WELLS FARGO & COMPANY/MN (Form: 8-K, Received: 04/14/2020 07:47:44)

Exhibit 99.1

News Release | April 14, 2020

Wells Fargo Reports First Quarter 2020 Net Income of $653 Million

Diluted EPS of $0.01 included a $(0.73) per share impact from a reserve build and an impairment of securities, driven by economic and market conditions, as well as a $(0.06) per share impact from the redemption of our Series K Preferred Stock


•	Financial results:


◦	Net income of $653 million and diluted earnings per share (EPS) of $0.01


▪	Included the impact of a reserve build¹ of $3.1 billion, or $(0.56) per share, and an impairment of securities of $950 million, or $(0.17) per share, driven by economic and market conditions


◦	Revenue of $17.7 billion, down from $21.6 billion in first quarter 2019


▪	Net interest income of $11.3 billion, down $999 million


▪	Noninterest income of $6.4 billion, down $2.9 billion


◦	Noninterest expense of $13.0 billion, down $868 million from first quarter 2019


◦	Average loans of $965.0 billion, up $15.0 billion, or 2%, from first quarter 2019; period-end loans of $1.0 trillion up $47.6 billion, or 5%, from fourth quarter 2019


◦	Average deposits of $1.3 trillion, up $75.9 billion, or 6%, from first quarter 2019; period-end deposits of $1.4 trillion up $53.9 billion, or 4%, from fourth quarter 2019


•	Credit quality:


◦	Provision expense for loans and debt securities of $4.0 billion, up $3.2 billion from first quarter 2019


▪	Net charge-offs on loans and debt securities of $940 million, up $245 million


•	Net loan charge-offs of 0.38% of average loans (annualized), up from 0.30%


▪	Reserve build¹ of $3.1 billion for loans and debt securities


◦	Nonaccrual loans of $6.2 billion, down $749 million, or 11%


•	Strong liquidity and capital positions:


◦	Liquidity coverage ratio² (LCR) of 121%, which continued to exceed the regulatory minimum of 100%


◦	Common Equity Tier 1 ratio of 10.7%³, which continued to exceed both the regulatory minimum of 9% and our current internal target of 10%


◦	Period-end common shares outstanding down 415.5 million shares, or 9%, from first quarter 2019


▪	On March 15, 2020, Wells Fargo, along with the other members of the Financial Services Forum, decided to temporarily suspend share repurchases for the remainder of the first quarter and for second quarter 2020

¹ Reserve build represents the amount by which the provision for credit losses exceeds net charge-offs, while reserve release represents the amount by which net charge-offs exceed the provision for credit losses.

² Liquidity coverage ratio (LCR) is calculated as high-quality liquid assets divided by projected net cash outflows, as each is defined under the LCR rule. LCR is a preliminary estimate.

³ See table on page 35 for more information on Common Equity Tier 1. Common Equity Tier 1 is a preliminary estimate.

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◦	First quarter 2020 included the issuance of $2.0 billion of Series Z Preferred Stock; the redemption of the remaining $1.8 billion of Series K Preferred Stock, which reduced diluted EPS by $0.06 per share as a result of eliminating the purchase accounting discount recorded on these shares; and the redemption of $668 million of Series T Preferred Stock

Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on

Form 10-Q for the quarter ended March 31, 2020, 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 Financial Information



				Quarter ended
	Mar 31, 2020			Dec 31, 2019	Mar 31, 2019
Earnings
Diluted earnings per common share	$	0.01		0.60	1.20
Wells Fargo net income (in billions)	0.65			2.87	5.86
Return on assets (ROA)	0.13		%	0.59	1.26
Return on equity (ROE)	0.10			5.91	12.71
Return on average tangible common equity (ROTCE)	0.12			7.08	15.16
Asset Quality
Net loan charge-offs (annualized) as a % of average total loans	0.38		%	0.32	0.30
Allowance for credit losses for loans as a % of total loans	1.19			1.09	1.14
Allowance for credit losses for loans as a % of annualized net loan charge-offs	329			343	384
Other
Revenue (in billions)	$	17.7		19.9	21.6
Efficiency ratio (b)	73.6		%	78.6	64.4
Average loans (in billions)	$	965.0		956.5	950.0
Average deposits (in billions)	1,338.0			1,321.9	1,262.1
Net interest margin	2.58		%	2.53	2.91


(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 page 34.


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

SAN FRANCISCO – April 14, 2020 – Wells Fargo & Company (NYSE:WFC) reported net income of $653 million, or $0.01 per diluted common share, for first quarter 2020, compared with $5.9 billion, or $1.20 per share, for first quarter 2019, and $2.9 billion, or $0.60 per share, for fourth quarter 2019.

Chief Executive Officer Charlie Scharf said, “Wells Fargo plays an important role in the financial system and the economic strength of our country, and we take our responsibility seriously, particularly in these unprecedented times.”

“We have taken comprehensive steps to help customers, employees and communities. For our customers, we’ve suspended residential property foreclosure sales, offered fee waivers, and provided payment deferrals, among other actions. For example, starting in early March and continuing into last week, we helped more than 1.3 million consumer and small business customers by deferring and waiving fees. This included deferring more than 1 million payments and providing over 900,000 fee waivers. We were also there for our commercial clients, who utilized over $80 billion of their loan commitments in March alone. For our employees, we’ve enabled approximately 180,000 to work remotely. We are making additional cash payments to employees whose roles require them to come into the office, and we have taken significant actions to help ensure their safety. We have also provided financial support for child care and increased medical benefits for employees. To support our communities, we are directing $175 million in charitable donations from the Wells Fargo Foundation to help address food, shelter, small business and housing stability, as well as providing help to publ

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ic health organizations fighting to contain the spread of COVID-19. We will continue to evaluate this fluid situation and take additional actions as necessary,” Scharf added.

“I’m incredibly proud of the efforts our employees are making across Wells Fargo to support our customers and each other, particularly those on the front lines. Our priority is to continue to help our customers, our employees and our country through these challenging times,” Scharf concluded.

Chief Financial Officer John Shrewsberry said, “Wells Fargo reported $653 million of net income in the first quarter and diluted earnings per share of $0.01. Our results were impacted by a $3.1 billion reserve build, which reflected the expected impact these unprecedented times could have on our customers. Our results also included an impairment of securities of $950 million driven by economic and market conditions. We maintained strong liquidity and capital, and we are committed to using our financial strength to help support the U.S. economy, while still operating in compliance with the asset cap under the Federal Reserve consent order. In the first quarter, we continued to serve our customers and as a result, commercial loans grew by $52 billion, deposits increased by $54 billion, we originated $48 billion of residential mortgage loans, and we raised $47 billion of debt capital for our clients.”

Net Interest Income

Net interest income in the first quarter was $11.3 billion, up $112 million from fourth quarter 2019, predominantly due to favorable hedge ineffectiveness accounting results and lower mortgage-backed securities (MBS) premium amortization, partially offset by balance sheet repricing driven by the impact of the lower interest rate environment and one fewer day in the quarter.

The net interest margin was 2.58%, up 5 basis points from the prior quarter predominantly due to favorable hedge ineffectiveness accounting results and lower MBS premium amortization, partially offset by balance sheet repricing driven by the impact of the lower interest rate environment.

Noninterest Income

Noninterest income in the first quarter was $6.4 billion, down $2.3 billion from fourth quarter 2019. First quarter noninterest income included lower market sensitive revenue⁴, mortgage banking income, and card fees.


•	Card fees were $892 million, down $128 million from fourth quarter 2019, primarily due to seasonally lower point of sale volumes as well as the impact of the COVID-19 pandemic on consumer spending.

•

Mortgage banking income was $379 million, down from $783 million in fourth quarter 2019. The decline in mortgage banking income reflected unrealized losses on residential and commercial mortgage loans held for sale of approximately $143 million and $62 million, respectively, due to illiquid market conditions and a widening of credit spreads. Additionally, we recorded $192 million of higher losses on the valuation of our mortgage servicing rights asset as a result of assumption updates, primarily prepayment assumptions.


•	Market sensitive revenue⁴ was a loss of $(1.1) billion, down from a gain of $574 million in fourth quarter 2019, predominantly due to a $1.9 billion decline in net gains from equity securities driven by $857 million of lower deferred compensation plan investment results (largely offset by lower employee benefits expense), and an

⁴ Market sensitive revenue represents net gains from trading activities, debt securities, and equity securities.

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$811 million increase in impairment of securities primarily in our affiliated venture capital and private equity partnerships and wholesale business.


•	Other income was $372 million, up $37 million from the prior quarter. First quarter 2020 included a $463 million gain from the sale of $709 million of residential mortgage loans. Fourth quarter 2019 included a $362 million gain from the sale of our commercial real estate brokerage business, Eastdil Secured (Eastdil).

Noninterest Expense

Noninterest expense in the first quarter was $13.0 billion, down $2.6 billion from the prior quarter. Operating losses in the first quarter declined $1.5 billion from a fourth quarter that included elevated litigation accruals. In addition, employee benefits expense was down $306 million, as $861 million of lower deferred compensation expense (largely offset by higher net losses from equity securities) was partially offset by seasonally higher payroll tax and 401(k) expense. A variety of other expenses were also lower in the first quarter, including commission and incentive compensation, outside professional services, and technology and equipment.

Income Taxes

The Company’s effective income tax rate was 19.5% for first quarter 2020 and included net discrete income tax expense of $141 million driven by the accounting for stock compensation activity, the net impact of accounting for uncertain tax positions, and the outcome of U.S. federal income tax examinations. The effective income tax rate in fourth quarter 2019 was 19.1% and included net discrete income tax expense of $303 million predominantly related to the non-tax deductible treatment of certain litigation accruals.

Loans

Average loans were $965.0 billion in the first quarter, up $8.5 billion from the fourth quarter. Period-end loan balances were $1.0 trillion at March 31, 2020, up $47.6 billion from December 31, 2019. Commercial loans were up $52.0 billion compared with December 31, 2019, predominantly due to $50.9 billion of growth in commercial and industrial loans driven by draws of revolving lines and origination of new lending facilities due to the impact of the COVID-19 pandemic on economic and market conditions. Consumer loans decreased $4.4 billion from the prior quarter driven by a $2.4 billion decrease in credit card loans, primarily due to seasonality and fewer new account openings, and a $1.9 billion decrease in real estate 1-4 family first and junior lien mortgage loans, as originations and draws of existing lines were more than offset by paydowns.

Period-End Loan Balances



(in millions)	Mar 31, 2020		Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Commercial	$	567,735	515,719	512,332	512,245	512,226
Consumer	442,108		446,546	442,583	437,633	436,023
Total loans	$	1,009,843	962,265	954,915	949,878	948,249
Change from prior quarter	$	47,578	7,350	5,037	1,629	(4,861	)

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Debt and Equity Securities

Debt securities include available-for-sale and held-to-maturity debt securities, as well as debt securities held for trading. Period-end debt securities were $501.6 billion at March 31, 2020, up $4.4 billion from the fourth quarter driven by a $3.7 billion increase in debt securities available-for-sale and held-to-maturity, as purchases of approximately $38.9 billion, largely federal agency MBS, were partially offset by runoff and sales. Additionally, on January 1, 2020, we adopted the current expected credit loss (CECL) accounting standard, which requires an allowance for credit losses for available-for-sale and held-to-maturity debt securities. The provision for credit losses on debt securities was $172 million in first quarter 2020, driven by a reserve build¹ of $141 million and net charge-offs of $31 million.

Net unrealized gains on available-for-sale debt securities were $3.0 billion at March 31, 2020, compared with $3.4 billion at December 31, 2019, primarily due to wider credit spreads, partially offset by lower long-term interest rates in the first quarter.

Equity securities include marketable and non-marketable equity securities, as well as equity securities held for trading. Period-end equity securities were $54.0 billion at March 31, 2020, down $14.2 billion from the fourth quarter.

Deposits

Period-end deposits were $1.4 trillion at March 31, 2020, up $53.9 billion from December 31, 2019. Total average deposits for first quarter 2020 were $1.3 trillion, up $16.1 billion from the prior quarter driven by growth in both commercial and consumer deposits. The average deposit cost for first quarter 2020 was 52 basis points, down 10 basis points from the prior quarter and down 13 basis points from a year ago.

Capital

The Company's Common Equity Tier 1 ratio was 10.7%³ and continued to exceed both the regulatory minimum of 9% and our current internal target of 10%. In first quarter 2020, the Company repurchased 75.4 million shares of its common stock, which, net of issuances, reduced period-end common shares outstanding by 38.0 million. The Company paid a quarterly common stock dividend of $0.51 per share.

In first quarter 2020, the Company issued $2.0 billion of Non-Cumulative Perpetual Class A Preferred Stock, Series Z. Additionally, the Company redeemed the remaining $1.8 billion of its Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series K, which reduced diluted earnings per common share in first quarter 2020 by $0.06 per share as a result of eliminating the purchase accounting discount recorded on these shares at the time of the Wachovia acquisition. The Company also redeemed $668 million of its Non-Cumulative Perpetual Class A Preferred Stock, Series T, in the first quarter, and following this partial redemption, $132 million of the Series T Preferred Stock remains outstanding.

As of March 31, 2020, our eligible external total loss absorbing capacity (TLAC) as a percentage of total risk-weighted assets was 23.2%⁵, compared with the required minimum of 22.0%.

⁵ The TLAC ratio is a preliminary estimate.

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Credit Quality

Net Loan Charge-offs

The quarterly loss rate in the first quarter was 0.38% (annualized), up from 0.32% in the prior quarter and 0.30% a year ago. Commercial and consumer losses were 0.25% and 0.53%, respectively. Total credit losses were $909 million in first quarter 2020, up $140 million from fourth quarter 2019. Commercial losses increased $121 million predominantly driven by higher commercial and industrial losses primarily related to significant declines in oil prices impacting the oil and gas portfolio.

Net Loan Charge-Offs



	Quarter ended
	March 31, 2020					December 31, 2019					March 31, 2019
($ in millions)	Net loan charge- offs			As a % of average loans (a)		Net loan charge- offs			As a % of average loans (a)		Net loan charge- offs			As a % of average loans (a)
Commercial:
Commercial and industrial	$	333		0.37	%	$	168		0.19	%	$	133		0.15	%
Real estate mortgage	(2		)	(0.01	)	4			0.01		6			0.02
Real estate construction	(16		)	(0.32	)	—			—		(2		)	(0.04	)
Lease financing	9			0.19		31			0.63		8			0.17
Total commercial	324			0.25		203			0.16		145			0.11
Consumer:
Real estate 1-4 family first mortgage	(3		)	—		(3		)	—		(12		)	(0.02	)
Real estate 1-4 family junior lien mortgage	(5		)	(0.07	)	(16		)	(0.20	)	(9		)	(0.10	)
Credit card	377			3.81		350			3.48		352			3.73
Automobile	82			0.68		87			0.73		91			0.82
Other revolving credit and installment	134			1.59		148			1.71		128			1.47
Total consumer	585			0.53		566			0.51		550			0.51
Total	$	909		0.38	%	$	769		0.32	%	$	695		0.30	%


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

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Nonperforming Assets

Nonperforming assets increased $759 million, or 13%, from fourth quarter 2019 to $6.4 billion. Nonaccrual loans increased $810 million from fourth quarter 2019 to $6.2 billion. Commercial nonaccrual loans increased $621 million predominantly driven by the commercial real estate, and commercial and industrial portfolios, as the effect of the COVID-19 pandemic on market conditions began to impact our customer base. Consumer nonaccrual loans increased $189 million, predominantly driven by higher nonaccruals in the real estate 1-4 family first mortgage portfolio, as the implementation of CECL required purchased credit-impaired (PCI) loans to be classified as non-accruing based on performance.

Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)



	March 31, 2020				December 31, 2019					March 31, 2019
($ in millions)	Total balances		As a % of total loans		Total balances			As a % of total loans		Total balances		As a % of total loans
Commercial:
Commercial and industrial	$	1,779	0.44	%	$	1,545		0.44	%	$	1,986	0.57	%
Real estate mortgage	944		0.77		573			0.47		699		0.57
Real estate construction	21		0.10		41			0.21		36		0.16
Lease financing	131		0.68		95			0.48		76		0.40
Total commercial	2,875		0.51		2,254			0.44		2,797		0.55
Consumer:
Real estate 1-4 family first mortgage	2,372		0.81		2,150			0.73		3,026		1.06
Real estate 1-4 family junior lien mortgage	769		2.70		796			2.70		916		2.77
Automobile	99		0.20		106			0.22		116		0.26
Other revolving credit and installment	41		0.12		40			0.12		50		0.14
Total consumer	3,281		0.74		3,092			0.69		4,108		0.94
Total nonaccrual loans	6,156		0.61		5,346			0.56		6,905		0.73
Foreclosed assets:
Government insured/guaranteed	43				50					75
Non-government insured/guaranteed	209				253					361
Total foreclosed assets	252				303					436
Total nonperforming assets	$	6,408	0.63	%	$	5,649		0.59	%	$	7,341	0.77	%
Change from prior quarter:
Total nonaccrual loans	$	810			$	(199	)			$	409
Total nonperforming assets	759				(333		)			394

Allowance for Credit Losses for Loans

The allowance for credit losses (ACL) for loans was $10.5 billion at December 31, 2019. Upon adoption of CECL on January 1, 2020, we recognized a decrease in our ACL for loans of approximately $1.3 billion, as a cumulative effect adjustment from change in accounting policies, with a corresponding increase in retained earnings (pre tax). At March 31, 2020, the ACL for loans, including the allowance for unfunded commitments, totaled $12.0 billion, up $1.6 billion from December 31, 2019, driven by a $2.9 billion reserve build¹in first quarter 2020, partially offset by the $1.3 billion decline as a result of adopting CECL. The increase in the ACL for loans reflects forecasted credit deterioration due to the COVID-19 pandemic and credit weakness in the oil and gas portfolio due to the recent sharp declines in oil prices. The allowance coverage for total loans was 1.19%, compared with 1.09% in fourth quarter 2019. The allowance covered 3.3 times annualized first quarter net charge-offs, compared with 3.4 times in the prior quarter. The allowance coverage for nonaccrual loans was 195% at March 31, 2020, compared with 196% at December 31, 2019.

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Business Segment Performance

Wells Fargo defines its operating segments by product type and customer segment. On February 11, 2020, we announced a new organizational structure with five principal lines of business: Consumer and Small Business Banking; Consumer Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. This new organizational structure is intended to help drive operating, control, and business performance. The Company is currently in the process of transitioning to this new organizational structure, including identifying leadership for some of these principal business lines and aligning management reporting and allocation methodologies. These changes will not impact the consolidated financial results of the Company, but are expected to result in changes to our operating segments. We will update our operating segment disclosures, including comparative financial results, when the Company completes its transition and is managed in accordance with the new organizational structure.

Segment net income (loss) for each of the three current business segments was:



	Quarter ended
(in millions)	Mar 31, 2020		Dec 31, 2019	Mar 31, 2019
Community Banking	$	155	429	2,823
Wholesale Banking	311		2,493	2,770
Wealth and Investment Management	463		254	577

Community Banking offers a complete line of diversified financial products and services for consumers and small businesses with annual sales generally up to $5 million in which the owner generally is the financial decision maker. These financial products and services include checking and savings accounts, credit and debit cards, automobile, student, mortgage, home equity and small business lending, as well as referrals to Wholesale Banking and Wealth and Investment Management business partners. The Community Banking segment also includes the results of our Corporate Treasury activities net of allocations (including funds transfer pricing, capital, liquidity and certain corporate expenses) in support of other segments and results of investments in our affiliated venture capital and private equity partnerships.

Selected Financial Information



	Quarter ended
(in millions)	Mar 31, 2020		Dec 31, 2019	Mar 31, 2019
Total revenue	$	9,496	10,522	11,750
Provision for credit losses	1,718		522	710
Noninterest expense	7,116		9,029	7,689
Segment net income	155		429	2,823
(in billions)
Average loans	462.6		462.5	458.2
Average assets	1,039.2		1,039.3	1,015.4
Average deposits	798.6		794.6	765.6

First Quarter 2020 vs. Fourth Quarter 2019


•	Net income of $155 million, down $274 million, or 64%


•	Revenue of $9.5 billion, down $1.0 billion, or 10%, driven by net losses from equity securities reflecting lower deferred compensation plan investment results (largely offset by lower employee benefits expense), lower mortgage banking revenue, and lower card fees, partially offset by a gain from the sale of residential mortgage loans and higher net interest income


•	Noninterest expense of $7.1 billion decreased $1.9 billion, or 21%, predominantly driven by lower operating losses and lower personnel expense primarily due to lower deferred compensation expense (largely offset by net losses from equity securities), as well as lower outside professional services expense


•	Provision for credit losses increased $1.2 billion, predominantly due to a $1.0 billion reserve build¹ in first quarter 2020 reflecting forecasted credit deterioration due to the COVID-19 pandemic

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First Quarter 2020 vs. First Quarter 2019


•	Net income down $2.7 billion, or 95%

•

Revenue down $2.3 billion, or 19%, largely driven by net losses from equity securities reflecting lower deferred compensation plan investment results (largely offset by lower employee benefits expense), as well as lower mortgage banking income, card fees, and net interest income, partially offset by higher service charges on deposit accounts, as first quarter 2019 included a higher level of fee waivers associated with customers affected by our data center system outage and the government shutdown


•	Noninterest expense decreased $573 million, or 7%, predominantly due to lower employee benefits expense due to lower deferred compensation expense (largely offset by net losses from equity securities), partially offset by higher operating losses


•	Provision for credit losses increased $1.0 billion, predominantly due to a $1.0 billion reserve build¹ in first quarter 2020 reflecting forecasted credit deterioration due to the COVID-19 pandemic

Business Metrics and Highlights


•	Primary consumer checking customers⁶^,⁷of 24.4 million, up 1.9% from a year ago


•	Debit card point-of-sale purchase volume⁸ of $90.6 billion in the first quarter, up 5% from first quarter 2019


•	General purpose credit card point-of-sale purchase volume of $18.2 billion in the first quarter, down 1% from first quarter 2019


•	30.9 million digital (online and mobile) active customers, including 24.7 million mobile active customers^7, ⁹


•	5,329 retail bank branches as of the end of first quarter 2020, reflecting 24 branch consolidations in the quarter


•	Home Lending


◦	Originations of $48 billion in first quarter 2020, down from $60 billion in fourth quarter 2019, driven primarily by seasonality


▪	Originations of loans held-for-sale and loans held-for-investment were $33 billion and $15 billion, respectively


◦	Production margin on residential held-for-sale mortgage loan originations¹⁰ of 1.08% in first quarter 2020, down from 1.21% in fourth quarter 2019


◦	Applications of $108 billion in first quarter 2020, up from $72 billion in fourth quarter 2019, driven primarily by lower interest rates


◦	Unclosed application pipeline of $62 billion at quarter end, up from $33 billion at December 31, 2019, driven primarily by lower interest rates


•	Automobile originations of $6.5 billion in the first quarter, up 19% from first quarter 2019, reflecting our renewed emphasis on growing auto loans following the restructuring of the business

⁶ Customers who actively use their checking account with transactions such as debit card purchases, online bill payments, and direct deposit. Management uses this metric to help monitor trends in checking customer engagement with the Company.

⁷ Data as of February 2020, comparisons with February 2019.

⁸ Combined consumer and business debit card purchase volume dollars.

⁹ Digital and mobile active customers is the number of consumer and small business customers who have logged on via a digital or mobile device in the prior 90 days.

¹⁰ Production margin represents net gains on residential mortgage loan origination/sales activities divided by total residential held-for-sale

mortgage originations. See the “Selected Five Quarter Residential Mortgage Production Data” table on page 40 for more information.

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Wholesale Banking provides financial solutions to businesses with annual sales generally in excess of $5 million and to financial institutions globally. Products and businesses include Commercial Banking, Commercial Real Estate, Corporate and Investment Banking, Credit Investment Portfolio, Treasury Management, and Commercial Capital.

Selected Financial Information



	Quarter ended
(in millions)	Mar 31, 2020		Dec 31, 2019	Mar 31, 2019
Total revenue	$	5,817	6,559	7,111
Provision for credit losses	2,288		124	134
Noninterest expense	3,763		3,743	3,838
Segment net income	311		2,493	2,770
(in billions)
Average loans	484.5		476.5	476.4
Average assets	885.0		877.6	844.5
Average deposits	456.6		447.4	409.8

First Quarter 2020 vs. Fourth Quarter 2019


•	Net income of $311 million, down $2.2 billion, or 88%


•	Revenue of $5.8 billion, down $742 million, or 11%, driven by lower net interest income, and lower other income as fourth quarter 2019 included a $362 million gain from the sale of Eastdil, as well as declines in market sensitive revenue⁵ and mortgage banking fees


•	Noninterest expense of $3.8 billion increased $20 million, or 1%, reflecting seasonally higher personnel expense


•	Provision for credit losses increased $2.2 billion, predominantly due to a $2.1 billion reserve build¹ in first quarter 2020, reflecting forecasted credit deterioration due to the COVID-19 pandemic and higher charge-offs in the oil and gas portfolio driven by the significant decline in oil prices

First Quarter 2020 vs. First Quarter 2019


•	Net income down $2.5 billion, or 89%


•	Revenue down $1.3 billion, or 18%, driven by lower net interest income, as well as declines in a variety of other income categories including market sensitive revenue⁴, other noninterest income, lease income, and commercial real estate brokerage fees (due to the sale of Eastdil). These decreases were partially offset by higher investment banking fees


•	Noninterest expense decreased $75 million, or 2%, reflecting the sale of Eastdil, as well as lower personnel expense, lease expense, and travel expense, partially offset by higher regulatory and risk related expense


•	Provision for credit losses increased $2.2 billion, predominantly due to a $2.1 billion reserve build¹ in first quarter 2020, reflecting forecasted credit deterioration due to the COVID-19 pandemic and higher charge-offs in the oil and gas portfolio driven by the significant decline in oil prices

Business Metrics and Highlights


•	Commercial card spend volume¹¹ of $8.1 billion in first quarter 2020, down 4% from first quarter 2019, primarily due to reduced travel and entertainment spend as a result of the COVID-19 pandemic


•	2.0 billion ACH payment transactions originated¹² in first quarter 2020, up 12% from first quarter 2019


•	U.S. investment banking market share of 4.0% in first quarter 2020¹³, compared with 3.2% in first quarter 2019¹³

¹¹ Includes commercial card volume for the entire company.

¹² Includes ACH payment transactions originated by the entire company.

¹³ Source: Dealogic U.S. investment banking fee market share.

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Wealth and Investment Management (WIM) provides a full range of personalized wealth management, investment and retirement products and services to clients across U.S. based businesses including Wells Fargo Advisors, The Private Bank, Abbot Downing, and Wells Fargo Asset Management. We deliver financial planning, private banking, credit, investment management and fiduciary services to high-net worth and ultra-high-net worth individuals and families. We also serve clients’ brokerage needs and provide investment management capabilities delivered to global institutional clients through separate accounts and the Wells Fargo Funds.

Selected Financial Information



	Quarter ended
(in millions)	Mar 31, 2020		Dec 31, 2019		Mar 31, 2019
Total revenue	$	3,715	4,071		4,079
Provision (reversal of provision) for credit losses	8		(1	)	4
Noninterest expense	3,103		3,729		3,303
Segment net income	463		254		577
(in billions)
Average loans	78.5		77.1		74.4
Average assets	88.1		85.5		83.2
Average deposits	151.4		145.0		153.2

First Quarter 2020 vs. Fourth Quarter 2019


•	Net income of $463 million, up $209 million, or 82%

•

Revenue of $3.7 billion, down $356 million, or 9%, predominantly due to net losses from equity securities driven by a $359 million decline in deferred compensation plan investment results (largely offset by lower employee benefits expense), and lower net interest income, partially offset by higher retail brokerage advisory fees (priced at the beginning of the quarter) and higher brokerage transaction revenue

•

Noninterest expense of $3.1 billion decreased $626 million, or 17%, primarily due to lower employee benefits expense driven by a $362 million decline in deferred compensation expense (largely offset by net losses from equity securities) and lower operating losses, as well as lower technology and equipment expense, partially offset by seasonally higher personnel expense and higher broker commissions

First Quarter 2020 vs. First Quarter 2019


•	Net income down $114 million, or 20%


•	Revenue down $364 million, or 9%, predominantly due to net losses from equity securities driven by a $394 million decline in deferred compensation plan investment results (largely offset by lower employee benefits expense) and lower net interest income, partially offset by higher retail brokerage advisory fees and brokerage transaction revenue


•	Noninterest expense decreased $200 million, or 6%, predominantly due to lower employee benefits expense driven by a $389 million decline in deferred compensation expense (largely offset by net losses from equity securities), partially offset by higher broker commissions and higher regulatory, risk, and technology expense

- 12 -

Business Metrics and Highlights

Total WIM Segment


•	WIM total client assets of $1.6 trillion, down 12% from a year ago, primarily driven by lower market valuations and net outflows in the Correspondent Clearing business


•	Average loan balances up 6% compared with a year ago


•	First quarter 2020 closed referred investment assets (referrals resulting from the WIM/Community Banking partnership) up 16% compared with first quarter 2019

Retail Brokerage


•	Client assets of $1.4 trillion, down 13% from the prior year, primarily driven by lower market valuations and net outflows in the Correspondent Clearing business


•	Advisory assets of $499 billion, down 9% from the prior year, primarily driven by lower market valuations and net outflows in the Correspondent Clearing business


•	IRA assets of $367 billion, down 9% from the prior year

Wealth Management


•	Client assets of $213 billion, down 8% from the prior year, primarily driven by lower market valuations

Asset Management


•	Total assets under management of $518 billion, up 9% from the prior year, primarily driven by higher money market fund net inflows, partially offset by equity and fixed income net outflows

Conference Call

The Company will host a live conference call on Tuesday, April 14, at 7:00 a.m. PT (10:00 a.m. ET). You may listen to the call by dialing 866-872-5161 (U.S. and Canada) or 440-424-4922 (International). The call will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and

https://engage.vevent.com/rt/wells_fargo_ao/index.jsp?seid=513.

A replay of the conference call will be available beginning at 11:00 a.m. PT (2:00 p.m. ET) on Tuesday, April 14 through Tuesday, April 28. Please dial 855-859-2056 (U.S. and Canada) or 404-537-3406 (International) and enter Conference ID #5371395. The replay will also be available online at

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

https://engage.vevent.com/rt/wells_fargo_ao/index.jsp?seid=513.

- 13 -

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 SEC, 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 and our allowance for credit losses; (iv) the appropriateness of the allowance for credit losses; (v) our expectations regarding net interest income and net interest margin; (vi) loan growth or the reduction or mitigation of risk in our loan portfolios; (vii) future capital or liquidity levels, ratios or targets; (viii) the performance of our mortgage business and any related exposures; (ix) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (x) future common stock dividends, common share repurchases and other uses of capital; (xi) our targeted range for return on assets, return on equity, and return on tangible common equity; (xii) expectations regarding our effective income tax rate; (xiii) the outcome of contingencies, such as legal proceedings; 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, 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;


•	financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation relating to bank products and 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;

- 14 -


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

•

negative effects from the retail banking sales practices matter and from other 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 team members, 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, 2019, as supplemented by our Current Report on Form 8-K filed on April 14, 2020.

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 more 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, 2019, as supplemented by our Current Report on Form 8-K filed on April 14, 2020, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.

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

Forward-looking Non-GAAP Financial Measures. From time to time management may discuss forward-looking non-GAAP financial measures, such as forward-looking estimates or targets for return on average tangible common equity. We 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.

- 15 -

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.98 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,400 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. With approximately 263,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations.

Contact Information

Media

Peter Gilchrist, 704-715-3213

peter.gilchrist@wellsfargo.com

Ancel Martinez, 415-222-3858

ancel.martinez@wellsfargo.com

Investor Relations

John M. Campbell, 415-396-0523

john.m.campbell@wellsfargo.com

# # #

- 16 -

Wells Fargo & Company and Subsidiaries

QUARTERLY FINANCIAL DATA

TABLE OF CONTENTS




	Pages

Summary Information
Summary Financial Data	17

Income
Consolidated Statement of Income	19
Consolidated Statement of Comprehensive Income	21
Condensed Consolidated Statement of Changes in Total Equity	21
Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis)	22
Five Quarter Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis)	23
Noninterest Income and Noninterest Expense	24
Five Quarter Deferred Compensation Plan Investment Results	26

Balance Sheet
Consolidated Balance Sheet	27
Trading Activities	29
Debt Securities	29
Equity Securities	30

Loans
Loans	31
Nonperforming Assets	32
Loans 90 Days or More Past Due and Still Accruing	32
Changes in Allowance for Credit Losses	33

Equity
Tangible Common Equity	34
Common Equity Tier 1 Under Basel III	35

Operating Segments
Operating Segment Results	36

Other
Mortgage Servicing and other related data	38

- 17 -

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA



	Quarter ended					% Change Mar 31, 2020 from
($ in millions, except per share amounts)	Mar 31, 2020			Dec 31, 2019	Mar 31, 2019	Dec 31, 2019		Mar 31, 2019
For the Period
Wells Fargo net income	$	653		2,873	5,860	(77	)%	(89	)
Wells Fargo net income applicable to common stock	42			2,546	5,507	(98	)	(99	)
Diluted earnings per common share	0.01			0.60	1.20	(98	)	(99	)
Profitability ratios (annualized):
Wells Fargo net income to average assets (ROA)	0.13		%	0.59	1.26	(78	)	(90	)
Wells Fargo net income applicable to common stock to average Wells Fargo common stockholders’ equity (ROE)	0.10			5.91	12.71	(98	)	(99	)
Return on average tangible common equity (ROTCE)(1)	0.12			7.08	15.16	(98	)	(99	)
Efficiency ratio (2)	73.6			78.6	64.4	(6	)	14
Total revenue	$	17,717		19,860	21,609	(11	)	(18	)
Pre-tax pre-provision profit (PTPP)(3)	4,669			4,246	7,693	10		(39	)
Dividends declared per common share	0.51			0.51	0.45	—		13
Average common shares outstanding	4,104.8			4,197.1	4,551.5	(2	)	(10	)
Diluted average common shares outstanding	4,135.3			4,234.6	4,584.0	(2	)	(10	)
Average loans	$	965,046		956,536	950,010	1		2
Average assets	1,950,659			1,941,843	1,883,091	—		4
Average total deposits	1,337,963			1,321,913	1,262,062	1		6
Average consumer and small business banking deposits (4)	779,521			763,169	739,654	2		5
Net interest margin	2.58		%	2.53	2.91	2		(11	)
At Period End
Debt securities	$	501,563		497,125	483,467	1		4
Loans	1,009,843			962,265	948,249	5		6
Allowance for loan losses	11,263			9,551	9,900	18		14
Goodwill	26,381			26,390	26,420	—		—
Equity securities	54,047			68,241	58,440	(21	)	(8	)
Assets	1,981,349			1,927,555	1,887,792	3		5
Deposits	1,376,532			1,322,626	1,264,013	4		9
Common stockholders' equity	162,654			166,669	176,025	(2	)	(8	)
Wells Fargo stockholders’ equity	182,718			187,146	197,832	(2	)	(8	)
Total equity	183,330			187,984	198,733	(2	)	(8	)
Tangible common equity (1)	134,787			138,506	147,723	(3	)	(9	)
Common shares outstanding	4,096.4			4,134.4	4,511.9	(1	)	(9	)
Book value per common share (5)	$	39.71		40.31	39.01	(1	)	2
Tangible book value per common share (1)(5)	32.90			33.50	32.74	(2	)	—
Team members (active, full-time equivalent)	262,800			259,800	262,100	1		—


(1)	Tangible common equity, return on average tangible common equity, and tangible book value per common share are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on page 34.


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


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


(4)	Consumer and small business banking deposits are total deposits excluding mortgage escrow and wholesale deposits.


(5)	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.

- 18 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER SUMMARY FINANCIAL DATA



	Quarter ended
($ in millions, except per share amounts)	Mar 31, 2020			Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
For the Quarter
Wells Fargo net income	$	653		2,873	4,610	6,206	5,860
Wells Fargo net income applicable to common stock	42			2,546	4,037	5,848	5,507
Diluted earnings per common share	0.01			0.60	0.92	1.30	1.20
Profitability ratios (annualized):
Wells Fargo net income to average assets (ROA)	0.13		%	0.59	0.95	1.31	1.26
Wells Fargo net income applicable to common stock to average Wells Fargo common stockholders’ equity (ROE)	0.10			5.91	9.00	13.26	12.71
Return on average tangible common equity (ROTCE)(1)	0.12			7.08	10.70	15.78	15.16
Efficiency ratio (2)	73.6			78.6	69.1	62.3	64.4
Total revenue	$	17,717		19,860	22,010	21,584	21,609
Pre-tax pre-provision profit (PTPP)(3)	4,669			4,246	6,811	8,135	7,693
Dividends declared per common share	0.51			0.51	0.51	0.45	0.45
Average common shares outstanding	4,104.8			4,197.1	4,358.5	4,469.4	4,551.5
Diluted average common shares outstanding	4,135.3			4,234.6	4,389.6	4,495.0	4,584.0
Average loans	$	965,046		956,536	949,760	947,460	950,010
Average assets	1,950,659			1,941,843	1,927,415	1,900,627	1,883,091
Average total deposits	1,337,963			1,321,913	1,291,375	1,268,979	1,262,062
Average consumer and small business banking deposits (4)	779,521			763,169	749,529	742,671	739,654
Net interest margin	2.58		%	2.53	2.66	2.82	2.91
At Quarter End
Debt securities	$	501,563		497,125	503,528	482,067	483,467
Loans	1,009,843			962,265	954,915	949,878	948,249
Allowance for loan losses	11,263			9,551	9,715	9,692	9,900
Goodwill	26,381			26,390	26,388	26,415	26,420
Equity securities	54,047			68,241	63,884	61,537	58,440
Assets	1,981,349			1,927,555	1,943,950	1,923,388	1,887,792
Deposits	1,376,532			1,322,626	1,308,495	1,288,426	1,264,013
Common stockholders' equity	162,654			166,669	172,827	177,235	176,025
Wells Fargo stockholders’ equity	182,718			187,146	193,304	199,042	197,832
Total equity	183,330			187,984	194,416	200,037	198,733
Tangible common equity (1)	134,787			138,506	144,481	148,864	147,723
Common shares outstanding	4,096.4			4,134.4	4,269.1	4,419.6	4,511.9
Book value per common share (5)	$	39.71		40.31	40.48	40.10	39.01
Tangible book value per common share (1)(5)	32.90			33.50	33.84	33.68	32.74
Team members (active, full-time equivalent)	262,800			259,800	261,400	262,800	262,100


(1)	Tangible common equity, return on average tangible common equity, and tangible book value per common share are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on page 34.


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


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


(4)	Consumer and small business banking deposits are total deposits excluding mortgage escrow and wholesale deposits.


(5)	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.

- 19 -

Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME



	Quarter ended March 31,				%
(in millions, except per share amounts)	2020			2019	Change
Interest income
Debt securities	$	3,472		3,941	(12	)%
Mortgage loans held for sale	197			152	30
Loans held for sale	12			24	(50	)
Loans	10,065			11,354	(11	)
Equity securities	206			210	(2	)
Other interest income	775			1,322	(41	)
Total interest income	14,727			17,003	(13	)
Interest expense
Deposits	1,742			2,026	(14	)
Short-term borrowings	291			596	(51	)
Long-term debt	1,240			1,927	(36	)
Other interest expense	142			143	(1	)
Total interest expense	3,415			4,692	(27	)
Net interest income	11,312			12,311	(8	)
Provision for credit losses:
Debt securities	172			—	NM
Loans	3,833			845	354
Net interest income after provision for credit losses	7,307			11,466	(36	)
Noninterest income
Service charges on deposit accounts	1,209			1,094	11
Trust and investment fees	3,574			3,373	6
Card fees	892			944	(6	)
Other fees	632			770	(18	)
Mortgage banking	379			708	(46	)
Insurance	95			96	(1	)
Net gains from trading activities	64			357	(82	)
Net gains on debt securities	237			125	90
Net gains (losses) from equity securities	(1,401		)	814	NM
Lease income	352			443	(21	)
Other	372			574	(35	)
Total noninterest income	6,405			9,298	(31	)
Noninterest expense
Salaries	4,721			4,425	7
Commission and incentive compensation	2,463			2,845	(13	)
Employee benefits	1,130			1,938	(42	)
Technology and equipment	661			661	—
Net occupancy	715			717	—
Core deposit and other intangibles	23			28	(18	)
FDIC and other deposit assessments	118			159	(26	)
Other	3,217			3,143	2
Total noninterest expense	13,048			13,916	(6	)
Income before income tax expense	664			6,848	(90	)
Income tax expense	159			881	(82	)
Net income before noncontrolling interests	505			5,967	(92	)
Less: Net income (loss) from noncontrolling interests	(148		)	107	NM
Wells Fargo net income	$	653		5,860	(89	)
Less: Preferred stock dividends and other	611			353	73
Wells Fargo net income applicable to common stock	$	42		5,507	(99	)
Per share information
Earnings per common share	$	0.01		1.21	(99	)
Diluted earnings per common share	0.01			1.20	(99	)
Average common shares outstanding	4,104.8			4,551.5	(10	)
Diluted average common shares outstanding	4,135.3			4,584.0	(10	)

NM - Not meaningful

- 20 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED STATEMENT OF INCOME



	Quarter ended
(in millions, except per share amounts)	Mar 31, 2020			Dec 31, 2019		Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Interest income
Debt securities	$	3,472		3,567		3,666	3,781	3,941
Mortgage loans held for sale	197			234		232	195	152
Loans held for sale	12			15		20	20	24
Loans	10,065			10,494		10,982	11,316	11,354
Equity securities	206			269		247	236	210
Other interest income	775			1,016		1,352	1,438	1,322
Total interest income	14,727			15,595		16,499	16,986	17,003
Interest expense
Deposits	1,742			2,072		2,324	2,213	2,026
Short-term borrowings	291			439		635	646	596
Long-term debt	1,240			1,743		1,780	1,900	1,927
Other interest expense	142			141		135	132	143
Total interest expense	3,415			4,395		4,874	4,891	4,692
Net interest income	11,312			11,200		11,625	12,095	12,311
Provision for credit losses:
Debt securities	172			—		—	—	—
Loans	3,833			644		695	503	845
Net interest income after provision for credit losses	7,307			10,556		10,930	11,592	11,466
Noninterest income
Service charges on deposit accounts	1,209			1,279		1,219	1,206	1,094
Trust and investment fees	3,574			3,572		3,559	3,568	3,373
Card fees	892			1,020		1,027	1,025	944
Other fees	632			656		858	800	770
Mortgage banking	379			783		466	758	708
Insurance	95			98		91	93	96
Net gains from trading activities	64			131		276	229	357
Net gains (losses) on debt securities	237			(8	)	3	20	125
Net gains (losses) from equity securities	(1,401		)	451		956	622	814
Lease income	352			343		402	424	443
Other	372			335		1,528	744	574
Total noninterest income	6,405			8,660		10,385	9,489	9,298
Noninterest expense
Salaries	4,721			4,721		4,695	4,541	4,425
Commission and incentive compensation	2,463			2,651		2,735	2,597	2,845
Employee benefits	1,130			1,436		1,164	1,336	1,938
Technology and equipment	661			802		693	607	661
Net occupancy	715			749		760	719	717
Core deposit and other intangibles	23			26		27	27	28
FDIC and other deposit assessments	118			130		93	144	159
Other	3,217			5,099		5,032	3,478	3,143
Total noninterest expense	13,048			15,614		15,199	13,449	13,916
Income before income tax expense	664			3,602		6,116	7,632	6,848
Income tax expense	159			678		1,304	1,294	881
Net income before noncontrolling interests	505			2,924		4,812	6,338	5,967
Less: Net income (loss) from noncontrolling interests	(148		)	51		202	132	107
Wells Fargo net income	$	653		2,873		4,610	6,206	5,860
Less: Preferred stock dividends and other	611			327		573	358	353
Wells Fargo net income applicable to common stock	$	42		2,546		4,037	5,848	5,507
Per share information
Earnings per common share	$	0.01		0.61		0.93	1.31	1.21
Diluted earnings per common share	0.01			0.60		0.92	1.30	1.20
Average common shares outstanding	4,104.8			4,197.1		4,358.5	4,469.4	4,551.5
Diluted average common shares outstanding	4,135.3			4,234.6		4,389.6	4,495.0	4,584.0

- 21 -

Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME



	Quarter ended March 31,					%
(in millions)	2020			2019		Change
Wells Fargo net income	$	653		5,860		(89)%
Other comprehensive income (loss), before tax:
Debt securities:
Net unrealized gains (losses) arising during the period	(110		)	2,831		NM
Reclassification of net gains to net income	(172		)	(81	)	112
Derivative and hedging activities:
Net unrealized gains (losses) arising during the period	124			(35	)	NM
Reclassification of net losses to net income	58			79		(27)
Defined benefit plans adjustments:
Net actuarial and prior service gains (losses) arising during the period	3			(4	)	NM
Amortization of net actuarial loss, settlements and other to net income	36			35		3
Foreign currency translation adjustments:
Net unrealized gains (losses) arising during the period	(194		)	42		NM
Other comprehensive income (loss), before tax	(255		)	2,867		NM
Income tax benefit (expense) related to other comprehensive income	1			(694	)	NM
Other comprehensive income (loss), net of tax	(254		)	2,173		NM
Less: Other comprehensive loss from noncontrolling interests	(1		)	—		—
Wells Fargo other comprehensive income (loss), net of tax	(253		)	2,173		NM
Wells Fargo comprehensive income	400			8,033		(95)
Comprehensive income (loss) from noncontrolling interests	(149		)	107		NM
Total comprehensive income	$	251		8,140		(97)

NM – Not meaningful

FIVE QUARTER CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY



	Quarter ended
(in millions)	Mar 31, 2020			Dec 31, 2019		Sep 30, 2019		Jun 30, 2019		Mar 31, 2019
Balance, beginning of period	$	187,984		194,416		200,037		198,733		197,066
Cumulative effect from change in accounting policies (1)	991			—		—		—		(11	)
Wells Fargo net income	653			2,873		4,610		6,206		5,860
Wells Fargo other comprehensive income, net of tax	(253		)	328		585		1,458		2,173
Noncontrolling interests	(226		)	(274	)	117		94		1
Common stock issued	1,677			341		278		399		1,139
Common stock repurchased	(3,407		)	(7,367	)	(7,448	)	(4,898	)	(4,820	)
Preferred stock redeemed (2)	(2,470		)	—		(1,550	)	—		—
Preferred stock released by ESOP	—			—		142		193		—
Preferred stock issued (3)	1,968			—		—		—		—
Common stock dividends	(2,096		)	(2,145	)	(2,230	)	(2,015	)	(2,054	)
Preferred stock dividends	(339		)	(327	)	(353	)	(358	)	(353	)
Stock incentive compensation expense	181			181		262		247		544
Net change in deferred compensation and related plans	(1,333		)	(42	)	(34	)	(22	)	(812	)
Balance, end of period	$	183,330		187,984		194,416		200,037		198,733


(1)	Effective January 1, 2020, we adopted Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses. Effective January 1, 2019, we adopted ASU 2016-02, Leases, and ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities.


(2)	Represents the impact of the redemption of the remaining shares of Preferred Stock, Series K, in first quarter 2020, the partial redemption of Preferred Stock, Series T, in first quarter 2020, and the partial redemption of Preferred Stock, Series K, in third quarter 2019.


(3)	Represents the issuance of Preferred Stock, Series Z, in first quarter 2020.

- 22 -

Wells Fargo & Company and Subsidiaries

AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT BASIS) (1)



	Quarter ended March 31,
	2020							2019
(in millions)	Average balance			Yields/ rates		Interest income/ expense		Average balance		Yields/ rates		Interest income/ expense
Earning assets
Interest-earning deposits with banks	$	129,522		1.18	%	$	381	140,784		2.33	%	$	810
Federal funds sold and securities purchased under resale agreements	107,555			1.42		380		83,539		2.40		495
Debt securities (2):
Trading debt securities	101,062			3.05		770		89,378		3.58		798
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies	10,781			1.40		38		14,070		2.14		74
Securities of U.S. states and political subdivisions	38,950			3.43		334		48,342		4.02		486
Mortgage-backed securities:
Federal agencies	158,639			2.68		1,062		151,494		3.10		1,173
Residential and commercial	4,648			2.82		33		5,984		4.31		64
Total mortgage-backed securities	163,287			2.68		1,095		157,478		3.14		1,237
Other debt securities	39,541			3.48		343		46,788		4.46		517
Total available-for-sale debt securities	252,559			2.87		1,810		266,678		3.48		2,314
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies	45,937			2.19		251		44,754		2.20		243
Securities of U.S. states and political subdivisions	13,536			3.84		130		6,158		4.03		62
Federal agency and other mortgage-backed securities	98,394			2.55		628		96,004		2.74		656
Other debt securities	24			3.10		—		61		3.96		1
Total held-to-maturity debt securities	157,891			2.56		1,009		146,977		2.63		962
Total debt securities	511,512			2.81		3,589		503,033		3.25		4,074
Mortgage loans held for sale (3)	20,361			3.87		197		13,898		4.37		152
Loans held for sale (3)	1,485			3.17		12		1,862		5.25		24
Loans:
Commercial loans:
Commercial and industrial - U.S.	288,502			3.55		2,546		286,577		4.48		3,169
Commercial and industrial - Non-U.S.	70,659			3.16		556		62,821		3.90		604
Real estate mortgage	121,788			3.92		1,187		121,417		4.58		1,373
Real estate construction	20,277			4.54		229		22,435		5.43		301
Lease financing	19,288			4.40		212		19,391		4.61		224
Total commercial loans	520,514			3.65		4,730		512,641		4.48		5,671
Consumer loans:
Real estate 1-4 family first mortgage	293,556			3.61		2,650		285,214		3.96		2,821
Real estate 1-4 family junior lien mortgage	28,905			5.14		370		33,791		5.75		481
Credit card	39,756			12.21		1,207		38,182		12.88		1,212
Automobile	48,258			4.96		596		44,833		5.19		574
Other revolving credit and installment	34,057			6.32		534		35,349		7.14		623
Total consumer loans	444,532			4.83		5,357		437,369		5.26		5,711
Total loans (3)	965,046			4.20		10,087		950,010		4.84		11,382
Equity securities	37,532			2.22		208		33,080		2.56		211
Other	7,431			0.77		14		4,416		1.63		18
Total earning assets	$	1,780,444		3.35	%	$	14,868	1,730,622		4.00	%	$	17,166
Funding sources
Deposits:
Interest-bearing checking	$	63,086		0.86	%	$	135	56,253		1.42	%	$	197
Market rate and other savings	762,138			0.52		978		688,568		0.50		847
Savings certificates	30,099			1.47		110		25,231		1.26		78
Other time deposits	81,978			1.74		356		97,830		2.67		645
Deposits in non-U.S. offices	53,335			1.23		163		55,443		1.89		259
Total interest-bearing deposits	990,636			0.71		1,742		923,325		0.89		2,026
Short-term borrowings	102,977			1.14		292		108,651		2.23		597
Long-term debt	229,002			2.17		1,240		233,172		3.32		1,927
Other liabilities	30,199			1.90		142		25,292		2.28		143
Total interest-bearing liabilities	1,352,814			1.01		3,416		1,290,440		1.47		4,693
Portion of noninterest-bearing funding sources	427,630			—		—		440,182		—		—
Total funding sources	$	1,780,444		0.77		3,416		1,730,622		1.09		4,693
Net interest margin and net interest income on a taxable-equivalent basis (4)				2.58	%	$	11,452			2.91	%	$	12,473
Noninterest-earning assets
Cash and due from banks	$	20,571						19,614
Goodwill	26,387							26,420
Other	123,257							106,435
Total noninterest-earning assets	$	170,215						152,469
Noninterest-bearing funding sources
Deposits	$	347,327						338,737
Other liabilities	62,348							55,565
Total equity	188,170							198,349
Noninterest-bearing funding sources used to fund earning assets	(427,630		)					(440,182	)
Net noninterest-bearing funding sources	$	170,215						152,469
Total assets	$	1,950,659						1,883,091

Average prime rate				4.41	%					5.50	%
Average three-month London Interbank Offered Rate (LIBOR)				1.53						2.69


(1)	Yields/rates and amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.


(2)	Yields and rates are based on interest income/expense amounts for the period, annualized based on the accrual basis for the respective accounts. The average balance amounts represent amortized cost for the periods presented.


(3)	Nonaccrual loans and related income are included in their respective loan categories.


(4)	Includes taxable-equivalent adjustments of $140 million and $162 million for the quarters ended March 31, 2020 and 2019, respectively, predominantly related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.

- 23 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT BASIS) (1)



	Quarter ended
	Mar 31, 2020					Dec 31, 2019					Sep 30, 2019					Jun 30, 2019					Mar 31, 2019
($ in billions)	Average balance			Yields/ rates		Average balance			Yields/ rates		Average balance			Yields/ rates		Average balance			Yields/ rates		Average balance			Yields/ rates
Earning assets
Interest-earning deposits with banks	$	129.5		1.18	%	$	127.3		1.63	%	$	134.0		2.14	%	$	141.0		2.33	%	$	140.8		2.33	%
Federal funds sold and securities purchased under resale agreements	107.6			1.42		109.2			1.72		105.9			2.24		98.1			2.44		83.5			2.40
Debt securities (2):
Trading debt securities	101.1			3.05		103.8			3.12		94.7			3.35		86.5			3.45		89.4			3.58
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies	10.8			1.40		15.6			1.79		16.0			2.14		15.4			2.21		14.1			2.14
Securities of U.S. states and political subdivisions	39.0			3.43		39.5			3.58		43.3			3.78		45.8			4.02		48.3			4.02
Mortgage-backed securities:
Federal agencies	158.6			2.68		161.1			2.58		154.1			2.77		149.8			2.99		151.5			3.10
Residential and commercial	4.6			2.82		4.8			4.40		5.2			4.02		5.6			4.02		6.0			4.31
Total mortgage-backed securities	163.2			2.68		165.9			2.63		159.3			2.81		155.4			3.03		157.5			3.14
Other debt securities	39.6			3.48		40.5			3.88		42.5			4.12		45.0			4.40		46.8			4.46
Total available-for-sale debt securities	252.6			2.87		261.5			2.92		261.1			3.14		261.6			3.39		266.7			3.48
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies	45.9			2.19		45.1			2.19		44.8			2.18		44.8			2.19		44.7			2.20
Securities of U.S. states and political subdivisions	13.5			3.84		12.8			3.88		8.7			4.01		7.0			4.06		6.2			4.03
Federal agency and other mortgage-backed securities	98.4			2.55		95.3			2.49		95.4			2.54		95.4			2.64		95.9			2.74
Other debt securities	—			3.10		—			3.28		0.1			3.58		0.1			3.86		0.1			3.96
Total held-to-maturity debt securities	157.8			2.56		153.2			2.51		149.0			2.52		147.3			2.57		146.9			2.63
Total debt securities	511.5			2.81		518.5			2.84		504.8			3.00		495.4			3.16		503.0			3.25
Mortgage loans held for sale (3)	20.4			3.87		24.0			3.90		22.7			4.08		18.5			4.22		13.9			4.37
Loans held for sale (3)	1.5			3.17		1.4			4.13		2.0			4.17		1.6			4.80		1.9			5.25
Loans:
Commercial loans:
Commercial and industrial - U.S.	288.4			3.55		283.7			3.84		284.3			4.21		285.1			4.47		286.6			4.48
Commercial and industrial - Non-U.S.	70.7			3.16		67.3			3.40		64.0			3.67		62.9			3.90		62.8			3.90
Real estate mortgage	121.8			3.92		122.1			4.07		121.8			4.36		121.9			4.58		121.4			4.58
Real estate construction	20.3			4.54		20.1			4.71		20.7			5.13		21.6			5.36		22.4			5.43
Lease financing	19.3			4.40		19.4			4.41		19.3			4.34		19.1			4.71		19.4			4.61
Total commercial loans	520.5			3.65		512.6			3.90		510.1			4.22		510.6			4.47		512.6			4.48
Consumer loans:
Real estate 1-4 family first mortgage	293.5			3.61		292.4			3.66		288.4			3.74		286.2			3.88		285.2			3.96
Real estate 1-4 family junior lien mortgage	28.9			5.14		30.1			5.32		31.5			5.66		32.6			5.75		33.8			5.75
Credit card	39.8			12.21		39.9			12.26		39.2			12.55		38.2			12.65		38.2			12.88
Automobile	48.3			4.96		47.3			5.04		46.3			5.13		45.2			5.23		44.8			5.19
Other revolving credit and installment	34.0			6.32		34.2			6.60		34.3			6.95		34.7			7.12		35.4			7.14
Total consumer loans	444.5			4.83		443.9			4.92		439.7			5.06		436.9			5.18		437.4			5.26
Total loans (3)	965.0			4.20		956.5			4.37		949.8			4.61		947.5			4.80		950.0			4.84
Equity securities	37.5			2.22		38.3			2.81		37.1			2.68		35.2			2.70		33.1			2.56
Other	7.4			0.77		6.4			1.36		6.6			1.77		4.7			1.76		4.4			1.63
Total earning assets	$	1,780.4		3.35	%	$	1,781.6		3.51	%	$	1,762.9		3.76	%	$	1,742.0		3.94	%	$	1,730.6		4.00	%
Funding sources
Deposits:
Interest-bearing checking	$	63.1		0.86	%	$	63.3		1.09	%	$	59.3		1.39	%	$	57.5		1.46	%	$	56.3		1.42	%
Market rate and other savings	762.1			0.52		732.7			0.59		711.3			0.66		690.7			0.59		688.6			0.50
Savings certificates	30.1			1.47		32.3			1.68		32.8			1.72		30.6			1.62		25.2			1.26
Other time deposits	82.0			1.74		87.1			2.10		91.8			2.42		96.9			2.61		97.8			2.67
Deposits in non-U.S. offices	53.3			1.23		54.8			1.50		51.7			1.77		51.9			1.86		55.4			1.89
Total interest-bearing deposits	990.6			0.71		970.2			0.85		946.9			0.97		927.6			0.96		923.3			0.89
Short-term borrowings	103.0			1.14		115.9			1.50		121.8			2.07		114.8			2.26		108.6			2.23
Long-term debt	229.0			2.17		230.4			3.02		229.7			3.09		236.7			3.21		233.2			3.32
Other liabilities	30.2			1.90		27.3			2.04		26.2			2.06		24.3			2.18		25.3			2.28
Total interest-bearing liabilities	1,352.8			1.01		1,343.8			1.30		1,324.6			1.46		1,303.4			1.50		1,290.4			1.47
Portion of noninterest-bearing funding sources	427.6			—		437.8			—		438.3			—		438.6			—		440.2			—
Total funding sources	$	1,780.4		0.77		$	1,781.6		0.98		$	1,762.9		1.10		$	1,742.0		1.12		$	1,730.6		1.09
Net interest margin on a taxable-equivalent basis				2.58	%				2.53	%				2.66	%				2.82	%				2.91	%
Noninterest-earning assets
Cash and due from banks	$	20.6				19.9					19.2					19.5					19.6
Goodwill	26.4					26.4					26.4					26.4					26.4
Other	123.3					113.9					118.9					112.7					106.5
Total noninterest-earnings assets	$	170.3				160.2					164.5					158.6					152.5
Noninterest-bearing funding sources
Deposits	$	347.4				351.7					344.5					341.4					338.8
Other liabilities	62.3					53.9					58.2					56.1					55.6
Total equity	188.2					192.4					200.1					199.7					198.3
Noninterest-bearing funding sources used to fund earning assets	(427.6		)			(437.8		)			(438.3		)			(438.6		)			(440.2		)
Net noninterest-bearing funding sources	$	170.3				160.2					164.5					158.6					152.5
Total assets	$	1,950.7				1,941.8					1,927.4					1,900.6					1,883.1

Average prime rate				4.41	%				4.83					5.31					5.50					5.50
Average three-month London Interbank Offered Rate (LIBOR)				1.53					1.93					2.20					2.51					2.69


(1)	Yields/rates include the effects of hedge and risk management activities associated with the respective asset and liability categories.


(2)	Yields and rates are based on interest income/expense amounts for the period, annualized based on the accrual basis for the respective accounts. The average balance amounts represent amortized cost for the periods presented.


(3)	Nonaccrual loans and related income are included in their respective loan categories.

- 24 -

Wells Fargo & Company and Subsidiaries

NONINTEREST INCOME



	Quarter ended March 31,				%
(in millions)	2020			2019	Change
Service charges on deposit accounts	$	1,209		1,094	11	%
Trust and investment fees:
Brokerage advisory, commissions and other fees	2,482			2,193	13
Trust and investment management	701			786	(11	)
Investment banking	391			394	(1	)
Total trust and investment fees	3,574			3,373	6
Card fees	892			944	(6	)
Other fees:
Lending related charges and fees	328			347	(5	)
Cash network fees	106			109	(3	)
Commercial real estate brokerage commissions	1			81	(99	)
Wire transfer and other remittance fees	110			113	(3	)
All other fees	87			120	(28	)
Total other fees	632			770	(18	)
Mortgage banking:
Servicing income, net	271			364	(26	)
Net gains on mortgage loan origination/sales activities	108			344	(69	)
Total mortgage banking	379			708	(46	)
Insurance	95			96	(1	)
Net gains from trading activities	64			357	(82	)
Net gains on debt securities	237			125	90
Net gains (losses) from equity securities	(1,401		)	814	NM
Lease income	352			443	(21	)
Life insurance investment income	161			159	1
All other	211			415	(49	)
Total	$	6,405		9,298	(31	)

NM - Not meaningful

NONINTEREST EXPENSE



	Quarter ended March 31,			%
(in millions)	2020		2019	Change
Salaries	$	4,721	4,425	7	%
Commission and incentive compensation	2,463		2,845	(13	)
Employee benefits	1,130		1,938	(42	)
Technology and equipment	661		661	—
Net occupancy (1)	715		717	—
Core deposit and other intangibles	23		28	(18	)
FDIC and other deposit assessments	118		159	(26	)
Operating losses	464		238	95
Outside professional services	727		678	7
Contract services	630		563	12
Leases (2)	260		286	(9	)
Advertising and promotion	181		237	(24	)
Outside data processing	165		167	(1	)
Travel and entertainment	93		147	(37	)
Postage, stationery and supplies	129		122	6
Telecommunications	92		91	1
Foreclosed assets	29		37	(22	)
Insurance	25		25	—
All other	422		552	(24	)
Total	$	13,048	13,916	(6	)


(1)	Represents expenses for both leased and owned properties.


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

- 25 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER NONINTEREST INCOME



	Quarter ended
(in millions)	Mar 31, 2020			Dec 31, 2019		Sep 30, 2019		Jun 30, 2019	Mar 31, 2019
Service charges on deposit accounts	$	1,209		1,279		1,219		1,206	1,094
Trust and investment fees:
Brokerage advisory, commissions and other fees	2,482			2,380		2,346		2,318	2,193
Trust and investment management	701			728		729		795	786
Investment banking	391			464		484		455	394
Total trust and investment fees	3,574			3,572		3,559		3,568	3,373
Card fees	892			1,020		1,027		1,025	944
Other fees:
Lending related charges and fees	328			334		349		349	347
Cash network fees	106			108		118		117	109
Commercial real estate brokerage commissions	1			2		170		105	81
Wire transfer and other remittance fees	110			119		121		121	113
All other fees	87			93		100		108	120
Total other fees	632			656		858		800	770
Mortgage banking:
Servicing income, net	271			23		(142	)	277	364
Net gains on mortgage loan origination/sales activities	108			760		608		481	344
Total mortgage banking	379			783		466		758	708
Insurance	95			98		91		93	96
Net gains from trading activities	64			131		276		229	357
Net gains (losses) on debt securities	237			(8	)	3		20	125
Net gains (losses) from equity securities	(1,401		)	451		956		622	814
Lease income	352			343		402		424	443
Life insurance investment income	161			159		173		167	159
All other	211			176		1,355		577	415
Total	$	6,405		8,660		10,385		9,489	9,298

FIVE QUARTER NONINTEREST EXPENSE



	Quarter ended
(in millions)	Mar 31, 2020		Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Salaries	$	4,721	4,721	4,695	4,541	4,425
Commission and incentive compensation	2,463		2,651	2,735	2,597	2,845
Employee benefits	1,130		1,436	1,164	1,336	1,938
Technology and equipment	661		802	693	607	661
Net occupancy (1)	715		749	760	719	717
Core deposit and other intangibles	23		26	27	27	28
FDIC and other deposit assessments	118		130	93	144	159
Operating losses	464		1,916	1,920	247	238
Outside professional services	727		876	823	821	678
Contract services	630		653	649	624	563
Leases (2)	260		286	272	311	286
Advertising and promotion	181		244	266	329	237
Outside data processing	165		164	167	175	167
Travel and entertainment	93		131	139	163	147
Postage, stationery and supplies	129		160	117	119	122
Telecommunications	92		92	91	93	91
Foreclosed assets	29		39	52	35	37
Insurance	25		25	25	25	25
All other	422		513	511	536	552
Total	$	13,048	15,614	15,199	13,449	13,916


(1)	Represents expenses for both leased and owned properties.


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

- 26 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER DEFERRED COMPENSATION PLAN INVESTMENT RESULTS



	Quarter ended
(in millions)	Mar 31, 2020			Dec 31, 2019		Sep 30, 2019		Jun 30, 2019		Mar 31, 2019
Net interest income	$	12		26		13		18		13
Net gains (losses) from equity securities	(621		)	236		(4	)	87		345
Total revenue (losses) from deferred compensation plan investments	(609		)	262		9		105		358
Employee benefits expense (1)	(598		)	263		5		114		357
Income (loss) before income tax expense	$	(11	)	(1	)	4		(9	)	1


(1)	Represents change in deferred compensation plan liability.

- 27 -

Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET



(in millions, except shares)	Mar 31, 2020			Dec 31, 2019		% Change
Assets
Cash and due from banks	$	22,738		21,757		5	%
Interest-earning deposits with banks	128,071			119,493		7
Total cash, cash equivalents, and restricted cash	150,809			141,250		7
Federal funds sold and securities purchased under resale agreements	86,465			102,140		(15	)
Debt securities:
Trading, at fair value	80,425			79,733		1
Available-for-sale, at fair value (includes allowance for credit losses)	251,229			263,459		(5	)
Held-to-maturity, at amortized cost, net of allowance for credit losses	169,909			153,933		10
Mortgage loans held for sale	21,795			23,342		(7	)
Loans held for sale	1,883			977		93
Loans	1,009,843			962,265		5
Allowance for loan losses	(11,263		)	(9,551	)	18
Net loans	998,580			952,714		5
Mortgage servicing rights:
Measured at fair value	8,126			11,517		(29	)
Amortized	1,406			1,430		(2	)
Premises and equipment, net	9,108			9,309		(2	)
Goodwill	26,381			26,390		—
Derivative assets	25,023			14,203		76
Equity securities	54,047			68,241		(21	)
Other assets	96,163			78,917		22
Total assets	$	1,981,349		1,927,555		3
Liabilities
Noninterest-bearing deposits	$	379,678		344,496		10
Interest-bearing deposits	996,854			978,130		2
Total deposits	1,376,532			1,322,626		4
Short-term borrowings	92,289			104,512		(12	)
Derivative liabilities	15,618			9,079		72
Accrued expenses and other liabilities	76,238			75,163		1
Long-term debt	237,342			228,191		4
Total liabilities	1,798,019			1,739,571		3
Equity
Wells Fargo stockholders’ equity:
Preferred stock	21,347			21,549		(1	)
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares	9,136			9,136		—
Additional paid-in capital	59,849			61,049		(2	)
Retained earnings	165,308			166,697		(1	)
Cumulative other comprehensive income (loss)	(1,564		)	(1,311	)	19
Treasury stock – 1,385,401,170 shares and 1,347,385,537 shares	(70,215		)	(68,831	)	2
Unearned ESOP shares	(1,143		)	(1,143	)	—
Total Wells Fargo stockholders’ equity	182,718			187,146		(2	)
Noncontrolling interests	612			838		(27	)
Total equity	183,330			187,984		(2	)
Total liabilities and equity	$	1,981,349		1,927,555		3

- 28 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED BALANCE SHEET



(in millions)	Mar 31, 2020			Dec 31, 2019		Sep 30, 2019		Jun 30, 2019		Mar 31, 2019
Assets
Cash and due from banks	$	22,738		21,757		22,401		20,880		20,650
Interest-earning deposits with banks	128,071			119,493		126,330		143,547		128,318
Total cash, cash equivalents, and restricted cash	150,809			141,250		148,731		164,427		148,968
Federal funds sold and securities purchased under resale agreements	86,465			102,140		103,051		112,119		98,621
Debt securities:
Trading, at fair value	80,425			79,733		79,113		70,208		70,378
Available-for-sale, at fair value (includes allowance for credit losses)	251,229			263,459		271,236		265,983		268,099
Held-to-maturity, at amortized cost, net of allowance for credit losses	169,909			153,933		153,179		145,876		144,990
Mortgage loans held for sale	21,795			23,342		25,448		22,998		15,016
Loans held for sale	1,883			977		1,532		1,181		1,018
Loans	1,009,843			962,265		954,915		949,878		948,249
Allowance for loan losses	(11,263		)	(9,551	)	(9,715	)	(9,692	)	(9,900	)
Net loans	998,580			952,714		945,200		940,186		938,349
Mortgage servicing rights:
Measured at fair value	8,126			11,517		11,072		12,096		13,336
Amortized	1,406			1,430		1,397		1,407		1,427
Premises and equipment, net	9,108			9,309		9,315		9,435		8,825
Goodwill	26,381			26,390		26,388		26,415		26,420
Derivative assets	25,023			14,203		14,680		13,162		11,238
Equity securities	54,047			68,241		63,884		61,537		58,440
Other assets	96,163			78,917		89,724		76,358		82,667
Total assets	$	1,981,349		1,927,555		1,943,950		1,923,388		1,887,792
Liabilities
Noninterest-bearing deposits	$	379,678		344,496		355,259		340,813		341,399
Interest-bearing deposits	996,854			978,130		953,236		947,613		922,614
Total deposits	1,376,532			1,322,626		1,308,495		1,288,426		1,264,013
Short-term borrowings	92,289			104,512		123,908		115,344		106,597
Derivative liabilities	15,618			9,079		9,948		8,399		7,393
Accrued expenses and other liabilities	76,238			75,163		76,532		69,706		74,717
Long-term debt	237,342			228,191		230,651		241,476		236,339
Total liabilities	1,798,019			1,739,571		1,749,534		1,723,351		1,689,059
Equity
Wells Fargo stockholders’ equity:
Preferred stock	21,347			21,549		21,549		23,021		23,214
Common stock	9,136			9,136		9,136		9,136		9,136
Additional paid-in capital	59,849			61,049		60,866		60,625		60,409
Retained earnings	165,308			166,697		166,320		164,551		160,776
Cumulative other comprehensive income (loss)	(1,564		)	(1,311	)	(1,639	)	(2,224	)	(3,682	)
Treasury stock	(70,215		)	(68,831	)	(61,785	)	(54,775	)	(50,519	)
Unearned ESOP shares	(1,143		)	(1,143	)	(1,143	)	(1,292	)	(1,502	)
Total Wells Fargo stockholders’ equity	182,718			187,146		193,304		199,042		197,832
Noncontrolling interests	612			838		1,112		995		901
Total equity	183,330			187,984		194,416		200,037		198,733
Total liabilities and equity	$	1,981,349		1,927,555		1,943,950		1,923,388		1,887,792

- 29 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER TRADING ASSETS AND LIABILITIES



(in millions)	Mar 31, 2020			Dec 31, 2019		Sep 30, 2019		Jun 30, 2019		Mar 31, 2019
Trading assets
Debt securities	$	80,425		79,733		79,113		70,208		70,378
Equity securities	13,573			27,440		24,436		23,327		20,933
Loans held for sale	1,673			972		1,501		1,118		998
Gross trading derivative assets	72,527			34,825		39,926		34,683		30,002
Netting (1)	(49,821		)	(21,463	)	(26,414	)	(22,827	)	(20,809	)
Total trading derivative assets	22,706			13,362		13,512		11,856		9,193
Total trading assets	118,377			121,507		118,562		106,509		101,502
Trading liabilities
Short sales	17,603			17,430		18,290		15,955		21,586
Gross trading derivative liabilities	67,891			33,861		38,308		33,458		28,994
Netting (1)	(53,598		)	(26,074	)	(29,708	)	(26,417	)	(22,810	)
Total trading derivative liabilities	14,293			7,787		8,600		7,041		6,184
Total trading liabilities	$	31,896		25,217		26,890		22,996		27,770


(1)	Represents balance sheet netting for trading derivative asset and liability balances, and trading portfolio level counterparty valuation adjustments.

FIVE QUARTER DEBT SECURITIES



(in millions)	Mar 31, 2020		Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Trading debt securities	$	80,425	79,733	79,113	70,208	70,378
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies	11,036		14,960	16,549	15,319	15,106
Securities of U.S. states and political subdivisions	38,144		40,337	40,503	45,095	49,700
Mortgage-backed securities:
Federal agencies	160,214		162,453	167,535	155,858	150,663
Residential and commercial	4,430		4,761	5,079	5,443	5,828
Total mortgage-backed securities	164,644		167,214	172,614	161,301	156,491
Other debt securities	37,405		40,948	41,570	44,268	46,802
Total available-for-sale debt securities	251,229		263,459	271,236	265,983	268,099
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies	48,569		45,541	44,774	44,766	44,758
Securities of U.S. states and political subdivisions	14,304		13,486	12,719	7,948	6,163
Federal agency and other mortgage-backed securities (1)	107,013		94,869	95,637	93,105	94,009
Other debt securities	23		37	49	57	60
Total held-to-maturity debt securities	169,909		153,933	153,179	145,876	144,990
Total debt securities	$	501,563	497,125	503,528	482,067	483,467
Allowance for credit losses for debt securities (2):
Available-for-sale debt securities (included in fair value)	$	161	—	—	—	—
Held-to-maturity debt securities (netted against amortized cost)	11		—	—	—	—
Total allowance for credit losses for debt securities	$	172	—	—	—	—


(1)	Predominantly consists of federal agency mortgage-backed securities.


(2)	Represents the allowance for credit losses for debt securities as a result of our adoption of ASU 2016-13, Financial Instruments – Credit Losses, on January 1, 2020.

- 30 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER EQUITY SECURITIES



(in millions)	Mar 31, 2020		Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Held for trading at fair value:
Marketable equity securities	$	13,573	27,440	24,436	23,327	20,933
Not held for trading:
Fair value:
Marketable equity securities (1)	7,708		6,481	6,639	5,379	5,135
Nonmarketable equity securities	6,895		8,015	7,293	7,244	6,518
Total equity securities at fair value	14,603		14,496	13,932	12,623	11,653
Equity method:
Low-income housing tax credit investments	11,290		11,343	11,068	11,162	10,925
Private equity	3,351		3,459	3,425	3,352	3,890
Tax-advantaged renewable energy	3,991		3,811	3,143	3,051	3,041
New market tax credit and other	387		387	390	294	305
Total equity method	19,019		19,000	18,026	17,859	18,161
Other:
Federal Reserve Bank stock and other at cost (2)	4,512		4,790	5,021	5,622	5,732
Private equity (3)	2,340		2,515	2,469	2,106	1,961
Total equity securities not held for trading	40,474		40,801	39,448	38,210	37,507
Total equity securities	$	54,047	68,241	63,884	61,537	58,440


(1)	Includes $3.1 billion, $3.8 billion, $3.5 billion, $3.5 billion and $3.5 billion at March 31, 2020, and December 31, September 30, June 30 and March 31, 2019, respectively, related to securities held as economic hedges of our deferred compensation plan obligations.


(2)	Includes $4.5 billion, $4.8 billion, $5.0 billion, $5.6 billion and $5.7 billion at March 31, 2020, and December 31, September 30, June 30 and March 31, 2019, respectively, related to investments in Federal Reserve Bank and Federal Home Loan Bank stock.


(3)	Represents nonmarketable equity securities accounted for under the measurement alternative.

- 31 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER LOANS



(in millions)	Mar 31, 2020		Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Commercial:
Commercial and industrial	$	405,020	354,125	350,875	348,846	349,134
Real estate mortgage	122,767		121,824	121,936	123,008	122,113
Real estate construction	20,812		19,939	19,921	21,067	21,857
Lease financing	19,136		19,831	19,600	19,324	19,122
Total commercial	567,735		515,719	512,332	512,245	512,226
Consumer:
Real estate 1-4 family first mortgage	292,920		293,847	290,604	286,427	284,545
Real estate 1-4 family junior lien mortgage	28,527		29,509	30,838	32,068	33,099
Credit card	38,582		41,013	39,629	38,820	38,279
Automobile	48,568		47,873	46,738	45,664	44,913
Other revolving credit and installment	33,511		34,304	34,774	34,654	35,187
Total consumer	442,108		446,546	442,583	437,633	436,023
Total loans	$	1,009,843	962,265	954,915	949,878	948,249

Our non-U.S. loans are reported by respective class of financing receivable in the table above. Substantially all of our non-U.S. loan portfolio is commercial loans. The following table presents total non-U.S. commercial loans outstanding by class of financing receivable.



(in millions)	Mar 31, 2020		Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Non-U.S. commercial loans:
Commercial and industrial	$	78,753	70,494	64,418	63,296	63,158
Real estate mortgage	6,309		7,004	7,056	6,801	7,049
Real estate construction	1,478		1,434	1,262	1,287	1,138
Lease financing	1,120		1,220	1,197	1,215	1,167
Total non-U.S. commercial loans	$	87,660	80,152	73,933	72,599	72,512

- 32 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)



(in millions)	Mar 31, 2020			Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Nonaccrual loans:
Commercial:
Commercial and industrial	$	1,779		1,545	1,539	1,634	1,986
Real estate mortgage	944			573	669	737	699
Real estate construction	21			41	32	36	36
Lease financing	131			95	72	63	76
Total commercial	2,875			2,254	2,312	2,470	2,797
Consumer:
Real estate 1-4 family first mortgage (1) (2)	2,372			2,150	2,261	2,425	3,026
Real estate 1-4 family junior lien mortgage (2)	769			796	819	868	916
Automobile	99			106	110	115	116
Other revolving credit and installment	41			40	43	44	50
Total consumer	3,281			3,092	3,233	3,452	4,108
Total nonaccrual loans	$	6,156		5,346	5,545	5,922	6,905
As a percentage of total loans	0.61		%	0.56	0.58	0.62	0.73
Foreclosed assets:
Government insured/guaranteed	$	43		50	59	68	75
Non-government insured/guaranteed	209			253	378	309	361
Total foreclosed assets	252			303	437	377	436
Total nonperforming assets	$	6,408		5,649	5,982	6,299	7,341
As a percentage of total loans	0.63		%	0.59	0.63	0.66	0.77

(1)

Amounts are not comparative due to our adoption of ASU 2016-13, Financial Instruments – Credit Losses, on January 1, 2020. Prior to January 1, 2020, pools of individual PCI loans were excluded because they continued to earn interest income from the accretable yield at the pool level. With the adoption of ASU 2016-13, the pools were discontinued and performance is based on contractual terms for individual loans.


(2)	Real estate 1-4 family mortgage loans predominantly insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) are not placed on nonaccrual status because they are insured or guaranteed.

LOANS 90 DAYS OR MORE PAST DUE AND STILL ACCRUING



(in millions)	Mar 31, 2020		Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Total:	$	7,023	7,285	7,130	7,258	7,870
Less: FHA insured/VA guaranteed (1)	6,142		6,352	6,308	6,478	6,996
Total, not government insured/guaranteed	$	881	933	822	780	874
By segment and class, not government insured/guaranteed:
Commercial:
Commercial and industrial	$	24	47	6	17	42
Real estate mortgage	28		31	28	24	20
Real estate construction	1		—	—	—	5
Total commercial	53		78	34	41	67
Consumer:
Real estate 1-4 family first mortgage (2)	128		112	100	108	117
Real estate 1-4 family junior lien mortgage (2)	25		32	35	27	28
Credit card	528		546	491	449	502
Automobile	69		78	75	63	68
Other revolving credit and installment	78		87	87	92	92
Total consumer	828		855	788	739	807
Total, not government insured/guaranteed	$	881	933	822	780	874


(1)	Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA.


(2)	Amounts are not comparative due to our adoption of ASU 2016-13, Financial Instruments – Credit Losses, on January 1, 2020. Total loans 90 days or more past due and still accruing exclude PCI loans of $102 million, $119 million, $156 million, and $243 million at December 31, September 30, June 30 and March 31, 2019, respectively.

- 33 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER CHANGES IN ALLOWANCE FOR CREDIT LOSSES FOR LOANS



	Quarter ended
(in millions)	Mar 31, 2020			Dec 31, 2019		Sep 30, 2019		Jun 30, 2019		Mar 31, 2019
Balance, beginning of quarter	$	10,456		10,613		10,603		10,821		10,707
Cumulative effect from change in accounting policies (1)	(1,337		)	—		—		—		—
Allowance for purchased credit-deteriorated (PCD) loans (2)	8			—		—		—		—
Balance, beginning of quarter, adjusted	9,127			10,613		10,603		10,821		10,707
Provision for credit losses	3,833			644		695		503		845
Interest income on certain loans (3)	(38		)	(35	)	(34	)	(39	)	(39	)
Loan charge-offs:
Commercial:
Commercial and industrial	(377		)	(212	)	(209	)	(205	)	(176	)
Real estate mortgage	(3		)	(10	)	(2	)	(14	)	(12	)
Real estate construction	—			—		—		—		(1	)
Lease financing	(13		)	(35	)	(12	)	(12	)	(11	)
Total commercial	(393		)	(257	)	(223	)	(231	)	(200	)
Consumer:
Real estate 1-4 family first mortgage	(23		)	(28	)	(31	)	(27	)	(43	)
Real estate 1-4 family junior lien mortgage	(30		)	(28	)	(27	)	(29	)	(34	)
Credit card	(471		)	(436	)	(404	)	(437	)	(437	)
Automobile	(156		)	(162	)	(156	)	(142	)	(187	)
Other revolving credit and installment	(165		)	(177	)	(168	)	(167	)	(162	)
Total consumer	(845		)	(831	)	(786	)	(802	)	(863	)
Total loan charge-offs	(1,238		)	(1,088	)	(1,009	)	(1,033	)	(1,063	)
Loan recoveries:
Commercial:
Commercial and industrial	44			44		62		46		43
Real estate mortgage	5			6		10		10		6
Real estate construction	16			—		8		2		3
Lease financing	4			4		4		8		3
Total commercial	69			54		84		66		55
Consumer:
Real estate 1-4 family first mortgage	26			31		36		57		55
Real estate 1-4 family junior lien mortgage	35			44		49		48		43
Credit card	94			86		85		88		85
Automobile	74			75		80		90		96
Other revolving credit and installment	31			29		30		31		34
Total consumer	260			265		280		314		313
Total loan recoveries	329			319		364		380		368
Net loan charge-offs	(909		)	(769	)	(645	)	(653	)	(695	)
Other	9			3		(6	)	(29	)	3
Balance, end of quarter	$	12,022		10,456		10,613		10,603		10,821
Components:
Allowance for loan losses	$	11,263		9,551		9,715		9,692		9,900
Allowance for unfunded credit commitments	759			905		898		911		921
Allowance for credit losses for loans	$	12,022		10,456		10,613		10,603		10,821
Net loan charge-offs (annualized) as a percentage of average total loans	0.38		%	0.32		0.27		0.28		0.30
Allowance for loan losses as a percentage of:
Total loans	1.12			0.99		1.02		1.02		1.04
Nonaccrual loans	183			179		175		164		143
Nonaccrual loans and other nonperforming assets	176			169		162		154		135
Allowance for credit losses for loans as a percentage of:
Total loans	1.19			1.09		1.11		1.12		1.14
Nonaccrual loans	195			196		191		179		157
Nonaccrual loans and other nonperforming assets	188			185		177		168		147


(1)	Represents the overall decrease in our allowance for credit losses for loans as a result of our adoption of ASU 2016-13, Financial Instruments – Credit Losses, on January 1, 2020.


(2)	Represents the allowance for purchased credit-impaired loans that automatically became purchased credit-deteriorated (PCD) loans with the adoption of ASU 2016-13.


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

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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 mortgage servicing rights) and goodwill and other intangibles on nonmarketable equity securities, net of applicable deferred taxes. These tangible common equity ratios are as follows:


•	Tangible book value per common share, which represents tangible common equity divided by common shares outstanding; and


•	Return on average tangible common equity (ROTCE), which represents our annualized earnings contribution 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 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.



(in millions, except ratios)		Mar 31, 2020			Dec 31, 2019		Sep 30, 2019		Jun 30, 2019		Mar 31, 2019
Tangible book value per common share:
Total equity		$	183,330		187,984		194,416		200,037		198,733
Adjustments:
Preferred stock		(21,347		)	(21,549	)	(21,549	)	(23,021	)	(23,214	)
Additional paid-in capital on preferred stock		140			(71	)	(71	)	(78	)	(95	)
Unearned ESOP shares		1,143			1,143		1,143		1,292		1,502
Noncontrolling interests		(612		)	(838	)	(1,112	)	(995	)	(901	)
Total common stockholders' equity	(A)	162,654			166,669		172,827		177,235		176,025
Adjustments:
Goodwill		(26,381		)	(26,390	)	(26,388	)	(26,415	)	(26,420	)
Certain identifiable intangible assets (other than MSRs)		(413		)	(437	)	(465	)	(493	)	(522	)
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(1,894		)	(2,146	)	(2,295	)	(2,251	)	(2,131	)
Applicable deferred taxes related to goodwill and other intangible assets (1)		821			810		802		788		771
Tangible common equity	(B)	$	134,787		138,506		144,481		148,864		147,723
Common shares outstanding	(C)	4,096.4			4,134.4		4,269.1		4,419.6		4,511.9
Book value per common share	(A)/(C)	$	39.71		40.31		40.48		40.10		39.01
Tangible book value per common share	(B)/(C)	32.90			33.50		33.84		33.68		32.74



		Quarter ended
(in millions, except ratios)		Mar 31, 2020			Dec 31, 2019		Sep 30, 2019		Jun 30, 2019		Mar 31, 2019
Return on average tangible common equity:
Net income applicable to common stock	(A)	$	42		2,546		4,037		5,848		5,507
Average total equity		188,170			192,393		200,095		199,685		198,349
Adjustments:
Preferred stock		(21,794		)	(21,549	)	(22,325	)	(23,023	)	(23,214	)
Additional paid-in capital on preferred stock		135			(71	)	(78	)	(78	)	(95	)
Unearned ESOP shares		1,143			1,143		1,290		1,294		1,502
Noncontrolling interests		(785		)	(945	)	(1,065	)	(939	)	(899	)
Average common stockholders’ equity	(B)	166,869			170,971		177,917		176,939		175,643
Adjustments:
Goodwill		(26,387		)	(26,389	)	(26,413	)	(26,415	)	(26,420	)
Certain identifiable intangible assets (other than MSRs)		(426		)	(449	)	(477	)	(505	)	(543	)
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(2,152		)	(2,223	)	(2,159	)	(2,155	)	(2,159	)
Applicable deferred taxes related to goodwill and other intangible assets (1)		818			807		797		780		784
Average tangible common equity	(C)	$	138,722		142,717		149,665		148,644		147,305
Return on average common stockholders' equity (ROE) (annualized)	(A)/(B)	0.10			5.91		9.00		13.26		12.71
Return on average tangible common equity (ROTCE) (annualized)	(A)/(C)	0.12			7.08		10.70		15.78		15.16


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

- 35 -

Wells Fargo & Company and Subsidiaries

COMMON EQUITY TIER 1 UNDER BASEL III (1)



		Estimated
(in billions, except ratio)		Mar 31, 2020			Dec 31, 2019		Sep 30, 2019		Jun 30, 2019		Mar 31, 2019
Total equity		$	183.3		188.0		194.4		200.0		198.7
Adjustments:
Preferred stock		(21.3		)	(21.5	)	(21.5	)	(23.0	)	(23.2	)
Additional paid-in capital on preferred stock		0.1			(0.1	)	(0.1	)	(0.1	)	(0.1	)
Unearned ESOP shares		1.1			1.1		1.1		1.3		1.5
Noncontrolling interests		(0.6		)	(0.8	)	(1.1	)	(1.0	)	(0.9	)
Total common stockholders' equity		162.6			166.7		172.8		177.2		176.0
Adjustments:
Goodwill		(26.4		)	(26.4	)	(26.4	)	(26.4	)	(26.4	)
Certain identifiable intangible assets (other than MSRs)		(0.4		)	(0.4	)	(0.5	)	(0.5	)	(0.5	)
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(1.9		)	(2.1	)	(2.3	)	(2.3	)	(2.1	)
Applicable deferred taxes related to goodwill and other intangible assets (2)		0.8			0.8		0.8		0.8		0.8
Other		—			0.2		0.3		0.4		0.3
Common Equity Tier 1 under Basel III	(A)	134.7			138.8		144.7		149.2		148.1
Total risk-weighted assets (RWAs) anticipated under Basel III (3)(4)	(B)	$	1,264.7		1,245.8		1,246.2		1,246.7		1,243.1
Common Equity Tier 1 to total RWAs anticipated under Basel III (4)	(A)/(B)	10.7		%	11.1		11.6		12.0		11.9


(1)	Basel III capital rules, adopted by the Federal Reserve Board on July 2, 2013, revised the definition of capital, increased minimum capital ratios, and introduced a minimum Common Equity Tier 1 (CET1) ratio. The rules are being phased in through the end of 2021. The Basel III capital requirements for calculating CET1 and tier 1 capital, along with RWAs, are fully phased-in.


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

(3)

The final Basel III capital rules provide for two capital frameworks: the Standardized Approach and the Advanced Approach applicable to certain institutions. Accordingly, in the assessment of our capital adequacy, we must report the lower of our CET1, tier 1 and total capital ratios calculated under the Standardized Approach and under the Advanced Approach. Because the final determination of our CET1 ratio and which approach will produce the lower CET1 ratio as of March 31, 2020, is subject to detailed analysis of considerable data, our CET1 ratio at that date has been estimated using the Basel III definition of capital under the Basel III Standardized Approach RWAs. The capital ratio for December 31, September 30, June 30 and March 31, 2019, was calculated under the Basel III Standardized Approach RWAs.


(4)	The Company’s March 31, 2020, RWAs and capital ratio are preliminary estimates.

- 36 -

Wells Fargo & Company and Subsidiaries

OPERATING SEGMENT RESULTS (1)



(income/expense in millions, average balances in billions)	Community Banking				Wholesale Banking			Wealth and Investment Management			Other (2)				Consolidated Company
	2020			2019	2020		2019	2020		2019	2020		2019		2020		2019
Quarter ended Mar 31,
Net interest income (3)	$	6,787		7,248	4,136		4,534	867		1,101	(478	)	(572	)	11,312		12,311
Provision (reversal of provision) for credit losses	1,718			710	2,288		134	8		4	(9	)	(3	)	4,005		845
Noninterest income	2,709			4,502	1,681		2,577	2,848		2,978	(833	)	(759	)	6,405		9,298
Noninterest expense	7,116			7,689	3,763		3,838	3,103		3,303	(934	)	(914	)	13,048		13,916
Income (loss) before income tax expense (benefit)	662			3,351	(234	)	3,139	604		772	(368	)	(414	)	664		6,848
Income tax expense (benefit) (4)	644			424	(546	)	369	153		192	(92	)	(104	)	159		881
Net income (loss) before noncontrolling interests	18			2,927	312		2,770	451		580	(276	)	(310	)	505		5,967
Less: Net income (loss) from noncontrolling interests	(137		)	104	1		—	(12	)	3	—		—		(148	)	107
Net income (loss)	$	155		2,823	311		2,770	463		577	(276	)	(310	)	653		5,860

Average loans	$	462.6		458.2	484.5		476.4	78.5		74.4	(60.6	)	(59.0	)	965.0		950.0
Average assets	1,039.2			1,015.4	885.0		844.5	88.1		83.2	(61.6	)	(60.0	)	1,950.7		1,883.1
Average deposits	798.6			765.6	456.6		409.8	151.4		153.2	(68.6	)	(66.5	)	1,338.0		1,262.1


(1)	The management accounting process measures the performance of the operating segments based on our management structure and is not necessarily comparable with other similar information for other financial services companies. We define our operating segments by product type and customer segment.


(2)	Includes the elimination of certain items that are included in more than one business segment, substantially all of which represents products and services for Wealth and Investment Management customers served through Community Banking distribution channels.

(3)

Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets as well as interest credits for any funding of a segment available to be provided to other segments. The cost of liabilities includes actual interest expense on segment liabilities as well as funding charges for any funding provided from other segments.


(4)	Income tax expense (benefit) for our Wholesale Banking operating segment included income tax credits related to low-income housing and renewable energy investments of $491 million and $427 million for first quarter 2020 and 2019, respectively.

- 37 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER OPERATING SEGMENT RESULTS (1)



								Quarter ended
(income/expense in millions, average balances in billions)	Mar 31, 2020			Dec 31, 2019		Sep 30, 2019		Jun 30, 2019		Mar 31, 2019
COMMUNITY BANKING
Net interest income (2)	$	6,787		6,527		6,769		7,066		7,248
Provision for credit losses	1,718			522		608		479		710
Noninterest income	2,709			3,995		4,470		4,739		4,502
Noninterest expense	7,116			9,029		8,766		7,212		7,689
Income before income tax expense	662			971		1,865		4,114		3,351
Income tax expense	644			497		667		838		424
Net income before noncontrolling interests	18			474		1,198		3,276		2,927
Less: Net income (loss) from noncontrolling interests	(137		)	45		199		129		104
Segment net income	$	155		429		999		3,147		2,823
Average loans	$	462.6		462.5		459.0		457.7		458.2
Average assets	1,039.2			1,039.3		1,033.9		1,024.8		1,015.4
Average deposits	798.6			794.6		789.7		777.6		765.6
WHOLESALE BANKING
Net interest income (2)	$	4,136		4,248		4,382		4,535		4,534
Provision for credit losses	2,288			124		92		28		134
Noninterest income	1,681			2,311		2,560		2,530		2,577
Noninterest expense	3,763			3,743		3,889		3,882		3,838
Income (loss) before income tax expense	(234		)	2,692		2,961		3,155		3,139
Income tax expense (benefit) (3)	(546		)	197		315		365		369
Net income before noncontrolling interests	312			2,495		2,646		2,790		2,770
Less: Net income from noncontrolling interests	1			2		2		1		—
Segment net income	$	311		2,493		2,644		2,789		2,770
Average loans	$	484.5		476.5		474.3		474.0		476.4
Average assets	885.0			877.6		869.2		852.2		844.5
Average deposits	456.6			447.4		422.0		410.4		409.8
WEALTH AND INVESTMENT MANAGEMENT
Net interest income (2)	$	867		910		989		1,037		1,101
Provision (reversal of provision) for credit losses	8			(1	)	3		(1	)	4
Noninterest income	2,848			3,161		4,152		3,013		2,978
Noninterest expense	3,103			3,729		3,431		3,246		3,303
Income before income tax expense	604			343		1,707		805		772
Income tax expense	153			85		426		201		192
Net income before noncontrolling interests	451			258		1,281		604		580
Less: Net income (loss) from noncontrolling interests	(12		)	4		1		2		3
Segment net income	$	463		254		1,280		602		577
Average loans	$	78.5		77.1		75.9		75.0		74.4
Average assets	88.1			85.5		84.7		83.8		83.2
Average deposits	151.4			145.0		142.4		143.5		153.2
OTHER (4)
Net interest income (2)	$	(478	)	(485	)	(515	)	(543	)	(572	)
Provision (reversal of provision) for credit losses	(9		)	(1	)	(8	)	(3	)	(3	)
Noninterest income	(833		)	(807	)	(797	)	(793	)	(759	)
Noninterest expense	(934		)	(887	)	(887	)	(891	)	(914	)
Loss before income tax benefit	(368		)	(404	)	(417	)	(442	)	(414	)
Income tax benefit	(92		)	(101	)	(104	)	(110	)	(104	)
Net loss before noncontrolling interests	(276		)	(303	)	(313	)	(332	)	(310	)
Less: Net income from noncontrolling interests	—			—		—		—		—
Other net loss	$	(276	)	(303	)	(313	)	(332	)	(310	)
Average loans	$	(60.6	)	(59.6	)	(59.4	)	(59.2	)	(59.0	)
Average assets	(61.6		)	(60.6	)	(60.4	)	(60.2	)	(60.0	)
Average deposits	(68.6		)	(65.1	)	(62.7	)	(62.5	)	(66.5	)
CONSOLIDATED COMPANY
Net interest income (2)	$	11,312		11,200		11,625		12,095		12,311
Provision for credit losses	4,005			644		695		503		845
Noninterest income	6,405			8,660		10,385		9,489		9,298
Noninterest expense	13,048			15,614		15,199		13,449		13,916
Income before income tax expense	664			3,602		6,116		7,632		6,848
Income tax expense	159			678		1,304		1,294		881
Net income before noncontrolling interests	505			2,924		4,812		6,338		5,967
Less: Net income (loss) from noncontrolling interests	(148		)	51		202		132		107
Wells Fargo net income	$	653		2,873		4,610		6,206		5,860
Average loans	$	965.0		956.5		949.8		947.5		950.0
Average assets	1,950.7			1,941.8		1,927.4		1,900.6		1,883.1
Average deposits	1,338.0			1,321.9		1,291.4		1,269.0		1,262.1


(1)	The management accounting process measures the performance of the operating segments based on our management structure and is not necessarily comparable with other similar information for other financial services companies. We define our operating segments by product type and customer segment.

(2)


(3)	Income tax expense (benefit) for our Wholesale Banking operating segment included income tax credits related to low-income housing and renewable energy investments of $491 million, $478 million, $422 million, $423 million, and $427 million for the quarters ended March 31, 2020, and December 31, September 30, June 30 and March 31, 2019, respectively.


(4)	Includes the elimination of certain items that are included in more than one business segment, substantially all of which represents products and services for Wealth and Investment Management customers served through Community Banking distribution channels.

- 38 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING



	Quarter ended
(in millions)	Mar 31, 2020			Dec 31, 2019		Sep 30, 2019		Jun 30, 2019		Mar 31, 2019
MSRs measured using the fair value method:
Fair value, beginning of quarter	$	11,517		11,072		12,096		13,336		14,649
Servicing from securitizations or asset transfers (1)	461			654		538		400		341
Sales and other (2)	(31		)	—		(4	)	(1	)	(281	)
Net additions	430			654		534		399		60
Changes in fair value:
Due to changes in valuation model inputs or assumptions:
Mortgage interest rates (3)	(3,022		)	405		(718	)	(1,153	)	(940	)
Servicing and foreclosure costs (4)	(73		)	45		13		(22	)	12
Discount rates (5)	27			(34	)	188		(109	)	100
Prepayment estimates and other (6)	(189		)	(54	)	(445	)	206		(63	)
Net changes in valuation model inputs or assumptions	(3,257		)	362		(962	)	(1,078	)	(891	)
Changes due to collection/realization of expected cash flows over time (7)	(564		)	(571	)	(596	)	(561	)	(482	)
Total changes in fair value	(3,821		)	(209	)	(1,558	)	(1,639	)	(1,373	)
Fair value, end of quarter	$	8,126		11,517		11,072		12,096		13,336


(1)	Includes impacts associated with exercising cleanup calls on securitizations as well as our right to repurchase delinquent loans from Government National Mortgage Association (GNMA) loan securitization pools. Total reported MSRs may increase upon repurchase due to servicing liabilities associated with these delinquent GNMA loans.


(2)	Includes sales and transfers of MSRs, which can result in an increase of total reported MSRs if the sales or transfers are related to nonperforming loan portfolios or portfolios with servicing liabilities.


(3)	Includes prepayment speed changes as well as other valuation changes due to changes in mortgage interest rates (such as changes in estimated interest earned on custodial deposit balances).


(4)	Includes costs to service and unreimbursed foreclosure costs.


(5)	Reflects discount rate assumption change, excluding portion attributable to changes in mortgage interest rates.


(6)	Represents changes driven by other valuation model inputs or assumptions including prepayment speed estimation changes and other assumption updates. Prepayment speed estimation changes are influenced by observed changes in borrower behavior and other external factors that occur independent of interest rate changes.


(7)	Represents the reduction in the MSR fair value for the cash flows expected to be collected during the period, net of income accreted due to the passage of time.



	Quarter ended
(in millions)	Mar 31, 2020			Dec 31, 2019		Sep 30, 2019		Jun 30, 2019		Mar 31, 2019
Amortized MSRs:
Balance, beginning of quarter	$	1,430		1,397		1,407		1,427		1,443
Purchases	8			35		25		16		24
Servicing from securitizations or asset transfers	34			69		33		33		26
Amortization	(66		)	(71	)	(68	)	(69	)	(66	)
Balance, end of quarter (1)	$	1,406		1,430		1,397		1,407		1,427
Fair value of amortized MSRs:
Beginning of quarter	$	1,872		1,813		1,897		2,149		2,288
End of quarter	1,490			1,872		1,813		1,897		2,149


(1)	Commercial amortized MSRs are evaluated for impairment purposes by the following risk strata: agency (GSEs) for multi-family properties and non-agency. There was no valuation allowance recorded for the periods presented on the commercial amortized MSRs.

- 39 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING (CONTINUED)



		Quarter ended
(in millions)		Mar 31, 2020			Dec 31, 2019		Sep 30, 2019		Jun 30, 2019		Mar 31, 2019
Servicing income, net:
Servicing fees (1)		$	758		780		806		830		841
Changes in fair value of MSRs carried at fair value:
Due to changes in valuation model inputs or assumptions (2)	(A)	(3,257		)	362		(962	)	(1,078	)	(891	)
Changes due to collection/realization of expected cash flows over time (3)		(564		)	(571	)	(596	)	(561	)	(482	)
Total changes in fair value of MSRs carried at fair value		(3,821		)	(209	)	(1,558	)	(1,639	)	(1,373	)
Amortization		(66		)	(71	)	(68	)	(69	)	(66	)
Net derivative gains (losses) from economic hedges (4)	(B)	3,400			(477	)	678		1,155		962
Total servicing income, net		$	271		23		(142	)	277		364
Market-related valuation changes to MSRs, net of hedge results (2)(4)	(A)+(B)	$	143		(115	)	(284	)	77		71


(1)	Includes contractually specified servicing fees, late charges and other ancillary revenues, net of unreimbursed direct servicing costs.


(2)	Refer to the changes in fair value MSRs table on the previous page for more detail.


(3)	Represents the reduction in the MSR fair value for the cash flows expected to be collected during the period, net of income accreted due to the passage of time.


(4)	Represents results from economic hedges used to hedge the risk of changes in fair value of MSRs.



(in billions)	Mar 31, 2020			Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Managed servicing portfolio (1):
Residential mortgage servicing:
Serviced for others	$	1,038		1,063	1,083	1,107	1,125
Owned loans serviced (2)	341			343	346	340	331
Subserviced for others	3			2	3	5	26
Total residential servicing	1,382			1,408	1,432	1,452	1,482
Commercial mortgage servicing:
Serviced for others	564			566	551	548	552
Owned loans serviced	124			124	122	123	122
Subserviced for others	9			9	9	9	9
Total commercial servicing	697			699	682	680	683
Total managed servicing portfolio	$	2,079		2,107	2,114	2,132	2,165
Total serviced for others	$	1,602		1,629	1,634	1,655	1,677
Ratio of MSRs to related loans serviced for others	0.60		%	0.79	0.76	0.82	0.88
Weighted-average note rate (mortgage loans serviced for others)	4.20			4.25	4.29	4.33	4.34


(1)	The components of our managed servicing portfolio are presented at unpaid principal balance for loans serviced and subserviced for others and at book value for owned loans serviced.


(2)	Excludes loans serviced by third parties.

- 40 -

Wells Fargo & Company and Subsidiaries

SELECTED FIVE QUARTER RESIDENTIAL MORTGAGE PRODUCTION DATA



		Quarter ended
		Mar 31, 2020			Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Net gains on mortgage loan origination/sales activities (in millions):
Residential	(A)	$	360		503	461	322	232
Commercial		23			101	106	83	47
Residential pipeline and unsold/repurchased loan management (1)		(275		)	156	41	76	65
Total		$	108		760	608	481	344
Application data (in billions):
Wells Fargo first mortgage quarterly applications		$	108		72	85	90	64
Refinances as a percentage of applications		65		%	51	50	44	44
Wells Fargo first mortgage unclosed pipeline, at quarter end		$	62		33	44	44	32
Residential real estate originations:
Purchases as a percentage of originations		48		%	50	60	68	70
Refinances as a percentage of originations		52			50	40	32	30
Total		100		%	100	100	100	100
Wells Fargo first mortgage loans (in billions):
Retail		$	23		27	27	26	14
Correspondent		25			33	30	27	18
Other (2)		—			—	1	—	1
Total quarter-to-date		$	48		60	58	53	33
Held-for-sale	(B)	$	33		42	38	33	22
Held-for-investment		15			18	20	20	11
Total quarter-to-date		$	48		60	58	53	33
Total year-to-date		$	48		204	144	86	33
Production margin on residential held-for-sale mortgage originations	(A)/(B)	1.08		%	1.21	1.21	0.98	1.05


(1)	Predominantly includes the results of sales of modified GNMA loans, interest rate management activities and changes in estimate to the liability for mortgage loan repurchase losses.


(2)	Consists of home equity loans and lines.

Table of contents 1Q20 Results Providing support for our customers Pages 2 Wholesale Banking 28 Providing support for our employees 3 Wealth and Investment Management 29 Providing support for our communities 4 Credit quality of the loan portfolio 30 Supporting The CARES Act 5 Oil and gas loan portfolio performance 31 1Q20 Earnings 6 Current expected credit losses (CECL) 32 Strong capital and liquidity positions 7 Capital 33 Income Statement overview (linked quarter) 8 Balance Sheet and credit overview (linked quarter) 9 Appendix Managing under the asset cap 10 Real estate 1-4 family mortgage portfolio 35 Average loans 11 Consumer credit card portfolio 36 Period-end loans 12 Auto portfolios 37 Consumer loan trends 13 Student lending portfolio 38 Commercial loan trends 14 Trading-related revenue 39 Commercial & Industrial loans and lease financing by industry 15 Wholesale Banking adjusted efficiency ratio for income tax credits 40 Industries with escalated monitoring: Oil and gas, and Retail 16 Common Equity Tier 1 41 Industries with escalated monitoring: Entertainment and recreation, and Transportation services 17 Forward-looking statements 42 Industries with escalated monitoring: Commercial Real Estate loans by property type 18 Average deposit trends and costs 19 Period-end deposit trends 20 Net interest income 21 Noninterest income 22 Net losses from equity securities including deferred compensation 23 Noninterest expense and efficiency ratio 24 Community Banking 25 Community Banking metrics 26-27 Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, 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 1Q20 Supplement 1

Providing support for our customers COVID-19 actions: . Offering fee waivers, payment deferrals and other expanded assistance for credit card, auto, mortgage, small business and personal lending customers who contact us . Granting immediate 90-day payment suspension for any Wells Fargo Home Lending customer who requests assistance . Suspended residential property foreclosures and evictions . Suspended involuntary auto repossessions . In the month of March alone, commercial customers utilized over $80 billion of their loan commitments . From March 9 through April 10: - Helped more than 1.3 million consumer and small business customers by deferring payments and waiving fees - Deferred over 1 million payments, representing $2.8 billion of principal and interest payments for loans that we service or hold on our balance sheet - Provided over 900,000 fee waivers, exceeding $30 million Additional actions taken in first quarter: . Announced plans to introduce a new checkless account which will limit spending to the amount available in the account and customers will not incur overdrafts or insufficient fund fees; expected to be available early next year . Announced plans to introduce an account that includes checks and will cap overdraft or insufficient funds fees at once per month; expected to be available early next year Wells Fargo 1Q20 Supplement 2

Providing support for our employees COVID-19 actions: . For certain qualifying employees, we are making up to $1,600 in combined payments: - A one-time cash award to approximately 165,000 employees, which will be reflected in their paychecks this week - For employees whose roles require they come into the office to serve customers or other employees, we are making additional cash payments . Eliminated the seven-day waiting period under our short-term disability plan for U.S.-based employees so that, if they get a positive COVID-19 diagnosis, they will not need to use PTO . Updated our U.S. medical plan to eliminate coinsurance and fully cover the cost of any medically necessary screening and testing for COVID-19 . Providing financial support for eligible employees of $100 per day for those seeking child care through their own personal networks for up to 20 days . Supporting front-line employees by paying employees for hours of work lost due to facility closures . Enabled approximately 180,000 employees to work remotely . Made $10 million grant to the WE Care Employee relief fund Additional actions taken in first quarter: . Announced plans to raise minimum hourly pay levels in the majority of our U.S. markets ranging from $15 to $20. This change will increase pay for more than 20,000 employees and will take effect by the end of 2020 Wells Fargo 1Q20 Supplement 3

Providing support for our communities COVID-19 actions: . Directing $175 million in charitable donations from the Wells Fargo Foundation to help address food, shelter, small business and housing stability, as well as to provide help to public health organizations fighting to contain the spread of COVID-19 . Providing $1 million to Feeding America to support their 200 member foodbanks as they work to feed people during this time of crisis . Providing $1 million to the CDC Foundation to meet emerging needs . Providing $250,000 to the International Medical Corps . Giving substantial fees received under the Payroll Protection Program to nonprofits focused on small businesses Additional actions taken in first quarter: . Announced that we are seeking to invest up to $50 million in African American Minority Depository Institutions as part of our commitment to supporting economic growth in African American communities . Announced plans to expand our credit offering to provide DACA recipients access to education loans; personal lines and loans; credit cards; auto loans and small business credit. Additionally, we will make mortgage and home equity loans to eligible DACA customers except where prohibited by specific investors Wells Fargo 1Q20 Supplement 4

Supporting The CARES Act Consumers: . We are working with industry trade groups and the U.S. Treasury in preparation to distribute millions of Economic Impact Payments to Americans as quickly as possible . We expect the distribution of payments to be made to our customers beginning early this week . For those that receive checks, we have implemented changes to our ATMs and mobile app to make it more convenient to use those depository options instead of going into a branch Small Businesses: . Payroll Protection Program (PPP) includes fully forgivable loans to help small businesses maintain payrolls during the COVID-19 pandemic . We have expanded our participation in the PPP to provide additional relief for our customers and our communities . Customers must meet the overall Small Business Administration program requirements, have a Wells Fargo Business checking account as of Feb. 15, 2020, and be enrolled in business online banking . Through April 10, we have received more than 370,000 indications of interest from our customers Wells Fargo 1Q20 Supplement 5

1Q20 Earnings Wells Fargo Net Income . Earnings of $653 million included: ($ in millions, except EPS) - $4.0 billion of provision expense for credit losses: • $2.9 billion reserve build for loans (1) 6,206 • $909 million of net charge-offs for loans 5,860 • $172 million of provision expense for debt securities, including $141 million reserve build (1) and $31 million in net charge-offs 4,610 - $950 million of securities impairment (recognized in net gains (losses) from equity securities and debt securities) - $621 million of net losses on equity securities from deferred compensation plan investment results, which $1.30 were largely offset by a $598 million decline in employee $1.20 2,873 benefits expense (net gains (losses) from equity securities and employee benefits expense) $0.92 • Please see page 23 for additional information - $464 million of operating losses (operating losses) $0.60 - $463 million gain on the sale of residential mortgage loans, reclassified to held for sale in 2019 (other 653 noninterest income) $0.01 - $379 million of mortgage banking income vs. $783 million in 4Q19 on higher losses on loans held for sale, and higher losses on the valuation of our mortgage servicing rights 1Q19 2Q19 3Q19 4Q19 1Q20 asset as a result of assumption updates, primarily Diluted earnings per common share prepayment assumptions (mortgage banking income) . Diluted earnings per common share (EPS) of $0.01 included: - The redemption of our remaining Series K Preferred Stock, which reduced EPS by $0.06 per share as a result of the elimination of the purchase accounting discount (1) Reserve build represents the amount by which the provision for credit losses exceeds net charge-offs, while reserve release represents the amount by which net charge-offs exceed the recorded on these shares at the time of the Wachovia provision for credit losses. acquisition (preferred stock dividends) Wells Fargo 1Q20 Supplement 6

Strong capital and liquidity positions . Capital and liquidity positions well in excess of regulatory minimums 1Q20 Common Equity Tier 1 Ratio (1) 1Q20 Liquidity Coverage Ratio (LCR) (2) 121% 21% 10.7% above 10% 170 bps 100% regulatory above minimum 9% regulatory minimum Regulatory Minimum Current Internal Target 1Q20 Estimate Regulatory Minimum 1Q20 Estimate (1) 1Q20 capital ratio is a preliminary estimate. See page 41 for additional information regarding the Common Equity Tier 1 capital ratio. (2) 1Q20 liquidity coverage ratio (LCR) is a preliminary estimate. LCR is calculated as high-quality liquid assets divided by projected net cash outflows, as each is defined under the LCR rule. Wells Fargo 1Q20 Supplement 7

Income Statement overview (linked quarter (LQ)) Total revenue . Revenue of $17.7 billion Net interest income . NII up $112 million, and NIM up 5 bps to 2.58% predominantly reflecting the benefit of hedge ineffectiveness accounting results and lower MBS premium amortization, which was largely offset by balance sheet repricing driven by the impact of the lower interest rate environment and one fewer day in the quarter Noninterest income . Noninterest income down $2.3 billion - Market sensitive revenue (1) down $1.7 billion, including $1.9 billion of lower net gains from equity securities on an $811 million increase in impairment and an $857 million decline in deferred compensation plan investment results (P&L neutral) . Please see page 23 for additional information on net losses from equity securities, including deferred compensation - Mortgage banking down $404 million on unrealized losses on residential and commercial mortgage loans held for sale (HFS) of ~ $143 million and ~ $62 million, respectively, due to illiquid market conditions and a widening of credit spreads, as well as $192 million of higher losses on the valuation of our mortgage servicing rights (MSR) asset as a result of assumption updates, primarily prepayment assumptions - Card fees down $128 million on lower interchange income due to seasonality and the impact of COVID-19 on consumer spending - Other income relatively flat as $349 million higher gains from loan sales were offset by lower gains on the sale of businesses from a 4Q19 which included a $362 million gain from the sale of Eastdil Noninterest expense . Noninterest expense down $2.6 billion - Operating losses down $1.5 billion on lower litigation accruals - Employee benefits expense down $306 million, as $861 million of lower deferred compensation expense (largely offset by higher net losses from equity securities) was partially offset by seasonally higher payroll tax and 401(k) expense - Other expense categories down in the quarter included outside professional services, and technology and equipment Income tax expense . 19.5% effective income tax rate included net discrete income tax expense of $141 million driven by the accounting for stock compensation activity, the net impact of accounting for uncertain tax positions, and the outcome of U.S. federal income tax examinations All comparisons are 1Q20 compared with 4Q19. (1) Consists of net gains (losses) from trading activities, debt securities and equity securities. Wells Fargo 1Q20 Supplement 8

Balance Sheet and credit overview (linked quarter) Loans . Up $47.6 billion - Commercial loans up $52.0 billion on growth in commercial & industrial loans, and commercial real estate loans - Consumer loans down $4.4 billion despite growth in auto loans Cash and short-term . Down $6.1 billion investments Debt and equity . Trading assets down $3.1 billion driven by lower equity securities valuations securities . Debt securities (AFS and HTM) up $3.7 billion as purchases were partially offset by run-off and sales; ~$38.9 billion of gross purchases in 1Q20, largely federal agency mortgage- backed securities (MBS), vs. ~$15.6 billion in 4Q19 Deposits . Up $53.9 billion reflecting growth in both commercial and consumer deposits Short-term borrowings . Down $12.2 billion on actions taken to manage to the asset cap Long-term debt . Up $9.2 billion as $18.5 billion of issuances were partially offset by $15.7 billion of redemptions and maturities Total stockholders’ . Down $4.4 billion to $182.7 billion driven by dividends and net share repurchases equity . Common shares outstanding down 38.0 million shares, or 1%, on net share repurchases of $2.9 billion Credit . Net loan charge-offs of $909 million, or 38 bps of average loans (annualized), up $140 million, or 6 bps . Nonperforming assets of $6.4 billion, up $759 million predominantly on higher commercial nonaccruals . $3.1 billion reserve build reflects forecasted credit deterioration due to the COVID-19 pandemic, credit weakness in oil and gas, and stronger than expected loan growth including draws on loan commitments, and includes a $2.9 billion reserve build for loans and a $141 million reserve build for debt securities Period-end balances. All comparisons are 1Q20 compared with 4Q19. Wells Fargo 1Q20 Supplement 9

Managing under the asset cap As expected in an uncertain economy like our customers are facing today due to the COVID-19 pandemic, we have experienced significant loan draws and meaningful deposit inflows, which has resulted in our balance sheet expanding LQ Change in period-end Assets ($ in billions) LQ Change in period-end Liabilities and Equity ($ in billions) 65 55 54 48 55 45 45 35 35 25 17 25 15 11 10 15 7 9 7 5 5 1 (5) (5) (5) (15) (15) (13) (16) (12) (25) (25) Cash & Fed Funds AFS & HTM Trading Loans Derivatives Other Deposits Short-Term Long-Term Derivatives Equity Other Equivalents Sold Securities Securities Borrowings Debt & Repo . While period-end assets were $1.981 trillion, we continued to operate in compliance with the asset cap of $1.952 trillion which is measured at each quarter-end based on a two-quarter daily average (1) . As of March 31, 2020, the two-quarter daily average for our assets was $1.943 trillion (1) (2) . We are actively working to create balance sheet capacity to lend and help our customers during these unprecedented and challenging times (1) Assets calculated under the FRB consent order imposing the asset cap are equal to total assets excluding a portion of OCI. (2) The two-quarter daily average for our assets as of March 31, 2020 is a preliminary estimate. Wells Fargo 1Q20 Supplement 10

Average loans Average Loans Outstanding . Total average loans of $965.0 billion, up $15.0 billion ($ in billions) year-over-year (YoY) and $8.5 billion linked quarter (LQ) - Commercial loans up $7.9 billion LQ on higher commercial 965.0 and industrial loans 950.0 956.5 947.5 949.8 - Consumer loans up $586 million LQ on growth in first mortgage loans and auto loans . Total average loan yield of 4.20%, down 17 bps LQ and 64 bps YoY reflecting the repricing impacts of lower interest rates and continued loan mix changes 4.84% 4.80% 4.61% 4.37% 4.20% 1Q19 2Q19 3Q19 4Q19 1Q20 Total average loan yield Wells Fargo 1Q20 Supplement 11

Period-end loans Period-end Loans Outstanding . Total period-end loans of $1.0 trillion, up $61.6 billion, or ($ in billions) 6%, YoY on growth in commercial and industrial (C&I) loans, first mortgage loans, auto loans, and credit card 1,009.8 loans 948.2 949.9 954.9 962.3 - Commercial loan growth of $55.5 billion driven by growth in C&I loans - Consumer loans up $6.1 billion as growth in first mortgage loans, auto loans and credit card loans was partially offset by declines in junior lien mortgage loans and other revolving credit and installment loans . Total period-end loans up $47.6 billion, or 5%, LQ on growth in commercial and industrial loans, commercial real estate loans, and auto loans - Commercial loan growth of $52.0 billion included more than $80 billion of gross draws on Commercial Banking and Corporate & Investment Banking loans in the month of March 1Q19 2Q19 3Q19 4Q19 1Q20 • Wholesale Banking revolving loan utilization in March (1) of Commercial Consumer 48.6%, up 860 bps LQ – Consumer loans down $4.4 billion as declines in credit card loans, consumer real estate loans, and other revolving credit and installment loans were partially offset by growth in auto loans • Draws on first and junior lien mortgage loans (2) were $2.7 billion in 1Q20, up 25% YoY, with draws in March of $1.2 billion, up 80% YoY - Please see pages 13 and 14 for additional information (1) Preliminary estimate. (2) Reflects draws on first and junior lien mortgage loans performed more than 90 days after origination. Wells Fargo 1Q20 Supplement 12

Consumer loan trends Consumer loans up $6.1 billion YoY; down $4.4 billion LQ as declines in credit card, consumer real estate, and other revolving credit were partially offset by growth in auto loans ($ in billions, Period-end balances) B= billion, MM = million . First mortgage loans up $8.4B YoY Consumer Real Estate 1-4 Credit Card . Credit card up Family First & Junior Lien and down $927MM LQ 40 $303MM YoY on - LQ decrease driven by paydowns, Mortgage purchase volume 300 partially offset by $14.3B of 36 growth, and down originations 250 $2.4B LQ driven by . Junior lien mortgage loans down 32 seasonality and fewer 200 $4.6B YoY and $982MM LQ as new account openings 150 continued paydowns more than 28 offset new originations and $1.8B of 100 customer draws (1) 24 50 20 0 1Q19 4Q19 1Q20 1Q19 4Q19 1Q20 1-4 Family First Junior Lien Other Revolving Credit and Automobile 50 36 Installment . Auto loans up $3.7B YoY and . Other revolving credit $695MM LQ 32 and installment loans 45 . Originations of auto loans up down $1.7B YoY on 19% YoY reflecting a continued lower student loans and 28 40 emphasis on growing auto margin loans, and down loans following the $793MM LQ 35 restructuring of the business, 24 and down 5% LQ reflecting a 30 slowdown in March due to 20 1Q19 4Q19 1Q20 COVID-19 1Q19 4Q19 1Q20 (1) Reflects draws on junior lien mortgage loans performed more than 90 days after origination. Wells Fargo 1Q20 Supplement 13

Commercial loan trends Commercial loans up $55.5 billion YoY and $52.0 billion LQ ($ in billions, Period-end balances) B= billion, MM = million Commercial and industrial (C&I) loans up $50.9B LQ on broad-based growth 430 Commercial and Industrial across the lines of business largely driven by draws of revolving lines due to 410 the economic slowdown associated with the COVID-19 pandemic, 390 including growth of 370 . $28.4B in Corporate & Investment Banking on growth in Corporate Transactional 350 Banking reflecting higher draws across all industry verticals, and growth in Asset 330 Backed Finance on higher mortgage banking financing, subscription finance, and higher draws 310 . $10.2B in Commercial Banking on higher draws in Middle Market Banking and 290 Government & Institutional Banking 270 . $7.1B in Commercial Capital as higher draws were partially offset by seasonal 250 paydowns 1Q19 4Q19 1Q20 . $4.2B in Commercial Real Estate credit facilities to REITs and other non-depository financial institutions Commercial Real Estate 150 145 Commercial real estate loans up $1.8B LQ . 140 CRE mortgage up $943MM on higher Structured Real Estate mortgage originations . CRE construction up $873MM on higher line usage 135 130 125 120 Lease financing down $695MM LQ predominantly driven by declines in Equipment 115 Finance, Renewable Energy, and other energy lending 110 105 100 1Q19 4Q19 1Q20 Wells Fargo 1Q20 Supplement 14

Commercial & Industrial loans and lease financing by industry (1) ($ in millions) Loans Outstanding Total Commitments Financials except banks $ 126,270 30% $ 204,143 28% Retail 27,844 7% 43,801 6% Real estate and construction 27,222 6% 48,977 7% Technology, telecom and media 26,896 6% 56,462 8% Equipment, machinery and parts manufacturing 25,054 6% 44,641 6% Banks 20,282 5% 20,948 3% Materials and commodities 19,118 5% 39,385 5% Health care and pharmaceuticals 18,785 4% 32,230 4% Automobile related 17,436 4% 26,032 4% Food and beverage manufacturing 16,908 4% 31,004 4% Entertainment and recreation 16,163 4% 20,532 3% Oil, gas and pipelines 14,287 3% 34,443 5% Commercial services 12,684 3% 22,989 3% Transportation services 11,901 3% 17,853 2% Utilities 8,598 2% 21,545 3% Insurance and fiduciaries 7,292 2% 16,481 2% Agribusiness 6,994 2% 12,137 2% Government and education 5,548 1% 11,918 2% Other 14,877 4% 22,093 3% Total $ 424,156 100% $ 727,615 100% Not all unfunded loan commitments are unilaterally exercisable by borrowers. For example, certain revolving loans contain features that require the customer to post additional collateral in order to access the full amount of the commitment As of March 31, 2020. Industry classifications based on NAICS classifications. (1) Total Commitments = loans outstanding + unfunded commitments, excluding issued letters of credit. Wells Fargo 1Q20 Supplement 15

Industries with escalated monitoring: Oil and gas, and Retail $14.3 billion of Oil and Gas Loans $27.8 billion of Retail Loans Outstanding (3/31/20) Outstanding (3/31/20) Sectors: Building Materials, Exploration & Garden Equipment & Field Service Supply Dealers Production Restaurants Contract Drilling Midstream 10% 12% 2% Services 21% Clothing Stores Oil & Gas Pipeline 8% 10% 47% Extraction Non-store 10% Natural Gas Retailers 18% Department Pipeline 13% Stores 12% 17% 5% Miscellaneous 14% Wholesalers Specialty Stores Food, Drug & Refining Beverage Stores . $14.3 billion of oil and gas outstandings includes . $27.8 billion in outstandings and $43.8 billion $9.5 billion of senior secured loans of total commitments (1) to the retail industry - 47% Exploration & Production - Restaurant outstandings of $5.8 billion, or 21% of - 41% Midstream retail industry outstandings, includes $3.9 billion - 12% Services to limited service restaurants . See page 31 for credit performance of the oil and gas portfolio Industry classifications based on NAICS classifications. (1) Commitments = Loans outstanding + unfunded commitments, excluding issued letters of credit. .Wells Fargo 1Q20 Supplement 16

Industries with escalated monitoring: Entertainment and recreation, and Transportation services $16.2 billon of Entertainment and Recreation $11.9 billion of Transportation Services Loans Outstanding (3/31/20) Loans Outstanding (3/31/20) Amusement Parks & Cruise lines & Other Air 1% <1% Misc. Recreation Water Passenger Transportation Gambling Industries Truck Transportation 20% 17% & Warehouse 38% All Other Golfing, Skiing & Transportation Fitness Centers 8% 8% Services 1% Performing Arts, 8% Sporting 4% Performers & Agents Bus & Limo Goods, Boats, 68% Spectator Sports Transportation 9% RVs, 10% Motorcycles, Cargo Ship Transportation <1% Other Rec Taxi Services Rail 2% Couriers & Messengers Transportation 4% Freight Transportation Arrangement . $16.2 billion in outstandings and $20.5 billion . $11.9 billion in outstandings and $17.9 billion of of total commitments (1) to the entertainment total commitments (1) to the transportation and recreation industry services industry – Less than 1% of outstandings and 1% of – Air transportation outstandings of $2.4 billion commitments (1) are to cruise lines Industry classifications based on NAICS classifications (1) Commitments = Loans outstanding + unfunded commitments, excluding issued letters of credit. Wells Fargo 1Q20 Supplement 17

Industries with escalated monitoring: Commercial Real Estate (CRE) loans by property type $122.8 billion of CRE Mortgage Loans $20.8 billion of CRE Construction Loans Outstanding (3/31/20) Outstanding (3/31/20) Agriculture Collateral Pool 2% Mixed Use 2% Properties Other Other 1-4 Family Land Institutional Land (Excluding 1-4 4% Mixed Use Properties 3% 3% Office Family) 2% 3% Buildings 5% 5% Industrial/ Apartments 28% Hotel/Motel Warehouse 7% 34% 9% 1-4 Family 7% Structure Shopping 9% Center 7% Hotel/Motel 15% 11% Apartments Retail excluding 7% 14% Shopping Center 10% Shopping Center 13% Office Buildings Industrial/Warehouse Institutional . $122.8 billion in outstandings and $131.2 . $20.8 billion in outstandings and $37.9 billion of billion of total commitments (1) total commitments (1) - $14.1 billion of outstandings in retail excluding - $7.1 billion of outstandings in apartments shopping center - $10.6 billion of outstandings in hotel/motel (1) Commitments = Loans outstanding + unfunded commitments. Wells Fargo 1Q20 Supplement 18

Average deposit trends and costs Average Deposits and Rates . Average deposits of $1.3 trillion, up $75.9 billion, or 6%, ($ in billions) YoY on growth across the deposit gathering businesses reflecting customers’ flight to quality due to COVID-19 1,338.0 1,262.1 1,321.9 - Noninterest-bearing deposits up $8.6 billion, or 3% - Interest-bearing deposits up $67.3 billion, or 7% 351.7 347.4 . 338.8 Average deposit cost of 52 bps, down 13 bps YoY, reflecting the lower interest rate environment - Retail banking up 15 bps reflecting higher interest rate deposit campaign pricing for new deposits in early 2019 - Wholesale Banking down 29 bps 923.3 970.2 990.6 - WIM down 18 bps . Average deposits up $16.1 billion, or 1%, LQ on growth 0.65% 0.62% across the deposit gathering businesses reflecting 0.52% customers’ flight to quality due to COVID-19 - Noninterest-bearing deposits down $4.3 billion, or 1% - Interest-bearing deposits up $20.4 billion, or 2% 1Q19 4Q19 1Q20 . Average deposit cost down 10 bps LQ reflecting the lower interest rate environment Noninterest-bearing deposits Interest-bearing deposits - Wholesale Banking down 15 bps Average deposit cost - WIM down 9 bps - Retail banking down 3 bps Wells Fargo 1Q20 Supplement 19

Period-end deposit trends Period-end Deposits . Period-end deposits of $1.4 trillion, up $112.5 billion, or ($ in billions) 9%, YoY on growth across the deposit gathering 1,376.5 businesses reflecting customers’ flight to quality due to 1,322.6 1,264.0 COVID-19 . Period-end deposits up $53.9 billion, or 4%, LQ reflecting 466.1 customers’ flight to quality due to COVID-19 392.7 452.6 - Wholesale Banking deposits up $13.5 billion, or 3%, largely 67.1 reflecting growth in Commercial Banking and Commercial 91.7 72.5 27.8 Real Estate deposits as customers drew on their revolving 21.1 23.1 lines, partially offset by lower Financial Institution deposits reflecting actions taken to manage to the asset cap - Corporate Treasury deposits including brokered CDs down $5.4 billion, or 7% 758.5 774.4 815.5 - Mortgage escrow deposits up $4.7 billion, or 20%, predominantly reflecting higher mortgage payoffs and seasonality of property tax payments - Consumer and small business banking deposits (1) of $815.5 1Q19 4Q19 1Q20 billion, up $41.1 billion, or 5%, and included: Wholesale Banking • Higher retail banking deposits largely driven by growth in high- Corporate Treasury including brokered CDs yield savings and interest-bearing checking Mortgage Escrow • Higher WIM deposits due to growth in brokerage clients’ cash Consumer and Small Business Banking Deposits(1) balances (1) Total deposits excluding mortgage escrow and wholesale deposits (Wholesale Banking, and Corporate Treasury including brokered CDs). Wells Fargo 1Q20 Supplement 20

Net interest income Net Interest Income . Net interest income decreased $1.0 billion, or 8%, YoY ($ in millions) reflecting the lower interest rate environment . Net Interest income increased $112 million, or 1%, LQ 12,311 12,095 reflecting: 11,625 11,200 11,312 - $356 million higher hedge ineffectiveness accounting results (2) reflecting large interest rate changes in the quarter - $84 million lower MBS premium amortization resulting from lower prepays (1Q20 MBS premium amortization was $361 million vs. $445 million in 4Q19) - Partially offset by balance sheet repricing, including the 2.91% 2.82% impact of the lower interest rate environment, and one fewer day in the quarter 2.66% 2.58% 2.53% . Average earning assets down $1.2 billion LQ: - Debt securities down $7.0 billion - Mortgage loans held for sale down $3.6 billion - Short-term investments / fed funds sold down $1.6 billion - Equity securities down $746 million 1Q19 2Q19 3Q19 4Q19 1Q20 Net Interest Margin (NIM) - Loans up $8.5 billion . NIM of 2.58% up 5 bps LQ and included: Average rates 1Q19 2Q19 3Q19 4Q19 1Q20 - ~8 bps from hedge ineffectiveness accounting results 1 Month LIBOR 2.50 % 2.44 % 2.17 % 1.79 % 1.41 % - ~2 bps from MBS premium amortization 3 Month LIBOR 2.69 2.51 2.20 1.93 1.53 - ~(5) bps from balance sheet mix and repricing Fed Funds Target Rate 2.50 2.50 2.29 1.83 1.41 (1) CMT = Constant Maturity Treasury rate. 10 Year (2) Total hedge ineffectiveness accounting (including related economic hedges) of $266 million CMT (1) 2.65 2.33 1.79 1.80 1.38 in the quarter included $287 million in net interest income and $(21) million in other income. In 4Q19 total hedge ineffectiveness accounting (including related economic hedges) was $(58) million and included $(69) million in net interest income and $11 million in other income. Changes in the level of market rates, basis relationships, hedge notional, and the size of hedged portfolios contribute to differing levels of hedge ineffectiveness each quarter. Wells Fargo 1Q20 Supplement 21

Noninterest income vs vs . Deposit service charges down $70 million LQ and included seasonally ($ in millions) 1Q20 4Q19 1Q19 lower overdraft fees Noninterest income - Consumer was 58% and commercial was 42% of total Service charges on deposit accounts $ 1,209 (5) % 11 • Earnings credit rate (ECR) offset (results in lower fees for commercial Trust and investment fees: customers) was down $40 million LQ, and down $26 million YoY Brokerage advisory, commissions . Trust and investment fees up $2 million and other fees 2,482 4 13 - Trust and investment management 701 (4) (11) Brokerage advisory, commissions and other fees up $102 million on higher retail brokerage advisory fees (priced at the beginning of the Investment banking 391 (16) (1) quarter) and higher brokerage transaction revenue Card fees 892 (13) (6) - Other fees 632 (4) (18) Investment banking fees down $73 million on a lower number of deals and smaller deal sizes Mortgage banking 379 (52) (46) Insurance 95 (3) (1) . Card fees down $128 million on lower interchange income due to Net gains from trading activities 64 (51) (82) seasonality, as well as the impact of COVID-19 on consumer spending Net gains on debt securities 237 n.m. 90 . Mortgage banking down $404 million Net gains (losses) from equity securities (1,401) n.m. n.m. - Net gains on mortgage loan originations down $652 million and Lease income 352 3 (21) reflected unrealized losses on residential and commercial mortgage Other 372 11 (35) loans held for sale of approximately $143 million and $62 million, Total noninterest income $ 6,405 (26) % (31) respectively, due to illiquid market conditions and a widening of credit spreads - Servicing income up $248 million as $192 million of higher losses on 10,385 the valuation of our MSR asset as a result of assumption updates, 9,298 9,489 primarily prepayments, was more than offset by net economic hedge 8,660 results . Net gains from trading activities down $67 million on higher trading losses in asset-backed trading and credit trading (Please see page 39 for additional information) 6,405 . Net gains from debt securities up $245 million . Net gains from equity securities down $1.9 billion and included $935 million of securities impairment and $857 million lower deferred compensation plan investment results (P&L neutral) (Please see page 23 for additional information) . Other income up $37 million and included higher gains on the sale of 1Q19 2Q19 3Q19 4Q19 1Q20 loans ($463 million in 1Q20 vs. $134 million in 4Q19) compared with a 4Q19 that had a $362 million gain from the sale of Eastdil Wells Fargo 1Q20 Supplement 22

Net losses from equity securities including deferred compensation . $1.4 billion of net losses from equity securities in the first quarter, including $621 million of largely P&L neutral deferred compensation plan investment losses – $935 million of securities impairment reflecting lower market valuations • Impairments on venture capital, private equity, and certain wholesale businesses (Norwest Venture Partners, Norwest Equity Partners, Wells Fargo Strategic Capital) represented 17% of the carrying values of these businesses’ portfolio investments that are subject to impairment assessments – $621 million of losses on marketable equity securities held to economically hedge deferred compensation obligations. As detailed below, deferred compensation plan investment results are largely P&L neutral, as we attempt to neutralize the impact of market fluctuations from employee elections, which are recognized in employee benefits expense, by entering into economic hedges ($ in millions) 1Q20 4Q19 3Q19 2Q19 1Q19 vs 4Q19 vs 1Q19 Net interest income $ 12 26 13 18 13 $ (14) (1) Net gains (losses) from equity securities (621) 236 (4) 87 345 (857) (966) Total revenue (losses) from deferred compensation plan investments (609) 262 9 105 358 (871) (967) Employee benefits expense (1) (598) 263 5 114 357 (861) (955) Income (loss) before income tax expense $ (11) (1) 4 (9) 1 $ (10) (12) (1) Represents change in deferred compensation plan liability. Wells Fargo 1Q20 Supplement 23

Noninterest expense and efficiency ratio (1) vs vs . Noninterest expense down $2.6 billion LQ ($ in millions) 1Q20 4Q19 1Q19 - Personnel expense down $494 million Noninterest expense Salaries $ 4,721 - % 7 • Salaries flat Commission and incentive compensation 2,463 (7) (13) • Commission and incentive compensation down $188 million on Employee benefits 1,130 (21) (42) lower restricted stock award expense, as well as lower revenue- Technology and equipment 661 (18) - related incentive compensation Net occupancy 715 (5) - • Employee benefits expense down $306 million as a $861 million Core deposit and other intangibles 23 (12) (18) decline in deferred compensation expense (P&L neutral) was FDIC and other deposit assessments 118 (9) (26) partially offset by $544 million in seasonally higher payroll taxes Outside professional services (2) 727 (17) 7 and 401(k) matching expenses Operating losses (2) 464 (76) 95 . Please see page 23 for additional information on deferred (2) compensation expense Other 2,026 (12) (9) Total noninterest expense $ 13,048 (16) % (6) - Technology and equipment expense down $141 million from a 4Q19 that included a capitalized software impairment expense - Outside professional services expense (2) down $149 million 15,614 15,199 on lower project-related expenses, as well as lower legal expense 13,916 78.6% 13,449 (2) 13,048 - Operating losses down $1.5 billion on lower litigation accruals 69.1% 73.6% 64.4% 62.3% 1Q19 2Q19 3Q19 4Q19 1Q20 Efficiency Ratio (1) Efficiency ratio defined as noninterest expense divided by total revenue (net interest income and noninterest income). (2) The sum of Outside professional services expense, Operating losses and Other expense equals Other noninterest expense in the Consolidated Statement of Income, pages 19 and 20 of the press release. Wells Fargo 1Q20 Supplement 24

Community Banking vs vs . Net income of $155 million, down 95% YoY and 64% LQ ($ in millions) 1Q20 4Q19 1Q19 primarily reflecting higher provision expense including a Net interest income $ 6,787 4 % (6) reserve build, as well as net losses from equity securities Noninterest income 2,709 (32) (40) Provision for credit losses 1,718 n.m. n.m. Key metrics Noninterest expense 7,116 (21) (7) Income tax expense 644 30 52 . See pages 26 and 27 for additional information Segment net income $ 155 (64) % (95) . 5,329 retail bank branches reflects 24 branch ($ in billions) consolidations in 1Q20 Avg loans $ 462.6 - 1 . Consumer auto originations of $6.5 billion, down 5% LQ Avg deposits 798.6 1 4 and up 19% YoY 1Q20 4Q19 1Q19 . Mortgage originations of $48 billion (held-for-sale = Key Metrics: $33 billion and held-for-investment = $15 billion), down Total Retail Banking branches 5,329 5,352 5,479 20% LQ and up 45% YoY - 48% of originations were for purchases, compared with ($ in billions) 1Q20 4Q19 1Q19 50% in 4Q19 and 70% in 1Q19 Auto originations $ 6.5 6.8 5.4 - (1) Home Lending 1.08% residential held for sale production margin , Applications $ 108 72 64 down 13 bps LQ and up 3 bps YoY Application pipeline 62 33 32 - $780 million of originations directed to held-for-sale for Originations 48 60 33 future securitizations (1) Residential HFS production margin 1.08 % 1.21 % 1.05 (1) Production margin represents net gains on residential mortgage loan origination/sales activities divided by total residential held for sale mortgage originations. Wells Fargo 1Q20 Supplement 25

Community Banking metrics Customers and Active Accounts (in millions) 1Q20 4Q19 3Q19 2Q19 1Q19 vs. 4Q19 vs. 1Q19 Digital (online and mobile) Active Customers (1) (2) 30.9 30.3 30.2 30.0 29.8 2% 3% Mobile Active Customers (1) (2) 24.7 24.4 24.2 23.7 23.3 1% 6% Primary Consumer Checking Customers (1) (3) 24.4 24.4 24.3 24.3 23.9 0.2% 1.9% Consumer General Purpose Credit Card Active Accounts (4) (5) 7.9 8.1 8.1 8.0 7.8 -3% 1% . Digital (online and mobile) active customers (1) (2) of 30.9 million, up 2% LQ and 3% YoY reflecting improvements in user experience and increased customer awareness of digital services – Mobile active customers (1) (2) of 24.7 million, up 1% LQ and 6% YoY reflecting improvements in user experience and increased customer awareness of digital services . Primary consumer checking customers (1) (3) of 24.4 million, up 1.9% YoY . Consumer general purpose credit card active accounts (4) (5) of 7.9 million, down 3% LQ and up 1% YoY (1) Metrics reported on a one-month lag from reported quarter-end; for example, 1Q20 data as of February 2020 compared with February 2019. (2) Digital and mobile active customers is the number of consumer and small business customers who have logged on via a digital or mobile device in the prior 90 days. (3) Customers who actively use their checking account with transactions such as debit card purchases, online bill payments, and direct deposit. Management uses this metric to help monitor trends in checking customer engagement with the Company. (4) Accounts having at least one POS transaction, including POS reversal, during the period. (5) Credit card metrics shown in the table are for general purpose cards only. Wells Fargo 1Q20 Supplement 26

Community Banking metrics Balances and Activity (in millions, except where noted) 1Q20 4Q19 3Q19 2Q19 1Q19 vs. 4Q19 vs. 1Q19 Consumer and Small Business Banking Deposits (Average) ($ in billions) $ 779.5 763.2 749.5 742.7 739.7 2% 5% Teller and ATM Transactions (1) 289.4 315.1 324.3 327.3 313.8 -8% -8% [Purchase] Volume ?? #DIV/0! Debit Cards (2) POS Transactions 2,195 2,344 2,344 2,336 2,165 -6% 1% POS Purchase Volume (billions) $ 90.6 95.2 92.6 93.2 86.6 -5% 5% Consumer General Purpose Credit Cards (3) ($ in billions) POS Purchase Volume $ 18.2 21.0 20.4 20.4 18.3 -13% -1% Outstandings (Average) 32.3 32.3 31.7 30.9 30.7 0% 5% . Average consumer and small business banking deposit balances up 2% LQ and 5% YoY . Teller and ATM transactions (1) of 289.4 million in 1Q20, down 8% both LQ and YoY primarily due to the temporary closure of approximately 1,400 branches, which is about one-fourth of our nationwide network, as a result of the impact of COVID- 19, as well as the continued customer migration to digital channels . Debit cards (2) and consumer general purpose credit cards (3): - Point-of-sale (POS) debit card transactions down 6% LQ due to normal post-holiday seasonality, as well as the impact of COVID- 19, and up 1% YoY despite reduced spending due to COVID-19 - POS debit card purchase volume down 5% LQ and up 5% YoY due to the same impacts listed above under POS debit card transactions - POS consumer general purpose credit card purchase volume down 13% LQ reflecting reductions in customer spending due to COVID-19, as well as seasonality, and down 1% YoY - Consumer general purpose credit card average balances of $32.3 billion, stable LQ and up 5% YoY reflecting an increase in POS spend during the first two months of 2020 compared with the first two months of 2019 (1) Teller and ATM transactions reflect customer transactions completed at a branch teller line or ATM and does not include customer interactions with a branch banker. Management uses this metric to help monitor customer traffic trends within the Company’s Retail Banking business. (2) Combined consumer and business debit card activity. (3) Credit card metrics shown in the table are for general purpose cards only. Wells Fargo 1Q20 Supplement 27

Wholesale Banking . Net income of $311 million, down 89% YoY and 88% LQ vs vs ($ in millions) 1Q20 4Q19 1Q19 predominantly reflecting higher provision expense and lower revenue Net interest income $ 4,136 (3) % (9) . Net interest income down 3% LQ as the impact of the lower Noninterest income 1,681 (27) (35) interest rate environment was partially offset by higher loan Provision for credit losses 2,288 n.m. n.m. and deposit balances Noninterest expense 3,763 1 (2) . Noninterest income down 27% LQ from a 4Q19 that included a $362 million gain on the sale of Eastdil; 1Q20 results Income tax benefit (546) n.m. n.m. included $180 million of securities impairment, and lower Segment net income $ 311 (88) % (89) mortgage banking results, partially offset by higher LIHTC investment income ($ in billions) . Provision for credit losses increased $2.2 billion LQ driven by a Avg loans $ 484.5 2 2 $1.9 billion reserve build for loans, higher net charge-offs Avg deposits 456.6 2 11 driven by losses in the oil and gas portfolio, and $171 million of provision expense for debt securities 1Q20 4Q19 1Q19 . (1) Noninterest expense up 1% LQ driven by seasonally higher Efficiency ratio 64.7 57.1 % 54.0 personnel expense Adjusted efficiency ratio for income tax (2) 58.2 52.0 50.0 Lending-related credits . Unfunded lending commitments down 7% YoY and 13% LQ (6) vs vs . Revolving loan utilization in March of 48.6% , up 720 bps ($ or # in billions) 1Q20 4Q19 1Q19 YoY and 860 bps LQ reflecting an increase in draws due to Key Metrics: COVID-19 Lending-related . Total assets under lease down 3% LQ Unfunded lending commitments $ 300 (13) % (7) Treasury Management Assets under lease 27 (3) (2) . Treasury management revenue flat YoY and down 3% LQ Commercial mortgage servicing - 3rd party . ACH payment transactions originated (3) up 12% YoY on large unpaid principal balance 564 - 1 customer volume growth and down 2% LQ driven by Treasury Management seasonality ACH payment transactions originated (#) (3) 2.0 (2) 12 . Commercial card spend volume (4) of $8.1 billion, down 4% YoY Commercial card spend volume (4) $ 8.1 (7) (4) and 7% LQ on reduced business travel due to COVID-19 (5) Investment Banking (5) Investment Banking Total U.S. market share (%) 4.0 30 80 bps . 1Q20 U.S. investment banking market share of 4.0% vs. 1Q19 High grade DCM U.S. market share (%) 9.2 150 180 bps of 3.2% on record high grade debt capital markets (DCM) Loan syndications U.S. market share (%) 3.4 (150) (80) bps results (1) The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income). (2) The adjusted efficiency ratio for income tax credits, which includes tax equivalent adjustments for income tax credits related to our low-income housing and renewable energy investments, is a non-GAAP financial measure. For additional information, including a corresponding reconciliation to GAAP financial measures, see page 40. (3) Includes ACH payment transactions originated by the entire company. (4) Includes commercial card volume for the entire company. (5) Source: Dealogic U.S. investment banking fee market share. (6) Preliminary estimate. Wells Fargo 1Q20 Supplement 28

Wealth and Investment Management vs vs . Net income of $463 million, down 20% YoY and up 82% LQ ($ in millions) 1Q20 4Q19 1Q19 . Net interest income down 5% LQ primarily due to the lower Net interest income $ 867 (5) % (21) interest rate environment, partially offset by higher deposit Noninterest income 2,848 (10) (4) balances Provision for credit losses 8 n.m. n.m. . Noninterest income down 10% LQ largely driven by net losses Noninterest expense 3,103 (17) (6) from equity securities on a $359 million decline in deferred Income tax expense 153 80 (20) compensation plan investment results (P&L neutral), partially offset by higher retail brokerage advisory fees (priced at the Segment net income $ 463 82 % (20) beginning of the quarter) and higher brokerage transaction ($ in billions) revenue Avg loans $ 78.5 2 6 . Noninterest expense down 17% LQ, primarily due to a $362 Avg deposits 151.4 4 (1) million decline in deferred compensation plan expense, lower operating losses, and lower technology and equipment expense vs vs ($ in billions, except where noted) 1Q20 4Q19 1Q19 due to a capitalized software expense in 4Q19, partially offset by Key Metrics: seasonally higher personnel expenses and higher broker (1) commissions WIM Client assets ($ in trillions) $ 1.6 (15) % (12) Retail Brokerage WIM Segment Highlights Client assets ($ in trillions) $ 1.4 (15) (13) . WIM total client assets of $1.6 trillion, down 12% YoY primarily Advisory assets 499 (15) (9) driven by lower market valuations and net outflows in the Correspondent Clearing business IRA assets 367 (15) (9) . 1Q20 closed referred investment assets (referrals resulting from Financial advisors (#) 13,450 - (3) the WIM/Community Banking partnership) of $2.8 billion were up Wealth Management 5% LQ and up 16% YoY Client assets $ 213 (11) (8) Retail Brokerage Wells Fargo Asset Management (2) . Advisory assets of $499 billion, down 9% YoY, primarily driven by Total AUM 518 2 9 lower market valuations and net outflows in the Correspondent Wells Fargo Funds AUM 238 8 22 Clearing business Wells Fargo Asset Management (1) WIM Client Assets reflect Brokerage & Wealth assets, including Wells Fargo Funds holdings and deposits. . Total AUM (2) of $518 billion, up 9% YoY primarily driven by higher (2) Wells Fargo Asset Management Total AUM not held in Brokerage & Wealth client assets money market fund net inflows, partially offset by equity and excluded from WIM Client Assets. Wells Fargo 1Q20 Supplement fixed income net outflows 29

Credit quality of the loan portfolio Provision Expense and Net Charge-offs on Loans . Net charge-offs on loans of $909 million, up $140 million ($ in millions) 3,833 LQ . 0.38% net charge-off rate (annualized), up 6 bps LQ - Commercial losses of 25 bps, up 9 bps LQ on higher commercial and industrial losses primarily related to higher oil and gas net charge-offs reflecting significant declines in oil prices • See page 31 for additional information on the oil and gas 845 909 portfolio 695 653 695 645 644 769 503 0.38% - Consumer losses of 53 bps, up 2 bps LQ driven by higher 0.32% 0.30% 0.28% 0.27% losses in credit card . NPAs increased $759 million LQ 1Q19 2Q19 3Q19 4Q19 1Q20 - Nonaccrual loans increased $810 million Provision Expense Net Charge-offs • Commercial nonaccruals increased $621 million Net Charge-off Rate predominantly driven by the commercial real estate, and commercial and industrial portfolios as the effect of the COVID-19 pandemic on market conditions began to Nonperforming Assets impact our customer base ($ in billions) • Consumer nonaccrual loans increased $189 million predominantly driven by higher nonaccruals in the real 7.3 estate 1-4 family first mortgage loan portfolio as the 0.4 implementation of CECL required purchased credit- 6.4 6.3 impaired (PCI) loans to be classified as nonaccruing 6.0 0.2 0.4 based on performance 0.5 5.6 0.3 - Foreclosed assets down $51 million 6.9 . Allowance for credit losses for loans = $12.0 billion 5.9 6.2 - Allowance coverage for total loans = 1.19% 5.5 5.3 - Allowance covered 3.3x annualized 1Q20 net charge-offs on loans - Allowance coverage for nonaccrual loans = 195% 1Q19 2Q19 3Q19 4Q19 1Q20 - See page 32 for additional information Nonaccrual loans Foreclosed assets Wells Fargo 1Q20 Supplement 30

Oil and gas loan portfolio performance . Oil and gas loans outstanding up 5% LQ and 7% Credit performance overview YoY reflecting increased utilization driven by . $186 million of net charge-offs in 1Q20, up the impact of COVID-19 and the decline in oil $112 million LQ prices in 1Q20, and total commitments (1) - 89% of net charge-offs from the exploration & down 3% LQ and 2% YoY reflecting a weaker production (E&P) sector credit environment . Nonaccrual loans of $549 million, down $66 million LQ as higher net charge-offs, as well as Loans Outstanding and Total Commitments (1) loan payments, were partially offset by new ($ in billions) downgrades to nonaccrual status in the quarter 35.6 35.1 34.4 - ~84% of nonaccruals current on payments - 99% of nonaccruals from the E&P and services sectors - Substantially all nonaccruals were senior secured . Criticized loans of $3.1 billion, up $591 million, 13.3 13.6 14.3 or 23%, LQ predominantly reflecting increases from the E&P sector 1Q19 4Q19 1Q20 Loans outstanding Total commitments (1) (1) Total commitments = Loans outstanding + unfunded commitments, excluding issued letters of credit. Wells Fargo 1Q20 Supplement 31

Current expected credit losses (CECL) . Total allowance for credit losses (ACL) for loans and debt securities = $12.2 billion - Total ACL for loans and unfunded commitments = $12.0 billion, or 1.19% of loans, up $1.6 billion LQ • Commercial ACL down $967 million to $5.3 billion • Consumer ACL up $2.5 billion to $6.7 billion - Total ACL for AFS and HTM debt securities = $172 million . Upon adoption of CECL on January 1, 2020, we recognized a $1.3 billion reduction in our allowance for credit losses (ACL) and a corresponding increase (pre-tax) in retained earnings, predominantly reflecting: - $2.9 billion decline in commercial ACL reflecting shorter contractual maturities given limitation to contractual terms - $1.5 billion increase in consumer ACL reflecting longer contractual terms or indeterminate maturities, offset by expectation of recoveries in collateral value on residential mortgage loans previously written down significantly below current recovery value . From January 2, 2020 to March 31, 2020, we added $3.1 billion to our ACL for loans and debt securities driven by the following: - Economic sensitivity due to COVID-19 pandemic • Internal economic model reflects associated impacts to our portfolios - Industries most adversely affected in the near term by the COVID-19 pandemic • Sensitivity analysis on several commercial industries designated with high, medium and low sensitivities - Oil and gas industry exposure • Reflects lower oil prices and deteriorating credit trends; see page 31 for additional information - Draws on loan commitments • $52.0 billion of commercial loan growth in 1Q20 was driven by loan draws - $141 million reserve build for debt securities reflecting economic and market conditions Wells Fargo 1Q20 Supplement 32

Capital Common Equity Tier 1 Ratio (1) Capital Position . After a multi-year program to return excess capital to shareholders, the Common Equity Tier 1 ratio of 10.7% 11.9% 12.0% 11.6% at 3/31/20 (1) continued to be above both the 11.1% regulatory minimum of 9% and our current internal 10.7% target of 10% Capital Return . Period-end common shares outstanding down 38.0 million shares, or 1%, LQ - Settled 75.4 million common share repurchases • Suspended share repurchases on 3/15/20 - Issued 37.4 million common shares . Returned $5.0 billion to shareholders in 1Q20 - Net share repurchases of $2.9 billion - Quarterly common stock dividend of $0.51 per share, up 13% YoY . Issued $2.0 billion of Non-Cumulative Perpetual Class A 1Q19 2Q19 3Q19 4Q19 1Q20 Preferred Stock, Series Z Estimated . Redeemed the remaining $1.8 billion of our Fixed-to- Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series K . Redeemed $668 million of our Non-Cumulative Perpetual Class A Preferred Stock, Series T Total Loss Absorbing Capacity (TLAC) Update . As of 3/31/20, our eligible external TLAC as a percentage of total risk-weighted assets was 23.2% (2) compared with the required minimum of 22.0% (1) 1Q20 capital ratio is a preliminary estimate. See page 41 for additional information regarding the Common Equity Tier 1 capital ratio. (2) 1Q20 TLAC ratio is a preliminary estimate. Wells Fargo 1Q20 Supplement 33

Appendix

Real estate 1-4 family mortgage portfolio ($ in millions) 1Q20 4Q19 1Q19 Linked Quarter Change Year-over-Year Change Real estate 1-4 family first mortgage loans: $ 292,920 293,847 284,545 $ (927) - % $ 8,375 3 % Nonaccrual loans 2,372 2,150 3,026 222 10 (654) (22) as % of loans 0.81 % 0.73 % 1.06 % 8 bps (25) bps Net charge-offs/(recoveries) $ (3) (3) (12) $ - - $ 9 (75) as % of average loans (0.00) % (0.00) % (0.02) % (0) bps 2 bps Real estate 1-4 family junior lien mortgage loans: $ 28,527 29,509 33,099 $ (982) (3) $ (4,572) (14) Nonaccrual loans 769 796 916 (27) (3) (147) (16) as % of loans 2.70 % 2.70 % 2.77 % (0) bps (7) bps Net charge-offs/(recoveries) $ (5) (16) (9) $ 11 (69) % $ 4 (44) % as % of average loans (0.07) % (0.20) % (0.10) % 13 bps 3 bps . First mortgage loans down $927 million LQ as $14.3 . Junior lien mortgage loans down $982 million, or 3%, LQ billion of originations were more than offset by as paydowns more than offset new originations paydowns - Net charge-offs flat LQ - Nonaccrual loans increased $222 million, or 10%, LQ • $275 million increase as the implementation of CECL required PCI loans to be classified as nonaccruing based on performance - First lien home equity lines of $10.2 billion, down $190 million Loan balances as of period-end. Wells Fargo 1Q20 Supplement 35

Consumer credit card portfolio ($ in millions, except where noted) 1Q20 4Q19 1Q19 Linked Quarter Change Year-over-Year Change Credit card outstandings $ 38,582 41,013 38,279 $ (2,431) (6) % $ 303 1 % Net charge-offs 377 350 352 27 8 25 7 as % of avg loans 3.81 % 3.48 % 3.73 % 33 bps 8 bps 30+ days past due $ 1,003 1,078 945 $ (75) (7) $ 58 6 as % of loans 2.60 % 2.63 % 2.47 (3) bps 13 bps - Key Metrics: Purchase volume $ 19,907 23,126 20,062 $ (3,219) (14) $ (155) (1) POS transactions (millions) 298 341 299 (43) (13) (1) - New accounts (1) (thousands) 315 366 507 (51) (14) (192) (38) POS active accounts (thousands) (2) 8,635 8,998 8,663 (363) (4) % (28) - % . Credit card outstandings down 6% LQ reflecting seasonality, as well as lower POS volumes and payment rates due to the impact of COVID-19, and up 1% YoY - General purpose credit card outstandings down 6% LQ and up 1% YoY - Purchase dollar volume down 14% LQ reflecting the impact of COVID-19 on consumer spending, as well as seasonality, and down 1% YoY - New accounts (1) down 14% LQ due to the impact of COVID-19, and down 38% YoY as we reduced new accounts generated through digital channels to optimize for risk, growth and profitability . Net charge-offs up $27 million, or 33 bps, LQ driven by seasonality, and up $25 million, or 8 bps, YoY . 30+ days past due were down $75 million, or 3 bps, LQ on seasonality, and up $58 million, or 13 bps, YoY Loan balances as of period-end. (1) Includes consumer general purpose credit card as well as certain co-brand and private label relationship new account openings. (2) Accounts having at least one POS transaction, including POS reversal, during the period. Wells Fargo 1Q20 Supplement 36

Auto portfolios ($ in millions) 1Q20 4Q19 1Q19 Linked Quarter Change Year-over-Year Change Consumer: Auto outstandings $ 48,568 47,873 44,913 $ 695 1 % $ 3,655 8 % Nonaccrual loans 99 106 116 (7) (7) (17) (15) as % of loans 0.20 % 0.22 % 0.26 % (2) bps (6) bps Net charge-offs $ 82 87 91 $ (5) (6) $ (9) (10) as % of avg loans 0.68 % 0.73 % 0.82 % (5) bps (14) bps 30+ days past due $ 1,116 1,229 1,040 $ (113) (9) $ 76 7 as % of loans 2.30 % 2.57 % 2.32 % (27) bps (2) bps Commercial: Auto outstandings $ 10,784 10,740 11,088 $ 44 - $ (304) (3) Nonaccrual loans 13 14 15 (1) (7) (2) (13) as % of loans 0.12 % 0.13 % 0.14 % (1) bps (2) bps Net charge-offs $ 4 2 2 $ 2 100 % $ 2 100 % as % of avg loans 0.09 % 0.09 % 0.07 % - bps 2 bps Consumer Portfolio Commercial Portfolio . Auto outstandings of $48.6 billion, up 1% LQ and 8% YoY . Loans of $10.8 billion, flat LQ on seasonality and - 1Q20 originations of $6.5 billion, down 5% LQ influenced by a down 3% YoY due to lower floorplan utilization as national slowdown late in 1Q20 due to COVID-19, but up 19% YoY dealers held less inventory . Nonaccrual loans decreased $7 million LQ on seasonality and $17 million YoY . Net charge-offs down $5 million LQ on seasonality, and down $9 million YoY predominantly driven by lower early losses from higher quality originations . 30+ days past due decreased $113 million LQ on seasonality and increased $76 million YoY on growth in loan balances Loan balances as of period-end. Wells Fargo 1Q20 Supplement 37

Student lending portfolio ($ in millions) 1Q20 4Q19 1Q19 Linked Quarter Change Year-over-Year Change Private outstandings $ 10,555 10,608 11,139 $ (53) - % $ (584) (5) % Net charge-offs 32 37 27 (5) (14) 5 19 as % of avg loans 1.21 % 1.38 % 0.94 % (17) bps 27 bps 30+ days past due $ 172 187 176 $ (15) (8) % $ (4) (2) % as % of loans 1.63 % 1.75 % 1.58 % (12) bps 5 bps . $10.6 billion private loan outstandings, flat LQ and down 5% YoY on higher paydowns - Average FICO of 761, and 84% of the total outstandings have been co-signed - Originations were flat YoY . Net charge-offs decreased $5 million LQ due to seasonality of repayments, and increased $5 million YoY . 30+ days past due decreased $15 million LQ and decreased $4 million YoY Loan balances as of period-end. Wells Fargo 1Q20 Supplement 38

Trading-related revenue ($ in millions) 1Q20 4Q19 1Q19 Linked Quarter Change Year-over-Year Change Trading-related revenue Net interest income $ 774 852 795 $ (78) (9) % $ (21) (3) % Net gains from trading activities 64 131 357 (67) (51) (293) (82) Trading-related revenue $ 838 983 1,152 $ (145) (15) % $ (314) (27) % . Fixed income, currencies and commodity trading (FICC) generated 76% of total trading-related revenue in 1Q20 . Trading-related revenue of $838 million was down $145 million, or 15%, LQ: - Net interest income decreased $78 million, or 9%, reflecting lower average trading assets and lower yields - Net gains from trading activities down $67 million, or 51%, as higher trading losses in asset-backed securities and lower credit trading were partially offset by higher rates and commodities trading and a higher equity derivatives valuation adjustment . Trading-related revenue was down $314 million, or 27%, YoY: - Net interest income decreased $21 million, or 3%, primarily driven by lower yields on residential mortgage-backed securities and loan trading - Net gains from trading activities down $293 million reflecting losses in asset-backed trading and credit trading, partially offset by higher rates and commodities results Wells Fargo 1Q20 Supplement 39

Wholesale Banking adjusted efficiency ratio for income tax credits We also evaluate our Wholesale Banking operating segment based on an adjusted efficiency ratio for income tax credits. The adjusted efficiency ratio for income tax credits is a non-GAAP financial measure and represents noninterest expense divided by total revenue plus income tax credits related to our low-income housing and renewable energy investments and related tax equivalent adjustments Management believes that the adjusted efficiency ratio for income tax credits is a useful financial measure because it enables investors and others to compare efficiency results from both taxable and tax-advantaged sources on a consistent basis The table below provides a reconciliation of this non-GAAP financial measure to GAAP financial measures ($ in millions) 1Q20 4Q19 3Q19 2Q19 1Q19 Wholesale Banking adjusted efficiency ratio for income tax credits: Total revenue (A) $ 5,817 6,559 6,942 7,065 7,111 Adjustments: Income tax credits related to our low-income housing and renewable 491 478 422 423 427 energy investments (included in income tax expense) Tax equivalent adjustments related to income tax credits (1) 163 160 141 141 142 Adjusted total revenue (B) 6,471 7,197 7,505 7,629 7,680 Noninterest expense (C) 3,763 3,743 3,889 3,882 3,838 Efficiency ratio (C)/(A) 64.7 % 57.1 56.0 54.9 54.0 Adjusted efficiency ratio for income tax credits (C)/(B) 58.2 % 52.0 51.8 50.9 50.0 (1) Based on our combined federal statutory rate and composite state income tax rates. Wells Fargo 1Q20 Supplement 40

Common Equity Tier 1 - 1 - Wells Fargo & Company and Subsidiaries COMMON EQUITY TIER 1 UNDER BASEL III (1) Estimated Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, (in billions, except ratio) 2020 2019 2019 2019 2019 Total equity $ 183.3 188.0 194.4 200.0 198.7 Adjustments: Preferred stock (21.3 ) (21.5 ) (21.5 ) (23.0 ) (23.2 ) Additional paid-in capital on preferred stock 0.1 (0.1 ) (0.1 ) (0.1 ) (0.1 ) Unearned ESOP shares 1.1 1.1 1.1 1.3 1.5 Noncontrolling interests (0.6 ) (0.8 ) (1.1 ) (1.0 ) (0.9 ) Total common stockholders' equity 162.6 166.7 172.8 177.2 176.0 Adjustments: Goodwill (26.4 ) (26.4 ) (26.4 ) (26.4 ) (26.4 ) Certain identifiable intangible assets (other than MSRs) (0.4 ) (0.4 ) (0.5 ) (0.5 ) (0.5 ) Goodwill and other intangibles on nonmarketable equity securities (included in other assets) (1.9 ) (2.1 ) (2.3 ) (2.3 ) (2.1 ) Applicable deferred taxes related to goodwill and other intangible assets (2) 0.8 0.8 0.8 0.8 0.8 Other — 0.2 0.3 0.4 0.3 Common Equity Tier 1 under Basel III (A) 134.7 138.8 144.7 149.2 148.1 Total risk-weighted assets (RWAs) anticipated under Basel III (3)(4) (B) $ 1,264.7 1,245.8 1,246.2 1,246.7 1,243.1 Common Equity Tier 1 to total RWAs anticipated under Basel III (4) (A)/(B) 10.7 % 11.1 11.6 12.0 11.9 (1) Basel III capital rules, adopted by the Federal Reserve Board on July 2, 2013, revised the definition of capital, increased minimum capital ratios, and introduced a minimum Common Equity Tier 1 (CET1) ratio. The rules are being phased in through the end of 2021. The Basel III capital requirements for calculating CET1 and tier 1 capital, along with RWAs, are fully phased-in. (2) Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period end. (3) The final Basel III capital rules provide for two capital frameworks: the Standardized Approach and the Advanced Approach applicable to certain institutions. Accordingly, in the assessment of our capital adequacy, we must report the lower of our CET1, tier 1 and total capital ratios calculated under the Standardized Approach and under the Advanced Approach. Because the final determination of our CET1 ratio and which approach will produce the lower CET1 ratio as of March 31, 2020, is subject to detailed analysis of considerable data, our CET1 ratio at that date has been estimated using the Basel III definition of capital under the Basel III Standardized Approach RWAs. The capital ratio for December 31, September 30, June 30 and March 31, 2019, was calculated under the Basel III Standardized Approach RWAs. (4) The Company’s March 31, 2020, RWAs and capital ratio are preliminary estimates. Wells Fargo 1Q20 Supplement 41

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 SEC, 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 and our allowance for credit losses; (iv) the appropriateness of the allowance for credit losses; (v) our expectations regarding net interest income and net interest margin; (vi) loan growth or the reduction or mitigation of risk in our loan portfolios; (vii) future capital or liquidity levels, ratios or targets; (viii) the performance of our mortgage business and any related exposures; (ix) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (x) future common stock dividends, common share repurchases and other uses of capital; (xi) our targeted range for return on assets, return on equity, and return on tangible common equity; (xii) expectations regarding our effective income tax rate; (xiii) the outcome of contingencies, such as legal proceedings; 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 first quarter 2020 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, 2019, as supplemented by our Current Report on Form 8-K filed on April 14, 2020. Wells Fargo 1Q20 Supplement 42



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



Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, par value $1-2/3	WFC	NYSE
7.5% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L	WFC.PRL	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series N	WFC.PRN	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series O	WFC.PRO	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series P	WFC.PRP	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 T	WFC.PRT	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series V	WFC.PRV	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series W	WFC.PRW	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series X	WFC.PRX	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
Guarantee of 5.80% Fixed-to-Floating Rate Normal Wachovia Income Trust Securities of Wachovia Capital Trust III	WFC/TP	NYSE
Guarantee of Medium-Term Notes, Series A, due October 30, 2028 of Wells Fargo Finance LLC	WFC/28A	NYSE



Exhibit No.	Description	Location
99.1	Press Release dated April 14, 2020	Filed herewith
99.2	Quarterly Supplement dated April 14, 2020	Furnished herewith, except for the “Managing under the asset cap” portion on page 10, which portion is deemed filed herewith
104	Cover Page Interactive Data File	Embedded within the Inline XBRL document



Dated:	April 14, 2020	WELLS FARGO & COMPANY

		By:	/s/ MUNEERA CARR
			Muneera Carr
			Executive Vice President, Chief Accounting Officer and Controller


Item 8.01.	Other Events.