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. Rfalsefalsefalsefalsefalse00000729712022-01-142022-01-140000072971us-gaap:CommonStockMember2022-01-142022-01-140000072971wfc:A7.5NonCumulativePerpetualConvertibleClassAPreferredStockSeriesLMember2022-01-142022-01-140000072971wfc:FixedtoFloatingRate5.85NonCumulativePerpetualClassAPFDStockSeriesQMember2022-01-142022-01-140000072971wfc:FixedtoFloatingRate6.625NonCumulativePerpetualClassAPFDStockSeriesRMember2022-01-142022-01-140000072971wfc:NonCumulativePerpetualClassAPreferredStockSeriesYMember2022-01-142022-01-140000072971wfc:NonCumulativePerpetualClassAPreferredStockSeriesZMember2022-01-142022-01-140000072971wfc:NonCumulativePerpetualClassAPreferredStockSeriesAAMember2022-01-142022-01-140000072971wfc:NonCumulativePerpetualClassAPreferredStockSeriesCCMember2022-01-142022-01-140000072971wfc:NonCumulativePerpetualClassAPreferredStockSeriesDDMember2022-01-142022-01-140000072971wfc:GuaranteeofMediumTermNotesSeriesAdueOctober302028ofWellsFargoFinanceLLCMember2022-01-142022-01-14

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): January 14, 2022

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 5.85% Fixed-to-Floating Rate Non-Cumulative Perpetual
Class A Preferred Stock, Series Q
WFC.PRQ
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual
Class A Preferred Stock, Series R
WFC.PRR
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Y
WFC.PRY
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Z
WFC.PRZ
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series AA
WFC.PRA
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series CC
WFC.PRC
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series DD
WFC.PRD
NYSE
Guarantee of Medium-Term Notes, Series A, due October 30, 2028 of Wells Fargo Finance LLC
WFC/28A
NYSE

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

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



Item 2.02    Results of Operations and Financial Condition.

On January 14, 2022, Wells Fargo & Company (the “Company”) issued a news release regarding its results of operations and financial condition for the quarter ended December 31, 2021, and posted on its website its 4Q21 Quarterly Supplement, which contains certain additional information about the Company’s financial results for the quarter ended December 31, 2021. The news release is included as Exhibit 99.1 and the 4Q21 Quarterly Supplement is included as Exhibit 99.2 to this report, and each is incorporated by reference into this Item 2.02. The information included in Exhibit 99.1 and Exhibit 99.2 is considered to be “filed” for purposes of Section 18 under the Securities Exchange Act of 1934.


Item 7.01 Regulation FD Disclosure

On January 14, 2022, the Company intends to host a live conference call that will also be available by webcast to discuss the Company’s fourth 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. Except for the “2022 net interest income expectations” portion on page 16 of the presentation materials, which portion shall be considered “filed,” the rest of Exhibit 99.3 shall not be considered “filed” for purposes of Section 18 under the Securities Exchange Act of 1934 and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933.


Item 9.01    Financial Statements and Exhibits.

(d)    Exhibits
    
Exhibit No. Description Location
Filed herewith
Filed herewith
Furnished herewith, except for
the “2022 net interest income
expectations” portion on page 16, which portion is deemed filed herewith
104 Cover Page Interactive Data File
Embedded within the Inline XBRL document




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Dated: January 14, 2022 WELLS FARGO & COMPANY
By:  /s/ MUNEERA S. CARR
Muneera S. Carr
Executive Vice President,
Chief Accounting Officer and Controller



Exhibit 99.1
ERWELLSFARGOIMAGEA06B.JPG
News Release | January 14, 2022
Wells Fargo Reports Fourth Quarter 2021 Net Income of $5.8 billion, or $1.38 per Diluted Share
Full Year 2021 Net Income of $21.5 billion, or $4.95 per Diluted Share

Company-wide Financial Summary
Quarter ended
Dec 31,
2021
Dec 31,
2020
Selected Income Statement Data
($ in millions except per share amounts)
Total revenue $ 20,856  18,489 
Noninterest expense 13,198  14,802 
Provision for credit losses (452) (179)
Net income 5,750  3,091 
Diluted earnings per common share 1.38  0.66 
Selected Balance Sheet Data
($ in billions)
Average loans $ 875.0  899.7 
Average deposits 1,470.0  1,380.1 
CET11 11.4  % 11.6 
Performance Metrics
ROE2 12.8  % 6.6 
ROTCE3 15.3  8.0 
Operating Segments and Other Highlights
Quarter ended Dec 31, 2021
% Change from
($ in billions) Dec 31,
2021
Sep 30,
2021
Dec 31,
2020
Average loans
Consumer Banking and Lending $ 325.4  —  % (13)
Commercial Banking 184.6  (3)
Corporate and Investment Banking 272.0  13 
Wealth and Investment Management 84.0 
Average deposits
Consumer Banking and Lending 864.4  13 
Commercial Banking 207.7  12 
Corporate and Investment Banking 182.1  (4) (12)
Wealth and Investment Management 180.9 
Capital
Repurchased 139.7 million shares, or $7.0 billion, of common stock in fourth quarter 2021

Fourth quarter 2021 results included:
$943 million, or $0.18 per share, net gain on the sales of our Corporate Trust Services (CTS) business and Wells Fargo Asset Management (WFAM)
$875 million, or $0.17 per share, decrease in the allowance for credit losses
($268) million, or ($0.05) per share, impairment of certain leased rail cars
Chief Executive Officer Charlie Scharf commented, “As I look back on my slightly more than two years at Wells Fargo, I’m incredibly proud of what our team has accomplished as we remake this incredible franchise. We have made sweeping changes to the leadership and culture, made significant progress on our risk, regulatory, and control work, improved the efficiency of the company while investing in our business in a more holistic and aggressive way, and have taken a different approach to our customer- and community-facing responsibilities as a large public company. And those on the front lines have worked fearlessly and tirelessly to support our customers through incredibly difficult circumstances.”
“In 2021, we improved our financial returns, including reducing our expenses and returning a significant amount of excess capital to our shareholders by increasing our dividend and repurchasing $14.5 billion of common stock. We also had strong deposit growth and while loan demand was weak early in the year, loans grew 5% in the second half with growth in both our consumer and commercial portfolios. As the economy continued to recover we saw increased consumer spending, higher investment banking fees, higher asset-based fees in our Wealth and Investment Management business, and strong equity gains in our affiliated venture capital and private equity businesses. We continued to manage credit well and the strong economic environment helped reduce charge-offs to historical lows and our results benefitted from reductions in our allowance for credit losses,” Scharf added.
“The changes we’ve made to the company and continued strong economic growth prospects make us feel good about how we are positioned entering 2022. But we also remain cognizant that we still have a multiyear effort to satisfy our regulatory requirements – with setbacks likely to continue along the way – and we continue our work to put exposures related to our historical practices behind us,” Scharf continued.
“As we look forward, we will continue to be aggressive in driving progress and improvement in our performance, embrace our responsibility to our customers and communities, and I remain incredibly optimistic about our future,” Scharf concluded.
1 Represents our Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach, which is our binding CET1 ratio. See tables on pages 27-28 of the 4Q21 Quarterly Supplement for more information on CET1. CET1 for December 31, 2021, is a preliminary estimate.
2 Return on equity (ROE) represents Wells Fargo net income 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 4Q21 Quarterly Supplement.



Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Annual Report on Form 10-K for the year ended December 31, 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 Dec 31, 2021
% Change from
Year ended
Dec 31,
2021
Sep 30,
2021
Dec 31,
2020
Sep 30,
2021
Dec 31,
2020
Dec 31,
2021
Dec 31,
2020
Earnings ($ in millions except per share amounts)
Net interest income $ 9,262  8,909  9,355  % (1) $ 35,779  39,956 
Noninterest income 11,594  9,925  9,134  17  27  42,713  34,308 
Total revenue 20,856  18,834  18,489  11  13  78,492  74,264 
Net charge-offs 423  257  584  65  (28) 1,582  3,370 
Change in the allowance for credit losses (875) (1,652) (763) 47  (15) (5,737) 10,759 
Provision for credit losses (452) (1,395) (179) 68  NM (4,155) 14,129 
Noninterest expense 13,198  13,303  14,802  (1) (11) 53,831  57,630 
Income tax expense (benefit) 1,711  1,521  574  12  198  5,578  (1,157)
Wells Fargo net income $ 5,750  5,122  3,091  12  86  $ 21,548  3,377 
Diluted earnings per common share 1.38  1.17  0.66  18  109  4.95  0.43 
 Balance Sheet Data (average) ($ in billions)
Loans $ 875.0  854.0  899.7  (3) $ 864.3  941.8 
Deposits 1,470.0  1,450.9  1,380.1  1,437.8  1,376.0 
Assets 1,943.4  1,949.7  1,925.0  —  1,941.9  1,941.7 
Financial Ratios
Return on assets (ROA) 1.17  % 1.04  0.64  1.11  % 0.17 
Return on equity (ROE) 12.8  11.1  6.6  12.0  1.1 
Return on average tangible common equity (ROTCE) (a) 15.3  13.2  8.0  14.3  1.3 
Efficiency ratio (b) 63  71  80  69  78 
Net interest margin on a taxable-equivalent basis 2.11  2.03  2.16  2.05  2.28 
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 4Q21 Quarterly Supplement.
(b)The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).
Fourth Quarter 2021 vs. Fourth Quarter 2020
Net interest income decreased 1%, primarily due to the impact of lower yields on earning assets and lower loan balances reflecting soft demand and elevated prepayments, largely offset by a decrease in long-term debt, lower mortgage-backed securities premium amortization, and higher interest income from loans purchased from securitization pools and Paycheck Protection Program (PPP) loans
Noninterest income increased 27%, driven by strong results in our affiliated venture capital and private equity businesses, and net gains from the sales of divested businesses. In addition, investment banking fees improved on higher debt underwriting and advisory fees, and card and deposit-related fees increased. These increases were partially offset by impairment of certain leased rail cars, lower mortgage banking income primarily due to lower gain on sale margins and lower originations, and lower trading activity in spread products
Noninterest expense decreased 11%, driven by efficiency initiatives that drove lower personnel expense, consultant spend, and occupancy expense, as well as lower restructuring charges and operating losses
Provision for credit losses in fourth quarter 2021 included an $875 million decrease in the allowance for credit losses due to continued improvements in the economic environment, as well as a decrease in net charge-offs

-2-


Selected Company-wide Capital and Liquidity Information
Quarter ended
($ in billions) Dec 31,
2021
Sep 30,
2021
Dec 31,
2020
Capital:
Total equity $ 190.1  191.1  185.7 
Common stockholders’ equity 168.3  169.8  164.6 
Tangible common equity (a) 141.3  142.0  136.7 
Common Equity Tier 1 (CET1) ratio (b) 11.4  % 11.6  11.6 
Total loss absorbing capacity (TLAC) ratio (c) 23.0  23.7  25.7 
Supplementary Leverage Ratio (SLR) (d) 6.9  6.9  8.1 
Liquidity:
Liquidity Coverage Ratio (LCR) (e) 118  119  133 
(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 4Q21 Quarterly Supplement.
(b)Represents our CET1 ratio calculated under the Standardized Approach, which is our binding CET1 ratio. See tables on pages 27-28 of the 4Q21 Quarterly Supplement for more information on CET1. CET1 for December 31, 2021, 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 for December 31, 2021, is a preliminary estimate.
(d)SLR for December 31, 2021, is a preliminary estimate.
(e)Represents high-quality liquid assets divided by projected net cash outflows, as each is defined under the LCR rule. LCR for December 31, 2021, is a preliminary estimate.

Selected Company-wide Credit Information
Quarter ended
($ in millions) Dec 31,
2021
Sep 30,
2021
Dec 31,
2020
Net charge-offs $ 423  257  584 
Net loan charge-offs as a % of average total loans (annualized) 0.19  % 0.12  0.26 
Total nonaccrual loans $ 7,212  7,058  8,728 
As a % of total loans 0.81  % 0.82  0.98 
Total nonperforming assets $ 7,324  7,179  8,887 
As a % of total loans 0.82  % 0.83  1.00 
Allowance for credit losses for loans $ 13,788  14,705  19,713 
As a % of total loans 1.54  % 1.70  2.22 
Fourth Quarter 2021 vs. Third Quarter 2021
Net loan charge-offs remained low. In our commercial portfolio, net loan charge-offs as a percentage of average loans decreased to 0.02% (annualized). The consumer net loan charge-off rate increased to 0.41% (annualized); $152 million of the $172 million increase in consumer net loan charge-offs was related to a change in practice to fully charge-off certain delinquent legacy residential mortgage loans
Nonperforming assets increased 2%. Nonaccrual loans increased $154 million driven by an increase in residential mortgage nonaccrual loans primarily resulting from certain borrowers exiting COVID-19-related accommodation programs, partially offset 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  Dec 31, 2021
% Change from
Dec 31,
2021
Sep 30,
2021
Dec 31,
2020
Sep 30,
2021
Dec 31,
2020
Earnings (in millions)
Consumer and Small Business Banking $ 4,872  4,822  4,701  %
Consumer Lending:
Home Lending 1,843  2,012  1,995  (8) (8)
Credit Card 1,419  1,399  1,372 
Auto 470  445  403  17 
Personal Lending 129  126  142  (9)
Total revenue 8,733  8,804  8,613  (1)
Provision for credit losses 126  (518) 351  124 (64)
Noninterest expense 6,126  6,053  6,441  (5)
Net income $ 1,862  2,451  1,364  (24) 37 
Average balances (in billions)
Loans $ 325.4  325.6  373.9  —  (13)
Deposits 864.4  848.4  763.2  13 
Fourth Quarter 2021 vs. Fourth Quarter 2020
Revenue increased 1%
Consumer and Small Business Banking was up 4% primarily due to higher deposit-related fees reflecting lower fee waivers provided in response to the COVID-19 pandemic and an increase in consumer activity, including higher debit card transactions. Net interest income declined modestly as a result of the impact of lower interest rates, largely offset by higher deposit balances
Home Lending was down 8% primarily due to lower mortgage banking income driven by lower gain on sale margins and lower originations, partially offset by higher interest income from loans purchased from securitization pools and higher gains from increased re-securitization activity of these loans
Credit Card was up 3% on higher point-of-sale volume, partially offset by higher rewards costs including promotional offers on our new Active CashSM card
Auto was up 17% on higher loan balances, while Personal Lending was down 9% primarily due to lower loan balances
Noninterest expense was down 5% primarily due to lower operating losses, as well as lower personnel expense and professional and outside services expense primarily due to 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.
Selected Financial Information
Quarter ended  Dec 31, 2021
% Change from
Dec 31,
2021
Sep 30,
2021
Dec 31,
2020
Sep 30,
2021
Dec 31,
2020
Earnings (in millions)
Middle Market Banking $ 1,167  1,165  1,149  —  %
Asset-Based Lending and Leasing 1,117  911  1,104  23 
Total revenue 2,284  2,076  2,253  10 
Provision for credit losses (384) (335) 69  (15) NM
Noninterest expense 1,393  1,396  1,547  —  (10)
Net income $ 954  759  472  26  102 
Average balances (in billions)
Loans $ 184.6  178.6  190.9  (3)
Deposits 207.7  199.2  184.9  12 
NM – Not meaningful
Fourth Quarter 2021 vs. Fourth Quarter 2020
Revenue increased 1%
Middle Market Banking was up 2% and included higher deposit balances, as well as modestly higher investment banking fees, partially offset by the impact of lower interest rates
Asset-Based Lending and Leasing was up 1% driven by higher net gains from equity securities and higher revenue from renewable energy investments, partially offset by lower loan balances
Noninterest expense decreased 10% primarily driven by lower personnel and consulting expense due to efficiency initiatives, and lower lease expense
-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  Dec 31, 2021
% Change from
Dec 31,
2021
Sep 30,
2021
Dec 31,
2020
Sep 30,
2021
Dec 31,
2020
Earnings (in millions)
Banking:
Lending $ 519  502  424  % 22 
Treasury Management and Payments 373  372  384  —  (3)
Investment Banking 464  367  348  26  33 
Total Banking 1,356  1,241  1,156  17 
Commercial Real Estate 1,095  942  1,012  16 
Markets:
Fixed Income, Currencies, and Commodities (FICC) 794  884  889  (10) (11)
Equities 205  234  194  (12)
Credit Adjustment (CVA/DVA) and Other 13  58  (67) (78) 119 
Total Markets 1,012  1,176  1,016  (14) — 
Other 49  26  (30) 88  263 
Total revenue 3,512  3,385  3,154  11 
Provision for credit losses (194) (460) 186  58  NM
Noninterest expense 1,765  1,797  1,798  (2) (2)
Net income $ 1,454  1,530  889  (5) 64 
Average balances (in billions)
Loans $ 272.0  257.3  239.8  13 
Deposits 182.1  189.4  205.8  (4) (12)
NM – Not meaningful
Fourth Quarter 2021 vs. Fourth Quarter 2020
Revenue increased 11%
Banking was up 17% primarily driven by higher debt origination and advisory fees, and higher loan balances, partially offset by lower deposit balances predominantly due to actions taken to manage under the asset cap
Commercial Real Estate was up 8% reflecting higher loan balances and higher capital markets results on stronger commercial real estate financing activity, partially offset by lower deposit balances predominantly due to actions taken to manage under the asset cap
Markets decreased slightly as lower trading activity in spread products was largely offset by higher asset-backed finance revenue and higher foreign exchange trading revenue
Noninterest expense decreased 2% primarily driven by lower operations and consulting expense due to efficiency initiatives, partially offset by higher revenue-related compensation
-6-


Wealth and Investment Management provides personalized wealth management, brokerage, financial planning, lending, private banking, trust and fiduciary products and services to affluent, high-net worth and ultra-high-net worth clients. We operate through financial advisors in our brokerage and wealth offices, consumer bank branches, independent offices, and digitally through WellsTrade® and Intuitive Investor®.
Selected Financial Information
Quarter ended  Dec 31, 2021
% Change from
Dec 31,
2021
Sep 30,
2021
Dec 31,
2020
Sep 30,
2021
Dec 31,
2020
Earnings (in millions)
Net interest income $ 666  637  714  % (7)
Noninterest income 2,982  2,981  2,733  — 
Total revenue 3,648  3,618  3,447 
Provision for credit losses (3) (73) (4) 96  25 
Noninterest expense 2,898  2,917  2,770  (1)
Net income $ 564  579  510  (3) 11 
Total client assets (in billions) 2,183  2,091  2,005 
Average balances (in billions)
Loans $ 84.0  82.8  80.1 
Deposits 180.9  176.6  169.8 
Fourth Quarter 2021 vs. Fourth Quarter 2020
Revenue increased 6%, primarily due to higher asset-based fees on higher market valuations. Net interest income declined as a result of the impact of lower interest rates, partially offset by higher deposit and loan balances
Noninterest expense increased 5%, primarily driven by higher revenue-related compensation, partially offset by lower salaries expense due to efficiency initiatives
Total client assets increased 9%, 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, as well as results for previously divested businesses.
Selected Financial Information
Quarter ended  Dec 31, 2021
% Change from
Dec 31,
2021
Sep 30,
2021
Dec 31,
2020
Sep 30,
2021
Dec 31,
2020
Earnings (in millions)
Net interest income $ (420) (427) (230) % (83)
Noninterest income 3,540  1,752  1,692  102  109 
Total revenue 3,120  1,325  1,462  135  113 
Provision for credit losses 3  (9) (781) 133  100 
Noninterest expense 1,016  1,140  2,246  (11) (55)
Net income (loss) $ 916  (197) (144) 565  736 
Fourth Quarter 2021 vs. Fourth Quarter 2020
Revenue increased 113%
Net interest income decreased primarily due to lower loan balances due to the sale of our student loan portfolio
Noninterest income increased predominantly driven by strong results in our affiliated venture capital and private equity businesses, and net gains of $674 million and $269 million from the sales of our Corporate Trust Services business and Wells Fargo Asset Management, respectively, partially offset by impairment of certain leased rail cars and lower fee income due to the sales of divested businesses
Noninterest expense decreased primarily due to lower restructuring charges and lower expenses due to the sales of divested businesses

Conference Call
The Company will host a live conference call on Friday, January 14, at 10:00 a.m. ET. You may listen to the call by dialing 1-888-790-1806 (U.S. and Canada) or 312-470-7125 (International/U.S. Toll) and enter passcode: 4859855. The call will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and
https://attendesource.com/profile/web/index.cfm?PKwebID=0x85786abcd.

A replay of the conference call will be available from approximately 1 p.m. ET on Friday, January 14 through Friday, January 28. Please dial 1-888-566-0401 (U.S. and Canada) or 203-369-3040 (International/U.S. Toll) and enter passcode: 1422. The replay will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and https://attendesource.com/profile/web/index.cfm?PKwebID=0x85786abcd.

-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;
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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.gov4.
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.

4 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 & 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
Beth Richek, 704-374-2545
beth.richek@wellsfargo.com
or
Investor Relations
John M. Campbell, 415-396-0523
john.m.campbell@wellsfargo.com

# # #


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Exhibit 99.2
ERWELLSFARGOIMAGEA06.JPG










4Q21 Quarterly Supplement



Wells Fargo & Company and Subsidiaries
QUARTERLY FINANCIAL DATA
TABLE OF CONTENTS
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
Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Annual Report on Form 10-K for the year ended December 31, 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 Dec 31, 2021
% Change from
Year ended
(in millions, except per share amounts) Dec 31,
2021
Sep 30,
2021
Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2021
Dec 31,
2020
Dec 31,
2021
Dec 31,
2020
%
Change
Selected Income Statement Data
Total revenue $ 20,856  18,834  20,270  18,532  18,489  11  % 13  $ 78,492  74,264  %
Noninterest expense 13,198  13,303  13,341  13,989  14,802  (1) (11) 53,831  57,630  (7)
Pre-tax pre-provision profit (PTPP) (1) 7,658  5,531  6,929  4,543  3,687  38  108  24,661  16,634  48 
Provision for credit losses (452) (1,395) (1,260) (1,048) (179) 68  NM (4,155) 14,129  NM
Wells Fargo net income 5,750  5,122  6,040  4,636  3,091  12  86  21,548  3,377  538
Wells Fargo net income applicable to common stock 5,470  4,787  5,743  4,256  2,741  14  100  20,256  1,786  NM
Common Share Data
Diluted earnings (loss) per common share 1.38  1.17  1.38  1.02  0.66  18  109  4.95  0.43  NM
Dividends declared per common share 0.20  0.20  0.10  0.10  0.10  —  100  0.60  1.22  (51)
Common shares outstanding 3,885.8  3,996.9  4,108.0  4,141.1  4,144.0  (3) (6)
Average common shares outstanding 3,927.6  4,056.3  4,124.6  4,141.3  4,137.6  (3) (5) 4,061.9  4,118.0  (1)
Diluted average common shares outstanding 3,964.7  4,090.4  4,156.1  4,171.0  4,151.3  (3) (4) 4,096.2  4,134.2  (1)
Book value per common share (2) $ 43.32  42.47  41.74  40.27  39.71 
Tangible book value per common share (2)(3) 36.35  35.54  34.95  33.49  32.99  10 
Selected Equity Data (period-end)
Total equity 190,110  191,071  193,127  188,034  185,712  (1)
Common stockholders' equity 168,331  169,753  171,453  166,748  164,570  (1)
Tangible common equity (3) 141,254  142,047  143,577  138,702  136,727  (1)
Performance Ratios
Return on average assets (ROA) (4) 1.17  % 1.04  1.25  0.97  0.64  1.11  % 0.17 
Return on average equity (ROE) (5) 12.8  11.1  13.6  10.3  6.6  12.0  1.1 
Return on average tangible common equity (ROTCE) (3) 15.3  13.2  16.3  12.4  8.0  14.3  1.3 
Efficiency ratio (6) 63  71  66  75  80  69  78 
Net interest margin on a taxable-equivalent basis 2.11  2.03  2.02  2.05  2.16  2.05  2.28 
NM – Not meaningful
(1)Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.
(2)Book value per common share is common stockholders' equity divided by common shares outstanding. Tangible book value per common share is tangible common equity divided by common shares outstanding.
(3)Tangible common equity, tangible book value per common share, and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 25 and 26.
(4)Represents Wells Fargo net income divided by average assets.
(5)Represents Wells Fargo net income applicable to common stock divided by average common stockholders’ equity.
(6)The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).




-3-


Wells Fargo & Company and Subsidiaries
SUMMARY FINANCIAL DATA (continued)
Quarter ended Dec 31, 2021
% Change from
Year ended
($ in millions, unless otherwise noted) Dec 31,
2021
Sep 30,
2021
Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2021
Dec 31,
2020
Dec 31,
2021
Dec 31,
2020
%
Change
Selected Balance Sheet Data (average)
Loans $ 875,036  854,024  854,747  873,439  899,704  % (3) $ 864,288  941,788  (8) %
Assets 1,943,430  1,949,700  1,939,879  1,934,425  1,925,013  —  1,941,905  1,941,709  — 
Deposits 1,470,027  1,450,941  1,435,824  1,393,472  1,380,100  1,437,812  1,376,011 
Selected Balance Sheet Data (period-end)
Debt securities 537,531  542,993  533,565  505,826  501,207  (1)
Loans 895,394  862,827  852,300  861,572  887,637 
Allowance for credit losses for loans 13,788  14,705  16,391  18,043  19,713  (6) (30)
Equity securities 72,886  66,526  64,547  57,702  60,008  10  21 
Assets 1,948,068  1,954,901  1,945,996  1,957,264  1,952,911  —  — 
Deposits 1,482,479  1,470,379  1,440,472  1,437,119  1,404,381 
Headcount (#) (period-end) 249,435  253,871  259,196  264,513  268,531  (2) (7)
Capital and other metrics (1)
Risk-based capital ratios and components (2):
Standardized Approach:
Common Equity Tier 1 (CET1) 11.4  % 11.6  12.1  11.8  11.6 
Tier 1 capital 12.9  13.2  13.7  13.5  13.3 
Total capital 15.9  16.2  16.8  16.8  16.5 
Risk-weighted assets (RWAs) (in billions) $ 1,238.0  1,218.9  1,188.7  1,179.0  1,193.7 
Advanced Approach:
Common Equity Tier 1 (CET1) 12.6  % 12.4  12.7  12.6  11.9 
Tier 1 capital 14.3  14.1  14.5  14.4  13.7 
Total capital 16.7  16.5  16.9  16.9  16.1 
Risk-weighted assets (RWAs) (in billions) $ 1,116.7  1,138.6  1,126.5  1,109.4  1,158.4  (2) (4)
Tier 1 leverage ratio 8.3  % 8.4  8.5  8.4  8.3 
Supplementary Leverage Ratio (SLR)
6.9  6.9  7.1  7.9  8.1 
Total Loss Absorbing Capacity (TLAC) Ratio (3)
23.0  23.7  25.1  25.2  25.7 
Liquidity Coverage Ratio (LCR) (4)
118  119  123  127  133 
(1)Ratios and metrics for December 31, 2021, are preliminary estimates.
(2)See the tables on pages 27 and 28 for more information on 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)Represents TLAC divided by the greater of RWAs determined under the Standardized and Advanced Approaches, which is our binding TLAC ratio.
(4)Represents high-quality liquid assets divided by projected net cash outflows, as each is defined under the LCR rule.

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Wells Fargo & Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
Quarter ended Dec 31, 2021
% Change from
Year ended
(in millions, except per share amounts) Dec 31,
2021
Sep 30,
2021
Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2021
Dec 31,
2020
Dec 31,
2021
Dec 31,
2020
%
Change
Interest income $ 10,121  9,834  9,693  10,046  10,550  % (4) $ 39,694  47,919  (17) %
Interest expense 859  925  893  1,238  1,195  (7) (28) 3,915  7,963  (51)
Net interest income 9,262  8,909  8,800  8,808  9,355  (1) 35,779  39,956  (10)
Noninterest income
Deposit-related fees 1,462  1,416  1,342  1,255  1,333  10  5,475  5,221 
Lending-related fees 357  365  362  361  356  (2) —  1,445  1,381 
Investment advisory and other asset-based fees 2,579  2,882  2,794  2,756  2,598  (11) (1) 11,011  9,863  12 
Commissions and brokerage services fees 558  525  580  636  589  (5) 2,299  2,384  (4)
Investment banking fees 669  547  570  568  486  22  38  2,354  1,865  26 
Card fees 1,071  1,078  1,077  949  943  (1) 14  4,175  3,544  18 
Mortgage banking 1,035  1,259  1,336  1,326  1,207  (18) (14) 4,956  3,493  42 
Net gains (losses) from trading activities (177) 92  21  348  (60) NM NM 284  1,172  (76)
Net gains on debt securities 119  283  —  151  160  (58) (26) 553  873  (37)
Net gains from equity securities 2,470  869  2,696  392  884  184  179  6,427  665  866 
Lease income 46  322  313  315  224  (86) (79) 996  1,245  (20)
Other 1,405  287  379  667  414  390  239  2,738  2,602 
Total noninterest income 11,594  9,925  11,470  9,724  9,134  17  27  42,713  34,308  24 
Total revenue 20,856  18,834  20,270  18,532  18,489  11  13  78,492  74,264 
Provision for credit losses (452) (1,395) (1,260) (1,048) (179) 68  NM (4,155) 14,129  NM
Noninterest expense
Personnel 8,475  8,690  8,818  9,558  8,948  (2) (5) 35,541  34,811 
Technology, telecommunications and equipment 827  741  815  844  838  12  (1) 3,227  3,099 
Occupancy 725  738  735  770  826  (2) (12) 2,968  3,263  (9)
Operating losses 512  540  303  213  621  (5) (18) 1,568  3,523  (55)
Professional and outside services 1,468  1,417  1,450  1,388  1,664  (12) 5,723  6,706  (15)
Leases (1) 195  220  226  226  227  (11) (14) 867  1,022  (15)
Advertising and promotion 225  153  132  90  138  47  63  600  600  — 
Restructuring charges 66  (4) 13  781  NM (92) 76  1,499  (95)
Other 705  803  866  887  759  (12) (7) 3,261  3,107 
Total noninterest expense 13,198  13,303  13,341  13,989  14,802  (1) (11) 53,831  57,630  (7)
Income before income tax expense (benefit) 8,110  6,926  8,189  5,591  3,866  17  110  28,816  2,505  NM
Income tax expense (benefit) 1,711  1,521  1,445  901  574  12  198  5,578  (1,157) NM
Net income before noncontrolling interests 6,399  5,405  6,744  4,690  3,292  18  94  23,238  3,662  535
Less: Net income from noncontrolling interests 649  283  704  54  201  129  223  1,690  285  493
Wells Fargo net income $ 5,750  5,122  6,040  4,636  3,091  12  86  $ 21,548  3,377  538
Less: Preferred stock dividends and other 280  335  297  380  350  (16) (20) 1,292  1,591  (19)
Wells Fargo net income applicable to common stock $ 5,470  4,787  5,743  4,256  2,741  14  100  $ 20,256  1,786  NM
Per share information
Earnings per common share $ 1.39  1.18  1.39  1.03  0.66  18  111  $ 4.99  0.43  NM
Diluted earnings per common share 1.38  1.17  1.38  1.02  0.66  18  109  4.95  0.43  NM
NM – Not meaningful
(1)Represents expenses for assets we lease to customers.
-5-


Wells Fargo & Company and Subsidiaries
CONSOLIDATED BALANCE SHEET
Dec 31, 2021
% Change from
(in millions) Dec 31,
2021
Sep 30,
2021
Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2021
Dec 31,
2020
Assets
Cash and due from banks $ 24,616  25,509  25,304  28,339  28,236  (4) % (13)
Interest-earning deposits with banks 209,614  241,178  248,869  258,394  236,376  (13) (11)
Total cash, cash equivalents, and restricted cash 234,230  266,687  274,173  286,733  264,612  (12) (11)
Federal funds sold and securities purchased under resale agreements 66,223  67,807  70,149  79,502  65,672  (2)
Debt securities:
Trading, at fair value 88,265  94,943  82,727  72,784  75,095  (7) 18 
Available-for-sale, at fair value 177,244  185,557  189,897  200,850  220,392  (4) (20)
Held-to-maturity, at amortized cost 272,022  262,493  260,941  232,192  205,720  32 
Loans held for sale 23,617  24,811  25,594  35,434  36,384  (5) (35)
Loans 895,394  862,827  852,300  861,572  887,637 
Allowance for loan losses (12,490) (13,517) (15,148) (16,928) (18,516) 33 
Net loans 882,904  849,310  837,152  844,644  869,121 
Mortgage servicing rights 8,189  8,148  8,009  8,832  7,437  10 
Premises and equipment, net 8,571  8,599  8,745  8,760  8,895  —  (4)
Goodwill 25,180  26,191  26,194  26,290  26,392  (4) (5)
Derivative assets 21,478  27,060  25,415  25,429  25,846  (21) (17)
Equity securities 72,886  66,526  64,547  57,702  60,008  10  21 
Other assets 67,259  66,769  72,453  78,112  87,337  (23)
Total assets $ 1,948,068  1,954,901  1,945,996  1,957,264  1,952,911  —  — 
Liabilities
Noninterest-bearing deposits $ 527,748  529,051  504,108  494,087  467,068  —  13 
Interest-bearing deposits 954,731  941,328  936,364  943,032  937,313 
Total deposits 1,482,479  1,470,379  1,440,472  1,437,119  1,404,381 
Short-term borrowings 34,409  41,980  45,635  58,920  58,999  (18) (42)
Derivative liabilities 9,424  12,976  14,551  14,930  16,509  (27) (43)
Accrued expenses and other liabilities 70,957  75,513  72,555  74,949  74,360  (6) (5)
Long-term debt 160,689  162,982  179,656  183,312  212,950  (1) (25)
Total liabilities 1,757,958  1,763,830  1,752,869  1,769,230  1,767,199  —  (1)
Equity
Wells Fargo stockholders’ equity:
Preferred stock 20,057  20,270  20,820  21,170  21,136  (1) (5)
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares
9,136