-000003.hdr.sgml**: 20230113

**ACCESSION NUMBER**: 0000072971-23-000003

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20230113

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230113

**DATE AS OF CHANGE**: 20230113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WELLS FARGO & COMPANY/MN
- **CENTRAL INDEX KEY:** 0000072971
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **IRS NUMBER:** 410449260
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-02979
- **FILM NUMBER:** 23527119

**BUSINESS ADDRESS:**
- **STREET 1:** 420 MONTGOMERY STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94163
- **BUSINESS PHONE:** 6126671234

**MAIL ADDRESS:**
- **STREET 1:** 420 MONTGOMERY STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94163

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLS FARGO & CO/MN
- **DATE OF NAME CHANGE:** 19981103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NORWEST CORP
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NORTHWEST BANCORPORATION
- **DATE OF NAME CHANGE:** 19830516

?xml version="1.0" ? wfc-20230113

**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.) | (IRS Employer<br>Identification No.) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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** 

&nbsp;&nbsp;&nbsp;&nbsp;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:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;☐&nbsp;&nbsp;&nbsp;&nbsp;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:**

---

| | | |
|:---|:---|:---|
| <u>Title of Each Class</u> | <u>Trading Symbol</u> | <u>Name of Each Exchange <br>on Which Registered</u> |
| Common Stock, par value $1-2/3 | WFC | New York Stock<br>Exchange <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. □

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Exhibit No. | Description | Location |
| <u>[99.1](wfc4qer01-13x23ex991xrelea.htm)</u> | <u>[News Release dated January 13, 2023](wfc4qer01-13x23ex991xrelea.htm)</u> | Filed herewith |
| <u>[99.2](wfc4qer01-13x23ex992xsuppl.htm)</u> | <u>[4Q22 Quarterly Supplement](wfc4qer01-13x23ex992xsuppl.htm)</u> | Filed herewith |
| <u>[99.3](ex993-wellsfargo4q22pres.htm)</u> | <u>[Presentation Materials – 4Q22 Financial Results](ex993-wellsfargo4q22pres.htm)</u> | Furnished herewith, except for<br>the "2023 net interest income<br>considerations" portion on<br>page 17, which portion is<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 | WELLS FARGO & COMPANY |
|  |  | By: | /s/ MUNEERA S. CARR |
|  |  |  | Muneera S. Carr |
|  |  |  | &nbsp;&nbsp;&nbsp;Executive Vice President,<br>Chief Accounting Officer and Controller |

---

## Exhibit 99.1

**Exhibit 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

---

| | |
|:---|:---|
| ![erwellsfargoimagea06a.jpg](erwellsfargoimagea06a.jpg) | News Release \| January 13, 2023<br>**Wells Fargo Reports Fourth Quarter 2022**<br>**Net Income of $2.9 billion**<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** | **Company-wide Financial Summary** | **Company-wide Financial Summary** |
|  | Quarter ended | Quarter ended |
|  | **Dec 31,<br>2022** | Dec 31,<br>2021 |
| **Selected Income Statement Data**<br>($ in millions except per share amounts) |  |  |
| Total revenue | $**19660** | 20856 |
| Noninterest expense | **16202** | 13198 |
| Provision for credit losses | **957** | (452) |
| Net income | **2864** | 5750 |
| Diluted earnings per common share | **0.67** | 1.38 |
| **Selected Balance Sheet Data**<br>($ in billions) |  |  |
| Average loans | $**948.5** | 875.0 |
| Average deposits | **1380.5** | 1470.0 |
| CET1<sup>1</sup> | **10.6%** | 11.4 |
| **Performance Metrics** | **Performance Metrics** |  |
| ROE<sup>2</sup> | **6.4%** | 12.8 |
| ROTCE<sup>3</sup> | **7.6** | 15.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Operating Segments** | **Operating Segments** | **Operating Segments** | **Operating Segments** |
|  | Quarter ended | Dec 31, 2022 % Change from | Dec 31, 2022 % 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:**<br>

◦ ($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."<br>"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.<br>"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.<br>"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.<br>

<sup>1</sup> 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.

<sup>2</sup> Return on equity (ROE) represents Wells Fargo net income applicable to common stock divided by average common stockholders' equity.

<sup>3</sup> 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 | Quarter ended | Dec 31, 2022 % Change from | Dec 31, 2022 % Change from | Year ended | 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)** |  |  |  |  |  |  |  |
| Net interest income | $**13433** | 12098 | 9262 | 11% | 45 | $**44950** | 35779 |
| Noninterest income | **6227** | 7407 | 11594 | (16) | (46) | **28835** | 42713 |
| **Total revenue** | **19660** | 19505 | 20856 | 1 | (6) | **73785** | 78492 |
| &nbsp;&nbsp;&nbsp;*Net charge-offs* | ***560*** | *399* | *423* | 40 | 32 | ***1609*** | *1582* |
| &nbsp;&nbsp;&nbsp;*Change in the allowance for credit losses* | ***397*** | *385* | *(875)* | 3 | 145 | ***(75)*** | *(5737)* |
| Provision for credit losses | **957** | 784 | (452) | 22 | 312 | **1534** | (4155) |
| Noninterest expense | **16202** | 14327 | 13198 | 13 | 23 | **57282** | 53831 |
| Income tax expense (benefit) | **(127)** | 894 | 1711 | NM | NM | **2087** | 5578 |
| **Wells Fargo net income** | $**2864** | 3528 | 5750 | (19) | (50) | $**13182** | 21548 |
| Diluted earnings per common share | **0.67** | 0.85 | 1.38 | (21) | (51) | **3.14** | 4.95 |
| **Balance Sheet Data (average) ($ in billions)** |  |  |  |  |  |  |  |
| Loans | $**948.5** | 945.5 | 875.0 |  | 8 | $**929.8** | 864.3 |
| Deposits | **1380.5** | 1407.9 | 1470.0 | (2) | (6) | **1424.3** | 1437.8 |
| Assets | **1875.2** | 1880.7 | 1943.4 |  | (4) | **1894.3** | 1941.9 |
| **Financial Ratios** |  |  |  |  |  |  |  |
| Return on assets (ROA) | **0.61%** | 0.74 | 1.17 |  |  | **0.70%** | 1.11 |
| Return on equity (ROE) | **6.4** | 8.0 | 12.8 |  |  | **7.5** | 12.0 |
| Return on average tangible common equity (ROTCE) (a) | **7.6** | 9.6 | 15.3 |  |  | **9.0** | 14.3 |
| Efficiency ratio (b) | **82** | 73 | 63 |  |  | **78** | 69 |
| Net interest margin on a taxable-equivalent basis | **3.14** | 2.83 | 2.11 |  |  | **2.63** | 2.05 |

---

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

------

***Selected Company-wide Capital and Liquidity Information***

---

| | | | |
|:---|:---|:---|:---|
| | | Quarter ended | Quarter ended |
| ($ in billions) | **Dec 31,<br>2022** | Sep 30,<br>2022 | Dec 31,<br>2021 |
| **Capital:** |  |  |  |
| Total equity | $**181.9** | 178.4 | 190.1 |
| Common stockholders' equity | **160.6** | 156.9 | 168.3 |
| Tangible common equity (a) | **133.8** | 130.1 | 141.3 |
| Common Equity Tier 1 (CET1) ratio (b) | **10.6%** | 10.3 | 11.4 |
| Total loss absorbing capacity (TLAC) ratio (c) | **23.3** | 23.0 | 23.0 |
| Supplementary Leverage Ratio (SLR) (d) | **6.9** | 6.7 | 6.9 |
| **Liquidity:** |  |  |  |
| Liquidity Coverage Ratio (LCR) (e) | **122** | 123 | 118 |

---

(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)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 | Quarter ended |
| ($ in millions) | **Dec 31,<br>2022** | Sep 30,<br>2022 | Dec 31,<br>2021 |
| Net charge-offs | $**560** | 399 | 423 |
| Net loan charge-offs as a % of average total loans (annualized) | **0.23%** | 0.17 | 0.19 |
| Total nonaccrual loans | $**5626** | 5587 | 7212 |
| As a % of total loans | **0.59%** | 0.59 | 0.81 |
| Total nonperforming assets | $**5763** | 5712 | 7324 |
| As a % of total loans | **0.60%** | 0.60 | 0.82 |
| Allowance for credit losses for loans | $**13609** | 13225 | 13788 |
| As a % of total loans | **1.42%** | 1.40 | 1.54 |

---

***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

------

**Operating Segment Performance**

**<u>Consumer Banking and Lending</u>** 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 | Quarter ended | Quarter ended | Dec 31, 2022 % Change from | Dec 31, 2022 % 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 | $**6608** | 6232 | 4872 | 6% | 36 |
| Consumer Lending: |  |  |  |  |  |
| Home Lending | **786** | 973 | 1843 | (19) | (57) |
| Credit Card | **1353** | 1349 | 1271 |  | 6 |
| Auto | **413** | 423 | 470 | (2) | (12) |
| Personal Lending | **303** | 300 | 277 | 1 | 9 |
| **Total revenue** | **9463** | 9277 | 8733 | 2 | 8 |
| Provision for credit losses | **936** | 917 | 126 | 2 | 643 |
| Noninterest expense | **7088** | 6758 | 6126 | 5 | 16 |
| **Net income** | $**1077** | 1201 | 1862 | (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%

&nbsp;&nbsp;&nbsp;&nbsp;▪ 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

&nbsp;&nbsp;&nbsp;&nbsp;▪ 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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ 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

------

**<u>Commercial Banking</u>** 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 | Quarter ended | Quarter ended | Dec 31, 2022 % Change from | Dec 31, 2022 % 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 | $**2076** | 1793 | 1167 | 16% | 78 |
| Asset-Based Lending and Leasing | **1073** | 1159 | 1117 | (7) | (4) |
| **Total revenue** | **3149** | 2952 | 2284 | 7 | 38 |
| Provision for credit losses | **(43)** | (168) | (384) | 74 | 89 |
| Noninterest expense | **1523** | 1526 | 1393 |  | 9 |
| **Net income** | $**1238** | 1182 | 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%

&nbsp;&nbsp;&nbsp;&nbsp;▪ 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

&nbsp;&nbsp;&nbsp;&nbsp;▪ 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

------

**<u>Corporate and Investment Banking</u>** 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 | Quarter ended | Quarter ended | Dec 31, 2022 % Change from | Dec 31, 2022 % 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 | **1648** | 1586 | 1356 | 4 | 22 |
| Commercial Real Estate | **1267** | 1212 | 1095 | 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 | **1179** | 1247 | 1012 | (5) | 17 |
| Other | **45** | 15 | 49 | 200 | (8) |
| **Total revenue** | **4139** | 4060 | 3512 | 2 | 18 |
| Provision for credit losses | **41** | 32 | (194) | 28 | 121 |
| Noninterest expense | **1837** | 1900 | 1765 | (3) | 4 |
| **Net income** | $**1692** | 1592 | 1454 | 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%

&nbsp;&nbsp;&nbsp;&nbsp;▪ 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

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ 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

------

**<u>Wealth and Investment Management</u>** 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<sup>®</sup> and Intuitive Investor<sup>®</sup>.

***Selected Financial Information***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Dec 31, 2022 % Change from | Dec 31, 2022 % 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 | $**1124** | 1088 | 666 | 3% | 69 |
| Noninterest income | **2571** | 2577 | 2982 |  | (14) |
| **Total revenue** | **3695** | 3665 | 3648 | 1 | 1 |
| Provision for credit losses | **11** | 8 | (3) | 38 | 467 |
| Noninterest expense | **2731** | 2796 | 2898 | (2) | (6) |
| **Net income** | $**715** | 639 | 564 | 12 | 27 |
| **Total client assets (in billions)** | **1861** | 1759 | 2183 | 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%

&nbsp;&nbsp;&nbsp;&nbsp;▪ 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

&nbsp;&nbsp;&nbsp;&nbsp;▪ 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

------

**<u>Corporate</u>** 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 | Quarter ended | Quarter ended | Dec 31, 2022 % Change from | Dec 31, 2022 % 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 | 3540 | NM | NM |
| **Total revenue** | **(289)** | 36 | 3120 | NM | NM |
| Provision for credit losses | **12** | (5) | 3 | 340 | 300 |
| Noninterest expense | **3023** | 1347 | 1016 | 124 | 198 |
| **Net income (loss)** | $**(1858)** | (1086) | 916 | (71) | NM |

---

NM – Not meaningful

***Fourth Quarter 2022 vs. Fourth Quarter 2021***

◦ Revenue decreased $3.4 billion

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

------

**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;

------

• 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.gov<sup>4</sup>.

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.

<u>Forward-looking Non-GAAP Financial Measures</u>. 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.

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

------

**About Wells Fargo**

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 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

<u>beth.richek@wellsfargo.com</u>

or

**Investor Relations**

John M. Campbell, 415-396-0523

<u>john.m.campbell@wellsfargo.com</u>

\# \# \#

## Exhibit 99.2

**Exhibit 99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

![erwellsfargoimagea06.jpg](erwellsfargoimagea06.jpg)<br>

4Q22 Quarterly Supplement

------

**Wells Fargo & Company and Subsidiaries**

**QUARTERLY FINANCIAL DATA**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | **Pages** |
| **<u>Consolidated Results</u>** | |
| [Summary Financial Data](#ida07c8d15f414d55b84d9a783c9d0e54_7) | [3](#ida07c8d15f414d55b84d9a783c9d0e54_7) |
| [Consolidated Statement of Income](#ida07c8d15f414d55b84d9a783c9d0e54_10) | [5](#ida07c8d15f414d55b84d9a783c9d0e54_10) |
| [Consolidated Balance Sheet](#ida07c8d15f414d55b84d9a783c9d0e54_13) | [6](#ida07c8d15f414d55b84d9a783c9d0e54_13) |
| Average Balances and Interest Rates (Taxable-Equivalent Basis) | [7](#ida07c8d15f414d55b84d9a783c9d0e54_16) |
| **<u>Reportable Operating Segment Results</u>** |  |
| Combined [Segment Results](#ida07c8d15f414d55b84d9a783c9d0e54_19) | [8](#ida07c8d15f414d55b84d9a783c9d0e54_19) |
| Consumer Banking and Lending | [10](#ida07c8d15f414d55b84d9a783c9d0e54_25) |
| Commercial Banking | [12](#ida07c8d15f414d55b84d9a783c9d0e54_28) |
| Corporate and Investment Banking | [14](#ida07c8d15f414d55b84d9a783c9d0e54_31) |
| Wealth and Investment Management | [16](#ida07c8d15f414d55b84d9a783c9d0e54_34) |
| Corporate | [17](#ida07c8d15f414d55b84d9a783c9d0e54_37) |
| **<u>Credit-Related Information</u>** |  |
| Consolidated [Loans](#ida07c8d15f414d55b84d9a783c9d0e54_40) Outstanding – Period-End Balances, Average Balances, and Average Interest Rates | [18](#ida07c8d15f414d55b84d9a783c9d0e54_40) |
| Net Loan Charge-offs | [19](#ida07c8d15f414d55b84d9a783c9d0e54_43) |
| Changes in Allowance for Credit Losses for Loans | [20](#ida07c8d15f414d55b84d9a783c9d0e54_46) |
| Allocation of the Allowance for Credit Losses for Loans | [21](#ida07c8d15f414d55b84d9a783c9d0e54_49) |
| [Nonperforming Assets](#ida07c8d15f414d55b84d9a783c9d0e54_52) (Nonaccrual Loans and Foreclosed Assets) | [22](#ida07c8d15f414d55b84d9a783c9d0e54_52) |
| Commercial and Industrial Loans and Lease Financing by Industry | [23](#ida07c8d15f414d55b84d9a783c9d0e54_55) |
| Commercial Real Estate Loans by Property Type | [24](#ida07c8d15f414d55b84d9a783c9d0e54_58) |
| **<u>Equity</u>** |  |
| Tangible Common Equity | [25](#ida07c8d15f414d55b84d9a783c9d0e54_61) |
| Risk-Based Capital Ratios Under Basel III – Standardized Approach | [27](#ida07c8d15f414d55b84d9a783c9d0e54_67) |
| Risk-Based Capital Ratios Under Basel III – Advanced Approach | [28](#ida07c8d15f414d55b84d9a783c9d0e54_70) |

---

*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.*

------

Wells Fargo & Company and Subsidiaries

**SUMMARY FINANCIAL DATA**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Dec 31, 2022 % Change from | Dec 31, 2022 % Change from | Year ended | 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 | $**19660** | 19505 | 17028 | 17592 | 20856 | 1% | (6) | $**73785** | 78492 | (6)% |
| Noninterest expense | **16202** | 14327 | 12883 | 13870 | 13198 | 13 | 23 | **57282** | 53831 | 6 |
| Pre-tax pre-provision profit (PTPP) (1) | **3458** | 5178 | 4145 | 3722 | 7658 | (33) | (55) | **16503** | 24661 | (33) |
| Provision for credit losses | **957** | 784 | 580 | (787) | (452) | 22 | 312 | **1534** | (4155) | NM |
| Wells Fargo net income | **2864** | 3528 | 3119 | 3671 | 5750 | (19) | (50) | **13182** | 21548 | (39) |
| Wells Fargo net income applicable to common stock | **2585** | 3250 | 2839 | 3393 | 5470 | (20) | (53) | **12067** | 20256 | (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 | **3833.8** | 3795.4 | 3793.0 | 3789.9 | 3885.8 | 1 | (1) |  |  |  |
| Average common shares outstanding | **3799.9** | 3796.5 | 3793.8 | 3831.1 | 3927.6 |  | (3) | **3805.2** | 4061.9 | (6) |
| Diluted average common shares outstanding | **3832.7** | 3825.1 | 3819.6 | 3868.9 | 3964.7 |  | (3) | **3837.0** | 4096.2 | (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 | **181875** | 178409 | 179793 | 181689 | 190110 | 2 | (4) |  |  |  |
| Common stockholders' equity | **160614** | 156914 | 158256 | 159968 | 168331 | 2 | (5) |  |  |  |
| Tangible common equity (3) | **133752** | 130082 | 131460 | 133144 | 141254 | 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).

------

Wells Fargo & Company and Subsidiaries

**SUMMARY FINANCIAL DATA (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Dec 31, 2022 % Change from | Dec 31, 2022 % Change from | Year ended | 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 | $**948517** | 945465 | 926567 | 898005 | 875036 | —% | 8 | $**929820** | 864288 | 8% |
| Assets | **1875217** | 1880690 | 1902571 | 1919392 | 1943430 |  | (4) | **1894309** | 1941905 | (2) |
| Deposits | **1380459** | 1407851 | 1445793 | 1464072 | 1470027 | (2) | (6) | **1424269** | 1437812 | (1) |
| **Selected Balance Sheet Data (period-end)** |  |  |  |  |  |  |  |  |  |  |
| Debt securities | **496808** | 502035 | 516772 | 535916 | 537531 | (1) | (8) |  |  |  |
| Loans | **955871** | 945906 | 943734 | 911807 | 895394 | 1 | 7 |  |  |  |
| Allowance for credit losses for loans | **13609** | 13225 | 12884 | 12681 | 13788 | 3 | (1) |  |  |  |
| Equity securities | **64414** | 59560 | 61774 | 70755 | 72886 | 8 | (12) |  |  |  |
| Assets | **1881016** | 1877745 | 1881142 | 1939709 | 1948068 |  | (3) |  |  |  |
| Deposits | **1383985** | 1398151 | 1425153 | 1481354 | 1482479 | (1) | (7) |  |  |  |
| Headcount (#) (period-end) | **238698** | 239209 | 243674 | 246577 | 249435 |  | (4) |  |  |  |
| **Capital and other metrics (1)**  |  |  |  |  |  |  |  |  |  |  |
| Risk-based capital ratios and components (2): |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Standardized Approach: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Equity Tier 1 (CET1) | **10.6%** | 10.3 | 10.4 | 10.5 | 11.4 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tier 1 capital | **12.1** | 11.9 | 11.9 | 12.0 | 12.9 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total capital | **14.8** | 14.6 | 14.6 | 14.7 | 15.8 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Risk-weighted assets (RWAs) (in billions) | $**1259.7** | 1255.6 | 1253.6 | 1265.5 | 1239.0 |  | 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Approach: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Equity Tier 1 (CET1) | **12.0%** | 11.8 | 11.6 | 11.8 | 12.6 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tier 1 capital | **13.7** | 13.5 | 13.3 | 13.5 | 14.3 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total capital | **15.9** | 15.7 | 15.6 | 15.9 | 16.7 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Risk-weighted assets (RWAs) (in billions) | $**1112.2** | 1104.1 | 1121.6 | 1119.5 | 1116.1 | 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.

------

Wells Fargo & Company and Subsidiaries

**CONSOLIDATED STATEMENT OF INCOME** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Dec 31, 2022 % Change from | Dec 31, 2022 % Change from | Year ended | 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** | $**17793** | 14494 | 11556 | 10181 | 10121 | 23% | 76 | $**54024** | 39694 | 36% |
| **Interest expense** | **4360** | 2396 | 1358 | 960 | 859 | 82 | 408 | **9074** | 3915 | 132 |
| &nbsp;&nbsp;&nbsp;**Net interest income** | **13433** | 12098 | 10198 | 9221 | 9262 | 11 | 45 | **44950** | 35779 | 26 |
| **Noninterest income** |  |  |  |  |  |  |  |  |  |  |
| Deposit-related fees | **1178** | 1289 | 1376 | 1473 | 1462 | (9) | (19) | **5316** | 5475 | (3) |
| Lending-related fees | **344** | 358 | 353 | 342 | 357 | (4) | (4) | **1397** | 1445 | (3) |
| Investment advisory and other asset-based fees | **2049** | 2111 | 2346 | 2498 | 2579 | (3) | (21) | **9004** | 11011 | (18) |
| Commissions and brokerage services fees | **601** | 562 | 542 | 537 | 558 | 7 | 8 | **2242** | 2299 | (2) |
| Investment banking fees | **331** | 375 | 286 | 447 | 669 | (12) | (51) | **1439** | 2354 | (39) |
| Card fees | **1095** | 1119 | 1112 | 1029 | 1071 | (2) | 2 | **4355** | 4175 | 4 |
| Mortgage banking | **79** | 324 | 287 | 693 | 1035 | (76) | (92) | **1383** | 4956 | (72) |
| Net gains (losses) from trading activities | **552** | 900 | 446 | 218 | (177) | (39) | 412 | **2116** | 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 | 2470 | NM | NM | **(806)** | 6427 | NM |
| Lease income | **287** | 322 | 333 | 327 | 46 | (11) | 524 | **1269** | 996 | 27 |
| Other | **444** | 75 | 221 | 229 | 1405 | 492 | (68) | **969** | 2738 | (65) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | **6227** | 7407 | 6830 | 8371 | 11594 | (16) | (46) | **28835** | 42713 | (32) |
| **Total revenue** | **19660** | 19505 | 17028 | 17592 | 20856 | 1 | (6) | **73785** | 78492 | (6) |
| Provision for credit losses | **957** | 784 | 580 | (787) | (452) | 22 | 312 | **1534** | (4155) | 137 |
| **Noninterest expense** |  |  |  |  |  |  |  |  |  |  |
| Personnel | **8415** | 8212 | 8442 | 9271 | 8475 | 2 | (1) | **34340** | 35541 | (3) |
| Technology, telecommunications and equipment | **902** | 798 | 799 | 876 | 827 | 13 | 9 | **3375** | 3227 | 5 |
| Occupancy | **722** | 732 | 705 | 722 | 725 | (1) |  | **2881** | 2968 | (3) |
| Operating losses | **3517** | 2218 | 576 | 673 | 512 | 59 | 587 | **6984** | 1568 | 345 |
| Professional and outside services | **1357** | 1235 | 1310 | 1286 | 1468 | 10 | (8) | **5188** | 5723 | (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 | **3254** | 3261 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | **16202** | 14327 | 12883 | 13870 | 13198 | 13 | 23 | **57282** | 53831 | 6 |
| **Income before income tax expense** | **2501** | 4394 | 3565 | 4509 | 8110 | (43) | (69) | **14969** | 28816 | (48) |
| Income tax expense (benefit) | **(127)** | 894 | 613 | 707 | 1711 | NM | NM | **2087** | 5578 | (63) |
| **Net income before noncontrolling interests** | **2628** | 3500 | 2952 | 3802 | 6399 | (25) | (59) | **12882** | 23238 | (45) |
| Less: Net income (loss) from noncontrolling interests | **(236)** | (28) | (167) | 131 | 649 | NM | NM | **(300)** | 1690 | NM |
| **Wells Fargo net income** | $**2864** | 3528 | 3119 | 3671 | 5750 | (19)% | (50) | $**13182** | 21548 | (39)% |
| Less: Preferred stock dividends and other | **279** | 278 | 280 | 278 | 280 |  |  | **1115** | 1292 | (14) |
| **Wells Fargo net income applicable to common stock** | $**2585** | 3250 | 2839 | 3393 | 5470 | (20)% | (53) | $**12067** | 20256 | (40)% |
| **Per share information** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings per common share | $**0.68** | 0.86 | 0.75 | 0.89 | 1.39 | (21)% | (51) | $**3.17** | 4.99 | (36)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

------

Wells Fargo & Company and Subsidiaries

**CONSOLIDATED BALANCE SHEET**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | Dec 31, 2022 % Change from | 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,<br>2022 | Dec 31,<br>2021 |
| **Assets** |  |  |  |  |  |  |  |
| Cash and due from banks | $**34596** | 27634 | 29716 | 27454 | 24616 | 25% | 41 |
| Interest-earning deposits with banks | **124561** | 137821 | 125424 | 174441 | 209614 | (10) | (41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash, cash equivalents, and restricted cash | **159157** | 165455 | 155140 | 201895 | 234230 | (4) | (32) |
| Federal funds sold and securities purchased under resale agreements | **68036** | 55840 | 55546 | 67764 | 66223 | 22 | 3 |
| Debt securities: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading, at fair value | **86155** | 85766 | 89157 | 86672 | 88265 |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Available-for-sale, at fair value | **113594** | 115835 | 125832 | 168436 | 177244 | (2) | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held-to-maturity, at amortized cost | **297059** | 300434 | 301783 | 280808 | 272022 | (1) | 9 |
| Loans held for sale | **7104** | 9434 | 9674 | 19824 | 23617 | (25) | (70) |
| Loans | **955871** | 945906 | 943734 | 911807 | 895394 | 1 | 7 |
| Allowance for loan losses | **(12985)** | (12571) | (11786) | (11504) | (12490) | (3) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loans | **942886** | 933335 | 931948 | 900303 | 882904 | 1 | 7 |
| Mortgage servicing rights | **10480** | 11027 | 10386 | 9753 | 8189 | (5) | 28 |
| Premises and equipment, net | **8350** | 8493 | 8444 | 8473 | 8571 | (2) | (3) |
| Goodwill | **25173** | 25172 | 25178 | 25181 | 25180 |  |  |
| Derivative assets | **22774** | 29253 | 24896 | 27365 | 21478 | (22) | 6 |
| Equity securities | **64414** | 59560 | 61774 | 70755 | 72886 | 8 | (12) |
| Other assets | **75834** | 78141 | 81384 | 72480 | 67259 | (3) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**1881016** | 1877745 | 1881142 | 1939709 | 1948068 |  | (3) |
| **Liabilities** |  |  |  |  |  |  |  |
| Noninterest-bearing deposits | $**458010** | 494594 | 515437 | 529957 | 527748 | (7) | (13) |
| Interest-bearing deposits | **925975** | 903557 | 909716 | 951397 | 954731 | 2 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **1383985** | 1398151 | 1425153 | 1481354 | 1482479 | (1) | (7) |
| Short-term borrowings | **51145** | 48382 | 37075 | 33601 | 34409 | 6 | 49 |
| Derivative liabilities | **20085** | 23400 | 17168 | 15499 | 9424 | (14) | 113 |
| Accrued expenses and other liabilities | **69056** | 72991 | 71662 | 74229 | 70957 | (5) | (3) |
| Long-term debt | **174870** | 156412 | 150291 | 153337 | 160689 | 12 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | **1699141** | 1699336 | 1701349 | 1758020 | 1757958 |  | (3) |
| **Equity** |  |  |  |  |  |  |  |
| Wells Fargo stockholders' equity: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock | **19448** | 20057 | 20057 | 20057 | 20057 | (3) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares | **9136** | 9136 | 9136 | 9136 | 9136 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | **60319** | 60216 | 60024 | 59899 | 60196 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | **187649** | 186551 | 184475 | 182623 | 180322 | 1 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | **(13381)** | (14344) | (10608) | (6767) | (1702) | 7 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock (1) | **(82853)** | (84781) | (84906) | (85059) | (79757) | 2 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unearned ESOP shares | **(429)** | (646) | (646) | (646) | (646) | 34 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Wells Fargo stockholders' equity | **179889** | 176189 | 177532 | 179243 | 187606 | 2 | (4) |
| Noncontrolling interests | **1986** | 2220 | 2261 | 2446 | 2504 | (11) | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | **181875** | 178409 | 179793 | 181689 | 190110 | 2 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $**1881016** | 1877745 | 1881142 | 1939709 | 1948068 |  | (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.

------

Wells Fargo & Company and Subsidiaries

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Dec 31, 2022 % Change from | Dec 31, 2022 % Change from | Year ended | 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 | %<br>Change |
| **Average Balances** |  |  |  |  |  |  |  |  |  |  |
| **Assets** |  |  |  |  |  |  |  |  |  |  |
| Interest-earning deposits with banks | $**127854** | 130761 | 146271 | 179051 | 216061 | (2)% | (41) | $**145802** | 236281 | (38)% |
| Federal funds sold and securities purchased under resale agreements | **65860** | 57432 | 60450 | 64845 | 65388 | 15 | 1 | **62137** | 69720 | (11) |
| Trading debt securities | **94465** | 91618 | 89258 | 90677 | 92597 | 3 | 2 | **91515** | 88282 | 4 |
| Available-for-sale debt securities | **122271** | 127821 | 147138 | 169048 | 178770 | (4) | (32) | **141404** | 189237 | (25) |
| Held-to-maturity debt securities | **303391** | 305063 | 298101 | 279245 | 264695 | (1) | 15 | **296540** | 245304 | 21 |
| Loans held for sale | **9932** | 11458 | 14828 | 19513 | 24149 | (13) | (59) | **13900** | 27554 | (50) |
| Loans | **948517** | 945465 | 926567 | 898005 | 875036 |  | 8 | **929820** | 864288 | 8 |
| Equity securities | **28587** | 29722 | 30770 | 33282 | 35711 | (4) | (20) | **30575** | 31946 | (4) |
| Other | **11932** | 13577 | 16085 | 11498 | 11514 | (12) | 4 | **13275** | 10052 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | **1712809** | 1712917 | 1729468 | 1745164 | 1763921 |  | (3) | **1724968** | 1762664 | (2) |
| Total noninterest-earning assets | **162408** | 167773 | 173103 | 174228 | 179509 | (3) | (10) | **169341** | 179241 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**1875217** | 1880690 | 1902571 | 1919392 | 1943430 |  | (4) | $**1894309** | 1941905 | (2) |
| **Liabilities** |  |  |  |  |  |  |  |  |  |  |
| Interest-bearing deposits | $**902564** | 902219 | 924526 | 945335 | 938682 |  | (4) | $**918499** | 938168 | (2) |
| Short-term borrowings | **51246** | 39447 | 35591 | 32758 | 37845 | 30 | 35 | **39810** | 47265 | (16) |
| Long-term debt | **166796** | 158984 | 151230 | 153803 | 161335 | 5 | 3 | **157742** | 178742 | (12) |
| Other liabilities | **33559** | 36217 | 35583 | 31092 | 28245 | (7) | 19 | **34126** | 28809 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | **1154165** | 1136867 | 1146930 | 1162988 | 1166107 | 2 | (1) | **1150177** | 1192984 | (4) |
| Noninterest-bearing demand deposits | **477895** | 505632 | 521267 | 518737 | 531345 | (5) | (10) | **505770** | 499644 | 1 |
| Other noninterest-bearing liabilities | **60608** | 55154 | 53358 | 51330 | 55234 | 10 | 10 | **55138** | 58058 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **1692668** | 1697653 | 1721555 | 1733055 | 1752686 |  | (3) | **1711085** | 1750686 | (2) |
| Total equity | **182549** | 183037 | 181016 | 186337 | 190744 |  | (4) | **183224** | 191219 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities and equity** | $**1875217** | 1880690 | 1902571 | 1919392 | 1943430 |  | (4) | $**1894309** | 1941905 | (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 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;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 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;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.

------

Wells Fargo & Company and Subsidiaries

**COMBINED SEGMENT RESULTS (1)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Quarter ended December 31, 2022** | **Quarter ended December 31, 2022** | **Quarter ended December 31, 2022** |
|<br>**(in millions)** | Consumer Banking and Lending | Commercial Banking | Corporate and Investment Banking | Wealth and Investment Management | Corporate (2) | Reconciling Items (3) | Consolidated<br>Company |
| &nbsp;&nbsp;**Net interest income** | $**7574** | **2357** | **2416** | **1124** | **78** | **(116)** | **13433** |
| &nbsp;&nbsp;**Noninterest income** | **1889** | **792** | **1723** | **2571** | **(367)** | **(381)** | **6227** |
| **Total revenue** | **9463** | **3149** | **4139** | **3695** | **(289)** | **(497)** | **19660** |
| **Provision for credit losses** | **936** | **(43)** | **41** | **11** | **12** | **—** | **957** |
| **Noninterest expense** | **7088** | **1523** | **1837** | **2731** | **3023** | **—** | **16202** |
| **Income (loss) before income tax expense (benefit)** | **1439** | **1669** | **2261** | **953** | **(3324)** | **(497)** | **2501** |
| **Income tax expense (benefit)** | **362** | **428** | **569** | **238** | **(1227)** | **(497)** | **(127)** |
| **Net income (loss) before noncontrolling interests** | **1077** | **1241** | **1692** | **715** | **(2097)** | **—** | **2628** |
| **Less: Net income (loss) from noncontrolling interests** | **—** | **3** | **—** | **—** | **(239)** | **—** | **(236)** |
| **Net income (loss)** | $**1077** | **1238** | **1692** | **715** | **(1858)** | **—** | **2864** |
|  |  |  |  |  | Quarter ended September 30, 2022 | Quarter ended September 30, 2022 | Quarter ended September 30, 2022 |
| &nbsp;&nbsp;&nbsp;Net interest income | $7102 | 1991 | 2270 | 1088 | (248) | (105) | 12098 |
| &nbsp;&nbsp;&nbsp;Noninterest income | 2175 | 961 | 1790 | 2577 | 284 | (380) | 7407 |
| Total revenue | 9277 | 2952 | 4060 | 3665 | 36 | (485) | 19505 |
| Provision for credit losses | 917 | (168) | 32 | 8 | (5) |  | 784 |
| Noninterest expense | 6758 | 1526 | 1900 | 2796 | 1347 |  | 14327 |
| Income (loss) before income tax expense (benefit) | 1602 | 1594 | 2128 | 861 | (1306) | (485) | 4394 |
| Income tax expense (benefit) | 401 | 409 | 536 | 222 | (189) | (485) | 894 |
| Net income (loss) before noncontrolling interests | 1201 | 1185 | 1592 | 639 | (1117) |  | 3500 |
| Less: Net income (loss) from noncontrolling interests |  | 3 |  |  | (31) |  | (28) |
| Net income (loss) | $1201 | 1182 | 1592 | 639 | (1086) |  | 3528 |
|  |  |  |  |  | Quarter ended December 31, 2021 | Quarter ended December 31, 2021 | Quarter ended December 31, 2021 |
| &nbsp;&nbsp;&nbsp;Net interest income | $5867 | 1273 | 1982 | 666 | (420) | (106) | 9262 |
| &nbsp;&nbsp;&nbsp;Noninterest income | 2866 | 1011 | 1530 | 2982 | 3540 | (335) | 11594 |
| Total revenue | 8733 | 2284 | 3512 | 3648 | 3120 | (441) | 20856 |
| Provision for credit losses | 126 | (384) | (194) | (3) | 3 |  | (452) |
| Noninterest expense | 6126 | 1393 | 1765 | 2898 | 1016 |  | 13198 |
| Income (loss) before income tax expense (benefit) | 2481 | 1275 | 1941 | 753 | 2101 | (441) | 8110 |
| Income tax expense (benefit) | 619 | 318 | 488 | 189 | 538 | (441) | 1711 |
| Net income before noncontrolling interests | 1862 | 957 | 1453 | 564 | 1563 |  | 6399 |
| Less: Net income (loss) from noncontrolling interests |  | 3 | (1) |  | 647 |  | 649 |
| Net income | $1862 | 954 | 1454 | 564 | 916 |  | 5750 |

---

(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.

------

Wells Fargo & Company and Subsidiaries

**COMBINED SEGMENT RESULTS (continued) (1)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
|<br>**(in millions)** | Consumer Banking and Lending | Commercial Banking | Corporate and Investment Banking | Wealth and Investment Management | Corporate (2) | Reconciling Items (3) | Consolidated<br>Company |
| &nbsp;&nbsp;**Net interest income** | $**27044** | **7289** | **8733** | **3927** | **(1607)** | **(436)** | **44950** |
| &nbsp;&nbsp;**Noninterest income** | **8766** | **3631** | **6509** | **10895** | **609** | **(1575)** | **28835** |
| **Total revenue** | **35810** | **10920** | **15242** | **14822** | **(998)** | **(2011)** | **73785** |
| **Provision for credit losses** | **2276** | **(534)** | **(185)** | **(25)** | **2** | **—** | **1534** |
| **Noninterest expense** | **26277** | **6058** | **7560** | **11613** | **5774** | **—** | **57282** |
| **Income (loss) before income tax expense (benefit)** | **7257** | **5396** | **7867** | **3234** | **(6774)** | **(2011)** | **14969** |
| **Income tax expense (benefit)** | **1816** | **1366** | **1989** | **812** | **(1885)** | **(2011)** | **2087** |
| **Net income (loss) before noncontrolling interests** | **5441** | **4030** | **5878** | **2422** | **(4889)** | **—** | **12882** |
| **Less: Net income (loss) from noncontrolling interests** | **—** | **12** | **—** | **—** | **(312)** | **—** | **(300)** |
| **Net income (loss)** | $**5441** | **4018** | **5878** | **2422** | **(4577)** | **—** | **13182** |
|  |  |  |  |  | Year ended December 31, 2021 | Year ended December 31, 2021 | Year ended December 31, 2021 |
| &nbsp;&nbsp;&nbsp;Net interest income | $22807 | 4960 | 7410 | 2570 | (1541) | (427) | 35779 |
| &nbsp;&nbsp;&nbsp;Noninterest income | 12070 | 3589 | 6429 | 11776 | 10036 | (1187) | 42713 |
| Total revenue | 34877 | 8549 | 13839 | 14346 | 8495 | (1614) | 78492 |
| Provision for credit losses | (1178) | (1500) | (1439) | (95) | 57 |  | (4155) |
| Noninterest expense | 24648 | 5862 | 7200 | 11734 | 4387 |  | 53831 |
| Income (loss) before income tax expense (benefit) | 11407 | 4187 | 8078 | 2707 | 4051 | (1614) | 28816 |
| Income tax expense (benefit) | 2852 | 1045 | 2019 | 680 | 596 | (1614) | 5578 |
| Net income before noncontrolling interests | 8555 | 3142 | 6059 | 2027 | 3455 |  | 23238 |
| Less: Net income (loss) from noncontrolling interests |  | 8 | (3) |  | 1685 |  | 1690 |
| Net income | $8555 | 3134 | 6062 | 2027 | 1770 |  | 21548 |

---

(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.

------

Wells Fargo & Company and Subsidiaries

**CONSUMER BANKING AND LENDING SEGMENT** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Dec 31, 2022 % Change from | Dec 31, 2022 % Change from | Year ended | 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** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income | $**7574** | 7102 | 6372 | 5996 | 5867 | 7% | 29 | $**27044** | 22807 | 19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest income: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit-related fees | **696** | 773 | 779 | 845 | 853 | (10) | (18) | **3093** | 3045 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Card fees | **1025** | 1043 | 1038 | 961 | 1007 | (2) | 2 | **4067** | 3930 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage banking | **23** | 212 | 211 | 654 | 905 | (89) | (97) | **1100** | 4490 | (76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **145** | 147 | 107 | 107 | 101 | (1) | 44 | **506** | 605 | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | **1889** | 2175 | 2135 | 2567 | 2866 | (13) | (34) | **8766** | 12070 | (27) |
| Total revenue | **9463** | 9277 | 8507 | 8563 | 8733 | 2 | 8 | **35810** | 34877 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net charge-offs | **525** | 435 | 358 | 375 | 408 | 21 | 29 | **1693** | 1439 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in the allowance for credit losses | **411** | 482 | 255 | (565) | (282) | (15) | 246 | **583** | (2617) | 122 |
| Provision for credit losses | **936** | 917 | 613 | (190) | 126 | 2 | 643 | **2276** | (1178) | 293 |
| Noninterest expense | **7088** | 6758 | 6036 | 6395 | 6126 | 5 | 16 | **26277** | 24648 | 7 |
| Income before income tax expense | **1439** | 1602 | 1858 | 2358 | 2481 | (10) | (42) | **7257** | 11407 | (36) |
| Income tax expense | **362** | 401 | 465 | 588 | 619 | (10) | (42) | **1816** | 2852 | (36) |
| Net income | $**1077** | 1201 | 1393 | 1770 | 1862 | (10) | (42) | $**5441** | 8555 | (36) |
| **Revenue by Line of Business** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer and Small Business Banking | $**6608** | 6232 | 5510 | 5071 | 4872 | 6 | 36 | $**23421** | 18958 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Lending: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Lending | **786** | 973 | 972 | 1490 | 1843 | (19) | (57) | **4221** | 8154 | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Card | **1353** | 1349 | 1304 | 1265 | 1271 |  | 6 | **5271** | 4928 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auto | **413** | 423 | 436 | 444 | 470 | (2) | (12) | **1716** | 1733 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Lending | **303** | 300 | 285 | 293 | 277 | 1 | 9 | **1181** | 1104 | 7 |
| Total revenue | $**9463** | 9277 | 8507 | 8563 | 8733 | 2 | 8 | $**35810** | 34877 | 3 |
| **Selected Balance Sheet Data (average)** |  |  |  |  |  |  |  |  |  |  |
| Loans by Line of Business: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer and Small Business Banking | $**9590** | 9895 | 10453 | 10605 | 12573 | (3) | (24) | $**10132** | 16625 | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Lending: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Lending | **222546** | 221870 | 218371 | 213714 | 214900 |  | 4 | **219157** | 224446 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Card | **37152** | 35052 | 32825 | 31503 | 30375 | 6 | 22 | **34151** | 29052 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auto | **54490** | 55430 | 56813 | 57278 | 55773 | (2) | (2) | **55994** | 52293 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Lending | **14219** | 13397 | 12397 | 11955 | 11787 | 6 | 21 | **12999** | 11469 | 13 |
| Total loans | $**337997** | 335644 | 330859 | 325055 | 325408 | 1 | 4 | $**332433** | 333885 |  |
| Total deposits | **864623** | 888037 | 898650 | 881339 | 864373 | (3) |  | **883130** | 834739 | 6 |
| Allocated capital | **48000** | 48000 | 48000 | 48000 | 48000 |  |  | **48000** | 48000 |  |
| **Selected Balance Sheet Data (period-end)** |  |  |  |  |  |  |  |  |  |  |
| Loans by Line of Business: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer and Small Business Banking | $**9704** | 9898 | 10400 | 11006 | 11270 | (2) | (14) | $**9704** | 11270 | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Lending: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Lending | **223525** | 222471 | 222088 | 215858 | 214407 |  | 4 | **223525** | 214407 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Card | **38475** | 35965 | 34075 | 31974 | 31671 | 7 | 21 | **38475** | 31671 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auto | **54281** | 55116 | 56224 | 57652 | 57260 | (2) | (5) | **54281** | 57260 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Lending | **14544** | 13902 | 12945 | 12068 | 11966 | 5 | 22 | **14544** | 11966 | 22 |
| Total loans | $**340529** | 337352 | 335732 | 328558 | 326574 | 1 | 4 | $**340529** | 326574 | 4 |
| Total deposits | **859695** | 886991 | 892373 | 909896 | 883674 | (3) | (3) | **859695** | 883674 | (3) |

---

------

Wells Fargo & Company and Subsidiaries

**CONSUMER BANKING AND LENDING SEGMENT (continued)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Dec 31, 2022 % Change from | Dec 31, 2022 % Change from | Year ended | 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 Metrics** |  |  |  |  |  |  |  |  |  |  |
| **Consumer Banking and Lending:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on allocated capital (1) | **8.3%** | 9.4 | 11.1 | 14.4 | 14.8 |  |  | **10.8%** | 17.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Efficiency ratio (2) | **75** | 73 | 71 | 75 | 70 |  |  | **73** | 71 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail bank branches (#) | **4598** | 4612 | 4660 | 4705 | 4777 | —% | (4) | **4598** | 4777 | (4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital active customers (# in millions) (3) | **33.5** | 33.6 | 33.4 | 33.7 | 33.0 |  | 2 | **33.5** | 33.0 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mobile active customers (# in millions) (3) | **28.3** | 28.3 | 28.0 | 27.8 | 27.3 |  | 4 | **28.3** | 27.3 | 4 |
| **Consumer and Small Business Banking:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposit spread (4) | **2.4%** | 2.1 | 1.7 | 1.6 | 1.4 |  |  | **2.0%** | 1.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debit card purchase volume ($ in billions) (5) | $**124.0** | 122.4 | 125.2 | 115.0 | 122.4 | 1 | 1 | $**486.6** | 471.5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debit card purchase transactions (# in millions) (5) | **2496** | 2501 | 2517 | 2338 | 2523 |  | (1) | **9852** | 9808 |  |
| **Home Lending:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage banking: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net servicing income | $**94** | 81 | 77 | 116 | 125 | 16 | (25) | $**368** | 35 | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gains (losses) on mortgage loan originations/sales | **(71)** | 131 | 134 | 538 | 780 | NM | NM | **732** | 4455 | (84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mortgage banking | $**23** | 212 | 211 | 654 | 905 | (89) | (97) | $**1100** | 4490 | (76) |
| &nbsp;&nbsp;&nbsp;&nbsp;Originations ($ in billions): |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | $**8.2** | 12.4 | 19.6 | 24.1 | 32.8 | (34) | (75) | $**64.3** | 138.5 | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Correspondent | **6.4** | 9.1 | 14.5 | 13.8 | 15.3 | (30) | (58) | **43.8** | 66.5 | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total originations | $**14.6** | 21.5 | 34.1 | 37.9 | 48.1 | (32) | (70) | $**108.1** | 205.0 | (47) |
| &nbsp;&nbsp;&nbsp;&nbsp;% of originations held for sale (HFS) | **60.7%** | 59.2 | 46.1 | 51.4 | 55.7 |  |  | **52.5%** | 64.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Third party mortgage loans serviced (period-end) ($ in billions) (6) | $**679.2** | 687.4 | 696.9 | 704.2 | 716.8 | (1) | (5) | $**679.2** | 716.8 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage servicing rights (MSR) carrying value (period-end) | **9310** | 9828 | 9163 | 8511 | 6920 | (5) | 35 | **9310** | 6920 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of MSR carrying value (period-end) to third party mortgage loans serviced<br>(period-end) (6)  | **1.37%** | 1.43 | 1.31 | 1.21 | 0.97 |  |  | **1.37%** | 0.97 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Home lending loans 30+ days delinquency rate (7)(8)(9) | **0.31** | 0.29 | 0.28 | 0.29 | 0.39 |  |  | **0.31** | 0.39 |  |
| **Credit Card:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Point of sale (POS) volume ($ in billions) | $**32.3** | 30.7 | 30.1 | 26.0 | 27.5 | 5 | 17 | $**119.1** | 95.3 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;New accounts (# in thousands) | **561** | 584 | 524 | 484 | 525 | (4) | 7 | **2153** | 1640 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card loans 30+ days delinquency rate | **2.08%** | 1.81 | 1.54 | 1.58 | 1.52 |  |  | **2.08%** | 1.52 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card loans 90+ days delinquency rate | **1.01** | 0.85 | 0.74 | 0.78 | 0.72 |  |  | **1.01** | 0.72 |  |
| **Auto:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto originations ($ in billions) | $**5.0** | 5.4 | 5.4 | 7.3 | 9.4 | (7) | (47) | $**23.1** | 33.9 | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto loans 30+ days delinquency rate (8) | **2.64%** | 2.19 | 1.95 | 1.68 | 1.84 |  |  | **2.64%** | 1.84 |  |
| **Personal Lending:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New volume ($ in billions) | $**3.2** | 3.5 | 3.3 | 2.6 | 2.7 | (9) | 19 | $**12.6** | 9.8 | 29 |

---

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.

------

Wells Fargo & Company and Subsidiaries

**COMMERCIAL BANKING SEGMENT** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Dec 31, 2022 % Change from | Dec 31, 2022 % Change from | Year ended | 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** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net interest income | $**2357** | 1991 | 1580 | 1361 | 1273 | 18% | 85 | $**7289** | 4960 | 47% |
| &nbsp;&nbsp;&nbsp;Noninterest income: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit-related fees | **237** | 256 | 310 | 328 | 320 | (7) | (26) | **1131** | 1285 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lending-related fees | **122** | 126 | 122 | 121 | 129 | (3) | (5) | **491** | 532 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease income | **176** | 176 | 179 | 179 | 170 |  | 4 | **710** | 682 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **257** | 403 | 301 | 338 | 392 | (36) | (34) | **1299** | 1090 | 19 |
| &nbsp;&nbsp;&nbsp;Total noninterest income | **792** | 961 | 912 | 966 | 1011 | (18) | (22) | **3631** | 3589 | 1 |
| Total revenue | **3149** | 2952 | 2492 | 2327 | 2284 | 7 | 38 | **10920** | 8549 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net charge-offs | **32** | (3) | 4 | (29) | (7) | NM | 557 | **4** | 101 | (96) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in the allowance for credit losses | **(75)** | (165) | 17 | (315) | (377) | 55 | 80 | **(538)** | (1601) | 66 |
| Provision for credit losses | **(43)** | (168) | 21 | (344) | (384) | 74 | 89 | **(534)** | (1500) | 64 |
| Noninterest expense | **1523** | 1526 | 1478 | 1531 | 1393 |  | 9 | **6058** | 5862 | 3 |
| Income before income tax expense | **1669** | 1594 | 993 | 1140 | 1275 | 5 | 31 | **5396** | 4187 | 29 |
| Income tax expense | **428** | 409 | 249 | 280 | 318 | 5 | 35 | **1366** | 1045 | 31 |
| Less: Net income from noncontrolling interests | **3** | 3 | 3 | 3 | 3 |  |  | **12** | 8 | 50 |
| Net income | $**1238** | 1182 | 741 | 857 | 954 | 5 | 30 | $**4018** | 3134 | 28 |
| **Revenue by Line of Business** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Middle Market Banking | $**2076** | 1793 | 1459 | 1246 | 1167 | 16 | 78 | $**6574** | 4642 | 42 |
| &nbsp;&nbsp;&nbsp;Asset-Based Lending and Leasing | **1073** | 1159 | 1033 | 1081 | 1117 | (7) | (4) | **4346** | 3907 | 11 |
| Total revenue | $**3149** | 2952 | 2492 | 2327 | 2284 | 7 | 38 | $**10920** | 8549 | 28 |
| **Revenue by Product** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lending and leasing | $**1357** | 1333 | 1308 | 1255 | 1236 | 2 | 10 | $**5253** | 4835 | 9 |
| &nbsp;&nbsp;&nbsp;Treasury management and payments | **1519** | 1242 | 943 | 779 | 711 | 22 | 114 | **4483** | 2825 | 59 |
| &nbsp;&nbsp;&nbsp;Other | **273** | 377 | 241 | 293 | 337 | (28) | (19) | **1184** | 889 | 33 |
| Total revenue | $**3149** | 2952 | 2492 | 2327 | 2284 | 7 | 38 | $**10920** | 8549 | 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

------

Wells Fargo & Company and Subsidiaries

**COMMERCIAL BANKING SEGMENT (continued)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Dec 31, 2022 % Change from | Dec 31, 2022 % Change from | Year ended | 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: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial and industrial | $**159236** | 150365 | 143833 | 135792 | 125011 | 6% | 27 | $**147379** | 120396 | 22% |
| &nbsp;&nbsp;&nbsp;Commercial real estate | **45551** | 45121 | 44790 | 45053 | 45755 | 1 |  | **45130** | 47018 | (4) |
| &nbsp;&nbsp;&nbsp;Lease financing and other | **13635** | 13511 | 13396 | 13550 | 13855 | 1 | (2) | **13523** | 13823 | (2) |
| Total loans | $**218422** | 208997 | 202019 | 194395 | 184621 | 5 | 18 | $**206032** | 181237 | 14 |
| Loans by Line of Business: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Middle Market Banking | $**119740** | 117031 | 113033 | 108583 | 103594 | 2 | 16 | $**114634** | 102882 | 11 |
| &nbsp;&nbsp;&nbsp;Asset-Based Lending and Leasing | **98682** | 91966 | 88986 | 85812 | 81027 | 7 | 22 | **91398** | 78355 | 17 |
| Total loans | $**218422** | 208997 | 202019 | 194395 | 184621 | 5 | 18 | $**206032** | 181237 | 14 |
| Total deposits | **175442** | 180231 | 188286 | 200699 | 207678 | (3) | (16) | **186079** | 197269 | (6) |
| Allocated capital | **19500** | 19500 | 19500 | 19500 | 19500 |  |  | **19500** | 19500 |  |
| **Selected Balance Sheet Data (period-end)** |  |  |  |  |  |  |  |  |  |  |
| Loans: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial and industrial | $**163797** | 155400 | 146656 | 140932 | 131078 | 5 | 25 | $**163797** | 131078 | 25 |
| &nbsp;&nbsp;&nbsp;Commercial real estate | **45816** | 45540 | 44992 | 44428 | 45467 | 1 | 1 | **45816** | 45467 | 1 |
| &nbsp;&nbsp;&nbsp;Lease financing and other | **13916** | 13645 | 13593 | 13473 | 13803 | 2 | 1 | **13916** | 13803 | 1 |
| Total loans | $**223529** | 214585 | 205241 | 198833 | 190348 | 4 | 17 | $**223529** | 190348 | 17 |
| Loans by Line of Business: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Middle Market Banking | $**121192** | 118627 | 116064 | 110258 | 106834 | 2 | 13 | $**121192** | 106834 | 13 |
| &nbsp;&nbsp;&nbsp;Asset-Based Lending and Leasing | **102337** | 95958 | 89177 | 88575 | 83514 | 7 | 23 | **102337** | 83514 | 23 |
| Total loans | $**223529** | 214585 | 205241 | 198833 | 190348 | 4 | 17 | $**223529** | 190348 | 17 |
| Total deposits | **173942** | 172727 | 183145 | 195549 | 205428 | 1 | (15) | **173942** | 205428 | (15) |

---

------

Wells Fargo & Company and Subsidiaries

**CORPORATE AND INVESTMENT BANKING SEGMENT** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Dec 31, 2022 % Change from | Dec 31, 2022 % Change from | Year ended | 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** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net interest income | $**2416** | 2270 | 2057 | 1990 | 1982 | 6% | 22 | $**8733** | 7410 | 18% |
| &nbsp;&nbsp;&nbsp;Noninterest income: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit-related fees | **240** | 255 | 280 | 293 | 283 | (6) | (15) | **1068** | 1112 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lending-related fees | **191** | 198 | 195 | 185 | 192 | (4) | (1) | **769** | 761 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment banking fees | **331** | 392 | 307 | 462 | 678 | (16) | (51) | **1492** | 2405 | (38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gains (losses) from trading activities | **606** | 674 | 378 | 228 | (174) | (10) | 448 | **1886** | 272 | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **355** | 271 | 356 | 312 | 551 | 31 | (36) | **1294** | 1879 | (31) |
| &nbsp;&nbsp;&nbsp;Total noninterest income | **1723** | 1790 | 1516 | 1480 | 1530 | (4) | 13 | **6509** | 6429 | 1 |
| Total revenue | **4139** | 4060 | 3573 | 3470 | 3512 | 2 | 18 | **15242** | 13839 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net charge-offs | **10** | (16) | (11) | (31) | 8 | 163 | 25 | **(48)** | (22) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in the allowance for credit losses | **31** | 48 | (51) | (165) | (202) | (35) | 115 | **(137)** | (1417) | 90 |
| Provision for credit losses | **41** | 32 | (62) | (196) | (194) | 28 | 121 | **(185)** | (1439) | 87 |
| Noninterest expense | **1837** | 1900 | 1840 | 1983 | 1765 | (3) | 4 | **7560** | 7200 | 5 |
| Income before income tax expense | **2261** | 2128 | 1795 | 1683 | 1941 | 6 | 16 | **7867** | 8078 | (3) |
| Income tax expense | **569** | 536 | 459 | 425 | 488 | 6 | 17 | **1989** | 2019 | (1) |
| Less: Net loss from noncontrolling interests | **—** |  |  |  | (1) |  | 100 | **—** | (3) | 100 |
| Net income | $**1692** | 1592 | 1336 | 1258 | 1454 | 6 | 16 | $**5878** | 6062 | (3) |
| **Revenue by Line of Business** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Banking: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lending | $**593** | 580 | 528 | 521 | 519 | 2 | 14 | $**2222** | 1948 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury Management and Payments | **738** | 670 | 529 | 432 | 373 | 10 | 98 | **2369** | 1468 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking | **317** | 336 | 222 | 331 | 464 | (6) | (32) | **1206** | 1654 | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Banking | **1648** | 1586 | 1279 | 1284 | 1356 | 4 | 22 | **5797** | 5070 | 14 |
| &nbsp;&nbsp;&nbsp;Commercial Real Estate | **1267** | 1212 | 1060 | 995 | 1095 | 5 | 16 | **4534** | 3963 | 14 |
| &nbsp;&nbsp;&nbsp;Markets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed Income, Currencies, and Commodities (FICC) | **935** | 914 | 934 | 877 | 794 | 2 | 18 | **3660** | 3710 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities | **279** | 316 | 253 | 267 | 205 | (12) | 36 | **1115** | 897 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Adjustment (CVA/DVA) and Other | **(35)** | 17 | 13 | 25 | 13 | NM | NM | **20** | 91 | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Markets | **1179** | 1247 | 1200 | 1169 | 1012 | (5) | 17 | **4795** | 4698 | 2 |
| &nbsp;&nbsp;&nbsp;Other | **45** | 15 | 34 | 22 | 49 | 200 | (8) | **116** | 108 | 7 |
| Total revenue | $**4139** | 4060 | 3573 | 3470 | 3512 | 2 | 18 | $**15242** | 13839 | 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

------

Wells Fargo & Company and Subsidiaries

**CORPORATE AND INVESTMENT BANKING SEGMENT (continued)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Dec 31, 2022 % Change from | Dec 31, 2022 % Change from | Year ended | 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: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial and industrial | $**196697** | 205185 | 200527 | 191152 | 182778 | (4)% | 8 | $**198424** | 170713 | 16% |
| &nbsp;&nbsp;&nbsp;Commercial real estate | **101553** | 101055 | 98167 | 93346 | 89216 |  | 14 | **98560** | 86323 | 14 |
| Total loans | $**298250** | 306240 | 298694 | 284498 | 271994 | (3) | 10 | $**296984** | 257036 | 16 |
| Loans by Line of Business: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Banking | $**104187** | 109909 | 109123 | 102485 | 101589 | (5) | 3 | $**106440** | 93766 | 14 |
| &nbsp;&nbsp;&nbsp;Commercial Real Estate | **137680** | 137568 | 133212 | 126248 | 116630 |  | 18 | **133719** | 110978 | 20 |
| &nbsp;&nbsp;&nbsp;Markets | **56383** | 58763 | 56359 | 55765 | 53775 | (4) | 5 | **56825** | 52292 | 9 |
| Total loans | $**298250** | 306240 | 298694 | 284498 | 271994 | (3) | 10 | $**296984** | 257036 | 16 |
| Trading-related assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Trading account securities | $**111803** | 110919 | 110499 | 115687 | 118147 | 1 | (5) | $**112213** | 110386 | 2 |
| &nbsp;&nbsp;&nbsp;Reverse repurchase agreements/securities borrowed | **52814** | 45486 | 48909 | 54832 | 53526 | 16 | (1) | **50491** | 59044 | (14) |
| &nbsp;&nbsp;&nbsp;Derivative assets | **24556** | 28050 | 30845 | 26244 | 24267 | (12) | 1 | **27421** | 25315 | 8 |
| Total trading-related assets | $**189173** | 184455 | 190253 | 196763 | 195940 | 3 | (3) | $**190125** | 194745 | (2) |
| Total assets | **553308** | 560509 | 564306 | 551404 | 543946 | (1) | 2 | **557396** | 523344 | 7 |
| Total deposits | **156205** | 156830 | 164860 | 169181 | 182101 |  | (14) | **161720** | 189176 | (15) |
| Allocated capital | **36000** | 36000 | 36000 | 36000 | 34000 |  | 6 | **36000** | 34000 | 6 |
| **Selected Balance Sheet Data (period-end)** |  |  |  |  |  |  |  |  |  |  |
| Loans: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial and industrial | $**196529** | 198253 | 207414 | 194201 | 191391 | (1) | 3 | $**196529** | 191391 | 3 |
| &nbsp;&nbsp;&nbsp;Commercial real estate | **101848** | 101440 | 100872 | 96426 | 92983 |  | 10 | **101848** | 92983 | 10 |
| Total loans | $**298377** | 299693 | 308286 | 290627 | 284374 |  | 5 | $**298377** | 284374 | 5 |
| Loans by Line of Business: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Banking | $**101183** | 103809 | 111639 | 107081 | 101926 | (3) | (1) | $**101183** | 101926 | (1) |
| &nbsp;&nbsp;&nbsp;Commercial Real Estate | **137495** | 137077 | 137083 | 129375 | 125926 |  | 9 | **137495** | 125926 | 9 |
| &nbsp;&nbsp;&nbsp;Markets | **59699** | 58807 | 59564 | 54171 | 56522 | 2 | 6 | **59699** | 56522 | 6 |
| Total loans | $**298377** | 299693 | 308286 | 290627 | 284374 |  | 5 | $**298377** | 284374 | 5 |
| Trading-related assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Trading account securities | $**111801** | 113488 | 109634 | 113763 | 108697 | (1) | 3 | $**111801** | 108697 | 3 |
| &nbsp;&nbsp;&nbsp;Reverse repurchase agreements/securities borrowed | **55407** | 44194 | 42696 | 57579 | 55973 | 25 | (1) | **55407** | 55973 | (1) |
| &nbsp;&nbsp;&nbsp;Derivative assets | **22218** | 28545 | 24540 | 26695 | 21398 | (22) | 4 | **22218** | 21398 | 4 |
| Total trading-related assets | $**189426** | 186227 | 176870 | 198037 | 186068 | 2 | 2 | $**189426** | 186068 | 2 |
| Total assets | **550177** | 550695 | 567733 | 564976 | 546549 |  | 1 | **550177** | 546549 | 1 |
| Total deposits | **157217** | 154550 | 162439 | 168467 | 168609 | 2 | (7) | **157217** | 168609 | (7) |

---

------

Wells Fargo & Company and Subsidiaries

**WEALTH AND INVESTMENT MANAGEMENT SEGMENT** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Dec 31, 2022 % Change from | Dec 31, 2022 % Change from | Year ended | 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** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net interest income | $**1124** | 1088 | 916 | 799 | 666 | 3% | 69 | $**3927** | 2570 | 53% |
| &nbsp;&nbsp;&nbsp;Noninterest income: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory and other asset-based fees | **1999** | 2066 | 2306 | 2476 | 2429 | (3) | (18) | **8847** | 9574 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commissions and brokerage services fees | **532** | 486 | 459 | 454 | 484 | 9 | 10 | **1931** | 2010 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **40** | 25 | 24 | 28 | 69 | 60 | (42) | **117** | 192 | (39) |
| &nbsp;&nbsp;&nbsp;Total noninterest income | **2571** | 2577 | 2789 | 2958 | 2982 |  | (14) | **10895** | 11776 | (7) |
| Total revenue | **3695** | 3665 | 3705 | 3757 | 3648 | 1 | 1 | **14822** | 14346 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net charge-offs | **(2)** | (1) |  | (4) | 19 | (100) | NM | **(7)** | 10 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;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 | **2731** | 2796 | 2911 | 3175 | 2898 | (2) | (6) | **11613** | 11734 | (1) |
| Income before income tax expense | **953** | 861 | 801 | 619 | 753 | 11 | 27 | **3234** | 2707 | 19 |
| Income tax expense | **238** | 222 | 198 | 154 | 189 | 7 | 26 | **812** | 680 | 19 |
| Net income | $**715** | 639 | 603 | 465 | 564 | 12 | 27 | $**2422** | 2027 | 19 |
| **Selected Metrics** |  |  |  |  |  |  |  |  |  |  |
| Return on allocated capital | **31.9%** | 28.4 | 27.1 | 21.0 | 25.0 |  |  | **27.1%** | 22.6 |  |
| Efficiency ratio | **74** | 76 | 79 | 85 | 79 |  |  | **78** | 82 |  |
| &nbsp;&nbsp;&nbsp;Advisory assets ($ in billions) | $**797** | 756 | 800 | 912 | 964 | 5 | (17) | $**797** | 964 | (17) |
| &nbsp;&nbsp;&nbsp;Other brokerage assets and deposits ($ in billions) | **1064** | 1003 | 1035 | 1168 | 1219 | 6 | (13) | **1064** | 1219 | (13) |
| Total client assets ($ in billions)  | $**1861** | 1759 | 1835 | 2080 | 2183 | 6 | (15) | $**1861** | 2183 | (15) |
| Annualized revenue per advisor ($ in thousands) (1)  | **1230** | 1212 | 1213 | 1221 | 1171 | 1 | 5 | **1219** | 1114 | 9 |
| Total financial and wealth advisors (#) (period-end)  | **12027** | 12011 | 12184 | 12250 | 12367 |  | (3) | **12027** | 12367 | (3) |
| **Selected Balance Sheet Data (average)** |  |  |  |  |  |  |  |  |  |  |
| Total loans | $**84760** | 85472 | 85912 | 84765 | 84007 | (1) | 1 | $**85228** | 82364 | 3 |
| Total deposits | **142230** | 158367 | 173670 | 185814 | 180939 | (10) | (21) | **164883** | 176562 | (7) |
| Allocated capital | **8750** | 8750 | 8750 | 8750 | 8750 |  |  | **8750** | 8750 |  |
| **Selected Balance Sheet Data (period-end)** |  |  |  |  |  |  |  |  |  |  |
| Total loans | $**84273** | 85180 | 85342 | 84688 | 84101 | (1) |  | **84273** | 84101 |  |
| Total deposits | **138760** | 148890 | 165633 | 183727 | 192548 | (7) | (28) | **138760** | 192548 | (28) |

---

NM – Not meaningful

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

------

Wells Fargo & Company and Subsidiaries

**CORPORATE (1)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Dec 31, 2022 % Change from | Dec 31, 2022 % Change from | Year ended | 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** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net interest income | $**78** | (248) | (619) | (818) | (420) | 131% | 119 | $**(1607)** | (1541) | (4)% |
| &nbsp;&nbsp;&nbsp;Noninterest income | **(367)** | 284 | (114) | 806 | 3540 | NM | NM | **609** | 10036 | (94) |
| Total revenue | **(289)** | 36 | (733) | (12) | 3120 | NM | NM | **(998)** | 8495 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Net charge-offs | **(5)** | (16) | (6) | (6) | (5) | 69 |  | **(33)** | 54 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;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 | **3023** | 1347 | 618 | 786 | 1016 | 124 | 198 | **5774** | 4387 | 32 |
| Income (loss) before income tax expense (benefit) | **(3324)** | (1306) | (1366) | (778) | 2101 | NM | NM | **(6774)** | 4051 | NM |
| Income tax expense (benefit) | **(1227)** | (189) | (242) | (227) | 538 | NM | NM | **(1885)** | 596 | NM |
| Less: Net income (loss) from noncontrolling interests | **(239)** | (31) | (170) | 128 | 647 | NM | NM | **(312)** | 1685 | NM |
| Net income (loss) | $**(1858)** | (1086) | (954) | (679) | 916 | (71) | NM | $**(4577)** | 1770 | NM |
| **Selected Balance Sheet Data (average)** |  |  |  |  |  |  |  |  |  |  |
| Cash, cash equivalents, and restricted cash | $**130329** | 134725 | 145637 | 178747 | 216156 | (3) | (40) | $**147192** | 236124 | (38) |
| Available-for-sale debt securities | **102650** | 110575 | 127997 | 156756 | 169953 | (7) | (40) | **124308** | 181841 | (32) |
| Held-to-maturity debt securities | **295494** | 297335 | 291710 | 275510 | 262969 | (1) | 12 | **290087** | 244735 | 19 |
| Equity securities | **15918** | 15423 | 15681 | 15760 | 15172 | 3 | 5 | **15695** | 12720 | 23 |
| Total loans | **9088** | 9112 | 9083 | 9292 | 9006 |  | 1 | **9143** | 9766 | (6) |
| Total assets | **605526** | 617713 | 642606 | 687341 | 727818 | (2) | (17) | **638017** | 743089 | (14) |
| Total deposits | **41959** | 24386 | 20327 | 27039 | 34936 | 72 | 20 | **28457** | 40066 | (29) |
| **Selected Balance Sheet Data (period-end)** |  |  |  |  |  |  |  |  |  |  |
| Cash, cash equivalents, and restricted cash | $**127106** | 141743 | 123872 | 175201 | 209696 | (10) | (39) | $**127106** | 209696 | (39) |
| Available-for-sale debt securities | **102669** | 104726 | 114469 | 157164 | 165926 | (2) | (38) | **102669** | 165926 | (38) |
| Held-to-maturity debt securities | **294141** | 297530 | 298895 | 277965 | 269285 | (1) | 9 | **294141** | 269285 | 9 |
| Equity securities | **15508** | 15581 | 15004 | 16137 | 16549 |  | (6) | **15508** | 16549 | (6) |
| Total loans | **9163** | 9096 | 9133 | 9101 | 9997 | 1 | (8) | **9163** | 9997 | (8) |
| Total assets | **601214** | 615408 | 611658 | 682912 | 721335 | (2) | (17) | **601214** | 721335 | (17) |
| Total deposits | **54371** | 34993 | 21563 | 23715 | 32220 | 55 | 69 | **54371** | 32220 | 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.

------

Wells Fargo & Company and Subsidiaries

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Dec 31, 2022 <br>$ Change from | 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 |
| **Period-End Loans** |  |  |  |  |  |  |  |
| Commercial and industrial | $**386806** | 379694 | 380235 | 362137 | 350436 | 7112 | 36370 |
| Commercial real estate | **155802** | 155659 | 155154 | 150108 | 147825 | 143 | 7977 |
| Lease financing | **14908** | 14617 | 14530 | 14469 | 14859 | 291 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial | **557516** | 549970 | 549919 | 526714 | 513120 | 7546 | 44396 |
| Residential mortgage | **269117** | 268065 | 267545 | 260634 | 258888 | 1052 | 10229 |
| Credit card | **46293** | 43558 | 41222 | 38639 | 38453 | 2735 | 7840 |
| Auto | **53669** | 54545 | 55658 | 57083 | 56659 | (876) | (2990) |
| Other consumer | **29276** | 29768 | 29390 | 28737 | 28274 | (492) | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consumer | **398355** | 395936 | 393815 | 385093 | 382274 | 2419 | 16081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | $**955871** | 945906 | 943734 | 911807 | 895394 | 9965 | 60477 |
| **Average Loans** |  |  |  |  |  |  |  |
| Commercial and industrial | $**381889** | 381375 | 370615 | 353829 | 335752 | 514 | 46137 |
| Commercial real estate | **155674** | 155291 | 152456 | 147723 | 144606 | 383 | 11068 |
| Lease financing | **14656** | 14526 | 14445 | 14586 | 15227 | 130 | (571) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial | **552219** | 551192 | 537516 | 516138 | 495585 | 1027 | 56634 |
| Residential mortgage | **268232** | 267609 | 263877 | 258900 | 259832 | 623 | 8400 |
| Credit card | **44829** | 42407 | 39614 | 38164 | 37041 | 2422 | 7788 |
| Auto | **53917** | 54874 | 56262 | 56701 | 55161 | (957) | (1244) |
| Other consumer | **29320** | 29383 | 29298 | 28102 | 27417 | (63) | 1903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consumer | **396298** | 394273 | 389051 | 381867 | 379451 | 2025 | 16847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | $**948517** | 945465 | 926567 | 898005 | 875036 | 3052 | 73481 |
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consumer | **4.76** | 4.47 | 4.23 | 4.20 | 4.28 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | **5.13%** | 4.28 | 3.52 | 3.25 | 3.32 |  |  |

---

------

Wells Fargo & Company and Subsidiaries

**NET LOAN CHARGE-OFFS** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | | |
| | **Dec 31, 2022** | **Dec 31, 2022** | Sep 30, 2022 | Sep 30, 2022 | Jun 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Mar 31, 2022 | Dec 31, 2021 | Dec 31, 2021 | Dec 31, 2022 <br>$ Change from | Dec 31, 2022 <br>$ 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,<br>2022 | Dec 31,<br>2021 |
| By product: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | $**66** | **0.07%** | $13 | 0.01% | $27 | 0.03% | $(23) | (0.03)% | $3 | —% | $53 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | **10** | **0.03** | (12) | (0.03) | (4) | (0.01) | (5) | (0.01) | 22 | 0.06 | 22 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease financing | **3** | **0.06** | 5 | 0.15 |  |  | (1) | (0.02) | 3 | 0.09 | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | **79** | **0.06** | 6 |  | 23 | 0.02 | (29) | (0.02) | 28 | 0.02 | 73 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | **(12)** | **(0.02)** | (14) | (0.02) | (16) | (0.03) | (21) | (0.03) | 118 | 0.18 | 2 | (130) |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card | **274** | **2.42** | 202 | 1.90 | 199 | 2.02 | 176 | 1.87 | 150 | 1.61 | 72 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto | **137** | **1.00** | 121 | 0.87 | 68 | 0.49 | 96 | 0.68 | 58 | 0.41 | 16 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other consumer | **82** | **1.13** | 84 | 1.13 | 70 | 0.98 | 83 | 1.20 | 67 | 0.96 | (2) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | **481** | **0.48** | 393 | 0.40 | 321 | 0.33 | 334 | 0.35 | 393 | 0.41 | 88 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net charge-offs | $**560** | **0.23%** | $399 | 0.17% | $344 | 0.15% | $305 | 0.14% | $421 | 0.19% | $161 | 139 |
| By segment: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Banking and Lending | $**525** | **0.62%** | $435 | 0.51% | $358 | 0.43% | $375 | 0.47% | $410 | 0.50% | $90 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Banking | **32** | **0.06** | (3) | (0.01) | 3 | 0.01 | (29) | (0.06) | (9) | (0.02) | 35 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and Investing Banking | **10** | **0.01** | (16) | (0.02) | (11) | (0.01) | (31) | (0.04) | 8 | 0.01 | 26 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wealth and Investment Management | **(2)** | **(0.01)** | (1) |  |  |  | (4) | (0.02) | 18 | 0.09 | (1) | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate | **(5)** | **(0.22)** | (16) | (0.70) | (6) | (0.26) | (6) | (0.26) | (6) | (0.26) | 11 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net charge-offs | $**560** | **0.23%** | $399 | 0.17% | $344 | 0.15% | $305 | 0.14% | $421 | 0.19% | $161 | 139 |

---

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

------

Wells Fargo & Company and Subsidiaries

**CHANGES IN ALLOWANCE FOR CREDIT LOSSES FOR LOANS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Dec 31, 2022 <br>$ Change from | 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 |
| **Balance, beginning of period** | $**13225** | 12884 | 12681 | 13788 | 14705 | 341 | (1480) |
| Provision for credit losses | **968** | 773 | 578 | (775) | (464) | 195 | 1432 |
| Interest income on certain loans (1) | **(26)** | (26) | (27) | (29) | (33) |  | 7 |
| Net loan charge-offs: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | **(66)** | (13) | (27) | 23 | (3) | (53) | (63) |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | **(10)** | 12 | 4 | 5 | (22) | (22) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease financing | **(3)** | (5) |  | 1 | (3) | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | **(79)** | (6) | (23) | 29 | (28) | (73) | (51) |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | **12** | 14 | 16 | 21 | (118) | (2) | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card | **(274)** | (202) | (199) | (176) | (150) | (72) | (124) |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto | **(137)** | (121) | (68) | (96) | (58) | (16) | (79) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other consumer | **(82)** | (84) | (70) | (83) | (67) | 2 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | **(481)** | (393) | (321) | (334) | (393) | (88) | (88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loan charge-offs | **(560)** | (399) | (344) | (305) | (421) | (161) | (139) |
| Other | **2** | (7) | (4) | 2 | 1 | 9 | 1 |
| **Balance, end of period** | $**13609** | 13225 | 12884 | 12681 | 13788 | 384 | (179) |
| Components: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for loan losses | $**12985** | 12571 | 11786 | 11504 | 12490 | 414 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for unfunded credit commitments | **624** | 654 | 1098 | 1177 | 1298 | (30) | (674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses for loans | $**13609** | 13225 | 12884 | 12681 | 13788 | 384 | (179) |
| 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: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans | **1.36%** | 1.33 | 1.25 | 1.26 | 1.39 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonaccrual loans | **231** | 225 | 197 | 167 | 173 |  |  |
| Allowance for credit losses for loans as a percentage of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans | **1.42** | 1.40 | 1.37 | 1.39 | 1.54 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonaccrual loans | **242** | 237 | 215 | 185 | 191 |  |  |

---

(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.

------

Wells Fargo & Company and Subsidiaries

**ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES FOR LOANS**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Dec 31, 2022** | **Dec 31, 2022** | Sep 30, 2022 | Sep 30, 2022 | Jun 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Mar 31, 2022 | Dec 31, 2021 | 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: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | $**4507** | **1.17%** | $4547 | 1.20% | $4620 | 1.22% | $4625 | 1.28% | $4873 | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | **2231** | **1.43** | 2233 | 1.43 | 2188 | 1.41 | 2249 | 1.50 | 2516 | 1.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease financing | **218** | **1.46** | 211 | 1.44 | 274 | 1.89 | 274 | 1.89 | 402 | 2.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | **6956** | **1.25** | 6991 | 1.27 | 7082 | 1.29 | 7148 | 1.36 | 7791 | 1.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage (1) | **1096** | **0.41** | 1001 | 0.37 | 1018 | 0.38 | 929 | 0.36 | 1286 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card | **3567** | **7.71** | 3364 | 7.72 | 3253 | 7.89 | 3094 | 8.01 | 3290 | 8.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto | **1380** | **2.57** | 1340 | 2.46 | 1045 | 1.88 | 1030 | 1.80 | 928 | 1.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other consumer | **610** | **2.08** | 529 | 1.78 | 486 | 1.65 | 480 | 1.67 | 493 | 1.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | **6653** | **1.67** | 6234 | 1.57 | 5802 | 1.47 | 5533 | 1.44 | 5997 | 1.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total allowance for credit losses for loans | $**13609** | **1.42%** | $13225 | 1.40% | $12884 | 1.37% | $12681 | 1.39% | $13788 | 1.54% |
| By segment: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Banking and Lending | $**7394** | **2.17%** | $7002 | 2.08% | $6540 | 1.95% | $6305 | 1.92% | $6891 | 2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Banking | **2397** | **1.07** | 2477 | 1.15 | 2644 | 1.29 | 2631 | 1.32 | 2950 | 1.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and Investing Banking | **3552** | **1.19** | 3517 | 1.17 | 3480 | 1.13 | 3532 | 1.22 | 3705 | 1.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wealth and Investment Management | **253** | **0.30** | 240 | 0.28 | 231 | 0.27 | 238 | 0.28 | 271 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate | **13** | **0.14** | (11) | (0.12) | (11) | (0.12) | (25) | (0.27) | (29) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total allowance for credit losses for loans | $**13609** | **1.42%** | $13225 | 1.40% | $12884 | 1.37% | $12681 | 1.39% | $13788 | 1.54% |

---

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

------

Wells Fargo & Company and Subsidiaries

**NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Dec 31, 2022** | **Dec 31, 2022** | Sep 30, 2022 | Sep 30, 2022 | Jun 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Mar 31, 2022 | Dec 31, 2021 | Dec 31, 2021 | Dec 31, 2022 <br>$ Change from | Dec 31, 2022 <br>$ 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,<br>2022 | Dec 31,<br>2021 |
| By product: |  |  |  |  |  |  |  |  |  |  |  |  |
| Nonaccrual loans: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | $**746** | **0.19%** | $742 | 0.20% | $722 | 0.19% | $799 | 0.22% | $980 | 0.28% | $4 | (234) |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | **958** | **0.61** | 853 | 0.55 | 901 | 0.58 | 1037 | 0.69 | 1248 | 0.84 | 105 | (290) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease financing | **119** | **0.80** | 108 | 0.74 | 96 | 0.66 | 117 | 0.81 | 148 | 1.00 | 11 | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | **1823** | **0.33** | 1703 | 0.31 | 1719 | 0.31 | 1953 | 0.37 | 2376 | 0.46 | 120 | (553) |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage (1) | **3611** | **1.34** | 3677 | 1.37 | 4051 | 1.51 | 4675 | 1.79 | 4604 | 1.78 | (66) | (993) |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto | **153** | **0.29** | 171 | 0.31 | 188 | 0.34 | 208 | 0.36 | 198 | 0.35 | (18) | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other consumer | **39** | **0.13** | 36 | 0.12 | 35 | 0.12 | 35 | 0.12 | 34 | 0.12 | 3 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | **3803** | **0.95** | 3884 | 0.98 | 4274 | 1.09 | 4918 | 1.28 | 4836 | 1.27 | (81) | (1033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonaccrual loans | **5626** | **0.59** | 5587 | 0.59 | 5993 | 0.64 | 6871 | 0.75 | 7212 | 0.81 | 39 | (1586) |
| Foreclosed assets | **137** |  | 125 |  | 130 |  | 130 |  | 112 |  | 12 | 25 |
| Total nonperforming assets | $**5763** | **0.60%** | $5712 | 0.60% | $6123 | 0.65% | $7001 | 0.77% | $7324 | 0.82% | $51 | (1561) |
| By segment: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Banking and Lending | $**3747** | **1.10%** | $3811 | 1.13% | $4179 | 1.24% | $4754 | 1.45% | $4672 | 1.43% | $(64) | (925) |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Banking | **1029** | **0.46** | 1025 | 0.48 | 1065 | 0.52 | 1242 | 0.62 | 1520 | 0.80 | 4 | (491) |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and Investing Banking | **764** | **0.26** | 673 | 0.22 | 646 | 0.21 | 706 | 0.24 | 778 | 0.27 | 91 | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Wealth and Investment Management | **199** | **0.24** | 203 | 0.24 | 233 | 0.27 | 299 | 0.35 | 354 | 0.42 | (4) | (155) |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate | **24** | **0.26** |  |  |  |  |  |  |  |  | 24 | 24 |
| Total nonperforming assets | $**5763** | **0.60%** | $5712 | 0.60% | $6123 | 0.65% | $7001 | 0.77% | $7324 | 0.82% | $51 | (1561) |

---

(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.

------

Wells Fargo & Company and Subsidiaries

**COMMERCIAL AND INDUSTRIAL LOANS AND LEASE FINANCING BY INDUSTRY**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Dec 31, 2022** | **Dec 31, 2022** | **Dec 31, 2022** | **Dec 31, 2022** | Sep 30, 2022 | Sep 30, 2022 | Sep 30, 2022 | Sep 30, 2022 | Dec 31, 2021 | Dec 31, 2021 | Dec 31, 2021 | 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** | **147171** | **15%** | $**247936** | $53 | 144595 | 15% | $248059 | $104 | 142283 | 16% | $236133 |
| Technology, telecom and media | **31** | **27767** | **3** | **78230** | 69 | 27892 | 3 | 67050 | 64 | 23345 | 3 | 62984 |
| Real estate and construction | **73** | **24478** | **3** | **57138** | 65 | 25572 | 3 | 59197 | 78 | 25035 | 3 | 55304 |
| Equipment, machinery and parts manufacturing | **83** | **23675** | **2** | **54807** | 14 | 22915 | 2 | 46784 | 24 | 18130 | 2 | 43729 |
| Retail | **47** | **19487** | **2** | **54260** | 49 | 19673 | 2 | 45653 | 27 | 17645 | 2 | 41344 |
| Materials and commodities | **86** | **16610** | **2** | **41707** | 78 | 17026 | 2 | 40173 | 32 | 14684 | 2 | 36660 |
| Oil, gas and pipelines | **55** | **9991** | **1** | **39329** | 55 | 9858 | 1 | 30897 | 197 | 8828 | \* | 28978 |
| Food and beverage manufacturing | **17** | **17393** | **2** | **35094** | 18 | 15659 | 2 | 34794 | 7 | 13242 | 1 | 30882 |
| Health care and pharmaceuticals | **21** | **14861** | **2** | **30463** | 21 | 14472 | 2 | 29207 | 24 | 12847 | 1 | 28808 |
| Auto related | **10** | **13168** | **1** | **28545** | 9 | 12137 | 1 | 27262 | 31 | 10629 | 1 | 25735 |
| Commercial services | **50** | **11418** | **1** | **27989** | 28 | 10818 | 1 | 25676 | 78 | 10492 | 1 | 24617 |
| Utilities | **18** | **9457** | **\*** | **26918** | 61 | 8848 | \* | 26090 | 77 | 6982 | \* | 22406 |
| Entertainment and recreation | **28** | **13085** | **1** | **24535** | 35 | 11407 | 1 | 17812 | 23 | 9907 | 1 | 17893 |
| Diversified or miscellaneous | **2** | **8161** | **\*** | **22432** | 11 | 8219 | \* | 21009 | 3 | 7493 | \* | 18317 |
| Banks | **—** | **14403** | **2** | **16733** |  | 15575 | 2 | 17694 |  | 16178 | 2 | 16612 |
| Transportation services | **237** | **8389** | **\*** | **16342** | 226 | 7817 | \* | 15405 | 288 | 8162 | \* | 14710 |
| Insurance and fiduciaries | **1** | **4691** | **\*** | **15741** | 1 | 4515 | \* | 15630 | 1 | 3387 | \* | 13993 |
| Agribusiness | **24** | **6180** | **\*** | **14063** | 25 | 6301 | \* | 11417 | 35 | 6086 | \* | 11576 |
| Government and education | **25** | **6482** | **\*** | **12590** | 16 | 6578 | \* | 12657 | 5 | 5863 | \* | 11193 |
| Other | **13** | **4847** | **\*** | **14325** | 16 | 4434 | \* | 11677 | 30 | 4077 | \* | 11583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**865** | **401714** | **42%** | $**859177** | $850 | 394311 | 42% | $804143 | $1128 | 365295 | 41% | $753457 |

---

\*Less than 1%.

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

------

Wells Fargo & Company and Subsidiaries

**COMMERCIAL REAL ESTATE LOANS BY PROPERTY TYPE (1)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Dec 31, 2022** | **Dec 31, 2022** | **Dec 31, 2022** | **Dec 31, 2022** | Sep 30, 2022 | Sep 30, 2022 | Sep 30, 2022 | Sep 30, 2022 | Dec 31, 2021 | Dec 31, 2021 | Dec 31, 2021 | 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** | **39743** | **4%** | $**51567** | $9 | 38855 | 4% | $51565 | $13 | 31901 | 4% | $42119 |
| Office buildings | **186** | **36144** | **4** | **40827** | 173 | 35194 | 4 | 40411 | 134 | 36736 | 4 | 42781 |
| Industrial/warehouse | **42** | **20634** | **2** | **24546** | 44 | 19453 | 2 | 24465 | 78 | 17714 | 2 | 20967 |
| Hotel/motel | **153** | **12751** | **1** | **13758** | 153 | 13144 | 1 | 14030 | 254 | 12764 | 1 | 13179 |
| Retail (excluding shopping center) | **199** | **11753** | **1** | **12486** | 87 | 11853 | 1 | 12576 | 135 | 12450 | 1 | 13014 |
| Shopping center | **259** | **9534** | **\*** | **10131** | 253 | 9825 | 1 | 10434 | 422 | 10448 | 1 | 11082 |
| Institutional | **33** | **7725** | **\*** | **9178** | 34 | 7987 | \* | 9411 | 51 | 7743 | \* | 9588 |
| Mixed use properties | **54** | **5887** | **\*** | **7139** | 57 | 7356 | \* | 8688 | 81 | 6303 | \* | 10718 |
| Collateral pool | **—** | **3062** | **\*** | **3662** |  | 3305 | \* | 3804 |  | 3509 | \* | 4106 |
| Storage facility | **—** | **2929** | **\*** | **3201** |  | 2877 | \* | 3110 |  | 2257 | \* | 2742 |
| Other | **24** | **5640** | **\*** | **8825** | 43 | 5810 | \* | 8866 | 80 | 6000 | \* | 8987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**958** | **155802** | **16%** | $**185320** | $853 | 155659 | 16% | $187360 | $1248 | 147825 | 17% | $179283 |

---

\*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.

------

Wells Fargo & Company and Subsidiaries <br>**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 % Change from | Dec 31, 2022 % 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 |  | $**181875** | 178409 | 179793 | 181689 | 190110 | 2% | (4) |
| Adjustments: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock (1) |  | **(19448)** | (20057) | (20057) | (20057) | (20057) | 3 | 3 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital on preferred stock (1) |  | **173** | 136 | 135 | 136 | 136 | 27 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned Employee Stock Ownership Plan (ESOP) shares (1) |  | **—** | 646 | 646 | 646 | 646 | (100) | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests |  | **(1986)** | (2220) | (2261) | (2446) | (2504) | 11 | 21 |
| Total common stockholders' equity | (A) | **160614** | 156914 | 158256 | 159968 | 168331 | 2 | (5) |
| Adjustments: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill |  | **(25173)** | (25172) | (25178) | (25181) | (25180) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Certain identifiable intangible assets (other than MSRs) |  | **(152)** | (171) | (191) | (210) | (225) | 11 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill and other intangibles on investments in consolidated portfolio companies (included in<br>other assets) |  | **(2427)** | (2378) | (2307) | (2304) | (2437) | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Applicable deferred taxes related to goodwill and other intangible assets (2) |  | **890** | 889 | 880 | 871 | 765 |  | 16 |
| **Tangible common equity** | (B) | $**133752** | 130082 | 131460 | 133144 | 141254 | 3 | (5) |
| Common shares outstanding | (C) | **3833.8** | 3795.4 | 3793.0 | 3789.9 | 3885.8 | 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.

------

Wells Fargo & Company and Subsidiaries <br>**TANGIBLE COMMON EQUITY (continued)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Dec 31, 2022 % Change from | Dec 31, 2022 % Change from | Year 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) | $**2585** | 3250 | 2839 | 3393 | 5470 | (20)% | (53) | $**12067** | 20256 | (40)% |
| Average total equity |  | **182549** | 183037 | 181016 | 186337 | 190744 |  | (4) | **183224** | 191219 | (4) |
| Adjustments: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock (1) |  | **(19553)** | (20057) | (20057) | (20057) | (20267) | 3 | 4 | **(19930)** | (21151) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital on preferred stock (1) |  | **166** | 135 | 135 | 134 | 120 | 23 | 38 | **143** | 137 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned ESOP shares (1) |  | **112** | 646 | 646 | 646 | 872 | (83) | (87) | **512** | 874 | (41) |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests |  | **(2185)** | (2258) | (2386) | (2468) | (2119) | 3 | (3) | **(2323)** | (1601) | 45 |
| Average common stockholders' equity | (B) | **161089** | 161503 | 159354 | 164592 | 169350 |  | (5) | **161626** | 169478 | (5) |
| Adjustments: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill |  | **(25173)** | (25177) | (25179) | (25180) | (25569) |  | 2 | **(25177)** | (26087) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Certain identifiable intangible assets (other than MSRs) |  | **(160)** | (181) | (200) | (218) | (246) | 12 | 35 | **(190)** | (294) | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) |  | **(2378)** | (2359) | (2304) | (2395) | (2309) | (1) | (3) | **(2359)** | (2226) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicable deferred taxes related to goodwill and other intangible assets (2) |  | **890** | 886 | 877 | 803 | 848 |  | 5 | **864** | 867 |  |
| **Average tangible common equity** | (C) | $**134268** | 134672 | 132548 | 137602 | 142074 |  | (5) | $**134764** | 141738 | (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.

(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.

------

Wells Fargo & Company and Subsidiaries

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Estimated** | | | | | Dec 31, 2022 % Change from | Dec 31, 2022 % 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: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock (2) |  | **(19.4)** | (20.1) | (20.1) | (20.1) | (20.1) | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital on preferred stock (2) |  | **0.1** | 0.1 | 0.2 | 0.1 | 0.1 | (46) | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned ESOP shares (2) |  | **—** | 0.7 | 0.7 | 0.7 | 0.7 | (100) | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;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: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Goodwill |  | **(25.2)** | (25.2) | (25.2) | (25.2) | (25.2) |  |  |
| &nbsp;&nbsp;&nbsp;Certain identifiable intangible assets (other than MSRs) |  | **(0.2)** | (0.2) | (0.2) | (0.2) | (0.2) | 11 | 32 |
| &nbsp;&nbsp;&nbsp;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) |  |
| &nbsp;&nbsp;&nbsp;Applicable deferred taxes related to goodwill and other intangible assets (3) |  | **0.9** | 0.9 | 0.9 | 0.9 | 0.8 |  | 16 |
| &nbsp;&nbsp;&nbsp;Current expected credit loss (CECL) transition provision (4) |  | **0.2** | 0.2 | 0.2 | 0.2 | 0.2 |  | (25) |
| &nbsp;&nbsp;&nbsp;Other |  | **(0.4)** | (0.4) | (1.6) | (1.1) | (0.9) |  | 52 |
| Common Equity Tier 1 | (A) | **133.5** | 129.8 | 130.1 | 132.3 | 140.6 | 3 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock (2) |  | **19.4** | 20.1 | 20.1 | 20.1 | 20.1 | (3) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital on preferred stock (2) |  | **(0.1)** | (0.1) | (0.2) | (0.1) | (0.2) |  | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned ESOP shares (2) |  | **—** | (0.7) | (0.7) | (0.7) | (0.6) | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | **(0.2)** | (0.3) | (0.2) | (0.3) | (0.2) | 27 | 5 |
| Total Tier 1 capital | (B) | **152.6** | 148.8 | 149.1 | 151.3 | 159.7 | 3 | (4) |
| &nbsp;&nbsp;&nbsp;Long-term debt and other instruments qualifying as Tier 2 |  | **20.5** | 20.6 | 21.6 | 22.3 | 22.7 |  | (10) |
| &nbsp;&nbsp;&nbsp;Qualifying allowance for credit losses (5) |  | **14.0** | 13.6 | 13.2 | 13.0 | 14.1 | 3 | (1) |
| &nbsp;&nbsp;&nbsp;Other |  | **(0.3)** | (0.3) | (0.3) | (0.3) | (0.2) | (10) | (57) |
| Total qualifying capital | (C) | $**186.8** | 182.7 | 183.6 | 186.3 | 196.3 | 2 | (5) |
| Total risk-weighted assets (RWAs) | (D) | $**1259.7** | 1255.6 | 1253.6 | 1265.5 | 1239.0 |  | 2 |
| Common Equity Tier 1 to total RWAs | (A)/(D) | **10.6%** | 10.3 | 10.4 | 10.5 | 11.4 |  |  |
| Tier 1 capital to total RWAs | (B)/(D) | **12.1** | 11.9 | 11.9 | 12.0 | 12.9 |  |  |
| Total capital to total RWAs | (C)/(D) | **14.8** | 14.6 | 14.6 | 14.7 | 15.8 |  |  |

---

(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.

------

Wells Fargo & Company and Subsidiaries

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Estimated** | | | | | Dec 31, 2022 % Change from | Dec 31, 2022 % 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: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock (2) |  | **(19.4)** | (20.1) | (20.1) | (20.1) | (20.1) | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital on preferred stock (2) |  | **0.1** | 0.1 | 0.2 | 0.1 | 0.2 | (46) | (69) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned ESOP shares (2) |  | **—** | 0.7 | 0.7 | 0.7 | 0.6 | (100) | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;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: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Goodwill |  | **(25.2)** | (25.2) | (25.2) | (25.2) | (25.2) |  |  |
| &nbsp;&nbsp;&nbsp;Certain identifiable intangible assets (other than MSRs) |  | **(0.2)** | (0.2) | (0.2) | (0.2) | (0.2) | 11 | 32 |
| &nbsp;&nbsp;&nbsp;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) |  |
| &nbsp;&nbsp;&nbsp;Applicable deferred taxes related to goodwill and other intangible assets (3) |  | **0.9** | 0.9 | 0.9 | 0.9 | 0.8 |  | 16 |
| &nbsp;&nbsp;&nbsp;CECL transition provision (4) |  | **0.2** | 0.2 | 0.2 | 0.2 | 0.2 |  | (25) |
| &nbsp;&nbsp;&nbsp;Other |  | **(0.4)** | (0.4) | (1.6) | (1.1) | (0.9) |  | 52 |
| Common Equity Tier 1 | (A) | **133.5** | 129.8 | 130.1 | 132.3 | 140.6 | 3 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock (2) |  | **19.4** | 20.1 | 20.1 | 20.1 | 20.1 | (3) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital on preferred stock (2) |  | **(0.1)** | (0.1) | (0.2) | (0.1) | (0.2) |  | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned ESOP shares (2) |  | **—** | (0.7) | (0.7) | (0.7) | (0.6) | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | **(0.2)** | (0.3) | (0.2) | (0.3) | (0.2) | 27 | 5 |
| Total Tier 1 capital | (B) | **152.6** | 148.8 | 149.1 | 151.3 | 159.7 | 3 | (4) |
| &nbsp;&nbsp;&nbsp;Long-term debt and other instruments qualifying as Tier 2 |  | **20.5** | 20.6 | 21.6 | 22.3 | 22.7 |  | (10) |
| &nbsp;&nbsp;&nbsp;Qualifying allowance for credit losses (5) |  | **4.5** | 4.4 | 4.4 | 4.4 | 4.4 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Other |  | **(0.3)** | (0.3) | (0.3) | (0.3) | (0.2) | (10) | (57) |
| Total qualifying capital | (C) | $**177.3** | 173.5 | 174.8 | 177.7 | 186.6 | 2 | (5) |
| Total RWAs | (D) | $**1112.2** | 1104.1 | 1121.6 | 1119.5 | 1116.1 | 1 |  |
| Common Equity Tier 1 to total RWAs | (A)/(D) | **12.0%** | 11.8 | 11.6 | 11.8 | 12.6 |  |  |
| Tier 1 capital to total RWAs | (B)/(D) | **13.7** | 13.5 | 13.3 | 13.5 | 14.3 |  |  |
| Total capital to total RWAs | (C)/(D) | **15.9** | 15.7 | 15.6 | 15.9 | 16.7 |  |  |

---

(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 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.

## Exhibit 99.3

![](ex993-wellsfargo4q22pres001.jpg)© 2023 Wells Fargo Bank, N.A. All rights reserved. 4Q22 Financial Results January 13, 2023 Exhibit 99.3

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![](ex993-wellsfargo4q22pres002.jpg)

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.

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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)

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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

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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

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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

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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%

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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

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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

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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

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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

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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%

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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

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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

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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

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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)

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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

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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)

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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

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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

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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

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Appendix

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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.

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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.

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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

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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.

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