WELLS FARGO & COMPANY/MN (Form: 8-K, Received: 07/14/2020 08:24:24)

Exhibit 99.1

News Release | July 14, 2020

Wells Fargo Reports Second Quarter 2020 Net Loss of $2.4 Billion, which Included an $8.4 Billion Increase in the Credit Loss Reserve Driven by Current and Forecasted Economic Conditions

Board of Directors intends to reduce third quarter 2020 common stock dividend to $0.10 per share


•	Financial results:


◦	Net loss of $2.4 billion and diluted loss per share of $0.66


◦	Revenue of $17.8 billion, down from $21.6 billion in second quarter 2019


▪	Net interest income of $9.9 billion, down $2.2 billion


▪	Noninterest income of $8.0 billion, down $1.5 billion


◦	Noninterest expense of $14.6 billion, up $1.1 billion from second quarter 2019


▪	Second quarter 2020 included:


•	Operating losses of $1.2 billion, primarily due to customer remediation accruals


•	Personnel, occupancy, and technology expense of $382 million related to the COVID-19 pandemic


◦	Average loans of $971.3 billion, up $23.8 billion, or 3%, from second quarter 2019; period-end loans of $935.2 billion, down $74.7 billion, or 7%, from first quarter 2020


◦	Average deposits of $1.4 trillion, up $117.7 billion, or 9%, from second quarter 2019; period-end deposits of $1.4 trillion, up $34.2 billion, or 2%, from first quarter 2020


•	Credit quality:


◦	Provision expense of $9.5 billion, up $9.0 billion from second quarter 2019


▪	Net charge-offs of $1.1 billion, up $462 million


•	Net loan charge-offs of 0.46% of average loans (annualized), up from 0.28%


▪	Increase in the allowance for credit losses of $8.4 billion


◦	Nonaccrual loans of $7.6 billion, up $1.7 billion, or 28%


•	Strong liquidity and capital positions:


◦	Liquidity coverage ratio¹ (LCR) of 129%, which continued to exceed the regulatory minimum of 100%


◦	Common Equity Tier 1 (CET1) ratio of 10.9%², up from 10.7% in first quarter 2020; the CET1 ratio continued to exceed both the regulatory minimum of 9% and our current internal target of 10%

¹ 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.

² See table on page 38 for more information on Common Equity Tier 1. Common Equity Tier 1 is a preliminary estimate.

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◦	On June 25, 2020, the Federal Reserve Board (FRB) released the results of the 2020 Dodd-Frank stress test and related Comprehensive Capital Analysis and Review (CCAR). The Company expects its stress capital buffer (SCB) to be 2.5%, which is the lowest possible SCB

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

Form 10-Q for the quarter ended June 30, 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
	Jun 30, 2020			Mar 31, 2020	Jun 30, 2019
Earnings
Diluted earnings (loss) per common share	$	(0.66	)	0.01	1.30
Wells Fargo net income (loss) (in billions)	(2.38		)	0.65	6.21
Return on assets (ROA)	(0.49		)%	0.13	1.31
Return on equity (ROE)	(6.63		)	0.10	13.26
Return on average tangible common equity (ROTCE) (a)	(8.00		)	0.12	15.78
Asset Quality
Net loan charge-offs (annualized) as a % of average total loans	0.46		%	0.38	0.28
Allowance for credit losses for loans as a % of total loans	2.19			1.19	1.12
Allowance for credit losses for loans as a % of annualized net loan charge-offs	457			329	405
Other
Revenue (in billions)	$	17.8		17.7	21.6
Efficiency ratio (b)	81.6		%	73.6	62.3
Average loans (in billions)	$	971.3		965.0	947.5
Average deposits (in billions)	1,386.7			1,338.0	1,269.0
Net interest margin	2.25		%	2.58	2.82


(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 37.


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

SAN FRANCISCO – July 14, 2020 – Wells Fargo & Company (NYSE:WFC) reported a net loss of $2.4 billion, or $0.66 per diluted common share, for second quarter 2020, compared with net income of $6.2 billion, or $1.30 per share, for second quarter 2019, and $653 million, or $0.01 per share, for first quarter 2020.

The Company also announced that it expects to reduce its third quarter 2020 common stock dividend to $0.10 per share from $0.51 per share, subject to approval by the Company's Board of Directors at the customary time at the end of July.

Chief Executive Officer Charlie Scharf said, “We are extremely disappointed in both our second quarter results and our intent to reduce our dividend. Our view of the length and severity of the economic downturn has deteriorated considerably from the assumptions used last quarter, which drove the $8.4 billion addition to our credit loss reserve in the second quarter. While the negative impact of the pandemic is unprecedented and many of our business drivers were negatively impacted, our franchise should perform better, and we will make changes to improve our performance regardless of the operating environment.

“Though our income performance was weak, our capital and liquidity continues to be extremely strong with both our CET1 ratio and LCR increasing from the end of the prior quarter. However, it is critical in these uncertain times that our common stock dividend reflects current earnings capacity assuming a continued difficult operating environment, evolving regulatory guidance, and protects our capital position if economic conditions were to further deteriorate. Given this, we believe it is prudent to be extremely cautious until we see a clear path to broad economic

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improvement. We are confident that this eventual economic improvement combined with our actions to increase our margins will support a higher dividend in the future,” Scharf added.

“I’m proud of the hard work and dedication of our employees through these challenging times to support our customers, communities, and each other. Our regulatory commitments remain our top priority and while we have more work ahead of us, we continue to devote all necessary resources to this effort,” Scharf concluded.

Chief Financial Officer John Shrewsberry said, “Wells Fargo reported a $2.4 billion net loss in the second quarter and a diluted loss per share of $0.66. In addition to the higher reserve, net interest income declined linked quarter primarily due to the impact of significantly lower market interest rates. Our second quarter results also included $1.2 billion of operating losses, primarily due to customer remediation accruals. Additionally, we had higher personnel and occupancy expense due to COVID-19. With respect to the balance sheet, loans declined as commercial customers paid down loans that were drawn late in the first quarter during the market turbulence at the outset of the pandemic, while consumer deposit balances increased reflecting unprecedented government stimulus programs, lower spending, and customers’ preferences for liquidity.”

Net Interest Income

Net interest income in the second quarter was $9.9 billion, down $1.4 billion from first quarter 2020; and the net interest margin was 2.25%, down 33 basis points from the prior quarter. These results were due to balance sheet repricing driven by the impact of the lower interest rate environment, less favorable hedge ineffectiveness accounting results, and higher mortgage-backed securities (MBS) premium amortization, partially offset by a shift to a lower-cost mix of funding.

Noninterest Income

Noninterest income in the second quarter was $8.0 billion, up $1.6 billion from first quarter 2020. Second quarter noninterest income included higher market sensitive revenue³, partially offset by lower other income, service charges on deposit accounts, and trust and investment fees.


•	Service charges on deposit accounts were $930 million, down from $1.2 billion in first quarter 2020, due to the impact of the COVID-19 pandemic, which resulted in reduced debit card transaction volume and higher fee waivers, as well as customers carrying higher average balances.


•	Trust and investment fees were $3.4 billion, down from $3.6 billion in first quarter 2020, driven by lower asset-based fees on retail brokerage advisory assets reflecting lower market valuations at March 31, 2020, partially offset by higher investment banking revenue.

•

Mortgage banking income was $317 million, down from $379 million in first quarter 2020. The decline in mortgage banking income reflected a lower valuation of our mortgage servicing rights asset as a result of assumption updates, including higher prepayment assumptions and higher expected servicing costs due to higher projected defaults. Additionally, net servicing fees were lower due to payment deferrals and fee waivers instituted in response to the COVID-19 pandemic. These declines were partially offset by higher net gains on mortgage loan production activities. The production margin on residential held-for-sale mortgage loan

³ Market sensitive revenue represents net gains from trading activities, debt securities, and equity securities.

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originations⁴ increased to 2.04% from 1.08% in the first quarter. Residential held-for-sale mortgage loan originations increased in the second quarter to $43 billion from $33 billion in the first quarter, primarily due to lower mortgage loan interest rates in the second quarter.

•

Market sensitive revenue³ was $1.6 billion, up from a loss of $(1.1) billion in first quarter 2020, predominantly due to a $1.9 billion increase in net gains from equity securities, which included $967 million of higher deferred compensation plan investment results (largely offset by higher employee benefits expense) and an $844 million decrease in impairment of securities from a first quarter that included $950 million of impairments. Additionally, net gains on trading activities increased $743 million on strong fixed income trading results.


•	Other income was $97 million, down $370 million from the prior quarter. Second quarter 2020 included a $261 million gain from the sale of $469 million of residential mortgage loans. First quarter 2020 included a $463 million gain from the sale of $709 million of residential mortgage loans.

Noninterest Expense

Noninterest expense in the second quarter was $14.6 billion, up $1.5 billion from the prior quarter. Operating losses in the second quarter increased $755 million from the first quarter on increased customer remediation accruals for a variety of matters and higher litigation accruals. Higher personnel expense in the second quarter included $947 million of higher deferred compensation expense (largely offset in revenue by higher net gains from equity securities), as well as COVID-19 related expense including additional payments to front-line employees and back-up childcare expense. The increase in personnel expense was partially offset by seasonally lower payroll tax and 401(k) expense and lower commission expense on lower revenue. In addition, occupancy expense increased $156 million from first quarter 2020 and included higher cleaning costs due to the COVID-19 pandemic. Technology and equipment, travel and entertainment, and advertising and promotion expense all declined compared with the prior quarter.

Income Taxes

The Company’s effective income tax rate was 62.2% for second quarter 2020, reflecting the impact of annual income tax benefits, primarily tax credits, driven by the reported pre-tax loss, and included net discrete income tax benefits of $98 million predominantly related to the resolution of prior period U.S. federal income tax matters. The effective income tax rate in first quarter 2020 was 19.5% 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 Company currently expects the effective income tax rate for the remainder of 2020 to be approximately 26%, excluding the impact of discrete items.

Loans

Average loans were $971.3 billion in the second quarter, up $6.2 billion from the first quarter. Period-end loan balances were $935.2 billion at June 30, 2020, down $74.7 billion from March 31, 2020. Commercial loans were down $54.5 billion compared with March 31, 2020, predominantly due to a $54.9 billion decline in commercial and industrial loans driven by repayment of revolving lines that were drawn in March at the outset of the COVID-19 pandemic. Consumer loans decreased $20.1 billion from the prior quarter driven by a $16.7 billion decrease in real

⁴ 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 43 for more information.

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estate 1-4 family first and junior lien mortgage loans, as originations and draws of existing lines were more than offset by paydowns and a reclassification of $10.4 billion to held for sale, as well as a $2.6 billion decrease in credit card loans.

Period-End Loan Balances



(in millions)	Jun 30, 2020			Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019
Commercial	$	513,187		567,735	515,719	512,332	512,245
Consumer	421,968			442,108	446,546	442,583	437,633
Total loans	$	935,155		1,009,843	962,265	954,915	949,878
Change from prior quarter	$	(74,688	)	47,578	7,350	5,037	1,629

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 $472.6 billion at June 30, 2020, down $29.0 billion from the first quarter driven by a $23.2 billion decrease in debt securities available-for-sale and held-to-maturity, as purchases of approximately $16.8 billion, largely federal agency MBS, were more than offset by runoff and sales.

Net unrealized gains on available-for-sale debt securities were $4.4 billion at June 30, 2020, compared with $3.0 billion at March 31, 2020, predominantly due to tighter credit spreads.

Equity securities include marketable and nonmarketable equity securities, as well as equity securities held for trading. Period-end equity securities were $52.5 billion at June 30, 2020, down $1.6 billion from the first quarter.

Deposits

Period-end deposits were $1.4 trillion at June 30, 2020, up $34.2 billion from March 31, 2020. Total average deposits for second quarter 2020 were $1.4 trillion, up $48.7 billion from the prior quarter driven by growth in consumer deposits, partially offset by a decline in commercial deposits. The average deposit cost for second quarter 2020 was 17 basis points, down 35 basis points from the prior quarter and down 53 basis points from a year ago.

Capital

The Company's CET1 ratio was 10.9%² and continued to exceed both the regulatory minimum of 9% and our current internal target of 10%. In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators in March 2020 related to the impact of the current expected credit loss (CECL) accounting standard on regulatory capital. The impact of the CECL transition provision on our regulatory capital at June 30, 2020, was an increase in capital of $1.9 billion and an increase in the CET1 ratio of 14 basis points.

The Company expects to decrease its third quarter 2020 common stock dividend to $0.10 per share from $0.51 per share, subject to approval by the Company's Board of Directors at the customary time at the end of July.

On June 25, 2020, the FRB released the results of the 2020 Dodd-Frank stress test and related CCAR. The Company expects its SCB to be 2.5%, the lowest possible SCB, which will keep the regulatory minimum for our CET1 ratio at 9%.

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As of June 30, 2020, our eligible external total loss absorbing capacity (TLAC) as a percentage of total risk-weighted assets was 25.3%⁵, compared with the required minimum of 22.0%.

Credit Quality

Net Loan Charge-offs

The quarterly loss rate as a percentage of average loans in the second quarter was 0.46% (annualized), up from 0.38% in the prior quarter and 0.28% a year ago. Commercial and consumer losses were 0.44% and 0.48%, respectively. Total credit losses were $1.1 billion in second quarter 2020, up $204 million from first quarter 2020. Commercial losses increased $278 million driven by continued weakness in the oil and gas portfolio and higher losses in commercial real estate, as the effect of the COVID-19 pandemic on market conditions impacted our customers.

Net Loan Charge-Offs



	Quarter ended
	June 30, 2020					March 31, 2020					June 30, 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	$	521		0.55	%	$	333		0.37	%	$	159		0.18	%
Real estate mortgage	67			0.22		(2		)	(0.01	)	4			0.01
Real estate construction	(1		)	(0.02	)	(16		)	(0.32	)	(2		)	(0.04	)
Lease financing	15			0.33		9			0.19		4			0.09
Total commercial	602			0.44		324			0.25		165			0.13
Consumer:
Real estate 1-4 family first mortgage	2			—		(3		)	—		(30		)	(0.04	)
Real estate 1-4 family junior lien mortgage	(12		)	(0.17	)	(5		)	(0.07	)	(19		)	(0.24	)
Credit card	327			3.60		377			3.81		349			3.68
Automobile	106			0.88		82			0.68		52			0.46
Other revolving credit and installment	88			1.09		134			1.59		136			1.56
Total consumer	511			0.48		585			0.53		488			0.45
Total	$	1,113		0.46	%	$	909		0.38	%	$	653		0.28	%


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

⁵ The TLAC ratio is a preliminary estimate.

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Nonperforming Assets

Nonperforming assets increased $1.4 billion, or 22%, from first quarter 2020 to $7.8 billion, and nonaccrual loans increased $1.4 billion from first quarter 2020 to $7.6 billion predominantly due to a $1.4 billion increase in commercial nonaccrual loans driven by the oil and gas and commercial real estate portfolios. Consumer nonaccrual loans increased $39 million driven by the residential real estate and automobile portfolios.

Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)



	June 30, 2020				March 31, 2020				June 30, 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	$	2,896	0.83	%	$	1,779	0.44	%	$	1,634		0.47	%
Real estate mortgage	1,217		0.98		944		0.77		737			0.60
Real estate construction	34		0.16		21		0.10		36			0.17
Lease financing	138		0.79		131		0.68		63			0.33
Total commercial	4,285		0.83		2,875		0.51		2,470			0.48
Consumer:
Real estate 1-4 family first mortgage	2,393		0.86		2,372		0.81		2,425			0.85
Real estate 1-4 family junior lien mortgage	753		2.81		769		2.70		868			2.71
Automobile	129		0.26		99		0.20		115			0.25
Other revolving credit and installment	45		0.14		41		0.12		44			0.13
Total consumer	3,320		0.79		3,281		0.74		3,452			0.79
Total nonaccrual loans	7,605		0.81		6,156		0.61		5,922			0.62
Foreclosed assets:
Government insured/guaranteed	31				43				68
Non-government insured/guaranteed	164				209				309
Total foreclosed assets	195				252				377
Total nonperforming assets	$	7,800	0.83	%	$	6,408	0.63	%	$	6,299		0.66	%
Change from prior quarter:
Total nonaccrual loans	$	1,449			$	810			$	(983	)
Total nonperforming assets	1,392				759				(1,042		)

Allowance for Credit Losses for Loans

At June 30, 2020, the allowance for credit losses (ACL) for loans, including the allowance for unfunded commitments, totaled $20.4 billion, up $8.4 billion from March 31, 2020. The increase in the ACL reflects forecasted credit deterioration due to the COVID-19 pandemic, including a $6.4 billion increase for commercial loans, mainly in the commercial real estate and commercial and industrial portfolios, and a $2.0 billion increase for consumer loans, mainly in the residential real estate portfolio. The allowance coverage for total loans was 2.19%, compared with 1.19% in first quarter 2020. The allowance covered 4.6 times annualized second quarter net charge-offs, compared with 3.3 times in the prior quarter. The allowance coverage for nonaccrual loans was 269% at June 30, 2020, compared with 195% at March 31, 2020.

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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 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 plan to update our operating segment disclosures, including comparative financial results, in third quarter 2020 when the Company 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)	Jun 30, 2020			Mar 31, 2020	Jun 30, 2019
Community Banking	$	(331	)	155	3,147
Wholesale Banking	(2,143		)	311	2,789
Wealth and Investment Management	180			463	602

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)	Jun 30, 2020			Mar 31, 2020	Jun 30, 2019
Total revenue	$	8,766		9,496	11,805
Provision for credit losses	3,378			1,718	479
Noninterest expense	8,346			7,116	7,212
Segment net income (loss)	(331		)	155	3,147
(in billions)
Average loans	449.3			462.6	457.7
Average assets	1,059.8			1,039.2	1,024.8
Average deposits	848.5			798.6	777.6

Second Quarter 2020 vs. First Quarter 2020


•	Net loss of $331 million, down from net income of $155 million

•

Revenue of $8.8 billion, down $730 million, or 8%, driven by lower net interest income, service charges on deposit accounts, mortgage banking revenue, card fees, trust and investment fees, and lower gains from the sale of residential mortgage loans, partially offset by higher market sensitive revenue³ including higher deferred compensation plan investment results (largely offset by higher employee benefits expense)

•

Noninterest expense of $8.3 billion increased $1.2 billion, or 17%, driven by higher operating losses reflecting increased customer remediation accruals for a variety of matters, and higher personnel expense reflecting increased benefits expense related to the COVID-19 pandemic and increased deferred compensation expense (largely offset in revenue by higher net gains from equity securities). The increase in noninterest expense was partially offset by lower travel and entertainment, advertising and promotion, and technology and equipment expense


•	Provision for credit losses increased $1.7 billion to $3.4 billion, predominantly due to a $2.8 billion increase in the allowance for credit losses in second quarter 2020 driven by current and forecasted economic conditions due to the COVID-19 pandemic

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Second Quarter 2020 vs. Second Quarter 2019


•	Net loss of $331 million, down from net income of $3.1 billion

•

Revenue decreased $3.0 billion, or 26%, driven by lower net interest income, mortgage banking revenue, service charges on deposit accounts, card fees, trust and investment fees, and lower gains from the sale of residential mortgage loans, partially offset by higher market sensitive revenue³ reflecting higher deferred compensation plan investment results (largely offset by higher employee benefits expense)

•

Noninterest expense increased $1.1 billion, or 16%, largely due to higher operating losses reflecting increased customer remediation accruals for a variety of matters, and higher personnel expense due to increased salary and benefits expense related to the COVID-19 pandemic, as well as increased deferred compensation expense (largely offset in revenue by higher net gains from equity securities). The increase in noninterest expense was partially offset by lower advertising and promotion, and travel and entertainment expense


•	Provision for credit losses increased $2.9 billion, predominantly due to a $2.8 billion increase in the allowance for credit losses in second quarter 2020 driven by current and forecasted economic conditions due to the COVID-19 pandemic

Business Metrics and Highlights


•	Primary consumer checking customers⁶^,⁷ of 24.3 million, up 0.4% from a year ago


•	Debit card point-of-sale purchase volume⁸ of $93.1 billion in the second quarter, flat compared with the prior year


•	General purpose credit card point-of-sale purchase volume of $15.8 billion in the second quarter, down 23% from second quarter 2019


•	31.1 million digital (online and mobile) active customers, including 25.2 million mobile active customers⁹


•	5,300 retail bank branches as of the end of second quarter 2020, reflecting 30 branch consolidations in the quarter


•	Home Lending


◦	Originations of $59 billion in second quarter 2020, up from $48 billion in first quarter 2020, driven primarily by lower mortgage interest rates


▪	Originations of loans held-for-sale and loans held-for-investment were $43 billion and $16 billion, respectively


◦	Production margin on residential held-for-sale mortgage loan originations⁴ of 2.04% in second quarter 2020, up from 1.08% in first quarter 2020


◦	Applications of $84 billion in second quarter 2020, down from $108 billion in first quarter 2020, as we actively managed our pipeline


◦	Unclosed application pipeline of $50 billion at quarter end, down from $62 billion at March 31, 2020, as we actively managed our pipeline


•	Automobile originations of $5.6 billion in the second quarter, down 13% from first quarter 2020, reflecting the economic impact of the COVID-19 pandemic


•	#1 in U.S. debit card transaction and purchase volume¹⁰

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 May 2020, comparisons with May 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 Source: Nilson report, Top Debit Card Issuers in the U.S. 2019 (April 2020). Reflects total 2019 debit and prepaid card transaction volume for consumers and small businesses.

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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)	Jun 30, 2020			Mar 31, 2020	Jun 30, 2019
Total revenue	$	6,563		5,817	7,065
Provision for credit losses	6,028			2,288	28
Noninterest expense	3,963			3,763	3,882
Segment net income (loss)	(2,143		)	311	2,789
(in billions)
Average loans	504.3			484.5	474.0
Average assets	863.2			885.0	852.2
Average deposits	441.2			456.6	410.4

Second Quarter 2020 vs. First Quarter 2020


•	Net loss of $2.1 billion, down from net income of $311 million


•	Revenue of $6.6 billion, up $746 million, or 13%, driven by higher market sensitive revenue³ and investment banking fees, partially offset by lower net interest income


•	Noninterest expense of $4.0 billion increased $200 million, or 5%, predominantly due to higher operating losses reflecting higher litigation accruals


•	Provision for credit losses increased $3.7 billion, predominantly due to a $5.5 billion increase in the allowance for credit losses in second quarter 2020, driven by current and forecasted economic conditions due to the COVID-19 pandemic and higher charge-offs in the oil and gas and commercial real estate portfolios

Second Quarter 2020 vs. Second Quarter 2019


•	Net loss of $2.1 billion, down from net income of $2.8 billion


•	Revenue decreased $502 million, or 7%, driven by lower net interest income, as well as declines in a variety of other income categories including other noninterest income, lease income, and commercial real estate brokerage fees (due to the sale of Eastdil). These decreases were partially offset by higher market sensitive revenue³and investment banking fees


•	Noninterest expense increased $81 million, or 2%, reflecting higher operating losses driven by higher litigation accruals, partially offset by lower personnel expense


•	Provision for credit losses increased $6.0 billion, predominantly due to a $5.5 billion increase in the allowance for credit losses in second quarter 2020, driven by current and forecasted economic conditions due to the COVID-19 pandemic and higher charge-offs in the oil and gas and commercial real estate portfolios

Business Metrics and Highlights


•	Commercial card spend volume¹¹ of $5.8 billion in second quarter 2020, down 34% from second quarter 2019, primarily driven by reduced business travel and other purchase activity due to the COVID-19 pandemic


•	2.1 billion ACH payment transactions originated¹² in second quarter 2020, up 11% from second quarter 2019


•	U.S. investment banking market share of 3.8% for year-to-date 2020¹³, compared with 3.5% for year-to-date 2019¹³

¹¹ Includes commercial card volume for the entire company.

¹² Includes ACH payment transactions originated by the entire company.

¹³ Year-to-date through June 30. 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)	Jun 30, 2020		Mar 31, 2020	Jun 30, 2019
Total revenue	$	3,660	3,715	4,050
Provision (reversal of provision) for credit losses	257		8	(1	)
Noninterest expense	3,153		3,103	3,246
Segment net income	180		463	602
(in billions)
Average loans	78.7		78.5	75.0
Average assets	87.7		88.1	83.8
Average deposits	171.8		151.4	143.5

Second Quarter 2020 vs. First Quarter 2020


•	Net income of $180 million, down $283 million, or 61%

•

Revenue of $3.7 billion, down $55 million, or 1%, predominantly due to lower asset-based fees on retail brokerage advisory assets reflecting lower market valuations at March 31, 2020, lower net interest income, and lower brokerage transactional revenue, partially offset by higher net gains from equity securities driven by a $413 million increase in deferred compensation plan investment results (largely offset by higher employee benefits expense)

•

Noninterest expense of $3.2 billion increased $50 million, or 2%, predominantly due to higher employee benefits expense driven by a $401 million increase in deferred compensation expense (largely offset in revenue by higher net gains from equity securities) and higher regulatory, risk, and technology expense, partially offset by lower broker commissions, lower other personnel expenses which were seasonally higher in the first quarter, and lower equipment expense related to the continued evaluation of technology projects


•	Provision for credit losses of $257 million, up $249 million, predominantly due to a $255 million increase in the allowance for credit losses in second quarter 2020 driven by current and forecasted economic conditions due to the COVID-19 pandemic

Second Quarter 2020 vs. Second Quarter 2019


•	Net income decreased $422 million, or 70%


•	Revenue decreased $390 million, or 10%, predominantly due to lower net interest income, asset-based fees, and brokerage transactional revenue, partially offset by higher net gains from equity securities driven by a $118 million increase in deferred compensation plan investment results (largely offset by higher employee benefits expense)

•

Noninterest expense decreased $93 million, or 3%, predominantly due to lower equipment expense related to the continued evaluation of technology projects, as well as lower broker commissions and other personnel expenses, partially offset by higher regulatory, risk, and technology expense, as well as higher employee benefits expense driven by a $107 million increase in deferred compensation expense (largely offset in revenue by higher net gains from equity securities)


•	Provision for credit losses increased $258 million, predominantly due to a $255 million increase in the allowance for credit losses in second quarter 2020 driven by current and forecasted economic conditions due to the COVID-19 pandemic

- 12 -

Business Metrics and Highlights

Total WIM Segment


•	WIM total client assets of $1.8 trillion, down 4% from a year ago, primarily driven by net outflows in the Correspondent Clearing business


•	Average loan balances up 5% compared with a year ago


•	Average deposit balances up 20% compared with a year ago, primarily due to growth in brokerage clients’ cash balances


•	Second quarter 2020 closed referred investment assets (referrals resulting from the WIM/Community Banking partnership) down 43% compared with second quarter 2019, reflecting lower referral activity due to the COVID-19 pandemic

Retail Brokerage


•	Client assets of $1.6 trillion, down 4% from the prior year, primarily driven by net outflows in the Correspondent Clearing business


•	Advisory assets of $569 billion, up 1% from a year ago, primarily driven by higher market valuations, partially offset by net outflows in the Correspondent Clearing business


•	IRA assets of $415 billion, flat compared with the prior year

Wealth Management


•	Client assets of $224 billion, down 3% from the prior year

Asset Management


•	Total assets under management of $578 billion, up 17% from the prior year, primarily driven by money market net inflows and higher market valuations, partially offset by equity net outflows

Conference Call

The Company will host a live conference call on Tuesday, July 14, at 8:00 a.m. PT (11:00 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=518.

A replay of the conference call will be available beginning at approximately 12:00 p.m. PT (3:00 p.m. ET) on Tuesday, July 14 through Tuesday, July 28. Please dial 855-859-2056 (U.S. and Canada) or 404-537-3406 (International) and enter Conference ID #8246467. 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=518.

- 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 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 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 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 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 $1.97 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 7,300 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 266,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2020 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)	24
Noninterest Income and Noninterest Expense	25
Five Quarter Deferred Compensation Plan Investment Results	27

Balance Sheet
Consolidated Balance Sheet	28
Trading Activities	30
Debt Securities	30
Equity Securities	31

Loans
Loans	32
Nonperforming Assets	33
Loans 90 Days or More Past Due and Still Accruing	33
Changes in Allowance for Credit Losses	34
Allocation of the Allowance for Credit Losses	36

Equity
Tangible Common Equity	37
Common Equity Tier 1 Under Basel III	38

Operating Segments
Operating Segment Results	39

Other
Mortgage Servicing and other related data	41

- 17 -

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA



	Quarter ended					% Change Jun 30, 2020 from				Six months ended
($ in millions, except per share amounts)	Jun 30, 2020			Mar 31, 2020	Jun 30, 2019	Mar 31, 2020		Jun 30, 2019		Jun 30, 2020			Jun 30, 2019	% Change
For the Period
Wells Fargo net income (loss)	$	(2,379	)	653	6,206	NM		NM		$	(1,726	)	12,066	NM
Wells Fargo net income (loss) applicable to common stock	(2,694		)	42	5,848	NM		NM		(2,652		)	11,355	NM
Diluted earnings (loss) per common share	(0.66		)	0.01	1.30	NM		NM		(0.65		)	2.50	NM
Profitability ratios (annualized):
Wells Fargo net income (loss) to average assets (ROA)	(0.49		)%	0.13	1.31	NM		NM		(0.18		)%	1.29	NM
Wells Fargo net income (loss) applicable to common stock to average Wells Fargo common stockholders’ equity (ROE)	(6.63		)	0.10	13.26	NM		NM		(3.23		)	12.99	NM
Return on average tangible common equity (ROTCE)(1)	(8.00		)	0.12	15.78	NM		NM		(3.89		)	15.47	NM
Efficiency ratio (2)	81.6			73.6	62.3	11		31		77.6			63.4	22
Total revenue	$	17,836		17,717	21,584	1		(17	)	$	35,553		43,193	(18	)
Pre-tax pre-provision profit (PTPP)(3)	3,285			4,669	8,135	(30	)	(60	)	7,954			15,828	(50	)
Dividends declared per common share	0.51			0.51	0.45	—		13		1.02			0.90	13
Average common shares outstanding	4,105.5			4,104.8	4,469.4	—		(8	)	4,105.2			4,510.2	(9	)
Diluted average common shares outstanding (4)	4,105.5			4,135.3	4,495.0	(1	)	(9	)	4,105.2			4,540.1	(10	)
Average loans	$	971,266		965,046	947,460	1		3		$	968,156		948,728	2
Average assets	1,948,939			1,950,659	1,900,627	—		3		1,949,799			1,891,907	3
Average total deposits	1,386,656			1,337,963	1,268,979	4		9		1,362,309			1,265,539	8
Average consumer and small business banking deposits (5)	857,943			779,521	742,671	10		16		819,791			741,171	11
Net interest margin	2.25		%	2.58	2.82	(13	)	(20	)	2.42		%	2.86	(15	)
At Period End
Debt securities	$	472,580		501,563	482,067	(6	)	(2	)	$	472,580		482,067	(2	)
Loans	935,155			1,009,843	949,878	(7	)	(2	)	935,155			949,878	(2	)
Allowance for loan losses	18,926			11,263	9,692	68		95		18,926			9,692	95
Goodwill	26,385			26,381	26,415	—		—		26,385			26,415	—
Equity securities	52,494			54,047	61,537	(3	)	(15	)	52,494			61,537	(15	)
Assets	1,968,766			1,981,349	1,923,388	(1	)	2		1,968,766			1,923,388	2
Deposits	1,410,711			1,376,532	1,288,426	2		9		1,410,711			1,288,426	9
Common stockholders' equity	159,322			162,654	177,235	(2	)	(10	)	159,322			177,235	(10	)
Wells Fargo stockholders’ equity	179,386			182,718	199,042	(2	)	(10	)	179,386			199,042	(10	)
Total equity	180,122			183,330	200,037	(2	)	(10	)	180,122			200,037	(10	)
Tangible common equity (1)	131,329			134,787	148,864	(3	)	(12	)	131,329			148,864	(12	)
Common shares outstanding	4,119.6			4,096.4	4,419.6	1		(7	)	4,119.6			4,419.6	(7	)
Book value per common share (6)	$	38.67		39.71	40.10	(3	)	(4	)	$	38.67		40.10	(4	)
Tangible book value per common share (1)(6)	31.88			32.90	33.68	(3	)	(5	)	31.88			33.68	(5	)
Team members (active, full-time equivalent)	266,300			262,800	262,800	1		1		266,300			262,800	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 37.


(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)	In second quarter 2020, diluted average common shares outstanding equaled average common shares outstanding because our securities convertible into common shares had an anti-dilutive effect.


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


(6)	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)	Jun 30, 2020			Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019
For the Quarter
Wells Fargo net income (loss)	$	(2,379	)	653	2,873	4,610	6,206
Wells Fargo net income (loss) applicable to common stock	(2,694		)	42	2,546	4,037	5,848
Diluted earnings (loss) per common share	(0.66		)	0.01	0.60	0.92	1.30
Profitability ratios (annualized):
Wells Fargo net income (loss) to average assets (ROA)	(0.49		)%	0.13	0.59	0.95	1.31
Wells Fargo net income (loss) applicable to common stock to average Wells Fargo common stockholders’ equity (ROE)	(6.63		)	0.10	5.91	9.00	13.26
Return on average tangible common equity (ROTCE)(1)	(8.00		)	0.12	7.08	10.70	15.78
Efficiency ratio (2)	81.6			73.6	78.6	69.1	62.3
Total revenue	$	17,836		17,717	19,860	22,010	21,584
Pre-tax pre-provision profit (PTPP)(3)	3,285			4,669	4,246	6,811	8,135
Dividends declared per common share	0.51			0.51	0.51	0.51	0.45
Average common shares outstanding	4,105.5			4,104.8	4,197.1	4,358.5	4,469.4
Diluted average common shares outstanding (4)	4,105.5			4,135.3	4,234.6	4,389.6	4,495.0
Average loans	$	971,266		965,046	956,536	949,760	947,460
Average assets	1,948,939			1,950,659	1,941,843	1,927,415	1,900,627
Average total deposits	1,386,656			1,337,963	1,321,913	1,291,375	1,268,979
Average consumer and small business banking deposits (5)	857,943			779,521	763,169	749,529	742,671
Net interest margin	2.25		%	2.58	2.53	2.66	2.82
At Quarter End
Debt securities	$	472,580		501,563	497,125	503,528	482,067
Loans	935,155			1,009,843	962,265	954,915	949,878
Allowance for loan losses	18,926			11,263	9,551	9,715	9,692
Goodwill	26,385			26,381	26,390	26,388	26,415
Equity securities	52,494			54,047	68,241	63,884	61,537
Assets	1,968,766			1,981,349	1,927,555	1,943,950	1,923,388
Deposits	1,410,711			1,376,532	1,322,626	1,308,495	1,288,426
Common stockholders' equity	159,322			162,654	166,669	172,827	177,235
Wells Fargo stockholders’ equity	179,386			182,718	187,146	193,304	199,042
Total equity	180,122			183,330	187,984	194,416	200,037
Tangible common equity (1)	131,329			134,787	138,506	144,481	148,864
Common shares outstanding	4,119.6			4,096.4	4,134.4	4,269.1	4,419.6
Book value per common share (6)	$	38.67		39.71	40.31	40.48	40.10
Tangible book value per common share (1)(6)	31.88			32.90	33.50	33.84	33.68
Team members (active, full-time equivalent)	266,300			262,800	259,800	261,400	262,800


(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 37.


(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)	In second quarter 2020, diluted average common shares outstanding equaled average common shares outstanding because our securities convertible into common shares had an anti-dilutive effect.


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


(6)	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 June 30,				%		Six months ended June 30,				%
(in millions, except per share amounts)	2020			2019	Change		2020			2019	Change
Interest income
Debt securities	$	2,946		3,781	(22	)%	$	6,418		7,722	(17	)%
Mortgage loans held for sale	230			195	18		427			347	23
Loans held for sale	7			20	(65	)	19			44	(57	)
Loans	8,448			11,316	(25	)	18,513			22,670	(18	)
Equity securities	116			236	(51	)	322			446	(28	)
Other interest income	54			1,438	(96	)	829			2,760	(70	)
Total interest income	11,801			16,986	(31	)	26,528			33,989	(22	)
Interest expense
Deposits	585			2,213	(74	)	2,327			4,239	(45	)
Short-term borrowings	(17		)	646	NM		274			1,242	(78	)
Long-term debt	1,237			1,900	(35	)	2,477			3,827	(35	)
Other interest expense	116			132	(12	)	258			275	(6	)
Total interest expense	1,921			4,891	(61	)	5,336			9,583	(44	)
Net interest income	9,880			12,095	(18	)	21,192			24,406	(13	)
Provision (reversal of provision) for credit losses:
Debt securities	(31		)	—	NM		141			—	NM
Loans	9,565			503	NM		13,398			1,348	894
Net interest income after provision for credit losses	346			11,592	(97	)	7,653			23,058	(67	)
Noninterest income
Service charges on deposit accounts	930			1,206	(23	)	2,139			2,300	(7	)
Trust and investment fees	3,351			3,568	(6	)	6,925			6,941	—
Card fees	797			1,025	(22	)	1,689			1,969	(14	)
Other fees	578			800	(28	)	1,210			1,570	(23	)
Mortgage banking	317			758	(58	)	696			1,466	(53	)
Net gains from trading activities	807			229	252		871			586	49
Net gains on debt securities	212			20	960		449			145	210
Net gains (losses) from equity securities	533			622	(14	)	(868		)	1,436	NM
Lease income	334			424	(21	)	686			867	(21	)
Other (1)	97			837	(88	)	564			1,507	(63	)
Total noninterest income	7,956			9,489	(16	)	14,361			18,787	(24	)
Noninterest expense
Personnel (1)	8,911			8,474	5		17,225			17,682	(3	)
Technology and equipment (1)	562			641	(12	)	1,268			1,335	(5	)
Occupancy	871			719	21		1,586			1,436	10
Core deposit and other intangibles	22			27	(19	)	45			55	(18	)
FDIC and other deposit assessments	165			144	15		283			303	(7	)
Other (1)	4,020			3,444	17		7,192			6,554	10
Total noninterest expense	14,551			13,449	8		27,599			27,365	1
Income (loss) before income tax expense (benefit)	(6,249		)	7,632	NM		(5,585		)	14,480	NM
Income tax expense (benefit)	(3,917		)	1,294	NM		(3,758		)	2,175	NM
Net income (loss) before noncontrolling interests	(2,332		)	6,338	NM		(1,827		)	12,305	NM
Less: Net income (loss) from noncontrolling interests	47			132	(64	)	(101		)	239	NM
Wells Fargo net income (loss)	$	(2,379	)	6,206	NM		$	(1,726	)	12,066	NM
Less: Preferred stock dividends and other	315			358	(12	)	926			711	30
Wells Fargo net income (loss) applicable to common stock	$	(2,694	)	5,848	NM		$	(2,652	)	11,355	NM
Per share information
Earnings (loss) per common share	$	(0.66	)	1.31	NM		$	(0.65	)	2.52	NM
Diluted earnings (loss) per common share (2)	(0.66		)	1.30	NM		(0.65		)	2.50	NM
Average common shares outstanding	4,105.5			4,469.4	(8	)	4,105.2			4,510.2	(9	)
Diluted average common shares outstanding (2)	4,105.5			4,495.0	(9	)	4,105.2			4,540.1	(10	)

NM - Not meaningful


(1)	In second quarter 2020, insurance income was moved to other noninterest income, personnel-related expenses were combined into a single line item, and expenses for cloud computing services were moved from contract services expense to technology and equipment expense. Prior period balances have been revised to conform with the current period presentation.


(2)	In second quarter 2020, diluted earnings per common share equaled earnings per common share because our securities convertible into common shares had an anti-dilutive effect.

- 20 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED STATEMENT OF INCOME



	Quarter ended
(in millions, except per share amounts)	Jun 30, 2020			Mar 31, 2020		Dec 31, 2019		Sep 30, 2019	Jun 30, 2019
Interest income
Debt securities	$	2,946		3,472		3,567		3,666	3,781
Mortgage loans held for sale	230			197		234		232	195
Loans held for sale	7			12		15		20	20
Loans	8,448			10,065		10,494		10,982	11,316
Equity securities	116			206		269		247	236
Other interest income	54			775		1,016		1,352	1,438
Total interest income	11,801			14,727		15,595		16,499	16,986
Interest expense
Deposits	585			1,742		2,072		2,324	2,213
Short-term borrowings	(17		)	291		439		635	646
Long-term debt	1,237			1,240		1,743		1,780	1,900
Other interest expense	116			142		141		135	132
Total interest expense	1,921			3,415		4,395		4,874	4,891
Net interest income	9,880			11,312		11,200		11,625	12,095
Provision (reversal of provision) for credit losses:
Debt securities	(31		)	172		—		—	—
Loans	9,565			3,833		644		695	503
Net interest income after provision for credit losses	346			7,307		10,556		10,930	11,592
Noninterest income
Service charges on deposit accounts	930			1,209		1,279		1,219	1,206
Trust and investment fees	3,351			3,574		3,572		3,559	3,568
Card fees	797			892		1,020		1,027	1,025
Other fees	578			632		656		858	800
Mortgage banking	317			379		783		466	758
Net gains from trading activities	807			64		131		276	229
Net gains (losses) on debt securities	212			237		(8	)	3	20
Net gains (losses) from equity securities	533			(1,401	)	451		956	622
Lease income	334			352		343		402	424
Other (1)	97			467		433		1,619	837
Total noninterest income	7,956			6,405		8,660		10,385	9,489
Noninterest expense
Personnel (1)	8,911			8,314		8,808		8,594	8,474
Technology and equipment (1)	562			706		843		730	641
Occupancy	871			715		749		760	719
Core deposit and other intangibles	22			23		26		27	27
FDIC and other deposit assessments	165			118		130		93	144
Other (1)	4,020			3,172		5,058		4,995	3,444
Total noninterest expense	14,551			13,048		15,614		15,199	13,449
Income (loss) before income tax expense (benefit)	(6,249		)	664		3,602		6,116	7,632
Income tax expense (benefit)	(3,917		)	159		678		1,304	1,294
Net income (loss) before noncontrolling interests	(2,332		)	505		2,924		4,812	6,338
Less: Net income (loss) from noncontrolling interests	47			(148	)	51		202	132
Wells Fargo net income (loss)	$	(2,379	)	653		2,873		4,610	6,206
Less: Preferred stock dividends and other	315			611		327		573	358
Wells Fargo net income (loss) applicable to common stock	$	(2,694	)	42		2,546		4,037	5,848
Per share information
Earnings (loss) per common share	$	(0.66	)	0.01		0.61		0.93	1.31
Diluted earnings (loss) per common share (2)	(0.66		)	0.01		0.60		0.92	1.30
Average common shares outstanding	4,105.5			4,104.8		4,197.1		4,358.5	4,469.4
Diluted average common shares outstanding (2)	4,105.5			4,135.3		4,234.6		4,389.6	4,495.0


(1)	In second quarter 2020, insurance income was moved to other noninterest income, personnel-related expenses were combined into a single line item, and expenses for cloud computing services were moved from contract services expense to technology and equipment expense. Prior period balances have been revised to conform with the current period presentation.


(2)	In second quarter 2020, diluted earnings per common share equaled earnings per common share because our securities convertible into common shares had an anti-dilutive effect.

- 21 -

Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME



	Quarter ended June 30,					%	Six months ended June 30,					%
(in millions)	2020			2019		Change	2020			2019		Change
Wells Fargo net income (loss)	$	(2,379	)	6,206		NM	$	(1,726	)	12,066		NM
Other comprehensive income (loss), before tax:
Debt securities:
Net unrealized gains arising during the period	1,596			1,709		(7)	1,486			4,540		(67)
Reclassification of net (gains) losses to net income	(90		)	39		NM	(262		)	(42	)	524
Derivative and hedging activities:
Net unrealized gains (losses) arising during the period	(52		)	57		NM	72			22		227
Reclassification of net losses to net income	55			79		(30)	113			158		(28)
Defined benefit plans adjustments:
Net actuarial and prior service losses arising during the period	(674		)	—		—	(671		)	(4	)	NM
Amortization of net actuarial loss, settlements and other to net income	101			33		206	137			68		101
Foreign currency translation adjustments:
Net unrealized gains (losses) arising during the period	51			14		264	(144		)	56		NM
Other comprehensive income, before tax	987			1,931		(49)	731			4,798		(85)
Income tax expense related to other comprehensive income	(221		)	(473	)	(53)	(219		)	(1,167	)	(81)
Other comprehensive income, net of tax	766			1,458		(47)	512			3,631		(86)
Less: Other comprehensive loss from noncontrolling interests	—			—		—	(1		)	—		—
Wells Fargo other comprehensive income, net of tax	766			1,458		(47)	513			3,631		(86)
Wells Fargo comprehensive income (loss)	(1,613		)	7,664		NM	(1,213		)	15,697		NM
Comprehensive income (loss) from noncontrolling interests	47			132		(64)	(102		)	239		NM
Total comprehensive income (loss)	$	(1,566	)	7,796		NM	$	(1,315	)	15,936		NM

NM – Not meaningful

FIVE QUARTER CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY



	Quarter ended
(in millions)	Jun 30, 2020			Mar 31, 2020		Dec 31, 2019		Sep 30, 2019		Jun 30, 2019
Balance, beginning of period	$	183,330		187,984		194,416		200,037		198,733
Cumulative effect from change in accounting policies (1)	—			991		—		—		—
Wells Fargo net income (loss)	(2,379		)	653		2,873		4,610		6,206
Wells Fargo other comprehensive income, net of tax	766			(253	)	328		585		1,458
Noncontrolling interests	124			(226	)	(274	)	117		94
Common stock issued	367			1,677		341		278		399
Common stock repurchased	(2		)	(3,407	)	(7,367	)	(7,448	)	(4,898	)
Preferred stock redeemed (2)	—			(2,470	)	—		(1,550	)	—
Preferred stock released by ESOP	249			—		—		142		193
Preferred stock issued (3)	—			1,968		—		—		—
Common stock dividends	(2,093		)	(2,096	)	(2,145	)	(2,230	)	(2,015	)
Preferred stock dividends	(315		)	(339	)	(327	)	(353	)	(358	)
Stock incentive compensation expense	120			181		181		262		247
Net change in deferred compensation and related plans	(45		)	(1,333	)	(42	)	(34	)	(22	)
Balance, end of period	$	180,122		183,330		187,984		194,416		200,037


(1)	Effective January 1, 2020, we adopted Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses.


(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 June 30,
	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	$	176,327		0.12	%	$	51		141,045		2.33	%	$	819
Federal funds sold and securities purchased under resale agreements	76,384			0.01		2			98,130		2.44		598
Debt securities (2):
Trading debt securities	96,049			2.76		663			86,514		3.45		746
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies	9,452			0.83		19			15,402		2.21		85
Securities of U.S. states and political subdivisions	35,728			2.98		267			45,769		4.02		460
Mortgage-backed securities:
Federal agencies	143,600			2.33		837			149,761		2.99		1,120
Residential and commercial	4,433			2.27		25			5,562		4.02		56
Total mortgage-backed securities	148,033			2.33		862			155,323		3.03		1,176
Other debt securities	39,231			2.75		268			45,063		4.40		494
Total available-for-sale debt securities	232,444			2.44		1,416			261,557		3.39		2,215
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies	48,574			2.14		258			44,762		2.19		244
Securities of U.S. states and political subdivisions	14,168			3.81		135			6,958		4.06		71
Federal agency and other mortgage-backed securities	104,047			2.21		575			95,506		2.64		632
Other debt securities	15			2.58		—			58		3.86		—
Total held-to-maturity debt securities	166,804			2.33		968			147,284		2.57		947
Total debt securities	495,297			2.46		3,047			495,355		3.16		3,908
Mortgage loans held for sale (3)	25,960			3.55		230			18,464		4.22		195
Loans held for sale (3)	1,650			1.87		7			1,642		4.80		20
Loans:
Commercial loans:
Commercial and industrial - U.S.	310,104			2.58		1,990			285,084		4.47		3,176
Commercial and industrial - Non-U.S.	72,241			2.48		445			62,905		3.90		611
Real estate mortgage	123,525			3.03		930			121,869		4.58		1,390
Real estate construction	21,361			3.37		179			21,568		5.36		288
Lease financing	18,087			4.34		196			19,133		4.71		226
Total commercial loans	545,318			2.76		3,740			510,559		4.47		5,691
Consumer loans:
Real estate 1-4 family first mortgage	280,878			3.44		2,414			286,169		3.88		2,776
Real estate 1-4 family junior lien mortgage	27,700			4.24		292			32,609		5.75		468
Credit card	36,539			10.78		979			38,154		12.65		1,204
Automobile	48,441			4.99		601			45,179		5.23		589
Other revolving credit and installment	32,390			5.45		440			34,790		7.12		617
Total consumer loans	425,948			4.45		4,726			436,901		5.18		5,654
Total loans (3)	971,266			3.50		8,466			947,460		4.80		11,345
Equity securities	27,417			1.70		117			35,215		2.70		237
Other	7,715			(0.02	)	—			4,693		1.76		20
Total earning assets	$	1,782,016		2.68	%	$	11,920		1,742,004		3.94	%	$	17,142
Funding sources
Deposits:
Interest-bearing checking	$	53,592		0.07	%	$	9		57,549		1.46	%	$	210
Market rate and other savings	799,949			0.16		311			690,677		0.59		1,009
Savings certificates	27,051			1.11		75			30,620		1.62		124
Other time deposits	59,920			1.01		149			96,887		2.61		630
Deposits in non-U.S. offices	37,682			0.44		41			51,875		1.86		240
Total interest-bearing deposits	978,194			0.24		585			927,608		0.96		2,213
Short-term borrowings	63,535			(0.10	)	(17		)	114,754		2.26		646
Long-term debt	232,395			2.13		1,237			236,734		3.21		1,900
Other liabilities	29,947			1.53		116			24,314		2.18		132
Total interest-bearing liabilities	1,304,071			0.59		1,921			1,303,410		1.50		4,891
Portion of noninterest-bearing funding sources	477,945			—		—			438,594		—		—
Total funding sources	$	1,782,016		0.43		1,921			1,742,004		1.12		4,891
Net interest margin and net interest income on a taxable-equivalent basis (4)				2.25	%	$	9,999				2.82	%	$	12,251
Noninterest-earning assets
Cash and due from banks	$	21,227							19,475
Goodwill	26,384								26,415
Other	119,312								112,733
Total noninterest-earning assets	$	166,923							158,623
Noninterest-bearing funding sources
Deposits	$	408,462							341,371
Other liabilities	52,298								56,161
Total equity	184,108								199,685
Noninterest-bearing funding sources used to fund earning assets	(477,945		)						(438,594	)
Net noninterest-bearing funding sources	$	166,923							158,623
Total assets	$	1,948,939							1,900,627

Average prime rate				3.25	%						5.50	%
Average three-month London Interbank Offered Rate (LIBOR)				0.60							2.51


(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 $119 million and $156 million for the quarters ended June 30, 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

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



	Six months ended June 30,
	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	$	152,924		0.57	%	$	432	140,915		2.33	%	$	1,629
Federal funds sold and securities purchased under resale agreements	91,969			0.84		382		90,875		2.42		1,093
Debt securities (2):
Trading debt securities	98,556			2.91		1,433		87,938		3.52		1,544
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies	10,116			1.14		57		14,740		2.18		159
Securities of U.S. states and political subdivisions	37,340			3.22		601		47,049		4.02		946
Mortgage-backed securities:
Federal agencies	151,119			2.51		1,899		150,623		3.04		2,293
Residential and commercial	4,540			2.55		58		5,772		4.17		120
Total mortgage-backed securities	155,659			2.51		1,957		156,395		3.09		2,413
Other debt securities	39,386			3.11		611		45,920		4.43		1,011
Total available-for-sale debt securities	242,501			2.66		3,226		264,104		3.44		4,529
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies	47,255			2.17		509		44,758		2.20		487
Securities of U.S. states and political subdivisions	13,852			3.82		265		6,560		4.05		133
Federal agency and other mortgage-backed securities	101,221			2.38		1,203		95,753		2.69		1,288
Other debt securities	20			2.90		—		60		3.91		1
Total held-to-maturity debt securities	162,348			2.44		1,977		147,131		2.60		1,909
Total debt securities	503,405			2.64		6,636		499,173		3.20		7,982
Mortgage loans held for sale (3)	23,161			3.69		427		16,193		4.28		347
Loans held for sale (3)	1,567			2.49		19		1,752		5.04		44
Loans:
Commercial loans:
Commercial and industrial - U.S.	299,303			3.05		4,536		285,827		4.47		6,345
Commercial and industrial - Non-U.S.	71,451			2.82		1,001		62,863		3.90		1,215
Real estate mortgage	122,656			3.47		2,117		121,644		4.58		2,763
Real estate construction	20,819			3.94		408		21,999		5.40		589
Lease financing	18,687			4.37		408		19,261		4.66		450
Total commercial loans	532,916			3.19		8,470		511,594		4.48		11,362
Consumer loans:
Real estate 1-4 family first mortgage	287,217			3.53		5,064		285,694		3.92		5,597
Real estate 1-4 family junior lien mortgage	28,303			4.70		662		33,197		5.75		949
Credit card	38,147			11.53		2,186		38,168		12.76		2,416
Automobile	48,350			4.98		1,197		45,007		5.21		1,163
Other revolving credit and installment	33,223			5.89		974		35,068		7.13		1,240
Total consumer loans	435,240			4.65		10,083		437,134		5.22		11,365
Total loans (3)	968,156			3.85		18,553		948,728		4.82		22,727
Equity securities	32,475			2.00		325		34,154		2.63		448
Other	7,573			0.37		14		4,555		1.69		38
Total earning assets	$	1,781,230		3.02	%	$	26,788	1,736,345		3.97	%	$	34,308
Funding sources
Deposits:
Interest-bearing checking	$	58,339		0.50	%	$	144	56,905		1.44	%	$	407
Market rate and other savings	781,044			0.33		1,289		689,628		0.54		1,856
Savings certificates	28,575			1.30		185		27,940		1.46		202
Other time deposits	70,949			1.43		505		97,356		2.64		1,275
Deposits in non-U.S. offices	45,508			0.90		204		53,649		1.88		499
Total interest-bearing deposits	984,415			0.48		2,327		925,478		0.92		4,239
Short-term borrowings	83,256			0.66		275		111,719		2.24		1,243
Long-term debt	230,699			2.15		2,477		234,963		3.27		3,827
Other liabilities	30,073			1.71		258		24,801		2.23		275
Total interest-bearing liabilities	1,328,443			0.81		5,337		1,296,961		1.49		9,584
Portion of noninterest-bearing funding sources	452,787			—		—		439,384		—		—
Total funding sources	$	1,781,230		0.60		5,337		1,736,345		1.11		9,584
Net interest margin and net interest income on a taxable-equivalent basis (4)				2.42	%	$	21,451			2.86	%	$	24,724
Noninterest-earning assets
Cash and due from banks	$	20,899						19,544
Goodwill	26,386							26,417
Other	121,284							109,601
Total noninterest-earning assets	$	168,569						155,562
Noninterest-bearing funding sources
Deposits	$	377,894						340,061
Other liabilities	57,323							55,864
Total equity	186,139							199,021
Noninterest-bearing funding sources used to fund earning assets	(452,787		)					(439,384	)
Net noninterest-bearing funding sources	$	168,569						155,562
Total assets	$	1,949,799						1,891,907

Average prime rate				3.82	%					5.50	%
Average three-month London Interbank Offered Rate (LIBOR)				1.07						2.60


(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 $259 million and $318 million for the first half of 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.

- 24 -

Wells Fargo & Company and Subsidiaries

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



	Quarter ended
	Jun 30, 2020					Mar 31, 2020					Dec 31, 2019					Sep 30, 2019					Jun 30, 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	$	176.3		0.12	%	$	129.5		1.18	%	$	127.3		1.63	%	$	134.0		2.14	%	$	141.0		2.33	%
Federal funds sold and securities purchased under resale agreements	76.4			0.01		107.6			1.42		109.2			1.72		105.9			2.24		98.1			2.44
Debt securities (2):
Trading debt securities	96.0			2.76		101.1			3.05		103.8			3.12		94.7			3.35		86.5			3.45
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies	9.5			0.83		10.8			1.40		15.6			1.79		16.0			2.14		15.4			2.21
Securities of U.S. states and political subdivisions	35.7			2.98		39.0			3.43		39.5			3.58		43.3			3.78		45.8			4.02
Mortgage-backed securities:
Federal agencies	143.6			2.33		158.6			2.68		161.1			2.58		154.1			2.77		149.8			2.99
Residential and commercial	4.4			2.27		4.6			2.82		4.8			4.40		5.2			4.02		5.6			4.02
Total mortgage-backed securities	148.0			2.33		163.2			2.68		165.9			2.63		159.3			2.81		155.4			3.03
Other debt securities	39.2			2.75		39.6			3.48		40.5			3.88		42.5			4.12		45.0			4.40
Total available-for-sale debt securities	232.4			2.44		252.6			2.87		261.5			2.92		261.1			3.14		261.6			3.39
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies	48.7			2.14		45.9			2.19		45.1			2.19		44.8			2.18		44.8			2.19
Securities of U.S. states and political subdivisions	14.2			3.81		13.5			3.84		12.8			3.88		8.7			4.01		7.0			4.06
Federal agency and other mortgage-backed securities	104.0			2.21		98.4			2.55		95.3			2.49		95.4			2.54		95.4			2.64
Other debt securities	—			2.58		—			3.10		—			3.28		0.1			3.58		0.1			3.86
Total held-to-maturity debt securities	166.9			2.33		157.8			2.56		153.2			2.51		149.0			2.52		147.3			2.57
Total debt securities	495.3			2.46		511.5			2.81		518.5			2.84		504.8			3.00		495.4			3.16
Mortgage loans held for sale (3)	26.0			3.55		20.4			3.87		24.0			3.90		22.7			4.08		18.5			4.22
Loans held for sale (3)	1.7			1.87		1.5			3.17		1.4			4.13		2.0			4.17		1.6			4.80
Loans:
Commercial loans:
Commercial and industrial - U.S.	310.1			2.58		288.4			3.55		283.7			3.84		284.3			4.21		285.1			4.47
Commercial and industrial - Non-U.S.	72.2			2.48		70.7			3.16		67.3			3.40		64.0			3.67		62.9			3.90
Real estate mortgage	123.5			3.03		121.8			3.92		122.1			4.07		121.8			4.36		121.9			4.58
Real estate construction	21.4			3.37		20.3			4.54		20.1			4.71		20.7			5.13		21.6			5.36
Lease financing	18.1			4.34		19.3			4.40		19.4			4.41		19.3			4.34		19.1			4.71
Total commercial loans	545.3			2.76		520.5			3.65		512.6			3.90		510.1			4.22		510.6			4.47
Consumer loans:
Real estate 1-4 family first mortgage	280.9			3.44		293.5			3.61		292.4			3.66		288.4			3.74		286.2			3.88
Real estate 1-4 family junior lien mortgage	27.7			4.24		28.9			5.14		30.1			5.32		31.5			5.66		32.6			5.75
Credit card	36.5			10.78		39.8			12.21		39.9			12.26		39.2			12.55		38.2			12.65
Automobile	48.5			4.99		48.3			4.96		47.3			5.04		46.3			5.13		45.2			5.23
Other revolving credit and installment	32.4			5.45		34.0			6.32		34.2			6.60		34.3			6.95		34.7			7.12
Total consumer loans	426.0			4.45		444.5			4.83		443.9			4.92		439.7			5.06		436.9			5.18
Total loans (3)	971.3			3.50		965.0			4.20		956.5			4.37		949.8			4.61		947.5			4.80
Equity securities	27.4			1.70		37.5			2.22		38.3			2.81		37.1			2.68		35.2			2.70
Other	7.6			(0.02	)	7.4			0.77		6.4			1.36		6.6			1.77		4.7			1.76
Total earning assets	$	1,782.0		2.68	%	$	1,780.4		3.35	%	$	1,781.6		3.51	%	$	1,762.9		3.76	%	$	1,742.0		3.94	%
Funding sources
Deposits:
Interest-bearing checking	$	53.6		0.07	%	$	63.1		0.86	%	$	63.3		1.09	%	$	59.3		1.39	%	$	57.5		1.46	%
Market rate and other savings	799.9			0.16		762.1			0.52		732.7			0.59		711.3			0.66		690.7			0.59
Savings certificates	27.1			1.11		30.1			1.47		32.3			1.68		32.8			1.72		30.6			1.62
Other time deposits	59.9			1.01		82.0			1.74		87.1			2.10		91.8			2.42		96.9			2.61
Deposits in non-U.S. offices	37.7			0.44		53.3			1.23		54.8			1.50		51.7			1.77		51.9			1.86
Total interest-bearing deposits	978.2			0.24		990.6			0.71		970.2			0.85		946.9			0.97		927.6			0.96
Short-term borrowings	63.5			(0.10	)	103.0			1.14		115.9			1.50		121.8			2.07		114.8			2.26
Long-term debt	232.4			2.13		229.0			2.17		230.4			3.02		229.7			3.09		236.7			3.21
Other liabilities	30.0			1.53		30.2			1.90		27.3			2.04		26.2			2.06		24.3			2.18
Total interest-bearing liabilities	1,304.1			0.59		1,352.8			1.01		1,343.8			1.30		1,324.6			1.46		1,303.4			1.50
Portion of noninterest-bearing funding sources	477.9			—		427.6			—		437.8			—		438.3			—		438.6			—
Total funding sources	$	1,782.0		0.43		$	1,780.4		0.77		$	1,781.6		0.98		$	1,762.9		1.10		$	1,742.0		1.12
Net interest margin on a taxable-equivalent basis				2.25	%				2.58	%				2.53	%				2.66	%				2.82	%
Noninterest-earning assets
Cash and due from banks	$	21.2				20.6					19.9					19.2					19.5
Goodwill	26.4					26.4					26.4					26.4					26.4
Other	119.3					123.3					113.9					118.9					112.7
Total noninterest-earnings assets	$	166.9				170.3					160.2					164.5					158.6
Noninterest-bearing funding sources
Deposits	$	408.5				347.4					351.7					344.5					341.4
Other liabilities	52.2					62.3					53.9					58.2					56.1
Total equity	184.1					188.2					192.4					200.1					199.7
Noninterest-bearing funding sources used to fund earning assets	(477.9		)			(427.6		)			(437.8		)			(438.3		)			(438.6		)
Net noninterest-bearing funding sources	$	166.9				170.3					160.2					164.5					158.6
Total assets	$	1,948.9				1,950.7					1,941.8					1,927.4					1,900.6

Average prime rate				3.25	%				4.41					4.83					5.31					5.50
Average three-month London Interbank Offered Rate (LIBOR)				0.60					1.53					1.93					2.20					2.51


(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.

- 25 -

Wells Fargo & Company and Subsidiaries

NONINTEREST INCOME



	Quarter ended June 30,				%		Six months ended June 30,				%
(in millions)	2020			2019	Change		2020			2019	Change
Service charges on deposit accounts	$	930		1,206	(23	)%	$	2,139		2,300	(7	)%
Trust and investment fees:
Brokerage advisory, commissions and other fees	2,117			2,318	(9	)	4,599			4,511	2
Trust and investment management	687			795	(14	)	1,388			1,581	(12	)
Investment banking	547			455	20		938			849	10
Total trust and investment fees	3,351			3,568	(6	)	6,925			6,941	—
Card fees	797			1,025	(22	)	1,689			1,969	(14	)
Other fees:
Lending related charges and fees	303			349	(13	)	631			696	(9	)
Cash network fees	88			117	(25	)	194			226	(14	)
Commercial real estate brokerage commissions	—			105	(100	)	1			186	(99	)
Wire transfer and other remittance fees	99			121	(18	)	209			234	(11	)
All other fees	88			108	(19	)	175			228	(23	)
Total other fees	578			800	(28	)	1,210			1,570	(23	)
Mortgage banking:
Servicing income, net	(689		)	277	NM		(418		)	641	NM
Net gains on mortgage loan origination/sales activities	1,006			481	109		1,114			825	35
Total mortgage banking	317			758	(58	)	696			1,466	(53	)
Net gains from trading activities	807			229	252		871			586	49
Net gains on debt securities	212			20	960		449			145	210
Net gains (losses) from equity securities	533			622	(14	)	(868		)	1,436	NM
Lease income	334			424	(21	)	686			867	(21	)
Life insurance investment income	163			167	(2	)	324			326	(1	)
All other (1)	(66		)	670	NM		240			1,181	(80	)
Total	$	7,956		9,489	(16	)	$	14,361		18,787	(24	)

NM - Not meaningful


(1)	In second quarter 2020, insurance income was moved to all other noninterest income. Prior period balances have been revised to conform with the current period presentation.

NONINTEREST EXPENSE



	Quarter ended June 30,			%		Six months ended June 30,			%
(in millions)	2020		2019	Change		2020		2019	Change
Personnel (1)	$	8,911	8,474	5	%	$	17,225	17,682	(3	)%
Technology and equipment (1)	562		641	(12	)	1,268		1,335	(5	)
Occupancy (2)	871		719	21		1,586		1,436	10
Core deposit and other intangibles	22		27	(19	)	45		55	(18	)
FDIC and other deposit assessments	165		144	15		283		303	(7	)
Operating losses	1,219		247	394		1,683		485	247
Outside professional services	758		821	(8	)	1,485		1,499	(1	)
Contract services (1)	634		590	7		1,219		1,120	9
Leases (3)	244		311	(22	)	504		597	(16	)
Advertising and promotion	137		329	(58	)	318		566	(44	)
Outside data processing	142		175	(19	)	307		342	(10	)
Travel and entertainment	15		163	(91	)	108		310	(65	)
Postage, stationery and supplies	108		119	(9	)	237		241	(2	)
Telecommunications	110		93	18		202		184	10
Foreclosed assets	23		35	(34	)	52		72	(28	)
Insurance	25		25	—		50		50	—
All other	605		536	13		1,027		1,088	(6	)
Total	$	14,551	13,449	8		$	27,599	27,365	1


(1)	In second quarter 2020, personnel-related expenses were combined into a single line item, and expenses for cloud computing services were moved from contract services expense to technology and equipment expense. Prior period balances have been revised to conform with the current period presentation.


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


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

- 26 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER NONINTEREST INCOME



	Quarter ended
(in millions)	Jun 30, 2020			Mar 31, 2020		Dec 31, 2019		Sep 30, 2019		Jun 30, 2019
Service charges on deposit accounts	$	930		1,209		1,279		1,219		1,206
Trust and investment fees:
Brokerage advisory, commissions and other fees	2,117			2,482		2,380		2,346		2,318
Trust and investment management	687			701		728		729		795
Investment banking	547			391		464		484		455
Total trust and investment fees	3,351			3,574		3,572		3,559		3,568
Card fees	797			892		1,020		1,027		1,025
Other fees:
Lending related charges and fees	303			328		334		349		349
Cash network fees	88			106		108		118		117
Commercial real estate brokerage commissions	—			1		2		170		105
Wire transfer and other remittance fees	99			110		119		121		121
All other fees	88			87		93		100		108
Total other fees	578			632		656		858		800
Mortgage banking:
Servicing income, net	(689		)	271		23		(142	)	277
Net gains on mortgage loan origination/sales activities	1,006			108		760		608		481
Total mortgage banking	317			379		783		466		758
Net gains from trading activities	807			64		131		276		229
Net gains (losses) on debt securities	212			237		(8	)	3		20
Net gains (losses) from equity securities	533			(1,401	)	451		956		622
Lease income	334			352		343		402		424
Life insurance investment income	163			161		159		173		167
All other (1)	(66		)	306		274		1,446		670
Total	$	7,956		6,405		8,660		10,385		9,489


(1)	In second quarter 2020, insurance income was moved to all other noninterest income. Prior period balances have been revised to conform with the current period presentation.

FIVE QUARTER NONINTEREST EXPENSE



	Quarter ended
(in millions)	Jun 30, 2020		Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019
Personnel (1)	$	8,911	8,314	8,808	8,594	8,474
Technology and equipment (1)	562		706	843	730	641
Occupancy (2)	871		715	749	760	719
Core deposit and other intangibles	22		23	26	27	27
FDIC and other deposit assessments	165		118	130	93	144
Operating losses	1,219		464	1,916	1,920	247
Outside professional services	758		727	876	823	821
Contract services (1)	634		585	612	612	590
Leases (3)	244		260	286	272	311
Advertising and promotion	137		181	244	266	329
Outside data processing	142		165	164	167	175
Travel and entertainment	15		93	131	139	163
Postage, stationery and supplies	108		129	160	117	119
Telecommunications	110		92	92	91	93
Foreclosed assets	23		29	39	52	35
Insurance	25		25	25	25	25
All other	605		422	513	511	536
Total	$	14,551	13,048	15,614	15,199	13,449


(1)	In second quarter 2020, personnel-related expenses were combined into a single line item, and expenses for cloud computing services were moved from contract services expense to technology and equipment expense. Prior period balances have been revised to conform with the current period presentation.


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


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

- 27 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER DEFERRED COMPENSATION AND RELATED HEDGES



	Quarter ended
(in millions)	Jun 30, 2020			Mar 31, 2020		Dec 31, 2019		Sep 30, 2019		Jun 30, 2019
Net interest income	$	3		12		26		13		18
Net gains (losses) from equity securities	346			(621	)	236		(4	)	87
Total revenue (losses) from deferred compensation plan investments	349			(609	)	262		9		105
Change in deferred compensation plan liabilities	490			(598	)	263		5		114
Net derivative (gains) losses from economic hedges of deferred compensation (1)	(141		)	—		—		—		—
Personnel expense	349			(598	)	263		5		114
Income (loss) before income tax expense	$	—		(11	)	(1	)	4		(9	)


(1)	In second quarter 2020, we entered into arrangements to transition our economic hedges of our deferred compensation plan liabilities from equity securities to derivative instruments. Changes in the fair value of derivatives used as economic hedges are presented within the same financial statement line as the related business activity being hedged.

- 28 -

Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET



(in millions, except shares)	Jun 30, 2020			Dec 31, 2019		% Change
Assets
Cash and due from banks	$	24,704		21,757		14	%
Interest-earning deposits with banks	237,799			119,493		99
Total cash, cash equivalents, and restricted cash	262,503			141,250		86
Federal funds sold and securities purchased under resale agreements	79,289			102,140		(22	)
Debt securities:
Trading, at fair value	74,679			79,733		(6	)
Available-for-sale, at fair value (includes allowance for credit losses)	228,899			263,459		(13	)
Held-to-maturity, at amortized cost, net of allowance for credit losses	169,002			153,933		10
Mortgage loans held for sale	32,355			23,342		39
Loans held for sale	1,339			977		37
Loans	935,155			962,265		(3	)
Allowance for loan losses	(18,926		)	(9,551	)	98
Net loans	916,229			952,714		(4	)
Mortgage servicing rights:
Measured at fair value	6,819			11,517		(41	)
Amortized	1,361			1,430		(5	)
Premises and equipment, net	9,025			9,309		(3	)
Goodwill	26,385			26,390		—
Derivative assets	22,776			14,203		60
Equity securities	52,494			68,241		(23	)
Other assets	85,611			78,917		8
Total assets	$	1,968,766		1,927,555		2
Liabilities
Noninterest-bearing deposits	$	432,857		344,496		26
Interest-bearing deposits	977,854			978,130		—
Total deposits	1,410,711			1,322,626		7
Short-term borrowings	60,485			104,512		(42	)
Derivative liabilities	11,368			9,079		25
Accrued expenses and other liabilities	75,159			75,163		—
Long-term debt	230,921			228,191		1
Total liabilities	1,788,644			1,739,571		3
Equity
Wells Fargo stockholders’ equity:
Preferred stock	21,098			21,549		(2	)
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	59,923			61,049		(2	)
Retained earnings	159,952			166,697		(4	)
Cumulative other comprehensive income (loss)	(798		)	(1,311	)	(39	)
Treasury stock – 1,362,252,882 shares and 1,347,385,537 shares	(69,050		)	(68,831	)	—
Unearned ESOP shares	(875		)	(1,143	)	(23	)
Total Wells Fargo stockholders’ equity	179,386			187,146		(4	)
Noncontrolling interests	736			838		(12	)
Total equity	180,122			187,984		(4	)
Total liabilities and equity	$	1,968,766		1,927,555		2

- 29 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED BALANCE SHEET



(in millions)	Jun 30, 2020			Mar 31, 2020		Dec 31, 2019		Sep 30, 2019		Jun 30, 2019
Assets
Cash and due from banks	$	24,704		22,738		21,757		22,401		20,880
Interest-earning deposits with banks	237,799			128,071		119,493		126,330		143,547
Total cash, cash equivalents, and restricted cash	262,503			150,809		141,250		148,731		164,427
Federal funds sold and securities purchased under resale agreements	79,289			86,465		102,140		103,051		112,119
Debt securities:
Trading, at fair value	74,679			80,425		79,733		79,113		70,208
Available-for-sale, at fair value (includes allowance for credit losses)	228,899			251,229		263,459		271,236		265,983
Held-to-maturity, at amortized cost, net of allowance for credit losses	169,002			169,909		153,933		153,179		145,876
Mortgage loans held for sale	32,355			21,795		23,342		25,448		22,998
Loans held for sale	1,339			1,883		977		1,532		1,181
Loans	935,155			1,009,843		962,265		954,915		949,878
Allowance for loan losses	(18,926		)	(11,263	)	(9,551	)	(9,715	)	(9,692	)
Net loans	916,229			998,580		952,714		945,200		940,186
Mortgage servicing rights:
Measured at fair value	6,819			8,126		11,517		11,072		12,096
Amortized	1,361			1,406		1,430		1,397		1,407
Premises and equipment, net	9,025			9,108		9,309		9,315		9,435
Goodwill	26,385			26,381		26,390		26,388		26,415
Derivative assets	22,776			25,023		14,203		14,680		13,162
Equity securities	52,494			54,047		68,241		63,884		61,537
Other assets	85,611			96,163		78,917		89,724		76,358
Total assets	$	1,968,766		1,981,349		1,927,555		1,943,950		1,923,388
Liabilities
Noninterest-bearing deposits	$	432,857		379,678		344,496		355,259		340,813
Interest-bearing deposits	977,854			996,854		978,130		953,236		947,613
Total deposits	1,410,711			1,376,532		1,322,626		1,308,495		1,288,426
Short-term borrowings	60,485			92,289		104,512		123,908		115,344
Derivative liabilities	11,368			15,618		9,079		9,948		8,399
Accrued expenses and other liabilities	75,159			76,238		75,163		76,532		69,706
Long-term debt	230,921			237,342		228,191		230,651		241,476
Total liabilities	1,788,644			1,798,019		1,739,571		1,749,534		1,723,351
Equity
Wells Fargo stockholders’ equity:
Preferred stock	21,098			21,347		21,549		21,549		23,021
Common stock	9,136			9,136		9,136		9,136		9,136
Additional paid-in capital	59,923			59,849		61,049		60,866		60,625
Retained earnings	159,952			165,308		166,697		166,320		164,551
Cumulative other comprehensive income (loss)	(798		)	(1,564	)	(1,311	)	(1,639	)	(2,224	)
Treasury stock	(69,050		)	(70,215	)	(68,831	)	(61,785	)	(54,775	)
Unearned ESOP shares	(875		)	(1,143	)	(1,143	)	(1,143	)	(1,292	)
Total Wells Fargo stockholders’ equity	179,386			182,718		187,146		193,304		199,042
Noncontrolling interests	736			612		838		1,112		995
Total equity	180,122			183,330		187,984		194,416		200,037
Total liabilities and equity	$	1,968,766		1,981,349		1,927,555		1,943,950		1,923,388

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER TRADING ASSETS AND LIABILITIES



(in millions)	Jun 30, 2020			Mar 31, 2020		Dec 31, 2019		Sep 30, 2019		Jun 30, 2019
Trading assets
Debt securities	$	74,679		80,425		79,733		79,113		70,208
Equity securities	12,591			13,573		27,440		24,436		23,327
Loans held for sale	1,201			1,673		972		1,501		1,118
Gross trading derivative assets	60,644			72,527		34,825		39,926		34,683
Netting (1)	(39,885		)	(49,821	)	(21,463	)	(26,414	)	(22,827	)
Total trading derivative assets	20,759			22,706		13,362		13,512		11,856
Total trading assets	109,230			118,377		121,507		118,562		106,509
Trading liabilities
Short sales	20,213			17,603		17,430		18,290		15,955
Gross trading derivative liabilities	54,985			67,891		33,861		38,308		33,458
Netting (1)	(44,901		)	(53,598	)	(26,074	)	(29,708	)	(26,417	)
Total trading derivative liabilities	10,084			14,293		7,787		8,600		7,041
Total trading liabilities	$	30,297		31,896		25,217		26,890		22,996


(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)	Jun 30, 2020		Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019
Trading debt securities	$	74,679	80,425	79,733	79,113	70,208
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies	7,983		11,036	14,960	16,549	15,319
Securities of U.S. states and political subdivisions	33,011		38,144	40,337	40,503	45,095
Mortgage-backed securities:
Federal agencies	144,835		160,214	162,453	167,535	155,858
Residential and commercial	4,100		4,430	4,761	5,079	5,443
Total mortgage-backed securities	148,935		164,644	167,214	172,614	161,301
Other debt securities	38,970		37,405	40,948	41,570	44,268
Total available-for-sale debt securities	228,899		251,229	263,459	271,236	265,983
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies	48,578		48,569	45,541	44,774	44,766
Securities of U.S. states and political subdivisions	14,277		14,304	13,486	12,719	7,948
Federal agency and other mortgage-backed securities (1)	106,133		107,013	94,869	95,637	93,105
Other debt securities	14		23	37	49	57
Total held-to-maturity debt securities	169,002		169,909	153,933	153,179	145,876
Total debt securities	$	472,580	501,563	497,125	503,528	482,067
Allowance for credit losses for debt securities (2):
Available-for-sale debt securities (included in fair value)	$	114	161	—	—	—
Held-to-maturity debt securities (netted against amortized cost)	20		11	—	—	—
Total allowance for credit losses for debt securities	$	134	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.

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER EQUITY SECURITIES



(in millions)	Jun 30, 2020		Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019
Held for trading at fair value:
Marketable equity securities	$	12,591	13,573	27,440	24,436	23,327
Not held for trading:
Fair value:
Marketable equity securities (1)	6,426		7,708	6,481	6,639	5,379
Nonmarketable equity securities	8,322		6,895	8,015	7,293	7,244
Total equity securities at fair value	14,748		14,603	14,496	13,932	12,623
Equity method:
Low-income housing tax credit investments	11,294		11,290	11,343	11,068	11,162
Private equity	3,351		3,351	3,459	3,425	3,352
Tax-advantaged renewable energy	3,940		3,991	3,811	3,143	3,051
New market tax credit and other	377		387	387	390	294
Total equity method	18,962		19,019	19,000	18,026	17,859
Other:
Federal Reserve Bank stock and other at cost (2)	3,794		4,512	4,790	5,021	5,622
Private equity (3)	2,399		2,340	2,515	2,469	2,106
Total equity securities not held for trading	39,903		40,474	40,801	39,448	38,210
Total equity securities	$	52,494	54,047	68,241	63,884	61,537

(1)

Includes $191 million, $3.1 billion, $3.8 billion, $3.5 billion and $3.5 billion at June 30 and March 31, 2020, and December 31, September 30 and June 30, 2019, respectively, related to securities held as economic hedges of our deferred compensation plan liabilities. In second quarter 2020, we entered into arrangements to transition our economic hedges of our deferred compensation plan liabilities from equity securities to derivative instruments.


(2)	Includes $3.8 billion, $4.5 billion, $4.8 billion, $5.0 billion and $5.6 billion at June 30 and March 31, 2020, and December 31, September 30 and June 30, 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.

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER LOANS



(in millions)	Jun 30, 2020		Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019
Commercial:
Commercial and industrial	$	350,116	405,020	354,125	350,875	348,846
Real estate mortgage	123,967		122,767	121,824	121,936	123,008
Real estate construction	21,694		20,812	19,939	19,921	21,067
Lease financing	17,410		19,136	19,831	19,600	19,324
Total commercial	513,187		567,735	515,719	512,332	512,245
Consumer:
Real estate 1-4 family first mortgage	277,945		292,920	293,847	290,604	286,427
Real estate 1-4 family junior lien mortgage	26,839		28,527	29,509	30,838	32,068
Credit card	36,018		38,582	41,013	39,629	38,820
Automobile	48,808		48,568	47,873	46,738	45,664
Other revolving credit and installment	32,358		33,511	34,304	34,774	34,654
Total consumer	421,968		442,108	446,546	442,583	437,633
Total loans	$	935,155	1,009,843	962,265	954,915	949,878

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)	Jun 30, 2020		Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019
Non-U.S. commercial loans:
Commercial and industrial	$	67,015	78,753	70,494	64,418	63,296
Real estate mortgage	6,460		6,309	7,004	7,056	6,801
Real estate construction	1,697		1,478	1,434	1,262	1,287
Lease financing	1,146		1,120	1,220	1,197	1,215
Total non-U.S. commercial loans	$	76,318	87,660	80,152	73,933	72,599

- 33 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)



(in millions)	Jun 30, 2020			Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019
Nonaccrual loans:
Commercial:
Commercial and industrial	$	2,896		1,779	1,545	1,539	1,634
Real estate mortgage	1,217			944	573	669	737
Real estate construction	34			21	41	32	36
Lease financing	138			131	95	72	63
Total commercial	4,285			2,875	2,254	2,312	2,470
Consumer:
Real estate 1-4 family first mortgage (1) (2)	2,393			2,372	2,150	2,261	2,425
Real estate 1-4 family junior lien mortgage (2)	753			769	796	819	868
Automobile	129			99	106	110	115
Other revolving credit and installment	45			41	40	43	44
Total consumer	3,320			3,281	3,092	3,233	3,452
Total nonaccrual loans	$	7,605		6,156	5,346	5,545	5,922
As a percentage of total loans	0.81		%	0.61	0.56	0.58	0.62
Foreclosed assets:
Government insured/guaranteed	$	31		43	50	59	68
Non-government insured/guaranteed	164			209	253	378	309
Total foreclosed assets	195			252	303	437	377
Total nonperforming assets	$	7,800		6,408	5,649	5,982	6,299
As a percentage of total loans	0.83		%	0.63	0.59	0.63	0.66

(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 purchased credit-impaired (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)	Jun 30, 2020		Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019
Total:	$	9,739	7,023	7,285	7,130	7,258
Less: FHA insured/VA guaranteed (1)	8,922		6,142	6,352	6,308	6,478
Total, not government insured/guaranteed	$	817	881	933	822	780
By segment and class, not government insured/guaranteed:
Commercial:
Commercial and industrial	$	101	24	47	6	17
Real estate mortgage	44		28	31	28	24
Real estate construction	—		1	—	—	—
Total commercial	145		53	78	34	41
Consumer:
Real estate 1-4 family first mortgage (2)	93		128	112	100	108
Real estate 1-4 family junior lien mortgage (2)	19		25	32	35	27
Credit card	418		528	546	491	449
Automobile	54		69	78	75	63
Other revolving credit and installment	88		78	87	87	92
Total consumer	672		828	855	788	739
Total, not government insured/guaranteed	$	817	881	933	822	780


(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, and $156 million at December 31, September 30 and June 30, 2019, respectively.

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Wells Fargo & Company and Subsidiaries

CHANGES IN ALLOWANCE FOR CREDIT LOSSES FOR LOANS



	Quarter ended June 30,					Six months ended June 30,
(in millions)	2020			2019		2020		2019
Balance, beginning of period	$	12,022		10,821		10,456		10,707
Cumulative effect from change in accounting policies (1)	—			—		(1,337	)	—
Allowance for purchased credit deteriorated (PCD) loans (2)	—			—		8		—
Balance, beginning of period, adjusted	12,022			10,821		9,127		10,707
Provision for credit losses	9,565			503		13,398		1,348
Interest income on certain impaired loans (3)	(38		)	(39	)	(76	)	(78	)
Loan charge-offs:
Commercial:
Commercial and industrial	(556		)	(205	)	(933	)	(381	)
Real estate mortgage	(72		)	(14	)	(75	)	(26	)
Real estate construction	—			—		—		(1	)
Lease financing	(19		)	(12	)	(32	)	(23	)
Total commercial	(647		)	(231	)	(1,040	)	(431	)
Consumer:
Real estate 1-4 family first mortgage	(20		)	(27	)	(43	)	(70	)
Real estate 1-4 family junior lien mortgage	(18		)	(29	)	(48	)	(63	)
Credit card	(415		)	(437	)	(886	)	(874	)
Automobile	(158		)	(142	)	(314	)	(329	)
Other revolving credit and installment	(113		)	(167	)	(278	)	(329	)
Total consumer	(724		)	(802	)	(1,569	)	(1,665	)
Total loan charge-offs	(1,371		)	(1,033	)	(2,609	)	(2,096	)
Loan recoveries:
Commercial:
Commercial and industrial	35			46		79		89
Real estate mortgage	5			10		10		16
Real estate construction	1			2		17		5
Lease financing	4			8		8		11
Total commercial	45			66		114		121
Consumer:
Real estate 1-4 family first mortgage	18			57		44		112
Real estate 1-4 family junior lien mortgage	30			48		65		91
Credit card	88			88		182		173
Automobile	52			90		126		186
Other revolving credit and installment	25			31		56		65
Total consumer	213			314		473		627
Total loan recoveries	258			380		587		748
Net loan charge-offs	(1,113		)	(653	)	(2,022	)	(1,348	)
Other	—			(29	)	9		(26	)
Balance, end of period	$	20,436		10,603		20,436		10,603
Components:
Allowance for loan losses	$	18,926		9,692		18,926		9,692
Allowance for unfunded credit commitments	1,510			911		1,510		911
Allowance for credit losses for loans	$	20,436		10,603		20,436		10,603
Net loan charge-offs (annualized) as a percentage of average total loans	0.46		%	0.28		0.42		0.29
Allowance for loan losses as a percentage of total loans	2.02			1.02		2.02		1.02
Allowance for credit losses for loans as a percentage of total loans	2.19			1.12		2.19		1.12


(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 credit losses for PCI loans that automatically became purchased credit-deteriorated (PCD) loans with the adoption of ASU 2016-13.


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

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER CHANGES IN ALLOWANCE FOR CREDIT LOSSES FOR LOANS



	Quarter ended
(in millions)	Jun 30, 2020			Mar 31, 2020		Dec 31, 2019		Sep 30, 2019		Jun 30, 2019
Balance, beginning of quarter	$	12,022		10,456		10,613		10,603		10,821
Cumulative effect from change in accounting policies (1)	—			(1,337	)	—		—		—
Allowance for purchased credit-deteriorated (PCD) loans (2)	—			8		—		—		—
Balance, beginning of quarter, adjusted	12,022			9,127		10,613		10,603		10,821
Provision for credit losses	9,565			3,833		644		695		503
Interest income on certain loans (3)	(38		)	(38	)	(35	)	(34	)	(39	)
Loan charge-offs:
Commercial:
Commercial and industrial	(556		)	(377	)	(212	)	(209	)	(205	)
Real estate mortgage	(72		)	(3	)	(10	)	(2	)	(14	)
Real estate construction	—			—		—		—		—
Lease financing	(19		)	(13	)	(35	)	(12	)	(12	)
Total commercial	(647		)	(393	)	(257	)	(223	)	(231	)
Consumer:
Real estate 1-4 family first mortgage	(20		)	(23	)	(28	)	(31	)	(27	)
Real estate 1-4 family junior lien mortgage	(18		)	(30	)	(28	)	(27	)	(29	)
Credit card	(415		)	(471	)	(436	)	(404	)	(437	)
Automobile	(158		)	(156	)	(162	)	(156	)	(142	)
Other revolving credit and installment	(113		)	(165	)	(177	)	(168	)	(167	)
Total consumer	(724		)	(845	)	(831	)	(786	)	(802	)
Total loan charge-offs	(1,371		)	(1,238	)	(1,088	)	(1,009	)	(1,033	)
Loan recoveries:
Commercial:
Commercial and industrial	35			44		44		62		46
Real estate mortgage	5			5		6		10		10
Real estate construction	1			16		—		8		2
Lease financing	4			4		4		4		8
Total commercial	45			69		54		84		66
Consumer:
Real estate 1-4 family first mortgage	18			26		31		36		57
Real estate 1-4 family junior lien mortgage	30			35		44		49		48
Credit card	88			94		86		85		88
Automobile	52			74		75		80		90
Other revolving credit and installment	25			31		29		30		31
Total consumer	213			260		265		280		314
Total loan recoveries	258			329		319		364		380
Net loan charge-offs	(1,113		)	(909	)	(769	)	(645	)	(653	)
Other	—			9		3		(6	)	(29	)
Balance, end of quarter	$	20,436		12,022		10,456		10,613		10,603
Components:
Allowance for loan losses	$	18,926		11,263		9,551		9,715		9,692
Allowance for unfunded credit commitments	1,510			759		905		898		911
Allowance for credit losses for loans	$	20,436		12,022		10,456		10,613		10,603
Net loan charge-offs (annualized) as a percentage of average total loans	0.46		%	0.38		0.32		0.27		0.28
Allowance for loan losses as a percentage of:
Total loans	2.02			1.12		0.99		1.02		1.02
Nonaccrual loans	249			183		179		175		164
Nonaccrual loans and other nonperforming assets	243			176		169		162		154
Total net loan charge-offs (annualized)	422			308		346		379		370
Allowance for credit losses for loans as a percentage of:
Total loans	2.19			1.19		1.09		1.11		1.12
Nonaccrual loans	269			195		196		191		179
Nonaccrual loans and other nonperforming assets	262			188		185		177		168


(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 credit losses for PCI loans that automatically became PCD loans with the adoption of ASU 2016-13.


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

- 36 -

Wells Fargo & Company and Subsidiaries

ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES FOR LOANS (1)



	Jun 30, 2020				Mar 31, 2020				Jan 1, 2020				Dec 31, 2019
($ in millions)	ACL		ACL as % of loan class		ACL		ACL as % of loan class		ACL		ACL as % of loan class		ACL		ACL as % of loan class
Commercial:
Commercial and industrial	$	8,109	2.32	%	$	4,231	1.04	%	$	2,490	0.70	%	$	3,600	1.02	%
Real estate mortgage	2,395		1.93		848		0.69		702		0.58		1,236		1.01
Real estate construction	484		2.23		36		0.17		42		0.21		1,079		5.41
Lease financing	681		3.91		164		0.86		149		0.75		330		1.66
Total commercial	11,669		2.27		5,279		0.93		3,383		0.66		6,245		1.21
Consumer:
Real estate 1-4 family first mortgage	1,541		0.55		836		0.29		845		0.29		692		0.24
Real estate 1-4 family junior lien mortgage	725		2.70		125		0.44		78		0.26		247		0.84
Credit card	3,777		10.49		3,481		9.02		2,913		7.10		2,252		5.49
Automobile	1,174		2.41		1,016		2.09		719		1.50		459		0.96
Other revolving credit and installment	1,550		4.79		1,285		3.83		1,188		3.46		561		1.64
Total consumer	8,767		2.08		6,743		1.53		5,743		1.29		4,211		0.94
Total	$	20,436	2.19	%	$	12,022	1.19	%	$	9,126	0.95	%	$	10,456	1.09	%


(1)	Amounts are not comparative due to our adoption of ASU 2016-13, Financial Instruments – Credit Losses, on January 1, 2020.

- 37 -

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 (MSRs)) 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)		Jun 30, 2020			Mar 31, 2020		Dec 31, 2019		Sep 30, 2019		Jun 30, 2019
Tangible book value per common share:
Total equity		$	180,122		183,330		187,984		194,416		200,037
Adjustments:
Preferred stock		(21,098		)	(21,347	)	(21,549	)	(21,549	)	(23,021	)
Additional paid-in capital on preferred stock		159			140		(71	)	(71	)	(78	)
Unearned ESOP shares		875			1,143		1,143		1,143		1,292
Noncontrolling interests		(736		)	(612	)	(838	)	(1,112	)	(995	)
Total common stockholders' equity	(A)	159,322			162,654		166,669		172,827		177,235
Adjustments:
Goodwill		(26,385		)	(26,381	)	(26,390	)	(26,388	)	(26,415	)
Certain identifiable intangible assets (other than MSRs)		(389		)	(413	)	(437	)	(465	)	(493	)
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(2,050		)	(1,894	)	(2,146	)	(2,295	)	(2,251	)
Applicable deferred taxes related to goodwill and other intangible assets (1)		831			821		810		802		788
Tangible common equity	(B)	$	131,329		134,787		138,506		144,481		148,864
Common shares outstanding	(C)	4,119.6			4,096.4		4,134.4		4,269.1		4,419.6
Book value per common share	(A)/(C)	$	38.67		39.71		40.31		40.48		40.10
Tangible book value per common share	(B)/(C)	31.88			32.90		33.50		33.84		33.68



		Quarter ended											Six months ended
(in millions, except ratios)		Jun 30, 2020			Mar 31, 2020		Dec 31, 2019		Sep 30, 2019		Jun 30, 2019		Jun 30, 2020		Jun 30, 2019
Return on average tangible common equity:
Net income applicable to common stock	(A)	$	(2,694	)	42		2,546		4,037		5,848		(2,652	)	11,355
Average total equity		184,108			188,170		192,393		200,095		199,685		186,139		199,021
Adjustments:
Preferred stock		(21,344		)	(21,794	)	(21,549	)	(22,325	)	(23,023	)	(21,569	)	(23,118	)
Additional paid-in capital on preferred stock		140			135		(71	)	(78	)	(78	)	138		(87	)
Unearned ESOP shares		1,140			1,143		1,143		1,290		1,294		1,141		1,397
Noncontrolling interests		(643		)	(785	)	(945	)	(1,065	)	(939	)	(714	)	(919	)
Average common stockholders’ equity	(B)	163,401			166,869		170,971		177,917		176,939		165,135		176,294
Adjustments:
Goodwill		(26,384		)	(26,387	)	(26,389	)	(26,413	)	(26,415	)	(26,386	)	(26,417	)
Certain identifiable intangible assets (other than MSRs)		(402		)	(426	)	(449	)	(477	)	(505	)	(414	)	(524	)
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(1,922		)	(2,152	)	(2,223	)	(2,159	)	(2,155	)	(2,037	)	(2,157	)
Applicable deferred taxes related to goodwill and other intangible assets (1)		828			818		807		797		780		823		782
Average tangible common equity	(C)	$	135,521		138,722		142,717		149,665		148,644		137,121		147,978
Return on average common stockholders' equity (ROE) (annualized)	(A)/(B)	(6.63		)%	0.10		5.91		9.00		13.26		(3.23	)	12.99
Return on average tangible common equity (ROTCE) (annualized)	(A)/(C)	(8.00		)	0.12		7.08		10.70		15.78		(3.89	)	15.47


(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.

- 38 -

Wells Fargo & Company and Subsidiaries

COMMON EQUITY TIER 1 UNDER BASEL III (1)



		Estimated
(in billions, except ratio)		Jun 30, 2020			Mar 31, 2020		Dec 31, 2019		Sep 30, 2019		Jun 30, 2019
Total equity		$	180.1		183.3		188.0		194.4		200.0
Adjustments:
Preferred stock		(21.1		)	(21.3	)	(21.5	)	(21.5	)	(23.0	)
Additional paid-in capital on preferred stock		0.1			0.1		(0.1	)	(0.1	)	(0.1	)
Unearned ESOP shares		0.9			1.1		1.1		1.1		1.3
Noncontrolling interests		(0.7		)	(0.6	)	(0.8	)	(1.1	)	(1.0	)
Total common stockholders' equity		159.3			162.6		166.7		172.8		177.2
Adjustments:
Goodwill		(26.4		)	(26.4	)	(26.4	)	(26.4	)	(26.4	)
Certain identifiable intangible assets (other than MSRs)		(0.4		)	(0.4	)	(0.4	)	(0.5	)	(0.5	)
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)		(2.1		)	(1.9	)	(2.1	)	(2.3	)	(2.3	)
Applicable deferred taxes related to goodwill and other intangible assets (2)		0.8			0.8		0.8		0.8		0.8
CECL transition provision (3)		1.9			—		—		—		—
Other		(0.1		)	—		0.2		0.3		0.4
Common Equity Tier 1 under Basel III	(A)	133.0			134.7		138.8		144.7		149.2
Total risk-weighted assets (RWAs) anticipated under Basel III (4)(5)	(B)	$	1,215.0		1,262.8		1,245.8		1,246.2		1,246.7
Common Equity Tier 1 to total RWAs anticipated under Basel III (5)	(A)/(B)	10.9		%	10.7		11.1		11.6		12.0


(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)

In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators in March 2020 related to the impact of the current expected credit loss (CECL) accounting standard on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out of the benefits. The impact of the CECL transition provision on our regulatory capital at June 30, 2020, was an increase in capital of $1.9 billion, reflecting a $991 million (post-tax) increase in capital recognized upon our initial adoption of CECL, offset by 25% of the $11.4 billion increase in our ACL under CECL from January 1, 2020, through June 30, 2020.

(4)

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 June 30, 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 March 31, 2020, and December 31, September 30 and June 30, 2019, was calculated under the Basel III Standardized Approach RWAs.


(5)	The Company’s June 30, 2020, RWAs and capital ratio are preliminary estimates.

- 39 -

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 Jun 30,
Net interest income (3)	$	5,699		7,066	3,891		4,535	736		1,037		(446	)	(543	)	9,880		12,095
Provision (reversal of provision) for credit losses	3,378			479	6,028		28	257		(1	)	(129	)	(3	)	9,534		503
Noninterest income	3,067			4,739	2,672		2,530	2,924		3,013		(707	)	(793	)	7,956		9,489
Noninterest expense	8,346			7,212	3,963		3,882	3,153		3,246		(911	)	(891	)	14,551		13,449
Income (loss) before income tax expense (benefit)	(2,958		)	4,114	(3,428	)	3,155	250		805		(113	)	(442	)	(6,249	)	7,632
Income tax expense (benefit) (4)	(2,666		)	838	(1,286	)	365	63		201		(28	)	(110	)	(3,917	)	1,294
Net income (loss) before noncontrolling interests	(292		)	3,276	(2,142	)	2,790	187		604		(85	)	(332	)	(2,332	)	6,338
Less: Net income (loss) from noncontrolling interests	39			129	1		1	7		2		—		—		47		132
Net income (loss)	$	(331	)	3,147	(2,143	)	2,789	180		602		(85	)	(332	)	(2,379	)	6,206

Average loans	$	449.3		457.7	504.3		474.0	78.7		75.0		(61.0	)	(59.2	)	971.3		947.5
Average assets	1,059.8			1,024.8	863.2		852.2	87.7		83.8		(61.8	)	(60.2	)	1,948.9		1,900.6
Average deposits	848.5			777.6	441.2		410.4	171.8		143.5		(74.8	)	(62.5	)	1,386.7		1,269.0

Six months ended Jun 30,
Net interest income (3)	$	12,486		14,314	8,027		9,069	1,603		2,138		(924	)	(1,115	)	21,192		24,406
Provision (reversal of provision) for credit losses	5,096			1,189	8,316		162	265		3		(138	)	(6	)	13,539		1,348
Noninterest income	5,776			9,241	4,353		5,107	5,772		5,991		(1,540	)	(1,552	)	14,361		18,787
Noninterest expense	15,462			14,901	7,726		7,720	6,256		6,549		(1,845	)	(1,805	)	27,599		27,365
Income (loss) before income tax expense (benefit)	(2,296		)	7,465	(3,662	)	6,294	854		1,577		(481	)	(856	)	(5,585	)	14,480
Income tax expense (benefit) (4)	(2,022		)	1,262	(1,832	)	734	216		393		(120	)	(214	)	(3,758	)	2,175
Net income (loss) before noncontrolling interests	(274		)	6,203	(1,830	)	5,560	638		1,184		(361	)	(642	)	(1,827	)	12,305
Less: Net income (loss) from noncontrolling interests	(98		)	233	2		1	(5	)	5		—		—		(101	)	239
Net income (loss)	$	(176	)	5,970	(1,832	)	5,559	643		1,179		(361	)	(642	)	(1,726	)	12,066

Average loans	$	456.0		457.9	494.4		475.2	78.6		74.7		(60.8	)	(59.1	)	968.2		948.7
Average assets	1,049.5			1,020.1	874.1		848.4	87.9		83.5		(61.7	)	(60.1	)	1,949.8		1,891.9
Average deposits	823.5			771.6	448.9		410.1	161.6		148.3		(71.7	)	(64.5	)	1,362.3		1,265.5


(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, most 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 $465 million and $956 million for the second quarter and first half of 2020, respectively, and $423 million and $850 million for the second quarter and first half of 2019, respectively.

- 40 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER OPERATING SEGMENT RESULTS (1)



								Quarter ended
(income/expense in millions, average balances in billions)	Jun 30, 2020			Mar 31, 2020		Dec 31, 2019		Sep 30, 2019		Jun 30, 2019
COMMUNITY BANKING
Net interest income (2)	$	5,699		6,787		6,527		6,769		7,066
Provision for credit losses	3,378			1,718		522		608		479
Noninterest income	3,067			2,709		3,995		4,470		4,739
Noninterest expense	8,346			7,116		9,029		8,766		7,212
Income (loss) before income tax expense (benefit)	(2,958		)	662		971		1,865		4,114
Income tax expense (benefit)	(2,666		)	644		497		667		838
Net income (loss) before noncontrolling interests	(292		)	18		474		1,198		3,276
Less: Net income (loss) from noncontrolling interests	39			(137	)	45		199		129
Segment net income (loss)	$	(331	)	155		429		999		3,147
Average loans	$	449.3		462.6		462.5		459.0		457.7
Average assets	1,059.8			1,039.2		1,039.3		1,033.9		1,024.8
Average deposits	848.5			798.6		794.6		789.7		777.6
WHOLESALE BANKING
Net interest income (2)	$	3,891		4,136		4,248		4,382		4,535
Provision for credit losses	6,028			2,288		124		92		28
Noninterest income	2,672			1,681		2,311		2,560		2,530
Noninterest expense	3,963			3,763		3,743		3,889		3,882
Income (loss) before income tax expense (benefit)	(3,428		)	(234	)	2,692		2,961		3,155
Income tax expense (benefit) (3)	(1,286		)	(546	)	197		315		365
Net income (loss) before noncontrolling interests	(2,142		)	312		2,495		2,646		2,790
Less: Net income from noncontrolling interests	1			1		2		2		1
Segment net income (loss)	$	(2,143	)	311		2,493		2,644		2,789
Average loans	$	504.3		484.5		476.5		474.3		474.0
Average assets	863.2			885.0		877.6		869.2		852.2
Average deposits	441.2			456.6		447.4		422.0		410.4
WEALTH AND INVESTMENT MANAGEMENT
Net interest income (2)	$	736		867		910		989		1,037
Provision (reversal of provision) for credit losses	257			8		(1	)	3		(1	)
Noninterest income	2,924			2,848		3,161		4,152		3,013
Noninterest expense	3,153			3,103		3,729		3,431		3,246
Income before income tax expense	250			604		343		1,707		805
Income tax expense	63			153		85		426		201
Net income before noncontrolling interests	187			451		258		1,281		604
Less: Net income (loss) from noncontrolling interests	7			(12	)	4		1		2
Segment net income	$	180		463		254		1,280		602
Average loans	$	78.7		78.5		77.1		75.9		75.0
Average assets	87.7			88.1		85.5		84.7		83.8
Average deposits	171.8			151.4		145.0		142.4		143.5
OTHER (4)
Net interest income (2)	$	(446	)	(478	)	(485	)	(515	)	(543	)
Provision (reversal of provision) for credit losses	(129		)	(9	)	(1	)	(8	)	(3	)
Noninterest income	(707		)	(833	)	(807	)	(797	)	(793	)
Noninterest expense	(911		)	(934	)	(887	)	(887	)	(891	)
Loss before income tax benefit	(113		)	(368	)	(404	)	(417	)	(442	)
Income tax benefit	(28		)	(92	)	(101	)	(104	)	(110	)
Net loss before noncontrolling interests	(85		)	(276	)	(303	)	(313	)	(332	)
Less: Net income from noncontrolling interests	—			—		—		—		—
Other net loss	$	(85	)	(276	)	(303	)	(313	)	(332	)
Average loans	$	(61.0	)	(60.6	)	(59.6	)	(59.4	)	(59.2	)
Average assets	(61.8		)	(61.6	)	(60.6	)	(60.4	)	(60.2	)
Average deposits	(74.8		)	(68.6	)	(65.1	)	(62.7	)	(62.5	)
CONSOLIDATED COMPANY
Net interest income (2)	$	9,880		11,312		11,200		11,625		12,095
Provision for credit losses	9,534			4,005		644		695		503
Noninterest income	7,956			6,405		8,660		10,385		9,489
Noninterest expense	14,551			13,048		15,614		15,199		13,449
Income before income tax expense (benefit)	(6,249		)	664		3,602		6,116		7,632
Income tax expense (benefit)	(3,917		)	159		678		1,304		1,294
Net income (loss) before noncontrolling interests	(2,332		)	505		2,924		4,812		6,338
Less: Net income (loss) from noncontrolling interests	47			(148	)	51		202		132
Wells Fargo net income (loss)	$	(2,379	)	653		2,873		4,610		6,206
Average loans	$	971.3		965.0		956.5		949.8		947.5
Average assets	1,948.9			1,950.7		1,941.8		1,927.4		1,900.6
Average deposits	1,386.7			1,338.0		1,321.9		1,291.4		1,269.0


(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 $465 million, $491 million, $478 million, $422 million, and $423 million for the quarters ended June 30 and March 31, 2020, and December 31, September 30 and June 30, 2019, respectively.


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

- 41 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING



	Quarter ended
(in millions)	Jun 30, 2020			Mar 31, 2020		Dec 31, 2019		Sep 30, 2019		Jun 30, 2019
MSRs measured using the fair value method:
Fair value, beginning of quarter	$	8,126		11,517		11,072		12,096		13,336
Servicing from securitizations or asset transfers (1)	462			461		654		538		400
Sales and other (2)	(1		)	(31	)	—		(4	)	(1	)
Net additions	461			430		654		534		399
Changes in fair value:
Due to changes in valuation inputs or assumptions:
Mortgage interest rates (3)	(600		)	(3,022	)	405		(718	)	(1,153	)
Servicing and foreclosure costs (4)	(349		)	(73	)	45		13		(22	)
Discount rates	—			27		(34	)	188		(109	)
Prepayment estimates and other (5)	(182		)	(189	)	(54	)	(445	)	206
Net changes in valuation inputs or assumptions	(1,131		)	(3,257	)	362		(962	)	(1,078	)
Changes due to collection/realization of expected cash flows (6)	(637		)	(564	)	(571	)	(596	)	(561	)
Total changes in fair value	(1,768		)	(3,821	)	(209	)	(1,558	)	(1,639	)
Fair value, end of quarter	$	6,819		8,126		11,517		11,072		12,096


(1)	Includes impacts associated with exercising cleanup calls on securitizations and our right to repurchase delinquent loans from Government National Mortgage Association (GNMA) loan securitization pools. 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 in MSRs if related to portfolios with servicing liabilities.


(3)	Includes prepayment speed changes as well as other valuation changes due to changes in mortgage interest rates.


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


(5)	Represents other changes in inputs or assumptions, including prepayment speed estimation changes that are independent of mortgage interest rate changes.


(6)	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)	Jun 30, 2020			Mar 31, 2020		Dec 31, 2019		Sep 30, 2019		Jun 30, 2019
Amortized MSRs:
Balance, beginning of quarter	$	1,406		1,430		1,397		1,407		1,427
Purchases	7			8		35		25		16
Servicing from securitizations or asset transfers	48			34		69		33		33
Amortization (1)	(100		)	(66	)	(71	)	(68	)	(69	)
Balance, end of quarter	$	1,361		1,406		1,430		1,397		1,407
Fair value of amortized MSRs:
Beginning of quarter	$	1,490		1,872		1,813		1,897		2,149
End of quarter	1,401			1,490		1,872		1,813		1,897


(1)	In second quarter 2020, we recorded impairment and associated valuation allowance of $30 million.

- 42 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING (CONTINUED)



		Quarter ended
(in millions)		Jun 30, 2020			Mar 31, 2020		Dec 31, 2019		Sep 30, 2019		Jun 30, 2019
Servicing income, net:
Servicing fees (1)		$	644		758		780		806		830
Amortization (2)		(100		)	(66	)	(71	)	(68	)	(69	)
Changes due to collection/realization of expected cash flows (3)	(A)	(637		)	(564	)	(571	)	(596	)	(561	)
Net servicing fees		(93		)	128		138		142		200
Changes in fair value of MSRs due to valuation inputs or assumptions (4)	(B)	(1,131		)	(3,257	)	362		(962	)	(1,078	)
Net derivative gains (losses) from economic hedges of MSRs		535			3,400		(477	)	678		1,155
Market-related valuation changes to MSRs, net of hedge results		(596		)	143		(115	)	(284	)	77
Total servicing income (loss), net		$	(689	)	271		23		(142	)	277
Total changes in fair value of MSRs carried at fair value	(A)+(B)	$	(1,768	)	(3,821	)	(209	)	(1,558	)	(1,639	)


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


(2)	In second quarter 2020, we recorded impairment and associated valuation allowance of $30 million.


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



(in billions)	Jun 30, 2020			Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019
Managed servicing portfolio (1):
Residential mortgage servicing:
Serviced and subserviced for others	$	992		1,041	1,065	1,086	1,112
Owned loans serviced	335			341	343	346	340
Total residential servicing	1,327			1,382	1,408	1,432	1,452
Commercial mortgage servicing:
Serviced and subserviced for others	578			573	575	560	557
Owned loans serviced	125			124	124	122	123
Total commercial servicing	703			697	699	682	680
Total managed servicing portfolio	$	2,030		2,079	2,107	2,114	2,132
Total serviced for others, excluding subserviced for others	$	1,558		1,602	1,629	1,634	1,655
Ratio of MSRs to related loans serviced for others	0.52		%	0.60	0.79	0.76	0.82
Weighted-average note rate (mortgage loans serviced for others)	4.13			4.20	4.25	4.29	4.33


(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.

- 43 -

Wells Fargo & Company and Subsidiaries

SELECTED FIVE QUARTER RESIDENTIAL MORTGAGE PRODUCTION DATA



		Quarter ended
		Jun 30, 2020			Mar 31, 2020		Dec 31, 2019	Sep 30, 2019	Jun 30, 2019
Net gains on mortgage loan origination/sales activities (in millions):
Residential	(A)	$	866		360		503	461	322
Commercial		83			23		101	106	83
Residential pipeline and unsold/repurchased loan management (1)		57			(275	)	156	41	76
Total		$	1,006		108		760	608	481
Application data (in billions):
Wells Fargo first mortgage quarterly applications		$	84		108		72	85	90
Refinances as a percentage of applications		60		%	65		51	50	44
Wells Fargo first mortgage unclosed pipeline, at quarter end		$	50		62		33	44	44
Residential real estate originations:
Purchases as a percentage of originations		38		%	48		50	60	68
Refinances as a percentage of originations		62			52		50	40	32
Total		100		%	100		100	100	100
Wells Fargo first mortgage loans (in billions):
Retail		$	30		23		27	27	26
Correspondent		28			25		33	30	27
Other (2)		1			—		—	1	—
Total quarter-to-date		$	59		48		60	58	53
Held-for-sale	(B)	$	43		33		42	38	33
Held-for-investment		16			15		18	20	20
Total quarter-to-date		$	59		48		60	58	53
Total year-to-date		$	107		48		204	144	86
Production margin on residential held-for-sale mortgage originations	(A)/(B)	2.04		%	1.08		1.21	1.21	0.98


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


(2)	Consists of home equity loans and lines.

Table of contents 2Q20 Results Appendix 2Q20 Earnings Pages 2 Deferred compensation plan economic hedge results 24 Providing support during the COVID-19 pandemic 3 Real estate 1-4 family mortgage portfolio 25 Strong capital and liquidity positions 4 Consumer credit card portfolio 26 Loans 5 Auto portfolios 27 Consumer loan trends 6 Student lending portfolio 28 Commercial loan trends 7 Trading-related revenue 29 Deposits 8 Wholesale Banking adjusted efficiency ratio for income tax credits 30 Net interest income 9 Common Equity Tier 1 31 Noninterest income 10 32 Noninterest expense and efficiency ratio 11 Forward-looking statements Community Banking 12 Community Banking metrics 13 Wholesale Banking 14 Wealth and Investment Management 15 Credit quality of the loan portfolio 16 Commercial & Industrial loans and lease financing by industry 17 Commercial real estate loans by property type 18 Oil and gas loan portfolio credit performance 19 Allowance for credit losses for loans 20 Allowance for credit losses for loans – key drivers of the $8.4 billion increase 21 Capital 22 Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended June 30, 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 2Q20 Supplement 1

2Q20 Earnings . Net loss of $2.4 billion included: ($ in millions, except EPS) 2Q20 1Q20 2Q19 - $9.5 billion of provision expense for credit losses: Net interest income $ 9,880 11,312 12,095 • $8.4 billion increase in the allowance for credit losses Noninterest income 7,956 6,405 9,489 • $1.1 billion of net charge-offs for loans Total revenue 17,836 17,717 21,584 - $1.2 billion of operating losses, including $765 million of Provision expense 9,534 4,005 503 customer remediation accruals for a variety of matters Noninterest expense 14,551 13,048 13,449 - $382 million of personnel, occupancy and technology expense Income tax expense (benefit) (3,917) 159 1,294 related to COVID-19 (noninterest expense) - ~$295 million of fee and interest waivers for customer Wells Fargo net income (loss) $ (2,379) 653 6,206 accommodations in response to COVID-19 (1) Diluted earnings (loss) per - $346 million of net gains on equity securities from deferred common share (EPS) $ (0.66) 0.01 1.30 compensation plan investment results, which were largely offset by $349 million of employee benefits expense • Please see page 24 for additional information - $317 million of mortgage banking income as higher net gains on mortgage loan originations/sales activities were more than offset by lower mortgage servicing income, which included MSR valuation adjustments of $(531) million for higher prepayment assumptions and higher expected servicing costs associated with higher projected defaults - $261 million gain on the sale of residential mortgage loans that were reclassified to held for sale in 2019 (other noninterest income) (1) Customer accommodation actions reflect estimates based on customer requests and may not take into account customers who have continued to make payments even after requesting a deferral. Wells Fargo 2Q20 Supplement 2

Providing support during the COVID-19 pandemic Helped more than 2.7 million customers by deferring payments and waiving fees Consumer and Small - Over 2.5 million payments deferred, representing more than $5 billion in principal Business Customers (1)(2) and interest, including $3.2 billion in mortgage loans serviced for others - Approximately 6 million fee waivers, exceeding $200 million Processed approximately 246,000 deferrals representing more than $1.5 billion in principal and interest payments Commercial Customers (1)(2) Provided commercial distribution and auto finance customers maturity date extensions representing approximately $6.6 billion of outstanding principal and interest Funded 179,000 commercial loans totaling $10.1 billion with an average loan size of $56,000 Payroll Protection - 60% were for loan amounts less than $25,000 (1) - 41% were to companies in low-and moderate-income areas or at least 50% minority Program (PPP) census tracks - 84% were for companies that had fewer than 10 employees - 90% of companies had less than $2 million in annual revenue Committed to donating approximately $400 million in gross processing fees received from the PPP to help small businesses impacted by the Open for Business Fund COVID-19 pandemic - Working with nonprofit organizations to provide capital, technical support, and long- term resiliency programs to small businesses with an emphasis on serving minority- owned businesses (1) Includes year-to-date (YTD) actions through June 30, 2020. (2) Customer accommodation actions reflect estimates based on customer requests and may not take into account customers who have continued to make payments even after requesting a deferral. Wells Fargo 2Q20 Supplement 3

Strong capital and liquidity positions 2Q20 Common Equity Tier 1 (CET 1) Ratio (1) 2Q20 Liquidity Coverage Ratio (LCR) (2) 129% 29% 10.9% 121% 10.7% above 10% 1.9%, or the regulatory $23.7 100% 9% billion, minimum above the regulatory minimum Regulatory Current Internal 1Q20 Actual 2Q20 Estimate Regulatory Minimum 1Q20 Actual 2Q20 Estimate Minimum Target . Following the FRB’s final publication of the CCAR results, we expect our stress capital buffer (SCB) to be 2.5%, which is the lowest possible under the new framework and would result in the regulatory minimum of our CET1 ratio remaining at 9% . At June 30, 2020, the Company’s primary unencumbered sources of liquidity totaled ~$511 billion (3) (1) 2Q20 capital ratio is a preliminary estimate. See page 31 for additional information regarding the Common Equity Tier 1 capital ratio. (2) 2Q20 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. (3) Includes cash, cash equivalents, and unencumbered high-quality liquid debt securities. Primary sources of liquidity is a preliminary estimate. Wells Fargo 2Q20 Supplement 4

Loans Average Loans Outstanding Period-end Loans Outstanding ($ in billions) ($ in billions) 965.0 971.3 1,009.8 947.5 949.8 956.5 949.9 954.9 962.3 935.2 4.80% 4.61% 4.37% 4.20% 3.50% 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 Total average loan yield Commercial Consumer . Total average loans of $971.3 billion, up $23.8 . Total period - end loans of $935.2 billion, down $14.7 billion year-over-year (YoY) and $6.3 billion linked billion, or 2%, YoY driven by lower consumer real estate quarter (LQ) reflecting the ~$80 billion of commercial loans loan draws in March due to the economic slowdown . Total period-end loans down $74.6 billion, or 7%, LQ as associated with the COVID-19 pandemic declines in commercial and industrial loans, consumer real . Total average loan yield of 3.50%, down 70 bps LQ and estate loans, and credit card loans, were partially offset by 130 bps YoY reflecting the repricing impacts of lower growth in commercial real estate loans and auto loans interest rates, as well as continued loan mix changes - Please see pages 6 and 7 for additional information Wells Fargo 2Q20 Supplement 5

Consumer loan trends Consumer loans down $15.7 billion YoY; down $20.1 billion LQ as declines in consumer real estate loans, credit card loans and other revolving credit and installment loans were partially offset by modest growth in automobile loans ($ in billions, Period-end balances) B= billion, MM = million Consumer Real Estate 1-4 . First mortgage loans down $8.5B Credit Card Family First & Junior Lien 40 . Credit card down $2.8B YoY and down $15.0B LQ YoY and $2.6B LQ 300 Mortgage - LQ decrease included a $10.4B 36 reflecting the transfer to HFS as well as 250 economic slowdown paydowns, partially offset by 32 and changes in 200 $16.4B of originations consumer spending . Junior lien mortgage loans down 150 28 associated with the $5.2B YoY and $1.7B LQ as 100 COVID-19 pandemic continued paydowns more than 24 50 offset new originations 20 0 2Q19 1Q20 2Q20 2Q19 1Q20 2Q20 1-4 Family First Junior Lien Automobile Other Revolving Credit and 50 . Auto loans up $3.1B YoY and 36 Installment . Other revolving credit $240MM LQ and installment loans 45 . Originations of auto loans 32 down $2.3B YoY and down 11% YoY and 13% LQ down $1.2B LQ on 40 largely due to the economic 28 lower margin loans and slowdown associated with the security based lending, 35 COVID-19 pandemic 24 as well as lower personal loans and lines 30 and student loans 2Q19 1Q20 2Q20 20 2Q19 1Q20 2Q20 Wells Fargo 2Q20 Supplement 6

Commercial loan trends Commercial loans up $942 million YoY and down $54.5 billion LQ as almost all of the $80 billion of loan draws in March associated with the COVID-19 pandemic were paid down reflecting strength in the capital markets ($ in billions, Period-end balances) B= billion, MM = million 430 Commercial and Industrial Commercial and industrial (C&I) loans down $54.9B LQ on broad-based 410 declines across the lines of business driven by paydowns of loans following 390 increased 1Q20 loan draws, including declines of: 370 . $34.7B in Corporate & Investment Banking driven by declines in Corporate 350 Transactional Banking across all industry verticals, lower Asset Backed Finance loans, and declines in Commercial Real Estate credit facilities to REITs and other 330 non-depository financial institutions 310 . $16.2B in Commercial Capital on seasonality of summer paydowns and payoff of 290 March loan draws 270 . $9.4B in Middle Market Banking on payoff of March loan draws 250 Partially offset by: 2Q19 1Q20 2Q20 . $9.5B of PPP loans - See page 3 for additional information Commercial Real Estate 150 145 Commercial real estate (CRE) loans up $2.1B LQ 140 . CRE Mortgage and CRE Construction were up $1.2B and $882 million, respectively, 135 driven by new originations, construction fundings and loan extensions 130 125 Lease financing down $1.7B LQ predominantly driven by declines in 120 115 Equipment Finance 110 105 100 2Q19 1Q20 2Q20 Wells Fargo 2Q20 Supplement 7

Deposits Average Deposits and Rates Period-end Deposits ($ in billions) ($ in billions) 1,410.7 1,386.7 1,288.4 1,376.5 1,269.0 1,338.0 466.1 434.0 347.4 408.5 430.1 341.4 48.2 67.1 34.4 0.70% 86.7 27.8 25.1 927.6 990.6 978.2 894.1 0.52% 746.5 815.5 0.17% 2Q19 1Q20 2Q20 2Q19 1Q20 2Q20 Interest-bearing deposits Noninterest-bearing deposits Wholesale Banking Corporate Treasury including brokered CDs Average deposit cost Mortgage Escrow (1) Consumer and Small Business Banking Deposits . Average deposits of $1.4 trillion, up $117.7 billion, or 9%, . Period-end deposits of $1.4 trillion, up $122.3 billion, or YoY on growth across the deposit gathering businesses 9%, YoY on growth across the deposit gathering reflecting customers’ preferences for liquidity due to businesses reflecting customers’ preferences for liquidity COVID-19 due to COVID-19 . Average deposits up $48.7 billion, or 4%, LQ on growth in . Period-end deposits up $34.2 billion, or 2%, LQ consumer and small business banking deposits (1) - $78.6 billion increase in consumer and small business reflecting customers’ preferences for liquidity due to banking deposits (1) reflected impacts due to COVID-19 COVID-19 including customers' preferences for liquidity, loan payment - Noninterest-bearing deposits up $61.1 billion, or 18% deferrals, tax payment deferrals, stimulus checks, and lower . Average deposit cost of 17 bps, down 35 bps LQ consumer spending reflecting the lower interest rate environment - $32.1 billion decline in Wholesale Banking deposits - Wholesale Banking down 62 bps reflecting actions taken to manage under the Asset Cap - WIM down 25 bps with an emphasis on reducing certain non-operational - Retail banking down 12 bps deposits (1) Total deposits excluding mortgage escrow and wholesale deposits (Wholesale Banking, and Corporate Treasury including brokered CDs). Wells Fargo 2Q20 Supplement 8

Net interest income Net Interest Income . Net interest income decreased $2.2 billion, or 18%, YoY ($ in millions) reflecting the lower interest rate environment . Net interest income decreased $1.4 billion, or 13%, LQ 12,095 reflecting balance sheet repricing driven by the impact of 11,625 the lower interest rate environment, as well as: 11,200 11,312 - $275 million less favorable hedge ineffectiveness accounting results (2) from 1Q20 which included large 9,880 interest rate changes in the quarter - $187 million higher MBS premium amortization resulting from higher prepays (2Q20 MBS premium amortization was $548 million vs. $361 million in 1Q20) 2.82% - Partially offset by a shift to a lower-cost mix of funding 2.66% 2.58% . NIM of 2.25% down 33 bps LQ and included: 2.53% - ~(23) bps from balance sheet repricing and mix 2.25% - ~(6) bps from hedge ineffectiveness accounting results - ~(4) bps from MBS premium amortization 2Q19 3Q19 4Q19 1Q20 2Q20 Net Interest Margin (NIM) Average rates 2Q19 3Q19 4Q19 1Q20 2Q20 1 Month LIBOR 2.44 % 2.17 % 1.79 % 1.41 % 0.36 % 3 Month LIBOR 2.51 2.20 1.93 1.53 0.60 Fed Funds Target Rate 2.50 2.29 1.83 1.41 0.25 10 Year (1) CMT = Constant Maturity Treasury rate. CMT (1) 2.33 1.79 1.80 1.38 0.69 (2) Total hedge ineffectiveness accounting (including related economic hedges) of $38 million in the quarter included $12 million in net interest income and $26 million in other income. In 1Q20 total hedge ineffectiveness accounting (including related economic hedges) was $266 million and included $287 million in net interest income and $(21) 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 2Q20 Supplement 9

Noninterest income vs vs . Noninterest income up $1.6 billion, or 24% LQ ($ in millions) 2Q20 1Q20 2Q19 . Deposit service charges down $279 million LQ on lower overdraft Noninterest income activity reflecting lower debit card transaction volumes, higher fee Service charges on deposit accounts $ 930 (23) % (23) waivers, and higher average customer deposit balances, as well as Trust and investment fees: lower treasury management fees Brokerage advisory, commissions - Consumer was 45% and commercial was 55% of total and other fees 2,117 (15) (9) • Earnings credit rate (ECR) offset (results in lower fees for commercial Trust and investment management 687 (2) (14) customers) was down $58 million LQ and $89 million YoY Investment banking 547 40 20 . Trust and investment fees down $223 million Card fees 797 (11) (22) - Brokerage advisory, commissions and other fees down $365 million Other fees 578 (9) (28) on lower retail brokerage advisory fees (priced at the beginning of the Mortgage banking 317 (16) (58) quarter), as well as lower brokerage transaction revenue Net gains from trading activities 807 n.m. 252 - Investment banking fees up $156 million driven by strength in debt Net gains on debt securities 212 (11) 960 and equity capital markets Net gains from equity securities 533 n.m. (14) . Card fees down $95 million on lower interchange income reflecting Lease income 334 (5) (21) the impact of COVID-19 on consumer spending Other (1) 97 (79) (88) . Total noninterest income $ 7,956 24 % (16) Mortgage banking down $62 million - Net gains on mortgage loan originations up $898 million and included higher origination volumes and a higher gain on sale margin 10,385 - Servicing income down $960 million due to a $739 million decline in 9,489 market-related MSR valuation changes, net of hedge results driven by 8,660 MSR valuation assumption updates including higher prepayments and 7,956 servicing costs . Net gains from trading activities up $743 million from higher trading 6,405 volumes across many products, increased volatility leading to wider bid-offer spreads, and substantial spread/price improvement in certain credit markets (Please see page 29 for additional information) . Net gains from equity securities up $1.9 billion on $829 million lower securities impairment and $967 million higher deferred compensation plan investment results (P&L neutral), as well as higher realized gains (Please see page 24 for additional information on deferred compensation) 2Q19 3Q19 4Q19 1Q20 2Q20 . Other income down $370 million and included $202 million lower gains on the sale of loans ($261 million in 2Q20 vs. $463 million (1) In 2Q20, insurance income was moved to all other noninterest income. Prior period balances in 1Q20) have been revised to conform with the current period presentation. Wells Fargo 2Q20 Supplement 10

Noninterest expense and efficiency ratio (1) vs vs . Noninterest expense up $1.5 billion LQ ($ in millions) 2Q20 1Q20 2Q19 - Personnel expense up $597 million and included: Noninterest expense (2) • $231 million of expenses in response to COVID-19, including Personnel $ 8,911 7 % 5 bonus payments and premium pay for certain customer-facing Technology and equipment (2) 562 (20) (12) (3) and support employees, as well as child care services paid by the Occupancy 871 22 21 company Core deposit and other intangibles 22 (4) (19) • $947 million increase in deferred compensation expense (P&L FDIC and other deposit assessments 165 40 15 neutral) which was largely offset in net gains from equity Operating losses 1,219 163 394 securities Outside professional services 758 4 (8) o Please see page 24 for additional information Other 2,043 3 (14) • $676 million reduction from seasonally higher employee Total noninterest expense $ 14,551 12 % 8 benefits expense in 1Q - Technology and equipment expense down $144 million and included the reversal of an accrual for software expense - Occupancy expense up $156 million reflecting $133 million 15,199 15,614 14,551 of COVID-19 related expense due to additional cleaning fees, supplies, and equipment 13,449 13,048 - FDIC and other deposit assessments up $47 million on higher 78.6% 81.6% FDIC assessment base and rate 73.6% - Outside professional services expense up $31 million on higher project-related expense 69.1% - Operating losses up $755 million on higher customer remediation accruals for a variety of matters, as well as 62.3% higher litigation accruals 2Q19 3Q19 4Q19 1Q20 2Q20 Efficiency Ratio (1) Efficiency ratio defined as noninterest expense divided by total revenue (net interest income and noninterest income). (2) In 2Q20, personnel-related expenses were combined into a single line item, and expenses for cloud computing services were moved from contract services expense to technology and equipment expense. Prior period balances have been revised to conform with the current period presentation. (3) Represents expenses for both leased and owned properties. Wells Fargo 2Q20 Supplement 11

Community Banking vs vs . Net loss of $331 million, down from net income of $155 ($ in millions) 2Q20 1Q20 2Q19 million in 1Q20 and net income of $3.1 billion in 2Q19 Net interest income $ 5,699 (16) % (19) . Provision for credit losses of $3.4 billion included a $2.8 Noninterest income 3,067 13 (35) billion increase in the allowance for credit losses in the Provision for credit losses 3,378 97 605 quarter Noninterest expense 8,346 17 16 Income tax expense (2,666) n.m. n.m. Key metrics Segment net income (loss) $ (331) n.m. % n.m. . See page 13 for additional information ($ in billions) Avg loans $ 449.3 (3) (2) . 5,300 retail banking branches reflects 30 branch Avg deposits 848.5 6 9 consolidations in 2Q20 2Q20 1Q20 2Q19 - ~1,100 branches, or ~20% of our nationwide network, are Key Metrics: temporarily closed due to COVID-19 Total Retail Banking branches 5,300 5,329 5,442 . Consumer auto originations of $5.6 billion, down 13% LQ and 11% YoY ($ in billions) 2Q20 1Q20 2Q19 . Mortgage originations of $59 billion (held-for-sale = Auto originations $ 5.6 6.5 6.3 $43 billion and held-for-investment = $16 billion), up Home Lending 23% LQ and 11% YoY Applications $ 84 108 90 Application pipeline 50 62 44 - 38% of originations were for purchases, compared with Originations 59 48 53 48% in 1Q20 and 68% in 2Q19 (1) 2.04 % 1.08 % 0.98 Residential HFS production margin - 2.04% residential held-for-sale production margin (1), up 96 bps LQ and up 106 bps YoY - $259 million of originations directed to held-for-sale for future securitizations (1) Production margin represents net gains on residential mortgage loan origination/sales activities divided by total residential held-for-sale mortgage originations. Wells Fargo 2Q20 Supplement 12

Community Banking metrics Customers and Active Accounts (in millions) 2Q20 1Q20 4Q19 3Q19 2Q19 vs. 1Q20 vs. 2Q19 Digital (online and mobile) Active Customers (1) 31.1 31.1 30.3 30.2 30.0 0% 4% Mobile Active Customers (1) 25.2 24.9 24.4 24.3 23.9 1% 6% Primary Consumer Checking Customers (2)(3) 24.3 24.4 24.4 24.3 24.3 -0.3% 0.4% Consumer General Purpose Credit Card Active Accounts (4) (5) 7.3 7.9 8.1 8.1 8.0 -7% -9% . 31.1 million digital (online and mobile) active customers (1) , stable LQ and up 4% YoY reflecting continued improvements in user experience and increased customer awareness of digital services – 25.2 million mobile active customers (1), up 1% LQ and 6% YoY Balances and Activity (in millions, except where noted) 2Q20 1Q20 4Q19 3Q19 2Q19 vs. 1Q20 vs. 2Q19 Consumer and Small Business Banking Deposits (Average) ($ in billions) $ 857.9 779.5 763.2 749.5 742.7 10% 16% Teller and ATM Transactions (6) 235.2 289.4 315.1 324.3 327.3 -19% -28% Debit Cards (7) POS Transactions 2,027 2,195 2,344 2,344 2,336 -8% -13% POS Purchase Volume (billions) $ 93.1 90.6 95.2 92.6 93.2 3% 0% Consumer General Purpose Credit Cards (5) ($ in billions) POS Purchase Volume $ 15.8 18.1 21.0 20.4 20.4 -13% -22% Outstandings (Average) 29.6 32.3 32.3 31.7 30.9 -8% -4% . Average consumer and small business banking deposit balances up 10% LQ and 16% YoY . Teller and ATM transactions (6) of 235.2 million in 2Q20, down 19% LQ and 28% YoY primarily due to the temporary closure of approximately ~1,100 branches, or ~20% of our nationwide network, due to COVID-19, as well as the continued customer migration to digital channels . Debit cards (7) and consumer general purpose credit cards (5): - Point-of-sale (POS) debit card transactions down 8% LQ and 13% YoY on reduced consumer spending activity due to COVID-19 - POS debit card purchase volume up 3% LQ on higher average transaction sizes and flat YoY - POS consumer general purpose credit card purchase volume down 13% LQ and 22% YoY on reduced customer spending due to COVID-19 (1) 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. Prior periods have been revised so they are no longer reported on a one-month lag. (2) Metrics reported on a one-month lag from reported quarter-end; for example, 2Q20 data as of May 2020 compared with May 2019. (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. (6) 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. (7) Combined consumer and business debit card activity. Wells Fargo 2Q20 Supplement 13

Wholesale Banking vs vs . Net loss of $2.1 billion ($ in millions) 2Q20 1Q20 2Q19 . Net interest income down 6% LQ reflecting the impact of the Net interest income $ 3,891 (6) % (14) lower interest rate environment and lower deposit balances, Noninterest income 2,672 59 6 partially offset by higher average loans Provision for credit losses 6,028 163 n.m. . Noninterest income up 59% LQ on higher trading and Noninterest expense 3,963 5 2 investment banking results, as well as lower securities Income tax benefit (1,286) 136 n.m. impairment - Record Corporate & Investment Bank Capital Markets results Segment net income (loss) $ (2,143) n.m. % n.m. driven by strong FICC trading results and record investment grade ($ in billions) debt issuances Avg loans $ 504.3 4 6 . Provision for credit losses increased $3.7 billion LQ driven by a Avg deposits 441.2 (3) 8 $5.5 billion increase in the allowance for credit losses, and $323 million higher net charge-offs driven by losses in the oil and gas, 2Q20 1Q20 2Q19 and commercial real estate portfolios Efficiency ratio (1) 60.4 64.7 % 54.9 . Noninterest expense up 5% LQ driven by higher operating Adjusted efficiency ratio for income tax losses reflecting higher litigation accruals 55.2 58.2 50.9 credits (2) Lending-related vs vs . Unfunded lending commitments up 5% YoY and 13% LQ ($ or # in billions) 2Q20 1Q20 2Q19 . Revolving loan utilization in June of 39.1% (6), down 210 bps YoY Key Metrics: and 950 bps LQ reflecting paydowns of March loan draws Lending-related . WF Capital Finance was the #1 Bookrunner of asset-based loans Unfunded lending commitments $ 339 13 % 5 with YTD market share of 20.1% vs. 19.6% in 2019 (7) Assets under lease 25 (7) (9) Treasury Management Commercial mortgage servicing - 3rd party . Treasury management revenue down 13% YoY and 10% LQ unpaid principal balance 569 1 2 . ACH payment transactions originated (3) up 11% YoY on large Treasury Management customer volume growth and up 5% LQ ACH payment transactions originated (#) (3) 2.1 5 11 . Commercial card spend volume (4) of $5.8 billion, down 34% YoY Commercial card spend volume (4) $ 5.8 (29) (34) and 29% LQ on reductions in business travel and other purchase Investment Banking (5) activity due to COVID-19 Total U.S. market share (YTD %) 3.8 30 bps Investment Banking (5) High grade DCM U.S. market share (YTD %) 8.1 60 bps . YTD 2020 U.S. investment banking market share of 3.8% vs. Loan syndications U.S. market share (YTD %) 4.1 (40) bps YTD 2019 of 3.5% (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 30. (3) Includes ACH payment transactions originated by the entire company. (4) Includes commercial card volume for the entire company. (5) Year-to-date (YTD) through June 30. Source: Dealogic U.S. investment banking fee market share. (6) Preliminary estimate. (7) YTD through June 30. Source: Refinitiv. Wells Fargo 2Q20 Supplement 14

Wealth and Investment Management . vs vs Net income of $180 million, down 70% YoY and 61% LQ and ($ in millions) 2Q20 1Q20 2Q19 included a $255 million increase in the allowance for credit losses in the quarter Net interest income $ 736 (15) % (29) . Net interest income down 15% LQ primarily due to the lower Noninterest income 2,924 3 (3) interest rate environment, partially offset by higher deposit Provision for credit losses 257 n.m. n.m. balances Noninterest expense 3,153 2 (3) . Noninterest income up 3% LQ as net gains from equity securities reflecting a $413 million increase in deferred compensation plan Income tax expense 63 (59) (69) investment results (P&L neutral), were partially offset by lower Segment net income $ 180 (61) % (70) retail brokerage advisory fees (priced at the beginning of the ($ in billions) quarter) and lower brokerage transaction revenue Avg loans $ 78.7 - 5 . Noninterest expense up 2% LQ as a $401 million increase in Avg deposits 171.8 13 20 deferred compensation expense (largely offset in revenue by higher net gains from equity securities) and higher regulatory, vs vs risk, and technology expense, were partially offset by lower ($ in billions, except where noted) 2Q20 1Q20 2Q19 Key Metrics: broker commissions, lower other personnel expenses which were (1) seasonally higher in the first quarter, and lower equipment WIM Client assets ($ in trillions) $ 1.8 11 % (4) expense Retail Brokerage Client assets ($ in trillions) $ 1.6 12 (4) WIM Segment Highlights . WIM total client assets of $1.8 trillion, down 4% YoY primarily Advisory assets 569 14 1 driven by net outflows in the Correspondent Clearing business IRA assets 415 13 - . 2Q20 closed referred investment assets (referrals resulting from Financial advisors (#) 13,298 (1) (4) the WIM/Community Banking partnership) of $1.5 billion were Wealth Management down 45% LQ and 43% YoY reflecting lower referral activity due Client assets $ 224 5 (3) to COVID-19 Wells Fargo Asset Management Retail Brokerage . Advisory assets of $569 billion, up 1% YoY, primarily driven by Total AUM (2) 578 12 17 higher market valuations, partially offset by net outflows in the Wells Fargo Funds AUM 283 19 36 Correspondent Clearing business Wells Fargo Asset Management (2) (1) WIM Client Assets reflect Brokerage & Wealth assets, including Wells Fargo Funds holdings . Total AUM of $578 billion, up 17% YoY primarily driven by and deposits. money market net inflows and higher market valuations, partially (2) Wells Fargo Asset Management Total AUM that is not held in Brokerage & Wealth client assets is excluded from WIM Client Assets. offset by equity net outflows Wells Fargo 2Q20 Supplement 15

Credit quality of the loan portfolio Provision Expense and Net Charge-offs on Loans . Customer forbearance and other deferral activities ($ in millions) 9,565 instituted in response to the COVID-19 pandemic could delay the recognition of net charge-offs, delinquencies, and nonaccrual status for those customers who would have otherwise moved into past due or nonaccrual status . Net charge-offs on loans of $1.1 billion, up $204 million LQ 3,833 . 0.46% net charge-off rate (annualized), up 8 bps LQ - Commercial losses of 44 bps, up 19 bps LQ on higher C&I losses primarily related to net charge-offs in the oil and gas 909 1,113 503 653 695 645 644 769 portfolio, as well as higher commercial real estate mortgage 0.28% 0.46% 0.27% 0.38% losses 0.32% 2Q19 3Q19 4Q19 1Q20 2Q20 • See page 19 for additional information on the oil and gas Provision Expense Net Charge-offs portfolio Net Charge-off Rate - Consumer losses of 48 bps, down 5 bps LQ driven by lower losses in credit card, and other revolving credit and Nonperforming Assets 7.8 installment loans ($ in billions) 0.2 . Commercial criticized assets of $38.2 billion, up $13.3 billion, or 53%, LQ on a $7.2 billion increase in C&I and a 6.3 6.4 $6.1 billion increase in CRE 6.0 0.2 0.4 . NPAs increased $1.4 billion LQ 0.5 5.6 0.3 7.6 - Nonaccrual loans increased $1.4 billion • Commercial nonaccruals increased $1.4 billion driven by 5.9 6.2 5.5 5.3 the oil and gas, and commercial real estate portfolios o 75% of nonaccruals were current on interest and principal o See pages 17 and 18 for additional information on 2Q19 3Q19 4Q19 1Q20 2Q20 commercial nonaccrual loans Nonaccrual loans Foreclosed assets • Consumer nonaccrual loans increased $39 million Wells Fargo 2Q20 Supplement 16

Commercial & Industrial loans and lease financing by industry . C&I and lease financing nonaccrual loans of $3.0 billion, up $1.1 billion, or 59%, LQ driven by higher oil and gas, and real estate and construction nonaccruals - 47% of nonaccruals were oil and gas nonaccruals . Criticized assets of $27.8 billion, up $7.2 billion, or 35%, LQ - 61% of the increase in criticized assets were retail, entertainment and recreation, real estate and construction, and oil and gas loans 2Q20 1Q20 (1) (1) ($ in millions) Nonaccruals Loans Outstanding Total Commitments Nonaccruals Loans Outstanding Total Commitments Financials except banks $ 219 7% $ 112,130 31% $ 197,152 28% $ 95 5% $ 126,270 30% $ 204,143 28% Equipment, machinery and parts manufacturing 98 3% 21,622 6% 41,771 6% 58 3% 25,054 6% 44,641 6% Technology, telecom and media 61 2% 24,912 7% 54,894 8% 57 3% 26,896 6% 56,462 8% Real estate and construction 290 10% 25,245 7% 49,925 7% 49 3% 27,222 6% 48,977 7% Banks 0 0% 15,548 4% 16,598 2% 0 0% 20,282 5% 20,948 3% Retail 216 7% 23,149 6% 43,212 6% 204 11% 27,844 7% 43,801 6% Materials and commodities 46 2% 15,877 4% 37,877 5% 57 3% 19,118 5% 39,385 5% Automobile related 24 1% 13,103 4% 25,162 4% 24 1% 17,436 4% 26,032 4% Food and beverage manufacturing 12 0% 13,082 4% 29,284 4% 12 1% 16,908 4% 31,004 4% Health care and pharmaceuticals 76 3% 17,144 5% 32,481 5% 81 4% 18,785 4% 32,230 4% Oil, gas and pipelines 1,414 47% 12,598 3% 32,679 5% 549 29% 14,287 3% 34,443 5% Entertainment and recreation 62 2% 11,820 3% 18,134 3% 65 3% 16,163 4% 20,532 3% Transportation services 319 11% 10,849 3% 17,040 2% 336 18% 11,901 3% 17,853 2% Commercial services 98 3% 12,095 3% 24,548 3% 120 6% 12,684 3% 22,989 3% Agribusiness 54 2% 7,362 2% 12,984 2% 37 2% 6,994 2% 12,137 2% Utilities 1 0% 6,486 2% 20,615 3% 147 8% 8,598 2% 21,545 3% Insurance and fiduciaries 2 0% 6,032 2% 17,069 2% 1 0% 7,292 2% 16,481 2% Government and education 6 0% 5,741 2% 12,128 2% 7 0% 5,548 1% 11,918 2% Other 36 1% 12,731 3% 32,843 5% 11 1% 14,874 4% 32,769 4% Total $ 3,034 100% 367,526 100% $ 716,396 100% $ 1,910 100% $ 424,156 100% $ 738,290 100% Period end balances. Industry classifications based on NAICS classifications. (1) Total Commitments = loans outstanding + unfunded commitments, excluding issued letters of credit. Wells Fargo 2Q20 Supplement 17

Commercial real estate loans by property type . Nonaccrual loans of $1.3 billion, up $286 million, or 30%, LQ - 59% of nonaccruals were shopping center, retail (excluding shopping center), and hotel/motel nonaccruals - 90% of the increase in nonaccrual loans was from shopping center, hotel/motel, and retail (excluding shopping center) nonaccruals . Criticized assets of $10.4 billion, up $6.1 billion, or 140%, LQ - 88% of the increase in criticized assets was from the hotel/motel, shopping center, retail (excluding shopping center), and office buildings sectors 2Q20 1Q20 ($ in millions) Nonaccruals Loans Outstanding Nonaccruals Loans Outstanding Office Buildings $ 161 13% $ 38,489 26% $ 145 15% $ 37,492 26% Apartments 11 1% 26,978 19% 12 1% 25,745 18% Industrial/Warehouse 73 6% 17,823 12% 77 8% 17,400 12% Retail (Excluding Shopping Center) 173 14% 14,089 10% 127 13% 14,089 10% Shopping Center 399 32% 12,493 9% 279 29% 12,068 8% Hotel/Motel 170 14% 12,247 8% 79 8% 12,180 8% Mixed Use Properties 90 7% 6,304 4% 95 10% 6,632 5% Institutional 97 8% 6,068 4% 61 6% 5,975 4% Collateral Pool - 0% 2,336 2% - 0% 2,514 2% Agriculture 61 5% 2,006 1% 70 7% 2,144 1% Other 16 1% 6,828 5% 20 2% 7,340 5% Total $ 1,251 100% $ 145,661 100% $ 965 100% $ 143,579 100% Period end balances. Wells Fargo 2Q20 Supplement 18

Oil and gas loan portfolio credit performance . Oil and gas loans outstanding down 12% LQ and Credit performance overview 7% YoY, and total commitments (1) down 5% LQ . $298 million of net charge-offs in 2Q20, up and 8% YoY reflecting the impact of spring $111 million LQ reflecting depressed oil prices redetermination changes on borrowing bases, and low demand proactive portfolio management, as well as a - 87% of net charge-offs from the exploration & weaker credit environment production (E&P) sector . Nonaccrual loans of $1.4 billion, up $865 million LQ on new downgrades to nonaccrual status in Loans Outstanding and Total Commitments (1) ($ in billions) the quarter - ~93% of nonaccruals current on payments 35.4 34.4 32.7 - 98% of nonaccruals from the E&P and services sectors - Substantially all nonaccruals were senior secured . Criticized loans of $3.9 billion, up $820 million, 13.6 14.3 or 26%, LQ reflecting downward credit 12.6 migration resulting from commodity price volatility and included numerous credit downgrades of publicly-rated companies 2Q19 1Q20 2Q20 Loans outstanding Total commitments (1) (1) Total commitments = Loans outstanding + unfunded commitments, excluding issued letters of credit. Wells Fargo 2Q20 Supplement 19

Allowance for credit losses for loans . Allowance for credit losses for loans (ACL) = $20.4 billion - $8.4 billion increase in the allowance for credit losses for loans reflected increases of $6.4 billion in commercial ACL and $2.0 billion in consumer ACL - Allowance coverage for total loans of 2.19%, up from 1.19% in 1Q20 2Q20 1Q20 Loans ACL as a % Loans ACL as a % ($ in millions) ACL outstanding of loans ACL outstanding of loans Commercial Commercial & industrial $ 8,109 350,116 2.32 % $ 4,231 405,020 1.04 % Real estate mortgage 2,395 123,967 1.93 848 122,767 0.69 Real estate construction 484 21,694 2.23 36 20,812 0.17 Lease financing 681 17,410 3.91 164 19,136 0.86 Total commercial $ 11,669 513,187 2.27 % $ 5,279 567,735 0.93 % Consumer Real estate 1-4 family first mortgage $ 1,541 277,945 0.55 % $ 836 292,920 0.29 % Real estate 1-4 family junior lien mortgage 725 26,839 2.70 125 28,527 0.44 Credit card 3,777 36,018 10.49 3,481 38,582 9.02 Auto 1,174 48,808 2.41 1,016 48,568 2.09 Other revolving credit and installment 1,550 32,358 4.79 1,285 33,511 3.83 Total consumer $ 8,767 421,968 2.08 % $ 6,743 442,108 1.53 % Total $ 20,436 935,155 2.19 % $ 12,022 1,009,843 1.19 % Wells Fargo 2Q20 Supplement 20

Allowance for credit losses for loans – key drivers of the $8.4 billion increase $8.4 billion increase in our allowance for credit losses for loans reflected: Current economic environment: . Economic conditions worsened significantly compared to prior expectations as unemployment levels reached 14.7% with unprecedented initial jobless claims of 33 million in the quarter . Fiscal stimulus programs of over $2.4 trillion, including unemployment benefits and lender accommodations programs provided near-term support for borrowers and some counterweight to economic conditions Assumptions for 2Q20 ACL: . The economic forecast in our base case scenario for the 2Q20 ACL assumed near-term economic stress recovering into late 2021, as follows: - Unemployment levels are forecasted to decline to approximately 10% by 4Q20 and 6% by 4Q21 - After a significant decline, U.S. GDP levels are forecasted to grow 6% in 2H20 and 6% over 2021 - Housing prices are forecasted to remain roughly stable over the forecast horizon (approximately +/-2% YoY change into 4Q21) - Commercial real estate prices are forecasted to decline by low to mid teens . While the large majority of weight is placed on this base case scenario, we apply some weighting on a downside scenario to reflect the uncertainty in the economic forecast . Additionally, customer forbearance and other deferral activities instituted in response to the COVID-19 pandemic were considered in our loan portfolio performance expectations and resulting loss forecast . Within the commercial portfolio, the $6.4 billion increase reflected higher expected losses across the portfolio - Expected declines in the CRE portfolio with larger declines assumed for Hotel, Restaurant and Retail sector exposures. In addition, collateral prices remain highly uncertain given limited property sales - Higher expected losses in the oil and gas portfolio given commodity volatility - Higher losses in equipment and vendor finance portfolios - Commercial exposures include Small Business lending, which has an increased loss forecast due to anticipated defaults related to the economic slowdown associated with COVID-19, despite support from government guaranteed lending programs . Within the consumer portfolio, the $2.0 billion increase mainly reflected the worsening economic forecast, particularly higher unemployment levels - Higher assumed losses in first lien and junior lien mortgage loan portfolios related to higher anticipated default rates as borrowers transition out of accommodation programs - Credit card losses are expected to increase into the first half of 2021 closely tracking the higher current unemployment levels Considerations: . Our ACL amounts are influenced by a variety of factors, including changes in loan volumes, portfolio credit quality, and general economic conditions. General economic conditions are forecasted using economic variables which can change over time and therefore impact future ACL amounts Wells Fargo 2Q20 Supplement 21

Capital Common Equity Tier 1 Ratio (1) Capital Position . Despite significant increases in the allowance for credit 12.0% losses in the last two quarters, the Common Equity 11.6% Tier 1 (CET1) ratio of 10.9% at 6/30/20 (1) continued to 11.1% 10.9% be above both the regulatory minimum of 9% and our 10.7% current internal target of 10% . The impact of our election to apply the CECL transition provision to our regulatory capital at 6/30/20 was an increase in capital of $1.9 billion and an increase in the CET1 ratio of 14 bps 2020 Dodd-Frank Stress Test and Related CCAR . Following the FRB’s final publication of the CCAR results, we expect our stress capital buffer (SCB) to be 2.5%, which is the lowest possible under the new framework Expected Dividend Action 2Q19 3Q19 4Q19 1Q20 2Q20 Estimated . The Company expects to decrease its third quarter 2020 common stock dividend to $0.10 per share from $0.51 per share, subject to approval by the Company's Board of Directors at the customary time at the end of July Total Loss Absorbing Capacity (TLAC) Update . $18.3 billion of TLAC-eligible long-term debt was issued in the quarter and was only partially offset by maturities . As of 6/30/20, our eligible external TLAC as a (1) 2Q20 capital ratio is a preliminary estimate. See page 31 for additional information percentage of total risk-weighted assets was 25.3% (2) regarding the Common Equity Tier 1 capital ratio. (2) 2Q20 TLAC ratio is a preliminary estimate. compared with the required minimum of 22.0% Wells Fargo 2Q20 Supplement 22

Appendix

Deferred compensation plan economic hedge results . Wells Fargo’s deferred compensation plan allows eligible team members the opportunity to defer receipt of current compensation to a future date . Certain team members within Wholesale Banking, and Wealth and Investment Management have mandatory deferral plans as part of their incentive compensation plans . We enter into economic hedges to neutralize the impact of market fluctuations resulting from team member elections, which are recognized in personnel expense . In late May, we entered into arrangements to transition our economic hedges from equity securities to derivatives in the form of total return swaps - As a result of this transition, net (gains) losses on derivative economic hedges of deferred compensation are now presented in personnel expense as compared to using equity securities as economic hedges which were recognized in net interest income and net gains (losses) from equity securities . Deferred compensation plan economic hedge results are largely P&L neutral ($ in millions) 2Q20 1Q20 4Q19 3Q19 2Q19 vs 1Q20 vs 2Q19 Net interest income $ 3 12 26 13 18 $ (9) (15) Net gains (losses) from equity securities 346 (621) 236 (4) 87 967 259 Total revenue (losses) from deferred compensation plan investments 349 (609) 262 9 105 958 244 Change in deferred compensation plan liabilities 490 (598) 263 5 114 1,088 376 Net derivative (gains) losses from economic hedges of deferred compensation (141) - - - - (141) (141) Personnel expense 349 (598) 263 5 114 947 235 Income (loss) before income tax expense $ 0 (11) (1) 4 (9) $ 11 9 Wells Fargo 2Q20 Supplement 24

Real estate 1-4 family mortgage portfolio ($ in millions) 2Q20 1Q20 2Q19 Linked Quarter Change Year-over-Year Change Real estate 1-4 family first mortgage loans: $ 277,945 292,920 286,427 $ (14,975) (5) % $ (8,482) (3) % Nonaccrual loans 2,393 2,372 2,425 21 1 (32) (1) as % of loans 0.86 % 0.81 % 0.85 % 5 bps 1 bps Net charge-offs/(recoveries) $ 2 (3) (30) $ 5 n.m. $ 32 n.m. as % of average loans 0.00 % (0.00) % (0.04) % 0 bps 4 bps Real estate 1-4 family junior lien mortgage loans: $ 26,839 28,527 32,068 $ (1,688) (6) $ (5,229) (16) Nonaccrual loans 753 769 868 (16) (2) (115) (13) as % of loans 2.81 % 2.70 % 2.71 % 11 bps 10 bps Net charge-offs/(recoveries) $ (12) (5) (19) $ (7) n.m. % $ 7 (37) % as % of average loans (0.17) % (0.07) % (0.24) % (10) bps 7 bps . First mortgage loans down $15.0 billion LQ as $16.4 . Junior lien mortgage loans down $1.7 billion, or 6%, LQ billion of originations were more than offset by as paydowns more than offset new originations paydowns and reclassification of $10.4 billion of loans - Net recoveries up $7 million LQ due to lower net charge- to HFS offs reflecting payment deferrals - Net charge-offs up $5 million LQ - Nonaccrual loans increased $21 million LQ - First lien home equity lines of $9.8 billion, down $404 million LQ Loan balances as of period-end. Wells Fargo 2Q20 Supplement 25

Consumer credit card portfolio ($ in millions, except where noted) 2Q20 1Q20 2Q19 Linked Quarter Change Year-over-Year Change Credit card outstandings $ 36,018 38,582 38,820 $ (2,564) (7) % $ (2,802) (7) % Net charge-offs 327 377 349 (50) (13) (22) (6) as % of avg loans 3.60 % 3.81 % 3.68 % (21) bps (8) bps 30+ days past due $ 757 1,003 895 $ (246) (25) $ (138) (15) as % of loans 2.10 % 2.60 % 2.31 % (50) bps (21) bps Key Metrics: Purchase volume $ 17,471 19,907 22,459 $ (2,436) (12) $ (4,988) (22) POS transactions (millions) 246 298 329 (52) (17) (83) (25) New accounts (1) (thousands) 250 315 498 (65) (21) (248) (50) POS active accounts (thousands) (2) 7,773 8,635 8,832 (862) (10) % (1,059) (12) % . Credit card outstandings down $2.6 billion, or 7%, LQ and down $2.8 billion, or 7%, YoY reflecting the economic impact of COVID-19 including on consumer spending - Purchase dollar volume down 12% LQ and 22% YoY reflecting lower consumer spending due to the impact of COVID-19 - New accounts (1) down 21% LQ and 50% YoY due to the impact of COVID-19 . Net charge-offs down $50 million, or 21 bps, LQ and down $22 million, or 8 bps, YoY driven by lower loan balances and payment deferrals . 30+ days past due were down $246 million, or 50 bps, LQ and down $138 million, or 21 bps, YoY due to lower balances and payment deferrals Loan balances as of period-end. (1) Includes consumer general purpose credit card as well as certain co-branded and private label relationship new account openings. (2) Accounts having at least one POS transaction, including POS reversal, during the period. Wells Fargo 2Q20 Supplement 26

Auto portfolios ($ in millions) 2Q20 1Q20 2Q19 Linked Quarter Change Year-over-Year Change Consumer: Auto outstandings $ 48,808 48,568 45,664 $ 240 - % $ 3,144 7 % Nonaccrual loans 129 99 115 30 30 14 12 as % of loans 0.26 % 0.20 % 0.25 % 6 bps 1 bps Net charge-offs $ 106 82 52 $ 24 29 $ 54 n.m. as % of avg loans 0.88 % 0.68 % 0.46 % 20 bps 42 bps 30+ days past due $ 819 1,116 1,048 $ (297) (27) $ (229) (22) as % of loans 1.68 % 2.30 % 2.30 % (62) bps (62) bps Commercial: Auto outstandings $ 8,129 10,784 10,973 $ (2,655) (25) $ (2,844) (26) Nonaccrual loans 13 13 16 - - (3) (19) as % of loans 0.16 % 0.12 % 0.15 % 4 bps 1 bps Net charge-offs $ 3 4 2 $ (1) (25) % $ 1 50 % as % of avg loans 0.12 % 0.09 % 0.06 % 3 bps 6 bps Consumer Portfolio Commercial Portfolio . Auto outstandings of $48.8 billion, up modestly LQ and up 7% YoY . Loans of $8.1 billion, down 25% LQ and 26% YoY - 2Q20 originations of $5.6 billion, down 13% LQ and 11% YoY reflecting due to lower floorplan utilization as dealers held the economic slowdown associated with the COVID-19 pandemic less inventory as well as lower supply from auto . Nonaccrual loans increased $30 million LQ and $14 million YoY manufacturers . Net charge-offs up $24 million LQ, and up $54 million YoY driven by the temporary suspension of involuntary repossessions and payment deferrals in response to COVID-19 . 30+ days past due decreased $297 million LQ on seasonality and payment deferrals, and decreased $229 million YoY on payment deferrals Loan balances as of period-end. Wells Fargo 2Q20 Supplement 27

Student lending portfolio ($ in millions) 2Q20 1Q20 2Q19 Linked Quarter Change Year-over-Year Change Private outstandings $ 10,258 10,555 10,860 $ (297) (3) % $ (602) (6) % Net charge-offs 17 32 32 (15) (47) (15) (47) as % of avg loans 0.68 % 1.21 % 1.16 % (53) bps (48) bps 30+ days past due $ 208 172 148 $ 36 21 % $ 60 41 % as % of loans 2.03 % 1.63 % 1.36 % 40 bps 67 bps . $10.3 billion private loan outstandings, down 3% LQ and 6% YoY largely reflecting higher paydowns and payoffs, as well as the economic impact of COVID-19 - Average FICO of 764, and 84% of the total outstandings have been co-signed - Originations down 18% YoY driven by lower demand due to COVID-19 . Net charge-offs decreased $15 million LQ due to seasonality of repayments, and decreased $15 million YoY due to payment deferrals . 30+ days past due increased $36 million LQ and $60 million YoY reflecting the impact of payment deferrals Loan balances as of period-end. Wells Fargo 2Q20 Supplement 28

Trading-related revenue ($ in millions) 2Q20 1Q20 2Q19 Linked Quarter Change Year-over-Year Change Trading-related revenue Net interest income $ 617 774 776 $ (157) (20) % $ (159) (20) % Net gains from trading activities 807 64 229 743 n.m. 578 252 Trading-related revenue $ 1,424 838 1,005 $ 586 70 % $ 419 42 % . Fixed income, currencies and commodity trading (FICC) generated 85% of total trading-related revenue in 2Q20 . Trading-related revenue of $1.4 billion was up $586 million, or 70%, LQ: - Net interest income decreased $157 million, or 20%, reflecting a decline in average trading assets, as well as lower yields across debt securities - Net gains from trading activities up $743 million from spread/price improvement in certain credit products as markets rebounded from 1Q COVID-19 related dislocations, continued heightened volatility, larger bid/offer spreads, and increased customer flows across all markets businesses. Net gains included strong performance in Spread products on higher credit trading, gains in asset-backed securities, and higher municipal bond (muni) trading results driven by increased customer demand for taxable munis, as well as gains in Macro products on higher liquid products . Trading-related revenue was up $419 million, or 42%, YoY: - Net interest income decreased $159 million, or 20%, reflecting lower yields on the equity trading desk and debt securities, as well as lower trading assets - Net gains from trading activities up $578 million reflecting higher credit trading, higher rates and commodities results, and higher equity trading which included a higher derivatives valuation adjustment, partially offset by higher losses in asset-backed trading Wells Fargo 2Q20 Supplement 29

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) 2Q20 1Q20 4Q19 3Q19 2Q19 Wholesale Banking adjusted efficiency ratio for income tax credits: Total revenue (A) $ 6,563 5,817 6,559 6,942 7,065 Adjustments: Income tax credits related to our low-income housing and renewable 465 491 478 422 423 energy investments (included in income tax expense) Tax equivalent adjustments related to income tax credits (1) 155 163 160 141 141 Adjusted total revenue (B) 7,183 6,471 7,197 7,505 7,629 Noninterest expense (C) 3,963 3,763 3,743 3,889 3,882 Efficiency ratio (C)/(A) 60.4 % 64.7 57.1 56.0 54.9 Adjusted efficiency ratio for income tax credits (C)/(B) 55.2 % 58.2 52.0 51.8 50.9 (1) Based on our combined federal statutory rate and composite state income tax rates. Wells Fargo 2Q20 Supplement 30

Common Equity Tier 1 Wells Fargo & Company and Subsidiaries COMMON EQUITY TIER 1 UNDER BASEL III (1) Estimated Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, (in billions, except ratio) 2020 2020 2019 2019 2019 Total equity $ 180.1 183.3 188.0 194.4 200.0 Adjustments: Preferred stock (21.1 ) (21.3 ) (21.5 ) (21.5 ) (23.0 ) Additional paid-in capital on preferred stock 0.1 0.1 (0.1 ) (0.1 ) (0.1 ) Unearned ESOP shares 0.9 1.1 1.1 1.1 1.3 Noncontrolling interests (0.7 ) (0.6 ) (0.8 ) (1.1 ) (1.0 ) Total common stockholders' equity 159.3 162.6 166.7 172.8 177.2 Adjustments: Goodwill (26.4 ) (26.4 ) (26.4 ) (26.4 ) (26.4 ) Certain identifiable intangible assets (other than MSRs) (0.4 ) (0.4 ) (0.4 ) (0.5 ) (0.5 ) Goodwill and other intangibles on nonmarketable equity securities (included in other assets) (2.1 ) (1.9 ) (2.1 ) (2.3 ) (2.3 ) Applicable deferred taxes related to goodwill and other intangible assets (2) 0.8 0.8 0.8 0.8 0.8 CECL transition provision (3) 1.9 — — — — Other (0.1 ) — 0.2 0.3 0.4 Common Equity Tier 1 under Basel III (A) 133.0 134.7 138.8 144.7 149.2 Total risk-weighted assets (RWAs) anticipated under Basel III (4)(5) (B) $ 1,215.0 1,262.8 1,245.8 1,246.2 1,246.7 Common Equity Tier 1 to total RWAs anticipated under Basel III (5) (A)/(B) 10.9 % 10.7 11.1 11.6 12.0 (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) In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators in March 2020 related to the impact of the current expected credit loss (CECL) accounting standard on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out of the benefits. The impact of the CECL transition provision on our regulatory capital at June 30, 2020, was an increase in capital of $1.9 billion, reflecting a $991 million (post-tax) increase in capital recognized upon our initial adoption of CECL, offset by 25% of the $11.4 billion increase in our ACL under CECL from January 1, 2020, through June 30, 2020. (4) 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 June 30, 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 March 31, 2020, and December 31, September 30 and June 30, 2019, was calculated under the Basel III Standardized Approach RWAs. (5) The Company’s June 30, 2020, RWAs and capital ratio are preliminary estimates. Wells Fargo 2Q20 Supplement 31

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 second 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, and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020. Wells Fargo 2Q20 Supplement 32



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	News Release dated July 14, 2020	Filed herewith
99.2	Quarterly Supplement dated July 14, 2020	Furnished herewith
104	Cover Page Interactive Data File	Embedded within the Inline XBRL document



Dated:	July 14, 2020	WELLS FARGO & COMPANY

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