0000072971falseWELLS FARGO & COMPANY/MNCADENYSEDep Shr, 1/1000th int. per shr of 5.85% Fix-to-Float Non-Cum. Perpetual Class A Pref. Stock, Ser. QDep Shr, 1/1000th int. per shr of 6.625% Fix-to-Float Non-Cum. Perpetual Class A Pref. Stock, Ser. Rfalsefalsefalsefalsefalse00000729712021-07-142021-07-140000072971us-gaap:CommonStockMember2021-07-142021-07-140000072971wfc:A7.5NonCumulativePerpetualConvertibleClassAPreferredStockSeriesLMember2021-07-142021-07-140000072971wfc:NonCumulativePerpetualClassAPreferredStockSeriesOMember2021-07-142021-07-140000072971wfc:FixedtoFloatingRate5.85NonCumulativePerpetualClassAPFDStockSeriesQMember2021-07-142021-07-140000072971wfc:FixedtoFloatingRate6.625NonCumulativePerpetualClassAPFDStockSeriesRMember2021-07-142021-07-140000072971wfc:NonCumulativePerpetualClassAPreferredStockSeriesXMember2021-07-142021-07-140000072971wfc:NonCumulativePerpetualClassAPreferredStockSeriesYMember2021-07-142021-07-140000072971wfc:NonCumulativePerpetualClassAPreferredStockSeriesZMember2021-07-142021-07-140000072971wfc:NonCumulativePerpetualClassAPreferredStockSeriesAAMember2021-07-142021-07-140000072971wfc:NonCumulativePerpetualClassAPreferredStockSeriesCCMember2021-07-142021-07-140000072971wfc:GuaranteeofMediumTermNotesSeriesAdueOctober302028ofWellsFargoFinanceLLCMember2021-07-142021-07-14

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (date of earliest event reported): July 14, 2021

WELLS FARGO & COMPANY
(Exact name of registrant as specified in its charter)
Delaware   001-02979   No. 41-0449260
(State or Other Jurisdiction
of Incorporation)
  (Commission File
Number)
  (IRS Employer
Identification No.)
            
420 Montgomery Street, San Francisco, California 94104
(Address of principal executive offices) (Zip Code)

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


    Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
        Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
        Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
        Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
        Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Each Exchange
on Which Registered
Common Stock, par value $1-2/3
WFC
New York Stock
Exchange
(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 O
WFC.PRO
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 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
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series AA
WFC.PRA
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series CC
WFC.PRC
NYSE
Guarantee of Medium-Term Notes, Series A, due October 30, 2028 of Wells Fargo Finance LLC
WFC/28A
NYSE

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

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



Item 2.02    Results of Operations and Financial Condition.

On July 14, 2021, Wells Fargo & Company (the “Company”) issued a news release regarding its results of operations and financial condition for the quarter ended June 30, 2021, and posted on its website its 2Q21 Quarterly Supplement, which contains certain additional information about the Company’s financial results for the quarter ended June 30, 2021. The news release is included as Exhibit 99.1 and the 2Q21 Quarterly Supplement is included as Exhibit 99.2 to this report, and each is incorporated by reference into this Item 2.02. The information included in Exhibit 99.1 and Exhibit 99.2 is considered to be “filed” for purposes of Section 18 under the Securities Exchange Act of 1934.


Item 7.01 Regulation FD Disclosure

On July 14, 2021, the Company intends to host a live conference call that will also be available by webcast to discuss the Company’s second quarter 2021 financial results and other matters relating to the Company. In connection therewith, the Company has posted on its website presentation materials containing certain historical and forward-looking information relating to the Company. The presentation materials are included as Exhibit 99.3 to this report and are incorporated by reference into this Item 7.01. Exhibit 99.3 shall not be considered “filed” for purposes of Section 18 under the Securities Exchange Act of 1934 and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933.


Item 9.01    Financial Statements and Exhibits.

(d)    Exhibits
    
Exhibit No. Description Location
Filed herewith
Filed herewith
Furnished herewith
104 Cover Page Interactive Data File
Embedded within the Inline XBRL document




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Dated: July 14, 2021 WELLS FARGO & COMPANY
By:  /s/ MUNEERA S. CARR
Muneera S. Carr
Executive Vice President,
Chief Accounting Officer and Controller



Exhibit 99.1

ERWELLSFARGOIMAGEA06.JPG
News Release | July 14, 2021
Wells Fargo Reports Second Quarter 2021 Net Income of $6.0 billion, or $1.38 per Diluted Share
Company-wide Financial Summary
Quarter ended
Jun 30,
2021
Jun 30,
2020
Selected Income Statement Data
($ in millions except per share amounts)
Total revenue $ 20,270  18,286 
Noninterest expense 13,341  14,551 
Provision for credit losses (1,260) 9,534 
Net income (loss) 6,040  (3,846)
Diluted earnings (loss) per
common share
1.38  (1.01)
 Selected Balance Sheet Data ($ in billions)
Average loans $ 854.7  971.3 
Average deposits 1,435.8  1,386.7 
CET11 12.1  % 11.0 
Performance Metrics
ROE2 13.6  % (10.2)
ROTCE3 16.3  (12.3)
Operating Segments and Other Highlights4
Consumer Banking and Lending
Average loans of $331.9 billion, down 10%
Average deposits of $835.8 billion, up 17%
Commercial Banking
Average loans of $178.6 billion, down 22%
Average deposits of $192.6 billion, up 5%
Corporate and Investment Banking
Average loans of $252.4 billion, down 8%
Average trading-related assets of $191.5 billion,
down 4%
Average deposits of $190.8 billion, down 20%
Wealth and Investment Management
Total client assets of $2.1 trillion, up 20%
Average loans of $81.8 billion, up 5%
Average deposits of $175.0 billion, up 6%
Capital
Repurchased 35.3 million shares, or $1.6 billion, of
common stock in second quarter 2021

Second quarter 2021 results included:
$1.6 billion, or $0.30 per share, decrease in the allowance for credit losses
$147 million gain on the sale of student loans and $79 million write-down of related goodwill (net impact of $0.01 per share)
Chief Executive Officer Charlie Scharf commented on the quarter, “Wells Fargo benefited from the continued economic recovery, strong markets that helped drive gains in our affiliated venture capital businesses, and our progress on improving efficiency, but the headwinds of low interest rates and tepid loan demand remained.”

“Credit quality continued to be exceptionally strong. Our results included a $1.6 billion pre-tax reduction in the allowance for credit losses, and charge-offs continued to decline. While we expect charge-offs will increase at some point, we continue to see strong trends in all of our businesses,” Scharf continued.

“Our top priority continues to be building an appropriate risk and control infrastructure for a company of our size and complexity and we continue to invest in additional resources and devote significant management attention to this work. At the same time, we are investing in our business to improve our competitive position for the future and our recent launch of our redesigned Wells Fargo Active CashSM Card, one of the industry’s best cash back cards, is an early example. This is the first of a redesigned card product suite to come in our card business, but we are also working across the company on products and capabilities to compete effectively in today's dynamic environment,” Scharf added.

“We know that supporting our customers and communities will continue to be an important part of our mission and while we are proud that we have supported those most in need through the pandemic there remains much more to do. Our progress during the second quarter included voluntarily extending our foreclosure moratorium on mortgage loans we own, issuing our first Sustainability Bond, and announcing the Banking Inclusion Initiative as part of our commitment to help unbanked individuals,” Scharf continued.

“In the beginning of the year we discussed a path to improving our returns. If you look at our results and exclude the significant reserve release and outsized venture capital gains, we believe we are doing what’s necessary to improve the underlying earnings power of the company and with the ability to return significant excess capital beginning in the third quarter are on a clear path to achieve double-digit ROTCE, which is the first step to achieving returns in the mid-teens,” Scharf concluded.
1 Represents the lower of our Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach and under the Advanced Approach. See tables on pages 27-28 of the 2Q21 Quarterly Supplement for more information on CET1. CET1 is a preliminary estimate.
2 Return on equity (ROE) represents Wells Fargo net income (loss) applicable to common stock divided by average common stockholders’ equity.
3 Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 25-26 of the 2Q21 Quarterly Supplement.
4 Comparisons in the bullet points are for second quarter 2021 versus second quarter 2020, unless otherwise specified.



In second quarter 2021, we elected to change our accounting method for low-income housing tax credit (LIHTC) investments. We also elected to change the presentation of investment tax credits related to solar energy investments. Prior period financial statement line items have been revised to conform with the current period presentation. Prior period risk-based capital and certain other regulatory related metrics were not revised. For additional information, including the financial statement line items impacted by these changes, see page 30 of the 2Q21 Quarterly Supplement.
Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.

Selected Company-wide Financial Information
Quarter ended Jun 30, 2021
% Change from
Jun 30,
2021
Mar 31,
2021
Jun 30,
2020
Mar 31,
2021
Jun 30,
2020
Earnings ($ in millions except per share amounts)
Net interest income $ 8,800  8,808  9,892  —  % (11)
Noninterest income 11,470  9,724  8,394  18  37 
Total revenue 20,270  18,532  18,286  11 
Net charge-offs 379  523  1,114  (28) (66)
Change in the allowance for credit losses (1,639) (1,571) 8,420  (4) NM
Provision for credit losses (1,260) (1,048) 9,534  (20) NM
Noninterest expense 13,341  13,989  14,551  (5) (8)
Income tax expense (benefit) 1,445  901  (2,001) 60  NM
Wells Fargo net income (loss) $ 6,040  4,636  (3,846) 30  NM
Diluted earnings (loss) per common share 1.38  1.02  (1.01) 35  NM
 Balance Sheet Data (average) ($ in billions)
Loans $ 854.7  873.4  971.3  (2) (12)
Deposits 1,435.8  1,393.5  1,386.7 
Assets 1,939.9  1,934.4  1,947.2  —  — 
Financial Ratios
Return on assets (ROA) 1.25  % 0.97  (0.79)
Return on equity (ROE) 13.6  10.3  (10.2)
Return on average tangible common equity (ROTCE) (a) 16.3  12.4  (12.3)
Efficiency ratio (b) 66  75  80 
Net interest margin on a taxable-equivalent basis 2.02  2.05  2.25 
NM – Not meaningful
(a)Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 25-26 of the 2Q21 Quarterly Supplement.
(b)The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).
Second Quarter 2021 vs. Second Quarter 2020
Net interest income decreased 11%, primarily due to the impact of lower interest rates and lower loan balances reflecting soft demand and elevated prepayments, as well as higher mortgage-backed securities premium amortization, partially offset by a decline in long-term debt
Noninterest income increased 37%, driven by improved results in our affiliated venture capital and private equity businesses and in our mortgage banking business. In addition, investment advisory and other asset-based fees increased primarily driven by higher market valuations, and card and deposit-related fees increased as well. These increases were partially offset by lower Markets revenue in Corporate and Investment Banking and lower deferred compensation plan investment results (largely offset by lower noninterest expense)
Noninterest expense decreased 8%, primarily due to lower operating losses, as well as efficiency initiatives to reduce spend on consultants and contractors. Additionally, personnel expense decreased driven by lower deferred compensation plan expense and lower salaries expense, partially offset by higher incentive and revenue-related compensation
Provision for credit losses decreased $10.8 billion as second quarter 2021 included a $1.6 billion decrease in the allowance for credit losses due to continued improvements in the economic environment, while second quarter 2020 included an $8.4 billion increase in the allowance for credit losses. Additionally, net charge-offs were down significantly from a year ago

-2-


Selected Company-wide Capital and Liquidity Information
Quarter ended
($ in billions) Jun 30,
2021
Mar 31,
2021
Jun 30,
2020
Capital:
Total equity $ 193.1  188.0  178.6 
Common stockholders’ equity 171.5  166.7  157.8 
Tangible common equity (a) 143.6  138.7  129.8 
CET1 (b) 12.1  % 11.8  11.0 
Total loss absorbing capacity (TLAC) ratio (c) 25.1  25.2  25.3 
Liquidity:
LCR (d) 123  127  129 
(a)Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 25-26 of the 2Q21 Quarterly Supplement.
(b)Represents the lower of our Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach and under the Advanced Approach. See tables on pages 27-28 of the 2Q21 Quarterly Supplement for more information on CET1. CET1 is a preliminary estimate.
(c)Represents TLAC divided by the greater of risk-weighted assets determined under the Standardized and Advanced Approaches, which is our binding TLAC ratio. TLAC is a preliminary estimate.
(d)Liquidity coverage ratio (LCR) represents high-quality liquid assets divided by projected net cash outflows, as each is defined under the LCR rule. LCR is a preliminary estimate.
In June, the Company completed the 2021 Comprehensive Capital Analysis and Review stress test process
Stress capital buffer (SCB) is expected to be 3.1%; the Federal Reserve Board has indicated that it will publish our final SCB by August 31, 2021
Third quarter 2021 common stock dividend is expected to be $0.20 per share, up from $0.10 per share, subject to approval by the Company’s Board of Directors at its regularly scheduled meeting in July
The Company’s capital plan includes gross common share repurchases of approximately $18 billion for the four-quarter period beginning third quarter 2021 through second quarter 2022

Selected Company-wide Credit Information
Quarter ended
($ in millions) Jun 30,
2021
Mar 31,
2021
Jun 30,
2020
Net charge-offs $ 379  523  1,114 
Net loan charge-offs as a % of average total loans (annualized) 0.18  % 0.24  0.46 
Total nonaccrual loans $ 7,371  8,055  7,605 
As a % of total loans 0.86  % 0.93  0.81 
Total nonperforming assets $ 7,500  8,195  7,800 
As a % of total loans 0.88  % 0.95  0.83 
Allowance for credit losses for loans $ 16,391  18,043  20,436 
As a % of total loans 1.92  % 2.09  2.19 
Second Quarter 2021 vs. First Quarter 2021
Net loan charge-offs decreased in both our commercial and consumer portfolios. Commercial net loan charge-offs as a percentage of average loans was 0.07% (annualized), down from 0.13%, and the consumer net loan charge-off rate was 0.32% (annualized), down from 0.37%
Nonperforming assets decreased 8%. Nonaccrual loans declined $684 million predominantly driven by a decrease in commercial nonaccrual loans

-3-


Business Segment Performance

Consumer Banking and Lending offers diversified financial products and services for consumers and small businesses with annual sales generally up to $5 million. These financial products and services include checking and savings accounts, credit and debit cards, as well as home, auto, personal, and small business lending.
Selected Financial Information
Quarter ended  Jun 30, 2021
% Change from
Jun 30,
2021
Mar 31,
2021
Jun 30,
2020
Mar 31,
2021
Jun 30,
2020
Earnings (in millions)
Consumer and Small Business Banking $ 4,714  4,550  4,401  %
Consumer Lending:
Home Lending 2,072  2,227  1,477  (7) 40 
Credit Card 1,363  1,346  1,196  14 
Auto 415  403  388 
Personal Lending 122  128  146  (5) (16)
Total revenue 8,686  8,654  7,608  —  14 
Provision for credit losses (367) (419) 3,102  12 NM
Noninterest expense 6,202  6,267  6,933  (1) (11)
Net income (loss) $ 2,138  2,104  (1,777) NM
Average balances (in billions)
Loans $ 331.9  353.1  369.6  (6) (10)
Deposits 835.8  789.4  715.1  17 
NM – Not meaningful
Second Quarter 2021 vs. Second Quarter 2020
Revenue increased 14%
Consumer and Small Business Banking was up 7% primarily due to higher debit card transaction volume and higher deposit-related fees from a second quarter 2020 that included elevated fee waivers in response to the COVID-19 pandemic
Home Lending was up 40% driven by improved mortgage servicing income. Second quarter 2020 included a significant negative valuation adjustment of our mortgage servicing rights asset. Additionally, mortgage origination and sales revenue increased primarily due to higher gains from the re-securitization of loans we purchased from mortgage-backed securities last year and higher origination volume in our retail channel. These increases were partially offset by lower gains on loan portfolio sales, lower correspondent origination volume, and lower net interest income primarily driven by lower loan balances
Credit Card was up 14% on higher point-of-sale volume compared with a second quarter 2020 that had higher customer accommodations and fee waivers in response to the COVID-19 pandemic
Auto was up 7% on higher loan balances, while Personal Lending was down 16% driven by lower loan balances
Noninterest expense was down 11% predominantly due to lower operating losses, as well as lower personnel expense on lower COVID-19 related expense and the impact of efficiency initiatives
-4-


Commercial Banking provides financial solutions to private, family owned and certain public companies. Products and services include banking and credit products across multiple industry sectors and municipalities, secured lending and lease products, and treasury management. In March 2021, we announced an agreement to sell our Corporate Trust Services business and, in second quarter 2021, we moved the business from the Commercial Banking operating segment to Corporate. Prior period balances have been revised to conform with the current period presentation.
Selected Financial Information
Quarter ended  Jun 30, 2021
% Change from
Jun 30,
2021
Mar 31,
2021
Jun 30,
2020
Mar 31,
2021
Jun 30,
2020
Earnings (in millions)
Middle Market Banking $ 1,151  1,159  1,267  (1) % (9)
Asset-Based Lending and Leasing 957  922  1,084  (12)
Total revenue 2,108  2,081  2,351  (10)
Provision for credit losses (382) (399) 2,295  NM
Noninterest expense 1,443  1,630  1,580  (11) (9)
Net income (loss) $ 784  637  (1,146) 23  NM
Average balances (in billions)
Loans $ 178.6  183.1  228.4  (2) (22)
Deposits 192.6  189.4  184.1 
NM – Not meaningful
Second Quarter 2021 vs. Second Quarter 2020
Revenue decreased 10%
Middle Market Banking was down 9% primarily due to lower loan balances on reduced client demand and line utilization, and the impact of lower interest rates, partially offset by higher deposit balances and deposit-related fees
Asset-Based Lending and Leasing was down 12% driven by lower loan balances as a result of lower line utilization reflecting reduced client financing needs due to lower inventory levels, partially offset by improved loan spreads, net gains on equity securities, and higher revenue from renewable energy investments
Noninterest expense decreased 9% primarily driven by lower salaries expense and a decline in consulting expense due to efficiency initiatives
-5-


Corporate and Investment Banking delivers a suite of capital markets, banking and financial products and services to corporate, commercial real estate, government and institutional clients globally. Products and services include corporate banking, investment banking, treasury management, commercial real estate lending and servicing, equity and fixed income solutions, as well as sales, trading, and research capabilities.
Selected Financial Information
Quarter ended  Jun 30, 2021
% Change from
Jun 30,
2021
Mar 31,
2021
Jun 30,
2020
Mar 31,
2021
Jun 30,
2020
Earnings (in millions)
Banking:
Lending $ 474  453  464  %
Treasury Management and Payments 353  370  403  (5) (12)
Investment Banking 407  416  444  (2) (8)
Total Banking 1,234  1,239  1,311  —  (6)
Commercial Real Estate 1,014  912  837  11  21 
Markets:
Fixed Income, Currencies, and Commodities (FICC) 888  1,144  1,506  (22) (41)
Equities 206  252  302  (18) (32)
Credit Adjustment (CVA/DVA) and Other (16) 36  139  NM NM
Total Markets 1,078  1,432  1,947  (25) (45)
Other 12  21  (36) (43) NM
Total revenue 3,338  3,604  4,059  (7) (18)
Provision for credit losses (501) (284) 3,756  (76) NM
Noninterest expense 1,805  1,833  2,044  (2) (12)
Net income (loss) $ 1,523  1,555  (1,333) (2) NM
Average balances (in billions)
Loans $ 252.4  246.1  273.6  (8)
Deposits 190.8  194.5  239.6  (2) (20)
NM – Not meaningful
Second Quarter 2021 vs. Second Quarter 2020
Revenue decreased 18%
Banking was down 6% primarily driven by lower debt capital markets revenue, the impact of lower interest rates, and lower deposit balances predominantly due to actions taken to manage under the asset cap
Commercial Real Estate was up 21% primarily driven by higher commercial mortgage-backed securities gain-on-sale margins and volumes, as well as changes in the valuation of commercial mortgage servicing rights and improved results in our low-income housing business
Markets was down 45% on lower trading activity across most asset classes primarily due to market conditions
Noninterest expense decreased 12% primarily driven by lower operating losses
-6-


Wealth and Investment Management provides personalized wealth management, investment and retirement products and services to clients across U.S.-based businesses including Wells Fargo Advisors and The Private Bank. We serve clients’ brokerage needs, and deliver financial planning, private banking, credit and fiduciary services to high-net worth and ultra-high-net worth individuals and families.
Selected Financial Information
Quarter ended  Jun 30, 2021
% Change from
Jun 30,
2021
Mar 31,
2021
Jun 30,
2020
Mar 31,
2021
Jun 30,
2020
Earnings (in millions)
Net interest income $ 610  657  719  (7) % (15)
Noninterest income 2,926  2,887  2,487  18 
Total revenue 3,536  3,544  3,206  —  10 
Provision for credit losses 24  (43) 255  156 (91)
Noninterest expense 2,891  3,028  2,743  (5)
Net income $ 465  419  156  11  198 
Total client assets (in billions) 2,143  2,062  1,785  20 
Average balances (in billions)
Loans $ 81.8  80.8  78.1 
Deposits 175.0  173.7  165.1 
NM – Not meaningful
Second Quarter 2021 vs. Second Quarter 2020
Revenue increased 10%, primarily due to higher asset-based fees on higher market valuations, partially offset by lower net interest income as a result of lower interest rates. Deferred compensation plan investment results also declined (largely offset by lower noninterest expense)
Noninterest expense increased 5%, as higher revenue-related compensation was partially offset by lower deferred compensation plan expense
Total client assets increased 20%, primarily driven by higher market valuations

-7-


Corporate includes corporate treasury and enterprise functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and affiliated venture capital and private equity businesses. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company, including our rail car leasing business, as well as results for previously divested businesses. In March 2021, we announced an agreement to sell our Corporate Trust Services business and, in second quarter 2021, we moved the business from the Commercial Banking operating segment to Corporate. Prior period balances have been revised to conform with the current period presentation.
Selected Financial Information
Quarter ended  Jun 30, 2021
% Change from
Jun 30,
2021
Mar 31,
2021
Jun 30,
2020
Mar 31,
2021
Jun 30,
2020
Earnings (in millions)
Net interest income $ (304) (390) 60  22  % NM
Noninterest income 3,327  1,417  1,318  135  152 
Total revenue 3,023  1,027  1,378  194  119 
Provision for credit losses (34) 97  126  NM NM
Noninterest expense 1,000  1,231  1,251  (19) (20)
Net income (loss) $ 1,130  (79) 254  NM 345 
NM – Not meaningful
Second Quarter 2021 vs. Second Quarter 2020
Revenue increased 119%
Net interest income decreased, primarily due to the impact of lower interest rates and lower loan balances due to the sale of student loans
Noninterest income increased on improved results in our affiliated venture capital and private equity businesses, as well as a gain on the sale of student loans and a modest gain on the sale of our Canadian equipment finance business. These increases were partially offset by lower deferred compensation plan investment results (largely offset by lower noninterest expense)
Noninterest expense decreased, primarily due to lower deferred compensation plan expense. Second quarter 2021 included a $79 million write-down of goodwill associated with the sale of student loans

Conference Call
The Company will host a live conference call on Wednesday, July 14, at 8:30 a.m. PT (11:30 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://edge.media-server.com/mmc/p/pf4czrj6.

A replay of the conference call will be available from approximately 12:30 p.m. PT (3:30 p.m. ET) on Wednesday,
July 14 through Wednesday, July 28. Please dial 855-859-2056 (U.S. and Canada) or 404-537-3406 (International) and enter Conference ID: 4381268. The replay will also be available online at
https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and
https://edge.media-server.com/mmc/p/pf4czrj6.

-8-


Forward-Looking Statements
This document contains forward-looking statements. In addition, we may make forward-looking statements in our other documents filed or furnished with the Securities and Exchange Commission, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company, including our outlook for future growth; (ii) our noninterest expense and efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses, our allowance for credit losses, and the economic scenarios considered to develop the allowance; (iv) our expectations regarding net interest income and net interest margin; (v) loan growth or the reduction or mitigation of risk in our loan portfolios; (vi) future capital or liquidity levels, ratios or targets; (vii) the performance of our mortgage business and any related exposures; (viii) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (ix) future common stock dividends, common share repurchases and other uses of capital; (x) our targeted range for return on assets, return on equity, and return on tangible common equity; (xi) expectations regarding our effective income tax rate; (xii) the outcome of contingencies, such as legal proceedings; (xiii) environmental, social and governance related goals or commitments; and (xiv) the Company’s plans, objectives and strategies.
Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: 
current and future economic and market conditions, including the effects of declines in housing prices, high unemployment rates, U.S. fiscal debt, budget and tax matters, geopolitical matters, and any slowdown in global economic growth;
the effect of the COVID-19 pandemic, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions;
our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms;
current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including rules and regulations relating to bank products and financial services;
developments in our mortgage banking business, including the extent of the success of our mortgage loan modification efforts, the amount of mortgage loan repurchase demands that we receive, any negative effects relating to our mortgage servicing, loan modification or foreclosure practices, and the effects of regulatory or judicial requirements or guidance impacting our mortgage banking business and any changes in industry standards;
our ability to realize any efficiency ratio or expense target as part of our expense management initiatives, including as a result of business and economic cyclicality, seasonality, changes in our business composition and operating environment, growth in our businesses and/or acquisitions, and unexpected expenses relating to, among other things, litigation and regulatory matters;
the effect of the current interest rate environment or changes in interest rates or in the level or composition of our assets or liabilities on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgage loans held for sale;
significant turbulence or a disruption in the capital or financial markets, which could result in, among other things, reduced investor demand for mortgage loans, a reduction in the availability of funding or increased funding costs, and declines in asset values and/or recognition of impairments of securities held in our debt securities and equity securities portfolios;
the effect of a fall in stock market prices on our investment banking business and our fee income from our brokerage and wealth management businesses;
negative effects from the retail banking sales practices matter and from 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 employees, and our reputation;
-9-


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, 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 additional information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov5.
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.

5 We do not control this website. Wells Fargo has provided this link for your convenience, but does not endorse and is not responsible for the content, links, privacy policy, or security policy of this website.
-10-


About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is the leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health and a low-carbon economy.


Contact Information
Media
Peter Gilchrist, 704-715-3213
peter.gilchrist@wellsfargo.com
or
Investor Relations
John M. Campbell, 415-396-0523
john.m.campbell@wellsfargo.com

# # #


-11-
Exhibit 99.2
ERWELLSFARGOIMAGEA06A.JPG










2Q21 Quarterly Supplement



Wells Fargo & Company and Subsidiaries
QUARTERLY FINANCIAL DATA
TABLE OF CONTENTS
In second quarter 2021, we elected to change our accounting method for low-income housing tax credit (LIHTC) investments. We also elected to change the presentation of investment tax credits related to solar energy investments. Prior period financial statement line items have been revised to conform with the current period presentation. Prior period risk-based capital and certain other regulatory related metrics were not revised. For additional information, including the financial statement line items impacted by these changes, see page 30.
Pages
Consolidated Results
3
5
6
Average Balances and Interest Rates (Taxable-Equivalent Basis)
7
Reportable Operating Segment Results
Combined Segment Results
8
Consumer Banking and Lending
10
Commercial Banking
12
Corporate and Investment Banking
14
Wealth and Investment Management
16
Corporate
17
Credit-Related Information
Consolidated Loans Outstanding – Period End Balances, Average Balances, and Average Interest Rates
18
Net Loan Charge-offs
19
Changes in Allowance for Credit Losses for Loans
20
Allocation of the Allowance for Credit Losses for Loans
21
Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)
22
Commercial and Industrial Loans and Lease Financing by Industry
23
Commercial Real Estate Loans by Property Type
24
Equity
Tangible Common Equity
25
Risk-Based Capital Ratios Under Basel III – Standardized Approach
27
Risk-Based Capital Ratios Under Basel III – Advanced Approach
28
Other
Deferred Compensation and Related Hedges
29
Changes in Accounting Policy for Low-Income Housing Tax Credit Investments and Solar Energy Investments
30
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, 2021, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.



Wells Fargo & Company and Subsidiaries
SUMMARY FINANCIAL DATA
Quarter ended Jun 30, 2021
% Change from
Six months ended
(in millions, except per share amounts) Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2020
Jun 30,
2020
Mar 31,
2021
Jun 30,
2020
Jun 30,
2021
Jun 30,
2020
%
Change
Selected Income Statement Data
Total revenue $ 20,270  18,532  18,489  19,316  18,286  % 11  $ 38,802  36,459  %
Noninterest expense 13,341  13,989  14,802  15,229  14,551  (5) (8) 27,330  27,599  (1)
Pre-tax pre-provision profit (PTPP) (1) 6,929  4,543  3,687  4,087  3,735  53  86  11,472  8,860  29 
Provision for credit losses (1,260) (1,048) (179) 769  9,534  (20) NM (2,308) 13,539  NM
Wells Fargo net income (loss) 6,040  4,636  3,091  3,216  (3,846) 30  NM 10,676  (2,930) NM
Wells Fargo net income (loss) applicable to common stock 5,743  4,256  2,741  2,901  (4,160) 35  NM 9,999  (3,856) NM
Common Share Data
Diluted earnings (loss) per common share 1.38  1.02  0.66  0.70  (1.01) 35  NM 2.40  (0.94) NM
Dividends declared per common share 0.10  0.10  0.10  0.10  0.51  —  (80) 0.20  1.02  (80)
Common shares outstanding 4,108.0  4,141.1  4,144.0  4,132.5  4,119.6  (1) — 
Average common shares outstanding 4,124.6  4,141.3  4,137.6  4,123.8  4,105.5  —  —  4,132.9  4,105.2 
Diluted average common shares outstanding (2) 4,156.1  4,171.0  4,151.3  4,132.2  4,105.5  —  4,164.6  4,105.2 
Book value per common share (3) $ 41.74  40.27  39.71  38.91  38.31 
Tangible book value per common share (3)(4 ) 34.95  33.49  32.99  32.15  31.52  11 
Selected Equity Data (period-end)
Total equity 193,127  188,034  185,712  181,727  178,635 
Common stockholders' equity 171,453  166,748  164,570  160,804  157,835 
Tangible common equity (4) 143,577  138,702  136,727  132,874  129,842  11 
Performance Ratios
Return on average assets (ROA)(5) 1.25  % 0.97  0.64  0.66  (0.79) 1.11  % (0.30)
Return on average equity (ROE)(6) 13.6  10.3  6.6  7.2  (10.2) 12.0  (4.7)
Return on average tangible common equity (ROTCE)(4) 16.3  12.4  8.0  8.7  (12.3) 14.4  (5.7)
Efficiency ratio (7) 66  75  80  79  80  70  76 
Net interest margin on a taxable-equivalent basis 2.02  2.05  2.15  2.13  2.25  2.04  2.42 
NM – Not meaningful
(1)Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.
(2)For 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.
(3)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.
(4)Tangible common equity, tangible book value per common share, and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 25 and 26.
(5)Represents Wells Fargo net income (loss) divided by average assets.
(6)Represents Wells Fargo net income (loss) applicable to common stock divided by average common stockholders’ equity.
(7)The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).




-3-


Wells Fargo & Company and Subsidiaries
SUMMARY FINANCIAL DATA (continued)
Quarter ended Jun 30, 2021
% Change from
Six months ended
($ in millions, unless otherwise noted) Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2020
Jun 30,
2020
Mar 31,
2021
Jun 30,
2020
Jun 30,
2021
Jun 30,
2020
%
Change
Selected Balance Sheet Data (average)
Loans $ 854,747  873,439  899,704  931,708  971,266  (2) % (12) $ 864,041  968,156  (11) %
Assets 1,939,879  1,934,425  1,925,013  1,945,911  1,947,180  —  —  1,937,167  1,948,025  (1)
Deposits 1,435,824  1,393,472  1,380,100  1,399,028  1,386,656  1,414,765  1,362,309 
Selected Balance Sheet Data (period-end)
Debt securities 533,565  505,826  501,207  476,421  472,580  13 
Loans 852,300  861,572  887,637  920,082  935,155  (1) (9)
Allowance for credit losses for loans 16,391  18,043  19,713  20,471  20,436  (9) (20)
Equity securities 64,547  57,702  60,008  49,348  50,776  12  27 
Assets 1,945,996  1,957,264  1,952,911  1,920,399  1,967,048  (1) (1)
Deposits 1,440,472  1,437,119  1,404,381  1,383,215  1,410,711  — 
Headcount (#) (period-end) 259,196  264,513  268,531  274,931  276,013  (2) (6)
Capital and other metrics (1)
Risk-based capital ratios and components (2):
Standardized Approach:
CET1 12.1  % 11.8  11.6  11.4  11.0 
Tier 1 capital 13.7  13.5  13.3  13.1  12.6 
Total capital 16.8  16.8  16.5  16.3  15.9 
Risk-weighted assets (RWAs) (in billions) $ 1,188.8  1,179.0  1,193.7  1,185.6  1,213.1  (2)
Advanced Approach:
CET1 12.7  % 12.6  11.9  11.5  11.1 
Tier 1 capital 14.5  14.4  13.7  13.2  12.8 
Total capital 16.9  16.9  16.1  15.7  15.3 
Risk-weighted assets (RWAs) (in billions) $ 1,126.6  1,109.4  1,158.4  1,172.0  1,195.4  (6)
Tier 1 leverage ratio 8.5  % 8.4  8.3  8.1  8.0 
Supplementary Leverage Ratio (SLR) (3) 7.1  7.9  8.1  7.8  7.5 
Total Loss Absorbing Capacity (TLAC) Ratio (4) 25.1  25.2  25.7  25.8  25.3 
Liquidity Coverage Ratio (LCR) (5) 123  127  133  134  129 
(1)Ratios and metrics for June 30, 2021, are preliminary estimates.
(2)See the tables on pages 27 and 28 for more information on Common Equity Tier 1 (CET1), tier 1 capital, and total capital. The information presented reflects fully phased-in CET1, tier 1 capital, and RWAs, but reflects total capital in accordance with transition requirements.
(3)In April 2020, the Board of Governors of the Federal Reserve System (FRB) issued an interim final rule that temporarily allowed a bank holding company to exclude on-balance sheet amounts of U.S. Treasury securities and deposits at Federal Reserve Banks from the calculation of its total leverage exposure in the denominator of the SLR. The interim final rule expired on April 1, 2021.
(4)Represents TLAC divided by the greater of RWAs determined under the Standardized and Advanced Approaches, which is our binding TLAC ratio.
(5)Represents high-quality liquid assets divided by projected net cash outflows, as each is defined under the LCR rule.

-4-


Wells Fargo & Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
Quarter ended Jun 30, 2021
% Change from
Six months ended
(in millions, except per share amounts) Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2020
Jun 30,
2020
Mar 31,
2021
Jun 30,
2020
Jun 30,
2021
Jun 30,
2020
%
Change
Interest income $ 9,693  10,046  10,550  10,811  11,813  (4) % (18) $ 19,739  26,558  (26) %
Interest expense 893  1,238  1,195  1,432  1,921  (28) (54) 2,131  5,336  (60)
Net interest income 8,800  8,808  9,355  9,379  9,892  —  (11) 17,608  21,222  (17)
Noninterest income
Deposit-related fees 1,342  1,255  1,333  1,299  1,142  18  2,597  2,589  — 
Lending-related fees 362  361  356  352  323  —  12  723  673 
Investment advisory and other asset-based fees 2,794  2,756  2,598  2,505  2,254  24  5,550  4,760  17 
Commissions and brokerage services fees 580  636  589  568  550  (9) 1,216  1,227  (1)
Investment banking fees 570  568  486  441  547  —  1,138  938  21 
Card fees 1,077  949  943  912  797  13  35  2,026  1,689  20 
Mortgage banking 1,336  1,326  1,207  1,590  317  321  2,662  696  282 
Net gains (losses) from trading activities 21  348  (60) 361  807  (94) (97) 369  871  (58)
Net gains (losses) on debt securities   151  160  264  212  (100) (100) 151  449  (66)
Net gains (losses) from equity securities 2,696  392  884  649  533  588  406  3,088  (868) NM
Lease income 313  315  224  333  335  (1) (7) 628  688  (9)
Other 379  667  414  663  577  (43) (34) 1,046  1,525  (31)
Total noninterest income 11,470  9,724  9,134  9,937  8,394  18  37  21,194  15,237  39 
Total revenue 20,270  18,532  18,489  19,316  18,286  11  38,802  36,459 
Provision for credit losses (1,260) (1,048) (179) 769  9,534  (20) NM (2,308) 13,539  NM
Noninterest expense
Personnel 8,818  9,558  8,948  8,624  8,916  (8) (1) 18,376  17,239 
Technology, telecommunications and equipment 815  844  838  791  672  (3) 21  1,659  1,470  13 
Occupancy 735  770  826  851  871  (5) (16) 1,505  1,586  (5)
Operating losses 303  213  621  1,219  1,219  42  (75) 516  1,683  (69)
Professional and outside services 1,450  1,388  1,664  1,760  1,676  (13) 2,838  3,282  (14)
Leases (1) 226  226  227  291  244  —  (7) 452  504  (10)
Advertising and promotion 132  90  138  144  137  47  (4) 222  318  (30)
Restructuring charges (4) 13  781  718  —  NM NM 9  —  NM
Other 866  887  759  831  816  (2) 1,753  1,517  16 
Total noninterest expense 13,341  13,989  14,802  15,229  14,551  (5) (8) 27,330  27,599  (1)
Income (loss) before income tax expense (benefit) 8,189  5,591  3,866  3,318  (5,799) 46  NM 13,780  (4,679) NM
Income tax expense (benefit) 1,445  901  574  (83) (2,001) 60  NM 2,346  (1,648) NM
Net income (loss) before noncontrolling interests 6,744  4,690  3,292  3,401  (3,798) 44  NM 11,434  (3,031) NM
Less: Net income (loss) from noncontrolling interests 704  54  201  185  48  NM NM 758  (101) NM
Wells Fargo net income (loss) $ 6,040  4,636  3,091  3,216  (3,846) 30  NM $ 10,676  (2,930) NM
Less: Preferred stock dividends and other 297  380  350  315  314  (22) (5) 677  926  (27)
Wells Fargo net income (loss) applicable to common stock $ 5,743  4,256  2,741  2,901  (4,160) 35  NM $ 9,999  (3,856) NM
Per share information
Earnings (loss) per common share $ 1.39  1.03  0.66  0.70  (1.01) 35  NM $ 2.42  (0.94) NM
Diluted earnings (loss) per common share 1.38  1.02  0.66  0.70  (1.01) 35  NM 2.40  (0.94) NM
NM – Not meaningful
(1)Represents expenses for assets we lease to customers.
-5-


Wells Fargo & Company and Subsidiaries
CONSOLIDATED BALANCE SHEET
Jun 30, 2021
% Change from
(in millions) Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2020
Jun 30,
2020
Mar 31,
2021
Jun 30,
2020
Assets
Cash and due from banks $ 25,304  28,339  28,236  25,535  24,704  (11) %
Interest-earning deposits with banks 248,869  258,394  236,376  221,235  237,799  (4)
Total cash, cash equivalents, and restricted cash 274,173  286,733  264,612  246,770  262,503  (4)
Federal funds sold and securities purchased under resale agreements 70,149  79,502  65,672  69,304  79,289  (12) (12)
Debt securities:
Trading, at fair value 82,727  72,784  75,095  73,253  74,679  14  11 
Available-for-sale, at fair value 189,897  200,850  220,392  220,573  228,899  (5) (17)
Held-to-maturity, at amortized cost 260,941  232,192  205,720  182,595  169,002  12  54 
Loans held for sale 25,594  35,434  36,384  25,004  33,694  (28) (24)
Loans 852,300  861,572  887,637  920,082  935,155  (1) (9)
Allowance for loan losses (15,148) (16,928) (18,516) (19,463) (18,926) 11  20 
Net loans 837,152  844,644  869,121  900,619  916,229  (1) (9)
Mortgage servicing rights 8,009  8,832  7,437  7,680  8,180  (9) (2)
Premises and equipment, net 8,745  8,760  8,895  8,977  9,025  —  (3)
Goodwill 26,194  26,290  26,392  26,387  26,385  —  (1)
Derivative assets 25,415  25,429  25,846  23,715  22,776  —  12 
Equity securities 64,547  57,702  60,008  49,348  50,776  12  27 
Other assets 72,453  78,112  87,337  86,174  85,611  (7) (15)
Total assets $ 1,945,996  1,957,264  1,952,911  1,920,399  1,967,048  (1) (1)
Liabilities
Noninterest-bearing deposits $ 504,108  494,087  467,068  447,011  432,857  16 
Interest-bearing deposits 936,364  943,032  937,313  936,204  977,854  (1) (4)
Total deposits 1,440,472  1,437,119  1,404,381  1,383,215  1,410,711  — 
Short-term borrowings 45,635  58,920  58,999  55,224  60,485  (23) (25)
Derivative liabilities 14,551  14,930  16,509  13,767  11,368  (3) 28 
Accrued expenses and other liabilities 72,555  74,949  74,360  70,755  74,928  (3) (3)
Long-term debt 179,656  183,312  212,950  215,711  230,921  (2) (22)
Total liabilities 1,752,869  1,769,230  1,767,199  1,738,672  1,788,413  (1) (2)
Equity
Wells Fargo stockholders’ equity:
Preferred stock 20,820  21,170  21,136  21,098  21,098  (2) (1)
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares 
9,136  9,136  9,136  9,136  9,136  —  — 
Additional paid-in capital 60,018  59,854  60,197  60,035  59,923  —  — 
Retained earnings 171,765  166,458  162,683  160,607  158,466 
Cumulative other comprehensive income (loss) (564) (1,250) 194  (750) (798) 55 29 
Treasury stock (1) (69,038) (67,589) (67,791) (68,384) (69,050) (2) — 
Unearned ESOP shares (875) (875) (875) (875) (875) —  — 
Total Wells Fargo stockholders’ equity 191,262  186,904  184,680  180,867  177,900 
Noncontrolling interests 1,865  1,130  1,032  860  735  65  154 
Total equity 193,127  188,034  185,712  181,727  178,635 
Total liabilities and equity $ 1,945,996  1,957,264  1,952,911  1,920,399  1,967,048  (1) (1)
(1)Number of shares of treasury stock were 1,373,813,200, 1,340,691,115, 1,337,799,931, 1,349,294,592, and 1,362,252,882 at June 30, and March 31, 2021, and December 31, September 30, and June 30, 2020, respectively.
-6-


Wells Fargo & Company and Subsidiaries
AVERAGE BALANCES AND INTEREST RATES (TAXABLE-EQUIVALENT BASIS)(1)
Quarter ended Jun 30, 2021
% Change from
Six months ended %
Change
 ($ in millions) Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2021 Jun 30, 2020 Jun 30, 2021 Jun 30, 2020
Average Balances
Assets
Interest-earning deposits with banks $ 255,237  223,437  222,010  216,958  176,327  14  % 45  $ 239,425  152,924  57  %
Federal funds sold and securities purchased under resale agreements 72,513  72,148  67,023  80,431  76,384  (5) 72,332  91,969  (21)
Trading debt securities 84,612  87,383  93,877  88,021  96,049  (3) (12) 85,990  98,556  (13)
Available-for-sale debt securities 192,418  206,946  214,042  217,556  232,444  (7) (17) 199,642  242,501  (18)
Held-to-maturity debt securities 237,812  216,826  192,697  176,384  166,804  10  43  227,377  162,348  40 
Loans held for sale 27,173  34,554  29,436  31,023  27,610  (21) (2) 30,843  24,728  25 
Loans 854,747  873,439  899,704  931,708  971,266  (2) (12) 864,041  968,156  (11)
Equity securities 29,773  29,434  25,744  25,185  27,417  29,604  32,475  (9)
Other 9,103  9,498  7,896  6,974  7,715  (4) 18  9,299  7,573  23 
Total interest-earning assets 1,763,388  1,753,665  1,752,429  1,774,240  1,782,016  (1) 1,758,553  1,781,230  (1)
Total noninterest-earning assets 176,491  180,760  172,584  171,671  165,164  (2) 178,614  166,795 
Total assets $ 1,939,879  1,934,425  1,925,013  1,945,911  1,947,180  —  —  $ 1,937,167  1,948,025  (1)
Liabilities
Interest-bearing deposits $ 941,746  931,116  925,729  959,270  978,194  (4) $ 936,460  984,415  (5)
Short-term borrowings 48,505  59,082  57,304  57,292  63,535  (18) (24) 53,764  83,256  (35)
Long-term debt 181,101  198,340  214,223  222,862  232,395  (9) (22) 189,673  230,699  (18)
Other liabilities 27,718  28,875  25,949  27,679  29,947  (4) (7) 28,294  30,073  (6)
Total interest-bearing liabilities 1,199,070  1,217,413  1,223,205  1,267,103  1,304,071  (2) (8) 1,208,191  1,328,443  (9)
Noninterest-bearing demand deposits 494,078  462,356  454,371  439,758  408,462  21  478,305  377,894  27 
Other noninterest-bearing liabilities 55,763  65,582  61,993  57,673  50,575  (15) 10  60,645  55,706 
Total liabilities 1,748,911  1,745,351  1,739,569  1,764,534  1,763,108  —  (1) 1,747,141  1,762,043  (1)
Total equity 190,968  189,074  185,444  181,377  184,072  190,026  185,982 
   Total liabilities and equity $ 1,939,879  1,934,425  1,925,013  1,945,911  1,947,180  —  —  $ 1,937,167  1,948,025  (1)
Average Interest Rates
Interest-earning assets
Interest-earning deposits with banks 0.11  % 0.10  0.10  0.11  0.12  0.11  % 0.57 
Federal funds sold and securities purchased under resale agreements 0.02  0.04  0.05  0.02  0.01  0.03  0.84 
Trading debt securities 2.37  2.45  2.40  2.49  2.76  2.41  2.91 
Available-for-sale debt securities 1.43  1.63  1.78  1.96  2.44  1.53  2.66 
Held-to-maturity debt securities 1.86  1.90  1.95  2.09  2.33  1.88  2.44 
Loans held for sale 2.85  3.85  3.56  3.07  3.45  3.41  3.62 
Loans 3.33  3.34  3.43  3.41  3.50  3.33  3.85 
Equity securities 1.77  1.87  2.04  1.61  1.70  1.82  2.00 
Other 0.04  0.03  —  (0.02) (0.02) 0.04  0.37 
Total interest-earning assets 2.23  2.33  2.43  2.45  2.69  2.28  3.02 
Interest-bearing liabilities
Interest-bearing deposits 0.04  0.05  0.07  0.13  0.24  0.04  0.48 
Short-term borrowings (0.09) (0.06) (0.08) (0.08) (0.10) (0.08) 0.66 
Long-term debt 1.57  2.07  1.78  1.86  2.13  1.83  2.15 
Other liabilities 1.47  1.50  1.38  1.33  1.53  1.49  1.71 
Total interest-bearing liabilities 0.30  0.41  0.39  0.45  0.59  0.35  0.81 
Interest rate spread on a taxable-equivalent basis (2) 1.93  1.92  2.04  2.00  2.10  1.93  2.21 
Net interest margin on a taxable-equivalent basis (2) 2.02  2.05  2.15  2.13  2.25  2.04  2.42 
(1)The average balance amounts represent amortized costs. The interest rates are based on interest income or expense amounts for the period and are annualized, if applicable. Interest rates include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(2)Includes taxable-equivalent adjustments predominantly related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.
-7-


Wells Fargo & Company and Subsidiaries
COMBINED SEGMENT RESULTS (1)
Quarter ended June 30, 2021
(in millions) Consumer Banking and Lending Commercial Banking Corporate and Investment Banking Wealth and Investment Management Corporate (2) Reconciling Items (3) Consolidated
Company
Net interest income $ 5,618  1,202  1,783  610  (304) (109) 8,800 
Noninterest income 3,068  906  1,555  2,926  3,327  (312) 11,470 
Total revenue 8,686  2,108  3,338  3,536  3,023  (421) 20,270 
Provision for credit losses (367) (382) (501) 24  (34)   (1,260)
Noninterest expense 6,202  1,443  1,805  2,891  1,000    13,341 
Income (loss) before income tax expense (benefit) 2,851  1,047  2,034  621  2,057  (421) 8,189 
Income tax expense (benefit) 713  261  513  156  223  (421) 1,445 
Net income before noncontrolling interests 2,138  786  1,521  465  1,834    6,744 
Less: Net income (loss) from noncontrolling interests   2  (2)   704    704 
Net income $ 2,138  784  1,523  465  1,130    6,040 
Quarter ended March 31, 2021
Net interest income $ 5,615  1,254  1,779  657  (390) (107) 8,808 
Noninterest income 3,039  827  1,825  2,887  1,417  (271) 9,724 
Total revenue 8,654  2,081  3,604  3,544  1,027  (378) 18,532 
Provision for credit losses (419) (399) (284) (43) 97  —  (1,048)
Noninterest expense 6,267  1,630  1,833  3,028  1,231  —  13,989 
Income (loss) before income tax expense (benefit) 2,806  850  2,055  559  (301) (378) 5,591 
Income tax expense (benefit) 702  212  500  140  (275) (378) 901 
Net income (loss) before noncontrolling interests 2,104  638  1,555  419  (26) —  4,690 
Less: Net income from noncontrolling interests —  —  —  53  —  54 
Net income (loss) $ 2,104  637  1,555  419  (79) —  4,636 
Quarter ended June 30, 2020
Net interest income $ 5,717  1,554  1,963  719  60  (121) 9,892 
Noninterest income 1,891  797  2,096  2,487  1,318  (195) 8,394 
Total revenue 7,608  2,351  4,059  3,206  1,378  (316) 18,286 
Provision for credit losses 3,102  2,295  3,756  255  126  —  9,534 
Noninterest expense 6,933  1,580  2,044  2,743  1,251  —  14,551 
Income (loss) before income tax expense (benefit) (2,427) (1,524) (1,741) 208  (316) (5,799)
Income tax expense (benefit) (650) (379) (408) 52  (300) (316) (2,001)
Net income (loss) before noncontrolling interests (1,777) (1,145) (1,333) 156  301  —  (3,798)
Less: Net income from noncontrolling interests —  —  —  47  —  48 
Net income (loss) $ (1,777) (1,146) (1,333) 156  254  —  (3,846)
(1)The management reporting process is based on U.S. GAAP and includes specific adjustments, such as for funds transfer pricing for asset/liability management, shared revenues and expenses, and taxable-equivalent adjustments to consistently reflect income from taxable and tax-exempt sources, which allows management to assess performance across the operating segments. We define our operating segments by type of product and customer segment.
(2)All other business activities that are not included in the reportable operating segments have been included in Corporate. Corporate includes corporate treasury and enterprise functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and affiliated venture capital and private equity businesses. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company, as well as previously divested businesses. In March 2021, we announced an agreement to sell our Corporate Trust Services business and, in second quarter 2021, we moved the business from the Commercial Banking operating segment to Corporate. Prior period balances have been revised to conform with the current period presentation.
(3)Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for low-income housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results.
-8-


Wells Fargo & Company and Subsidiaries
COMBINED SEGMENT RESULTS (continued) (1)
Six months ended June 30, 2021
(in millions) Consumer Banking and Lending Commercial Banking Corporate and Investment Banking Wealth and Investment Management Corporate (2) Reconciling Items (3) Consolidated
Company
Net interest income $ 11,233  2,456  3,562  1,267  (694) (216) 17,608 
Noninterest income 6,107  1,733  3,380  5,813  4,744  (583) 21,194 
Total revenue 17,340  4,189  6,942  7,080  4,050  (799) 38,802 
Provision for credit losses (786) (781) (785) (19) 63    (2,308)
Noninterest expense 12,469  3,073  3,638  5,919  2,231    27,330 
Income (loss) before income tax expense (benefit)
5,657  1,897  4,089  1,180  1,756  (799) 13,780 
Income tax expense (benefit) 1,415  473  1,013  296  (52) (799) 2,346 
Net income before noncontrolling interests 4,242  1,424  3,076  884  1,808    11,434 
Less: Net income (loss) from noncontrolling interests
  3  (2)   757    758 
Net income $ 4,242  1,421  3,078  884  1,051    10,676 
Six months ended June 30, 2020
Net interest income $ 11,719  3,287  3,984  1,557  939  (264) 21,222 
Noninterest income 4,538  1,409  3,483  4,919  1,303  (415) 15,237 
Total revenue 16,257  4,696  7,467  6,476  2,242  (679) 36,459 
Provision for credit losses 4,671  3,336  4,881  263  388  —  13,539 
Noninterest expense 13,190  3,153  3,914  5,400  1,942  —  27,599 
Income (loss) before income tax expense (benefit)
(1,604) (1,793) (1,328) 813  (88) (679) (4,679)
Income tax expense (benefit) (445) (442) (307) 204  21  (679) (1,648)
Net income (loss) before noncontrolling interests (1,159) (1,351) (1,021) 609  (109) —  (3,031)
Less: Net income (loss) from noncontrolling interests
—  —  —  (103) —  (101)
Net income (loss) $ (1,159) (1,353) (1,021) 609  (6) —  (2,930)
(1)The management reporting process is based on U.S. GAAP and includes specific adjustments, such as for funds transfer pricing for asset/liability management, shared revenues and expenses, and taxable-equivalent adjustments to consistently reflect income from taxable and tax-exempt sources, which allows management to assess performance across the operating segments. We define our operating segments by type of product and customer segment.
(2)All other business activities that are not included in the reportable operating segments have been included in Corporate. Corporate includes corporate treasury and enterprise functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and affiliated venture capital and private equity businesses. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company, as well as previously divested businesses. In March 2021, we announced an agreement to sell our Corporate Trust Services business and, in second quarter 2021, we moved the business from the Commercial Banking operating segment to Corporate. Prior period balances have been revised to conform with the current period presentation.
(3)Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for low-income housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results.
-9-


Wells Fargo & Company and Subsidiaries
CONSUMER BANKING AND LENDING SEGMENT
Quarter ended Jun 30, 2021
% Change from
Six months ended
($ in millions) Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2020
Jun 30,
2020
Mar 31,
2021
Jun 30,
2020
Jun 30,
2021
Jun 30,
2020
%
Change
Income Statement
Net interest income $ 5,618  5,615  5,741  5,918  5,717  —  % (2) $ 11,233  11,719  (4) %
Noninterest income:
Deposit-related fees 732  661  742  708  575  11  27  1,393  1,454  (4)
Card fees 1,017  892  890  860  749  14  36  1,909  1,568  22 
Mortgage banking 1,158  1,259  1,082  1,544  256  (8) 352  2,417  598  304 
Other 161  227  158  116  311  (29) (48) 388  918  (58)
Total noninterest income 3,068  3,039  2,872  3,228  1,891  62  6,107  4,538  35 
Total revenue 8,686  8,654  8,613  9,146  7,608  —  14  17,340  16,257 
Net charge-offs 359  370  332  369  553  (3) (35) 729  1,174  (38)
Change in the allowance for credit losses (726) (789) 19  271  2,549  NM (1,515) 3,497  NM
Provision for credit losses (367) (419) 351  640  3,102  12  NM (786) 4,671  NM
Noninterest expense 6,202  6,267  6,441  7,345  6,933  (1) (11) 12,469  13,190  (5)
Income (loss) before income tax expense (benefit) 2,851  2,806  1,821  1,161  (2,427) NM 5,657  (1,604) NM
Income tax expense (benefit) 713  702  457  290  (650) NM 1,415  (445) NM
Net income (loss) $ 2,138  2,104  1,364  871  (1,777) NM $ 4,242  (1,159) NM
Revenue by Line of Business
Consumer and Small Business Banking $ 4,714  4,550  4,701  4,721  4,401  $ 9,264  9,262  — 
Consumer Lending:
Home Lending 2,072  2,227  1,995  2,527  1,477  (7) 40  4,299  3,353  28 
Credit Card 1,363  1,346  1,372  1,345  1,196  14  2,709  2,571 
Auto 415  403  403  404  388  818  768 
Personal Lending 122  128  142  149  146  (5) (16) 250  303  (17)
Total revenue $ 8,686  8,654  8,613  9,146  7,608  —  14  $ 17,340  16,257 
Selected Balance Sheet Data (average)
Loans by Line of Business:
Home Lending $ 223,229  243,036  265,292  270,036  262,209  (8) (15) $ 233,078  269,518  (14)
Auto 50,762  49,518  48,966  49,770  49,611  50,143  49,552 
Credit Card 34,211  35,205  36,135  35,965  36,539  (3) (6) 34,705  38,147  (9)
Small Business 18,768  20,137  17,929  18,100  14,887  (7) 26  19,449  12,301  58 
Personal Lending 4,922  5,185  5,547  5,912  6,385  (5) (23) 5,053  6,578  (23)
Total loans $ 331,892  353,081  373,869  379,783  369,631  (6) (10) $ 342,428  376,096  (9)
Total deposits 835,752  789,439  763,177  756,485  715,144  17  812,723  683,925  19 
Allocated capital 48,000  48,000  48,000  48,000  48,000  —  —  48,000  48,000  — 
Selected Balance Sheet Data (period-end)
Loans by Line of Business:
Home Lending $ 218,626  230,478  253,942  273,635  258,582  (5) (15) $ 218,626  258,582  (15)
Auto 51,784  50,007  49,072  49,442  49,924  51,784  49,924 
Credit Card 34,936  34,246  36,664  36,021  36,018  (3) 34,936  36,018  (3)
Small Business 16,494  20,820  17,743  17,993  18,116  (21) (9) 16,494  18,116  (9)
Personal Lending 4,920  4,998  5,375  5,724  6,113  (2) (20) 4,920  6,113  (20)
Total loans $ 326,760  340,549  362,796  382,815  368,753  (4) (11) $ 326,760  368,753  (11)
Total deposits 840,434  837,765  784,565  759,425  746,602  —  13  840,434  746,602  13 
NM – Not meaningful
-10-


Wells Fargo & Company and Subsidiaries
CONSUMER BANKING AND LENDING SEGMENT (continued)
Quarter ended Jun 30, 2021
% Change from
Six months ended
($ in millions, unless otherwise noted) Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2020
Jun 30,
2020
Mar 31,
2021
Jun 30,
2020
Jun 30,
2021
Jun 30,
2020
%
Change
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1) 17.3  % 17.2  10.7  6.6  (15.5) 17.2  % (5.5)
Efficiency ratio (2) 71  72  75  80  91  72  81 
Headcount (#) (period-end) 116,185  123,547  125,034  131,516  133,876  (6) % (13) 116,185  133,876  (13) %
Retail bank branches (#) 4,878  4,944  5,032  5,229  5,300  (1) (8) 4,878  5,300  (8)
Digital active customers (# in millions) (3) 32.6  32.9  32.0  32.0  31.1  (1) 32.6  31.1 
Mobile active customers (# in millions) (3) 26.8  26.7  26.0  25.9  25.2  —  26.8  25.2 
Consumer and Small Business Banking:
Deposit spread (4) 1.5  % 1.6  1.7  1.8  1.8  1.6  % 1.9 
Debit card purchase volume ($ in billions) (5) $ 122.0  108.5 105.3 102.9 93.1 12  31  $ 230.5  183.7 25
Debit card purchase transactions (# in millions) (5) 2,504  2,266  2,297  2,273  2,027  11  24  4,770  4,222  13
Home Lending:
Mortgage banking:
Net servicing income $ (76) (123) (82) 331  (666) 38  89  $ (199) (409) (51)
Net gains on mortgage loan originations/sales 1,234  1,382  1,164  1,213  922  (11) 34  2,616  1,007  160 
Total mortgage banking $ 1,158  1,259  1,082  1,544  256  (8) 352  $ 2,417  598  304 
Originations ($ in billions):
Retail $ 36.9  33.6  32.3  32.8  30.5  10  21  $ 70.5  53.6  32 
Correspondent 16.3  18.2  21.6  28.8  28.7  (10) (43) 34.5  53.6  (36)
Total originations $ 53.2  51.8  53.9  61.6  59.2  (10) $ 105.0  107.2  (2)
% of originations held for sale (HFS) 65.6  % 75.8  75.2  78.1  71.8  70.7  % 70.7 
Third party mortgage loans serviced (period-end) ($ in billions) (6) $ 769.4  801.0  856.7  917.6  989.5  (4) (22) $ 769.4  989.5  (22)
Mortgage servicing rights (MSR) carrying value (period-end) 6,717  7,536 6,125 6,355 6,819 (11) (1) 6,717  6,819  (1)
Ratio of MSR carrying value (period-end) to third party mortgage loans serviced (period-end) (6) 0.87  % 0.94  0.71  0.69  0.69  0.87  % 0.69 
Home lending loans 30+ days or more delinquency rate (7)(8) 0.51  0.56  0.64  0.56  0.54  0.51  0.54 
Credit Card:
Point of sale (POS) volume ($ in billions) $ 25.5  21.1 22.9 21.3 17.5 21  46  $ 46.6  37.4  25 
New accounts (# in thousands) (9) 323  266 240 212 255 21  27  589  570 
Credit card loans 30+ days or more delinquency rate (8) 1.46  % 2.01  2.17  1.76  2.10  1.46  % 2.10 
Auto:
Auto originations ($ in billions) $ 8.3  7.0 5.3 5.4 5.6 19  48  $ 15.3  12.1  26 
Auto loans 30+ days or more delinquency rate (8) 1.30  % 1.22  1.77  1.67  1.70  1.30  % 1.70 
Personal Lending:
New funded balances $ 565  413 294 323 315 37  79  $ 978  982 — 
(1)Return on allocated capital is segment net income (loss) applicable to common stock divided by segment average allocated capital. Segment net income (loss) applicable to common stock is segment net income (loss) less allocated preferred stock dividends.
(2)Efficiency ratio is segment noninterest expense divided by segment total revenue (net interest income and noninterest income).
(3)Digital and mobile active customers is the number of consumer and small business customers who have logged on via a digital or mobile device, respectively, in the prior 90 days. Digital active customers includes both online and mobile customers.
(4)Deposit spread is (i) the internal funds transfer pricing credit on segment deposits minus interest paid to customers for segment deposits, divided by (ii) average segment deposits.
(5)Debit card purchase volume and transactions reflect combined activity for both consumer and business debit card purchases.
(6)Excludes residential mortgage loans subserviced for others.
(7)Excludes residential mortgage loans insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) and loans held for sale.
(8)Beginning in second quarter 2020, customer payment deferral activities instituted in response to the COVID-19 pandemic may have delayed the recognition of delinquencies for those customers who would have otherwise moved into past due status.
(9)Excludes certain private label new account openings.
-11-


Wells Fargo & Company and Subsidiaries
COMMERCIAL BANKING SEGMENT (1)
Quarter ended Jun 30, 2021
% Change from
Six months ended
($ in millions) Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2020
Jun 30,
2020
Mar 31,
2021
Jun 30,
2020
Jun 30,
2021
Jun 30,
2020
%
Change
Income Statement
Net interest income $ 1,202  1,254  1,439  1,408  1,554  (4) % (23) $ 2,456  3,287  (25) %
Noninterest income:
Deposit-related fees 325  317  311  309  297  642  599 
Lending-related fees 135  136  138  140  125  (1) 271  253 
Lease income 173  174  73  186  189  (1) (8) 347  387  (10)
Other 273  200  292  183  186  37  47  473  170  178 
Total noninterest income 906  827  814  818  797  10  14  1,733  1,409  23 
Total revenue 2,108  2,081  2,253  2,226  2,351  (10) 4,189  4,696  (11)
Net charge-offs 53  39  81  219  120  36  (56) 92  290  (68)
Change in the allowance for credit losses (435) (438) (12) 120  2,175  1 NM (873) 3,046  NM
Provision for credit losses (382) (399) 69  339  2,295  4 NM (781) 3,336  NM
Noninterest expense 1,443  1,630  1,547  1,623  1,580  (11) (9) 3,073  3,153  (3)
Income (loss) before income tax expense (benefit) 1,047  850  637  264  (1,524) 23  NM 1,897  (1,793) NM
Income tax expense (benefit) 261  212  163  71  (379) 23  NM 473  (442) NM
Less: Net income from noncontrolling interests 2  100  100  3  50 
Net income (loss) $ 784  637  472  192  (1,146) 23  NM $ 1,421  (1,353) NM
Revenue by Line of Business
Middle Market Banking $ 1,151  1,159  1,149  1,196  1,267  (1) (9) $ 2,310  2,722  (15)
Asset-Based Lending and Leasing 957  922  1,104  1,030  1,084  (12) 1,879  1,974  (5)
Total revenue $ 2,108  2,081  2,253  2,226  2,351  (10) $ 4,189  4,696  (11)
Revenue by Product
Lending and leasing $ 1,207  1,202  1,262  1,335  1,404  —  (14) $ 2,409  2,835  (15)
Treasury management and payments 680  721  733  749  780  (6) (13) 1,401  1,723  (19)
Other 221  158  258  142  167  40  32  379  138  175 
Total revenue $ 2,108  2,081  2,253  2,226  2,351  (10) $ 4,189  4,696  (11)
Selected Metrics
Return on allocated capital 15.2  % 12.3  8.6  2.9  (24.7) 13.8  % (15.0)
Efficiency ratio 68  78  69  73  67  73  67 
Headcount (#) (period-end) 19,647  20,486 20,241 21,900 21,984 (4) (11) 19,647  21,984 (11)
NM – Not meaningful
(1)In March 2021, we announced an agreement to sell our Corporate Trust Services business and, in second quarter 2021, we moved the business from the Commercial Banking operating segment to Corporate. Prior period balances have been revised to conform with the current period presentation.
-12-


Wells Fargo & Company and Subsidiaries
COMMERCIAL BANKING SEGMENT (1)(continued)
Quarter ended Jun 30, 2021
% Change from
Six months ended
($ in millions) Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2020
Jun 30,
2020
Mar 31,
2021
Jun 30,
2020
Jun 30,
2021
Jun 30,
2020
%
Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial $ 117,585  120,929  125,525  134,531  158,982  (3) % (26) $ 119,248  156,645  (24) %
Commercial real estate 47,203  48,574  50,441  52,017  53,157  (3) (11) 47,885  53,223  (10)
Lease financing and other 13,784  13,640  14,937  15,345  16,284  (15) 13,712  16,773  (18)
Total loans $ 178,572  183,143  190,903  201,893  228,423  (2) (22) $ 180,845  226,641  (20)
Loans by Line of Business:
Middle Market Banking $ 102,054  104,379  102,692  110,289  122,319  (2) (17) $ 103,210  119,276  (13)
Asset-Based Lending and Leasing 76,518  78,764  88,211  91,604  106,104  (3) (28) 77,635  107,365  (28)
Total loans $ 178,572  183,143  190,903  201,893  228,423  (2) (22) $ 180,845  226,641  (20)
Total deposits 192,586  189,364  184,864  178,997  184,132  190,984  175,929  9
Allocated capital 19,500  19,500  19,500  19,500  19,500  —  —  19,500  19,500
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial $ 117,782  119,322  124,253  128,270  142,315  (1) (17) $ 117,782  142,315  (17)
Commercial real estate 46,905  47,832  49,903  51,297  52,802  (2) (11) 46,905  52,802  (11)
Lease financing and other 14,218  13,534  14,821  15,180  15,662  (9) 14,218  15,662  (9)
Total loans $ 178,905  180,688  188,977  194,747  210,779  (1) (15) $ 178,905  210,779  (15)
Loans by Line of Business:
Middle Market Banking $ 102,062  102,372  101,193  105,851  115,105  —  (11) $ 102,062  115,105  (11)
Asset-Based Lending and Leasing 76,843  78,316  87,784  88,896  95,674  (2) (20) 76,843  95,674  (20)
Total loans $ 178,905  180,688  188,977  194,747  210,779  (1) (15) $ 178,905  210,779  (15)
Total deposits 197,461  191,948  188,292  180,948  183,085  197,461  183,085  8
(1)In March 2021, we announced an agreement to sell our Corporate Trust Services business and, in second quarter 2021, we moved the business from the Commercial Banking operating segment to Corporate. Prior period balances have been revised to conform with the current period presentation.
-13-


Wells Fargo & Company and Subsidiaries
CORPORATE AND INVESTMENT BANKING SEGMENT
Quarter ended Jun 30, 2021
% Change from
Six months ended
($ in millions) Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2020
Jun 30,
2020
Mar 31,
2021
Jun 30,
2020
Jun 30,
2021
Jun 30,
2020
%
Change
Income Statement
Net interest income $ 1,783  1,779  1,811  1,714  1,963  —  % (9) $ 3,562  3,984  (11) %
Noninterest income:
Deposit-related fees 277  266  272  272  261  543  518 
Lending-related fees 190  183  178  171  163  17  373  335  11 
Investment banking fees 580  611  459  428  588  (5) (1) 1,191  1,065  12 
Net gains (losses) on trading activities 30  331  (28) 374  809  (91) (96) 361  844  (57)
Other 478  434  462  348  275  10  74  912  721  26 
Total noninterest income 1,555  1,825  1,343  1,593  2,096  (15) (26) 3,380  3,483  (3)
Total revenue 3,338  3,604  3,154  3,307  4,059  (7) (18) 6,942  7,467  (7)
Net charge-offs (19) 37  177  117  401  NM NM 18  448  (96)
Change in the allowance for credit losses (482) (321) (238) 3,355  (50) NM (803) 4,433  NM
Provision for credit losses (501) (284) 186  (121) 3,756  (76) NM (785) 4,881  NM
Noninterest expense 1,805  1,833  1,798  1,991  2,044  (2) (12) 3,638  3,914  (7)
Income (loss) before income tax expense (benefit) 2,034  2,055  1,170  1,437  (1,741) (1) NM 4,089  (1,328) NM
Income tax expense (benefit) 513  500  282  355  (408) NM 1,013  (307) NM
Less: Net loss from noncontrolling interests (2) —  (1) —  —  NM NM (2) —  NM
Net income (loss) $ 1,523  1,555  889  1,082  (1,333) (2) NM $ 3,078  (1,021) NM
Revenue by Line of Business
Banking:
Lending $ 474  453  424  422  464  $ 927  921 
Treasury Management and Payments 353  370  384  395  403  (5) (12) 723  901  (20)
Investment Banking 407  416  348  295  444  (2) (8) 823  805 
Total Banking 1,234  1,239  1,156  1,112  1,311  —  (6) 2,473  2,627  (6)
Commercial Real Estate 1,014  912  1,012  855  837  11  21  1,926  1,740  11 
Markets:
Fixed Income, Currencies, and Commodities (FICC) 888  1,144  889  1,005  1,506  (22) (41) 2,032  2,420  (16)
Equities 206  252  194  312  302  (18) (32) 458  698  (34)
Credit Adjustment (CVA/DVA) and Other (16) 36  (67) 62  139  NM NM 20  31  (35)
Total Markets 1,078  1,432  1,016  1,379  1,947  (25) (45) 2,510  3,149  (20)
Other 12  21  (30) (39) (36) (43) NM 33  (49) NM
Total revenue $ 3,338  3,604  3,154  3,307  4,059  (7) (18) $ 6,942  7,467  (7)
Selected Metrics
Return on allocated capital 17.0  % 17.6  9.4  11.6  (16.8) 17.3  % (7.1)
Efficiency ratio 54  51  57  60  50  52  52 
Headcount (#) (period-end) 8,673  8,249 8,178 8,205 8,213 8,673  8,213
NM – Not meaningful

-14-


Wells Fargo & Company and Subsidiaries
CORPORATE AND INVESTMENT BANKING SEGMENT (continued)
Quarter ended Jun 30, 2021
% Change from
Six months ended
($ in millions) Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2020
Jun 30,
2020
Mar 31,
2021
Jun 30,
2020
Jun 30,
2021
Jun 30,
2020
%
Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial $ 167,076  162,290  155,669  165,445  190,861  % (12) $ 164,696  184,558  (11) %
Commercial real estate 85,346  83,858  84,175  84,408  82,726  84,606  81,357 
Total loans $ 252,422  246,148  239,844  249,853  273,587  (8) $ 249,302  265,915  (6)
Loans by Line of Business:
Banking $ 90,839  86,536  82,413  88,936  105,983  (14) $ 88,699  101,414  (13)
Commercial Real Estate 108,893  107,609  107,838  109,482  110,594  (2) 108,255  107,894  — 
Markets 52,690  52,003  49,593  51,435  57,010  (8) 52,348  56,607  (8)
Total loans $ 252,422  246,148  239,844  249,853  273,587  (8) $ 249,302  265,915  (6)
Trading-related assets:
Trading account securities $ 104,743  106,358  108,972  100,193  106,836  (2) (2) $ 105,546  115,082  (8)
Reverse repurchase agreements/securities borrowed 62,066  63,965  57,835  68,818  70,335  (3) (12) 63,010  79,734  (21)
Derivative assets 24,731  27,102  23,604  23,640  22,380  (9) 11  25,910  20,332  27 
Total trading-related assets $ 191,540  197,425  190,411  192,651  199,551  (3) (4) $ 194,466  215,148  (10)
Total assets 513,414  511,528  495,994  503,627  535,298  —  (4) 512,476  543,455  (6)
Total deposits 190,810  194,501  205,797  226,129  239,637  (2) (20) 192,645  252,902  (24)
Allocated capital 34,000  34,000  34,000  34,000  34,000  —  —  34,000  34,000  — 
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial $ 166,969  163,808  160,000  157,193  171,859  (3) $ 166,969  171,859  (3)
Commercial real estate 86,290  84,836  84,456  83,920  83,715  86,290  83,715 
Total loans $ 253,259  248,644  244,456  241,113  255,574  (1) $ 253,259  255,574  (1)
Loans by Line of Business:
Banking $ 92,758  88,042  84,640  83,128  91,093  $ 92,758  91,093 
Commercial Real Estate 108,885  108,508  107,207  108,240  109,402  —  —  108,885  109,402  — 
Markets 51,616  52,094  52,609  49,745  55,079  (1) (6) 51,616  55,079  (6)
Total loans $ 253,259  248,644  244,456  241,113  255,574  (1) $ 253,259  255,574  (1)
Trading-related assets:
Trading account securities $ 108,291  100,586  109,311  100,157  97,708  11  $ 108,291  97,708  11 
Reverse repurchase agreements/securities borrowed 57,351  71,282  57,248  61,027  70,949  (20) (19) 57,351  70,949  (19)
Derivative assets 25,288  24,228  25,916  23,844  22,757  11  25,288  22,757  11 
Total trading-related assets $ 190,930  196,096  192,475  185,028  191,414  (3) —  $ 190,930  191,414  — 
Total assets 516,518  512,045  508,518  490,373  510,205  516,518  510,205 
Total deposits 188,219  188,920  203,004  212,532  236,620  —  (20) 188,219  236,620  (20)

-15-


Wells Fargo & Company and Subsidiaries
WEALTH AND INVESTMENT MANAGEMENT SEGMENT
Quarter ended Jun 30, 2021
% Change from
Six months ended
($ in millions, unless otherwise noted) Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2020
Jun 30,
2020
Mar 31,
2021
Jun 30,
2020
Jun 30,
2021
Jun 30,
2020
%
Change
Income Statement
Net interest income $ 610  657  714  717  719  (7) % (15) $ 1,267  1,557  (19) %
Noninterest income:
Investment advisory and other asset-based fees 2,382  2,306  2,134  2,043  1,835  30  4,688  3,908  20 
Commissions and brokerage services fees 513  555  518  497  470  (8) 1,068  1,063  — 
Other 31  26  81  33  182  19  (83) 57  (52) NM
Total noninterest income 2,926  2,887  2,733  2,573  2,487  18  5,813  4,919  18 
Total revenue 3,536  3,544  3,447  3,290  3,206  —  10  7,080  6,476 
Net charge-offs (6) —  (3) (2) NM NM (6) NM
Change in the allowance for credit losses 30  (43) (1) (8) 254  170  (88) (13) 261  NM
Provision for credit losses 24  (43) (4) (10) 255  156  (91) (19) 263  NM
Noninterest expense 2,891  3,028  2,770  2,742  2,743  (5) 5,919  5,400  10 
Income before income tax expense 621  559  681  558  208  11  199  1,180  813  45 
Income tax expense 156  140  171  139  52  11  200  296  204  45 
Net income $ 465  419  510  419  156  11  198  $ 884  609  45 
Selected Metrics
Return on allocated capital 20.7  % 18.9  22.6  18.4  6.6  19.8  % 13.4 
Efficiency ratio 82  85  80  83  86  84  83 
Headcount (#) (period-end) 26,989  27,993 28,306 28,996 29,088 (4) (7) 26,989  29,088 (7)
Advisory assets ($ in billions) $ 931  885 853 779 743 25  $ 931  743  25 
Other brokerage assets and deposits ($ in billions) 1,212  1,177 1,152 1,076 1,042 16  1,212  1,042 16 
Total client assets ($ in billions) $ 2,143  2,062 2,005 1,855 1,785 20  $ 2,143  1,785  20 
Annualized revenue per advisor ($ in thousands) (1) 1,084  1,058  1,010  940  898  21  1,071  904  18 
Total financial and wealth advisors (#) (period-end) 12,819  13,277  13,513  13,793  14,206  (3) (10) 12,819  14,206  (10)
Selected Balance Sheet Data (average)
Total loans $ 81,784  80,839  80,109  79,001  78,091  $ 81,314  77,987 
Total deposits 174,980  173,678  169,815  169,441  165,103  174,333  155,246  12 
Allocated capital 8,750  8,750  8,750  8,750  8,750  —  —  8,750  8,750  — 
Selected Balance Sheet Data (period-end)
Total loans 82,783  81,175  80,785  79,472  78,101  82,783  78,101 
Total deposits 174,267  175,999  175,483  168,132  168,249  (1) 174,267  168,249 
NM – Not meaningful
(1)Represents annualized segment total revenue divided by average total financial and wealth advisors for the period.
-16-


Wells Fargo & Company and Subsidiaries
CORPORATE (1)
Quarter ended Jun 30, 2021
% Change from
Six months ended
($ in millions, unless otherwise noted) Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2020
Jun 30,
2020
Mar 31,
2021
Jun 30,
2020
Jun 30,
2021
Jun 30,
2020
%
Change
Income Statement
Net interest income $ (304) (390) (230) (268) 60  22  % NM $ (694) 939  NM
Noninterest income 3,327  1,417  1,692  1,921  1,318  135  152  4,744  1,303  264  %
Total revenue 3,023  1,027  1,462  1,653  1,378  194  119  4,050  2,242  81
Net charge-offs (8) 77  (3) 28  39  NM NM 69  141  (51)
Change in the allowance for credit losses (26) 20  (778) (107) 87  NM NM (6) 247  NM
Provision for credit losses (34) 97  (781) (79) 126  NM NM 63  388  (84)
Noninterest expense 1,000  1,231  2,246  1,528  1,251  (19) (20) 2,231  1,942  15
Income (loss) before income tax expense (benefit) 2,057  (301) (3) 204  783 NM 1,756  (88) NM
Income tax expense (benefit) 223  (275) (59) (632) (300) 181 NM (52) 21  NM
Less: Net income (loss) from noncontrolling interests 704  53  200  184  47  NM NM 757  (103) NM
Net income (loss) $ 1,130  (79) (144) 652  254  NM 345  $ 1,051  (6) NM
Selected Metrics
Headcount (#) (period-end) (2) 87,702 84,238 86,772 84,314 82,852 87,702 82,852 6
Wells Fargo Asset Management assets under management ($ in billions) $ 603  590 603 607 578 $ 603  578 4
Selected Balance Sheet Data (average)
Cash, cash equivalents, and restricted cash $ 255,043  222,799  221,357  215,342  173,754  14  47  $ 239,010  148,108  61
Available-for-sale debt securities 185,396  200,421  207,008  211,180  223,222  (7) (17) 192,867  234,028  (18)
Held-to-maturity debt securities 237,788  217,346  191,123  175,748  166,127  43  227,623  161,958  41
Equity securities 11,499  10,904  10,201  12,034  13,604  (15) 11,203  13,787  (19)
Total loans 10,077  10,228  14,979  21,178  21,534  (1) (53) 10,152  21,517  (53)
Total assets 754,629  727,628  712,602  702,662  655,617  15  741,203  642,513  15
Total deposits 41,696  46,490  56,447  67,976  82,640  (10) (50) 44,080  94,307  (53)
Selected Balance Sheet Data (period-end)
Cash, cash equivalents, and restricted cash $ 248,784  257,887  235,262  220,026  236,219  (4) $ 248,784  236,219  5
Available-for-sale debt securities 177,923  188,724  208,694  208,543  217,339  (6) (18) 177,923  217,339  (18)
Held-to-maturity debt securities 260,054  231,352  204,858  181,744  168,162  12  55  260,054  168,162  55
Equity securities 13,142  11,093  10,305  11,010  12,546  18  13,142  12,546  5
Total loans 10,593  10,516  10,623  21,935  21,948  (52) 10,593  21,948  (52)
Total assets 761,915  753,899  728,667  696,424  713,309  761,915  713,309  7
Total deposits 40,091  42,487  53,037  62,178  76,155  (6) (47) 40,091  76,155  (47)
NM – Not meaningful
(1)All other business activities that are not included in the reportable operating segments have been included in Corporate. Corporate includes corporate treasury and enterprise functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and affiliated venture capital and private equity businesses. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company, as well as previously divested businesses. In March 2021, we announced an agreement to sell our Corporate Trust Services business and, in second quarter 2021, we moved the business from the Commercial Banking operating segment to Corporate. Prior period balances have been revised to conform with the current period presentation.
(2)Beginning in first quarter 2021, employees who were notified of displacement remained as headcount in their respective operating segment rather than included in Corporate.

-17-


Wells Fargo & Company and Subsidiaries
CONSOLIDATED LOANS OUTSTANDING – PERIOD-END BALANCES, AVERAGE BALANCES, AND AVERAGE INTEREST RATES
Quarter ended Jun 30, 2021
$ Change from
($ in millions) Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2020
Jun 30,
2020
Mar 31,
2021
Jun 30,
2020
Period-End Loans
Commercial and industrial $ 317,618  319,055  318,805  320,913  350,116  (1,437) (32,498)
Real estate mortgage 120,678  121,198  121,720  121,910  123,967  (520) (3,289)
Real estate construction 22,406  21,533  21,805  22,519  21,694  873  712 
Lease financing 15,720  15,734  16,087  16,947  17,410  (14) (1,690)
Total commercial 476,422  477,520  478,417  482,289  513,187  (1,098) (36,765)
Residential mortgage – first lien 244,371  254,363  276,674  294,990  277,945  (9,992) (33,574)
Residential mortgage – junior lien 19,637  21,308  23,286  25,162  26,839  (1,671) (7,202)
Credit card 34,936  34,246  36,664  36,021  36,018  690  (1,082)
Auto 51,073  49,210  48,187  48,450  48,808  1,863  2,265 
Other consumer 25,861  24,925  24,409  33,170  32,358  936  (6,497)
Total consumer 375,878  384,052  409,220  437,793  421,968  (8,174) (46,090)
Total loans $ 852,300  861,572  887,637  920,082  935,155  (9,272) (82,855)
Average Loans
Commercial and industrial $ 318,917  318,311  315,924  335,046  382,345  606  (63,428)
Real estate mortgage 120,526  120,734  121,228  123,391  123,525  (208) (2,999)
Real estate construction 22,015  21,755  22,559  22,216  21,361  260  654 
Lease financing 15,565  15,799  16,757  17,091  18,087  (234) (2,522)
Total commercial 477,023  476,599  476,468  497,744  545,318  424  (68,295)
Residential mortgage – first lien 247,815  266,251  287,361  290,607  280,878  (18,436) (33,063)
Residential mortgage – junior lien 20,457  22,321  24,210  26,018  27,700  (1,864) (7,243)
Credit card 34,211  35,205  36,135  35,965  36,539  (994) (2,328)
Auto 50,014  48,680  48,033  48,718  48,441  1,334  1,573 
Other consumer 25,227  24,383  27,497  32,656  32,390  844  (7,163)
Total consumer 377,724  396,840  423,236  433,964  425,948  (19,116) (48,224)
Total loans $ 854,747  873,439  899,704  931,708  971,266  (18,692) (116,519)
Average Interest Rates
Commercial and industrial 2.52  % 2.47  2.50  2.46  2.56 
Real estate mortgage 2.74  2.73  2.81  2.81  3.03 
Real estate construction 3.08  3.10  3.13  3.13  3.37 
Lease financing 4.45  4.58  6.25  3.67  4.58 
Total commercial 2.66  2.63  2.74  2.61  2.77 
Residential mortgage – first lien 3.16  3.11  3.12  3.24  3.44 
Residential mortgage – junior lien 4.13  4.13  4.16  4.13  4.24 
Credit card 11.48  11.90  11.80  11.70  10.78 
Auto 4.52  4.66  4.82  4.90  4.99 
Other consumer 3.70  3.87  4.55  5.25  5.45 
Total consumer 4.18  4.18  4.20  4.33  4.45 
Total loans 3.33  % 3.34  3.43  3.41  3.50 

-18-


Wells Fargo & Company and Subsidiaries
NET LOAN CHARGE-OFFS
Quarter ended
Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Jun 30, 2021
$ Change from
($ in millions) Net loan 
charge-offs
As a % of average loans (1) Net loan 
charge-offs
As a % of average loans (1) Net loan 
charge-offs
As a % of average loans (1) Net loan 
charge-offs
As a % of average loans (1) Net loan 
charge-offs
As a % of average loans (1) Mar 31,
2021
Jun 30,
2020
By product:
Commercial:
Commercial and industrial $ 81  0.10  % $ 88  0.11  % $ 111  0.14  % $ 274  0.33  % $ 521  0.55  % $ (7) (440)
Real estate mortgage (5) (0.02) 46  0.16  162  0.53  56  0.18  67  0.22  (51) (72)
Real estate construction (1)   —  —  —  —  (2) (0.03) (1) (0.02) (1) — 
Lease financing 5  0.12  15  0.40  35  0.83  28  0.66  15  0.33  (10) (10)
Total commercial 80  0.07  149  0.13  308  0.26  356  0.29  602  0.44  (69) (522)
Consumer:
Residential mortgage – first lien (19) (0.03) (24) (0.04) (3) —  (1) —  —  (21)
Residential mortgage – junior lien (31) (0.60) (19) (0.35) (24) (0.39) (14) (0.22) (12) (0.17) (12) (19)
Credit card 256  3.01  236  2.71  190  2.09  245  2.71  327  3.60  20  (71)
Auto 45  0.35  52  0.44  51  0.43  31  0.25  106  0.88  (7) (61)
Other consumer 50  0.80  119  1.97  62  0.88  66  0.80  88  1.09  (69) (38)
Total consumer 301  0.32  364  0.37  276  0.26  327  0.30  511  0.48  (63) (210)
Total net charge-offs $ 381  0.18  % $ 513  0.24  % $ 584  0.26  % $ 683  0.29  % $ 1,113  0.46  % $ (132) (732)
By segment:
Consumer Banking and Lending $ 359  0.43  % $ 370  0.42  % $ 332  0.35  % $ 369  0.39  % $ 553  0.60  % $ (11) (194)
Commercial Banking 50  0.11  39  0.09  81  0.17  175  0.34  120  0.21  11  (70)
Corporate and Investing Banking (18) (0.03) 36  0.06  177  0.29  117  0.19  401  0.59  (54) (419)
Wealth and Investment Management (3) (0.01) —  —  (3) (0.01) (2) (0.01) 0.01  (3) (4)
Corporate (7) (0.28) 68  2.70  (3) (0.08) 24  0.45  38  0.71  (75) (45)
Total net charge-offs $ 381  0.18  % $ 513  0.24  % $ 584  0.26  % $ 683  0.29  % $ 1,113  0.46  % $ (132) (732)
(1)Quarterly net charge-offs (recoveries) as a percentage of average loans are annualized.
-19-


Wells Fargo & Company and Subsidiaries
CHANGES IN ALLOWANCE FOR CREDIT LOSSES FOR LOANS
Quarter ended Jun 30, 2021
$ Change from
Six months ended Jun 30,
(in millions) Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2020
Jun 30,
2020
Mar 31,
2021
Jun 30,
2020
2021 2020 $ Change
Balance, beginning of period $ 18,043  19,713  20,471  20,436  12,022  (1,670) 6,021  19,713  10,456  9,257 
Cumulative effect from change in accounting policies (1)   —  —  —  —  —  —    (1,337) 1,337 
Allowance for purchased credit-deteriorated (PCD) loans (2)   —  —  —  —  —  —    (8)
Balance, beginning of period, adjusted 18,043  19,713  20,471  20,436  12,022  (1,670) 6,021  19,713  9,127  10,586 
Provision for credit losses (1,239) (1,117) (144) 751  9,565  (122) (10,804) (2,356) 13,398  (15,754)
Interest income on certain loans (3) (36) (41) (36) (41) (38) (77) (76) (1)
Net loan charge-offs:
Commercial:
Commercial and industrial (81) (88) (111) (274) (521) 440  (169) (854) 685 
Real estate mortgage 5  (46) (162) (56) (67) 51  72  (41) (65) 24 
Real estate construction 1  —  —  —  1  17  (16)
Lease financing (5) (15) (35) (28) (15) 10  10  (20) (24)
Total commercial (80) (149) (308) (356) (602) 69  522  (229) (926) 697 
Consumer:
Residential mortgage – first lien 19  24  (2) (5) 21  43  42 
Residential mortgage – junior lien 31  19  24  14  12  12  19  50  17  33 
Credit card (256) (236) (190) (245) (327) (20) 71  (492) (704) 212 
Auto (45) (52) (51) (31) (106) 61  (97) (188) 91 
Other consumer (50) (119) (62) (66) (88) 69  38  (169) (222) 53 
Total consumer (301) (364) (276) (327) (511) 63  210  (665) (1,096) 431 
Net loan charge-offs (381) (513) (584) (683) (1,113) 132  732  (894) (2,022) 1,128 
Other 4  —  5  (4)
Balance, end of period $ 16,391  18,043  19,713  20,471  20,436  (1,652) (4,045) 16,391  20,436  (4,045)
Components:
Allowance for loan losses $ 15,148  16,928  18,516  19,463  18,926  (1,780) (3,778) 15,148  18,926  (3,778)
Allowance for unfunded credit commitments 1,243  1,115  1,197  1,008  1,510  128  (267) 1,243  1,510  (267)
Allowance for credit losses for loans $ 16,391  18,043  19,713  20,471  20,436  (1,652) (4,045) 16,391  20,436  (4,045)
Ratio of allowance for loan losses to total net loan charge-offs (annualized) 9.93x 8.13 7.97 7.16 4.23 8.40 4.65
Allowance for loan losses as a percentage of:
Total loans 1.78  % 1.96  2.09  2.12  2.02  1.78  2.02 
Nonaccrual loans 205  210  212  243  249  205  249 
Allowance for credit losses for loans as a percentage of:
Total loans 1.92  2.09  2.22  2.22  2.19  1.92  2.19 
Nonaccrual loans 222  224  226  255  269  222  269 
(1)Represents the overall decrease in our allowance for credit losses for loans as a result of our adoption of Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (CECL), on January 1, 2020.
(2)Represents the allowance for credit losses for purchased credit-impaired (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.
-20-


Wells Fargo & Company and Subsidiaries
ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES FOR LOANS
Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020
($ 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
ACL ACL
as %
of loan
class
By product:
Commercial:
Commercial and industrial
$ 5,640  1.78  % $ 6,512  2.04  % $ 7,230  2.27  % $ 7,845  2.44  % $ 8,109  2.32  %
Real estate mortgage
2,884  2.39  3,156  2.60  3,167  2.60  2,517  2.06  2,395  1.93 
Real estate construction
530  2.37  410  1.90  410  1.88  521  2.31  484  2.23 
Lease financing
516  3.28  604  3.84  709  4.41  659  3.89  681  3.91 
Total commercial
9,570  2.01  10,682  2.24  11,516  2.41  11,542  2.39  11,669  2.27 
Consumer:
Residential mortgage - first lien 1,283  0.53  1,202  0.47  1,600  0.58  1,519  0.51  1,541  0.55 
Residential mortgage - junior lien 320  1.63  428  2.01  653  2.80  710  2.82  725  2.70 
Credit card 3,663  10.48  4,082  11.92  4,082  11.13  4,082  11.33  3,777  10.49 
Auto 1,026  2.01  1,108  2.25  1,230  2.55  1,225  2.53  1,174  2.41 
Other consumer 529  2.05  541  2.17  632  2.59  1,393  4.20  1,550  4.79 
Total consumer
6,821  1.81  7,361  1.92  8,197  2.00  8,929  2.04  8,767  2.08 
Total allowance for credit losses for loans $ 16,391  1.92  % $ 18,043  2.09  % $ 19,713  2.22  % $ 20,471  2.22  % $ 20,436  2.19  %
By segment:
Consumer Banking and Lending $ 8,035  2.46  % $ 8,782  2.58  % $ 9,593  2.64  % $ 9,593  2.51  % $ 9,329  2.53  %
Commercial Banking 3,692  2.06  4,138  2.29  4,586  2.43  4,586  2.35  4,458  2.12 
Corporate and Investing Banking 4,318  1.70  4,798  1.93  5,155  2.11  5,155  2.14  5,405  2.11 
Wealth and Investment Management 362  0.44  332  0.41  375  0.46  375  0.47  383  0.49 
Corporate (16) (0.15) (7) (0.07) 0.04  762  3.47  861  3.92 
Total allowance for credit losses for loans $ 16,391  1.92  % $ 18,043  2.09  % $ 19,713  2.22  % $ 20,471  2.22  % $ 20,436  2.19  %
-21-


Wells Fargo & Company and Subsidiaries
NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)
Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Jun 30, 2021
$ Change from
($ in millions) Balance % of
total
loans
Balance % of
total
loans
Balance % of
total
loans
Balance % of
total
loans
Balance % of
total
loans
Mar 31,
2021
Jun 30,
2020
By product:
Nonaccrual loans:
Commercial:
Commercial and industrial $ 1,691  0.53  % $ 2,223  0.70  % $ 2,698  0.85  % $ 2,834  0.88  % $ 2,896  0.83  % $ (532) (1,205)
Real estate mortgage 1,598  1.32  1,703  1.41  1,774  1.46  1,343  1.10  1,217  0.98  (105) 381 
Real estate construction 45  0.20  55  0.26  48  0.22  34  0.15  34  0.16  (10) 11 
Lease financing 215  1.37  249  1.58  259  1.61  187  1.10  138  0.79  (34) 77 
Total commercial 3,549  0.74  4,230  0.89  4,779  1.00  4,398  0.91  4,285  0.83  (681) (736)
Consumer:
Residential mortgage – first lien (1) 2,852  1.17  2,859  1.12  2,957  1.07  2,641  0.90  2,393  0.86  (7) 459 
Residential mortgage – junior lien (1) 713  3.63  747  3.51  754  3.24  767  3.05  753  2.81  (34) (40)
Auto 221  0.43  181  0.37  202  0.42  176  0.36  129  0.26  40  92 
Other consumer 36  0.14  38  0.15  36  0.15  40  0.12  45  0.14  (2) (9)
Total consumer 3,822  1.02  3,825  1.00  3,949  0.97  3,624  0.83  3,320  0.79  (3) 502 
Total nonaccrual loans 7,371  0.86  8,055  0.93  8,728  0.98  8,022  0.87  7,605  0.81  (684) (234)
Foreclosed assets 129  140  159  156  195  (11) (66)
Total nonperforming assets $ 7,500  0.88  % $ 8,195  0.95  % $ 8,887  1.00  % $ 8,178  0.89  % $ 7,800  0.83  % $ (695) (300)
By segment:
Consumer Banking and Lending $ 3,730  1.14  % $ 3,763  1.10  % $ 3,895  1.07  % $ 3,625  0.95  % $ 3,361  0.91  % $ (33) 369 
Commercial Banking 2,096  1.17  2,511  1.39  2,511  1.33  1,899  0.98  1,697  0.81  (415) 399 
Corporate and Investing Banking 1,310  0.52  1,618  0.65  2,198  0.90  2,402  1.00  2,509  0.98  (308) (1,199)
Wealth and Investment Management 364  0.44  294  0.36  262  0.32  224  0.28  204  0.26  70  160 
Corporate     0.09  21  0.20  28  0.13  29  0.13  (9) (29)
Total nonperforming assets $ 7,500  0.88  % $ 8,195  0.95  % $ 8,887  1.00  % $ 8,178  0.89  % $ 7,800  0.83  % $ (695) (300)
(1)Residential 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.

-22-


Wells Fargo & Company and Subsidiaries
COMMERCIAL AND INDUSTRIAL LOANS AND LEASE FINANCING BY INDUSTRY
Jun 30, 2021 Mar 31, 2021 Jun 30, 2020
($ in millions) Nonaccrual
loans
Loans outstanding % of
total
loans
Total commitments (1) Nonaccrual
loans
Loans outstanding % of
total
loans
Total commitments (1) Nonaccrual
loans
Loans outstanding % of
total
loans
Total commitments (1)
Financials except banks $ 154  124,759  15  % $ 215,207  $ 130  119,793  14  % $ 212,236  $ 219  112,130  12  % $ 197,152 
Technology, telecom and media 65  20,669  2  59,245  90  21,582  55,433  61  24,912  54,894 
Real estate and construction 136  22,488  3  54,354  146  23,867  53,829  290  25,245  49,925 
Equipment, machinery and parts manufacturing 41  16,833  2  40,174  66  16,537  39,986  98  21,622  41,771 
Retail 44  16,726  2  39,732  84  17,129  40,975  216  23,149  43,212 
Materials and commodities 19  13,033  2  35,232  43  12,591  34,138  46  15,877  37,877 
Food and beverage manufacturing 9  11,955  1  29,460  18  12,061  29,160  12  13,082  29,284 
Health care and pharmaceuticals 26  13,484  2  29,259  42  15,020  31,610  76  17,144  32,481 
Oil, gas and pipelines 486  9,186  1  28,785  635  9,906  30,124  1,414  12,598  32,679 
Auto related 63  9,873  1  25,036  74  11,297  25,113  24  13,103  25,162 
Commercial services 76  10,018  1  23,965  85  10,322  25,730  98  12,095  1 24,548 
Utilities 67  7,136  * 21,615  67  6,270  * 19,012  6,486  * 20,615 
Insurance and fiduciaries 1  4,371  * 19,233  3,947  * 18,050  6,032  * 17,069 
Diversified or miscellaneous 27  6,309  * 17,108  28  6,304  * 16,802  4,303  * 10,547 
Transportation services 492  8,566  1 16,866  554  8,889  * 15,372  319  10,849  * 17,040 
Entertainment and recreation 68  7,612  * 15,540  255  9,483  1 17,108  62  11,820  1 18,134 
Banks   14,839  2 15,290  —  13,292  2 14,209  —  15,548  2 16,598 
Agribusiness 57  5,402  * 11,221  71  6,056  * 11,453  54  7,362  * 12,984 
Government and education 4  5,033  * 10,793  5,182  * 10,792  5,741  * 12,128 
Other 71  5,046  * 19,693  74  5,261  * 19,232  31  8,428  22,296 
Total
$ 1,906  333,338  39  % $ 727,808  $ 2,472  334,789  39  % $ 720,364  $ 3,034  367,526  39  % $ 716,396 
*Less than 1%.
(1)Total commitments consists of loans outstanding plus unfunded credit commitments, excluding issued letters of credit.
-23-


Wells Fargo & Company and Subsidiaries
COMMERCIAL REAL ESTATE LOANS BY PROPERTY TYPE
Jun 30, 2021 Mar 31, 2021 Jun 30, 2020
($ in millions) Nonaccrual
loans
Loans outstanding % of
total
loans
Total commitments (1) Nonaccrual
loans
Loans outstanding % of
total
loans
Total commitments (1) Nonaccrual
loans
Loans outstanding % of
total
loans
Total commitments (1)
Office buildings $ 148  36,271  4  % $ 42,072  $ 258  37,084  % $ 42,796  $ 161  38,489  % $ 44,320 
Apartments 27  28,853  3  36,462  30  27,965  34,832  11  26,978  35,120 
Industrial/warehouse 90  17,077  2  19,948  85  17,168  19,422  73  17,823  20,199 
Retail (excluding shopping center) 233  13,233  2  13,947  293  13,582  14,159  173  14,392  15,036 
Hotel/motel 361  12,271  1  12,706  324  12,262  12,788  170  12,247  13,143 
Shopping center 509  10,913  1  11,581  470  11,124  11,748  399  11,933  12,732 
Institutional 74  6,908  * 8,213  82  6,698  * 8,146  97  6,069  * 7,782 
Mixed use properties 98  6,244  * 7,280  105  6,142  * 7,432  90  6,281  * 7,573 
Collateral pool   3,138  * 3,770  —  2,979  * 3,624  —  2,538  * 3,065 
1-4 family structure   1,356  * 3,307  —  1,372  * 3,354  —  1,623  * 3,602 
Other 103  6,820  * 8,852  111  6,355  * 8,164  77  7,288  8,798 
Total
$ 1,643  143,084  17  % $ 168,138  $ 1,758  142,731  17  % $ 166,465  $ 1,251  145,661  16  % $ 171,370 
*Less than 1%.
(1)Total commitments consists of loans outstanding plus unfunded credit commitments, excluding issued letters of credit.
-24-


Wells Fargo & Company and Subsidiaries
TANGIBLE COMMON EQUITY

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

The tables below provide a reconciliation of these non-GAAP financial measures to GAAP financial measures.
Jun 30, 2021
% Change from
(in millions, except ratios) Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2020
Jun 30,
2020
Mar 31,
2021
Jun 30,
2020
Tangible book value per common share:
Total equity $ 193,127  188,034  185,712  181,727  178,635  %
Adjustments:
Preferred stock (20,820) (21,170) (21,136) (21,098) (21,098)
Additional paid-in capital on preferred stock 136  139  152  159  159  (2) (14)
Unearned ESOP shares 875  875  875  875  875  —  — 
Noncontrolling interests (1,865) (1,130) (1,033) (859) (736) (65) NM
Total common stockholders' equity (A) 171,453  166,748  164,570  160,804  157,835 
Adjustments:
Goodwill (26,194) (26,290) (26,392) (26,387) (26,385) — 
Certain identifiable intangible assets (other than MSRs) (301) (322) (342) (366) (389) 23 
Goodwill and other intangibles on nonmarketable equity securities (included in other assets) (2,256) (2,300) (1,965) (2,019) (2,050) (10)
Applicable deferred taxes related to goodwill and other intangible assets (1) 875  866  856  842  831 
Tangible common equity (B) $ 143,577  138,702  136,727  132,874  129,842  11 
Common shares outstanding (C) 4,108.0  4,141.1  4,144.0  4,132.5  4,119.6  (1) — 
Book value per common share (A)/(C) $ 41.74  40.27  39.71  38.91  38.31 
Tangible book value per common share (B)/(C) 34.95  33.49  32.99  32.15  31.52  11 
NM - Not meaningful
-25-


Wells Fargo & Company and Subsidiaries
TANGIBLE COMMON EQUITY (continued)
Quarter ended Jun 30, 2021
% Change from
Six months ended
(in millions, except ratios) Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2020
Jun 30,
2020
Mar 31,
2021
Jun 30,
2020
Jun 30,
2021
Jun 30,
2020
%
Change
Return on average tangible common equity:
Net income applicable to common stock (A) $ 5,743  4,256  2,741  2,901  (4,160) 35  % NM $ 9,999  (3,856) NM
Average total equity 190,968  189,074  185,444  181,377  184,072  190,026  185,982  %
Adjustments:
Preferred stock (21,108) (21,840) (21,223) (21,098) (21,344) (21,472) (21,569) — 
Additional paid-in capital on preferred stock 138  145  156  158  140  (5) (1) 142  138  3
Unearned ESOP shares 875  875  875  875  1,140  —  (23) 875  1,141  (23)
Noncontrolling interests (1,313) (1,115) (887) (761) (643) (18) NM (1,215) (714) 70 
Average common stockholders’ equity (B) 169,560  167,139  164,365  160,551  163,365  168,356  164,978 
Adjustments:
Goodwill (26,213) (26,383) (26,390) (26,388) (26,384) (26,297) (26,386) — 
Certain identifiable intangible assets (other than MSRs)
(310) (330) (354) (378) (402) 23  (320) (414) (23)
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)
(2,208) (2,217) (1,889) (2,045) (1,922) —  (15) (2,212) (2,037)
Applicable deferred taxes related to goodwill and other intangible assets (1) 873  863  852  838  828  868  823 
Average tangible common equity (C) $ 141,702  139,072  136,584  132,578  135,485  $ 140,395  136,964 
Return on average common stockholders’ equity (ROE) (annualized) (A)/(B) 13.6  % 10.3  6.6  7.2  (10.2) 12.0  % (4.7)
Return on average tangible common equity (ROTCE)
(annualized)
(A)/(C) 16.3  12.4  8.0  8.7  (12.3) 14.4  (5.7)
NM – Not meaningful
(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.
-26-


Wells Fargo & Company and Subsidiaries
RISK-BASED CAPITAL RATIOS UNDER BASEL III – STANDARDIZED APPROACH (1)
Estimated Jun 30, 2021
% Change from
(in billions, except ratios) Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2020
Jun 30,
2020
Mar 31,
2021
Jun 30,
2020
Total equity (2) $ 193.1  188.0  185.7  181.7  178.6  %
Effect of accounting policy changes (2)   0.3  0.2  0.3  1.5 
Total equity (as reported) 193.1  188.3  185.9  182.0  180.1 
Adjustments:
Preferred stock (20.8) (21.2) (21.1) (21.1) (21.1)
Additional paid-in capital on preferred stock 0.2  0.2  0.1  0.2  0.1  —  100 
Unearned ESOP shares 0.9  0.9  0.9  0.9  0.9  —  — 
Noncontrolling interests (1.9) (1.1) (1.0) (0.9) (0.7) (73) NM
Total common stockholders' equity 171.5  167.1  164.8  161.1  159.3 
Adjustments:
Goodwill (26.2) (26.3) (26.4) (26.4) (26.4) — 
Certain identifiable intangible assets (other than MSRs) (0.3) (0.3) (0.3) (0.4) (0.4) —  25 
Goodwill and other intangibles on nonmarketable equity securities (included in other assets) (2.3) (2.3) (2.0) (2.0) (2.1) —  (10)
Applicable deferred taxes related to goodwill and other intangible assets (3) 0.9  0.9  0.9  0.8  0.8  —  13 
CECL transition provision (4) 0.9  1.3  1.7  1.9  1.9  (31) (53)
Other (1.1) (0.7) (0.4) (0.1) (0.1) (57) NM
Common Equity Tier 1 (A) 143.4  139.7  138.3  134.9  133.0 
Preferred stock 20.8  21.2  21.1  21.1  21.1  (2) (1)
Additional paid-in capital on preferred stock (0.2) (0.2) (0.1) (0.2) (0.1) —  (100)
Unearned ESOP shares (0.9) (0.9) (0.9) (0.9) (0.9) —  — 
Other (0.2) (0.1) (0.2) (0.2) (0.2) (100) — 
Total Tier 1 capital (B) 162.9  159.7  158.2  154.7  152.9 
Long-term debt and other instruments qualifying as Tier 2 23.2  23.8  24.4  25.0  25.5  (3) (9)
Qualifying allowance for credit losses (5) 14.3  14.1  14.1  14.1  14.4  (1)
Other (0.4) (0.2) (0.1) (0.1) (0.3) (100) (33)
Effect of Basel III transition requirements   0.1  0.1  0.1  0.1  (100) (100)
Total qualifying capital (Basel III transition requirements) (C) $ 200.0  197.5  196.7  193.8  192.6 
Total risk-weighted assets (RWAs) (D) $ 1,188.8  1,179.0  1,193.7  1,185.6  1,213.1  (2)
Common Equity Tier 1 to total RWAs (A)/(D) 12.1  % 11.8  11.6  11.4  11.0 
Tier 1 capital to total RWAs (B)/(D) 13.7  13.5  13.3  13.1  12.6 
Total capital to total RWAs (C)/(D) 16.8  16.8  16.5  16.3  15.9 
NM – Not meaningful
(1)The Basel III capital rules for calculating CET1 and tier 1 capital, along with RWAs, are fully phased-in. However, the requirements for determining total capital are in accordance with transition requirements and are scheduled to be fully phased-in by the end of 2021. The 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.
(2)In second quarter 2021, we elected to change our accounting method for low-income housing tax credit (LIHTC) investments. We also elected to change the presentation of investment tax credits related to solar energy investments. Prior period total equity was revised to conform with the current period presentation. Prior period risk-based capital and certain other regulatory related metrics were not revised.
(3)Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period end.
(4)In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out of the benefits. The impact of the CECL transition provision on our regulatory capital at June 30, 2021, was an increase in capital of $879 million, reflecting a $991 million (post-tax) increase in capital recognized upon our initial adoption of CECL, offset by 25% of the $7.5 billion increase in our ACL under CECL from January 1, 2020, through June 30, 2021.
(5)Under the Standardized Approach, the allowance for credit losses is includable in Tier 2 Capital up to 1.25% of Standardized credit RWAs with any excess allowance for credit losses deducted from total RWAs.

-27-


Wells Fargo & Company and Subsidiaries
RISK-BASED CAPITAL RATIOS UNDER BASEL III – ADVANCED APPROACH (1)
Estimated Jun 30, 2021
% Change from
(in billions, except ratios) Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2020
Jun 30,
2020
Mar 31,
2021
Jun 30,
2020
Total equity (2) $ 193.1  188.0  185.7  181.7  178.6  %
Effect of accounting policy changes (2)   0.3  0.2  0.3  1.5 
Total equity (as reported) 193.1  188.3  185.9  182.0  180.1 
Adjustments:
Preferred stock (20.8) (21.2) (21.1) (21.1) (21.1)
Additional paid-in capital on preferred stock 0.2  0.2  0.1  0.2  0.1  —  100 
Unearned ESOP shares 0.9  0.9  0.9  0.9  0.9  —  — 
Noncontrolling interests (1.9) (1.1) (1.0) (0.9) (0.7) (73) NM
Total common stockholders' equity 171.5  167.1  164.8  161.1  159.3 
Adjustments:
Goodwill (26.2) (26.3) (26.4) (26.4) (26.4) — 
Certain identifiable intangible assets (other than MSRs) (0.3) (0.3) (0.3) (0.4) (0.4) —  25 
Goodwill and other intangibles on nonmarketable equity securities (included in other assets) (2.3) (2.3) (2.0) (2.0) (2.1) —  (10)
Applicable deferred taxes related to goodwill and other intangible assets (3) 0.9  0.9  0.9  0.8  0.8  —  13 
CECL transition provision (4) 0.9  1.3  1.7  1.9  1.9  (31) (53)
Other (1.1) (0.7) (0.4) (0.1) (0.1) (57) NM
Common Equity Tier 1 (A) 143.4  139.7  138.3  134.9  133.0 
Preferred stock 20.8  21.2  21.1  21.1  21.1  (2) (1)
Additional paid-in capital on preferred stock (0.2) (0.2) (0.1) (0.2) (0.1) —  (100)
Unearned ESOP shares (0.9) (0.9) (0.9) (0.9) (0.9) —  — 
Other (0.2) (0.1) (0.2) (0.2) (0.2) (100) — 
Total Tier 1 capital (B) 162.9  159.7  158.2  154.7  152.9 
Long-term debt and other instruments qualifying as Tier 2 23.2  23.8  24.4  25.0  25.5  (3) (9)
Qualifying allowance for credit losses (5) 4.3  4.2  4.4  4.5  4.6  (7)
Other (0.5) (0.3) (0.2) (0.1) (0.3) (67) (67)
Effect of Basel III transition requirements   0.3  0.1  0.1  0.1  (100) (100)
Total qualifying capital (Basel III transition requirements) (C) $ 189.9  187.7  186.9  184.2  182.8 
Total RWAs (D) $ 1,126.6  1,109.4  1,158.4  1,172.0  1,195.4  (6)
Common Equity Tier 1 to total RWAs (A)/(D) 12.7  % 12.6  11.9  11.5  11.1 
Tier 1 capital to total RWAs (B)/(D) 14.5  14.4  13.7  13.2  12.8 
Total capital to total RWAs (C)/(D) 16.9  16.9  16.1  15.7  15.3 
NM – Not meaningful
(1)The Basel III capital rules for calculating CET1 and tier 1 capital, along with RWAs, are fully phased-in. However, the requirements for determining total capital are in accordance with transition requirements and are scheduled to be fully phased-in by the end of 2021. The 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.
(2)In second quarter 2021, we elected to change our accounting method for low-income housing tax credit (LIHTC) investments. We also elected to change the presentation of investment tax credits related to solar energy investments. Prior period total equity was revised to conform with the current period presentation. Prior period risk-based capital and certain other regulatory related metrics were not revised.
(3)Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period end.
(4)In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out of the benefits. The impact of the CECL transition provision on our regulatory capital at June 30, 2021, was an increase in capital of $879 million, reflecting a $991 million (post-tax) increase in capital recognized upon our initial adoption of CECL, offset by 25% of the $7.5 billion increase in our ACL under CECL from January 1, 2020, through June 30, 2021.
(5)Under the Advanced Approach, the allowance for credit losses that exceeds expected credit losses is eligible for inclusion in Tier 2 Capital, to the extent the excess allowance does not exceed 0.60% of Advanced credit RWAs with any excess allowance for credit losses deducted from total RWAs.
-28-


Wells Fargo & Company and Subsidiaries
DEFERRED COMPENSATION AND RELATED HEDGES
 Quarter ended
(in millions) Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2020
Jun 30,
2020
Net interest income
$   —  —  — 
Net gains from equity securities 1  —  346 
Total revenue from deferred compensation plan investments 1  —  349 
Increase in deferred compensation plan liabilities (257) (165) (470) (220) (490)
Net derivative gains from economic hedges of deferred compensation (1) 239  160  422  215  141 
Increase in personnel expense (18) (5) (48) (5) (349)
Loss before income tax expense $ (17) (5) (47) (4) — 
(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.
-29-


Wells Fargo & Company and Subsidiaries
CHANGES IN ACCOUNTING POLICY FOR LOW-INCOME HOUSING TAX CREDIT INVESTMENTS AND SOLAR ENERGY INVESTMENTS

In second quarter 2021, we retroactively changed the accounting for certain tax-advantaged investments to better align the financial statement presentation of the economic impact of these investments with the related tax credits.
We elected to change our accounting for low-income housing tax credit investments from the equity method of accounting to the proportional amortization method. Under the proportional amortization method, the amortization of the investments and the related tax impacts are recognized in income tax expense. Previously, we recognized the amortization of the investments in other noninterest income and the related tax impacts were recognized in income tax expense.
We elected to change the presentation of investment tax credits related to solar energy investments. We reclassified the investment tax credits on our balance sheet from accrued expenses and other liabilities to a reduction of the carrying value of the investment balances. We also reclassified the related benefits of the investment tax credits from a reduction to income tax expense to an increase in interest income for solar energy leases or an increase in noninterest income for solar energy equity investments.

These changes had a nominal impact on net income and retained earnings on an annual basis; however, our quarterly results were affected in both the second and third quarters of 2020 due to the impact of these changes on the estimated annual effective income tax rate applied to each quarter. These changes also improved our efficiency ratio and generally increased our effective income tax rate from what was previously reported.
Prior period financial statement line items have been revised to conform with the current period presentation. Prior period risk-based capital and certain other regulatory related metrics were not revised. The table below presents the impact of these accounting policy changes to our consolidated statement of income and consolidated balance sheet.

Quarter Ended Year Ended
Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2020
($ in millions, except per share amounts) As
reported
Effect of changes As
revised
As
reported
Effect of changes As
revised
As
reported
Effect of changes As
revised
As
reported
Effect of changes As
revised
As
reported
Effect of changes As
revised
As
reported
Effect of changes As
revised
Selected Income Statement Data
Interest income – loans $ 7,191  10  7,201  7,642  80  7,722  7,954  11  7,965  8,448  12  8,460  10,065  18  10,083  34,109  121  34,230 
Noninterest income 9,265  459  9,724  8,650  484  9,134  9,494  443  9,937  7,956  438  8,394  6,405  438  6,843  32,505  1,803  34,308 
Income tax expense (benefit) (1) 326  575  901  108  466  574  645  (728) (83) (3,917) 1,916  (2,001) 159  194  353  (3,005) 1,848  (1,157)
Net income (loss) 4,742  (106) 4,636  2,992  99  3,091  2,035  1,181  3,216  (2,379) (1,467) (3,846) 653  263  916  3,301  76  3,377 
Earnings (loss) per common share 1.05  (0.02) 1.03  0.64  0.02  0.66  0.42  0.28  0.70  (0.66) (0.35) (1.01) 0.01  0.06  0.07  0.42 0.01 0.43
Diluted earnings (loss) per common share 1.05  (0.03) 1.02  0.64  0.02  0.66  0.42  0.28  0.70  (0.66) (0.35) (1.01) 0.01  0.06  0.07  0.41 0.02 0.43
Selected Metrics
Efficiency ratio 77  % (2) 75  83  (3) 80  81  (2) 79  82  (2) 80  74  (2) 72  80 (2) 78
Effective income tax rate (2) 6.4  10  16.3  3.5  12  15.6  24.1  (27) (2.6) 62.2  (28) 34.2  19.5  27.8  (1,015.6) 964  (52.1)
Selected Balance Sheet Data
Equity securities $ 59,981  (2,279) 57,702  62,260  (2,252) 60,008  51,169  (1,821) 49,348  52,494  (1,718) 50,776  54,047  (1,781) 52,266  62,260  (2,252) 60,008 
Accrued expenses and other liabilities 76,914  (1,965) 74,949  76,404  (2,044) 74,360  72,271  (1,516) 70,755  75,159  (231) 74,928  76,238  (1,761) 74,477  76,404  (2,044) 74,360 
Retained earnings 166,772  (314) 166,458  162,890  (207) 162,683  160,913  (306) 160,607  159,952  (1,486) 158,466  165,308  (20) 165,288  162,890  (207) 162,683 
(1)The quarterly income tax expense (benefit) varies based on the income (loss) before income tax expense (benefit) and the estimated annual effective income tax rate applied to each quarter.
(2)Represents income tax expense (benefit) divided by income (loss) before income tax expense (benefit) less the net income (loss) from noncontrolling interests.
-30-
© 2021 Wells Fargo Bank, N.A. All rights reserved. 2Q21 Financial Results July 14, 2021 In second quarter 2021, we elected to change our accounting method for low-income housing tax credit (LIHTC) investments. We also elected to change the presentation of investment tax credits related to solar energy investments. Prior period financial statement line items have been revised to conform with the current period presentation. Prior period risk-based capital and certain other regulatory related metrics were not revised. For additional information, including the financial statement line items impacted by these changes, see page 16. Exhibit 99.3


 
22Q21 Financial Results • Helped 3.7 million consumer and small business customers by deferring payments and waiving fees • Funded approximately 282,000 loans totaling ~$14.0 billion under the Paycheck Protection Program (PPP) and facilitated an additional $234 million in liquidity for Community Development Financial Institutions (CDFIs) and African American owned Minority Depository Institutions (MDIs) – Average loan size of $50,000, the lowest among all large financial institutions1 – More than $6.5 billion, or 42% of the total number of PPP customers, to small businesses located in either a low-to-moderate income (LMI) area or a historically underserved census tract – In 2Q21, funded ~17,900 loans totaling $730 million ◦ Average loan size of $41,000 • Helped over 942,000 homeowners with new low-rate loans to either purchase a home or refinance an existing mortgage: over 364,000 purchases and over 578,000 refis  Actively helping our customers and communities Supporting Our Customers Supporting Our Communities • Charitable Contributions: Deployed $656 million in philanthropic contributions, including support for the Open for Business Fund • Inclusive Small Business Recovery: Open for Business Fund provided grants to 127 CDFIs to help a projected 41,000 small business owners maintain more than 117,000 jobs (August 2020 - June 2021) • Investing in Minority Depository Institutions (MDIs): Completed investments in 13 black-owned banks, fulfilling $50 million pledge made in 2020 • Issued Inclusive Communities and Climate Bond: In May 2021, issued our first Sustainable Bond, raising $1 billion in capital to support housing affordability, socioeconomic advancement and empowerment, and renewable energy • Banking Inclusion Initiative: Announced a 10-year commitment to help unbanked individuals gain access to affordable, mainstream, digitally-enabled transactional accounts • Support for OneTen: Joined a coalition focused on hiring, retention, upskilling and advancement of Black and African American talent by creating one million family-sustaining careers over the next 10 years and fostering more diverse and inclusive corporate cultures • Development of Black Entrepreneurs: Anchored the launch of the Black Economic Alliance Entrepreneurs Fund with a $20 million investment focused on accelerating the growth of Black small businesses and owners • Access to Capital in Underserved Communities: Announced a $25 million grant to Opportunity Finance Network's Finance Justice Fund aimed at accelerating households, small businesses and community development in low-wealth communities All data cited on this slide is from January 1, 2020 – June 30, 2021, unless otherwise noted. 1. Source: U.S. Small Business Administration.


 
32Q21 Financial Results 2Q21 results Financial Results ROE: 13.6% ROTCE: 16.3%1 Efficiency ratio: 66%2 Credit Quality Capital and Liquidity CET1: 12.1%3 LCR: 123%4 • Provision for credit losses of $(1.3) billion, down $10.8 billion – Total net charge-offs of $379 million, down $735 million ◦ Net loan charge-offs of 0.18% of average loans (annualized) – Allowance for credit losses for loans of $16.4 billion, down $4.0 billion from 2Q20 and down $1.7 billion from 1Q21 • Common Equity Tier 1 (CET1) capital of $143.4 billion3 • CET1 ratio of 12.1% under the Standardized Approach and 12.7% under the Advanced Approach3 • Common stock dividend of $0.10 per share, or $411 million • Repurchased 35.3 million shares of common stock, or $1.6 billion, in the quarter Comparisons in the bullet points are for 2Q21 versus 2Q20, unless otherwise noted. 1. Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 17. 2. The efficiency ratio is noninterest expense divided by total revenue. 3. See page 18 for additional information regarding Common Equity Tier 1 (CET1) capital and ratios. CET1 is a preliminary estimate. 4. Liquidity coverage ratio (LCR) represents high-quality liquid assets divided by projected net cash outflows, as each is defined under the LCR rule. LCR is a preliminary estimate. 5. See page 16 for additional information regarding the accounting policy changes. ($ in millions, except EPS) Pre-tax Income EPS Change in the allowance for credit losses $1,639 0.30 Sale of student loans (Gain = $147 and goodwill write-down = $79) 68 0.01 • Effective income tax rate of 19.3% reflected accounting policy changes for certain tax-advantaged investments5 • Average loans of $854.7 billion, down 12% • Average deposits of $1.4 trillion, up 4% • Net income of $6.0 billion, or $1.38 per diluted common share – Revenue of $20.3 billion, up 11% ◦ Net gains from equity securities of $2.7 billion ($2.0 billion net of noncontrolling interests), up from $533 million in 2Q20 and $392 million in 1Q21 – Noninterest expense of $13.3 billion, down 8% – Results included:


 
42Q21 Financial Results 2Q21 earnings nm - not meaningful 1. Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 17. $ in millions (mm), except per share data 2Q21 1Q21 2Q20 vs. 1Q21 vs. 2Q20 Net interest income $8,800 8,808 9,892 ($8) (1,092) Noninterest income 11,470 9,724 8,394 1,746 3,076 Total revenue 20,270 18,532 18,286 1,738 1,984 Net charge-offs 379 523 1,114 (144) (735) Change in the allowance for credit losses (1,639) (1,571) 8,420 (68) (10,059) Provision for credit losses (1,260) (1,048) 9,534 (212) (10,794) Noninterest expense 13,341 13,989 14,551 (648) (1,210) Pre-tax income (loss) 8,189 5,591 (5,799) 2,598 13,988 Income tax expense (benefit) 1,445 901 (2,001) 544 3,446 Effective income tax rate (%) 19.3 % 16.3 34.2 303 bps nm Net income (loss) $6,040 4,636 (3,846) $1,404 9,886 Diluted earnings (loss) per common share $1.38 1.02 (1.01) $0.36 2.39 Diluted average common shares (mm) # 4,156.1 4,171.0 4,105.5 (15) 51 Return on equity (ROE) 13.6 % 10.3 (10.2) 327 bps nm Return on average tangible common equity (ROTCE) 1 16.3 12.4 (12.3) 384 nm Efficiency ratio 66 75 80 (967) nm


 
52Q21 Financial Results Credit quality • Commercial net loan charge-offs down $69 million on broad-based declines • Consumer net loan charge-offs decreased $63 million primarily driven by lower losses in other consumer loans • Nonperforming assets decreased $695 million, or 8%, predominantly driven by a decline in commercial nonaccruals Provision for Credit Losses and Net Charge-offs ($ in millions) Allowance for Credit Losses for Loans ($ in millions) • Allowance for credit losses for loans down $1.7 billion due to continued improvements in the economic environment – Allowance coverage for total loans down 17 bps from 1Q21 and down 27 bps from 2Q20 Comparisons in the bullet points are for 2Q21 versus 1Q21, unless otherwise noted. 769 (179) (1,048) (1,260) 1,114 731 584 523 379 Provision for Credit Losses Net Charge-offs Net Loan Charge-off Ratio 2Q20 3Q20 4Q20 1Q21 2Q21 20,436 20,471 19,713 18,043 16,391 11,669 11,542 11,516 10,682 9,570 8,767 8,929 8,197 7,361 6,821 Commercial Consumer Allowance coverage for total loans 2Q20 3Q20 4Q20 1Q21 2Q21 0.46% 0.29% 0.24% 0.26% 0.18% 2.22%2.19% 2.22% 2.09% 1.92% 9,534


 
62Q21 Financial Results Average loans and deposits • Average loans down $116.6 billion, or 12%, year-over-year (YoY), and down $18.7 billion, or 2%, from 1Q21 on lower consumer loans predominantly driven by a $20.3 billion decline in consumer real estate loans • Total average loan yield of 3.33%, down 1 bp from 1Q21 and down 17 bps YoY reflecting the repricing impacts of lower interest rates, as well as lower consumer real estate loans • Average deposits up $49.1 billion, or 4%, YoY, and up $42.3 billion, or 3%, from 1Q21 as growth across a number of operating segments was partially offset by targeted actions to manage to the asset cap, primarily in Corporate and Investment Banking, and Corporate Treasury • Average deposit cost of 3 bps, stable from 1Q21 and down 14 bps YoY reflecting the lower interest rate environment Average Loans Outstanding ($ in billions) Average Deposits and Rates ($ in billions) 971.3 931.7 899.7 873.4 854.7 545.3 497.7 476.5 476.6 477.0 426.0 434.0 423.2 396.8 377.7 Commercial Loans Consumer Loans Total Average Loan Yield 2Q20 3Q20 4Q20 1Q21 2Q21 1,386.7 1,399.0 1,380.1 1,393.5 1,435.8 715.1 756.5 763.2 789.4 835.7 184.1 179.0 184.9 189.4 192.6 239.6 226.1 205.8 194.5 190.8 165.2 169.4 169.8 173.7 175.0 82.7 68.0 56.4 46.5 Corporate Wealth and Investment Management Corporate and Investment Banking Commercial Banking Consumer Banking and Lending 2Q20 3Q20 4Q20 1Q21 2Q21 3.50% 3.41% 3.43% 3.34% 3.33% Average Deposit Cost 0.17% 0.09% 0.05% 0.03% 0.03% 41.7


 
72Q21 Financial Results Net interest income • Net interest income decreased $1.1 billion, or 11%, YoY reflecting the impact of lower interest rates, lower loan balances due to soft demand and elevated prepayments, as well as higher mortgage-backed securities (MBS) premium amortization, partially offset by a decline in long-term debt – 2Q21 MBS premium amortization was $587 million vs. $548 million in 2Q20 and $616 million in 1Q21 • Net interest income was stable compared with 1Q21 as favorable hedge ineffectiveness accounting results, higher Paycheck Protection Program (PPP) income, and one additional day in the quarter were offset by lower loan balances and the impact of lower interest rates Net Interest Income ($ in millions) 9,892 9,379 9,355 8,808 8,800 Net Interest Income Net Interest Margin on a taxable-equivalent basis 2Q20 3Q20 4Q20 1Q21 2Q21 2.25% 2.13% 2.15% 2.05% 2.02% 1. Includes taxable-equivalent adjustments predominantly related to tax-exempt income on certain loans and securities. 1


 
82Q21 Financial Results Noninterest expense • Noninterest expense down 8% from 2Q20 – Personnel expense down 1% ◦ Lower deferred compensation expense and lower salaries expense on reduced headcount ◦ Partially offset by higher incentives and revenue-related compensation, including the impact of higher market valuations on stock-based compensation – Non-personnel expense down $1.1 billion, or 20%, primarily due to lower operating losses, as well as lower professional and outside services expense reflecting efficiency initiatives to reduce our spend on consultants and contractors ◦ 2Q21 included a $79 million goodwill write-down related to the sale of student loans • Noninterest expense down 5% from 1Q21 – Personnel expense down 8% from seasonally higher expenses in 1Q21, partially offset by one additional day in the quarter, as well as higher revenue-related compensation – Non-personnel expense up $92 million, or 2%, and included higher operating losses, professional and outside services expense, and advertising and promotion expense Noninterest Expense ($ in millions) 14,551 15,229 14,802 13,989 13,341 8,916 8,624 8,948 9,558 8,818 1,219 1,219 4,416 4,668 4,452 4,101 4,145 Goodwill Write-down All Other Expenses Restructuring Charges Operating Losses Personnel Expense 2Q20 3Q20 4Q20 1Q21 2Q21 Headcount ( Period-end, '000s) 2Q20 3Q20 4Q20 1Q21 2Q21 276 275 269 265 259 104 303 (4) 213 13781 621 718 79


 
92Q21 Financial Results Consumer Banking and Lending • Total revenue up 14% YoY and up modestly from 1Q21 – CSBB up 7% YoY and 4% from 1Q21 primarily driven by higher deposit-related fees and higher debit card transactions – Home Lending up 40% YoY driven by higher servicing income and higher mortgage origination and sales revenue; down 7% from 1Q21 as lower retail held-for-sale originations and gain-on-sale margins were partially offset by higher income related to the re-securitization of loans purchased from mortgage backed-securities – Credit Card up 14% YoY on higher point of sale volumes compared with a 2Q20 that had higher customer accommodations and fee waivers in response to the COVID-19 pandemic – Auto up 7% YoY and up 3% from 1Q21 on higher loan balances • Noninterest expense down 11% YoY predominantly due to lower operating losses and lower personnel expense 1. Return on allocated capital is segment net income (loss) applicable to common stock divided by segment average allocated capital. Segment net income (loss) applicable to common stock is segment net income (loss) less allocated preferred stock dividends. 2. Efficiency ratio is segment noninterest expense divided by segment total revenue. 3. Digital and mobile active customers is the number of consumer and small business customers who have logged on via a digital or mobile device, respectively, in the prior 90 days. Summary Financials $ in millions (mm) 2Q21 vs. 1Q21 vs. 2Q20 Revenue by line of business: Consumer and Small Business Banking (CSBB) $4,714 $164 313 Consumer Lending: Home Lending 2,072 (155) 595 Credit Card 1,363 17 167 Auto 415 12 27 Personal Lending 122 (6) (24) Total revenue 8,686 32 1,078 Provision for credit losses (367) 52 (3,469) Noninterest expense 6,202 (65) (731) Pre-tax income 2,851 45 5,278 Net income $2,138 $34 3,915 Selected Metrics 2Q21 1Q21 2Q20 Return on allocated capital 1 17.3 % 17.2 (15.5) Efficiency ratio 2 71 72 91 Retail bank branches # 4,878 4,944 5,300 Digital (online and mobile) active customers 3 (mm) 32.6 32.9 31.1 Mobile active customers 3 (mm) 26.8 26.7 25.2 Average Balances and Selected Credit Metrics $ in billions 2Q21 1Q21 2Q20 Balances Loans $331.9 353.1 369.6 Deposits 835.8 789.4 715.1 Credit Performance Net charge-offs as a % of average loans 0.43 % 0.42 0.60


 
102Q21 Financial Results Consumer Banking and Lending Mortgage Loan Originations ($ in billions) Auto Loan Originations ($ in billions) Credit Card POS Volume ($ in billions) Debit Card Point of Sale (POS) Volume and Transactions1 1. Debit card purchase volume and transactions reflect combined activity for both consumer and business debit card purchases. 59.2 61.6 53.9 51.8 53.2 30.5 32.8 32.3 33.6 36.9 28.7 28.8 21.6 18.2 16.3 Retail Correspondent Refinances as a % of Originations 2Q20 3Q20 4Q20 1Q21 2Q21 93.1 102.9 105.3 108.5 122.0 POS Volume ($ in billions) POS Transactions (billions) 2Q20 3Q20 4Q20 1Q21 2Q21 5.6 5.4 5.3 7.0 8.3 2Q20 3Q20 4Q20 1Q21 2Q21 17.5 21.3 22.9 21.1 25.5 2Q20 3Q20 4Q20 1Q21 2Q21 2.0 2.3 2.3 2.3 2.5 62% 51% 52% 64% 55%


 
112Q21 Financial Results Commercial Banking • Total revenue down 10% YoY and up 1% from 1Q21 – Middle Market Banking revenue down 9% YoY primarily due to lower loan balances on reduced client demand and line utilization, as well as the impact of lower interest rates, partially offset by higher deposit balances and deposit- related fees – Asset-Based Lending and Leasing revenue down 12% YoY driven by lower loan balances as a result of lower line utilization reflecting reduced client financing needs due to lower inventory levels, partially offset by improved loan spreads, higher net gains on equity securities, and higher revenue from our renewable energy investments • Noninterest expense decreased 9% YoY primarily driven by lower salaries expense Summary Financials1 $ in millions 2Q21 vs. 1Q21 vs. 2Q20 Revenue by line of business: Middle Market Banking $1,151 ($8) (116) Asset-Based Lending and Leasing 957 35 (127) Total revenue 2,108 27 (243) Provision for credit losses (382) 17 (2,677) Noninterest expense 1,443 (187) (137) Pre-tax income 1,047 197 2,571 Net income $784 $147 1,930 Selected Metrics 2Q21 1Q21 2Q20 Return on allocated capital 15.2 % 12.3 (24.7) Efficiency ratio 68 78 67 Average loans by line of business ($ in billions) Middle Market Banking $102.1 104.4 122.3 Asset-Based Lending and Leasing 76.5 78.8 106.1 Total loans $178.6 183.2 228.4 Average deposits 192.6 189.4 184.1 1. In March 2021, we announced an agreement to sell our Corporate Trust Services (CTS) business and, in 2Q21, we moved the business from the Commercial Banking operating segment to Corporate. Prior period balances have been revised to conform with the current period presentation.


 
122Q21 Financial Results Corporate and Investment Banking • Total revenue down 18% YoY and down 7% from 1Q21 – Banking revenue down 6% YoY on lower debt capital markets, the impact of lower interest rates, and lower deposit balances predominantly due to actions taken to manage under the asset cap – Commercial Real Estate revenue up 21% YoY driven by higher commercial mortgage-backed securities gain-on-sale margins and volumes, as well as changes in the valuation of commercial mortgage servicing rights and improved results in our low-income housing business; up 11% from 1Q21 on higher capital markets activity primarily due to agency volumes, as well as higher servicing income – Markets revenue down 45% YoY and down 25% from 1Q21 on lower trading activity across most asset classes primarily due to market conditions • Noninterest expense down 12% YoY primarily driven by lower operating losses Summary Financials $ in millions 2Q21 vs. 1Q21 vs. 2Q20 Revenue by line of business: Banking: Lending $474 $21 10 Treasury Management and Payments 353 (17) (50) Investment Banking 407 (9) (37) Total Banking 1,234 (5) (77) Commercial Real Estate 1,014 102 177 Markets: Fixed Income, Currencies and Commodities (FICC) 888 (256) (618) Equities 206 (46) (96) Credit Adjustment (CVA/DVA) and Other (16) (52) (155) Total Markets 1,078 (354) (869) Other 12 (9) 48 Total revenue 3,338 (266) (721) Provision for credit losses (501) (217) (4,257) Noninterest expense 1,805 (28) (239) Pre-tax income 2,034 (21) 3,775 Net income $1,523 ($32) 2,856 Selected Metrics 2Q21 1Q21 2Q20 Return on allocated capital 17.0 % 17.6 (16.8) Efficiency ratio 54 51 50 Average Balances ($ in billions) Loans by line of business 2Q21 1Q21 2Q20 Banking $90.8 86.5 106.0 Commercial Real Estate 108.9 107.6 110.6 Markets 52.7 52.0 57.0 Total loans $252.4 246.1 273.6 Deposits 190.8 194.5 239.6 Trading-related assets 191.5 197.4 199.6


 
132Q21 Financial Results Wealth and Investment Management • Total revenue up 10% YoY – Net interest income down 15% YoY driven by the impact of lower interest rates, partially offset by higher deposit and loan balances – Noninterest income up 18% YoY primarily due to higher asset-based fees on higher market valuations, and up 1% from 1Q21 as higher asset-based fees were partially offset by lower retail brokerage transactional activity. Additionally, 2Q20 included higher deferred compensation plan investment results (largely P&L neutral) • Noninterest expense up 5% YoY as higher revenue-related compensation was partially offset by lower deferred compensation plan investment expense (largely P&L neutral), and down 5% from 1Q21 from seasonally higher personnel expense in 1Q21 • Total client assets increased 20% YoY to a record $2.1 trillion, primarily driven by higher market valuations Summary Financials $ in millions 2Q21 vs. 1Q21 vs. 2Q20 Net interest income $610 ($47) (109) Noninterest income 2,926 39 439 Total revenue 3,536 (8) 330 Provision for credit losses 24 67 (231) Noninterest expense 2,891 (137) 148 Pre-tax income 621 62 413 Net income $465 $46 309 Selected Metrics ($ in billions, unless otherwise noted) 2Q21 1Q21 2Q20 Return on allocated capital 20.7 % 18.9 6.6 Efficiency ratio 82 85 86 Average loans $81.8 80.8 78.1 Average deposits 175.0 173.7 165.1 Client assets Advisory assets 931 885 743 Other brokerage assets and deposits 1,212 1,177 1,042 Total client assets $2,143 2,062 1,785 Annualized revenue per advisor ($ in thousands) 1 1,084 1,058 898 Total financial and wealth advisors 12,819 13,277 14,206 1. Represents annualized segment total revenue divided by average total financial and wealth advisors for the period.


 
142Q21 Financial Results Corporate • Net interest income down YoY primarily due to the impact of lower interest rates and lower loan balances due to the sale of student loans • Noninterest income up both YoY and from 1Q21 and included higher net gains on equity securities from our affiliated venture capital and private equity businesses, a $147 million gain on the sale of student loans, as well as a modest gain on the sale of our Canadian equipment finance business • Noninterest expense down YoY primarily due to lower deferred compensation expense (largely P&L neutral) – 2Q21 included a $79 million goodwill write-down on the sale of student loans Summary Financials1 $ in millions 2Q21 vs. 1Q21 vs. 2Q20 Net interest income ($304) $86 (364) Noninterest income 3,327 1,910 2,009 Total revenue 3,023 1,996 1,645 Provision for credit losses (34) (131) (160) Noninterest expense 1,000 (231) (251) Pre-tax income (loss) 2,057 2,358 2,056 Income tax expense (benefit) 223 498 523 Less: Net income (loss) from noncontrolling interests 704 651 657 Net income (loss) $1,130 $1,209 876 Selected Metrics ($ in billions) 2Q21 1Q21 2Q20 Wells Fargo Asset Management assets under management $603 590 578 1. In March 2021, we announced an agreement to sell our Corporate Trust Services (CTS) business and, in 2Q21, we moved the business from the Commercial Banking operating segment to Corporate. Prior period balances have been revised to conform with the current period presentation.


 
Appendix


 
162Q21 Financial Results Accounting policy changes for tax-advantaged investments • Prior period financial statement line items have been revised to conform with the current period presentation – Impact was nominal on net income and retained earnings on an annual basis; $(0.03) and $0.02 per diluted share impact in 1Q21 and 2020, respectively – Changes improved our efficiency ratio and generally increased our effective income tax rate from what was previously reported • In 2Q21, we elected to change our accounting for low-income housing tax credit investments and our presentation of investment tax credits related to solar energy investments to better align the financial statement presentation of the economic impact of these investments with the related tax credits • We make investments in affordable housing and renewable energy to support our community development and sustainability efforts Prior Policy Impact New Policy Impact Income Statement Low-Income Housing Tax Credit (LIHTC) Investment Losses Recognized in noninterest income Recognized in income tax expense; netted against tax credits Solar Energy Investment Tax Credits Recognized in income tax expense Recognized in revenue; netted against investment losses/income 1Q21 2020 As previously reported Efficiency ratio 77 % 80 Effective income tax rate 6.4 % nm As revised Efficiency ratio 75 % 78 Effective income tax rate 16.3 % nm • For additional information, including the financial statement line items impacted by these changes, see page 30 of our 2Q21 Earnings Supplement nm - not meaningful


 
172Q21 Financial Results Tangible Common Equity Wells Fargo & Company and Subsidiaries TANGIBLE COMMON EQUITY We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than MSRs) and goodwill and other intangibles on nonmarketable equity securities, net of applicable deferred taxes. One of these ratios is return on average tangible common equity (ROTCE), which represents our annualized earnings as a percentage of tangible common equity. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity, which utilizes tangible common equity, is a useful financial measure because it enables management, investors, and others to assess the Company’s use of equity. The table below provides a reconciliation of this non-GAAP financial measure to GAAP financial measures. Quarter ended (in millions, except ratios) Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Return on average tangible common equity: Net income applicable to common stock (A) $ 5,743 4,256 2,741 2,901 (4,160) Average total equity 190,968 189,074 185,444 181,377 184,072 Adjustments: Preferred stock (21,108) (21,840) (21,223) (21,098) (21,344) Additional paid-in capital on preferred stock 138 145 156 158 140 Unearned ESOP shares 875 875 875 875 1,140 Noncontrolling interests (1,313) (1,115) (887) (761) (643) Average common stockholders’ equity (B) $ 169,560 167,139 164,365 160,551 163,365 Adjustments: Goodwill (26,213) (26,383) (26,390) (26,388) (26,384) Certain identifiable intangible assets (other than MSRs) (310) (330) (354) (378) (402) Goodwill and other intangibles on nonmarketable equity securities (included in other assets) (2,208) (2,217) (1,889) (2,045) (1,922) Applicable deferred taxes related to goodwill and other intangible assets (1) 873 863 852 838 828 Average tangible common equity (C) $ 141,702 139,072 136,584 132,578 135,485 Return on average common stockholders’ equity (ROE) (annualized) (A)/(B) 13.6 % 10.3 6.6 7.2 (10.2) Return on average tangible common equity (ROTCE) (annualized) (A)/(C) 16.3 12.4 8.0 8.7 (12.3) (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.


 
182Q21 Financial Results Common Equity Tier 1 under Basel III Wells Fargo & Company and Subsidiaries RISK-BASED CAPITAL RATIOS UNDER BASEL III (1) Estimated (in billions, except ratio) Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Total equity (2) $ 193.1 188.0 185.7 181.7 178.6 Effect of accounting policy changes (2) — 0.3 0.2 0.3 1.5 Total equity (as reported) 193.1 188.3 185.9 182.0 180.1 Adjustments: Preferred stock (20.8) (21.2) (21.1) (21.1) (21.1) Additional paid-in capital on preferred stock 0.2 0.2 0.1 0.2 0.1 Unearned ESOP shares 0.9 0.9 0.9 0.9 0.9 Noncontrolling interests (1.9) (1.1) (1.0) (0.9) (0.7) Total common stockholders' equity $ 171.5 167.1 164.8 161.1 159.3 Adjustments: Goodwill (26.2) (26.3) (26.4) (26.4) (26.4) Certain identifiable intangible assets (other than MSRs) (0.3) (0.3) (0.3) (0.4) (0.4) Goodwill and other intangibles on nonmarketable equity securities (included in other assets) (2.3) (2.3) (2.0) (2.0) (2.1) Applicable deferred taxes related to goodwill and other intangible assets (3) 0.9 0.9 0.9 0.8 0.8 Current expected credit loss (CECL) transition provision (4) 0.9 1.3 1.7 1.9 1.9 Other (1.1) (0.7) (0.4) (0.1) (0.1) Common Equity Tier 1 (A) $ 143.4 139.7 138.3 134.9 133.0 Total risk-weighted assets (RWAs) under Standardized Approach (B) $ 1,188.8 1,179.0 1,193.7 1,185.6 1,213.1 Total RWAs under Advanced Approach (C) 1,126.6 1,109.4 1,158.4 1,172.0 1,195.4 Common Equity Tier 1 to total RWAs under Standardized Approach (A)/(B) 12.1 % 11.8 11.6 11.4 11.0 Common Equity Tier 1 to total RWAs under Advanced Approach (A)/(C) 12.7 12.6 11.9 11.5 11.1 (1) The Basel III capital rules for calculating CET1 and tier 1 capital, along with RWAs, are fully phased-in. However, the requirements for determining total capital are in accordance with transition requirements and are scheduled to be fully phased-in by the end of 2021. The 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. (2) In second quarter 2021, we elected to change our accounting method for low-income housing tax credit (LIHTC) investments. We also elected to change the presentation of investment tax credits related to solar energy investments. Prior period total equity was revised to conform with the current period presentation. Prior period risk-based capital and certain other regulatory related metrics were not revised. (3) Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period end. (4) In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out of the benefits. The impact of the CECL transition provision on our regulatory capital at June 30, 2021, was an increase in capital of $879 million, reflecting a $991 million (post-tax) increase in capital recognized upon our initial adoption of CECL, offset by 25% of the $7.5 billion increase in our ACL under CECL from January 1, 2020, through June 30, 2021.


 
192Q21 Financial Results Disclaimer and forward-looking statements Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information. This document contains forward-looking statements. In addition, we may make forward-looking statements in our other documents filed or furnished with the Securities and Exchange Commission, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company, including our outlook for future growth; (ii) our noninterest expense and efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses, our allowance for credit losses, and the economic scenarios considered to develop the allowance; (iv) our expectations regarding net interest income and net interest margin; (v) loan growth or the reduction or mitigation of risk in our loan portfolios; (vi) future capital or liquidity levels, ratios or targets; (vii) the performance of our mortgage business and any related exposures; (viii) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (ix) future common stock dividends, common share repurchases and other uses of capital; (x) our targeted range for return on assets, return on equity, and return on tangible common equity; (xi) expectations regarding our effective income tax rate; (xii) the outcome of contingencies, such as legal proceedings; (xiii) environmental, social and governance related goals or commitments; and (xiv) the Company’s plans, objectives and strategies. Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Investors are urged to not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward- looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For more information about factors that could cause actual results to differ materially from expectations, refer to the “Forward-Looking Statements” discussion in Wells Fargo’s press release announcing our second quarter 2021 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, 2020.