WELLS FARGO & COMPANY/MN (Form: 8-K, Received: 04/14/2022 06:47:06)

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): April 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 April 14, 2022, Wells Fargo & Company (the “Company”) issued a news release regarding its results of operations and financial condition for the quarter ended March 31, 2022, and posted on its website its 1Q22 Quarterly Supplement, which contains certain additional information about the Company’s financial results for the quarter ended March 31, 2022. The news release is included as Exhibit 99.1 and the 1Q22 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 April 14, 2022, the Company intends to host a live conference call that will also be available by webcast to discuss the Company’s first quarter 2022 financial results and other matters relating to the Company. In connection therewith, the Company has posted on its website presentation materials containing certain historical and forward-looking information relating to the Company. The presentation materials are included as Exhibit 99.3 to this report and are incorporated by reference into this Item 7.01. 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
99.1	News Release dated April 14, 2022	Filed herewith
99.2	1Q22 Quarterly Supplement	Filed herewith
99.3	Presentation Materials – 1Q22 Financial Results	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:	April 14, 2022	WELLS FARGO & COMPANY

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

Exhibit 99.1


			News Release \| April 14, 2022 Wells Fargo Reports First Quarter 2022 Net Income of $3.7 billion, or $0.88 per Diluted Share


Company-wide Financial Summary

		Quarter ended
		Mar 31, 2022			Mar 31, 2021
Selected Income Statement Data ($ in millions except per share amounts)
	Total revenue	$	17,592		18,532
	Noninterest expense	13,870			13,989
	Provision for credit losses	(787)			(1,048)
	Net income	3,671			4,636
	Diluted earnings per common share	0.88			1.02

Selected Balance Sheet Data ($ in billions)
	Average loans	$	898.0		873.4
	Average deposits	1,464.1			1,393.5
	CET11	10.5		%	11.8

Performance Metrics
	ROE2	8.4		%	10.3
	ROTCE3	10.0			12.4


Operating Segments and Other Highlights

	Quarter ended		Mar 31, 2022 % Change from
($ in billions)	Mar 31, 2022			Dec 31, 2021		Mar 31, 2021
Average loans
Consumer Banking and Lending	$	325.1		—	%	(8)
Commercial Banking	194.4			5		6
Corporate and Investment Banking	284.5			5		16
Wealth and Investment Management	84.8			1		5

Average deposits
Consumer Banking and Lending	881.3			2		12
Commercial Banking	200.7			(3)		6
Corporate and Investment Banking	169.2			(7)		(13)
Wealth and Investment Management	185.8			3		7

Capital

◦Repurchased 110.1 million shares, or $6.0 billion, of common stock in first quarter 2022


First quarter 2022 results included:

◦$1.1 billion, or $0.21 per share, decrease in the allowance for credit losses


Chief Executive Officer Charlie Scharf commented, “Our results in the first quarter reflected the continued economic recovery and the progress we’ve made on our strategic priorities. We had broad-based loan growth, growing both consumer and commercial loans from the fourth quarter. Credit quality remained strong and our results included a $1.1 billion pre-tax reduction in the allowance for credit losses. We continued to return capital to our shareholders, including repurchasing $6 billion of common stock and increasing our quarterly common stock dividend to 25 cents per share.” “We are moving forward with our risk and control infrastructure work and continue to note that our path forward will be uneven but remain confident in our ability to continue to close remaining gaps over the next several years,” Scharf added. “We also continue to focus on bringing to market differentiated products and services. We partnered with Bilt Rewards and Mastercard® to issue the first credit card that earns points on rent payments without a transaction fee. We also began rolling out our rebuilt mobile app for consumer customers. It has a new, modern look and feel and a simpler user experience that will help our customers more easily accomplish their banking needs. We continue to invest to improve our digital capabilities with additional enhancements planned for this year,” Scharf continued. "Our internal indicators continue to point towards the strength of our customers’ financial position, but the Federal Reserve has made it clear that it will take actions necessary to reduce inflation and this will certainly reduce economic growth. In addition, the war in Ukraine adds additional risk to the downside. Wells Fargo is positioned well to provide support for our clients in a slowing economy. While we will likely see an increase in credit losses from historical lows, we should be a net beneficiary as we will benefit from rising rates, we have a strong capital position, and our lower expense base creates greater margins from which to invest.” 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 26-27 of the 1Q22 Quarterly Supplement for more information on CET1. CET1 for March 31, 2022, 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 24-25 of the 1Q22 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 March 31, 2022, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.

Selected Company-wide Financial Information


					Quarter ended		Mar 31, 2022 % Change from
		Mar 31, 2022			Dec 31, 2021	Mar 31, 2021	Dec 31, 2021		Mar 31, 2021
Earnings ($ in millions except per share amounts)
	Net interest income	$	9,221		9,262	8,808	—	%	5
	Noninterest income	8,371			11,594	9,724	(28)		(14)
	Total revenue	17,592			20,856	18,532	(16)		(5)
	Net charge-offs	305			423	523	(28)		(42)
	Change in the allowance for credit losses	(1,092)			(875)	(1,571)	(25)		30
	Provision for credit losses	(787)			(452)	(1,048)	(74)		25
	Noninterest expense	13,870			13,198	13,989	5		(1)
	Income tax expense	707			1,711	901	(59)		(22)

	Wells Fargo net income	$	3,671		5,750	4,636	(36)		(21)
	Diluted earnings per common share	0.88			1.38	1.02	(36)		(14)

Balance Sheet Data (average) ($ in billions)
	Loans	$	898.0		875.0	873.4	3		3
	Deposits	1,464.1			1,470.0	1,393.5	—		5
	Assets	1,919.4			1,943.4	1,934.4	(1)		(1)

Financial Ratios
	Return on assets (ROA)	0.78		%	1.17	0.97
	Return on equity (ROE)	8.4			12.8	10.3
	Return on average tangible common equity (ROTCE) (a)	10.0			15.3	12.4
	Efficiency ratio (b)	79			63	75
	Net interest margin on a taxable-equivalent basis	2.16			2.11	2.05

(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 24-25 of the 1Q22 Quarterly Supplement.

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

First Quarter 2022 vs. First Quarter 2021

◦Net interest income increased 5%, primarily due to lower mortgage-backed securities premium amortization, a decrease in long-term debt, and higher loan balances, partially offset by lower interest income from loans purchased from securitization pools and Paycheck Protection Program (PPP) loans

◦Noninterest income decreased 14%, driven by lower mortgage banking income primarily due to lower originations and gain on sale margins, the impact of divestitures, and lower trading activity and investment banking fees. These decreases were partially offset by improved results in our affiliated venture capital and private equity businesses, higher asset-based fees in Wealth and Investment Management on higher market valuations, and an increase in deposit-related fees

◦Noninterest expense decreased 1%. Personnel expense was down primarily due to efficiency initiatives and divestitures. Non-personnel expense increased, reflecting higher operating losses primarily driven by customer remediation expense predominantly for a variety of historical matters, partially offset by divestitures and efficiency initiatives

◦Provision for credit losses in first quarter 2022 included a $1.1 billion decrease in the allowance for credit losses predominantly due to reduced uncertainty around the economic impact of the COVID-19 pandemic on our loan portfolios, as well as a decrease in net charge-offs

-2-

Selected Company-wide Capital and Liquidity Information


					Quarter ended
($ in billions)		Mar 31, 2022			Dec 31, 2021	Mar 31, 2021
Capital:
	Total equity	$	181.7		190.1	188.0
	Common stockholders’ equity	160.0			168.3	166.7
	Tangible common equity (a)	133.1			141.3	138.7
	Common Equity Tier 1 (CET1) ratio (b)	10.5		%	11.4	11.8
	Total loss absorbing capacity (TLAC) ratio (c)	22.3			23.0	25.2
	Supplementary Leverage Ratio (SLR) (d)	6.6			6.9	7.9

Liquidity:
	Liquidity Coverage Ratio (LCR) (e)	119			118	127

(b)Represents our CET1 ratio calculated under the Standardized Approach, which is our binding CET1 ratio. See tables on pages 26-27 of the 1Q22 Quarterly Supplement for more information on CET1. CET1 for March 31, 2022, is a preliminary estimate.

(c)Represents TLAC divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC for March 31, 2022, is a preliminary estimate.

(d)SLR for March 31, 2022, 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 March 31, 2022, is a preliminary estimate.

Selected Company-wide Credit Information


					Quarter ended
($ in millions)		Mar 31, 2022			Dec 31, 2021	Mar 31, 2021

Net charge-offs		$	305		423	523
	Net loan charge-offs as a % of average total loans (annualized)	0.14		%	0.19	0.24

Total nonaccrual loans		$	6,871		7,212	8,055
	As a % of total loans	0.75		%	0.81	0.93
Total nonperforming assets		$	7,001		7,324	8,195
	As a % of total loans	0.77		%	0.82	0.95

Allowance for credit losses for loans		$	12,681		13,788	18,043
	As a % of total loans	1.39		%	1.54	2.09

First Quarter 2022 vs. Fourth Quarter 2021

◦Net loan charge-offs remained low. The commercial portfolio had net recoveries of (0.02%) (annualized) as a percentage of average loans. The consumer net loan charge-off rate decreased to 0.35% (annualized) from a fourth quarter 2021 that included 16 bps of net loan charge-offs related to a change in practice to fully charge-off certain delinquent legacy residential mortgage loans. First quarter 2022 included higher auto losses and seasonally higher credit card losses

◦Nonperforming assets decreased 4%. Nonaccrual loans decreased $341 million driven by a decrease in commercial nonaccrual loans, partially offset by an increase in residential mortgage nonaccrual loans primarily resulting from certain borrowers exiting COVID-19-related accommodation programs

-3-

Operating Segment Performance

Consumer Banking and Lending offers diversified financial products and services for consumers and small businesses with annual sales generally up to $10 million. These financial products and services include checking and savings accounts, credit and debit cards, as well as home, auto, personal, and small business lending.

Selected Financial Information


			Quarter ended				Mar 31, 2022 % Change from
			Mar 31, 2022		Dec 31, 2021	Mar 31, 2021	Dec 31, 2021		Mar 31, 2021
Earnings (in millions)
	Consumer and Small Business Banking		$	5,071	4,872	4,550	4	%	11
	Consumer Lending:
		Home Lending	1,490		1,843	2,227	(19)		(33)
		Credit Card	1,265		1,271	1,188	—		6
		Auto	444		470	403	(6)		10
		Personal Lending	293		277	286	6		2

	Total revenue		8,563		8,733	8,654	(2)		(1)
	Provision for credit losses		(190)		126	(419)	NM		55
	Noninterest expense		6,395		6,126	6,267	4		2

	Net income		$	1,770	1,862	2,104	(5)		(16)

Average balances (in billions)
	Loans		$	325.1	325.4	353.1	—		(8)
	Deposits		881.3		864.4	789.4	2		12

NM – Not meaningful

First Quarter 2022 vs. First Quarter 2021

◦Revenue decreased 1%

▪Consumer and Small Business Banking was up 11% primarily due to higher deposit balances, higher deposit-related fees primarily reflecting lower fee waivers, and an increase in debit card transaction volumes, partially offset by lower revenue from PPP loans

▪Home Lending was down 33% primarily due to lower mortgage banking income driven by lower originations and lower gain on sale margins, as well as lower interest income from loans purchased from securitization pools, partially offset by higher mortgage servicing income

▪Credit Card was up 6% on higher loan balances and point of sale volume

▪Auto was up 10% and Personal Lending was up 2%, primarily due to higher loan balances

◦Noninterest expense increased 2% reflecting higher operating losses primarily driven by customer remediation expense predominantly for a variety of historical matters, partially offset by lower salary expense, consultant spend and occupancy expense as a result of efficiency initiatives, as well as lower mortgage origination-related commissions

-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				Mar 31, 2022 % Change from
		Mar 31, 2022		Dec 31, 2021	Mar 31, 2021	Dec 31, 2021		Mar 31, 2021
Earnings (in millions)
	Middle Market Banking	$	1,246	1,167	1,159	7	%	8
	Asset-Based Lending and Leasing	1,081		1,117	922	(3)		17
	Total revenue	2,327		2,284	2,081	2		12
	Provision for credit losses	(344)		(384)	(399)	10		14
	Noninterest expense	1,531		1,393	1,630	10		(6)

	Net income	$	857	954	637	(10)		35

Average balances (in billions)
	Loans	$	194.4	184.6	183.1	5		6
	Deposits	200.7		207.7	189.4	(3)		6

First Quarter 2022 vs. First Quarter 2021

◦Revenue increased 12%

▪Middle Market Banking was up 8% primarily due to higher deposit and loan balances, as well as the impact of higher interest rates

▪Asset-Based Lending and Leasing was up 17% driven by higher loan balances, stronger net gains from equity securities, and higher revenue from renewable energy investments

◦Noninterest expense decreased 6% primarily driven by lower personnel and occupancy 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				Mar 31, 2022 % Change from
			Mar 31, 2022		Dec 31, 2021	Mar 31, 2021	Dec 31, 2021		Mar 31, 2021
Earnings (in millions)
	Banking:
		Lending	$	521	519	453	—	%	15
		Treasury Management and Payments	432		373	370	16		17
		Investment Banking	331		464	416	(29)		(20)
	Total Banking		1,284		1,356	1,239	(5)		4
	Commercial Real Estate		995		1,095	912	(9)		9
	Markets:
		Fixed Income, Currencies, and Commodities (FICC)	877		794	1,144	10		(23)
		Equities	267		205	252	30		6
		Credit Adjustment (CVA/DVA) and Other	25		13	36	92		(31)
	Total Markets		1,169		1,012	1,432	16		(18)
	Other		22		49	21	(55)		5
	Total revenue		3,470		3,512	3,604	(1)		(4)
	Provision for credit losses		(196)		(194)	(284)	(1)		31
	Noninterest expense		1,983		1,765	1,833	12		8

	Net income		$	1,258	1,454	1,555	(13)		(19)

Average balances (in billions)
	Loans		$	284.5	272.0	246.1	5		16
	Deposits		169.2		182.1	194.5	(7)		(13)

First Quarter 2022 vs. First Quarter 2021

◦Revenue decreased 4%

▪Banking was up 4% primarily driven by higher loan balances and improved treasury management results, partially offset by lower debt and equity origination fees as a result of lower market activity

▪Commercial Real Estate was up 9% reflecting higher loan balances and higher revenue in our low-income housing business, partially offset by lower commercial mortgage-backed securities gain on sale margins and volumes

▪Markets was down 18% primarily due to lower trading activity in residential mortgage-backed securities and high yield products, partially offset by higher foreign exchange, rates, and commodities trading revenue

◦Noninterest expense increased 8% primarily driven by higher personnel expense

-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				Mar 31, 2022 % Change from
		Mar 31, 2022		Dec 31, 2021	Mar 31, 2021	Dec 31, 2021		Mar 31, 2021
Earnings (in millions)
	Net interest income	$	799	666	657	20	%	22
	Noninterest income	2,958		2,982	2,887	(1)		2
	Total revenue	3,757		3,648	3,544	3		6
	Provision for credit losses	(37)		(3)	(43)	NM		14
	Noninterest expense	3,175		2,898	3,028	10		5

	Net income	$	465	564	419	(18)		11

Total client assets (in billions)		2,080		2,183	2,062	(5)		1

Average balances (in billions)
	Loans	$	84.8	84.0	80.8	1		5
	Deposits	185.8		180.9	173.7	3		7

NM – Not meaningful

First Quarter 2022 vs. First Quarter 2021

◦Revenue increased 6%, primarily due to higher asset-based fees driven by an increase in market valuations and higher net interest income as a result of higher interest rates, as well as an increase in deposit and loan balances, partially offset by lower transactional activity

◦Noninterest expense increased 5%, primarily driven by higher revenue-related compensation

-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				Mar 31, 2022 % Change from
		Mar 31, 2022		Dec 31, 2021	Mar 31, 2021	Dec 31, 2021		Mar 31, 2021
Earnings (in millions)
	Net interest income	$	(818)	(420)	(390)	(95)	%	NM
	Noninterest income	806		3,540	1,417	(77)		(43)
	Total revenue	(12)		3,120	1,027	NM		NM
	Provision for credit losses	(20)		3	97	NM		NM
	Noninterest expense	786		1,016	1,231	(23)		(36)

	Net income (loss)	$	(679)	916	(79)	NM		NM

NM – Not meaningful

First Quarter 2022 vs. First Quarter 2021

◦Revenue decreased $1.0 billion

▪Net interest income decreased primarily due to higher deposit crediting rates paid to the operating segments and the sales of our student loan portfolio and our Corporate Trust Services business in 2021

▪Noninterest income decreased predominantly driven by the impact of the sales of Wells Fargo Asset Management and our Corporate Trust Services business, the gain on sale of our student loan portfolio in first quarter 2021, and lower gains on the sales of securities in our investment portfolio, partially offset by improved results in our affiliated venture capital and private equity businesses

◦Noninterest expense decreased predominantly due to the impact of business divestitures

Conference Call

The Company will host a live conference call on Thursday, April 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=0x86774275a&varPage=home.

A replay of the conference call will be available from approximately 1:00 p.m. ET on Thursday, April 14 through

Thursday, April 28. Please dial 1-800-685-6061 (U.S. and Canada) or 203-369-3604 (International/U.S. Toll) and enter passcode: 41422. 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=0x86774275a&varPage=home.

-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 (including the conflict in Ukraine), and any slowdown in global economic growth;

•the effect of the COVID-19 pandemic, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions;

•our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms;

•current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including rules and regulations relating to bank products and financial services;

•developments in our mortgage banking business, including the extent of the success of our mortgage loan modification efforts, the amount of mortgage loan repurchase demands that we receive, any negative effects relating to our mortgage servicing, loan modification or foreclosure practices, and the effects of regulatory or judicial requirements or guidance impacting our mortgage banking business and any changes in industry standards;

•our ability to realize any efficiency ratio or expense target as part of our expense management initiatives, including as a result of business and economic cyclicality, seasonality, changes in our business composition and operating environment, growth in our businesses and/or acquisitions, and unexpected expenses relating to, among other things, litigation and regulatory matters;

•the effect of the current interest rate environment or changes in interest rates or in the level or composition of our assets or liabilities on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgage loans held for sale;

•significant turbulence or a disruption in the capital or financial markets, which could result in, among other things, reduced investor demand for mortgage loans, a reduction in the availability of funding or increased funding costs, and declines in asset values and/or recognition of impairments of securities held in our debt securities and equity securities portfolios;

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

•negative effects from the retail banking sales practices matter and from 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, 2021.

In addition to the above factors, we also caution that the amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of the Company, market conditions, capital requirements (including under Basel capital standards), common stock issuance requirements, applicable law and regulations (including federal securities laws and federal banking regulations), and other factors deemed relevant by the Company’s Board of Directors, and may be subject to regulatory approval or conditions.

For additional information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission and available on its website at www.sec.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 a leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 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

Investor Relations

John M. Campbell, 415-396-0523

john.m.campbell@wellsfargo.com

# # #

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Exhibit 99.2

1Q22 Quarterly Supplement

Wells Fargo & Company and Subsidiaries

QUARTERLY FINANCIAL DATA

TABLE OF CONTENTS


			Pages
Consolidated Results

Summary Financial Data			3


Consolidated Statement of Income			5


Consolidated Balance Sheet			6
Average Balances and Interest Rates (Taxable-Equivalent Basis)			7









Reportable Operating Segment Results
Combined Segment Results			8
Consumer Banking and Lending			9
Commercial Banking			11
Corporate and Investment Banking			13
Wealth and Investment Management			15
Corporate			16

Credit-Related Information
Consolidated Loans Outstanding – Period End Balances, Average Balances, and Average Interest Rates			17
Net Loan Charge-offs			18
Changes in Allowance for Credit Losses for Loans			19
Allocation of the Allowance for Credit Losses for Loans			20
Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)			21


Commercial and Industrial Loans and Lease Financing by Industry			22
Commercial Real Estate Loans by Property Type			23

Equity
Tangible Common Equity			24
Risk-Based Capital Ratios Under Basel III – Standardized Approach			26
Risk-Based Capital Ratios Under Basel III – Advanced Approach			27

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA


	Quarter ended							Mar 31, 2022 % Change from
(in millions, except per share amounts)	Mar 31, 2022			Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2021		Mar 31, 2021
Selected Income Statement Data
Total revenue	$	17,592		20,856	18,834	20,270	18,532	(16)	%	(5)
Noninterest expense	13,870			13,198	13,303	13,341	13,989	5		(1)
Pre-tax pre-provision profit (PTPP) (1)	3,722			7,658	5,531	6,929	4,543	(51)		(18)
Provision for credit losses	(787)			(452)	(1,395)	(1,260)	(1,048)	(74)		25
Wells Fargo net income	3,671			5,750	5,122	6,040	4,636	(36)		(21)
Wells Fargo net income applicable to common stock	3,393			5,470	4,787	5,743	4,256	(38)		(20)

Common Share Data
Diluted earnings per common share	0.88			1.38	1.17	1.38	1.02	(36)		(14)
Dividends declared per common share	0.25			0.20	0.20	0.10	0.10	25		150
Common shares outstanding	3,789.9			3,885.8	3,996.9	4,108.0	4,141.1	(2)		(8)
Average common shares outstanding	3,831.1			3,927.6	4,056.3	4,124.6	4,141.3	(2)		(7)
Diluted average common shares outstanding	3,868.9			3,964.7	4,090.4	4,156.1	4,171.0	(2)		(7)
Book value per common share (2)	$	42.21		43.32	42.47	41.74	40.27	(3)		5
Tangible book value per common share (2)(3)	35.13			36.35	35.54	34.95	33.49	(3)		5

Selected Equity Data (period-end)
Total equity	181,689			190,110	191,071	193,127	188,034	(4)		(3)
Common stockholders' equity	159,968			168,331	169,753	171,453	166,748	(5)		(4)
Tangible common equity (3)	133,144			141,254	142,047	143,577	138,702	(6)		(4)

Performance Ratios
Return on average assets (ROA) (4)	0.78		%	1.17	1.04	1.25	0.97
Return on average equity (ROE) (5)	8.4			12.8	11.1	13.6	10.3
Return on average tangible common equity (ROTCE) (3)	10.0			15.3	13.2	16.3	12.4
Efficiency ratio (6)	79			63	71	66	75
Net interest margin on a taxable-equivalent basis	2.16			2.11	2.03	2.02	2.05

(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 24 and 25.

(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							Mar 31, 2022 % Change from
($ in millions, unless otherwise noted)	Mar 31, 2022			Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2021		Mar 31, 2021
Selected Balance Sheet Data (average)
Loans	$	898,005		875,036	854,024	854,747	873,439	3	%	3
Assets	1,919,392			1,943,430	1,949,700	1,939,879	1,934,425	(1)		(1)
Deposits	1,464,072			1,470,027	1,450,941	1,435,824	1,393,472	—		5

Selected Balance Sheet Data (period-end)
Debt securities	535,916			537,531	542,993	533,565	505,826	—		6
Loans	911,807			895,394	862,827	852,300	861,572	2		6
Allowance for credit losses for loans	12,681			13,788	14,705	16,391	18,043	(8)		(30)
Equity securities	70,755			72,886	66,526	64,547	57,702	(3)		23
Assets	1,939,709			1,948,068	1,954,901	1,945,996	1,957,264	—		(1)
Deposits	1,481,354			1,482,479	1,470,379	1,440,472	1,437,119	—		3

Headcount (#) (period-end)	246,577			249,435	253,871	259,196	264,513	(1)		(7)

Capital and other metrics (1)
Risk-based capital ratios and components (2):
Standardized Approach:
Common Equity Tier 1 (CET1)	10.5		%	11.4	11.6	12.1	11.8
Tier 1 capital	12.0			12.9	13.2	13.7	13.5
Total capital	14.7			15.8	16.2	16.8	16.8
Risk-weighted assets (RWAs) (in billions)	$	1,264.4		1,239.0	1,218.9	1,188.7	1,179.0	2		7

Advanced Approach:
Common Equity Tier 1 (CET1)	11.8		%	12.6	12.4	12.7	12.6
Tier 1 capital	13.5			14.3	14.1	14.5	14.4
Total capital	15.9			16.7	16.5	16.9	16.9
Risk-weighted assets (RWAs) (in billions)	$	1,120.4		1,116.1	1,138.6	1,126.5	1,109.4	—		1

Tier 1 leverage ratio	8.0		%	8.3	8.4	8.5	8.4
Supplementary Leverage Ratio (SLR)	6.6			6.9	6.9	7.1	7.9
Total Loss Absorbing Capacity (TLAC) Ratio (3)	22.3			23.0	23.7	25.1	25.2
Liquidity Coverage Ratio (LCR) (4)	119			118	119	123	127

(1)Ratios and metrics for March 31, 2022, are preliminary estimates.

(2)See the tables on pages 26 and 27 for more information on CET1, tier 1 capital, and total capital.

(3)Represents TLAC divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches.

(4)Represents 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						Mar 31, 2022 % Change from
(in millions, except per share amounts)	Mar 31, 2022		Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2021		Mar 31, 2021







Interest income	$	10,181	10,121	9,834	9,693	10,046	1	%	1





Interest expense	960		859	925	893	1,238	12		(22)
Net interest income	9,221		9,262	8,909	8,800	8,808	—		5
Noninterest income
Deposit-related fees	1,473		1,462	1,416	1,342	1,255	1		17
Lending-related fees	342		357	365	362	361	(4)		(5)
Investment advisory and other asset-based fees	2,498		2,579	2,882	2,794	2,756	(3)		(9)
Commissions and brokerage services fees	537		558	525	580	636	(4)		(16)
Investment banking fees	447		669	547	570	568	(33)		(21)
Card fees	1,029		1,071	1,078	1,077	949	(4)		8
Mortgage banking	693		1,035	1,259	1,336	1,326	(33)		(48)
Net gains (losses) from trading activities	218		(177)	92	21	348	223		(37)
Net gains from debt securities	2		119	283	—	151	(98)		(99)
Net gains from equity securities	576		2,470	869	2,696	392	(77)		47
Lease income	327		46	322	313	315	611		4
Other	229		1,405	287	379	667	(84)		(66)
Total noninterest income	8,371		11,594	9,925	11,470	9,724	(28)		(14)
Total revenue	17,592		20,856	18,834	20,270	18,532	(16)		(5)



Provision for credit losses	(787)		(452)	(1,395)	(1,260)	(1,048)	(74)		25
Noninterest expense
Personnel	9,271		8,475	8,690	8,818	9,558	9		(3)
Technology, telecommunications and equipment	876		827	741	815	844	6		4
Occupancy	722		725	738	735	770	—		(6)
Operating losses	673		512	540	303	213	31		216
Professional and outside services	1,286		1,468	1,417	1,450	1,388	(12)		(7)
Leases (1)	188		195	220	226	226	(4)		(17)
Advertising and promotion	99		225	153	132	90	(56)		10
Restructuring charges	5		66	1	(4)	13	(92)		(62)
Other	750		705	803	866	887	6		(15)
Total noninterest expense	13,870		13,198	13,303	13,341	13,989	5		(1)
Income before income tax expense	4,509		8,110	6,926	8,189	5,591	(44)		(19)
Income tax expense	707		1,711	1,521	1,445	901	(59)		(22)
Net income before noncontrolling interests	3,802		6,399	5,405	6,744	4,690	(41)		(19)
Less: Net income from noncontrolling interests	131		649	283	704	54	(80)		143
Wells Fargo net income	$	3,671	5,750	5,122	6,040	4,636	(36)		(21)
Less: Preferred stock dividends and other	278		280	335	297	380	(1)		(27)
Wells Fargo net income applicable to common stock	$	3,393	5,470	4,787	5,743	4,256	(38)		(20)
Per share information
Earnings per common share	$	0.89	1.39	1.18	1.39	1.03	(36)		(14)
Diluted earnings per common share	0.88		1.38	1.17	1.38	1.02	(36)		(14)

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

-5-

Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET


							Mar 31, 2022 % Change from
(in millions)	Mar 31, 2022		Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2021		Mar 31, 2021
Assets
Cash and due from banks	$	27,454	24,616	25,509	25,304	28,339	12	%	(3)
Interest-earning deposits with banks	174,441		209,614	241,178	248,869	258,394	(17)		(32)
Total cash, cash equivalents, and restricted cash	201,895		234,230	266,687	274,173	286,733	(14)		(30)
Federal funds sold and securities purchased under resale agreements	67,764		66,223	67,807	70,149	79,502	2		(15)
Debt securities:
Trading, at fair value	86,672		88,265	94,943	82,727	72,784	(2)		19
Available-for-sale, at fair value	168,436		177,244	185,557	189,897	200,850	(5)		(16)
Held-to-maturity, at amortized cost	280,808		272,022	262,493	260,941	232,192	3		21
Loans held for sale	19,824		23,617	24,811	25,594	35,434	(16)		(44)
Loans	911,807		895,394	862,827	852,300	861,572	2		6
Allowance for loan losses	(11,504)		(12,490)	(13,517)	(15,148)	(16,928)	8		32
Net loans	900,303		882,904	849,310	837,152	844,644	2		7
Mortgage servicing rights	9,753		8,189	8,148	8,009	8,832	19		10
Premises and equipment, net	8,473		8,571	8,599	8,745	8,760	(1)		(3)
Goodwill	25,181		25,180	26,191	26,194	26,290	—		(4)
Derivative assets	27,365		21,478	27,060	25,415	25,429	27		8
Equity securities	70,755		72,886	66,526	64,547	57,702	(3)		23
Other assets	72,480		67,259	66,769	72,453	78,112	8		(7)
Total assets	$	1,939,709	1,948,068	1,954,901	1,945,996	1,957,264	—		(1)
Liabilities
Noninterest-bearing deposits	$	529,957	527,748	529,051	504,108	494,087	—		7
Interest-bearing deposits	951,397		954,731	941,328	936,364	943,032	—		1
Total deposits	1,481,354		1,482,479	1,470,379	1,440,472	1,437,119	—		3
Short-term borrowings	33,601		34,409	41,980	45,635	58,920	(2)		(43)
Derivative liabilities	15,499		9,424	12,976	14,551	14,930	64		4
Accrued expenses and other liabilities	74,229		70,957	75,513	72,555	74,949	5		(1)
Long-term debt	153,337		160,689	162,982	179,656	183,312	(5)		(16)
Total liabilities	1,758,020		1,757,958	1,763,830	1,752,869	1,769,230	—		(1)
Equity
Wells Fargo stockholders’ equity:
Preferred stock	20,057		20,057	20,270	20,820	21,170	—		(5)
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	59,899		60,196	60,134	60,018	59,854	—		—
Retained earnings	182,623		180,322	175,709	171,765	166,458	1		10
Cumulative other comprehensive income (loss)	(6,767)		(1,702)	(1,177)	(564)	(1,250)	NM		NM
Treasury stock (1)	(85,059)		(79,757)	(74,169)	(69,038)	(67,589)	(7)		(26)
Unearned ESOP shares	(646)		(646)	(875)	(875)	(875)	—		26
Total Wells Fargo stockholders’ equity	179,243		187,606	189,028	191,262	186,904	(4)		(4)
Noncontrolling interests	2,446		2,504	2,043	1,865	1,130	(2)		116
Total equity	181,689		190,110	191,071	193,127	188,034	(4)		(3)
Total liabilities and equity	$	1,939,709	1,948,068	1,954,901	1,945,996	1,957,264	—		(1)

NM – Not meaningful

(1)Number of shares of treasury stock were 1,691,916,667, 1,596,009,977, 1,484,890,493, 1,373,813,200, and 1,340,691,115 at March 31, 2022, and December 31, September 30, June 30, and March 31, 2021, respectively.

-6-

Wells Fargo & Company and Subsidiaries

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


	Quarter ended						Mar 31, 2022 % Change from
($ in millions)	Mar 31, 2022		Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2021		Mar 31, 2021
Average Balances

Assets
Interest-earning deposits with banks	$	179,051	216,061	250,314	255,237	223,437	(17)	%	(20)
Federal funds sold and securities purchased under resale agreements	64,845		65,388	68,912	72,513	72,148	(1)		(10)
Trading debt securities	90,677		92,597	88,476	84,612	87,383	(2)		4
Available-for-sale debt securities	169,048		178,770	179,237	192,418	206,946	(5)		(18)
Held-to-maturity debt securities	279,245		264,695	261,182	237,812	216,826	5		29
Loans held for sale	19,513		24,149	24,490	27,173	34,554	(19)		(44)


Loans	898,005		875,036	854,024	854,747	873,439	3		3
Equity securities	33,282		35,711	32,790	29,773	29,434	(7)		13
Other	11,498		11,514	10,070	9,103	9,498	—		21
Total interest-earning assets	1,745,164		1,763,921	1,769,495	1,763,388	1,753,665	(1)		—
Total noninterest-earning assets	174,228		179,509	180,205	176,491	180,760	(3)		(4)
Total assets	$	1,919,392	1,943,430	1,949,700	1,939,879	1,934,425	(1)		(1)
Liabilities
Interest-bearing deposits	$	945,335	938,682	941,014	941,746	931,116	1		2
Short-term borrowings	32,758		37,845	43,899	48,505	59,082	(13)		(45)
Long-term debt	153,803		161,335	174,643	181,101	198,340	(5)		(22)
Other liabilities	31,092		28,245	30,387	27,718	28,875	10		8
Total interest-bearing liabilities	1,162,988		1,166,107	1,189,943	1,199,070	1,217,413	—		(4)
Noninterest-bearing demand deposits	518,737		531,345	509,927	494,078	462,356	(2)		12
Other noninterest-bearing liabilities	51,330		55,234	55,789	55,763	65,582	(7)		(22)
Total liabilities	1,733,055		1,752,686	1,755,659	1,748,911	1,745,351	(1)		(1)
Total equity	186,337		190,744	194,041	190,968	189,074	(2)		(1)
Total liabilities and equity	$	1,919,392	1,943,430	1,949,700	1,939,879	1,934,425	(1)		(1)

Average Interest Rates

Interest-earning assets<