WELLS FARGO & COMPANY/MN0000072971falseNYSE5.85% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series Q6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series R00000729712023-01-132023-01-130000072971us-gaap:CommonStockMember2023-01-132023-01-130000072971wfc:A7.5NonCumulativePerpetualConvertibleClassAPreferredStockSeriesLMember2023-01-132023-01-130000072971wfc:FixedtoFloatingRate5.85NonCumulativePerpetualClassAPFDStockSeriesQMember2023-01-132023-01-130000072971wfc:FixedtoFloatingRate6.625NonCumulativePerpetualClassAPFDStockSeriesRMember2023-01-132023-01-130000072971wfc:NonCumulativePerpetualClassAPreferredStockSeriesYMember2023-01-132023-01-130000072971wfc:NonCumulativePerpetualClassAPreferredStockSeriesZMember2023-01-132023-01-130000072971wfc:NonCumulativePerpetualClassAPreferredStockSeriesAAMember2023-01-132023-01-130000072971wfc:NonCumulativePerpetualClassAPreferredStockSeriesCCMember2023-01-132023-01-130000072971wfc:NonCumulativePerpetualClassAPreferredStockSeriesDDMember2023-01-132023-01-130000072971wfc:GuaranteeofMediumTermNotesSeriesAdueOctober302028ofWellsFargoFinanceLLCMember2023-01-132023-01-13

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 13, 2023

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 13, 2023, Wells Fargo & Company (the “Company”) issued a news release regarding its results of operations and financial condition for the quarter ended December 31, 2022, and posted on its website its 4Q22 Quarterly Supplement, which contains certain additional information about the Company’s financial results for the quarter ended December 31, 2022. The news release is included as Exhibit 99.1 and the 4Q22 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 13, 2023, the Company intends to host a live conference call that will also be available by webcast to discuss the Company’s fourth 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. Except for the “2023 net interest income considerations” portion on page 17 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.DescriptionLocation
Filed herewith
Filed herewith
Furnished herewith, except for
the “2023 net interest income
considerations” portion on
page 17, which portion is
deemed filed herewith
104Cover 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 13, 2023WELLS FARGO & COMPANY
By: /s/ MUNEERA S. CARR
Muneera S. Carr
Executive Vice President,
Chief Accounting Officer and Controller



Exhibit 99.1                                                    
erwellsfargoimagea06a.jpg
News Release | January 13, 2023
Wells Fargo Reports Fourth Quarter 2022
Net Income of $2.9 billion
Diluted EPS of $0.67 included a previously disclosed ($0.70) per share impact from litigation, regulatory, and customer remediation matters

Company-wide Financial Summary
Quarter ended
Dec 31,
2022
Dec 31,
2021
Selected Income Statement Data
($ in millions except per share amounts)
Total revenue$19,660 20,856 
Noninterest expense16,202 13,198 
Provision for credit losses957 (452)
Net income2,864 5,750 
Diluted earnings per common share0.67 1.38 
Selected Balance Sheet Data
($ in billions)
Average loans$948.5 875.0 
Average deposits1,380.5 1,470.0 
CET1110.6 %11.4 
Performance Metrics
ROE26.4 %12.8 
ROTCE37.6 15.3 
Operating Segments
Quarter endedDec 31, 2022
% Change from
($ in billions)Dec 31,
2022
Sep 30,
2022
Dec 31,
2021
Average loans
Consumer Banking and Lending$338.0 %
Commercial Banking218.4 18 
Corporate and Investment Banking298.3 (3)10 
Wealth and Investment Management84.8 (1)
Average deposits
Consumer Banking and Lending864.6 (3)— 
Commercial Banking175.4 (3)(16)
Corporate and Investment Banking156.2 — (14)
Wealth and Investment Management142.2 (10)(21)

Fourth quarter 2022 results included:
($3.3) billion, or ($0.70) per share, of operating losses primarily related to a variety of previously disclosed historical matters, including litigation, regulatory, and customer remediation matters
($1.0) billion impairment of equity securities (($749) million, or ($0.15) per share, net of noncontrolling interests) predominantly in our affiliated venture capital business
($353) million, or ($0.07) per share, of severance expense primarily in Home Lending
$510 million, or $0.13 per share, of discrete tax benefits
Chief Executive Officer Charlie Scharf commented, “Though the quarter was significantly impacted by previously disclosed operating losses, our underlying performance reflected the progress we are making to improve returns. Rising interest rates drove strong net interest income growth, credit losses have continued to increase slowly but credit quality remained strong, and we continue to make progress on our efficiency initiatives.”

“The operating losses incurred in the fourth quarter reflect an important milestone in our work to resolve historical issues. Our broad-reaching agreement with the CFPB in December helps resolve multiple matters, the majority of which have been outstanding for several years. Over the past three years we have made significant changes to address the matters referenced in the settlement and many of the required actions were already substantially complete prior to this announcement. While our risk and regulatory work hasn’t always followed a straight line and we have more to do, we have made significant progress, and are moving forward,” Scharf added.

“We continue to invest in the future. This past year we enhanced our digital and mobile capabilities to better serve our customers and launched innovative products and solutions, including a new small dollar product – Flex Loan, two new credit cards, and a new digital banking platform for our commercial clients. We have also made significant changes that helped millions of customers avoid overdraft fees,” Scharf continued.

“Our customers have remained resilient with deposit balances, consumer spending, and credit quality still stronger than pre-pandemic levels. As we look forward, we are carefully watching the impact of higher rates on our customers and expect to see deposit balances and credit quality continue to return toward pre-pandemic levels. We continue to prioritize building an appropriate risk and control infrastructure and I am optimistic about our future as we continue to advance our efficiency initiatives, invest to better serve our customers and grow our business,” 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 4Q22 Quarterly Supplement for more information on CET1. CET1 for December 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 25-26 of the 4Q22 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, 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 endedDec 31, 2022
% Change from
Year ended
Dec 31,
2022
Sep 30,
2022
Dec 31,
2021
Sep 30,
2022
Dec 31,
2021
Dec 31,
2022
Dec 31,
2021
Earnings ($ in millions except per share amounts)
Net interest income$13,433 12,098 9,262 11 %45 $44,950 35,779 
Noninterest income6,227 7,407 11,594 (16)(46)28,835 42,713 
Total revenue19,660 19,505 20,856 (6)73,785 78,492 
Net charge-offs560 399 423 40 32 1,609 1,582 
Change in the allowance for credit losses397 385 (875)145 (75)(5,737)
Provision for credit losses957 784 (452)22 312 1,534 (4,155)
Noninterest expense16,202 14,327 13,198 13 23 57,282 53,831 
Income tax expense (benefit)(127)894 1,711 NMNM2,087 5,578 
Wells Fargo net income$2,864 3,528 5,750 (19)(50)$13,182 21,548 
Diluted earnings per common share0.67 0.85 1.38 (21)(51)3.14 4.95 
 Balance Sheet Data (average) ($ in billions)
Loans$948.5 945.5 875.0 — $929.8 864.3 
Deposits1,380.5 1,407.9 1,470.0 (2)(6)1,424.3 1,437.8 
Assets1,875.2 1,880.7 1,943.4 — (4)1,894.3 1,941.9 
Financial Ratios
Return on assets (ROA)0.61 %0.74 1.17 0.70 %1.11 
Return on equity (ROE)6.4 8.0 12.8 7.5 12.0 
Return on average tangible common equity (ROTCE) (a)7.6 9.6 15.3 9.0 14.3 
Efficiency ratio (b)82 73 63 78 69 
Net interest margin on a taxable-equivalent basis3.14 2.83 2.11 2.63 2.05 
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 4Q22 Quarterly Supplement.
(b)The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).
Fourth Quarter 2022 vs. Fourth Quarter 2021
Net interest income increased 45%, primarily due to the impact of higher interest rates, higher loan balances, and lower mortgage-backed securities premium amortization
Noninterest income decreased 46%, driven by lower results in our affiliated venture capital and private equity businesses; the impact of business divestitures, including net gains from sales in fourth quarter 2021; a decline in mortgage banking income on lower originations and gain on sale margins, as well as lower gains from the resecuritization of loans purchased from securitization pools; lower asset-based fees in Wealth and Investment Management on lower market valuations; and lower investment banking and deposit-related fees. These decreases were partially offset by improved results in our Markets business
Noninterest expense increased 23% driven by higher operating losses primarily related to a variety of previously disclosed historical matters, including litigation, regulatory, and customer remediation matters, and higher severance expense, partially offset by lower revenue-related compensation and the impact of efficiency initiatives
Provision for credit losses in fourth quarter 2022 included a $397 million increase in the allowance for credit losses primarily reflecting loan growth, as well as a less favorable economic environment
Income tax benefit in fourth quarter 2022 included $510 million of discrete tax benefits related to interest on overpayments in prior years
-2-


Selected Company-wide Capital and Liquidity Information
Quarter ended
($ in billions)Dec 31,
2022
Sep 30,
2022
Dec 31,
2021
Capital:
Total equity$181.9 178.4 190.1 
Common stockholders’ equity160.6 156.9 168.3 
Tangible common equity (a)133.8 130.1 141.3 
Common Equity Tier 1 (CET1) ratio (b)10.6 %10.3 11.4 
Total loss absorbing capacity (TLAC) ratio (c)23.3 23.0 23.0 
Supplementary Leverage Ratio (SLR) (d)6.9 6.7 6.9 
Liquidity:
Liquidity Coverage Ratio (LCR) (e)122 123 118 
(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 4Q22 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 4Q22 Quarterly Supplement for more information on CET1. CET1 for December 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 December 31, 2022, is a preliminary estimate.
(d)SLR for December 31, 2022, is a preliminary estimate.
(e)Represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. LCR for December 31, 2022, is a preliminary estimate.

Selected Company-wide Credit Information
Quarter ended
($ in millions)Dec 31,
2022
Sep 30,
2022
Dec 31,
2021
Net charge-offs$560 399 423 
Net loan charge-offs as a % of average total loans (annualized)0.23 %0.17 0.19 
Total nonaccrual loans$5,626 5,587 7,212 
As a % of total loans0.59 %0.59 0.81 
Total nonperforming assets$5,763 5,712 7,324 
As a % of total loans0.60 %0.60 0.82 
Allowance for credit losses for loans$13,609 13,225 13,788 
As a % of total loans1.42 %1.40 1.54 
Fourth Quarter 2022 vs. Third Quarter 2022
Commercial net loan charge-offs as a percentage of average loans were 0.06% (annualized), while the consumer net loan charge-off rate increased to 0.48% (annualized), up from 0.40%, primarily due to higher net loan charge-offs in the credit card portfolio
Nonperforming assets increased 1%. Nonaccrual loans increased $39 million driven by higher commercial real estate nonaccrual loans, partially offset by lower residential mortgage nonaccrual loans
-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 Dec 31, 2022
% Change from
Dec 31,
2022
Sep 30,
2022
Dec 31,
2021
Sep 30,
2022
Dec 31,
2021
Earnings (in millions)
Consumer and Small Business Banking$6,608 6,232 4,872 %36 
Consumer Lending:
Home Lending786 973 1,843 (19)(57)
Credit Card1,353 1,349 1,271 — 
Auto413 423 470 (2)(12)
Personal Lending303 300 277 
Total revenue9,463 9,277 8,733 
Provision for credit losses936 917 126 643 
Noninterest expense7,088 6,758 6,126 16 
Net income$1,077 1,201 1,862 (10)(42)
Average balances (in billions)
Loans$338.0 335.6 325.4 
Deposits864.6 888.0 864.4 (3)— 
Fourth Quarter 2022 vs. Fourth Quarter 2021
Revenue increased 8%
Consumer and Small Business Banking was up 36% driven by the impact of higher interest rates, partially offset by lower deposit-related fees reflecting the elimination of non-sufficient funds fees and other efforts to help customers avoid overdraft fees
Home Lending was down 57% on lower mortgage banking income driven by lower originations and gain on sale margins, as well as lower revenue from the resecuritization of loans purchased from securitization pools
Credit Card was up 6% driven by higher loan balances, including the impact of higher point of sale volume and new product launches
Auto was down 12% driven by loan spread compression and lower loan balances
Personal Lending was up 9% on higher loan balances, partially offset by loan spread compression
Noninterest expense increased 16% reflecting higher operating losses, severance expense, and operating costs, partially offset by lower revenue-related compensation in Home Lending due to lower production, and the impact of efficiency initiatives
-4-


Commercial Banking provides financial solutions to private, family owned and certain public companies. Products and services include banking and credit products across multiple industry sectors and municipalities, secured lending and lease products, and treasury management.
Selected Financial Information
Quarter ended Dec 31, 2022
% Change from
Dec 31,
2022
Sep 30,
2022
Dec 31,
2021
Sep 30,
2022
Dec 31,
2021
Earnings (in millions)
Middle Market Banking$2,076 1,793 1,167 16 %78 
Asset-Based Lending and Leasing1,073 1,159 1,117 (7)(4)
Total revenue3,149 2,952 2,284 38 
Provision for credit losses(43)(168)(384)7489 
Noninterest expense1,523 1,526 1,393 
Net income$1,238 1,182 954 530 
Average balances (in billions)
Loans$218.4 209.0 184.6 518 
Deposits175.4 180.2 207.7 (3)(16)

Fourth Quarter 2022 vs. Fourth Quarter 2021
Revenue increased 38%
Middle Market Banking was up 78% primarily due to the impact of higher interest rates and higher loan balances, partially offset by lower deposit balances and lower deposit-related fees driven by the impact of higher earnings credit rates, which result in lower fees for commercial customers
Asset-Based Lending and Leasing was down 4% driven by lower net gains from equity securities, partially offset by loan growth
Noninterest expense increased 9% primarily due to higher personnel expense and operating losses, partially offset by the impact of efficiency initiatives
-5-


Corporate and Investment Banking delivers a suite of capital markets, banking and financial products and services to corporate, commercial real estate, government and institutional clients globally. Products and services include corporate banking, investment banking, treasury management, commercial real estate lending and servicing, equity and fixed income solutions, as well as sales, trading, and research capabilities.
Selected Financial Information
Quarter ended Dec 31, 2022
% Change from
Dec 31,
2022
Sep 30,
2022
Dec 31,
2021
Sep 30,
2022
Dec 31,
2021
Earnings (in millions)
Banking:
Lending$593 580 519 %14 
Treasury Management and Payments738 670 373 10 98 
Investment Banking317 336 464 (6)(32)
Total Banking1,648 1,586 1,356 22 
Commercial Real Estate1,267 1,212 1,095 16 
Markets:
Fixed Income, Currencies, and Commodities (FICC)935 914 794 18 
Equities279 316 205 (12)36 
Credit Adjustment (CVA/DVA) and Other(35)17 13 NMNM
Total Markets1,179 1,247 1,012 (5)17 
Other45 15 49 200 (8)
Total revenue4,139 4,060 3,512 18 
Provision for credit losses41 32 (194)28 121 
Noninterest expense1,837 1,900 1,765 (3)
Net income$1,692 1,592 1,454 16 
Average balances (in billions)
Loans$298.3 306.2 272.0 (3)10 
Deposits156.2 156.8 182.1 — (14)
NM – Not meaningful
Fourth Quarter 2022 vs. Fourth Quarter 2021
Revenue increased 18%
Banking was up 22% driven by stronger treasury management results reflecting the impact of higher interest rates and improved lending results on higher loan balances, partially offset by lower investment banking fees reflecting lower market activity
Commercial Real Estate was up 16% reflecting higher loan balances and the impact of higher interest rates
Markets was up 17% due to higher trading revenue in equities, rates and commodities, foreign exchange, and municipal products
Noninterest expense increased 4% driven by higher operating costs and salaries expense, partially offset by the impact of efficiency initiatives
-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, 2022
% Change from
Dec 31,
2022
Sep 30,
2022
Dec 31,
2021
Sep 30,
2022
Dec 31,
2021
Earnings (in millions)
Net interest income$1,124 1,088 666 %69 
Noninterest income2,571 2,577 2,982 — (14)
Total revenue3,695 3,665 3,648 
Provision for credit losses11 (3)38467 
Noninterest expense2,731 2,796 2,898 (2)(6)
Net income$715 639 564 12 27 
Total client assets (in billions)1,861 1,759 2,183 (15)
Average balances (in billions)
Loans$84.8 85.5 84.0 (1)
Deposits142.2 158.4 180.9 (10)(21)
Fourth Quarter 2022 vs. Fourth Quarter 2021
Revenue increased 1%
Net interest income was up 69% due to the impact of higher interest rates, partially offset by lower deposit balances as customers continued to reallocate cash into higher yielding alternatives
Noninterest income was down 14% on lower asset-based fees driven by a decrease in market valuations
Noninterest expense decreased 6% driven by lower revenue-related compensation and the impact of efficiency initiatives
-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, 2022
% Change from
Dec 31,
2022
Sep 30,
2022
Dec 31,
2021
Sep 30,
2022
Dec 31,
2021
Earnings (in millions)
Net interest income$78 (248)(420)131 %119 
Noninterest income(367)284 3,540 NMNM
Total revenue(289)36 3,120 NMNM
Provision for credit losses12 (5)340300 
Noninterest expense3,023 1,347 1,016 124198 
Net income (loss)$(1,858)(1,086)916 (71)NM
NM – Not meaningful
Fourth Quarter 2022 vs. Fourth Quarter 2021
Revenue decreased $3.4 billion
Net interest income increased due to the impact of higher interest rates
Noninterest income decreased driven by lower results in our affiliated venture capital and private equity businesses, including impairments of equity securities in fourth quarter 2022 driven by market conditions, and net gains in fourth quarter 2021 from the sales of our Corporate Trust Services business and Wells Fargo Asset Management, partially offset by the impairment of certain leased rail cars in fourth quarter 2021
Noninterest expense increased due to higher operating losses


Conference Call
The Company will host a live conference call on Friday, January 13, at 12:00 p.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://metroconnectionsevents.com/wf4Qearnings0123.

A replay of the conference call will be available from approximately 3:00 p.m. ET on Friday, January 13 through
Friday, January 27. Please dial 1-800-813-5525 (U.S. and Canada) or 203-369-3346 (International/U.S. Toll) and enter passcode: 5964#. The replay will also be available online at
https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and
https://metroconnectionsevents.com/wf4Qearnings0123.
-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 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, 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. 41 on Fortune’s 2022 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










4Q22 Quarterly Supplement



Wells Fargo & Company and Subsidiaries
QUARTERLY FINANCIAL DATA
TABLE OF CONTENTS
Pages
Consolidated Results
Average Balances and Interest Rates (Taxable-Equivalent Basis)
Reportable Operating Segment Results
Consumer Banking and Lending
Commercial Banking
Corporate and Investment Banking
Wealth and Investment Management
Corporate
Credit-Related Information
Consolidated Loans Outstanding – Period-End Balances, Average Balances, and Average Interest Rates
Net Loan Charge-offs
Changes in Allowance for Credit Losses for Loans
Allocation of the Allowance for Credit Losses for Loans
Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)
Commercial and Industrial Loans and Lease Financing by Industry
Commercial Real Estate Loans by Property Type
Equity
Tangible Common Equity
Risk-Based Capital Ratios Under Basel III – Standardized Approach
Risk-Based Capital Ratios Under Basel III – Advanced Approach
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, 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.



Wells Fargo & Company and Subsidiaries
SUMMARY FINANCIAL DATA
Quarter endedDec 31, 2022
% Change from
Year ended
(in millions, except per share amounts)Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Sep 30,
2022
Dec 31,
2021
Dec 31,
2022
Dec 31,
2021
%
Change
Selected Income Statement Data
Total revenue$19,660 19,505 17,028 17,592 20,856 %(6)$73,785 78,492 (6)%
Noninterest expense16,202 14,327 12,883 13,870 13,198 13 23 57,282 53,831 
Pre-tax pre-provision profit (PTPP) (1)3,458 5,178 4,145 3,722 7,658 (33)(55)16,503 24,661 (33)
Provision for credit losses957 784 580 (787)(452)22 312 1,534 (4,155)NM
Wells Fargo net income2,864 3,528 3,119 3,671 5,750 (19)(50)13,182 21,548 (39)
Wells Fargo net income applicable to common stock2,585 3,250 2,839 3,393 5,470 (20)(53)12,067 20,256 (40)
Common Share Data
Diluted earnings per common share0.67 0.85 0.74 0.88 1.38 (21)(51)3.14 4.95 (37)
Dividends declared per common share0.30 0.30 0.25 0.25 0.20 — 50 1.10 0.60 83 
Common shares outstanding3,833.8 3,795.4 3,793.0 3,789.9 3,885.8 (1)
Average common shares outstanding3,799.9 3,796.5 3,793.8 3,831.1 3,927.6 — (3)3,805.2 4,061.9 (6)
Diluted average common shares outstanding3,832.7 3,825.1 3,819.6 3,868.9 3,964.7 — (3)3,837.0 4,096.2 (6)
Book value per common share (2)$41.89 41.34 41.72 42.21 43.32 (3)
Tangible book value per common share (2)(3) 34.89 34.27 34.66 35.13 36.35 (4)
Selected Equity Data (period-end)
Total equity181,875 178,409 179,793 181,689 190,110 (4)
Common stockholders' equity160,614 156,914 158,256 159,968 168,331 (5)
Tangible common equity (3) 133,752 130,082 131,460 133,144 141,254 (5)
Performance Ratios
Return on average assets (ROA) (4)0.61 %0.74 0.66 0.78 1.17 0.70 %1.11 
Return on average equity (ROE) (5)6.4 8.0 7.1 8.4 12.8 7.5 12.0 
Return on average tangible common equity (ROTCE) (3) 7.6 9.6 8.6 10.0 15.3 9.0 14.3 
Efficiency ratio (6)82 73 76 79 63 78 69 
Net interest margin on a taxable-equivalent basis3.14 2.83 2.39 2.16 2.11 2.63 2.05 
Average deposit cost0.46 0.14 0.04 0.03 0.02 0.16 0.03 
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 endedDec 31, 2022
% Change from
Year ended
($ in millions, unless otherwise noted)Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Sep 30,
2022
Dec 31,
2021
Dec 31,
2022
Dec 31,
2021
%
Change
Selected Balance Sheet Data (average)
Loans$948,517 945,465 926,567 898,005 875,036 — %$929,820 864,288 %
Assets1,875,217 1,880,690 1,902,571 1,919,392 1,943,430 — (4)1,894,309 1,941,905 (2)
Deposits1,380,459 1,407,851 1,445,793 1,464,072 1,470,027 (2)(6)1,424,269 1,437,812 (1)
Selected Balance Sheet Data (period-end)
Debt securities496,808 502,035 516,772 535,916 537,531 (1)(8)
Loans955,871 945,906 943,734 911,807 895,394 
Allowance for credit losses for loans13,609 13,225 12,884 12,681 13,788 (1)
Equity securities64,414 59,560 61,774 70,755 72,886 (12)
Assets1,881,016 1,877,745 1,881,142 1,939,709 1,948,068 — (3)
Deposits1,383,985 1,398,151 1,425,153 1,481,354 1,482,479 (1)(7)
Headcount (#) (period-end)238,698 239,209 243,674 246,577 249,435 — (4)
Capital and other metrics (1)
Risk-based capital ratios and components (2):
Standardized Approach:
Common Equity Tier 1 (CET1)10.6 %10.3 10.4 10.5 11.4 
Tier 1 capital12.1 11.9 11.9 12.0 12.9 
Total capital14.8 14.6 14.6 14.7 15.8 
Risk-weighted assets (RWAs) (in billions)$1,259.7 1,255.6 1,253.6 1,265.5 1,239.0 — 
Advanced Approach:
Common Equity Tier 1 (CET1)12.0 %11.8 11.6 11.8 12.6 
Tier 1 capital13.7 13.5 13.3 13.5 14.3 
Total capital15.9 15.7 15.6 15.9 16.7 
Risk-weighted assets (RWAs) (in billions)$1,112.2 1,104.1 1,121.6 1,119.5 1,116.1 — 
Tier 1 leverage ratio8.3 %8.0 8.0 8.0 8.3 
Supplementary Leverage Ratio (SLR)
6.9 6.7 6.6 6.6 6.9 
Total Loss Absorbing Capacity (TLAC) Ratio (3)
23.3 23.0 22.7 22.3 23.0 
Liquidity Coverage Ratio (LCR) (4)
122 123 121 119 118 
(1)Ratios and metrics for December 31, 2022, are preliminary estimates.
(2)See the tables on pages 27 and 28 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 average high-quality liquid assets divided by average 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 endedDec 31, 2022
% Change from
Year ended
(in millions, except per share amounts)Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Sep 30,
2022
Dec 31,
2021
Dec 31,
2022
Dec 31,
2021
%
Change
Interest income$17,793 14,494 11,556 10,181 10,121 23 %76 $54,024 39,694 36 %
Interest expense4,360 2,396 1,358 960 859 82 408 9,074 3,915 132 
Net interest income13,433 12,098 10,198 9,221 9,262 11 45 44,950 35,779 26 
Noninterest income
Deposit-related fees1,178 1,289 1,376 1,473 1,462 (9)(19)5,316 5,475 (3)
Lending-related fees344 358 353 342 357 (4)(4)1,397 1,445 (3)
Investment advisory and other asset-based fees2,049 2,111 2,346 2,498 2,579 (3)(21)9,004 11,011 (18)
Commissions and brokerage services fees601 562 542 537 558 2,242 2,299 (2)
Investment banking fees331 375 286 447 669 (12)(51)1,439 2,354 (39)
Card fees1,095 1,119 1,112 1,029 1,071 (2)4,355 4,175 
Mortgage banking79 324 287 693 1,035 (76)(92)1,383 4,956 (72)
Net gains (losses) from trading activities552 900 446 218 (177)(39)412 2,116 284 645 
Net gains from debt securities 143 119 (100)(100)151 553 (73)
Net gains (losses) from equity securities(733)(34)(615)576 2,470 NMNM(806)6,427 NM
Lease income287 322 333 327 46 (11)524 1,269 996 27 
Other444 75 221 229 1,405 492 (68)969 2,738 (65)
Total noninterest income6,227 7,407 6,830 8,371 11,594 (16)(46)28,835 42,713 (32)
Total revenue19,660 19,505 17,028 17,592 20,856 (6)73,785 78,492 (6)
Provision for credit losses957 784 580 (787)(452)22 312 1,534 (4,155)137
Noninterest expense
Personnel8,415 8,212 8,442 9,271 8,475 (1)34,340 35,541 (3)
Technology, telecommunications and equipment902 798 799 876 827 13 3,375 3,227 
Occupancy722 732 705 722 725 (1)— 2,881 2,968 (3)
Operating losses3,517 2,218 576 673 512 59 587 6,984 1,568 345 
Professional and outside services1,357 1,235 1,310 1,286 1,468 10 (8)5,188 5,723 (9)
Leases (1)191 186 185 188 195 (2)750 867 (13)
Advertising and promotion178 126 102 99 225 41 (21)505 600 (16)
Restructuring charges — — 66 NM(100)5 76 (93)
Other920 820 764 750 705 12 30 3,254 3,261 — 
Total noninterest expense16,202 14,327 12,883 13,870 13,198 13 23 57,282 53,831 
Income before income tax expense2,501 4,394 3,565 4,509 8,110 (43)(69)14,969 28,816 (48)
Income tax expense (benefit)(127)894 613 707 1,711 NMNM2,087 5,578 (63)
Net income before noncontrolling interests2,628 3,500 2,952 3,802 6,399 (25)(59)12,882 23,238 (45)
Less: Net income (loss) from noncontrolling interests(236)(28)(167)131 649 NMNM(300)1,690 NM
Wells Fargo net income$2,864 3,528 3,119 3,671 5,750 (19)%(50)$13,182 21,548 (39)%
Less: Preferred stock dividends and other279 278 280 278 280 — — 1,115 1,292 (14)
Wells Fargo net income applicable to common stock$2,585 3,250 2,839 3,393 5,470 (20)%(53)$12,067 20,256 (40)%
Per share information
Earnings per common share$0.68 0.86 0.75 0.89 1.39 (21)%(51)$3.17 4.99 (36)%
Diluted earnings per common share0.67 0.85 0.74 0.88 1.38 (21)(51)3.14 4.95 (37)
NM – Not meaningful
(1)Represents expenses for assets we lease to customers.
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Wells Fargo & Company and Subsidiaries
CONSOLIDATED BALANCE SHEET
Dec 31, 2022
% Change from
(in millions)Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Sep 30,
2022
Dec 31,
2021
Assets
Cash and due from banks$34,596 27,634 29,716 27,454 24,616 25 %41 
Interest-earning deposits with banks124,561 137,821 125,424 174,441 209,614 (10)(41)
Total cash, cash equivalents, and restricted cash159,157 165,455 155,140 201,895 234,230 (4)(32)
Federal funds sold and securities purchased under resale agreements68,036 55,840 55,546 67,764 66,223 22 
Debt securities:
Trading, at fair value86,155 85,766 89,157 86,672 88,265 — (2)
Available-for-sale, at fair value113,594 115,835 125,832 168,436 177,244 (2)(36)
Held-to-maturity, at amortized cost297,059 300,434 301,783 280,808 272,022 (1)
Loans held for sale7,104 9,434 9,674 19,824 23,617 (25)(70)
Loans955,871 945,906 943,734 911,807 895,394 
Allowance for loan losses(12,985)(12,571)(11,786)(11,504)(12,490)(3)(4)
Net loans942,886 933,335 931,948 900,303 882,904 
Mortgage servicing rights10,480 11,027 10,386 9,753 8,189 (5)28 
Premises and equipment, net8,350 8,493 8,444 8,473 8,571 (2)(3)
Goodwill25,173 25,172 25,178 25,181 25,180 — — 
Derivative assets 22,774 29,253 24,896 27,365 21,478 (22)
Equity securities64,414 59,560 61,774 70,755 72,886 (12)
Other assets75,834 78,141 81,384 72,480 67,259 (3)13 
Total assets$1,881,016 1,877,745 1,881,142 1,939,709 1,948,068 — (3)
Liabilities
Noninterest-bearing deposits$458,010 494,594 515,437 529,957 527,748 (7)(13)
Interest-bearing deposits925,975 903,557 909,716 951,397 954,731 (3)
Total deposits1,383,985 1,398,151 1,425,153 1,481,354 1,482,479 (1)(7)
Short-term borrowings51,145 48,382 37,075 33,601 34,409 49 
Derivative liabilities 20,085 23,400 17,168 15,499 9,424 (14)113 
Accrued expenses and other liabilities69,056 72,991 71,662 74,229 70,957 (5)(3)
Long-term debt174,870 156,412 150,291 153,337 160,689 12 
Total liabilities1,699,141 1,699,336 1,701,349 1,758,020 1,757,958 — (3)
Equity
Wells Fargo stockholders’ equity:
Preferred stock19,448 20,057 20,057 20,057 20,057 (3)(3)
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 capital60,319 60,216 60,024 59,899 60,196 — — 
Retained earnings187,649 186,551 184,475 182,623 180,322 
Accumulated other comprehensive income (loss)(13,381)(14,344)(10,608)(6,767)(1,702)NM
Treasury stock (1)(82,853)(84,781)(84,906)(85,059)(79,757)(4)
Unearned ESOP shares(429)(646)(646)(646)(646)34 34 
Total Wells Fargo stockholders’ equity179,889 176,189 177,532 179,243 187,606 (4)
Noncontrolling interests1,986 2,220 2,261 2,446 2,504 (11)(21)
Total equity181,875 178,409 179,793 181,689 190,110 (4)
Total liabilities and equity$1,881,016 1,877,745 1,881,142 1,939,709 1,948,068 — (3)
NM – Not meaningful
(1)Number of shares of treasury stock were 1,648,007,022, 1,686,372,007, 1,688,846,993, 1,691,916,667, and 1,596,009,977 at December 31, September 30, June 30, and March 31, 2022, and December 31, 2021, respectively.
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Wells Fargo & Company and Subsidiaries
AVERAGE BALANCES AND INTEREST RATES (TAXABLE-EQUIVALENT BASIS) (1)
Quarter endedDec 31, 2022
% Change from
Year ended%
Change
 ($ in millions)Dec 31, 2022Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2022Dec 31, 2021Dec 31, 2022Dec 31, 2021
Average Balances
Assets
Interest-earning deposits with banks$127,854 130,761 146,271 179,051 216,061 (2)%(41)$145,802 236,281 (38)%
Federal funds sold and securities purchased under resale agreements65,860 57,432 60,450 64,845 65,388 15 62,137 69,720 (11)
Trading debt securities94,465 91,618 89,258 90,677 92,597 91,515 88,282 
Available-for-sale debt securities122,271 127,821 147,138 169,048 178,770 (4)(32)141,404 189,237 (25)
Held-to-maturity debt securities303,391 305,063 298,101 279,245 264,695 (1)15 296,540 245,304 21 
Loans held for sale9,932 11,458 14,828 19,513 24,149 (13)(59)13,900 27,554 (50)
Loans948,517 945,465 926,567 898,005 875,036 — 929,820 864,288 
Equity securities28,587 29,722 30,770 33,282 35,711 (4)(20)30,575 31,946 (4)
Other11,932 13,577 16,085 11,498 11,514 (12)13,275 10,052 32 
Total interest-earning assets1,712,809 1,712,917 1,729,468 1,745,164 1,763,921 — (3)1,724,968 1,762,664 (2)
Total noninterest-earning assets162,408 167,773 173,103 174,228 179,509 (3)(10)169,341 179,241 (6)
Total assets$1,875,217 1,880,690 1,902,571 1,919,392 1,943,430 — (4)$1,894,309 1,941,905 (2)
Liabilities
Interest-bearing deposits$902,564 902,219 924,526 945,335 938,682 — (4)$918,499 938,168 (2)
Short-term borrowings51,246 39,447 35,591 32,758 37,845 30 35 39,810 47,265 (16)
Long-term debt166,796 158,984 151,230 153,803 161,335 157,742 178,742 (12)
Other liabilities33,559 36,217 35,583 31,092 28,245 (7)19 34,126 28,809 18 
Total interest-bearing liabilities1,154,165 1,136,867 1,146,930 1,162,988 1,166,107 (1)1,150,177 1,192,984 (4)
Noninterest-bearing demand deposits477,895 505,632 521,267 518,737 531,345 (5)(10)505,770 499,644 
Other noninterest-bearing liabilities60,608 55,154 53,358 51,330 55,234 10 10 55,138 58,058 (5)
Total liabilities1,692,668 1,697,653 1,721,555 1,733,055 1,752,686 — (3)1,711,085 1,750,686 (2)
Total equity182,549 183,037 181,016 186,337 190,744 — (4)183,224 191,219 (4)
 Total liabilities and equity$1,875,217 1,880,690 1,902,571 1,919,392 1,943,430 — (4)$1,894,309 1,941,905 (2)
Average Interest Rates
Interest-earning assets
Interest-earning deposits with banks3.50 %2.12 0.88 0.22 0.16 1.54 %0.13 
Federal funds sold and securities purchased under resale agreements3.29 1.73 0.47 (0.05)(0.01)1.38 0.02 
Trading debt securities3.17 2.75 2.50 2.44 2.39 2.72 2.39 
Available-for-sale debt securities3.10 2.47 1.91 1.72 1.55 2.24 1.55 
Held-to-maturity debt securities2.45 2.23 2.06 1.98 1.86 2.19 1.87 
Loans held for sale5.11 4.18 3.41 2.86 2.79 3.69 3.14 
Loans5.13 4.28 3.52 3.25 3.32 4.06 3.32 
Equity securities2.63 2.09 2.51 2.05 2.16 2.31 1.91 
Other3.57 1.97 0.65 0.12 0.09 1.54 0.06 
Total interest-earning assets4.16 3.39 2.70 2.38 2.31 3.16 2.28 
Interest-bearing liabilities
Interest-bearing deposits0.70 0.23 0.07 0.04 0.04 0.26 0.04 
Short-term borrowings3.15 1.59 0.34 (0.17)(0.14)1.46 (0.09)
Long-term debt5.22 3.90 2.67 1.98 1.71 3.49 1.78 
Other liabilities2.09 1.89 1.78 1.68 1.38 1.87 1.37 
Total interest-bearing liabilities1.50 0.84 0.47 0.33 0.29 0.79 0.33 
Interest rate spread on a taxable-equivalent basis (2)2.66 2.55 2.23 2.05 2.02 2.37 1.95 
Net interest margin on a taxable-equivalent basis (2)3.14 2.83 2.39 2.16 2.11 2.63 2.05 
(1)The average balance amounts represent amortized costs. The interest rates are based on interest income or expense amounts for the period and are annualized, if applicable. Interest rates include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(2)Includes taxable-equivalent adjustments of $116 million, $105 million, $108 million, $107 million, and $106 million for the quarters ended December 31, September 30, June 30, and March 31, 2022, and December 31, 2021, respectively, and $436 million and $427 million for the years ended December 31, 2022 and 2021, respectively, predominantly related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.
-7-


Wells Fargo & Company and Subsidiaries
COMBINED SEGMENT RESULTS (1)
Quarter ended December 31, 2022
(in millions)Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment ManagementCorporate (2)Reconciling Items (3)Consolidated
Company
Net interest income$7,574 2,357 2,416 1,124 78 (116)13,433 
Noninterest income1,889 792 1,723 2,571 (367)(381)6,227 
Total revenue9,463 3,149 4,139 3,695 (289)(497)19,660 
Provision for credit losses936 (43)41 11 12  957 
Noninterest expense7,088 1,523 1,837 2,731 3,023  16,202 
Income (loss) before income tax expense (benefit)1,439 1,669 2,261 953 (3,324)(497)2,501 
Income tax expense (benefit)362 428 569 238 (1,227)(497)(127)
Net income (loss) before noncontrolling interests1,077 1,241 1,692 715 (2,097) 2,628 
Less: Net income (loss) from noncontrolling interests 3   (239) (236)
Net income (loss)$1,077 1,238 1,692 715 (1,858) 2,864 
Quarter ended September 30, 2022
Net interest income$7,102 1,991 2,270 1,088 (248)(105)12,098 
Noninterest income2,175 961 1,790 2,577 284 (380)7,407 
Total revenue9,277 2,952 4,060 3,665 36 (485)19,505 
Provision for credit losses917 (168)32 (5)— 784 
Noninterest expense6,758 1,526 1,900 2,796 1,347 — 14,327 
Income (loss) before income tax expense (benefit)1,602 1,594 2,128 861 (1,306)(485)4,394 
Income tax expense (benefit)401 409 536 222 (189)(485)894 
Net income (loss) before noncontrolling interests1,201 1,185 1,592 639 (1,117)— 3,500 
Less: Net income (loss) from noncontrolling interests— — — (31)— (28)
Net income (loss)$1,201 1,182 1,592 639 (1,086)— 3,528 
Quarter ended December 31, 2021
Net interest income$5,867 1,273 1,982 666 (420)(106)9,262 
Noninterest income2,866 1,011 1,530 2,982 3,540 (335)11,594 
Total revenue8,733 2,284 3,512 3,648 3,120 (441)20,856 
Provision for credit losses126 (384)(194)(3)— (452)
Noninterest expense6,126 1,393 1,765 2,898 1,016 — 13,198 
Income (loss) before income tax expense (benefit)2,481 1,275 1,941 753 2,101 (441)8,110 
Income tax expense (benefit)619 318 488 189 538 (441)1,711 
Net income before noncontrolling interests1,862 957 1,453 564 1,563 — 6,399 
Less: Net income (loss) from noncontrolling interests— (1)— 647 — 649 
Net income$1,862 954 1,454 564 916 — 5,750 
(1)The management reporting process is based on U.S. GAAP and includes specific adjustments, such as for funds transfer pricing for asset/liability management, shared revenues and expenses, and taxable-equivalent adjustments to consistently reflect income from taxable and tax-exempt sources, which allows management to assess performance across the operating segments. We define our operating segments by type of product and customer segment.
(2)All other business activities that are not included in the reportable operating segments have been included in Corporate. Corporate includes corporate treasury and enterprise functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and affiliated venture capital and private equity businesses. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company, as well as previously divested businesses.
(3)Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for low-income housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results.
-8-


Wells Fargo & Company and Subsidiaries
COMBINED SEGMENT RESULTS (continued) (1)
Year ended December 31, 2022
(in millions)Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment ManagementCorporate (2)Reconciling Items (3)Consolidated
Company
Net interest income$27,044 7,289 8,733 3,927 (1,607)(436)44,950 
Noninterest income8,766 3,631 6,509 10,895 609 (1,575)28,835 
Total revenue35,810 10,920 15,242 14,822 (998)(2,011)73,785 
Provision for credit losses2,276 (534)(185)(25)2  1,534 
Noninterest expense26,277 6,058 7,560 11,613 5,774  57,282 
Income (loss) before income tax expense (benefit)
7,257 5,396 7,867 3,234 (6,774)(2,011)14,969 
Income tax expense (benefit)1,816 1,366 1,989 812 (1,885)(2,011)2,087 
Net income (loss) before noncontrolling interests5,441 4,030 5,878 2,422 (4,889) 12,882 
Less: Net income (loss) from noncontrolling interests
 12   (312) (300)
Net income (loss)$5,441 4,018 5,878 2,422 (4,577) 13,182 
Year ended December 31, 2021
Net interest income$22,807 4,960 7,410 2,570 (1,541)(427)35,779 
Noninterest income12,070 3,589 6,429 11,776 10,036 (1,187)42,713 
Total revenue34,877 8,549 13,839 14,346 8,495 (1,614)78,492 
Provision for credit losses(1,178)(1,500)(1,439)(95)57 — (4,155)
Noninterest expense24,648 5,862 7,200 11,734 4,387 — 53,831 
Income (loss) before income tax expense (benefit)
11,407 4,187 8,078 2,707 4,051 (1,614)28,816 
Income tax expense (benefit)2,852 1,045 2,019 680 596 (1,614)5,578 
Net income before noncontrolling interests8,555 3,142 6,059 2,027 3,455 — 23,238 
Less: Net income (loss) from noncontrolling interests— (3)— 1,685 — 1,690 
Net income$8,555 3,134 6,062 2,027 1,770 — 21,548 
(1)The management reporting process is based on U.S. GAAP and includes specific adjustments, such as for funds transfer pricing for asset/liability management, shared revenues and expenses, and taxable-equivalent adjustments to consistently reflect income from taxable and tax-exempt sources, which allows management to assess performance across the operating segments. We define our operating segments by type of product and customer segment.
(2)All other business activities that are not included in the reportable operating segments have been included in Corporate. Corporate includes corporate treasury and enterprise functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and affiliated venture capital and private equity businesses. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company, as well as previously divested businesses.
(3)Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for low-income housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results.
-9-


Wells Fargo & Company and Subsidiaries
CONSUMER BANKING AND LENDING SEGMENT
Quarter endedDec 31, 2022
% Change from
Year ended
($ in millions)Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Sep 30,
2022
Dec 31,
2021
Dec 31,
2022
Dec 31,
2021
%
Change
Income Statement
Net interest income $7,574 7,102 6,372 5,996 5,867 %29 $27,044 22,807 19 %
Noninterest income:
Deposit-related fees 696 773 779 845 853 (10)(18)3,093 3,045 
Card fees 1,025 1,043 1,038 961 1,007 (2)4,067 3,930 
Mortgage banking 23 212 211 654 905 (89)(97)1,100 4,490 (76)
Other145 147 107 107 101 (1)44 506 605 (16)
Total noninterest income 1,889 2,175 2,135 2,567 2,866 (13)(34)8,766 12,070 (27)
Total revenue 9,463 9,277 8,507 8,563 8,733 35,810 34,877 
Net charge-offs525 435 358 375 408 21 29 1,693 1,439 18 
Change in the allowance for credit losses411 482 255 (565)(282)(15)246 583 (2,617)122 
Provision for credit losses936 917 613 (190)126 643 2,276 (1,178)293 
Noninterest expense7,088 6,758 6,036 6,395 6,126 16 26,277 24,648 
Income before income tax expense1,439 1,602 1,858 2,358 2,481 (10)(42)7,257 11,407 (36)
Income tax expense362 401 465 588 619 (10)(42)1,816 2,852 (36)
Net income$1,077 1,201 1,393 1,770 1,862 (10)(42)$5,441 8,555 (36)
Revenue by Line of Business
Consumer and Small Business Banking$6,608 6,232 5,510 5,071 4,872 36 $23,421 18,958 24 
Consumer Lending:
Home Lending786 973 972 1,490 1,843 (19)(57)4,221 8,154 (48)
Credit Card1,353 1,349 1,304 1,265 1,271 — 5,271 4,928 
Auto413 423 436 444 470 (2)(12)1,716 1,733 (1)
Personal Lending303 300 285 293 277 1,181 1,104 
Total revenue$9,463 9,277 8,507 8,563 8,733 $35,810 34,877 
Selected Balance Sheet Data (average)
Loans by Line of Business:
Consumer and Small Business Banking$9,590 9,895 10,453 10,605 12,573 (3)(24)$10,132 16,625 (39)
Consumer Lending:
Home Lending222,546 221,870 218,371 213,714 214,900 — 219,157 224,446 (2)
Credit Card37,152 35,052 32,825 31,503 30,375 22 34,151 29,052 18 
Auto54,490 55,430 56,813 57,278 55,773 (2)(2)55,994 52,293 
Personal Lending14,219 13,397 12,397 11,955 11,787 21 12,999 11,469 13 
Total loans$337,997 335,644 330,859 325,055 325,408 $332,433 333,885 — 
Total deposits864,623 888,037 898,650 881,339 864,373 (3)— 883,130 834,739 
Allocated capital48,000 48,000 48,000 48,000 48,000 — — 48,000 48,000 — 
Selected Balance Sheet Data (period-end)
Loans by Line of Business:
Consumer and Small Business Banking$9,704 9,898 10,400 11,006 11,270 (2)(14)$9,704 11,270 (14)
Consumer Lending:
Home Lending223,525 222,471 222,088 215,858 214,407 — 223,525 214,407 
Credit Card38,475 35,965 34,075 31,974 31,671 21 38,475 31,671 21 
Auto54,281 55,116 56,224 57,652 57,260 (2)(5)54,281 57,260 (5)
Personal Lending14,544 13,902 12,945 12,068 11,966 22 14,544 11,966 22 
Total loans$340,529 337,352 335,732 328,558 326,574 $340,529 326,574 
Total deposits859,695 886,991 892,373 909,896 883,674 (3)(3)859,695 883,674 (3)


-10-


Wells Fargo & Company and Subsidiaries
CONSUMER BANKING AND LENDING SEGMENT (continued)
Quarter endedDec 31, 2022
% Change from
Year ended
($ in millions, unless otherwise noted)Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Sep 30,
2022
Dec 31,
2021
Dec 31,
2022
Dec 31,
2021
%
Change
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1)8.3 %9.4 11.1 14.4 14.8 10.8 %17.2 
Efficiency ratio (2)75 73 71 75 70 73 71 
Retail bank branches (#)4,598 4,612 4,660 4,705 4,777 — %(4)4,598 4,777 (4)%
Digital active customers (# in millions) (3)33.5 33.6 33.4 33.7 33.0 — 33.5 33.0 
Mobile active customers (# in millions) (3) 28.3 28.3 28.0 27.8 27.3 — 28.3 27.3 
Consumer and Small Business Banking:
Deposit spread (4) 2.4 %2.1 1.7 1.6 1.4 2.0 %1.5 
Debit card purchase volume ($ in billions) (5)$124.0 122.4125.2115.0122.4$486.6 471.5
Debit card purchase transactions (# in millions) (5) 2,496 2,501 2,517 2,338 2,523 — (1)9,852 9,808 — 
Home Lending:
Mortgage banking:
Net servicing income $94 81 77 116 125 16 (25)$368 35 951 
Net gains (losses) on mortgage loan originations/sales (71)131 134 538 780 NMNM732 4,455 (84)
Total mortgage banking$23 212 211 654 905 (89)(97)$1,100 4,490 (76)
Originations ($ in billions):
Retail $8.2 12.4 19.6 24.1 32.8 (34)(75)$64.3 138.5 (54)
Correspondent6.4 9.1 14.5 13.8 15.3 (30)(58)43.8 66.5 (34)
Total originations$14.6 21.5 34.1 37.9 48.1 (32)(70)$108.1 205.0 (47)
% of originations held for sale (HFS) 60.7 %59.2 46.1 51.4 55.7 52.5 %64.6 
Third party mortgage loans serviced (period-end) ($ in billions) (6) $679.2 687.4 696.9 704.2 716.8 (1)(5)$679.2 716.8 (5)
Mortgage servicing rights (MSR) carrying value (period-end) 9,310 9,8289,1638,5116,920(5)35 9,310 6,920 35 
Ratio of MSR carrying value (period-end) to third party mortgage loans serviced
(period-end) (6)
1.37 %1.43 1.31 1.21 0.97 1.37 %0.97 
Home lending loans 30+ days delinquency rate (7)(8)(9) 0.31 0.29 0.28 0.29 0.39 0.31 0.39 
Credit Card:
Point of sale (POS) volume ($ in billions)$32.3 30.730.126.027.517 $119.1 95.3 25 
New accounts (# in thousands)561 584524484525(4)2,153 1,640 31 
Credit card loans 30+ days delinquency rate2.08 %1.81 1.54 1.58 1.52 2.08 %1.52 
Credit card loans 90+ days delinquency rate1.01 0.85 0.74 0.78 0.72 1.01 0.72 
Auto:
Auto originations ($ in billions) $5.0 5.45.47.39.4(7)(47)$23.1 33.9 (32)
Auto loans 30+ days delinquency rate (8) 2.64 %2.19 1.95 1.68 1.84 2.64 %1.84 
Personal Lending:
New volume ($ in billions)$3.2 3.53.32.62.7(9)19 $12.6 9.829 
NM – Not meaningful
(1)Return on allocated capital is segment net income (loss) applicable to common stock divided by segment average allocated capital. Segment net income (loss) applicable to common stock is segment net income (loss) less allocated preferred stock dividends.
(2)Efficiency ratio is segment noninterest expense divided by segment total revenue (net interest income and noninterest income).
(3)Digital and mobile active customers is the number of consumer and small business customers who have logged on via a digital or mobile device, respectively, in the prior 90 days. Digital active customers includes both online and mobile customers.
(4)Deposit spread is (i) the internal funds transfer pricing credit on segment deposits minus interest paid to customers for segment deposits, divided by (ii) average segment deposits.
(5)Debit card purchase volume and transactions reflect combined activity for both consumer and business debit card purchases.
(6)Excludes residential mortgage loans subserviced for others.
(7)Excludes residential mortgage loans insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) and loans held for sale.
(8)Excludes nonaccrual loans.
(9)Beginning in second quarter 2020, customer payment deferral activities instituted in response to the COVID-19 pandemic may have delayed the recognition of delinquencies for those customers who would have otherwise moved into past due or nonaccrual status.
-11-


Wells Fargo & Company and Subsidiaries
COMMERCIAL BANKING SEGMENT
Quarter endedDec 31, 2022
% Change from
Year ended
($ in millions)Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Sep 30,
2022
Dec 31,
2021
Dec 31,
2022
Dec 31,
2021
%
Change
Income Statement
Net interest income$2,357 1,991 1,580 1,361 1,273 18 %85 $7,289 4,960 47 %
Noninterest income:
Deposit-related fees237 256 310 328 320 (7)(26)1,131 1,285 (12)
Lending-related fees122 126 122 121 129 (3)(5)491 532 (8)
Lease income176 176 179 179 170 — 710 682 
Other257 403 301 338 392 (36)(34)1,299 1,090 19 
Total noninterest income792 961 912 966 1,011 (18)(22)3,631 3,589 
Total revenue3,149 2,952 2,492 2,327 2,284 38 10,920 8,549 28 
Net charge-offs32 (3)(29)(7)NM557 4 101 (96)
Change in the allowance for credit losses(75)(165)17 (315)(377)55 80 (538)(1,601)66 
Provision for credit losses(43)(168)21 (344)(384)74 89 (534)(1,500)64 
Noninterest expense1,523 1,526 1,478 1,531 1,393 — 6,058 5,862 
Income before income tax expense 1,669 1,594 993 1,140 1,275 31 5,396 4,187 29 
Income tax expense 428 409 249 280 318 35 1,366 1,045 31 
Less: Net income from noncontrolling interests3 — — 12 50 
Net income$1,238 1,182 741 857 954 30 $4,018 3,134 28 
Revenue by Line of Business
Middle Market Banking$2,076 1,793 1,459 1,246 1,167 16 78 $6,574 4,642 42 
Asset-Based Lending and Leasing1,073 1,159 1,033 1,081 1,117 (7)(4)4,346 3,907 11 
Total revenue$3,149 2,952 2,492 2,327 2,284 38 $10,920 8,549 28 
Revenue by Product
Lending and leasing$1,357 1,333 1,308 1,255 1,236 10 $5,253 4,835 
Treasury management and payments1,519 1,242 943 779 711 22 114 4,483 2,825 59 
Other273 377 241 293 337 (28)(19)1,184 889 33 
Total revenue$3,149 2,952 2,492 2,327 2,284 38 $10,920 8,549 28 
Selected Metrics
Return on allocated capital24.2 %23.1 14.3 16.9 18.5 19.7 %15.1 
Efficiency ratio48 52 59 66 61 55 69 
NM – Not meaningful

-12-


Wells Fargo & Company and Subsidiaries
COMMERCIAL BANKING SEGMENT (continued)
Quarter endedDec 31, 2022
% Change from
Year ended
($ in millions)Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Sep 30,
2022
Dec 31,
2021
Dec 31,
2022
Dec 31,
2021
%
Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial$159,236 150,365 143,833 135,792 125,011 %27 $147,379 120,396 22 %
Commercial real estate45,551 45,121 44,790 45,053 45,755 — 45,130 47,018 (4)
Lease financing and other13,635 13,511 13,396 13,550 13,855 (2)13,523 13,823 (2)
Total loans$218,422 208,997 202,019 194,395 184,621 18 $206,032 181,237 14 
Loans by Line of Business:
Middle Market Banking$119,740 117,031 113,033 108,583 103,594 16 $114,634 102,882 11 
Asset-Based Lending and Leasing98,682 91,966 88,986 85,812 81,027 22 91,398 78,355 17 
Total loans $218,422 208,997 202,019 194,395 184,621 18 $206,032 181,237 14 
Total deposits175,442 180,231 188,286 200,699 207,678 (3)(16)186,079 197,269 (6)
Allocated capital19,500 19,500 19,500 19,500 19,500 — — 19,500 19,500— 
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial$163,797 155,400 146,656 140,932 131,078 25 $163,797 131,078 25 
Commercial real estate45,816 45,540 44,992 44,428 45,467 45,816 45,467 
Lease financing and other13,916 13,645 13,593 13,473 13,803 13,916 13,803 
Total loans$223,529 214,585 205,241 198,833 190,348 17 $223,529 190,348 17 
Loans by Line of Business:
Middle Market Banking$121,192 118,627 116,064 110,258 106,834 13 $121,192 106,834 13 
Asset-Based Lending and Leasing102,337 95,958 89,177 88,575 83,514 23 102,337 83,514 23 
Total loans$223,529 214,585 205,241 198,833 190,348 17 $223,529 190,348 17 
Total deposits173,942 172,727 183,145 195,549 205,428 (15)173,942 205,428 (15)

-13-


Wells Fargo & Company and Subsidiaries
CORPORATE AND INVESTMENT BANKING SEGMENT
Quarter endedDec 31, 2022
% Change from
Year ended
($ in millions)Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Sep 30,
2022
Dec 31,
2021
Dec 31,
2022
Dec 31,
2021
%
Change
Income Statement
Net interest income$2,416 2,270 2,057 1,990 1,982 %22 $8,733 7,410 18 %
Noninterest income:
Deposit-related fees240 255 280 293 283 (6)(15)1,068 1,112 (4)
Lending-related fees191 198 195 185 192 (4)(1)769 761 
Investment banking fees331 392 307 462 678 (16)(51)1,492 2,405 (38)
Net gains (losses) from trading activities606 674 378 228 (174)(10)448 1,886 272 593 
Other355 271 356 312 551 31 (36)1,294 1,879 (31)
Total noninterest income1,723 1,790 1,516 1,480 1,530 (4)13 6,509 6,429 
Total revenue4,139 4,060 3,573 3,470 3,512 18 15,242 13,839 10 
Net charge-offs10 (16)(11)(31)163 25 (48)(22)NM
Change in the allowance for credit losses31 48 (51)(165)(202)(35)115 (137)(1,417)90 
Provision for credit losses41 32 (62)(196)(194)28 121 (185)(1,439)87 
Noninterest expense1,837 1,900 1,840 1,983 1,765 (3)7,560 7,200 
Income before income tax expense2,261 2,128 1,795 1,683 1,941 16 7,867 8,078 (3)
Income tax expense569 536 459 425 488 17 1,989 2,019 (1)
Less: Net loss from noncontrolling interests — — — (1)— 100  (3)100 
Net income$1,692 1,592 1,336 1,258 1,454 16 $5,878 6,062 (3)
Revenue by Line of Business
Banking:
Lending$593 580 528 521 519 14 $2,222 1,948 14 
Treasury Management and Payments738 670 529 432 373 10 98 2,369 1,468 61 
Investment Banking317 336 222 331 464 (6)(32)1,206 1,654 (27)
Total Banking1,648 1,586 1,279 1,284 1,356 22 5,797 5,070 14 
Commercial Real Estate1,267 1,212 1,060 995 1,095 16 4,534 3,963 14 
Markets:
Fixed Income, Currencies, and Commodities (FICC)935 914 934 877 794 18 3,660 3,710 (1)
Equities279 316 253 267 205 (12)36 1,115 897 24 
Credit Adjustment (CVA/DVA) and Other(35)17 13 25 13 NMNM20 91 (78)
Total Markets1,179 1,247 1,200 1,169 1,012 (5)17 4,795 4,698 
Other45 15 34 22 49 200 (8)116 108 
Total revenue$4,139 4,060 3,573 3,470 3,512 18 $15,242 13,839 10 
Selected Metrics
Return on allocated capital17.7 %16.6 13.8 13.2 16.0 15.3 %16.9 
Efficiency ratio44 47 51 57 50 50 52 
NM – Not meaningful

-14-


Wells Fargo & Company and Subsidiaries
CORPORATE AND INVESTMENT BANKING SEGMENT (continued)
Quarter endedDec 31, 2022
% Change from
Year ended
($ in millions)Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Sep 30,
2022
Dec 31,
2021
Dec 31,
2022
Dec 31,
2021
%
Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial$196,697 205,185 200,527 191,152 182,778 (4)%$198,424 170,713 16 %
Commercial real estate101,553 101,055 98,167 93,346 89,216 — 14 98,560 86,323 14 
Total loans$298,250 306,240 298,694 284,498 271,994 (3)10 $296,984 257,036 16 
Loans by Line of Business:
Banking$104,187 109,909 109,123 102,485 101,589 (5)$106,440 93,766 14 
Commercial Real Estate137,680 137,568 133,212 126,248 116,630 — 18 133,719 110,978 20 
Markets56,383 58,763 56,359 55,765 53,775 (4)56,825 52,292 
Total loans$298,250 306,240 298,694 284,498 271,994 (3)10 $296,984 257,036 16 
Trading-related assets:
Trading account securities$111,803 110,919 110,499 115,687 118,147 (5)$112,213 110,386 
Reverse repurchase agreements/securities borrowed52,814 45,486 48,909 54,832 53,526 16 (1)50,491 59,044 (14)
Derivative assets24,556 28,050 30,845 26,244 24,267 (12)27,421 25,315 
Total trading-related assets$189,173 184,455 190,253 196,763 195,940 (3)$190,125 194,745 (2)
Total assets553,308 560,509 564,306 551,404 543,946 (1)557,396 523,344 
Total deposits156,205 156,830 164,860 169,181 182,101 — (14)161,720 189,176 (15)
Allocated capital36,000 36,000 36,000 36,000 34,000 — 36,000 34,000 
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial$196,529 198,253 207,414 194,201 191,391 (1)$196,529 191,391 
Commercial real estate101,848 101,440 100,872 96,426 92,983 — 10 101,848 92,983 10 
Total loans$298,377 299,693 308,286 290,627 284,374 — $298,377 284,374 
Loans by Line of Business:
Banking$101,183 103,809 111,639 107,081 101,926 (3)(1)$101,183 101,926 (1)
Commercial Real Estate137,495 137,077 137,083 129,375 125,926 — 137,495 125,926 
Markets59,699 58,807 59,564 54,171 56,522 59,699 56,522 
Total loans$298,377 299,693 308,286 290,627 284,374 — $298,377 284,374 
Trading-related assets:
Trading account securities$111,801 113,488 109,634 113,763 108,697 (1)$111,801 108,697 
Reverse repurchase agreements/securities borrowed55,407 44,194 42,696 57,579 55,973 25 (1)55,407 55,973 (1)
Derivative assets22,218 28,545 24,540 26,695 21,398 (22)22,218 21,398 
Total trading-related assets$189,426 186,227 176,870 198,037 186,068 $189,426 186,068 
Total assets550,177 550,695 567,733 564,976 546,549 — 550,177 546,549 
Total deposits157,217 154,550 162,439 168,467 168,609 (7)157,217 168,609 (7)

-15-


Wells Fargo & Company and Subsidiaries
WEALTH AND INVESTMENT MANAGEMENT SEGMENT
Quarter endedDec 31, 2022
% Change from
Year ended
($ in millions, unless otherwise noted)Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Sep 30,
2022
Dec 31,
2021
Dec 31,
2022
Dec 31,
2021
%
Change
Income Statement
Net interest income$1,124 1,088 916 799 666 %69 $3,927 2,570 53 %
Noninterest income:
Investment advisory and other asset-based fees 1,999 2,066 2,306 2,476 2,429 (3)(18)8,847 9,574 (8)
Commissions and brokerage services fees 532 486 459 454 484 10 1,931 2,010 (4)
Other40 25 24 28 69 60 (42)117 192 (39)
Total noninterest income2,571 2,577 2,789 2,958 2,982 — (14)10,895 11,776 (7)
Total revenue3,695 3,665 3,705 3,757 3,648 14,822 14,346 
Net charge-offs(2)(1)— (4)19 (100)NM(7)10 NM
Change in the allowance for credit losses13 (7)(33)(22)44 159 (18)(105)83 
Provision for credit losses11 (7)(37)(3)38 467 (25)(95)74 
Noninterest expense2,731 2,796 2,911 3,175 2,898 (2)(6)11,613 11,734 (1)
Income before income tax expense953 861 801 619 753 11 27 3,234 2,707 19 
Income tax expense238 222 198 154 189 26 812 680 19 
Net income$715 639 603 465 564 12 27 $2,422 2,027 19 
Selected Metrics
Return on allocated capital31.9 %28.4 27.1 21.0 25.0 27.1 %22.6 
Efficiency ratio74 76 79 85 79 78 82 
Advisory assets ($ in billions) $797 756800912964(17)$797 964 (17)
Other brokerage assets and deposits ($ in billions) 1,064 1,0031,0351,1681,219(13)1,064 1,219(13)
Total client assets ($ in billions)
$1,861 1,7591,8352,0802,183(15)$1,861 2,183 (15)
Annualized revenue per advisor ($ in thousands) (1)
1,230 1,212 1,213 1,221 1,171 1,219 1,114 
Total financial and wealth advisors (#) (period-end)
12,027 12,011 12,184 12,250 12,367 — (3)12,027 12,367 (3)
Selected Balance Sheet Data (average)
Total loans$84,760 85,472 85,912 84,765 84,007 (1)$85,228 82,364 
Total deposits142,230 158,367 173,670 185,814 180,939 (10)(21)164,883 176,562 (7)
Allocated capital8,750 8,750 8,750 8,750 8,750 — — 8,750 8,750 — 
Selected Balance Sheet Data (period-end)
Total loans$84,273 85,180 85,342 84,688 84,101 (1)— 84,273 84,101 — 
Total deposits138,760 148,890 165,633 183,727 192,548 (7)(28)138,760 192,548 (28)
NM – Not meaningful
(1)Represents annualized segment total revenue divided by average total financial and wealth advisors for the period.
-16-


Wells Fargo & Company and Subsidiaries
CORPORATE (1)
Quarter endedDec 31, 2022
% Change from
Year ended
($ in millions)Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Sep 30,
2022
Dec 31,
2021
Dec 31,
2022
Dec 31,
2021
%
Change
Income Statement
Net interest income$78 (248)(619)(818)(420)131 %119 $(1,607)(1,541)(4)%
Noninterest income(367)284 (114)806 3,540 NMNM609 10,036 (94)
Total revenue (289)36 (733)(12)3,120 NMNM(998)8,495 NM
Net charge-offs(5)(16)(6)(6)(5)69 — (33)54 NM
Change in the allowance for credit losses17 11 21 (14)55 113 35 NM
Provision for credit losses12 (5)15 (20)340 300 2 57 (96)
Noninterest expense3,023 1,347 618 786 1,016 124 198 5,774 4,387 32 
Income (loss) before income tax expense (benefit)(3,324)(1,306)(1,366)(778)2,101 NMNM(6,774)4,051 NM
Income tax expense (benefit)(1,227)(189)(242)(227)538 NMNM(1,885)596 NM
Less: Net income (loss) from noncontrolling interests(239)(31)(170)128 647 NMNM(312)1,685 NM
Net income (loss) $(1,858)(1,086)(954)(679)916 (71)NM$(4,577)1,770 NM
Selected Balance Sheet Data (average)
Cash, cash equivalents, and restricted cash$130,329 134,725 145,637 178,747 216,156 (3)(40)$147,192 236,124 (38)
Available-for-sale debt securities102,650 110,575 127,997 156,756 169,953 (7)(40)124,308 181,841 (32)
Held-to-maturity debt securities295,494 297,335 291,710 275,510 262,969 (1)12 290,087 244,735 19 
Equity securities15,918 15,423 15,681 15,760 15,172 15,695 12,720 23 
Total loans9,088 9,112 9,083 9,292 9,006 — 9,143 9,766 (6)
Total assets605,526 617,713 642,606 687,341 727,818 (2)(17)638,017 743,089 (14)
Total deposits41,959 24,386 20,327 27,039 34,936 72 20 28,457 40,066 (29)
Selected Balance Sheet Data (period-end)
Cash, cash equivalents, and restricted cash$127,106 141,743 123,872 175,201 209,696 (10)(39)$127,106 209,696 (39)
Available-for-sale debt securities102,669 104,726 114,469 157,164 165,926 (2)(38)102,669 165,926 (38)
Held-to-maturity debt securities294,141 297,530 298,895 277,965 269,285 (1)294,141 269,285 
Equity securities15,508 15,581 15,004 16,137 16,549 — (6)15,508 16,549 (6)
Total loans9,163 9,096 9,133 9,101 9,997 (8)9,163 9,997 (8)
Total assets601,214 615,408 611,658 682,912 721,335 (2)(17)601,214 721,335 (17)
Total deposits54,371 34,993 21,563 23,715 32,220 55 69 54,371 32,220 69 
NM – Not meaningful
(1)All other business activities that are not included in the reportable operating segments have been included in Corporate. Corporate includes corporate treasury and enterprise functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and affiliated venture capital and private equity businesses. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company, as well as previously divested businesses.

-17-


Wells Fargo & Company and Subsidiaries
CONSOLIDATED LOANS OUTSTANDING – PERIOD-END BALANCES, AVERAGE BALANCES, AND AVERAGE INTEREST RATES
Quarter endedDec 31, 2022
$ Change from
($ in millions) Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Sep 30,
2022
Dec 31,
2021
Period-End Loans
Commercial and industrial$386,806 379,694 380,235 362,137 350,436 7,112 36,370 
Commercial real estate155,802 155,659 155,154 150,108 147,825 143 7,977 
Lease financing14,908 14,617 14,530 14,469 14,859 291 49 
Total commercial557,516 549,970 549,919 526,714 513,120 7,546 44,396 
Residential mortgage269,117 268,065 267,545 260,634 258,888 1,052 10,229 
Credit card46,293 43,558 41,222 38,639 38,453 2,735 7,840 
Auto53,669 54,545 55,658 57,083 56,659 (876)(2,990)
Other consumer29,276 29,768 29,390 28,737 28,274 (492)1,002 
Total consumer398,355 395,936 393,815 385,093 382,274 2,419 16,081 
Total loans$955,871 945,906 943,734 911,807 895,394 9,965 60,477 
Average Loans
Commercial and industrial$381,889 381,375 370,615 353,829 335,752 514 46,137 
Commercial real estate155,674 155,291 152,456 147,723 144,606 383 11,068 
Lease financing14,656 14,526 14,445 14,586 15,227 130 (571)
Total commercial552,219 551,192 537,516 516,138 495,585 1,027 56,634 
Residential mortgage268,232 267,609 263,877 258,900 259,832 623 8,400 
Credit card44,829 42,407 39,614 38,164 37,041 2,422 7,788 
Auto53,917 54,874 56,262 56,701 55,161 (957)(1,244)
Other consumer29,320 29,383 29,298 28,102 27,417 (63)1,903 
Total consumer396,298 394,273 389,051 381,867 379,451 2,025 16,847 
Total loans$948,517 945,465 926,567 898,005 875,036 3,052 73,481 
Average Interest Rates
Commercial and industrial5.41 %4.13 2.92 2.41 2.45 
Commercial real estate5.45 4.23 3.08 2.74 2.70 
Lease financing4.45 3.76 4.24 4.24 4.27 
Total commercial5.40 4.14 3.00 2.56 2.58 
Residential mortgage3.38 3.27 3.20 3.20 3.33 
Credit card12.00 11.51 11.13 11.32 11.25 
Auto4.46 4.27 4.18 4.17 4.37 
Other consumer6.89 5.58 4.26 3.69 3.67 
Total consumer4.76 4.47 4.23 4.20 4.28 
Total loans5.13 %4.28 3.52 3.25 3.32 

-18-


Wells Fargo & Company and Subsidiaries
NET LOAN CHARGE-OFFS
Quarter ended
Dec 31, 2022Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Dec 31, 2022
$ Change from
($ in millions)Net loan 
charge-offs
As a % of average loans (1)Net loan 
charge-offs
As a % of average loans (1)Net loan 
charge-offs
As a % of average loans (1)Net loan 
charge-offs
As a % of average loans (1)Net loan 
charge-offs
As a % of average loans (1)Sep 30,
2022
Dec 31,
2021
By product:
Commercial and industrial$66 0.07 %$13 0.01 %$27 0.03 %$(23)(0.03)%$— %$53 63 
Commercial real estate10 0.03 (12)(0.03)(4)(0.01)(5)(0.01)22 0.06 22 (12)
Lease financing3 0.06 0.15 — — (1)(0.02)0.09 (2)— 
Total commercial79 0.06 — 23 0.02 (29)(0.02)28 0.02 73 51 
Residential mortgage(12)(0.02)(14)(0.02)(16)(0.03)(21)(0.03)118 0.18 (130)
Credit card274 2.42 202 1.90 199 2.02 176 1.87 150 1.61 72 124 
Auto137 1.00 121 0.87 68 0.49 96 0.68 58 0.41 16 79 
Other consumer82 1.13 84 1.13 70 0.98 83 1.20 67 0.96 (2)15 
Total consumer481 0.48 393 0.40 321 0.33 334 0.35 393 0.41 88 88 
Total net charge-offs$560 0.23 %$399 0.17 %$344 0.15 %$305 0.14 %$421 0.19 %$161 139 
By segment:
Consumer Banking and Lending$525 0.62 %$435 0.51 %$358 0.43 %$375 0.47 %$410 0.50 %$90 115 
Commercial Banking32 0.06 (3)(0.01)0.01 (29)(0.06)(9)(0.02)35 41 
Corporate and Investing Banking10 0.01 (16)(0.02)(11)(0.01)(31)(0.04)0.01 26 
Wealth and Investment Management(2)(0.01)(1)— — — (4)(0.02)18 0.09 (1)(20)
Corporate(5)(0.22)(16)(0.70)(6)(0.26)(6)(0.26)(6)(0.26)11 
Total net charge-offs$560 0.23 %$399 0.17 %$344 0.15 %$305 0.14 %$421 0.19 %$161 139 
(1)Quarterly net charge-offs (recoveries) as a percentage of average loans are annualized.
-19-


Wells Fargo & Company and Subsidiaries
CHANGES IN ALLOWANCE FOR CREDIT LOSSES FOR LOANS
Quarter endedDec 31, 2022
$ Change from
($ in millions)Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Sep 30,
2022
Dec 31,
2021
Balance, beginning of period$13,225 12,884 12,681 13,788 14,705 341 (1,480)
Provision for credit losses968 773 578 (775)(464)195 1,432 
Interest income on certain loans (1)(26)(26)(27)(29)(33)— 
Net loan charge-offs:
Commercial and industrial(66)(13)(27)23 (3)(53)(63)
Commercial real estate(10)12 (22)(22)12 
Lease financing(3)(5)— (3)— 
Total commercial(79)(6)(23)29 (28)(73)(51)
Residential mortgage12 14 16 21 (118)(2)130 
Credit card(274)(202)(199)(176)(150)(72)(124)
Auto(137)(121)(68)(96)(58)(16)(79)
Other consumer(82)(84)(70)(83)(67)(15)
Total consumer(481)(393)(321)(334)(393)(88)(88)
Net loan charge-offs(560)(399)(344)(305)(421)(161)(139)
Other2 (7)(4)
Balance, end of period$13,609 13,225 12,884 12,681 13,788 384 (179)
Components:
Allowance for loan losses$12,985 12,571 11,786 11,504 12,490 414 495 
Allowance for unfunded credit commitments624 654 1,098 1,177 1,298 (30)(674)
Allowance for credit losses for loans$13,609 13,225 12,884 12,681 13,788 384 (179)
Ratio of allowance for loan losses to total net loan charge-offs (annualized) 5.85x7.948.549.317.49
Allowance for loan losses as a percentage of:
Total loans1.36 %1.33 1.25 1.26 1.39 
Nonaccrual loans231 225 197 167 173 
Allowance for credit losses for loans as a percentage of:
Total loans1.42 1.40 1.37 1.39 1.54 
Nonaccrual loans242 237 215 185 191 
(1)Loans with an allowance for credit losses measured by discounting expected cash flows using the loan’s effective interest rate over the remaining life of the loan recognize changes in the allowance for credit losses attributable to the passage of time as interest income.
-20-


Wells Fargo & Company and Subsidiaries
ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES FOR LOANS
Dec 31, 2022Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021
($ in millions)ACLACL
as %
of loan
class
ACLACL
as %
of loan
class
ACLACL
as %
of loan
class
ACLACL
as %
of loan
class
ACLACL
as %
of loan
class
By product:
Commercial and industrial
$4,507 1.17 %$4,547 1.20 %$4,620 1.22 %$4,625 1.28 %$4,873 1.39 %
Commercial real estate2,231 1.43 2,233 1.43 2,188 1.41 2,249 1.50 2,516 1.70 
Lease financing
218 1.46 211 1.44 274 1.89 274 1.89 402 2.71 
Total commercial
6,956 1.25 6,991 1.27 7,082 1.29 7,148 1.36 7,791 1.52 
Residential mortgage (1)1,096 0.41 1,001 0.37 1,018 0.38 929 0.36 1,286 0.50 
Credit card3,567 7.71 3,364 7.72 3,253 7.89 3,094 8.01 3,290 8.56 
Auto1,380 2.57 1,340 2.46 1,045 1.88 1,030 1.80 928 1.64 
Other consumer610 2.08 529 1.78 486 1.65 480 1.67 493 1.74 
Total consumer
6,653 1.67 6,234 1.57 5,802 1.47 5,533 1.44 5,997 1.57 
Total allowance for credit losses for loans$13,609 1.42 %$13,225 1.40 %$12,884 1.37 %$12,681 1.39 %$13,788 1.54 %
By segment:
Consumer Banking and Lending$7,394 2.17 %$7,002 2.08 %$6,540 1.95 %$6,305 1.92 %$6,891 2.11 %
Commercial Banking2,397 1.07 2,477 1.15 2,644 1.29 2,631 1.32 2,950 1.55 
Corporate and Investing Banking3,552 1.19 3,517 1.17 3,480 1.13 3,532 1.22 3,705 1.30 
Wealth and Investment Management253 0.30 240 0.28 231 0.27 238 0.28 271 0.32 
Corporate13 0.14 (11)(0.12)(11)(0.12)(25)(0.27)(29)(0.29)
Total allowance for credit losses for loans$13,609 1.42 %$13,225 1.40 %$12,884 1.37 %$12,681 1.39 %$13,788 1.54 %
(1)Includes negative allowance for expected recoveries of amounts previously charged off.

-21-


Wells Fargo & Company and Subsidiaries
NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)
Dec 31, 2022Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Dec 31, 2022
$ Change from
($ in millions)Balance% of
total
loans
Balance% of
total
loans
Balance% of
total
loans
Balance% of
total
loans
Balance% of
total
loans
Sep 30,
2022
Dec 31,
2021
By product:
Nonaccrual loans:
Commercial and industrial$746 0.19 %$742 0.20 %$722 0.19 %$799 0.22 %$980 0.28 %$(234)
Commercial real estate958 0.61 853 0.55 901 0.58 1,037 0.69 1,248 0.84 105 (290)
Lease financing119 0.80 108 0.74 96 0.66 117 0.81 148 1.00 11 (29)
Total commercial1,823 0.33 1,703 0.31 1,719 0.31 1,953 0.37 2,376 0.46 120 (553)
Residential mortgage (1)3,611 1.34 3,677 1.37 4,051 1.51 4,675 1.79 4,604 1.78 (66)(993)
Auto153 0.29 171 0.31 188 0.34 208 0.36 198 0.35 (18)(45)
Other consumer39 0.13 36 0.12 35 0.12 35 0.12 34 0.12 
Total consumer3,803 0.95 3,884 0.98 4,274 1.09 4,918 1.28 4,836 1.27 (81)(1,033)
Total nonaccrual loans5,626 0.59 5,587 0.59 5,993 0.64 6,871 0.75 7,212 0.81 39 (1,586)
Foreclosed assets137 125 130 130 112 12 25 
Total nonperforming assets$5,763 0.60 %$5,712 0.60 %$6,123 0.65 %$7,001 0.77 %$7,324 0.82 %$51 (1,561)
By segment:
Consumer Banking and Lending$3,747 1.10 %$3,811 1.13 %$4,179 1.24 %$4,754 1.45 %$4,672 1.43 %$(64)(925)
Commercial Banking1,029 0.46 1,025 0.48 1,065 0.52 1,242 0.62 1,520 0.80 (491)
Corporate and Investing Banking764 0.26 673 0.22 646 0.21 706 0.24 778 0.27 91 (14)
Wealth and Investment Management199 0.24 203 0.24 233 0.27 299 0.35 354 0.42 (4)(155)
Corporate24 0.26 — — — — — — — — 24 24 
Total nonperforming assets$5,763 0.60 %$5,712 0.60 %$6,123 0.65 %$7,001 0.77 %$7,324 0.82 %$51 (1,561)
(1)Residential mortgage loans predominantly insured by the FHA or guaranteed by the VA are not placed on nonaccrual status because they are insured or guaranteed.

-22-


Wells Fargo & Company and Subsidiaries
COMMERCIAL AND INDUSTRIAL LOANS AND LEASE FINANCING BY INDUSTRY
Dec 31, 2022Sep 30, 2022Dec 31, 2021
($ in millions)Nonaccrual
loans
Loans outstanding balance% of
total
loans
Total commitments (1)Nonaccrual
loans
Loans outstanding balance% of
total
loans
Total commitments (1)Nonaccrual
loans
Loans outstanding balance% of
total
loans
Total commitments (1)
Financials except banks$44 147,171 15 %$247,936 $53 144,595 15 %$248,059 $104 142,283 16 %$236,133 
Technology, telecom and media31 27,767 378,230 69 27,892 367,050 64 23,345 362,984 
Real estate and construction73 24,478 357,138 65 25,572 359,197 78 25,035 355,304 
Equipment, machinery and parts manufacturing83 23,675 254,807 14 22,915 246,784 24 18,130 243,729 
Retail47 19,487 254,260 49 19,673 245,653 27 17,645 241,344 
Materials and commodities86 16,610 241,707 78 17,026 240,173 32 14,684 236,660 
Oil, gas and pipelines55 9,991 139,329 55 9,858 130,897 197 8,828 *28,978 
Food and beverage manufacturing17 17,393 235,094 18 15,659 234,794 13,242 130,882 
Health care and pharmaceuticals21 14,861 230,463 21 14,472 229,207 24 12,847 128,808 
Auto related10 13,168 128,545 12,137 127,262 31 10,629 125,735 
Commercial services50 11,418 127,989 28 10,818 125,676 78 10,492 124,617 
Utilities18 9,457 *26,918 61 8,848 *26,090 77 6,982 *22,406 
Entertainment and recreation28 13,085 124,535 35 11,407 117,812 23 9,907 117,893 
Diversified or miscellaneous2 8,161 *22,432 11 8,219 *21,009 7,493 *18,317 
Banks 14,403 216,733 — 15,575 217,694 — 16,178 216,612 
Transportation services237 8,389 *16,342 226 7,817 *15,405 288 8,162 *14,710 
Insurance and fiduciaries1 4,691 *15,741 4,515 *15,630 3,387 *13,993 
Agribusiness24 6,180 *14,063 25 6,301 *11,417 35 6,086 *11,576 
Government and education25 6,482 *12,590 16 6,578 *12,657 5,863 *11,193 
Other13 4,847 *14,325 16 4,434 *11,677 30 4,077 *11,583 
Total$865 401,714 42 %$859,177 $850 394,311 42 %$804,143 $1,128 365,295 41 %$753,457 
*Less than 1%.
(1)Total commitments consists of loans outstanding plus unfunded credit commitments, excluding issued letters of credit.
-23-


Wells Fargo & Company and Subsidiaries
COMMERCIAL REAL ESTATE LOANS BY PROPERTY TYPE (1)
Dec 31, 2022Sep 30, 2022Dec 31, 2021
($ in millions)Nonaccrual
loans
Loans outstanding balance% of
total
loans
Total commitments (2)Nonaccrual
loans
Loans outstanding balance% of
total
loans
Total commitments (2)Nonaccrual
loans
Loans outstanding balance% of
total
loans
Total commitments (2)
Apartments$8 39,743 4 %$51,567 $38,855 %$51,565 $13 31,901 %$42,119 
Office buildings186 36,144 440,827 173 35,194 40,411 134 36,736 42,781 
Industrial/warehouse42 20,634 224,546 44 19,453 24,465 78 17,714 20,967 
Hotel/motel153 12,751 113,758 153 13,144 14,030 254 12,764 13,179 
Retail (excluding shopping center)199 11,753 112,486 87 11,853 12,576 135 12,450 13,014 
Shopping center259 9,534 *10,131 253 9,825 10,434 422 10,448 11,082 
Institutional33 7,725 *9,178 34 7,987 *9,411 51 7,743 *9,588 
Mixed use properties54 5,887 *7,139 57 7,356 *8,688 81 6,303 *10,718 
Collateral pool 3,062 *3,662 — 3,305 *3,804 — 3,509 *4,106 
Storage facility 2,929 *3,201 — 2,877 *3,110 — 2,257 *2,742 
Other24 5,640 *8,825 43 5,810 *8,866 80 6,000 *8,987 
Total
$958 155,802 16 %$185,320 $853 155,659 16 %$187,360 $1,248 147,825 17 %$179,283 
*Less than 1%.
(1)Our commercial real estate loan portfolio is comprised of commercial real estate mortgage and commercial real estate construction loans.
(2)Total commitments consists of loans outstanding plus unfunded credit commitments, excluding issued letters of credit.
-24-


Wells Fargo & Company and Subsidiaries
TANGIBLE COMMON EQUITY

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

The tables below provide a reconciliation of these non-GAAP financial measures to GAAP financial measures.
Dec 31, 2022
% Change from
(in millions, except ratios)Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Sep 30,
2022
Dec 31,
2021
Tangible book value per common share:
Total equity$181,875 178,409 179,793 181,689 190,110 %(4)
Adjustments:
Preferred stock (1)(19,448)(20,057)(20,057)(20,057)(20,057)
Additional paid-in capital on preferred stock (1)173 136 135 136 136 27 27 
Unearned Employee Stock Ownership Plan (ESOP) shares (1) 646 646 646 646 (100)(100)
Noncontrolling interests(1,986)(2,220)(2,261)(2,446)(2,504)11 21 
Total common stockholders' equity(A)160,614 156,914 158,256 159,968 168,331 (5)
Adjustments:
Goodwill(25,173)(25,172)(25,178)(25,181)(25,180)— — 
Certain identifiable intangible assets (other than MSRs)(152)(171)(191)(210)(225)11 32 
Goodwill and other intangibles on investments in consolidated portfolio companies (included in
other assets)
(2,427)(2,378)(2,307)(2,304)(2,437)(2)— 
Applicable deferred taxes related to goodwill and other intangible assets (2)890 889 880 871 765 — 16 
Tangible common equity(B)$133,752 130,082 131,460 133,144 141,254 (5)
Common shares outstanding(C)3,833.8 3,795.4 3,793.0 3,789.9 3,885.8 (1)
Book value per common share(A)/(C)$41.89 41.34 41.72 42.21 43.32 (3)
Tangible book value per common share(B)/(C)34.89 34.27 34.66 35.13 36.35 (4)
(1)In fourth quarter 2022, we redeemed all outstanding shares of our ESOP Cumulative Convertible Preferred Stock in exchange for shares of the Company’s common stock.
(2)Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.
-25-


Wells Fargo & Company and Subsidiaries
TANGIBLE COMMON EQUITY (continued)
Quarter endedDec 31, 2022
% Change from
Year ended
(in millions, except ratios)Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Sep 30,
2022
Dec 31,
2021
Dec 31,
2022
Dec 31,
2021
%
Change
Return on average tangible common equity:
Net income applicable to common stock(A)$2,585 3,250 2,839 3,393 5,470 (20)%(53)$12,067 20,256 (40)%
Average total equity182,549 183,037 181,016 186,337 190,744 — (4)183,224 191,219 (4)
Adjustments:
Preferred stock (1)(19,553)(20,057)(20,057)(20,057)(20,267)(19,930)(21,151)(6)
Additional paid-in capital on preferred stock (1)166 135 135 134 120 23 38 143 137 
Unearned ESOP shares (1)112 646 646 646 872 (83)(87)512 874 (41)
Noncontrolling interests(2,185)(2,258)(2,386)(2,468)(2,119)(3)(2,323)(1,601)45 
Average common stockholders’ equity(B)161,089 161,503 159,354 164,592 169,350 — (5)161,626 169,478 (5)
Adjustments:
Goodwill(25,173)(25,177)(25,179)(25,180)(25,569)— (25,177)(26,087)(3)
Certain identifiable intangible assets (other than MSRs)
(160)(181)(200)(218)(246)12 35 (190)(294)(35)
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)(2,378)(2,359)(2,304)(2,395)(2,309)(1)(3)(2,359)(2,226)
Applicable deferred taxes related to goodwill and other intangible assets (2)890 886 877 803 848 — 864 867 — 
Average tangible common equity(C)$134,268 134,672 132,548 137,602 142,074 — (5)$134,764 141,738 (5)
Return on average common stockholders’ equity (ROE) (annualized)(A)/(B)6.4 %8.0 7.1 8.4 12.8 7.5 %12.0 
Return on average tangible common equity (ROTCE) (annualized)(A)/(C)7.6 9.6 8.6 10.0 15.3 9.0 14.3 
(1)In fourth quarter 2022, we redeemed all outstanding shares of our ESOP Cumulative Convertible Preferred Stock in exchange for shares of the Company’s common stock.
(2)Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.
-26-


Wells Fargo & Company and Subsidiaries
RISK-BASED CAPITAL RATIOS UNDER BASEL III – STANDARDIZED APPROACH (1)
EstimatedDec 31, 2022
% Change from
($ in billions)Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Sep 30,
2022
Dec 31,
2021
Total equity$181.9 178.4 179.8 181.7 190.1 %(4)
Adjustments:
Preferred stock (2)(19.4)(20.1)(20.1)(20.1)(20.1)
Additional paid-in capital on preferred stock (2)0.1 0.1 0.2 0.1 0.1 (46)(46)
Unearned ESOP shares (2) 0.7 0.7 0.7 0.7 (100)(100)
Noncontrolling interests(2.0)(2.2)(2.3)(2.4)(2.5)11 21 
Total common stockholders' equity160.6 156.9 158.3 160.0 168.3 (5)
Adjustments:
Goodwill(25.2)(25.2)(25.2)(25.2)(25.2)— — 
Certain identifiable intangible assets (other than MSRs)(0.2)(0.2)(0.2)(0.2)(0.2)11 32 
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)(2.4)(2.4)(2.3)(2.3)(2.4)(2)— 
Applicable deferred taxes related to goodwill and other intangible assets (3)0.9 0.9 0.9 0.9 0.8 — 16 
Current expected credit loss (CECL) transition provision (4)0.2 0.2 0.2 0.2 0.2 — (25)
Other(0.4)(0.4)(1.6)(1.1)(0.9)— 52 
Common Equity Tier 1(A)133.5 129.8 130.1 132.3 140.6 (5)
Preferred stock (2)19.4 20.1 20.1 20.1 20.1 (3)(3)
Additional paid-in capital on preferred stock (2)(0.1)(0.1)(0.2)(0.1)(0.2)50 
Unearned ESOP shares (2) (0.7)(0.7)(0.7)(0.6)100 100 
Other(0.2)(0.3)(0.2)(0.3)(0.2)27 
Total Tier 1 capital(B)152.6 148.8 149.1 151.3 159.7 (4)
Long-term debt and other instruments qualifying as Tier 220.5 20.6 21.6 22.3 22.7 — (10)
Qualifying allowance for credit losses (5)14.0 13.6 13.2 13.0 14.1 (1)
Other(0.3)(0.3)(0.3)(0.3)(0.2)(10)(57)
Total qualifying capital(C)$186.8 182.7 183.6 186.3 196.3 (5)
Total risk-weighted assets (RWAs)(D)$1,259.7 1,255.6 1,253.6 1,265.5 1,239.0 — 
Common Equity Tier 1 to total RWAs(A)/(D)10.6 %10.3 10.4 10.5 11.4 
Tier 1 capital to total RWAs(B)/(D)12.1 11.9 11.9 12.0 12.9 
Total capital to total RWAs(C)/(D)14.8 14.6 14.6 14.7 15.8 
(1)The Basel III capital rules provide for two capital frameworks (the Standardized Approach and the Advanced Approach applicable to certain institutions), and we must calculate our CET1, Tier 1 and total capital ratios under both approaches.
(2)In fourth quarter 2022, we redeemed all outstanding shares of our ESOP Cumulative Convertible Preferred Stock in exchange for shares of the Company’s common stock.
(3)Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.
(4)In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out period in which the benefit is reduced by 25% in year one, 50% in year two and 75% in year three.
(5)Under the Standardized Approach, the allowance for credit losses is includable in Tier 2 capital up to 1.25% of Standardized credit RWAs with any excess allowance for credit losses deducted from total RWAs.

-27-


Wells Fargo & Company and Subsidiaries
RISK-BASED CAPITAL RATIOS UNDER BASEL III – ADVANCED APPROACH (1)
EstimatedDec 31, 2022
% Change from
($ in billions)Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Sep 30,
2022
Dec 31,
2021
Total equity$181.9 178.4 179.8 181.7 190.1 %(4)
Adjustments:
Preferred stock (2)(19.4)(20.1)(20.1)(20.1)(20.1)
Additional paid-in capital on preferred stock (2)0.1 0.1 0.2 0.1 0.2 (46)(69)
Unearned ESOP shares (2) 0.7 0.7 0.7 0.6 (100)(100)
Noncontrolling interests(2.0)(2.2)(2.3)(2.4)(2.5)11 21 
Total common stockholders' equity160.6 156.9 158.3 160.0 168.3 (5)
Adjustments:
Goodwill(25.2)(25.2)(25.2)(25.2)(25.2)— — 
Certain identifiable intangible assets (other than MSRs)(0.2)(0.2)(0.2)(0.2)(0.2)11 32 
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)(2.4)(2.4)(2.3)(2.3)(2.4)(2)— 
Applicable deferred taxes related to goodwill and other intangible assets (3)0.9 0.9 0.9 0.9 0.8 — 16 
CECL transition provision (4)0.2 0.2 0.2 0.2 0.2 — (25)
Other(0.4)(0.4)(1.6)(1.1)(0.9)— 52 
Common Equity Tier 1(A)133.5 129.8 130.1 132.3 140.6 (5)
Preferred stock (2)19.4 20.1 20.1 20.1 20.1 (3)(3)
Additional paid-in capital on preferred stock (2)(0.1)(0.1)(0.2)(0.1)(0.2)50 
Unearned ESOP shares (2) (0.7)(0.7)(0.7)(0.6)100 100 
Other(0.2)(0.3)(0.2)(0.3)(0.2)27 
Total Tier 1 capital(B)152.6 148.8 149.1 151.3 159.7 (4)
Long-term debt and other instruments qualifying as Tier 220.5 20.6 21.6 22.3 22.7 — (10)
Qualifying allowance for credit losses (5)4.5 4.4 4.4 4.4 4.4 
Other(0.3)(0.3)(0.3)(0.3)(0.2)(10)(57)
Total qualifying capital(C)$177.3 173.5 174.8 177.7 186.6 (5)
Total RWAs(D)$1,112.2 1,104.1 1,121.6 1,119.5 1,116.1 — 
Common Equity Tier 1 to total RWAs(A)/(D)12.0 %11.8 11.6 11.8 12.6 
Tier 1 capital to total RWAs(B)/(D)13.7 13.5 13.3 13.5 14.3 
Total capital to total RWAs(C)/(D)15.9 15.7 15.6 15.9 16.7 
(1)The Basel III capital rules provide for two capital frameworks (the Standardized Approach and the Advanced Approach applicable to certain institutions), and we must calculate our CET1, Tier 1 and total capital ratios under both approaches.
(2)In fourth quarter 2022, we redeemed all outstanding shares of our ESOP Cumulative Convertible Preferred Stock in exchange for shares of the Company’s common stock.
(3)Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.
(4)In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out period in which the benefit is reduced by 25% in year one, 50% in year two and 75% in year three.
(5)Under the Advanced Approach, the allowance for credit losses that exceeds expected credit losses is eligible for inclusion in Tier 2 capital, to the extent the excess allowance does not exceed 0.60% of Advanced credit RWAs with any excess allowance for credit losses deducted from total RWAs.
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© 2023 Wells Fargo Bank, N.A. All rights reserved. 4Q22 Financial Results January 13, 2023 Exhibit 99.3


 
24Q22 Financial Results • Helped customers avoid overdraft fees and meet short-term cash needs: – Eliminated non-sufficient fund (NSF) fees – Eliminated transfer fees for customers enrolled in overdraft protection – Established Extra Day Grace Period which has helped ~3.4 million customers avoid overdraft fees by providing consumer customers an extra business day to cure negative balances and avoid overdraft fees – Rolled-out Early Pay Day, which provides consumer customers who receive eligible direct deposits the ability to access funds up to two days earlier – Launched Flex Loan, a digital only, small dollar, short-term credit product – Over 1.7 million Clear Access BankingSM accounts, our checking account with no overdraft fees • Banking Inclusion Initiative: Launched first 5 HOPE Inside Centers in Oakland, Houston, Greater Atlanta, Phoenix and Los Angeles as part of our work to introduce HOPE Inside Centers in 20 markets by the end of 2023, and redesign 100 branches in low‑ to moderate‑income neighborhoods across the nation • Helped over 244,000 homeowners with new loans to either purchase a home or refinance an existing mortgage • $3.5 billion in new commitments (including forward commitments) for affordable housing under the Government-sponsored enterprise (GSE) and Federal Housing Administration (FHA) programs (consisting of 35,900 total units including 33,700 rent restricted affordable units). Actively helped our customers in 2022 Supporting our Customers • Reimagined Wells Fargo Mobile® app for consumer and small business customers – 28.3 million mobile active customers1 – 6.6 billion mobile logins • Launched two credit cards – Wells Fargo AutographSM: our new reward card which provides 3x points across top spending categories of travel, dining, and streaming services – BILT Mastercard®: allows renters to earn rewards on rental payments which can be used towards a down payment on a home purchase • Relaunched Intuitive Investor®, a digitally automated investment platform, making it easier for customers to invest with a streamlined account opening and a lower minimum investment requirement of $500 • Introduced Wells Fargo Premier, a new integrated banking, lending and investment offering oriented towards the complex financial needs of our affluent clients • Launched Wells Fargo Vantage℠, a one-stop-shop digital banking experience for commercial and corporate clients which allows for the customization and personalization of the client experience • Continued the development of payment APIs for commercial and corporate clients, invested in solutions to support our financial institution clients, and began developing digital commercial lending solutions New Digital and Product Offerings 1. Mobile active customers is the number of consumer and small business customers who have logged on via a mobile device in the prior 90 days.


 
34Q22 Financial Results • Published the Wells Fargo CO2eMissionSM, a climate alignment and target- setting methodology for our financing portfolios, and set the first interim financed emissions targets for the Oil & Gas and Power sectors • Issued our second sustainability bond, the Inclusive Communities and Climate Bond, raising $2 billion in capital to support housing affordability, economic opportunity, renewable energy and clean transportation • Published our first sustainable finance progress report highlighting the $68 billion in financing towards sustainable activities and businesses which is 14% of our $500 billion goal • From the inception of our Renewable Energy & Environmental Finance (REEF) Group in 2005 to September 2022, REEF provided over $14.4 billion in financing to ~12% of the utility-scale wind and solar capacity in the U.S.1 • Published inaugural Diversity, Equity and Inclusion (DE&I) Report highlighting internal progress and external work supporting underserved communities • Continued efforts to sustain and grow employee-focused initiatives: – Completed inaugural Building Organizational Leadership Diversity (BOLD) program and launched the next cohort of participants – Continued the GLIDE – Relaunch returnship program hosting two cohorts with 105 fellows hired in 2022 with an overall cohort diversity rate of 87%2. Converted 88% of program hires into full-time employment upon program completion • Expanded on-demand DE&I training to all employees • Spent more than $1 billion with certified diverse suppliers Actively helped our customers, communities and employees in 2022 • Donated approximately $300 million to over 3,400 nonprofits in support of housing, small business, financial health, sustainability and other community needs – Included ~$15 million in grants to support sustainability-related philanthropic efforts • Strengthened local communities through ~ 700,000 hours of volunteer service from Wells Fargo employees • Launched $60 million Wealth Opportunities Restored through Homeownership (WORTH) program which aims to create 40,000 homebuyers of color in eight markets across the U.S. • Started Growing Diverse Housing Developers, a $40 million initiative to increase affordable housing supply and grow success of diverse housing developers • Collaborated with the National Urban League on new five-year Diverse Appraiser Program to increase diversity in the home appraiser industry in Charlotte, Atlanta and Houston • Continued support for our Open for Business Fund helping small business owners acquire commercial property, equipment and other upgrades • Distributed more than $22 million in grants for financial coaching to help people build savings, reduce debt, acquire assets, and improve credit • Expanded our business coaching and mentoring program with the Nasdaq Entrepreneurial Center to reach 1,200 women-owned small businesses Additional Actions to Support Our Communities Amounts in the bullets are for full year 2022, unless otherwise noted. 1. Source: US Energy Information Administration (EIA). Monthly Electricity Report. 2. 73% diverse by gender, 63% diverse by race/ethnicity and 3% diverse by veteran status. Supporting Sustainability Supporting Diversity, Equity and Inclusion (DE&I)


 
44Q22 Financial Results 4Q22 results Financial Results ROE: 6.4% ROTCE: 7.6%1 Efficiency ratio: 82%2 Credit Quality Capital and Liquidity CET1 ratio: 10.6%3 LCR: 122%4 TLAC ratio: 23.3%5 • Provision for credit losses of $957 million – Total net charge-offs of $560 million, up $137 million, with net loan charge-offs of 0.23% of average loans (annualized) – Allowance for credit losses of $13.6 billion, down $179 million from 4Q21 and included a $397 million increase in 4Q22 • Common Equity Tier 1 (CET1) capital of $133.5 billion3 • CET1 ratio of 10.6% under the Standardized Approach and 12.0% under the Advanced Approach3 Comparisons in the bullet points are for 4Q22 versus 4Q21, unless otherwise noted. 1. Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 23. 2. The efficiency ratio is noninterest expense divided by total revenue. 3. The Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach is our binding CET1 ratio. See page 25 for additional information regarding CET1 capital and ratios. CET1 is a preliminary estimate. 4. Liquidity coverage ratio (LCR) represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. LCR is a preliminary estimate. 5. 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 is a preliminary estimate. 6. Impairments of equity securities, net of noncontrolling interests = $749 million. • Net income of $2.9 billion, or $0.67 per diluted common share. Results included: • Revenue of $19.7 billion, down 6% – Businesses divested in 2021 accounted for $1.1 billion of revenue in 4Q21, including $943 million in net gains on sales • Noninterest expense of $16.2 billion, up 23% – Businesses divested in 2021 accounted for ~$186 million of noninterest expense in 4Q21 • Effective income tax rate of (4.6)% included $510 million of discrete tax benefits related to interest on overpayments in prior years • Average loans of $948.5 billion, up 8% • Average deposits of $1.4 trillion, down 6% ($ in millions, except EPS) Pre-tax Income EPS Litigation, regulatory, and customer remediation matters, primarily related to a variety of previously disclosed historical matters ($3,287) ($0.70) Impairments of equity securities predominantly in our affiliated venture capital business6 (1,050) (0.15) Severance expense, primarily in Home Lending (353) (0.07) Discrete tax benefits 510 0.13


 
54Q22 Financial Results Capital Capital Position • Common Equity Tier 1 (CET1) ratio of 10.6%1 at December 31, 2022 remained above our regulatory minimum and buffers of 9.2%2 • CET1 ratio down ~80 bps from 4Q21 and reflected: – Decline in accumulated other comprehensive income driven by higher interest rates and wider agency mortgage-backed securities spreads resulted in a decline in the CET1 ratio of 85 bps Capital Return • Period-end common shares outstanding down 52.0 million, or 1%, year-over-year (YoY) • 4Q22 common stock dividend of $0.30 per share • Issued 38.5 million shares of common stock in 4Q22 predominantly associated with annual company contributions to our 401(k) plan • No common stock repurchases in 4Q22; we currently expect to resume common stock repurchases in 1Q23 Total Loss Absorbing Capacity (TLAC) • As of December 31, 2022, our TLAC as a percentage of total risk- weighted assets was 23.3%3 compared with the required minimum of 21.5% Common Equity Tier 1 Ratio under the Standardized Approach1 11.4% 10.5% 10.4% 10.3% 10.6% 4Q21 1Q22 2Q22 3Q22 4Q22 Estimated 1. The Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach is our binding CET1 ratio. See page 25 for additional information regarding CET1 capital and ratios. 4Q22 CET1 is a preliminary estimate. 2. Includes a 4.50% minimum requirement, a stress capital buffer of 3.20%, and a G-SIB capital surcharge of 1.50%. 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. TLAC is a preliminary estimate. 9.2% Regulatory Minimum and Buffers2


 
64Q22 Financial Results 4Q22 earnings 1. Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 23. Quarter ended $ Change from Year ended $ Change from $ in millions (mm), except per share data 4Q22 3Q22 4Q21 3Q22 4Q21 2022 2021 2021 Net interest income $13,433 12,098 9,262 $1,335 4,171 $44,950 35,779 $9,171 Noninterest income 6,227 7,407 11,594 (1,180) (5,367) 28,835 42,713 (13,878) Total revenue 19,660 19,505 20,856 155 (1,196) 73,785 78,492 (4,707) Net charge-offs 560 399 423 161 137 1,609 1,582 27 Change in the allowance for credit losses 397 385 (875) 12 1,272 (75) (5,737) 5,662 Provision for credit losses 957 784 (452) 173 1,409 1,534 (4,155) 5,689 Noninterest expense 16,202 14,327 13,198 1,875 3,004 57,282 53,831 3,451 Pre-tax income 2,501 4,394 8,110 (1,893) (5,609) 14,969 28,816 (13,847) Income tax expense (benefit) (127) 894 1,711 (1,021) (1,838) 2,087 5,578 (3,491) Effective income tax rate (%) (4.6) % 20.2 22.8 (2,486) bps (2,747) 13.7 % 20.6 (690) bps Net income $2,864 3,528 5,750 ($664) (2,886) $13,182 21,548 ($8,366) Diluted earnings per common share $0.67 0.85 1.38 ($0.18) (0.71) $3.14 4.95 ($1.81) Diluted average common shares (# mm) 3,832.7 3,825.1 3,964.7 8 (132) 3,837.0 4,096.2 (259) Return on equity (ROE) 6.4 % 8.0 12.8 (161) bps (645) 7.5 % 12.0 (446) bps Return on average tangible common equity (ROTCE)1 7.6 9.6 15.3 (194) (764) 9.0 14.3 (534) Efficiency ratio 82 73 63 896 1,914 78 69 905


 
74Q22 Financial Results Credit quality • Commercial net loan charge-offs up $73 million to 6 bps of average loans (annualized) • Consumer net loan charge-offs up $88 million to 48 bps of average loans (annualized) driven by a $72 million increase in net loan charge-offs in credit card • Nonperforming assets increased $51 million, or 1%, as higher commercial real estate nonaccrual loans were partially offset by lower residential mortgage nonaccrual loans Provision for Credit Losses and Net Charge-offs ($ in millions) Allowance for Credit Losses for Loans ($ in millions) • Allowance for credit losses for loans increased primarily reflecting loan growth, as well as a less favorable economic environment – Allowance coverage for total loans up 2 bps from 3Q22 and down 12 bps from 4Q21 Comparisons in the bullet points are for 4Q22 versus 3Q22, unless otherwise noted. (452) (787) 580 784 957 423 305 345 399 560 Provision for Credit Losses Net Charge-offs Net Loan Charge-off Ratio 4Q21 1Q22 2Q22 3Q22 4Q22 13,788 12,681 12,884 13,225 13,609 7,791 7,148 7,082 6,991 6,956 5,997 5,533 5,802 6,234 6,653 Commercial Consumer Allowance coverage for total loans 4Q21 1Q22 2Q22 3Q22 4Q22 0.19% 0.14% 0.17%0.15% 0.23% 1.39% 1.54% 1.37% 1.40% 1.42%


 
84Q22 Financial Results Loans and deposits • Average loans up $73.5 billion, or 8%, YoY, and up $3.1 billion from 3Q22 driven by higher credit card loans and higher residential mortgage loans • Total average loan yield of 5.13%, up 181 bps YoY and up 85 bps from 3Q22 reflecting the impact of higher interest rates • Period-end loans up $60.5 billion, or 7%, YoY, and up $10.0 billion, or 1%, from 3Q22 driven by higher commercial & industrial loans and higher credit card loans • Average deposits down $89.5 billion, or 6%, YoY, and down $27.4 billion, or 2%, from 3Q22 predominantly reflecting consumer deposit outflows • Average deposit cost of 46 bps, up 32 bps from 3Q22 driven by higher deposit costs across all operating segments in response to rising interest rates Average Loans Outstanding ($ in billions) Average Deposits and Rates ($ in billions) 875.0 898.0 926.6 945.5 948.5 495.6 516.1 537.5 551.2 552.2 379.5 381.9 389.1 394.3 396.3 Commercial Loans Consumer Loans Total Average Loan Yield 4Q21 1Q22 2Q22 3Q22 4Q22 864.4 881.3 898.6 888.1 864.6 207.7 200.7 188.3 180.2 175.4 182.1 169.2 164.9 156.8 156.2 Corporate Wealth and Investment Management Corporate and Investment Banking Commercial Banking Consumer Banking and Lending 4Q21 1Q22 2Q22 3Q22 4Q22 3.32% 3.25% 3.52% 4.28% 5.13% Average Deposit Cost 4Q21 1Q22 2Q22 3Q22 4Q22 0.02% 0.03% 0.04% 0.14% 0.46% 42.124.420.327.134.9 Period-End Loans Outstanding ($ in billions) 4Q22 vs 3Q22 vs 4Q21 Commercial $ 557.5 1 % 9 % Consumer 398.4 1 % 4 % Total loans $ 955.9 1 % 7 % 180.9 158.4 142.2 173.7185.8 1,470.0 1,464.1 1,445.8 1,407.9 1,380.5


 
94Q22 Financial Results 9,262 9,221 10,198 12,098 13,433 Net Interest Income Net Interest Margin (NIM) on a taxable-equivalent basis 4Q21 1Q22 2Q22 3Q22 4Q22 3.14% Net interest income • Net interest income up $4.2 billion, or 45%, from 4Q21 primarily due to the impact of higher interest rates, higher loan balances, and lower mortgage- backed securities (MBS) premium amortization – 4Q22 MBS premium amortization was $174 million vs. $477 million in 4Q21 and $230 million in 3Q22 • Net interest income up $1.3 billion, or 11%, from 3Q22 primarily due to the impact of higher interest rates Net Interest Income ($ in millions) 2.11% 2.16% 2.39% 2.83% 1. Includes taxable-equivalent adjustments predominantly related to tax-exempt income on certain loans and securities. 1


 
104Q22 Financial Results Noninterest expense • Noninterest expense up $3.0 billion, or 23%, from 4Q21 – Operating losses up $3.0 billion reflecting $3.3 billion primarily related to a variety of previously disclosed historical matters, including litigation, regulatory, and customer remediation matters – Other expenses of $12.7 billion were stable ◦ Personnel expense down $60 million, or 1%, primarily reflecting lower revenue-related compensation, as well as the impact of efficiency initiatives and lower expense from business divestitures, partially offset by $353 million in severance expense primarily in Home Lending ◦ Non-personnel expense up $59 million, or 1% • Noninterest expense up $1.9 billion, or 13%, from 3Q22 – Operating losses up $1.3 billion reflecting $3.3 billion primarily related to a variety of previously disclosed historical matters, including litigation, regulatory, and customer remediation matters – Other expenses of $12.7 billion, up $576 million, or 5% ◦ Personnel expense up $203 million, or 2%, and included $353 million in severance expense primarily in Home Lending, partially offset by lower revenue-related expense, as well as the impact of efficiency initiatives ◦ Non-personnel expense up $373 million driven by typically higher 4Q expense in professional and outside services, technology, telecommunications and equipment, and advertising and promotion, as well as higher travel and entertainment expense Noninterest Expense ($ in millions) 13,198 13,870 12,883 14,327 16,202 8,475 9,271 8,442 8,212 8,415 4,211 3,926 3,865 3,897 4,270 512 673 576 2,218 3,517 Operating Losses Non-personnel Expense Personnel Expense 4Q21 1Q22 2Q22 3Q22 4Q22 Headcount (Period-end, '000s) 4Q21 1Q22 2Q22 3Q22 4Q22 249 247 244 239 239 1. 4Q21 noninterest expense included approximately $100 million of operating expenses associated with our Corporate Trust Services business and Wells Fargo Asset Management, which were sold on November 1, 2021. The approximately $100 million excludes expenses attributable to transition services agreements and corporate overhead. 2. The amount for December 31, 2022, will be updated at the time of the filing of our Form 10-K in February and may change. 1 Reasonably possible losses in excess of our accrual for legal actions • Our current estimate of the high end of the range of reasonably possible losses in excess of our accrual for legal actions as of December 31, 2022, is ~$1.4 billion2, down ~$2.3 billion from the ~$3.7 billion as of September 30, 2022


 
114Q22 Financial Results Consumer Banking and Lending • Total revenue up 8% YoY and up 2% from 3Q22 – CSBB up 36% YoY driven by the impact of higher interest rates; up 6% from 3Q22 as higher net interest income was partially offset by lower deposit- related fees reflecting our efforts to help customers avoid overdraft fees – Home Lending down 57% YoY on lower mortgage banking income driven by lower originations and gain on sale margins, as well as lower revenue from the resecuritization of loans purchased from securitization pools; down 19% from 3Q22 on lower revenue from the resecuritization of loans purchased from securitization pools, as well as lower mortgage originations and gain on sale margins – Credit Card up 6% YoY on higher loan balances, including the impact of higher point of sale volume and new product launches – Auto down 12% YoY due to loan spread compression and lower loan balances – Personal Lending up 9% YoY on higher loan balances, partially offset by loan spread compression • Noninterest expense up 16% YoY and up 5% from 3Q22 as higher operating losses and severance expense of $305 million were partially offset by lower revenue-related compensation in Home Lending, as well as the impact of efficiency initiatives 1. Return on allocated capital is segment net income (loss) applicable to common stock divided by segment average allocated capital. Segment net income (loss) applicable to common stock is segment net income (loss) less allocated preferred stock dividends. 2. Efficiency ratio is segment noninterest expense divided by segment total revenue. 3. Digital and mobile active customers is the number of consumer and small business customers who have logged on via a digital or mobile device, respectively, in the prior 90 days. Summary Financials $ in millions (mm) 4Q22 vs. 3Q22 vs. 4Q21 Revenue by line of business: Consumer and Small Business Banking (CSBB) $6,608 $376 1,736 Consumer Lending: Home Lending 786 (187) (1,057) Credit Card 1,353 4 82 Auto 413 (10) (57) Personal Lending 303 3 26 Total revenue 9,463 186 730 Provision for credit losses 936 19 810 Noninterest expense 7,088 330 962 Pre-tax income 1,439 (163) (1,042) Net income $1,077 ($124) (785) Selected Metrics 4Q22 3Q22 4Q21 Return on allocated capital1 8.3 % 9.4 14.8 Efficiency ratio2 75 73 70 Retail bank branches # 4,598 4,612 4,777 Digital (online and mobile) active customers3 (mm) 33.5 33.6 33.0 Mobile active customers3 (mm) 28.3 28.3 27.3 Average Balances and Selected Credit Metrics $ in billions 4Q22 3Q22 4Q21 Balances Loans $338.0 335.6 325.4 Deposits 864.6 888.0 864.4 Credit Performance Net charge-offs as a % of average loans 0.62 % 0.51 0.50


 
124Q22 Financial Results Consumer Banking and Lending Mortgage Loan Originations ($ in billions) Auto Loan Originations ($ in billions) Credit Card POS Volume ($ in billions) Debit Card Point of Sale (POS) Volume and Transactions1 1. Debit card purchase volume and transactions reflect combined activity for both consumer and business debit card purchases. 48.1 37.9 34.1 21.5 14.632.8 24.1 19.6 12.4 8.2 15.3 13.8 14.5 9.1 6.4 Retail Correspondent Refinances as a % of Originations 4Q21 1Q22 2Q22 3Q22 4Q22 122.4 115.0 125.2 122.4 124.0 POS Volume ($ in billions) POS Transactions (billions) 4Q21 1Q22 2Q22 3Q22 4Q22 9.4 7.3 5.4 5.4 5.0 4Q21 1Q22 2Q22 3Q22 4Q22 27.5 26.0 30.1 30.7 32.3 4Q21 1Q22 2Q22 3Q22 4Q22 2.5 2.3 2.5 2.5 2.5 59% 56% 28% 16% 13%


 
134Q22 Financial Results Commercial Banking • Total revenue up 38% YoY and up 7% from 3Q22 – Middle Market Banking revenue up 78% YoY primarily due to the impact of higher interest rates and higher loan balances, partially offset by lower deposit balances and lower deposit-related fees driven by the impact of higher earnings credit rates (ECRs), which result in lower fees for commercial customers; up 16% from 3Q22 due to the impact of higher interest rates and higher loan balances, partially offset by higher ECRs and lower deposit balances – Asset-Based Lending and Leasing revenue down 4% YoY and down 7% from 3Q22 driven by lower net gains from equity securities, partially offset by loan growth • Noninterest expense up 9% YoY primarily due to higher personnel expense and operating losses, partially offset by the impact of efficiency initiatives Summary Financials $ in millions 4Q22 vs. 3Q22 vs. 4Q21 Revenue by line of business: Middle Market Banking $2,076 $283 909 Asset-Based Lending and Leasing 1,073 (86) (44) Total revenue 3,149 197 865 Provision for credit losses (43) 125 341 Noninterest expense 1,523 (3) 130 Pre-tax income 1,669 75 394 Net income $1,238 $56 284 Selected Metrics 4Q22 3Q22 4Q21 Return on allocated capital 24.2 % 23.1 18.5 Efficiency ratio 48 52 61 Average loans by line of business ($ in billions) Middle Market Banking $119.7 117.0 103.6 Asset-Based Lending and Leasing 98.7 92.0 81.0 Total loans $218.4 209.0 184.6 Average deposits 175.4 180.2 207.7


 
144Q22 Financial Results Corporate and Investment Banking • Total revenue up 18% YoY and up 2% from 3Q22 – Banking revenue up 22% YoY driven by stronger treasury management results due to the impact of higher interest rates and higher lending revenue on higher loan balances, partially offset by lower investment banking fees reflecting lower market activity; up 4% from 3Q22 predominantly driven by stronger treasury management results reflecting higher interest rates, partially offset by lower investment banking fees – Commercial Real Estate revenue up 16% YoY driven by higher loan balances and the impact of higher interest rates; up 5% from 3Q22 predominantly driven by stronger lending results and treasury management results, partially offset by lower commercial mortgage-backed securities gain on sale margins and volumes – Markets revenue up 17% YoY driven by higher trading revenue in equities, rates and commodities, foreign exchange, and municipal products; down 5% from 3Q22 reflecting lower equities and credit products trading revenue, partially offset by higher trading revenue in municipal products • Noninterest expense up 4% YoY driven by higher operating costs and salaries expense, partially offset by the impact of efficiency initiatives; down 3% from 3Q22 on lower personnel expense and lower operating costs Summary Financials $ in millions 4Q22 vs. 3Q22 vs. 4Q21 Revenue by line of business: Banking: Lending $593 $13 74 Treasury Management and Payments 738 68 365 Investment Banking 317 (19) (147) Total Banking 1,648 62 292 Commercial Real Estate 1,267 55 172 Markets: Fixed Income, Currencies and Commodities (FICC) 935 21 141 Equities 279 (37) 74 Credit Adjustment (CVA/DVA) and Other (35) (52) (48) Total Markets 1,179 (68) 167 Other 45 30 (4) Total revenue 4,139 79 627 Provision for credit losses 41 9 235 Noninterest expense 1,837 (63) 72 Pre-tax income 2,261 133 320 Net income $1,692 $100 238 Selected Metrics 4Q22 3Q22 4Q21 Return on allocated capital 17.7 % 16.6 16.0 Efficiency ratio 44 47 50 Average Balances ($ in billions) Loans by line of business 4Q22 3Q22 4Q21 Banking $104.2 109.9 101.6 Commercial Real Estate 137.7 137.6 116.6 Markets 56.4 58.7 53.8 Total loans $298.3 306.2 272.0 Deposits 156.2 156.8 182.1 Trading-related assets 189.2 184.5 195.9


 
154Q22 Financial Results Wealth and Investment Management Summary Financials $ in millions 4Q22 vs. 3Q22 vs. 4Q21 Net interest income $1,124 $36 458 Noninterest income 2,571 (6) (411) Total revenue 3,695 30 47 Provision for credit losses 11 3 14 Noninterest expense 2,731 (65) (167) Pre-tax income 953 92 200 Net income $715 $76 151 Selected Metrics ($ in billions, unless otherwise noted) 4Q22 3Q22 4Q21 Return on allocated capital 31.9 % 28.4 25.0 Efficiency ratio 74 76 79 Average loans $84.8 85.5 84.0 Average deposits 142.2 158.4 180.9 Client assets Advisory assets 797 756 964 Other brokerage assets and deposits 1,064 1,003 1,219 Total client assets $1,861 1,759 2,183 Annualized revenue per advisor ($ in thousands)1 1,230 1,212 1,171 Total financial and wealth advisors 12,027 12,011 12,367 1. Represents annualized segment total revenue divided by average total financial and wealth advisors for the period. • Total revenue up 1% YoY and up 1% from 3Q22 – Net interest income up 69% YoY and up 3% from 3Q22 driven by the impact of higher interest rates, partially offset by lower deposit balances as customers continued to reallocate cash into higher yielding alternatives – Noninterest income down 14% YoY on lower asset-based fees driven by a decrease in market valuations • Noninterest expense down 6% YoY and down 2% from 3Q22 reflecting lower revenue-related compensation and the impact of efficiency initiatives


 
164Q22 Financial Results Corporate • Net interest income up YoY due to the impact of higher interest rates – Business divestitures in 2021 accounted for $27 million of net interest income in 4Q21 • Noninterest income down YoY due to lower results in our affiliated venture capital and private equity businesses, including $1.0 billion of impairments of equity securities in 4Q22 driven by market conditions, and net gains in 4Q21 from the sales of our Corporate Trust Services business and Wells Fargo Asset Management, partially offset by the impairment of certain leased rail cars in 4Q21 – Business divestitures in 2021 accounted for $1.1 billion of noninterest income in 4Q21, including a $674 million net gain on the sale of our Corporate Trust Services business and a $269 million net gain on the sale of Wells Fargo Asset Management • Noninterest expense up YoY due to higher operating losses, partially offset by the impact of business divestitures – Business divestitures in 2021 accounted for ~$186 million of noninterest expense in 4Q21 Summary Financials $ in millions 4Q22 vs. 3Q22 vs. 4Q21 Net interest income $78 $326 498 Noninterest income (367) (651) (3,907) Total revenue (289) (325) (3,409) Provision for credit losses 12 17 9 Noninterest expense 3,023 1,676 2,007 Pre-tax income (3,324) (2,018) (5,425) Income tax expense (benefit) (1,227) (1,038) (1,765) Less: Net income from noncontrolling interests (239) (208) (886) Net loss ($1,858) ($772) (2,774)


 
174Q22 Financial Results $45.0 GAAP Full Year 2022 Rates/Repricing Balance Sheet/Mix CIB Markets NII Full Year 2023 2023 net interest income considerations 2023 Net Interest Income Considerations • 2023 net interest income could potentially be ~ 10% higher than the full year 2022 level of $45.0 billion – Based on recent implied forward rates – Balance sheet/mix expectations driven by deposit run-off and mix shift, partially offset by modest loan growth – Expected decline in CIB Markets net interest income due to higher funding costs, partially offset by an increase in net trading gains in noninterest income – Expectations assume the asset cap will remain in place for 2023 • Net interest income performance will ultimately be determined by a variety of factors, many of which are uncertain, including the absolute level of rates and the shape of the yield curve; deposit balances, mix and pricing; and loan demand Potential for a ~10% increase ($ in billions) Forward Rate Curve as of 1/9/23 Average rates 1Q23 2Q23 3Q23 4Q23 Fed Funds 4.72 % 5.06 5.05 4.80 10-year Treasury 3.52 3.50 3.48 3.47


 
184Q22 Financial Results 1.7 0.5 Identified efficiency initiatives Incremental Investments Other $57.3 $50.3 1.0 $50.2 2022 Expense 2022 Expense (excluding operating losses) 2023 Outlook (excluding operating losses) 2023 Expense Expectations (Excluding Operating Losses) 2023 expense expectations Building the right risk and control infrastructure to strengthen our Company remains our top priority • 2023 expense expectations (excluding operating losses) – Merit increases including inflationary pressures; FDIC expense increase from higher FDIC surcharge (~+$250 million) – Lower revenue-related expense driven primarily by decreases in Home Lending; Wealth and Investment Management revenue-related expense assumed flat at current market levels – Incremental investments primarily related to personnel investments (largely in Technology, Corporate & Investment Banking, and Commercial Banking) and higher marketing spend in Consumer Banking and Lending • Efficiency initiatives – Delivered on commitment of ~$7.5 billion of gross expense saves in 2021-2022 – 2023 opportunities include: ◦ Consumer Banking – branch footprint and staffing ◦ Technology driven efficiencies – streamline operations and increase automation ◦ Consumer Lending – optimization of Home Lending ◦ Real estate – incremental ~5% reduction in office real estate ◦ Focus on third party spending – Continue to see more opportunities past 2023 • Operating losses (not included in 2023 outlook) – Currently anticipate ~$1.3 billion of ongoing business-related operating losses in 2023, such as fraud, theft and other business as usual losses – As previously disclosed, we have outstanding litigation, regulatory, and customer remediation matters that could impact operating losses 2022 Operating Losses ($ in billions) Expected net expense reduction details Expected merit increases, FDIC expense Expected net expense reduction Expected revenue- related expense ~ (7.0) (0.1) (1.0) $(3.2)


 
194Q22 Financial Results Investing to support our customers • Targeted Investment Banking coverage and product hires • Focused buildout of coverage in under penetrated markets in Commercial Banking • Attract experienced Financial Advisors and enhance the comprehensive tools they use to support customers Areas of focus for 2023 investments Improving payments products which are at the heart of our customers’ daily financial activities • Credit card -- including new products and service enhancements and additional marketing, e.g., latest launch of AutographSM • Digital lending experiences such as Flex Loan • Global treasury services for commercial clients • Digital and real-time payment capabilities Payments ProductsRisk and Controls Digital Operations and BranchesClient Coverage Technology Continuing to transform our tech platforms • Allowing customers and clients to experience the bank as one company by a streamlined banking platform • Moving more applications to public/private cloud to increase scalability and improve speed to market • Consolidation of our data center footprint • Continued investment in cybersecurity Continuing to build the right risk and control infrastructure to strengthen our Company remains our top priority • Continued upgrading of our risk management infrastructure and remediating legacy regulatory issues Building experiences for customers that are streamlined, intuitive and transparent • For consumers, improvements such as: – Further enhancements to Wells Fargo Mobile® app – Fargo, a financial digital assistant – LifeSync, a comprehensive advice platform – Intuitive Investor®, automated investment platform • For commercial clients, additional enhancements to Wells Fargo Vantage℠ Automating and upgrading our physical presence and operations processes to drive efficiency and better customer service • Operations improvements include contact center upgrades, automated fraud detection and claims handling • Renovation of existing branch footprint to help improve customer experience • Optimize ATM technology and footprint • Strengthen marketing capabilities to drive new account acquisition for consumer customers


 
204Q22 Financial Results 8% 8% 9% 4Q22 ROTCE 4Q22 Adjusted ROTCE 4Q22 Return on tangible common equity (ROTCE)1 ~16% 8% • 4Q22 ROE of 6%; 4Q22 ROTCE of 8%1 • 4Q22 adjusted ROTCE4 excluded the following notable items3: – $3.3 billion of operating losses related to litigation, regulatory, and customer remediation matters – Elevated impairments of equity securities, severance and discrete tax benefits • Other factors to consider: – Net interest income was higher than our long-term expectations due to interest rates, funding balances, mix, and pricing – Net loan charge-off levels were below our long-term expectations • As a result, we believe we have additional work to do to achieve our medium-term ROTCE goal on a sustainable basis 4Q22 ROTCE2 ~ 1. Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 23. 2. Numbers in the chart do not add to the total due to rounding. 3. 4Q22 notable items included $3.3 billion of operating losses related to litigation, regulatory, and customer remediation matters; $1.0 billion of impairments of equity securities; $353 million of severance expense; and $510 million of discrete tax benefits. For additional information on notable items, see pages 4 and 24. 4. Adjusted return on average tangible common equity is a non-GAAP financial measure. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 23-24. Excluded 4Q22 notable items 3 As reported 4


 
214Q22 Financial Results ~ • Clear, achievable path to a sustainable ~15% ROTCE in the medium-term; requires: – Capital optimization and continued progress on efficiency initiatives ◦ Capital return and redeploying capital to higher returning products and businesses ◦ Improving the efficiency ratios of our operating segments and underlying businesses – Returns on growth-related investments ◦ Investments include: • Credit card • Improving segmentation of our customer base including a focus on the affluent strategy • Increase deposit and lending penetration in Wealth and Investment Management • Investment Banking • On our 4Q20 earnings call we laid out a path to higher returns; ROTCE in 4Q20 was 8%1 • We executed on our efficiency initiatives outlined on our 4Q20 earnings call – Delivered ~$7.5 billion of gross expense saves – Reduced headcount by nearly 30,000, or 11% • We executed on our capital return outlined on our 4Q20 earnings call – Returned $16 billion in net common stock repurchases – Increased our common stock dividend from $0.10 per share to $0.30 per share Progress since 4Q20 Path to medium-term ROTCE Longer-term ROTCE Our top priority remains continuing to build a risk and control infrastructure appropriate for the size and complexity of Wells Fargo • Continued execution on running the company in a more controlled and disciplined manner • Our goal is for our four operating segments to produce returns comparable to our best peers Note: Path to higher returns represents a hypothetical scenario. 1. Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 23. Path to higher returns


 
Appendix


 
234Q22 Financial Results Tangible Common Equity Wells Fargo & Company and Subsidiaries TANGIBLE COMMON EQUITY We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than MSRs) and goodwill and other intangibles on investments in consolidated portfolio companies, net of applicable deferred taxes. One of these ratios is return on average tangible common equity (ROTCE), which represents our annualized earnings as a percentage of tangible common equity. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity, which utilizes tangible common equity, is a useful financial measure because it enables management, investors, and others to assess the Company’s use of equity. The table below provides a reconciliation of this non-GAAP financial measure to GAAP financial measures. Quarter ended Year ended (in millions, except ratios) Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2022 Dec 31, 2021 Return on average tangible common equity: Net income applicable to common stock (A) $ 2,585 3,250 2,839 3,393 5,470 2,741 $ 12,067 20,256 Average total equity 182,549 183,037 181,016 186,337 190,744 185,444 183,224 191,219 Adjustments: Preferred stock1 (19,553) (20,057) (20,057) (20,057) (20,267) (21,223) (19,930) (21,151) Additional paid-in capital on preferred stock1 166 135 135 134 120 156 143 137 Unearned ESOP shares1 112 646 646 646 872 875 512 874 Noncontrolling interests (2,185) (2,258) (2,386) (2,468) (2,119) (887) (2,323) (1,601) Average common stockholders’ equity (B) 161,089 161,503 159,354 164,592 169,350 164,365 161,626 169,478 Adjustments: Goodwill (25,173) (25,177) (25,179) (25,180) (25,569) (26,390) (25,177) (26,087) Certain identifiable intangible assets (other than MSRs) (160) (181) (200) (218) (246) (354) (190) (294) Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (2,378) (2,359) (2,304) (2,395) (2,309) (1,889) (2,359) (2,226) Applicable deferred taxes related to goodwill and other intangible assets2 890 886 877 803 848 852 864 867 Average tangible common equity (C) $ 134,268 134,672 132,548 137,602 142,074 136,584 $ 134,764 141,738 Return on average common stockholders’ equity (ROE) (annualized) (A)/(B) 6.4 % 8.0 7.1 8.4 12.8 6.6 7.5 % 12.0 Return on average tangible common equity (ROTCE) (annualized) (A)/(C) 7.6 9.6 8.6 10.0 15.3 8.0 9.0 14.3 1. In fourth quarter 2022, we redeemed all outstanding shares of our ESOP Cumulative Convertible Preferred Stock in exchange for shares of the Company’s common stock. 2. Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.


 
244Q22 Financial Results Tangible Common Equity, continued Wells Fargo & Company and Subsidiaries TANGIBLE COMMON EQUITY In fourth quarter 2022, we adjusted ROTCE to consider notable items that occurred in the quarter. Management believes that adjusted ROTCE is a useful financial measure because it enables management, investors, and others to assess the Company’s use of equity considering notable items that occurred in fourth quarter 2022. The table below provides a reconciliation of this non-GAAP financial measure to GAAP financial measures. Quarter ended (in millions, except ratios) Dec 31, 2022 Return on average tangible common equity: Net income applicable to common stock (A) $ 2,585 Adjustments for notable items: Operating losses related to litigation, regulatory, and customer remediation matters 3,287 Impairments of equity securities, net of noncontrolling interests 749 Severance expense 353 Discrete tax benefits (510) Applicable tax effect related to notable items1 (892) Adjusted net income applicable to common stock (B) 5,572 Average total equity 182,549 Adjustments: Preferred stock2 (19,553) Additional paid-in capital on preferred stock2 166 Unearned ESOP shares2 112 Noncontrolling interests (2,185) Average common stockholders’ equity (C) 161,089 Adjustments: Goodwill (25,173) Certain identifiable intangible assets (other than MSRs) (160) Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (2,378) Applicable deferred taxes related to goodwill and other intangible assets3 890 Average tangible common equity (D) $ 134,268 Return on average common stockholders’ equity (ROE) (annualized) (A)/(C) 6.4 % Return on average tangible common equity (ROTCE) (annualized) (A)/(D) 7.6 Adjusted return on average tangible common equity (adjusted ROTCE) (annualized) (B)/(D) 16.5 1. Determined by applying the combined federal statutory rate and composite state income tax rates to notable items in fourth quarter 2022. 2. In fourth quarter 2022, we redeemed all outstanding shares of our ESOP Cumulative Convertible Preferred Stock in exchange for shares of the Company’s common stock. 3. Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.


 
254Q22 Financial Results 1. The Basel III capital rules provide for two capital frameworks (the Standardized Approach and the Advanced Approach applicable to certain institutions), and we must calculate our CET1, Tier 1 and total capital ratios under both approaches. 2. In fourth quarter 2022, we redeemed all outstanding shares of our ESOP Cumulative Convertible Preferred Stock in exchange for shares of the Company’s common stock. 3. Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end. 4. In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out period in which the benefit is reduced by 25% in year one, 50% in year two and 75% in year three. Common Equity Tier 1 under Basel III Wells Fargo & Company and Subsidiaries RISK-BASED CAPITAL RATIOS UNDER BASEL III1 Estimated (in billions, except ratio) Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Total equity $ 181.9 178.4 179.8 181.7 190.1 Adjustments: Preferred stock2 (19.4) (20.1) (20.1) (20.1) (20.1) Additional paid-in capital on preferred stock2 0.1 0.1 0.2 0.1 0.1 Unearned ESOP shares2 — 0.7 0.7 0.7 0.7 Noncontrolling interests (2.0) (2.2) (2.3) (2.4) (2.5) Total common stockholders' equity 160.6 156.9 158.3 160.0 168.3 Adjustments: Goodwill (25.2) (25.2) (25.2) (25.2) (25.2) Certain identifiable intangible assets (other than MSRs) (0.2) (0.2) (0.2) (0.2) (0.2) Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (2.4) (2.4) (2.3) (2.3) (2.4) Applicable deferred taxes related to goodwill and other intangible assets3 0.9 0.9 0.9 0.9 0.8 Current expected credit loss (CECL) transition provision4 0.2 0.2 0.2 0.2 0.2 Other (0.4) (0.4) (1.6) (1.1) (0.9) Common Equity Tier 1 (A) $ 133.5 129.8 130.1 132.3 140.6 Total risk-weighted assets (RWAs) under Standardized Approach (B) 1,259.7 1,255.6 1,253.6 1,265.5 1,239.0 Total RWAs under Advanced Approach (C) 1,112.2 1,104.1 1,121.6 1,119.5 1,116.1 Common Equity Tier 1 to total RWAs under Standardized Approach (A)/(B) 10.6 % 10.3 10.4 10.5 11.4 Common Equity Tier 1 to total RWAs under Advanced Approach (A)/(C) 12.0 11.8 11.6 11.8 12.6


 
264Q22 Financial Results Disclaimer and forward-looking statements Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Annual Report on Form 10-K for the year ended December 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. This document contains forward-looking statements. In addition, we may make forward-looking statements in our other documents filed or furnished with the Securities and Exchange Commission, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company, including our outlook for future growth; (ii) our noninterest expense and efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses, our allowance for credit losses, and the economic scenarios considered to develop the allowance; (iv) our expectations regarding net interest income and net interest margin; (v) loan growth or the reduction or mitigation of risk in our loan portfolios; (vi) future capital or liquidity levels, ratios or targets; (vii) the performance of our mortgage business and any related exposures; (viii) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (ix) future common stock dividends, common share repurchases and other uses of capital; (x) our targeted range for return on assets, return on equity, and return on tangible common equity; (xi) expectations regarding our effective income tax rate; (xii) the outcome of contingencies, such as legal proceedings; (xiii) environmental, social and governance related goals or commitments; and (xiv) the Company’s plans, objectives and strategies. Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Investors are urged to not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward- looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For more information about factors that could cause actual results to differ materially from expectations, refer to the “Forward-Looking Statements” discussion in Wells Fargo’s press release announcing our fourth quarter 2022 results and in our most recent Quarterly Report on Form 10-Q, as well as to Wells Fargo’s other reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021.