Attachment: 8-K

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Exhibit 99.1

News Release | October 15, 2019

Wells Fargo Reports Third Quarter 2019 Net Income of $4.6 Billion

Diluted EPS of $0.92 included the impact of a discrete litigation accrual of $(0.35) per share and a gain on the sale of our Institutional Retirement and Trust business of $0.20 per share

▪	Financial results:

◦	Net income of $4.6 billion, compared with $6.0 billion in third quarter 2018

◦	Diluted earnings per share (EPS) of $0.92, compared with $1.13

•	Third quarter 2019 included a $1.6 billion, or $(0.35) per share, discrete litigation accrual (not tax-deductible) for previously disclosed retail sales practices matters, and a $1.1 billion, or $0.20 per share, gain from the previously announced sale of our Institutional Retirement and Trust (IRT) business

◦	Revenue of $22.0 billion, up from $21.9 billion

•	Net interest income of $11.6 billion, down $947 million

•	Noninterest income of $10.4 billion, up $1.0 billion

◦	Noninterest expense of $15.2 billion, up $1.4 billion

◦	Average deposits of $1.3 trillion, up $25.0 billion

◦	Average loans of $949.8 billion, up $10.3 billion

▪	Credit quality:

◦	Provision expense of $695 million, up $115 million from third quarter 2018

•	Net charge-offs of $645 million, down $35 million

▪	Net charge-offs of 0.27% of average loans (annualized), down from 0.29%

•	Reserve build1 of $50 million, compared with a $100 million reserve release1 in third quarter 2018

◦	Nonaccrual loans of $5.5 billion, down $1.2 billion, or 17%

▪	Strong capital position while returning more capital to shareholders:

◦	Common Equity Tier 1 ratio (fully phased-in) of 11.6%2

◦	Returned $9.0 billion to shareholders through common stock dividends and net share repurchases, up 2% from $8.9 billion in third quarter 2018

•	Quarterly common stock dividend of $0.51 per share, up 19% from $0.43 per share

•	Period-end common shares outstanding down 442.4 million shares, or 9%

•	Third quarter 2019 included the partial redemption of our Series K Preferred Stock, which reduced diluted EPS by $0.05 per share, while third quarter 2018 included the redemption of our Series J Preferred Stock, which reduced diluted EPS by $0.03 per share

Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, 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.

¹ Reserve build represents the amount by which the provision for credit losses exceeds net charge-offs, while reserve release represents the amount by which net charge-offs exceed the provision for credit losses.

² See table on page 37 for more information on Common Equity Tier 1. Common Equity Tier 1 (fully phased-in) is a preliminary estimate and is calculated assuming the full phase-in of the Basel III capital rules.

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Selected Financial Information

					Quarter ended
	Sep 30, 2019				Jun 30, 2019			Sep 30, 2018
Earnings
Diluted earnings per common share	$	0.92			1.30			1.13
Wells Fargo net income (in billions)	4.61				6.21			6.01
Return on assets (ROA)	0.95		%		1.31			1.27
Return on equity (ROE)	9.00				13.26			12.04
Return on average tangible common equity (ROTCE) (a)	10.70				15.78			14.33
Asset Quality
Net charge-offs (annualized) as a % of average total loans	0.27		%		0.28			0.29
Allowance for credit losses as a % of total loans	1.11				1.12			1.16
Allowance for credit losses as a % of annualized net charge-offs	415				405			406
Other
Revenue (in billions)	$	22.0			21.6			21.9
Efficiency ratio (b)	69.1		%		62.3			62.7
Average loans (in billions)	$	949.8			947.5			939.5
Average deposits (in billions)	1,291.4				1,269.0			1,266.4
Net interest margin	2.66		%		2.82			2.94

(a)

Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, and goodwill and certain identifiable intangible assets (including goodwill and intangible assets associated with certain of our nonmarketable equity securities but excluding mortgage servicing rights), net of applicable deferred taxes. 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 investors and others to assess the Company's use of equity. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on page 36.

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

SAN FRANCISCO – October 15, 2019 – Wells Fargo & Company (NYSE:WFC) reported net income of $4.6 billion, or $0.92 per diluted common share, for third quarter 2019, compared with $6.0 billion, or $1.13 per share, for third quarter 2018, and $6.2 billion, or $1.30 per share, for second quarter 2019.

Interim Chief Executive Officer Allen Parker said, “We continued to make progress on our top priorities during the third quarter, and we're all looking forward to Charlie Scharf's joining Wells Fargo on October 21 as the company’s Chief Executive Officer and President. It’s been an honor for me to serve as the interim Chief Executive Officer over the past six months, and I want to thank both our management team and all our team members for their hard work during this period of transition. Our continued efforts to transform Wells Fargo and our unwavering commitment to serve our customers resulted during the third quarter in higher branch customer experience survey scores, growth in primary consumer checking customers, and increased loan and deposit balances. We have more work ahead, but I’m confident that our focused efforts and the fundamental strengths of Wells Fargo will continue to enable us to achieve success.”

Chief Financial Officer John Shrewsberry said, “Wells Fargo reported $4.6 billion of net income in the third quarter and diluted earnings per share of $0.92, which included the impact of a $1.6 billion, or $(0.35) per share, discrete litigation accrual for previously disclosed retail sales practices matters, as well as a $1.1 billion, or $0.20 per share, gain from the sale of our Institutional Retirement and Trust business. Business fundamentals were strong as both loans and deposits grew from the second quarter and from a year ago. Our net charge-off rate remained near historic lows, and we had strong capital returns, including increasing our quarterly common stock dividend by 19% and reducing our common shares outstanding by 9% compared with a year ago, while maintaining a strong capital position.”

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Net Interest Income

Net interest income in the third quarter was $11.6 billion, down $470 million from second quarter 2019, primarily due to balance sheet repricing driven by the impact of the lower interest rate environment, as well as higher mortgage-backed securities (MBS) premium amortization, partially offset by the benefit of one additional day in the quarter and favorable balance sheet growth and mix.

The net interest margin was 2.66%, down 16 basis points from the prior quarter primarily due to balance sheet repricing driven by the impact of the lower interest rate environment, as well as higher MBS premium amortization.

Noninterest Income

Noninterest income in the third quarter was $10.4 billion, up $896 million from second quarter 2019. Third quarter noninterest income included higher other income and market sensitive revenue³, partially offset by lower mortgage banking income.

•	Trust and investment fees were $3.6 billion, flat compared with second quarter 2019. Higher asset-based fees in retail brokerage advisory and asset management, reflecting higher market valuations, and higher investment banking income on increased advisory fees, were offset by lower trust and investment management fees due to the sale of our IRT business on July 1, 2019.

•

Mortgage banking income was $466 million, down from $758 million in second quarter 2019. Net mortgage servicing income was a loss of $142 million, down from a gain of $277 million in the second quarter, driven by the impact of higher prepayment rate estimates on the valuation of our residential mortgage servicing rights asset. Net gains on mortgage loan originations and sales activities were $608 million, up from $481 million in the second quarter. Residential held-for-sale mortgage loan originations increased in the third quarter to $38 billion from $33 billion in the second quarter, primarily due to lower mortgage loan interest rates. The production margin on residential held-for-sale mortgage loan originations4 increased to 1.21% from 0.98% in the second quarter.

•

Market sensitive revenue3 was $1.2 billion, up from $871 million in second quarter 2019, predominantly due to higher net gains from equity securities, driven by gains from our affiliated venture capital and private equity partnerships, partially offset by a $91 million decrease in deferred compensation plan investment results in the third quarter (largely offset by lower employee benefits expense).

•	Other income was $1.5 billion and included a $1.1 billion gain from the previously announced sale of our IRT business and $302 million of gains from the sales of $510 million of Pick-a-Pay purchased credit-impaired (PCI) and other PCI residential mortgage loans.

Noninterest Expense

Noninterest expense in the third quarter was $15.2 billion, up $1.8 billion from the prior quarter. Third quarter expenses included operating losses of $1.9 billion, predominantly reflecting litigation accruals for a variety of matters, including a $1.6 billion discrete litigation accrual (not tax-deductible) for previously disclosed retail sales practices matters. Additionally, salaries, and commissions and incentive compensation expense increased in the third

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

⁴ Production margin represents net gains on residential mortgage loan origination/sales activities divided by total residential held-for-sale mortgage originations. See the “Selected Five Quarter Residential Mortgage Production Data” table on page 42 for more information.

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quarter. These increases were partially offset by lower employee benefits expense driven by a $109 million decrease in deferred compensation expense (largely offset by lower net gains from equity securities). The efficiency ratio was 69.1% in third quarter 2019, compared with 62.3% in the second quarter.

Income Taxes

The Company’s effective income tax rate was 22.1% for third quarter 2019 and included net discrete income tax expense of $443 million predominantly related to the non-tax deductible treatment of a $1.6 billion discrete litigation accrual. The effective income tax rate in second quarter 2019 was 17.3%. The Company currently expects the effective income tax rate in fourth quarter 2019 to be approximately 17.5%, excluding the impact of any unanticipated discrete items.

Loans

Average loans were $949.8 billion in the third quarter, up $2.3 billion from the second quarter. Period-end loan balances were $954.9 billion at September 30, 2019, up $5.0 billion from June 30, 2019. Commercial loans were flat compared with June 30, 2019. Consumer loans increased $5.0 billion from the prior quarter, reflecting the following:

•	Real estate 1-4 family first mortgage loans increased $4.2 billion, as $19.3 billion of held-for-investment mortgage loan originations and the purchase of $1.0 billion of loans as a result of exercising servicer cleanup calls to terminate over 20 pre-2008 securitizations were partially offset by paydowns, as well as the sale of $510 million of PCI loans

•	Real estate 1-4 family junior lien mortgage loans decreased $1.2 billion, as paydowns continued to exceed originations

•	Credit card loans increased $809 million, primarily due to seasonality

•	Automobile loans increased $1.1 billion, driven by $6.9 billion of originations, which were up 9% from the prior quarter

Period-End Loan Balances

(in millions)	Sep 30, 2019				Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
Commercial	$	512,332			512,245			512,226			513,405			501,886
Consumer	442,583				437,633			436,023			439,705			440,414
Total loans	$	954,915			949,878			948,249			953,110			942,300
Change from prior quarter	$	5,037			1,629			(4,861	)		10,810			(1,965	)

Debt and Equity Securities

Debt securities include available-for-sale and held-to-maturity debt securities, as well as debt securities held for trading. Period-end debt securities were $503.5 billion at September 30, 2019, up $21.5 billion from the second quarter. Debt securities available-for-sale and held-to-maturity increased $12.6 billion as purchases of approximately $29.6 billion, predominantly federal agency MBS in the available-for-sale portfolio, were partially offset by runoff and sales. Debt securities held for trading increased $8.9 billion predominantly due to a higher inventory of U.S. Treasuries.

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Net unrealized gains on available-for-sale debt securities were $3.1 billion at September 30, 2019, compared with $2.5 billion at June 30, 2019, primarily due to lower long-term interest rates in the third quarter, partially offset by wider credit spreads.

Equity securities include marketable and non-marketable equity securities, as well as equity securities held for trading. Period-end equity securities were $63.9 billion at September 30, 2019, up $2.3 billion from the second quarter.

Deposits

Total average deposits for third quarter 2019 were $1.3 trillion, up $22.4 billion from the prior quarter primarily due to higher commercial deposits, as well as higher retail banking deposits reflecting continued promotional rates and offers. The average deposit cost for third quarter 2019 was 71 basis points, up 1 basis point from the prior quarter and 24 basis points from a year ago.

Capital

The Company's Common Equity Tier 1 ratio (fully phased-in) was 11.6%² and continued to exceed both the regulatory minimum of 9% and our current internal target of 10%. In third quarter 2019, the Company repurchased 159.1 million shares of its common stock, which, net of issuances, reduced period-end common shares outstanding by 150.4 million. The Company paid a quarterly common stock dividend of $0.51 per share.

The Company redeemed 1,550,000 shares of its Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series K, on September 16, 2019, which reduced diluted earnings per common share in third quarter 2019 by $0.05 per share as a result of eliminating the purchase accounting discount recorded on these shares at the time of the Wachovia acquisition. Following the partial redemption, 1,802,000 shares of the Series K Preferred Stock remain outstanding.

As of September 30, 2019, our eligible external total loss absorbing capacity (TLAC) as a percentage of total risk-weighted assets was 23.3%⁵, compared with the required minimum of 22.0%.

⁵ The TLAC ratio is a preliminary estimate.

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Credit Quality

Net Loan Charge-offs

The quarterly loss rate in the third quarter was 0.27% (annualized), down from 0.28% in the prior quarter and from 0.29% a year ago. Commercial and consumer losses were 0.11% and 0.46%, respectively. Total credit losses were $645 million in third quarter 2019, down $8 million from second quarter 2019. Commercial losses decreased $26 million primarily driven by higher recoveries, while consumer losses increased $18 million primarily due to lower recoveries.

Net Loan Charge-Offs

	Quarter ended
	September 30, 2019							June 30, 2019							September 30, 2018
($ in millions)	Net loan  charge-  offs				As a % of  average  loans (a)			Net loan  charge-  offs				As a % of  average  loans (a)			Net loan  charge-  offs				As a % of  average  loans (a)
Commercial:
Commercial and industrial	$	147			0.17	%		$	159			0.18	%		$	148			0.18	%
Real estate mortgage	(8		)		(0.02	)		4				0.01			(1		)		—
Real estate construction	(8		)		(0.14	)		(2		)		(0.04	)		(2		)		(0.04	)
Lease financing	8				0.17			4				0.09			7				0.14
Total commercial	139				0.11			165				0.13			152				0.12
Consumer:
Real estate 1-4 family first mortgage	(5		)		(0.01	)		(30		)		(0.04	)		(25		)		(0.04	)
Real estate 1-4 family junior lien mortgage	(22		)		(0.28	)		(19		)		(0.24	)		(9		)		(0.10	)
Credit card	319				3.22			349				3.68			299				3.22
Automobile	76				0.65			52				0.46			130				1.10
Other revolving credit and installment	138				1.60			136				1.56			133				1.44
Total consumer	506				0.46			488				0.45			528				0.47
Total	$	645			0.27	%		$	653			0.28	%		$	680			0.29	%

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

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Nonperforming Assets

Nonperforming assets decreased $317 million, or 5%, from second quarter 2019 to $6.0 billion. Nonaccrual loans decreased $377 million from second quarter 2019 to $5.5 billion. Commercial nonaccrual loans decreased $158 million predominantly driven by the commercial and industrial, and the real estate mortgage portfolios. Consumer nonaccrual loans decreased $219 million largely driven by lower nonaccruals in the real estate 1-4 family first mortgage portfolio.

Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)

	September 30, 2019							June 30, 2019							September 30, 2018
($ in millions)	Total  balances				As a % of  total  loans			Total balances				As a  % of  total  loans			Total  balances				As a  % of  total  loans
Commercial:
Commercial and industrial	$	1,539			0.44	%		$	1,634			0.47	%		$	1,555			0.46	%
Real estate mortgage	669				0.55			737				0.60			603				0.50
Real estate construction	32				0.16			36				0.17			44				0.19
Lease financing	72				0.37			63				0.33			96				0.49
Total commercial	2,312				0.45			2,470				0.48			2,298				0.46
Consumer:
Real estate 1-4 family first mortgage	2,261				0.78			2,425				0.85			3,267				1.15
Real estate 1-4 family junior lien mortgage	819				2.66			868				2.71			983				2.78
Automobile	110				0.24			115				0.25			118				0.26
Other revolving credit and installment	43				0.12			44				0.13			48				0.13
Total consumer	3,233				0.73			3,452				0.79			4,416				1.00
Total nonaccrual loans (a)	5,545				0.58			5,922				0.62			6,714				0.71
Foreclosed assets:
Government insured/guaranteed	59							68							87
Non-government insured/guaranteed	378							309							435
Total foreclosed assets	437							377							522
Total nonperforming assets	$	5,982			0.63	%		$	6,299			0.66	%		$	7,236			0.77	%
Change from prior quarter:
Total nonaccrual loans (a)	$	(377	)					$	(983	)					$	(412	)
Total nonperforming assets	(317		)					(1,042		)					(389		)

 

(a)	Financial information for periods prior to December 31, 2018, has been revised to exclude mortgage loans held for sale (MLHFS), loans held for sale (LHFS) and loans held at fair value. For additional information, see the “Five Quarter Nonperforming Assets” table on page 33.

Allowance for Credit Losses

The allowance for credit losses, including the allowance for unfunded commitments, totaled $10.6 billion at September 30, 2019, up $10 million from June 30, 2019, and included a $50 million reserve build¹ in third quarter 2019. The allowance coverage for total loans was 1.11%, compared with 1.12% in second quarter 2019. The allowance covered 4.1 times annualized third quarter net charge-offs, compared with 4.0 times in the prior quarter. The allowance coverage for nonaccrual loans was 191% at September 30, 2019, compared with 179% at

June 30, 2019.

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Business Segment Performance

Wells Fargo defines its operating segments by product type and customer segment. Segment net income for each of the three business segments was:

	Quarter ended
(in millions)	Sep 30, 2019				Jun 30, 2019			Sep 30, 2018
Community Banking	$	999			3,147			2,816
Wholesale Banking	2,644				2,789			2,851
Wealth and Investment Management	1,280				602			732

Community Banking offers a complete line of diversified financial products and services for consumers and small businesses including checking and savings accounts, credit and debit cards, and automobile, student, mortgage, home equity and small business lending, as well as referrals to Wholesale Banking and Wealth and Investment Management business partners. The Community Banking segment also includes the results of our Corporate Treasury activities net of allocations (including funds transfer pricing, capital, liquidity and certain corporate expenses) in support of the other operating segments and results of investments in our affiliated venture capital and private equity partnerships.

Selected Financial Information

	Quarter ended
(in millions)	Sep 30, 2019				Jun 30, 2019			Sep 30, 2018
Total revenue	$	11,239			11,805			11,816
Provision for credit losses	608				479			547
Noninterest expense	8,766				7,212			7,467
Segment net income	999				3,147			2,816
(in billions)
Average loans	459.0				457.7			460.9
Average assets	1,033.9				1,024.8			1,024.9
Average deposits	789.7				777.6			760.9

Third Quarter 2019 vs. Second Quarter 2019

•	Net income of $999 million, down $2.1 billion, or 68%

•	Revenue was $11.2 billion, down $566 million, or 5%, driven by lower net interest income, mortgage banking income, and gains from the sale of PCI mortgage loans, partially offset by higher net gains from equity securities

•	Noninterest expense of $8.8 billion increased $1.6 billion, or 22%, predominantly due to higher operating losses reflecting litigation accruals for a variety of matters, including a $1.6 billion discrete litigation accrual (not tax-deductible)

•	Provision for credit losses increased $129 million, reflecting a reserve build1 in third quarter 2019, compared with a reserve release1 in second quarter 2019

Third Quarter 2019 vs. Third Quarter 2018

•	Net income was down $1.8 billion, or 65%

•	Revenue was down $577 million, or 5%, driven by lower net interest income, mortgage banking income, and other income, partially offset by higher net gains from equity securities

•	Noninterest expense increased $1.3 billion, or 17%, predominantly due to higher operating losses reflecting litigation accruals for a variety of matters, including a $1.6 billion discrete litigation accrual (not tax-deductible), as well as higher personnel expense, partially offset by lower FDIC expense and core deposit and other intangibles amortization expense

•	Provision for credit losses increased $61 million, reflecting a reserve build1 in third quarter 2019, compared with a reserve release1 in third quarter 2018

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Business Metrics and Highlights

•	Primary consumer checking customers6,7 of 24.3 million, up 1.5% from a year ago. The sale of 52 branches and $1.8 billion of deposits which closed in fourth quarter 2018 reduced the growth rate by 0.4%

•	Branch customer experience surveys completed during third quarter 2019 reflected higher scores from the previous quarter, with both ‘Customer Loyalty’ and ‘Overall Satisfaction with Most Recent Visit’ scores reaching new three year highs

•	Debit card point-of-sale purchase volume8 of $92.6 billion in the third quarter, up 6% year-over-year

•	General purpose credit card point-of-sale purchase volume of $20.4 billion in the third quarter, up 5% year-over-year

•	30.2 million digital (online and mobile) active customers, including 24.2 million mobile active customers7, 9

•	5,393 retail bank branches as of the end of third quarter 2019, reflecting 130 branch consolidations in the first nine months of 2019

•	Home Lending

◦	Originations of $58 billion, up from $53 billion in the prior quarter, primarily due to lower mortgage loan interest rates

▪	Originations of loans held-for-sale and loans held-for-investment were $38 billion and $20 billion, respectively

◦	Production margin on residential held-for-sale mortgage loan originations4 of 1.21%, up from 0.98% in the prior quarter

◦	Applications of $85 billion, down from $90 billion in the prior quarter, driven primarily by seasonality

◦	Unclosed application pipeline of $44 billion at quarter end, flat compared with the prior quarter

•	Automobile originations of $6.9 billion in the third quarter, up 45% from the prior year, reflecting our renewed emphasis on growing auto loans following the restructuring of the business

•	Small Business Lending10 originations of $646 million, up 3% from the prior year

•	Wells Fargo tied for #1 in overall performance in the Dynatrace Mobile Banking Scorecard (September 2019)

•	Wells Fargo named #1 overall in the Dynatrace Mortgage-Home Equity Scorecard (August 2019)

•	Wells Fargo named #1 overall in the Dynatrace Small Business Banker Scorecard (July 2019)

⁶ Customers who actively use their checking account with transactions such as debit card purchases, online bill payments, and direct deposit.

⁷ Data as of August 2019, comparisons with August 2018.

⁸ Combined consumer and business debit card purchase volume dollars.

⁹ Digital and mobile active customers is the number of consumer and small business customers who have logged on via a digital or mobile device in the prior 90 days.

¹⁰ Small Business Lending includes credit card, lines of credit and loan products (primarily under $100,000 sold through our retail banking branches).

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Wholesale Banking provides financial solutions to businesses across the United States and globally with annual sales generally in excess of $5 million. Products and businesses include Commercial Banking, Commercial Real Estate, Corporate and Investment Banking, Credit Investment Portfolio, Treasury Management, and Commercial Capital.

Selected Financial Information

	Quarter ended
(in millions)	Sep 30, 2019				Jun 30, 2019			Sep 30, 2018
Total revenue	$	6,942			7,065			7,304
Provision for credit losses	92				28			26
Noninterest expense	3,889				3,882			3,935
Segment net income	2,644				2,789			2,851
(in billions)
Average loans	474.3				474.0			462.8
Average assets	869.2				852.2			827.2
Average deposits	422.0				410.4			413.6

Third Quarter 2019 vs. Second Quarter 2019

•	Net income of $2.6 billion, down $145 million, or 5%

•	Revenue of $6.9 billion decreased $123 million, or 2%, driven by lower net interest income primarily related to the impact of lower interest rates, lower other income, and lower treasury management fees, partially offset by higher commercial real estate brokerage commissions, market sensitive revenue3, investment banking fees, and mortgage banking income

•	Noninterest expense of $3.9 billion, flat compared with the prior quarter, as higher personnel expense was offset by lower lease expense

Third Quarter 2019 vs. Third Quarter 2018

•	Net income decreased $207 million, or 7%

•	Revenue decreased $362 million, or 5%, predominantly due to lower net interest income, other income, lease income, and treasury management fees, partially offset by higher market sensitive revenue3, commercial real estate brokerage commissions, investment banking fees, and mortgage banking income

•	Noninterest expense decreased $46 million, or 1%, on lower FDIC expense, core deposit and other intangibles amortization, and lease expense, partially offset by higher personnel expense, and higher regulatory and risk related expense

Business Metrics and Highlights

•	#1 Total business banking and middle market banking market share in the U.S.11

•	#1 Commercial real estate lender in the U.S.12

•	#1 Asset-based lending bookrunner13

•	Commercial card spend volume14 of $8.8 billion, up 6% from the prior year on increased transaction volumes, and up 1% compared with second quarter 2019

•	1.9 billion of ACH payment transactions originated15, up 14% from the prior year, and up 2% from second quarter 2019

•	U.S. investment banking market share of 3.5% year-to-date 201916, compared with 3.3% year-to-date 201816

¹¹ Barlow Research, rolling eight quarter data (3Q17-2Q19). Business banking companies defined as companies with $5 million to $25 million in annual sales, and middle market banking companies defined as companies with $25 million to $500 million in annual sales.

¹² MBA Commercial Real Estate/Multifamily 2019 Mid-Year Origination Volumes report (July 2019).

¹³ Thomson Reuters LPC U.S. league tables, year-to-date through September 30, 2019.

¹⁴ Includes commercial card volume for the entire company.

¹⁵ Includes ACH payment transactions originated by the entire company.

¹⁶ Year-to-date through September. Source: Dealogic U.S. investment banking fee market share.

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Wealth and Investment Management (WIM) provides a full range of personalized wealth management, investment and retirement products and services to clients across U.S. based businesses including Wells Fargo Advisors, The Private Bank, Abbot Downing, and Wells Fargo Asset Management. We deliver financial planning, private banking, credit, investment management and fiduciary services to high-net worth and ultra-high-net worth individuals and families. We also serve clients’ brokerage needs and provide investment management capabilities delivered to global institutional clients through separate accounts and the Wells Fargo Funds.

Selected Financial Information

	Quarter ended
(in millions)	Sep 30, 2019				Jun 30, 2019			Sep 30, 2018
Total revenue	$	5,141			4,050			4,226
Provision (reversal of provision) for credit losses	3				(1	)		6
Noninterest expense	3,431				3,246			3,243
Segment net income	1,280				602			732
(in billions)
Average loans	75.9				75.0			74.6
Average assets	84.7				83.8			83.8
Average deposits	142.4				143.5			159.8

Third Quarter 2019 vs. Second Quarter 2019

•	Net income of $1.3 billion, up $678 million, or 113%

•	Revenue of $5.1 billion increased $1.1 billion, or 27%, predominantly due to a $1.1 billion gain from the sale of our IRT business, partially offset by lower net interest income and lower net gains from equity securities on decreased deferred compensation plan investment results (largely offset by lower employee benefits expense)

•

Noninterest expense of $3.4 billion increased $185 million, or 6%, primarily due to higher equipment expense which included a $103 million impairment of capitalized software reflecting a reevaluation of software under development, as well as higher operating losses, partially offset by lower employee benefits expense from decreased deferred compensation plan expense (largely offset by lower net gains from equity securities)

Third Quarter 2019 vs. Third Quarter 2018

•	Net income up $548 million, or 75%

•	Revenue increased $915 million, or 22%, primarily driven by a $1.1 billion gain from the sale of our IRT business, partially offset by lower net interest income and lower net gains from equity securities on decreased deferred compensation plan investment results (largely offset by lower employee benefits expense)

•

Noninterest expense increased $188 million, or 6%, primarily driven by higher equipment expense which included a $103 million impairment of capitalized software, as well as higher personnel expense and operating losses, partially offset by lower core deposit and other intangibles amortization expense, and lower employee benefits expense from decreased deferred compensation plan expense (largely offset by lower net gains from equity securities)

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Business Metrics and Highlights

Total WIM Segment 

•	WIM total client assets of $1.9 trillion, down 1% from a year ago, primarily driven by net outflows, partially offset by higher market valuations

•	Average loan balances up 2% compared with a year ago

•	Third quarter 2019 closed referred investment assets (referrals resulting from the WIM/Community Banking partnership) up 3% compared with third quarter 2018

Retail Brokerage 

•	Client assets of $1.6 trillion, down 1% from the prior year

•	Advisory assets of $569 billion, up 2% from the prior year, primarily driven by higher market valuations, partially offset by net outflows

•	IRA assets of $415 billion, down 1% from the prior year

Wealth Management

•	Client assets of $230 billion, down 4% from the prior year, primarily driven by net outflows

Asset Management

•	Total assets under management of $503 billion, up 4% from the prior year, as money market fund net inflows and higher market valuations were partially offset by equity and fixed income net outflows

Conference Call

The Company will host a live conference call on Tuesday, October 15, at 8:00 a.m. PT (11:00 a.m. ET). You may listen to the call by dialing 866-872-5161 (U.S. and Canada) or 440-424-4922 (International). The call will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and

https://engage.vevent.com/rt/wells_fargo_ao~9277488.

A replay of the conference call will be available beginning at 12:00 p.m. PT (3:00 p.m. ET) on Tuesday, October 15 through Tuesday, October 29. Please dial 855-859-2056 (U.S. and Canada) or 404-537-3406 (International) and enter Conference ID #9277488. The replay will also be available online at

https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and

https://engage.vevent.com/rt/wells_fargo_ao~9277488.

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Forward-Looking Statements

This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, we may make forward-looking statements in our other documents filed or furnished with the SEC, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company, including our outlook for future growth; (ii) our noninterest expense and efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses and allowance levels; (iv) the appropriateness of the allowance for credit losses; (v) our expectations regarding net interest income and net interest margin; (vi) loan growth or the reduction or mitigation of risk in our loan portfolios; (vii) future capital or liquidity levels or targets and our estimated Common Equity Tier 1 ratio under Basel III capital standards; (viii) the performance of our mortgage business and any related exposures; (ix) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (x) future common stock dividends, common share repurchases and other uses of capital; (xi) our targeted range for return on assets, return on equity, and return on tangible common equity; (xii) the outcome of contingencies, such as legal proceedings; and (xiii) the Company’s plans, objectives and strategies.

Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: 

•	current and future economic and market conditions, including the effects of declines in housing prices, high unemployment rates, U.S. fiscal debt, budget and tax matters, geopolitical matters, and any slowdown in global economic growth;

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

•	financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation relating to bank products and services;

•

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

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

•	the effect of the current interest rate environment or changes in interest rates 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 other-than-temporary impairment on 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, asset and wealth management businesses;

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- 14 -

•

negative effects from the retail banking sales practices matter and from other instances where customers may have experienced financial harm, including on our legal, operational and compliance costs, our ability to engage in certain business activities or offer certain products or services, our ability to keep and attract customers, our ability to attract and retain qualified team members, and our reputation;

•	resolution of regulatory matters, litigation, or other legal actions, which may result in, among other things, additional costs, fines, penalties, restrictions on our business activities, reputational harm, or other adverse consequences;

•	a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks;

•	the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin;

•	fiscal and monetary policies of the Federal Reserve Board; 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, 2018.

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

For more information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.

Any forward-looking statement made by us speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Forward-looking Non-GAAP Financial Measures. From time to time management may discuss forward-looking non-GAAP financial measures, such as forward-looking estimates or targets for return on average tangible common equity. We are unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant to future results.

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About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,500 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 32 countries and territories to support customers who conduct business in the global economy. With approximately 261,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations.

Contact Information

Media

Peter Gilchrist, 704-715-3213

peter.gilchrist@wellsfargo.com

Ancel Martinez, 415-222-3858

ancel.martinez@wellsfargo.com

or

Investor Relations

John M. Campbell, 415-396-0523

john.m.campbell@wellsfargo.com

# # #

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Wells Fargo & Company and Subsidiaries

QUARTERLY FINANCIAL DATA

TABLE OF CONTENTS

 

	Pages
Summary Information
Summary Financial Data	17
Income
Consolidated Statement of Income	19
Consolidated Statement of Comprehensive Income	21
Condensed Consolidated Statement of Changes in Total Equity	21
Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis)	22
Five Quarter Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis)	24
Noninterest Income and Noninterest Expense	25
Five Quarter Deferred Compensation Plan Investment Results	27
Balance Sheet
Consolidated Balance Sheet	28
Trading Activities	30
Debt Securities	30
Equity Securities	31
Loans
Loans	32
Nonperforming Assets	33
Loans 90 Days or More Past Due and Still Accruing	33
Changes in Allowance for Credit Losses	35
Equity
Tangible Common Equity	36
Common Equity Tier 1 Under Basel III	37
Operating Segments
Operating Segment Results	38
Other
Mortgage Servicing and other related data	40

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Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA

	Quarter ended										% Change Sep 30, 2019 from						Nine months ended
($ in millions, except per share amounts)	Sep 30, 2019				Jun 30, 2019			Sep 30, 2018			Jun 30, 2019			Sep 30, 2018			Sep 30, 2019				Sep 30, 2018			% Change
For the Period
Wells Fargo net income	$	4,610			6,206			6,007			(26	)%		(23	)		$	16,676			16,329			2	%
Wells Fargo net income applicable to common stock	4,037				5,848			5,453			(31	)		(26	)		15,392				14,978			3
Diluted earnings per common share	0.92				1.30			1.13			(29	)		(19	)		3.43				3.07			12
Profitability ratios (annualized):
Wells Fargo net income to average assets (ROA)	0.95		%		1.31			1.27			(27	)		(25	)		1.17		%		1.15			2
Wells Fargo net income applicable to common stock to average Wells Fargo common stockholders’ equity (ROE)	9.00				13.26			12.04			(32	)		(25	)		11.64				11.08			5
Return on average tangible common equity (ROTCE)(1)	10.70				15.78			14.33			(32	)		(25	)		13.85				13.19			5
Efficiency ratio (2)	69.1				62.3			62.7			11			10			65.3				65.4			—
Total revenue	$	22,010			21,584			21,941			2			—			$	65,203			65,428			—
Pre-tax pre-provision profit (PTPP) (3)	6,811				8,135			8,178			(16	)		(17	)		22,639				22,641			—
Dividends declared per common share	0.51				0.45			0.43			13			19			1.41				1.21			17
Average common shares outstanding	4,358.5				4,469.4			4,784.0			(2	)		(9	)		4,459.1				4,844.8			(8	)
Diluted average common shares outstanding	4,389.6				4,495.0			4,823.2			(2	)		(9	)		4,489.5				4,885.0			(8	)
Average loans	$	949,760			947,460			939,462			—			1			$	949,076			944,813			—
Average assets	1,927,415				1,900,627			1,876,283			1			3			1,903,873				1,892,209			1
Average total deposits	1,291,375				1,268,979			1,266,378			2			2			1,274,246				1,278,185			—
Average consumer and small business banking deposits (4)	749,529				742,671			743,503			1			1			745,370				751,030			(1	)
Net interest margin	2.66		%		2.82			2.94			(6	)		(10	)		2.79		%		2.90			(4	)
At Period End
Debt securities	$	503,528			482,067			472,283			4			7			$	503,528			472,283			7
Loans	954,915				949,878			942,300			1			1			954,915				942,300			1
Allowance for loan losses	9,715				9,692			10,021			—			(3	)		9,715				10,021			(3	)
Goodwill	26,388				26,415			26,425			—			—			26,388				26,425			—
Equity securities	63,884				61,537			61,755			4			3			63,884				61,755			3
Assets	1,943,950				1,923,388			1,872,981			1			4			1,943,950				1,872,981			4
Deposits	1,308,495				1,288,426			1,266,594			2			3			1,308,495				1,266,594			3
Common stockholders' equity	172,827				177,235			176,934			(2	)		(2	)		172,827				176,934			(2	)
Wells Fargo stockholders’ equity	193,304				199,042			198,741			(3	)		(3	)		193,304				198,741			(3	)
Total equity	194,416				200,037			199,679			(3	)		(3	)		194,416				199,679			(3	)
Tangible common equity (1)	144,481				148,864			148,391			(3	)		(3	)		144,481				148,391			(3	)
Common shares outstanding	4,269.1				4,419.6			4,711.6			(3	)		(9	)		4,269.1				4,711.6			(9	)
Book value per common share (5)	$	40.48			40.10			37.55			1			8			$	40.48			37.55			8
Tangible book value per common share (1)(5)	33.84				33.68			31.49			—			7			33.84				31.49			7
Team members (active, full-time equivalent)	261,400				262,800			261,700			(1	)		—			261,400				261,700			—

(1)

Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, and goodwill and certain identifiable intangible assets (including goodwill and intangible assets associated with certain of our nonmarketable equity securities but excluding mortgage servicing rights), net of applicable deferred taxes. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity and tangible book value per common share, which utilize tangible common equity, are useful financial measures because they enable investors and others to assess the Company's use of equity. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on page 36.

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

(3)	Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.

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

(5)	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.

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER SUMMARY FINANCIAL DATA

	Quarter ended
($ in millions, except per share amounts)	Sep 30, 2019				Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
For the Quarter
Wells Fargo net income	$	4,610			6,206			5,860			6,064			6,007
Wells Fargo net income applicable to common stock	4,037				5,848			5,507			5,711			5,453
Diluted earnings per common share	0.92				1.30			1.20			1.21			1.13
Profitability ratios (annualized):
Wells Fargo net income to average assets (ROA)	0.95		%		1.31			1.26			1.28			1.27
Wells Fargo net income applicable to common stock to average Wells Fargo common stockholders’ equity (ROE)	9.00				13.26			12.71			12.89			12.04
Return on average tangible common equity (ROTCE)(1)	10.70				15.78			15.16			15.39			14.33
Efficiency ratio (2)	69.1				62.3			64.4			63.6			62.7
Total revenue	$	22,010			21,584			21,609			20,980			21,941
Pre-tax pre-provision profit (PTPP) (3)	6,811				8,135			7,693			7,641			8,178
Dividends declared per common share	0.51				0.45			0.45			0.43			0.43
Average common shares outstanding	4,358.5				4,469.4			4,551.5			4,665.8			4,784.0
Diluted average common shares outstanding	4,389.6				4,495.0			4,584.0			4,700.8			4,823.2
Average loans	$	949,760			947,460			950,010			946,336			939,462
Average assets	1,927,415				1,900,627			1,883,091			1,879,047			1,876,283
Average total deposits	1,291,375				1,268,979			1,262,062			1,268,948			1,266,378
Average consumer and small business banking deposits (4)	749,529				742,671			739,654			736,295			743,503
Net interest margin	2.66		%		2.82			2.91			2.94			2.94
At Quarter End
Debt securities	$	503,528			482,067			483,467			484,689			472,283
Loans	954,915				949,878			948,249			953,110			942,300
Allowance for loan losses	9,715				9,692			9,900			9,775			10,021
Goodwill	26,388				26,415			26,420			26,418			26,425
Equity securities	63,884				61,537			58,440			55,148			61,755
Assets	1,943,950				1,923,388			1,887,792			1,895,883			1,872,981
Deposits	1,308,495				1,288,426			1,264,013			1,286,170			1,266,594
Common stockholders' equity	172,827				177,235			176,025			174,359			176,934
Wells Fargo stockholders’ equity	193,304				199,042			197,832			196,166			198,741
Total equity	194,416				200,037			198,733			197,066			199,679
Tangible common equity (1)	144,481				148,864			147,723			145,980			148,391
Common shares outstanding	4,269.1				4,419.6			4,511.9			4,581.3			4,711.6
Book value per common share (5)	$	40.48			40.10			39.01			38.06			37.55
Tangible book value per common share (1)(5)	33.84				33.68			32.74			31.86			31.49
Team members (active, full-time equivalent)	261,400				262,800			262,100			258,700			261,700

(1)

Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, and goodwill and certain identifiable intangible assets (including goodwill and intangible assets associated with certain of our nonmarketable equity securities but excluding mortgage servicing rights), net of applicable deferred taxes. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity and tangible book value per common share, which utilize tangible common equity, are useful financial measures because they enable investors and others to assess the Company's use of equity. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on page 36.

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

(3)	Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.

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

(5)	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.

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Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME

	Quarter ended September 30,							%			Nine months ended September 30,							%
(in millions, except per share amounts)	2019				2018			Change			2019				2018			Change
Interest income
Debt securities	$	3,666			3,595			2	%		$	11,388			10,603			7	%
Mortgage loans held for sale	232				210			10			579				587			(1	)
Loans held for sale	20				35			(43	)		64				107			(40	)
Loans	10,982				11,116			(1	)		33,652				32,607			3
Equity securities	247				280			(12	)		693				732			(5	)
Other interest income	1,352				1,128			20			4,112				3,090			33
Total interest income	16,499				16,364			1			50,488				47,726			6
Interest expense
Deposits	2,324				1,499			55			6,563				3,857			70
Short-term borrowings	635				462			37			1,877				1,171			60
Long-term debt	1,780				1,667			7			5,607				4,901			14
Other interest expense	135				164			(18	)		410				446			(8	)
Total interest expense	4,874				3,792			29			14,457				10,375			39
Net interest income	11,625				12,572			(8	)		36,031				37,351			(4	)
Provision for credit losses	695				580			20			2,043				1,223			67
Net interest income after provision for credit losses	10,930				11,992			(9	)		33,988				36,128			(6	)
Noninterest income
Service charges on deposit accounts	1,219				1,204			1			3,519				3,540			(1	)
Trust and investment fees	3,559				3,631			(2	)		10,500				10,989			(4	)
Card fees	1,027				1,017			1			2,996				2,926			2
Other fees	858				850			1			2,428				2,496			(3	)
Mortgage banking	466				846			(45	)		1,932				2,550			(24	)
Insurance	91				104			(13	)		280				320			(13	)
Net gains from trading activities	276				158			75			862				592			46
Net gains on debt securities	3				57			(95	)		148				99			49
Net gains from equity securities	956				416			130			2,392				1,494			60
Lease income	402				453			(11	)		1,269				1,351			(6	)
Other	1,528				633			141			2,846				1,720			65
Total noninterest income	10,385				9,369			11			29,172				28,077			4
Noninterest expense
Salaries	4,695				4,461			5			13,661				13,289			3
Commission and incentive compensation	2,735				2,427			13			8,177				7,837			4
Employee benefits	1,164				1,377			(15	)		4,438				4,220			5
Equipment	693				634			9			1,961				1,801			9
Net occupancy	760				718			6			2,196				2,153			2
Core deposit and other intangibles	27				264			(90	)		82				794			(90	)
FDIC and other deposit assessments	93				336			(72	)		396				957			(59	)
Other	5,032				3,546			42			11,653				11,736			(1	)
Total noninterest expense	15,199				13,763			10			42,564				42,787			(1	)
Income before income tax expense	6,116				7,598			(20	)		20,596				21,418			(4	)
Income tax expense	1,304				1,512			(14	)		3,479				4,696			(26	)
Net income before noncontrolling interests	4,812				6,086			(21	)		17,117				16,722			2
Less: Net income from noncontrolling interests	202				79			156			441				393			12
Wells Fargo net income	$	4,610			6,007			(23	)		$	16,676			16,329			2
Less: Preferred stock dividends and other	573				554			3			1,284				1,351			(5	)
Wells Fargo net income applicable to common stock	$	4,037			5,453			(26	)		$	15,392			14,978			3
Per share information
Earnings per common share	$	0.93			1.14			(18	)		$	3.45			3.09			12
Diluted earnings per common share	0.92				1.13			(19	)		3.43				3.07			12
Average common shares outstanding	4,358.5				4,784.0			(9	)		4,459.1				4,844.8			(8	)
Diluted average common shares outstanding	4,389.6				4,823.2			(9	)		4,489.5				4,885.0			(8	)

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED STATEMENT OF INCOME

	Quarter ended
(in millions, except per share amounts)	Sep 30, 2019				Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
Interest income
Debt securities	$	3,666			3,781			3,941			3,803			3,595
Mortgage loans held for sale	232				195			152			190			210
Loans held for sale	20				20			24			33			35
Loans	10,982				11,316			11,354			11,367			11,116
Equity securities	247				236			210			260			280
Other interest income	1,352				1,438			1,322			1,268			1,128
Total interest income	16,499				16,986			17,003			16,921			16,364
Interest expense
Deposits	2,324				2,213			2,026			1,765			1,499
Short-term borrowings	635				646			596			546			462
Long-term debt	1,780				1,900			1,927			1,802			1,667
Other interest expense	135				132			143			164			164
Total interest expense	4,874				4,891			4,692			4,277			3,792
Net interest income	11,625				12,095			12,311			12,644			12,572
Provision for credit losses	695				503			845			521			580
Net interest income after provision for credit losses	10,930				11,592			11,466			12,123			11,992
Noninterest income
Service charges on deposit accounts	1,219				1,206			1,094			1,176			1,204
Trust and investment fees	3,559				3,568			3,373			3,520			3,631
Card fees	1,027				1,025			944			981			1,017
Other fees	858				800			770			888			850
Mortgage banking	466				758			708			467			846
Insurance	91				93			96			109			104
Net gains from trading activities	276				229			357			10			158
Net gains on debt securities	3				20			125			9			57
Net gains from equity securities	956				622			814			21			416
Lease income	402				424			443			402			453
Other	1,528				744			574			753			633
Total noninterest income	10,385				9,489			9,298			8,336			9,369
Noninterest expense
Salaries	4,695				4,541			4,425			4,545			4,461
Commission and incentive compensation	2,735				2,597			2,845			2,427			2,427
Employee benefits	1,164				1,336			1,938			706			1,377
Equipment	693				607			661			643			634
Net occupancy	760				719			717			735			718
Core deposit and other intangibles	27				27			28			264			264
FDIC and other deposit assessments	93				144			159			153			336
Other	5,032				3,478			3,143			3,866			3,546
Total noninterest expense	15,199				13,449			13,916			13,339			13,763
Income before income tax expense	6,116				7,632			6,848			7,120			7,598
Income tax expense	1,304				1,294			881			966			1,512
Net income before noncontrolling interests	4,812				6,338			5,967			6,154			6,086
Less: Net income from noncontrolling interests	202				132			107			90			79
Wells Fargo net income	$	4,610			6,206			5,860			6,064			6,007
Less: Preferred stock dividends and other	573				358			353			353			554
Wells Fargo net income applicable to common stock	$	4,037			5,848			5,507			5,711			5,453
Per share information
Earnings per common share	$	0.93			1.31			1.21			1.22			1.14
Diluted earnings per common share	0.92				1.30			1.20			1.21			1.13
Average common shares outstanding	4,358.5				4,469.4			4,551.5			4,665.8			4,784.0
Diluted average common shares outstanding	4,389.6				4,495.0			4,584.0			4,700.8			4,823.2

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Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	Quarter ended September 30,							%		Nine months ended September 30,							%
(in millions)	2019				2018			Change		2019				2018			Change
Wells Fargo net income	$	4,610			6,007			(23)%		$	16,676			16,329			2%
Other comprehensive income (loss), before tax:
Debt securities:
Net unrealized gains (losses) arising during the period	652				(1,468	)		NM		5,192				(5,528	)		NM
Reclassification of net losses to net income	76				51			49		34				168			(80)
Derivative and hedging activities:
Net unrealized gains (losses) arising during the period	10				(24	)		NM		32				(416	)		NM
Reclassification of net losses to net income	75				79			(5)		233				216			8
Defined benefit plans adjustments:
Net actuarial and prior service gains (losses) arising during the period	—				—			—		(4		)		6			NM
Amortization of net actuarial loss, settlements and other to net income	33				29			14		101				90			12
Foreign currency translation adjustments:
Net unrealized gains (losses) arising during the period	(53		)		(9	)		489		3				(94	)		NM
Other comprehensive income (loss), before tax	793				(1,342	)		NM		5,591				(5,558	)		NM
Income tax benefit (expense) related to other comprehensive income	(208		)		330			NM		(1,375		)		1,346			NM
Other comprehensive income (loss), net of tax	585				(1,012	)		NM		4,216				(4,212	)		NM
Less: Other comprehensive loss from noncontrolling interests	—				—			—		—				(1	)		(100)
Wells Fargo other comprehensive income (loss), net of tax	585				(1,012	)		NM		4,216				(4,211	)		NM
Wells Fargo comprehensive income	5,195				4,995			4		20,892				12,118			72
Comprehensive income from noncontrolling interests	202				79			156		441				392			13
Total comprehensive income	$	5,397			5,074			6		$	21,333			12,510			71

NM – Not meaningful

FIVE QUARTER CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY

	Quarter ended
(in millions)	Sep 30, 2019				Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
Balance, beginning of period	$	200,037			198,733			197,066			199,679			206,069
Cumulative effect from change in accounting policies (1)	—				—			(11	)		—			—
Wells Fargo net income	4,610				6,206			5,860			6,064			6,007
Wells Fargo other comprehensive income (loss), net of tax	585				1,458			2,173			537			(1,012	)
Noncontrolling interests	117				94			1			(38	)		57
Common stock issued	278				399			1,139			239			156
Common stock repurchased	(7,448		)		(4,898	)		(4,820	)		(7,299	)		(7,382	)
Preferred stock redeemed (2)	(1,550		)		—			—			—			(2,150	)
Preferred stock released by ESOP	142				193			—			268			260
Common stock warrants repurchased/exercised	—				—			—			(131	)		(36	)
Common stock dividends	(2,230		)		(2,015	)		(2,054	)		(2,016	)		(2,062	)
Preferred stock dividends	(353		)		(358	)		(353	)		(353	)		(399	)
Stock incentive compensation expense	262				247			544			144			202
Net change in deferred compensation and related plans	(34		)		(22	)		(812	)		(28	)		(31	)
Balance, end of period	$	194,416			200,037			198,733			197,066			199,679

(1)	Effective January 1, 2019, we adopted ASU 2016-02 – Leases (Topic 842) and subsequent related Updates and ASU 2017-08 – Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.

(2)	Represents the impact of the partial redemption of preferred stock, Series K, in third quarter 2019, and the redemption of preferred stock, Series J, in third quarter 2018.

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Wells Fargo & Company and Subsidiaries

AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT BASIS) (1)(2)

	Quarter ended September 30,
	2019											2018
(in millions)	Average balance				Yields/ rates			Interest income/ expense				Average balance			Yields/ rates			Interest income/ expense
Earning assets
Interest-earning deposits with banks	$	134,017			2.14	%		$	723			148,565			1.93	%		$	721
Federal funds sold and securities purchased under resale agreements	105,919				2.24			599				79,931			1.93			390
Debt securities (3):
Trading debt securities	94,737				3.35			794				84,481			3.45			730
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies	16,040				2.14			87				6,421			1.65			27
Securities of U.S. states and political subdivisions	43,305				3.78			409				46,615			3.76			438
Mortgage-backed securities:
Federal agencies	154,134				2.77			1,066				155,525			2.77			1,079
Residential and commercial	5,175				4.02			52				7,318			4.68			85
Total mortgage-backed securities	159,309				2.81			1,118				162,843			2.86			1,164
Other debt securities	42,435				4.12			440				46,353			4.39			512
Total available-for-sale debt securities	261,089				3.14			2,054				262,232			3.26			2,141
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies	44,770				2.18			247				44,739			2.18			246
Securities of U.S. states and political subdivisions	8,688				4.01			87				6,251			4.33			68
Federal agency and other mortgage-backed securities	95,434				2.54			606				95,298			2.27			539
Other debt securities	50				3.58			—				106			5.61			2
Total held-to-maturity debt securities	148,942				2.52			940				146,394			2.33			855
Total debt securities	504,768				3.00			3,788				493,107			3.02			3,726
Mortgage loans held for sale (4)	22,743				4.08			232				19,343			4.33			210
Loans held for sale (4)	1,964				4.17			20				2,619			5.28			35
Commercial loans:
Commercial and industrial - U.S.	284,278				4.21			3,015				273,814			4.22			2,915
Commercial and industrial - Non U.S.	64,016				3.67			593				60,884			3.63			556
Real estate mortgage	121,819				4.36			1,338				121,284			4.35			1,329
Real estate construction	20,686				5.13			267				23,276			5.05			296
Lease financing	19,266				4.34			209				19,512			4.69			229
Total commercial loans	510,065				4.22			5,422				498,770			4.24			5,325
Consumer loans:
Real estate 1-4 family first mortgage	288,383				3.74			2,699				284,133			4.07			2,891
Real estate 1-4 family junior lien mortgage	31,454				5.66			448				35,863			5.50			496
Credit card	39,204				12.55			1,240				36,893			12.77			1,187
Automobile	46,286				5.13			599				46,963			5.20			616
Other revolving credit and installment	34,368				6.95			601				36,840			6.78			630
Total consumer loans	439,695				5.06			5,587				440,692			5.26			5,820
Total loans (4)	949,760				4.61			11,009				939,462			4.72			11,145
Equity securities	37,075				2.68			249				37,902			2.98			283
Other	6,695				1.77			30				4,702			1.47			16
Total earning assets	$	1,762,941			3.76	%		$	16,650			1,725,631			3.81	%		$	16,526
Funding sources
Deposits:
Interest-bearing checking	$	59,310			1.39	%		$	208			51,177			1.01	%		$	131
Market rate and other savings	711,334				0.66			1,182				693,937			0.35			614
Savings certificates	32,751				1.72			142				20,586			0.62			32
Other time deposits	91,820				2.42			561				87,752			2.35			519
Deposits in foreign offices	51,709				1.77			231				53,933			1.50			203
Total interest-bearing deposits	946,924				0.97			2,324				907,385			0.66			1,499
Short-term borrowings	121,842				2.07			635				105,472			1.74			463
Long-term debt	229,689				3.09			1,780				220,654			3.02			1,667
Other liabilities	26,173				2.06			135				27,108			2.40			164
Total interest-bearing liabilities	1,324,628				1.46			4,874				1,260,619			1.20			3,793
Portion of noninterest-bearing funding sources	438,313				—			—				465,012			—			—
Total funding sources	$	1,762,941			1.10			4,874				1,725,631			0.87			3,793
Net interest margin and net interest income on a taxable-equivalent basis (5)					2.66	%		$	11,776						2.94	%		$	12,733
Noninterest-earning assets
Cash and due from banks	$	19,199										18,356
Goodwill	26,413											26,429
Other	118,862											105,867
Total noninterest-earning assets	$	164,474										150,652
Noninterest-bearing funding sources
Deposits	$	344,451										358,993
Other liabilities	58,241											53,845
Total equity	200,095											202,826
Noninterest-bearing funding sources used to fund earning assets	(438,313		)									(465,012	)
Net noninterest-bearing funding sources	$	164,474										150,652
Total assets	$	1,927,415										1,876,283

 

(1)	Our average prime rate was 5.31% and 5.01% for the quarters ended September 30, 2019 and 2018, respectively. The average three-month London Interbank Offered Rate (LIBOR) was 2.20% and 2.34% for the same quarters, respectively.

(2)	Yields/rates and amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.

(3)	Yields and rates are based on interest income/expense amounts for the period, annualized based on the accrual basis for the respective accounts. The average balance amounts represent amortized cost for the periods presented.

(4)	Nonaccrual loans and related income are included in their respective loan categories.

(5)	Includes taxable-equivalent adjustments of $151 million and $161 million for the quarters ended September 30, 2019 and 2018, respectively, predominantly related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.

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- 23 -

Wells Fargo & Company and Subsidiaries

AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT BASIS) (1)(2)

	Nine months ended September 30,
	2019											2018
(in millions)	Average balance				Yields/ rates			Interest income/ expense				Average balance			Yields/ rates			Interest income/ expense
Earning assets
Interest-earning deposits with banks	$	138,591			2.27	%		$	2,352			158,480			1.71	%		$	2,029
Federal funds sold and securities purchased under resale agreements	95,945				2.36			1,692				79,368			1.69			1,005
Debt securities (3):
Trading debt securities	90,229				3.46			2,338				81,307			3.38			2,062
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies	15,178				2.17			246				6,424			1.66			80
Securities of U.S. states and political subdivisions	45,787				3.95			1,355				47,974			3.68			1,323
Mortgage-backed securities:
Federal agencies	151,806				2.95			3,359				156,298			2.75			3,220
Residential and commercial	5,571				4.12			172				8,140			4.54			277
Total mortgage-backed securities	157,377				2.99			3,531				164,438			2.84			3,497
Other debt securities	44,746				4.33			1,451				47,146			4.14			1,462
Total available-for-sale debt securities	263,088				3.34			6,583				265,982			3.19			6,362
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies	44,762				2.19			734				44,731			2.19			733
Securities of U.S. states and political subdivisions	7,277				4.03			220				6,255			4.34			204
Federal agency and other mortgage-backed securities	95,646				2.64			1,894				93,699			2.32			1,632
Other debt securities	56				3.81			1				460			4.02			14
Total held-to-maturity debt securities	147,741				2.57			2,849				145,145			2.38			2,583
Total debt securities	501,058				3.13			11,770				492,434			2.98			11,007
Mortgage loans held for sale (4)	18,401				4.20			579				18,849			4.15			587
Loans held for sale (4)	1,823				4.72			64				2,706			5.28			107
Commercial loans:
Commercial and industrial - U.S.	285,305				4.39			9,360				273,711			4.08			8,350
Commercial and industrial - Non U.S.	63,252				3.82			1,808				60,274			3.46			1,559
Real estate mortgage	121,703				4.51			4,101				123,804			4.22			3,910
Real estate construction	21,557				5.31			856				23,783			4.82			857
Lease financing	19,262				4.56			659				19,349			4.82			700
Total commercial loans	511,079				4.39			16,784				500,921			4.10			15,376
Consumer loans:
Real estate 1-4 family first mortgage	286,600				3.86			8,296				283,814			4.05			8,613
Real estate 1-4 family junior lien mortgage	32,610				5.72			1,397				37,308			5.31			1,484
Credit card	38,517				12.69			3,656				36,416			12.73			3,467
Automobile	45,438				5.18			1,762				48,983			5.18			1,899
Other revolving credit and installment	34,832				7.07			1,841				37,371			6.62			1,851
Total consumer loans	437,997				5.17			16,952				443,892			5.21			17,314
Total loans (4)	949,076				4.75			33,736				944,813			4.62			32,690
Equity securities	35,139				2.65			697				38,322			2.57			738
Other	5,275				1.73			68				5,408			1.38			56
Total earning assets	$	1,745,308			3.90	%		$	50,958			1,740,380			3.70	%		$	48,219
Funding sources
Deposits:
Interest-bearing checking	$	57,715			1.42	%		$	615			66,364			0.89	%		$	441
Market rate and other savings	696,943				0.58			3,038				683,279			0.28			1,416
Savings certificates	29,562				1.56			344				20,214			0.46			70
Other time deposits	95,490				2.57			1,836				82,175			2.16			1,331
Deposits in foreign offices	52,995				1.84			730				66,590			1.20			599
Total interest-bearing deposits	932,705				0.94			6,563				918,622			0.56			3,857
Short-term borrowings	115,131				2.18			1,878				103,696			1.51			1,173
Long-term debt	233,186				3.21			5,607				223,485			2.93			4,901
Other liabilities	25,263				2.17			410				27,743			2.14			446
Total interest-bearing liabilities	1,306,285				1.48			14,458				1,273,546			1.09			10,377
Portion of noninterest-bearing funding sources	439,023				—			—				466,834			—			—
Total funding sources	$	1,745,308			1.11			14,458				1,740,380			0.80			10,377
Net interest margin and net interest income on a taxable-equivalent basis (5)					2.79	%		$	36,500						2.90	%		$	37,842
Noninterest-earning assets
Cash and due from banks	$	19,428										18,604
Goodwill	26,416											26,463
Other	112,721											106,762
Total noninterest-earning assets	$	158,565										151,829
Noninterest-bearing funding sources
Deposits	$	341,541										359,563
Other liabilities	56,664											54,088
Total equity	199,383											205,012
Noninterest-bearing funding sources used to fund earning assets	(439,023		)									(466,834	)
Net noninterest-bearing funding sources	$	158,565										151,829
Total assets	$	1,903,873										1,892,209

(1)	Our average prime rate was 5.43% and 4.78% for first nine months of 2019 and 2018, respectively. The average three-month London Interbank Offered Rate (LIBOR) was 2.46% and 2.20% for the same periods, respectively.

(2)	Yields/rates and amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.

(3)	Yields and rates are based on interest income/expense amounts for the period. The average balance amounts represent amortized cost for the periods presented.

(4)	Nonaccrual loans and related income are included in their respective loan categories.

(5)	Includes taxable-equivalent adjustments of $469 million and $491 million for the first nine months of 2019 and 2018, respectively, predominantly related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.

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- 24 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT BASIS) (1)(2)

	Quarter ended
	Sep 30, 2019							Jun 30, 2019							Mar 31, 2019							Dec 31, 2018							Sep 30, 2018
($ in billions)	Average balance				Yields/ rates			Average balance				Yields/ rates			Average balance				Yields/ rates			Average balance				Yields/ rates			Average balance				Yields/ rates
Earning assets
Interest-earning deposits with banks	$	134.0			2.14	%		$	141.0			2.33	%		$	140.8			2.33	%		$	150.1			2.18	%		$	148.6			1.93	%
Federal funds sold and securities purchased under resale agreements	105.9				2.24			98.1				2.44			83.5				2.40			76.1				2.22			79.9				1.93
Debt securities (3):
Trading debt securities	94.7				3.35			86.5				3.45			89.4				3.58			90.1				3.52			84.5				3.45
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies	16.0				2.14			15.4				2.21			14.1				2.14			7.2				1.80			6.4				1.65
Securities of U.S. states and political subdivisions	43.3				3.78			45.8				4.02			48.3				4.02			47.6				4.05			46.6				3.76
Mortgage-backed securities:
Federal agencies	154.1				2.77			149.8				2.99			151.5				3.10			155.3				2.91			155.5				2.77
Residential and commercial	5.2				4.02			5.6				4.02			6.0				4.31			6.7				4.87			7.3				4.68
Total mortgage-backed securities	159.3				2.81			155.4				3.03			157.5				3.14			162.0				2.99			162.8				2.86
Other debt securities	42.5				4.12			45.0				4.40			46.8				4.46			46.1				4.46			46.4				4.39
Total available-for-sale debt securities	261.1				3.14			261.6				3.39			266.7				3.48			262.9				3.41			262.2				3.26
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies	44.8				2.18			44.8				2.19			44.7				2.20			44.7				2.19			44.7				2.18
Securities of U.S. states and political subdivisions	8.7				4.01			7.0				4.06			6.2				4.03			6.2				4.34			6.3				4.33
Federal agency and other mortgage-backed securities	95.4				2.54			95.4				2.64			95.9				2.74			95.8				2.46			95.3				2.27
Other debt securities	0.1				3.58			0.1				3.86			0.1				3.96			0.1				3.65			0.1				5.61
Total held-to-maturity debt securities	149.0				2.52			147.3				2.57			146.9				2.63			146.8				2.46			146.4				2.33
Total debt securities	504.8				3.00			495.4				3.16			503.0				3.25			499.8				3.15			493.1				3.02
Mortgage loans held for sale	22.7				4.08			18.5				4.22			13.9				4.37			17.0				4.46			19.3				4.33
Loans held for sale	2.0				4.17			1.6				4.80			1.9				5.25			2.0				6.69			2.6				5.28
Commercial loans:
Commercial and industrial - U.S.	284.3				4.21			285.1				4.47			286.6				4.48			281.4				4.40			273.8				4.22
Commercial and industrial - Non U.S.	64.0				3.67			62.9				3.90			62.8				3.90			62.0				3.73			60.9				3.63
Real estate mortgage	121.8				4.36			121.9				4.58			121.4				4.58			120.4				4.51			121.3				4.35
Real estate construction	20.7				5.13			21.6				5.36			22.4				5.43			23.1				5.32			23.3				5.05
Lease financing	19.3				4.34			19.1				4.71			19.4				4.61			19.5				4.48			19.5				4.69
Total commercial loans	510.1				4.22			510.6				4.47			512.6				4.48			506.4				4.39			498.8				4.24
Consumer loans:
Real estate 1-4 family first mortgage	288.4				3.74			286.2				3.88			285.2				3.96			285.3				4.02			284.1				4.07
Real estate 1-4 family junior lien mortgage	31.5				5.66			32.6				5.75			33.8				5.75			34.8				5.60			35.9				5.50
Credit card	39.2				12.55			38.2				12.65			38.2				12.88			37.9				12.69			36.9				12.77
Automobile	46.3				5.13			45.2				5.23			44.8				5.19			45.5				5.16			47.0				5.20
Other revolving credit and installment	34.3				6.95			34.7				7.12			35.4				7.14			36.4				6.95			36.8				6.78
Total consumer loans	439.7				5.06			436.9				5.18			437.4				5.26			439.9				5.25			440.7				5.26
Total loans	949.8				4.61			947.5				4.80			950.0				4.84			946.3				4.79			939.5				4.72
Equity securities	37.1				2.68			35.2				2.70			33.1				2.56			37.4				2.79			37.9				2.98
Other	6.6				1.77			4.7				1.76			4.4				1.63			4.2				1.78			4.7				1.47
Total earning assets	$	1,762.9			3.76	%		$	1,742.0			3.94	%		$	1,730.6			4.00	%		$	1,732.9			3.93	%		$	1,725.6			3.81	%
Funding sources
Deposits:
Interest-bearing checking	$	59.3			1.39	%		$	57.5			1.46	%		$	56.3			1.42	%		$	54.0			1.21	%		$	51.2			1.01	%
Market rate and other savings	711.3				0.66			690.7				0.59			688.6				0.50			689.6				0.43			693.9				0.35
Savings certificates	32.8				1.72			30.6				1.62			25.2				1.26			22.0				0.87			20.6				0.62
Other time deposits	91.8				2.42			96.9				2.61			97.8				2.67			92.6				2.46			87.8				2.35
Deposits in foreign offices	51.7				1.77			51.9				1.86			55.4				1.89			56.1				1.66			53.9				1.50
Total interest-bearing deposits	946.9				0.97			927.6				0.96			923.3				0.89			914.3				0.77			907.4				0.66
Short-term borrowings	121.8				2.07			114.8				2.26			108.6				2.23			106.0				2.04			105.5				1.74
Long-term debt	229.7				3.09			236.7				3.21			233.2				3.32			226.6				3.17			220.7				3.02
Other liabilities	26.2				2.06			24.3				2.18			25.3				2.28			27.4				2.41			27.0				2.40
Total interest-bearing liabilities	1,324.6				1.46			1,303.4				1.50			1,290.4				1.47			1,274.3				1.34			1,260.6				1.20
Portion of noninterest-bearing funding sources	438.3				—			438.6				—			440.2				—			458.6				—			465.0				—
Total funding sources	$	1,762.9			1.10			$	1,742.0			1.12			$	1,730.6			1.09			$	1,732.9			0.99			$	1,725.6			0.87
Net interest margin on a taxable-equivalent basis					2.66	%						2.82	%						2.91	%						2.94	%						2.94	%
Noninterest-earning assets
Cash and due from banks	$	19.2						19.5							19.6							19.3							18.4
Goodwill	26.4							26.4							26.4							26.4							26.4
Other	118.9							112.7							106.5							100.4							105.9
Total noninterest-earnings assets	$	164.5						158.6							152.5							146.1							150.7
Noninterest-bearing funding sources
Deposits	$	344.5						341.4							338.8							354.6							359.0
Other liabilities	58.2							56.1							55.6							51.7							53.9
Total equity	200.1							199.7							198.3							198.4							202.8
Noninterest-bearing funding sources used to fund earning assets	(438.3		)					(438.6		)					(440.2		)					(458.6		)					(465.0		)
Net noninterest-bearing funding sources	$	164.5						158.6							152.5							146.1							150.7
Total assets	$	1,927.4						1,900.6							1,883.1							1,879.0							1,876.3

(1)	Our average prime rate was 5.31% for the quarter ended September 30, 2019, 5.50% for the quarters ended June 30 and March 31, 2019, 5.28% for the quarter ended December 31, 2018, and 5.01% for the quarter ended September 30, 2018. The average three-month London Interbank Offered Rate (LIBOR) was 2.20%, 2.51%, 2.69%, 2.62% and 2.34% for the same quarters, respectively.

(2)	Yields/rates include the effects of hedge and risk management activities associated with the respective asset and liability categories.

(3)	Yields and rates are based on interest income/expense amounts for the period, annualized based on the accrual basis for the respective accounts. The average balance amounts represent amortized cost for the periods presented.

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Wells Fargo & Company and Subsidiaries

NONINTEREST INCOME

	Quarter ended September 30,							%			Nine months ended September 30,							%
(in millions)	2019				2018			Change			2019				2018			Change
Service charges on deposit accounts	$	1,219			1,204			1	%		$	3,519			3,540			(1	)%
Trust and investment fees:
Brokerage advisory, commissions and other fees	2,346				2,334			1			6,857				7,091			(3	)
Trust and investment management	729				835			(13	)		2,310				2,520			(8	)
Investment banking	484				462			5			1,333				1,378			(3	)
Total trust and investment fees	3,559				3,631			(2	)		10,500				10,989			(4	)
Card fees	1,027				1,017			1			2,996				2,926			2
Other fees:
Lending related charges and fees (1)	349				370			(6	)		1,045				1,126			(7	)
Cash network fees	118				121			(2	)		344				367			(6	)
Commercial real estate brokerage commissions	170				129			32			356				323			10
Wire transfer and other remittance fees	121				120			1			355				357			(1	)
All other fees	100				110			(9	)		328				323			2
Total other fees	858				850			1			2,428				2,496			(3	)
Mortgage banking:
Servicing income, net	(142		)		390			NM			499				1,264			(61	)
Net gains on mortgage loan origination/sales activities	608				456			33			1,433				1,286			11
Total mortgage banking	466				846			(45	)		1,932				2,550			(24	)
Insurance	91				104			(13	)		280				320			(13	)
Net gains from trading activities	276				158			75			862				592			46
Net gains on debt securities	3				57			(95	)		148				99			49
Net gains from equity securities	956				416			130			2,392				1,494			60
Lease income	402				453			(11	)		1,269				1,351			(6	)
Life insurance investment income	173				167			4			499				493			1
All other	1,355				466			191			2,347				1,227			91
Total	$	10,385			9,369			11			$	29,172			28,077			4

NM - Not meaningful

(1)	Represents combined amount of previously reported "Charges and fees on loans" and "Letters of credit fees".

NONINTEREST EXPENSE

	Quarter ended September 30,							%			Nine months ended September 30,							%
(in millions)	2019				2018			Change			2019				2018			Change
Salaries	$	4,695			4,461			5	%		$	13,661			13,289			3	%
Commission and incentive compensation	2,735				2,427			13			8,177				7,837			4
Employee benefits	1,164				1,377			(15	)		4,438				4,220			5
Equipment	693				634			9			1,961				1,801			9
Net occupancy (1)	760				718			6			2,196				2,153			2
Core deposit and other intangibles	27				264			(90	)		82				794			(90	)
FDIC and other deposit assessments	93				336			(72	)		396				957			(59	)
Outside professional services	823				761			8			2,322				2,463			(6	)
Contract services	649				593			9			1,836				1,576			16
Operating losses	1,920				605			217			2,405				2,692			(11	)
Leases (2)	272				311			(13	)		869				942			(8	)
Advertising and promotion	266				223			19			832				603			38
Outside data processing	167				166			1			509				492			3
Travel and entertainment	139				141			(1	)		449				450			—
Postage, stationery and supplies	117				120			(3	)		358				383			(7	)
Telecommunications	91				90			1			275				270			2
Foreclosed assets	52				59			(12	)		124				141			(12	)
Insurance	25				26			(4	)		75				76			(1	)
All other	511				451			13			1,599				1,648			(3	)
Total	$	15,199			13,763			10			$	42,564			42,787			(1	)

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

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

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER NONINTEREST INCOME

	Quarter ended
(in millions)	Sep 30, 2019				Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
Service charges on deposit accounts	$	1,219			1,206			1,094			1,176			1,204
Trust and investment fees:
Brokerage advisory, commissions and other fees	2,346				2,318			2,193			2,345			2,334
Trust and investment management	729				795			786			796			835
Investment banking	484				455			394			379			462
Total trust and investment fees	3,559				3,568			3,373			3,520			3,631
Card fees	1,027				1,025			944			981			1,017
Other fees:
Lending related charges and fees (1)	349				349			347			400			370
Cash network fees	118				117			109			114			121
Commercial real estate brokerage commissions	170				105			81			145			129
Wire transfer and other remittance fees	121				121			113			120			120
All other fees	100				108			120			109			110
Total other fees	858				800			770			888			850
Mortgage banking:
Servicing income, net	(142		)		277			364			109			390
Net gains on mortgage loan origination/sales activities	608				481			344			358			456
Total mortgage banking	466				758			708			467			846
Insurance	91				93			96			109			104
Net gains from trading activities	276				229			357			10			158
Net gains on debt securities	3				20			125			9			57
Net gains from equity securities	956				622			814			21			416
Lease income	402				424			443			402			453
Life insurance investment income	173				167			159			158			167
All other	1,355				577			415			595			466
Total	$	10,385			9,489			9,298			8,336			9,369

(1)	Represents combined amount of previously reported "Charges and fees on loans" and "Letters of credit fees".

FIVE QUARTER NONINTEREST EXPENSE

	Quarter ended
(in millions)	Sep 30, 2019				Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
Salaries	$	4,695			4,541			4,425			4,545			4,461
Commission and incentive compensation	2,735				2,597			2,845			2,427			2,427
Employee benefits	1,164				1,336			1,938			706			1,377
Equipment	693				607			661			643			634
Net occupancy (1)	760				719			717			735			718
Core deposit and other intangibles	27				27			28			264			264
FDIC and other deposit assessments	93				144			159			153			336
Outside professional services	823				821			678			843			761
Contract services	649				624			563			616			593
Operating losses	1,920				247			238			432			605
Leases (2)	272				311			286			392			311
Advertising and promotion	266				329			237			254			223
Outside data processing	167				175			167			168			166
Travel and entertainment	139				163			147			168			141
Postage, stationery and supplies	117				119			122			132			120
Telecommunications	91				93			91			91			90
Foreclosed assets	52				35			37			47			59
Insurance	25				25			25			25			26
All other	511				536			552			698			451
Total	$	15,199			13,449			13,916			13,339			13,763

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

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

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- 27 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER DEFERRED COMPENSATION PLAN INVESTMENT RESULTS

	Quarter ended
(in millions)	Sep 30, 2019				Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
Net interest income	$	13			18			13			23			14
Net gains (losses) from equity securities	(4		)		87			345			(452	)		118
Total revenue (losses) from deferred compensation plan investments	9				105			358			(429	)		132
Employee benefits expense (1)	5				114			357			(428	)		129
Income (loss) before income tax expense	$	4			(9	)		1			(1	)		3

(1)	Represents change in deferred compensation plan liability.

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- 28 -

Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET

(in millions, except shares)	Sep 30, 2019				Dec 31, 2018			% Change
Assets
Cash and due from banks	$	22,401			23,551			(5	)%
Interest-earning deposits with banks	126,330				149,736			(16	)
Total cash, cash equivalents, and restricted cash	148,731				173,287			(14	)
Federal funds sold and securities purchased under resale agreements	103,051				80,207			28
Debt securities:
Trading, at fair value	79,113				69,989			13
Available-for-sale, at fair value	271,236				269,912			—
Held-to-maturity, at cost	153,179				144,788			6
Mortgage loans held for sale	25,448				15,126			68
Loans held for sale	1,532				2,041			(25	)
Loans	954,915				953,110			—
Allowance for loan losses	(9,715		)		(9,775	)		(1	)
Net loans	945,200				943,335			—
Mortgage servicing rights:
Measured at fair value	11,072				14,649			(24	)
Amortized	1,397				1,443			(3	)
Premises and equipment, net	9,315				8,920			4
Goodwill	26,388				26,418			—
Derivative assets	14,680				10,770			36
Equity securities	63,884				55,148			16
Other assets	89,724				79,850			12
Total assets	$	1,943,950			1,895,883			3
Liabilities
Noninterest-bearing deposits	$	355,259			349,534			2
Interest-bearing deposits	953,236				936,636			2
Total deposits	1,308,495				1,286,170			2
Short-term borrowings	123,908				105,787			17
Derivative liabilities	9,948				8,499			17
Accrued expenses and other liabilities	76,532				69,317			10
Long-term debt	230,651				229,044			1
Total liabilities	1,749,534				1,698,817			3
Equity
Wells Fargo stockholders’ equity:
Preferred stock	21,549				23,214			(7	)
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares	9,136				9,136			—
Additional paid-in capital	60,866				60,685			—
Retained earnings	166,320				158,163			5
Cumulative other comprehensive income (loss)	(1,639		)		(6,336	)		(74	)
Treasury stock – 1,212,669,670 shares and 900,557,866 shares	(61,785		)		(47,194	)		31
Unearned ESOP shares	(1,143		)		(1,502	)		(24	)
Total Wells Fargo stockholders’ equity	193,304				196,166			(1	)
Noncontrolling interests	1,112				900			24
Total equity	194,416				197,066			(1	)
Total liabilities and equity	$	1,943,950			1,895,883			3

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- 29 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED BALANCE SHEET

(in millions)	Sep 30, 2019				Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
Assets
Cash and due from banks	$	22,401			20,880			20,650			23,551			18,791
Interest-earning deposits with banks	126,330				143,547			128,318			149,736			140,732
Total cash, cash equivalents, and restricted cash	148,731				164,427			148,968			173,287			159,523
Federal funds sold and securities purchased under resale agreements	103,051				112,119			98,621			80,207			83,471
Debt securities:
Trading, at fair value	79,113				70,208			70,378			69,989			65,188
Available-for-sale, at fair value	271,236				265,983			268,099			269,912			262,964
Held-to-maturity, at cost	153,179				145,876			144,990			144,788			144,131
Mortgage loans held for sale	25,448				22,998			15,016			15,126			19,225
Loans held for sale	1,532				1,181			1,018			2,041			1,765
Loans	954,915				949,878			948,249			953,110			942,300
Allowance for loan losses	(9,715		)		(9,692	)		(9,900	)		(9,775	)		(10,021	)
Net loans	945,200				940,186			938,349			943,335			932,279
Mortgage servicing rights:
Measured at fair value	11,072				12,096			13,336			14,649			15,980
Amortized	1,397				1,407			1,427			1,443			1,414
Premises and equipment, net	9,315				9,435			8,825			8,920			8,802
Goodwill	26,388				26,415			26,420			26,418			26,425
Derivative assets	14,680				13,162			11,238			10,770			11,811
Equity securities	63,884				61,537			58,440			55,148			61,755
Other assets	89,724				76,358			82,667			79,850			78,248
Total assets	$	1,943,950			1,923,388			1,887,792			1,895,883			1,872,981
Liabilities
Noninterest-bearing deposits	$	355,259			340,813			341,399			349,534			352,869
Interest-bearing deposits	953,236				947,613			922,614			936,636			913,725
Total deposits	1,308,495				1,288,426			1,264,013			1,286,170			1,266,594
Short-term borrowings	123,908				115,344			106,597			105,787			105,451
Derivative liabilities	9,948				8,399			7,393			8,499			8,586
Accrued expenses and other liabilities	76,532				69,706			74,717			69,317			71,348
Long-term debt	230,651				241,476			236,339			229,044			221,323
Total liabilities	1,749,534				1,723,351			1,689,059			1,698,817			1,673,302
Equity
Wells Fargo stockholders’ equity:
Preferred stock	21,549				23,021			23,214			23,214			23,482
Common stock	9,136				9,136			9,136			9,136			9,136
Additional paid-in capital	60,866				60,625			60,409			60,685			60,738
Retained earnings	166,320				164,551			160,776			158,163			154,576
Cumulative other comprehensive income (loss)	(1,639		)		(2,224	)		(3,682	)		(6,336	)		(6,873	)
Treasury stock	(61,785		)		(54,775	)		(50,519	)		(47,194	)		(40,538	)
Unearned ESOP shares	(1,143		)		(1,292	)		(1,502	)		(1,502	)		(1,780	)
Total Wells Fargo stockholders’ equity	193,304				199,042			197,832			196,166			198,741
Noncontrolling interests	1,112				995			901			900			938
Total equity	194,416				200,037			198,733			197,066			199,679
Total liabilities and equity	$	1,943,950			1,923,388			1,887,792			1,895,883			1,872,981

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER TRADING ASSETS AND LIABILITIES

(in millions)	Sep 30, 2019				Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
Trading assets
Debt securities	$	79,113			70,208			70,378			69,989			65,188
Equity securities	24,436				23,327			20,933			19,449			26,138
Loans held for sale	1,501				1,118			998			1,469			1,266
Gross trading derivative assets	39,926				34,683			30,002			29,216			30,302
Netting (1)	(26,414		)		(22,827	)		(20,809	)		(19,807	)		(19,188	)
Total trading derivative assets	13,512				11,856			9,193			9,409			11,114
Total trading assets	118,562				106,509			101,502			100,316			103,706
Trading liabilities
Short sales	18,290				15,955			21,586			19,720			23,992
Gross trading derivative liabilities	38,308				33,458			28,994			28,717			29,268
Netting (1)	(29,708		)		(26,417	)		(22,810	)		(21,178	)		(21,842	)
Total trading derivative liabilities	8,600				7,041			6,184			7,539			7,426
Total trading liabilities	$	26,890			22,996			27,770			27,259			31,418

(1)	Represents balance sheet netting for trading derivative asset and liability balances, and trading portfolio level counterparty valuation adjustments.

FIVE QUARTER DEBT SECURITIES

(in millions)	Sep 30, 2019				Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
Trading debt securities	$	79,113			70,208			70,378			69,989			65,188
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies	16,549				15,319			15,106			13,348			6,187
Securities of U.S. states and political subdivisions	40,503				45,095			49,700			49,264			48,216
Mortgage-backed securities:
Federal agencies	167,535				155,858			150,663			153,203			153,511
Residential and commercial	5,079				5,443			5,828			7,000			6,939
Total mortgage-backed securities	172,614				161,301			156,491			160,203			160,450
Other debt securities	41,570				44,268			46,802			47,097			48,111
Total available-for-sale debt securities	271,236				265,983			268,099			269,912			262,964
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies	44,774				44,766			44,758			44,751			44,743
Securities of U.S. states and political subdivisions	12,719				7,948			6,163			6,286			6,293
Federal agency and other mortgage-backed securities (1)	95,637				93,105			94,009			93,685			93,020
Other debt securities	49				57			60			66			75
Total held-to-maturity debt securities	153,179				145,876			144,990			144,788			144,131
Total debt securities	$	503,528			482,067			483,467			484,689			472,283

(1)	Predominantly consists of federal agency mortgage-backed securities.

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER EQUITY SECURITIES

(in millions)	Sep 30, 2019				Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
Held for trading at fair value:
Marketable equity securities	$	24,436			23,327			20,933			19,449			26,138
Not held for trading:
Fair value:
Marketable equity securities (1)	6,639				5,379			5,135			4,513			5,705
Nonmarketable equity securities	7,293				7,244			6,518			5,594			6,479
Total equity securities at fair value	13,932				12,623			11,653			10,107			12,184
Equity method:
Low-income housing tax credit investments	11,068				11,162			10,925			10,999			10,453
Private equity	3,425				3,352			3,890			3,832			3,838
Tax-advantaged renewable energy	3,143				3,051			3,041			3,073			1,967
New market tax credit and other	390				294			305			311			259
Total equity method	18,026				17,859			18,161			18,215			16,517
Other:
Federal Reserve Bank stock and other at cost (2)	5,021				5,622			5,732			5,643			5,467
Private equity (3)	2,469				2,106			1,961			1,734			1,449
Total equity securities not held for trading	39,448				38,210			37,507			35,699			35,617
Total equity securities	$	63,884			61,537			58,440			55,148			61,755

(1)	Includes $3.5 billion, $3.5 billion, $3.5 billion, $3.2 billion and $3.6 billion at September 30, June 30 and March 31, 2019, and December 31 and September 30, 2018, respectively, related to securities held as economic hedges of our deferred compensation plan obligations.

(2)	Includes $5.0 billion, $5.6 billion, $5.7 billion, $5.6 billion and $5.4 billion at September 30, June 30 and March 31, 2019, and December 31 and September 30, 2018, respectively, related to investments in Federal Reserve Bank and Federal Home Loan Bank stock.

(3)	Represents nonmarketable equity securities for which we have elected to account for the security under the measurement alternative.

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER LOANS

(in millions)	Sep 30, 2019				Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
Commercial:
Commercial and industrial	$	350,875			348,846			349,134			350,199			338,048
Real estate mortgage	121,936				123,008			122,113			121,014			120,403
Real estate construction	19,921				21,067			21,857			22,496			23,690
Lease financing	19,600				19,324			19,122			19,696			19,745
Total commercial	512,332				512,245			512,226			513,405			501,886
Consumer:
Real estate 1-4 family first mortgage	290,604				286,427			284,545			285,065			284,273
Real estate 1-4 family junior lien mortgage	30,838				32,068			33,099			34,398			35,330
Credit card	39,629				38,820			38,279			39,025			37,812
Automobile	46,738				45,664			44,913			45,069			46,075
Other revolving credit and installment	34,774				34,654			35,187			36,148			36,924
Total consumer	442,583				437,633			436,023			439,705			440,414
Total loans (1)	$	954,915			949,878			948,249			953,110			942,300

(1)	Includes $607 million, $1.2 billion, $3.2 billion, $5.0 billion, and $6.9 billion of purchased credit-impaired (PCI) loans at September 30, June 30, and March 31, 2019, and December 31, and September 30, 2018, respectively.

Our foreign loans are reported by respective class of financing receivable in the table above. Substantially all of our foreign loan portfolio is commercial loans. The following table presents total commercial foreign loans outstanding by class of financing receivable.

(in millions)	Sep 30, 2019				Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
Commercial foreign loans:
Commercial and industrial	$	64,418			63,296			63,158			62,564			61,696
Real estate mortgage	7,056				6,801			7,049			6,731			6,891
Real estate construction	1,262				1,287			1,138			1,011			726
Lease financing	1,197				1,215			1,167			1,159			1,187
Total commercial foreign loans	$	73,933			72,599			72,512			71,465			70,500

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)

(in millions)	Sep 30, 2019				Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
Nonaccrual loans:
Commercial:
Commercial and industrial	$	1,539			1,634			1,986			1,486			1,555
Real estate mortgage	669				737			699			580			603
Real estate construction	32				36			36			32			44
Lease financing	72				63			76			90			96
Total commercial	2,312				2,470			2,797			2,188			2,298
Consumer:
Real estate 1-4 family first mortgage	2,261				2,425			3,026			3,183			3,267
Real estate 1-4 family junior lien mortgage	819				868			916			945			983
Automobile	110				115			116			130			118
Other revolving credit and installment	43				44			50			50			48
Total consumer	3,233				3,452			4,108			4,308			4,416
Total nonaccrual loans (1)(2)(3)	$	5,545			5,922			6,905			6,496			6,714
As a percentage of total loans	0.58		%		0.62			0.73			0.68			0.71
Foreclosed assets:
Government insured/guaranteed	$	59			68			75			88			87
Non-government insured/guaranteed	378				309			361			363			435
Total foreclosed assets	437				377			436			451			522
Total nonperforming assets	$	5,982			6,299			7,341			6,947			7,236
As a percentage of total loans	0.63		%		0.66			0.77			0.73			0.77

(1)	Financial information for periods prior to December 31, 2018, has been revised to exclude mortgage loans held for sale (MLHFS), loans held for sale (LHFS) and loans held at fair value of $339 million at September 30, 2018.

(2)	Excludes PCI loans because they continue to earn interest income from accretable yield, independent of performance in accordance with their contractual terms.

(3)	Real estate 1-4 family mortgage loans predominantly insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) are not placed on nonaccrual status because they are insured or guaranteed.

LOANS 90 DAYS OR MORE PAST DUE AND STILL ACCRUING (1)

(in millions)	Sep 30, 2019				Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
Total (excluding PCI)(2):	$	7,130			7,258			7,870			8,704			8,838
Less: FHA insured/VA guaranteed (3)	6,308				6,478			6,996			7,725			7,906
Total, not government insured/guaranteed	$	822			780			874			979			932
By segment and class, not government insured/guaranteed:
Commercial:
Commercial and industrial	$	6			17			42			43			42
Real estate mortgage	28				24			20			51			56
Real estate construction	—				—			5			—			—
Total commercial	34				41			67			94			98
Consumer:
Real estate 1-4 family first mortgage	100				108			117			124			128
Real estate 1-4 family junior lien mortgage	35				27			28			32			32
Credit card	491				449			502			513			460
Automobile	75				63			68			114			108
Other revolving credit and installment	87				92			92			102			106
Total consumer	788				739			807			885			834
Total, not government insured/guaranteed	$	822			780			874			979			932

(1)	Financial information for periods prior to December 31, 2018 has been revised to exclude MLHFS, LHFS and loans held at fair value, which reduced “Total, not government insured/guaranteed” by $1 million at September 30, 2018.

(2)	PCI loans totaled $119 million, $156 million, $243 million, $370 million and $567 million, at September 30, June 30 and March 31, 2019, and December 31 and September 30, 2018, respectively.

(3)	Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA.

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Wells Fargo & Company and Subsidiaries

CHANGES IN ALLOWANCE FOR CREDIT LOSSES

	Quarter ended September 30,							Nine months ended September 30,
(in millions)	2019				2018			2019			2018
Balance, beginning of period	$	10,603			11,110			10,707			11,960
Provision for credit losses	695				580			2,043			1,223
Interest income on certain impaired loans (1)	(34		)		(42	)		(112	)		(128	)
Loan charge-offs:
Commercial:
Commercial and industrial	(209		)		(209	)		(590	)		(507	)
Real estate mortgage	(2		)		(9	)		(28	)		(30	)
Real estate construction	—				—			(1	)		—
Lease financing	(12		)		(15	)		(35	)		(52	)
Total commercial	(223		)		(233	)		(654	)		(589	)
Consumer:
Real estate 1-4 family first mortgage	(31		)		(45	)		(101	)		(141	)
Real estate 1-4 family junior lien mortgage	(27		)		(47	)		(90	)		(141	)
Credit card	(404		)		(376	)		(1,278	)		(1,185	)
Automobile	(156		)		(214	)		(485	)		(730	)
Other revolving credit and installment	(168		)		(161	)		(497	)		(505	)
Total consumer	(786		)		(843	)		(2,451	)		(2,702	)
Total loan charge-offs	(1,009		)		(1,076	)		(3,105	)		(3,291	)
Loan recoveries:
Commercial:
Commercial and industrial	62				61			151			216
Real estate mortgage	10				10			26			46
Real estate construction	8				2			13			12
Lease financing	4				8			15			18
Total commercial	84				81			205			292
Consumer:
Real estate 1-4 family first mortgage	36				70			148			207
Real estate 1-4 family junior lien mortgage	49				56			140			171
Credit card	85				77			258			231
Automobile	80				84			266			279
Other revolving credit and installment	30				28			95			88
Total consumer	280				315			907			976
Total loan recoveries	364				396			1,112			1,268
Net loan charge-offs	(645		)		(680	)		(1,993	)		(2,023	)
Other	(6		)		(12	)		(32	)		(76	)
Balance, end of period	$	10,613			10,956			10,613			10,956
Components:
Allowance for loan losses	$	9,715			10,021			9,715			10,021
Allowance for unfunded credit commitments	898				935			898			935
Allowance for credit losses	$	10,613			10,956			10,613			10,956
Net loan charge-offs (annualized) as a percentage of average total loans	0.27		%		0.29			0.28			0.29
Allowance for loan losses as a percentage of total loans	1.02				1.06			1.02			1.06
Allowance for credit losses as a percentage of total loans	1.11				1.16			1.11			1.16

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

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER CHANGES IN ALLOWANCE FOR CREDIT LOSSES

	Quarter ended
(in millions)	Sep 30, 2019				Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
Balance, beginning of quarter	$	10,603			10,821			10,707			10,956			11,110
Provision for credit losses	695				503			845			521			580
Interest income on certain impaired loans (1)	(34		)		(39	)		(39	)		(38	)		(42	)
Loan charge-offs:
Commercial:
Commercial and industrial	(209		)		(205	)		(176	)		(220	)		(209	)
Real estate mortgage	(2		)		(14	)		(12	)		(12	)		(9	)
Real estate construction	—				—			(1	)		—			—
Lease financing	(12		)		(12	)		(11	)		(18	)		(15	)
Total commercial	(223		)		(231	)		(200	)		(250	)		(233	)
Consumer:
Real estate 1-4 family first mortgage	(31		)		(27	)		(43	)		(38	)		(45	)
Real estate 1-4 family junior lien mortgage	(27		)		(29	)		(34	)		(38	)		(47	)
Credit card	(404		)		(437	)		(437	)		(414	)		(376	)
Automobile	(156		)		(142	)		(187	)		(217	)		(214	)
Other revolving credit and installment	(168		)		(167	)		(162	)		(180	)		(161	)
Total consumer	(786		)		(802	)		(863	)		(887	)		(843	)
Total loan charge-offs	(1,009		)		(1,033	)		(1,063	)		(1,137	)		(1,076	)
Loan recoveries:
Commercial:
Commercial and industrial	62				46			43			88			61
Real estate mortgage	10				10			6			24			10
Real estate construction	8				2			3			1			2
Lease financing	4				8			3			5			8
Total commercial	84				66			55			118			81
Consumer:
Real estate 1-4 family first mortgage	36				57			55			60			70
Real estate 1-4 family junior lien mortgage	49				48			43			48			56
Credit card	85				88			85			76			77
Automobile	80				90			96			84			84
Other revolving credit and installment	30				31			34			30			28
Total consumer	280				314			313			298			315
Total loan recoveries	364				380			368			416			396
Net loan charge-offs	(645		)		(653	)		(695	)		(721	)		(680	)
Other	(6		)		(29	)		3			(11	)		(12	)
Balance, end of quarter	$	10,613			10,603			10,821			10,707			10,956
Components:
Allowance for loan losses	$	9,715			9,692			9,900			9,775			10,021
Allowance for unfunded credit commitments	898				911			921			932			935
Allowance for credit losses	$	10,613			10,603			10,821			10,707			10,956
Net loan charge-offs (annualized) as a percentage of average total loans	0.27		%		0.28			0.30			0.30			0.29
Allowance for loan losses as a percentage of:
Total loans	1.02				1.02			1.04			1.03			1.06
Nonaccrual loans	175				164			143			150			149
Nonaccrual loans and other nonperforming assets	162				154			135			141			138
Allowance for credit losses as a percentage of:
Total loans	1.11				1.12			1.14			1.12			1.16
Nonaccrual loans	191				179			157			165			163
Nonaccrual loans and other nonperforming assets	177				168			147			154			151

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

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Wells Fargo & Company and Subsidiaries
TANGIBLE COMMON EQUITY (1)

(in millions, except ratios)			Sep 30, 2019			Jun 30, 2019		Mar 31, 2019		Dec 31, 2018		Sep 30, 2018
Tangible book value per common share (1):
Total equity			$	194,416		200,037		198,733		197,066		199,679
Adjustments:
Preferred stock			(21,549		)	(23,021	)	(23,214	)	(23,214	)	(23,482	)
Additional paid-in capital on ESOP preferred stock			(71		)	(78	)	(95	)	(95	)	(105	)
Unearned ESOP shares			1,143			1,292		1,502		1,502		1,780
Noncontrolling interests			(1,112		)	(995	)	(901	)	(900	)	(938	)
Total common stockholders' equity	(A)		172,827			177,235		176,025		174,359		176,934
Adjustments:
Goodwill			(26,388		)	(26,415	)	(26,420	)	(26,418	)	(26,425	)
Certain identifiable intangible assets (other than MSRs)			(465		)	(493	)	(522	)	(559	)	(826	)
Other assets (2)			(2,295		)	(2,251	)	(2,131	)	(2,187	)	(2,121	)
Applicable deferred taxes (3)			802			788		771		785		829
Tangible common equity	(B)		$	144,481		148,864		147,723		145,980		148,391
Common shares outstanding	(C)		4,269.1			4,419.6		4,511.9		4,581.3		4,711.6
Book value per common share	(A)/(C)		$	40.48		40.10		39.01		38.06		37.55
Tangible book value per common share	(B)/(C)		33.84			33.68		32.74		31.86		31.49

			Quarter ended												Nine months ended
(in millions, except ratios)			Sep 30, 2019			Jun 30, 2019		Mar 31, 2019		Dec 31, 2018		Sep 30, 2018			Sep 30, 2019		Sep 30, 2018
Return on average tangible common equity (1):
Net income applicable to common stock	(A)		$	4,037		5,848		5,507		5,711		5,453			15,392		14,978
Average total equity			200,095			199,685		198,349		198,442		202,826			199,383		205,012
Adjustments:
Preferred stock			(22,325		)	(23,023	)	(23,214	)	(23,463	)	(24,219	)		(22,851	)	(25,459	)
Additional paid-in capital on ESOP preferred stock			(78		)	(78	)	(95	)	(105	)	(115	)		(84	)	(132	)
Unearned ESOP shares			1,290			1,294		1,502		1,761		2,026			1,361		2,292
Noncontrolling interests			(1,065		)	(939	)	(899	)	(910	)	(892	)		(968	)	(936	)
Average common stockholders’ equity	(B)		177,917			176,939		175,643		175,725		179,626			176,841		180,777
Adjustments:
Goodwill			(26,413		)	(26,415	)	(26,420	)	(26,423	)	(26,429	)		(26,416	)	(26,463	)
Certain identifiable intangible assets (other than MSRs)			(477		)	(505	)	(543	)	(693	)	(958	)		(508	)	(1,221	)
Other assets (2)			(2,159		)	(2,155	)	(2,159	)	(2,204	)	(2,083	)		(2,158	)	(2,195	)
Applicable deferred taxes (3)			797			780		784		800		845			787		889
Average tangible common equity	(C)		$	149,665		148,644		147,305		147,205		151,001			148,546		151,787
Return on average common stockholders' equity (ROE) (annualized)	(A)/(B)		9.00			13.26		12.71		12.89		12.04			11.64		11.08
Return on average tangible common equity (ROTCE) (annualized)	(A)/(C)		10.70			15.78		15.16		15.39		14.33			13.85		13.19

(1)

Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, and goodwill and certain identifiable intangible assets (including goodwill and intangible assets associated with certain of our nonmarketable equity securities but excluding mortgage servicing rights), net of applicable deferred taxes. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity and tangible book value per common share, which utilize tangible common equity, are useful financial measures because they enable investors and others to assess the Company's use of equity.

(2)	Represents goodwill and other intangibles on nonmarketable equity securities, which are included in other assets.

(3)	Applicable deferred taxes relate to goodwill and other intangible assets. They were 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.

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Wells Fargo & Company and Subsidiaries

COMMON EQUITY TIER 1 UNDER BASEL III (FULLY PHASED-IN) (1) 

		Estimated
(in billions, except ratio)		Sep 30, 2019			Jun 30, 2019		Mar 31, 2019		Dec 31, 2018		Sep 30, 2018
Total equity		$	194.4		200.0		198.7		197.1		199.7
Adjustments:
Preferred stock		(21.5		)	(23.0	)	(23.2	)	(23.2	)	(23.5	)
Additional paid-in capital on ESOP preferred stock		(0.1		)	(0.1	)	(0.1	)	(0.1	)	(0.1	)
Unearned ESOP shares		1.1			1.3		1.5		1.5		1.8
Noncontrolling interests		(1.1		)	(1.0	)	(0.9	)	(0.9	)	(0.9	)
Total common stockholders' equity		172.8			177.2		176.0		174.4		177.0
Adjustments:
Goodwill		(26.4		)	(26.4	)	(26.4	)	(26.4	)	(26.4	)
Certain identifiable intangible assets (other than MSRs)		(0.5		)	(0.5	)	(0.5	)	(0.6	)	(0.8	)
Other assets (2)		(2.3		)	(2.3	)	(2.1	)	(2.2	)	(2.1	)
Applicable deferred taxes (3)		0.8			0.8		0.8		0.8		0.8
Investment in certain subsidiaries and other		0.3			0.4		0.3		0.4		0.4
Common Equity Tier 1 (Fully Phased-In) under Basel III	(A)	144.7			149.2		148.1		146.4		148.9
Total risk-weighted assets (RWAs) anticipated under Basel III (4)(5)	(B)	$	1,245.8		1,246.7		1,243.1		1,247.2		1,250.2
Common Equity Tier 1 to total RWAs anticipated under Basel III (Fully Phased-In) (5)	(A)/(B)	11.6		%	12.0		11.9		11.7		11.9

(1)

Basel III capital rules, adopted by the Federal Reserve Board on July 2, 2013, revised the definition of capital, increased minimum capital ratios, and introduced a minimum Common Equity Tier 1 (CET1) ratio. The rules are being phased in through the end of 2021. Fully phased-in capital amounts, ratios and RWAs are calculated assuming the full phase-in of the Basel III capital rules. Beginning January 1, 2018, the requirements for calculating CET1 and tier 1 capital, along with RWAs, became fully phased-in.

(2)	Represents goodwill and other intangibles on nonmarketable equity securities, which are included in other assets.

(3)	Applicable deferred taxes relate to goodwill and other intangible assets. They were 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)

The final Basel III capital rules provide for two capital frameworks: the Standardized Approach, which replaced Basel I, and the Advanced Approach applicable to certain institutions. Under the final rules, we are subject to the lower of our CET1 ratio calculated under the Standardized Approach and under the Advanced Approach in the assessment of our capital adequacy. Because the final determination of our CET1 ratio and which approach will produce the lower CET1 ratio as of September 30, 2019, is subject to detailed analysis of considerable data, our CET1 ratio at that date has been estimated using the Basel III definition of capital under the Basel III Standardized Approach RWAs. The capital ratio for June 30 and March 31, 2019, and December 31 and September 30, 2018, was calculated under the Basel III Standardized Approach RWAs.

(5)	The Company’s September 30, 2019, RWAs and capital ratio are preliminary estimates.

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Wells Fargo & Company and Subsidiaries

OPERATING SEGMENT RESULTS (1)

(income/expense in millions, average balances in billions)	Community Banking							Wholesale Banking						Wealth and Investment Management						Other (2)						Consolidated Company
	2019				2018			2019			2018			2019			2018			2019			2018			2019			2018
Quarter ended Sep 30,
Net interest income (3)	$	6,769			7,338			4,382			4,726			989			1,102			(515	)		(594	)		11,625			12,572
Provision (reversal of provision) for credit losses	608				547			92			26			3			6			(8	)		1			695			580
Noninterest income	4,470				4,478			2,560			2,578			4,152			3,124			(797	)		(811	)		10,385			9,369
Noninterest expense	8,766				7,467			3,889			3,935			3,431			3,243			(887	)		(882	)		15,199			13,763
Income (loss) before income tax expense (benefit)	1,865				3,802			2,961			3,343			1,707			977			(417	)		(524	)		6,116			7,598
Income tax expense (benefit)	667				925			315			475			426			244			(104	)		(132	)		1,304			1,512
Net income (loss) before noncontrolling interests	1,198				2,877			2,646			2,868			1,281			733			(313	)		(392	)		4,812			6,086
Less: Net income from noncontrolling interests	199				61			2			17			1			1			—			—			202			79
Net income (loss)	$	999			2,816			2,644			2,851			1,280			732			(313	)		(392	)		4,610			6,007
Average loans	$	459.0			460.9			474.3			462.8			75.9			74.6			(59.4	)		(58.8	)		949.8			939.5
Average assets	1,033.9				1,024.9			869.2			827.2			84.7			83.8			(60.4	)		(59.6	)		1,927.4			1,876.3
Average deposits	789.7				760.9			422.0			413.6			142.4			159.8			(62.7	)		(67.9	)		1,291.4			1,266.4
Nine months ended Sep 30,
Net interest income (3)	$	21,083			21,879			13,451			13,951			3,127			3,325			(1,630	)		(1,804	)		36,031			37,351
Provision (reversal of provision) for credit losses	1,797				1,249			254			(30	)		6			(2	)		(14	)		6			2,043			1,223
Noninterest income	13,711				13,573			7,667			7,829			10,143			9,094			(2,349	)		(2,419	)		29,172			28,077
Noninterest expense	23,667				23,459			11,609			12,132			9,980			9,894			(2,692	)		(2,698	)		42,564			42,787
Income (loss) before income tax expense (benefit)	9,330				10,744			9,255			9,678			3,284			2,527			(1,273	)		(1,531	)		20,596			21,418
Income tax expense (benefit)	1,929				3,147			1,049			1,302			819			630			(318	)		(383	)		3,479			4,696
Net income (loss) before noncontrolling interests	7,401				7,597			8,206			8,376			2,465			1,897			(955	)		(1,148	)		17,117			16,722
Less: Net income from noncontrolling interests	432				372			3			15			6			6			—			—			441			393
Net income (loss)	$	6,969			7,225			8,203			8,361			2,459			1,891			(955	)		(1,148	)		16,676			16,329
Average loans	$	458.3			465.0			474.9			464.2			75.1			74.4			(59.2	)		(58.8	)		949.1			944.8
Average assets	1,024.8				1,040.2			855.4			827.6			83.9			84.0			(60.2	)		(59.6	)		1,903.9			1,892.2
Average deposits	777.7				756.4			414.1			424.4			146.3			168.2			(63.9	)		(70.8	)		1,274.2			1,278.2

(1)	The management accounting process measures the performance of the operating segments based on our management structure and is not necessarily comparable with other similar information for other financial services companies. We define our operating segments by product type and customer segment.

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

(3)

Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets as well as interest credits for any funding of a segment available to be provided to other segments. The cost of liabilities includes actual interest expense on segment liabilities as well as funding charges for any funding provided from other segments.

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER OPERATING SEGMENT RESULTS (1)

											Quarter ended
(income/expense in millions, average balances in billions)	Sep 30, 2019				Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
COMMUNITY BANKING
Net interest income (2)	$	6,769			7,066			7,248			7,340			7,338
Provision for credit losses	608				479			710			534			547
Noninterest income	4,470				4,739			4,502			4,121			4,478
Noninterest expense	8,766				7,212			7,689			7,032			7,467
Income before income tax expense	1,865				4,114			3,351			3,895			3,802
Income tax expense	667				838			424			637			925
Net income before noncontrolling interests	1,198				3,276			2,927			3,258			2,877
Less: Net income from noncontrolling interests	199				129			104			89			61
Segment net income	$	999			3,147			2,823			3,169			2,816
Average loans	$	459.0			457.7			458.2			459.7			460.9
Average assets	1,033.9				1,024.8			1,015.4			1,015.9			1,024.9
Average deposits	789.7				777.6			765.6			759.4			760.9
WHOLESALE BANKING
Net interest income (2)	$	4,382			4,535			4,534			4,739			4,726
Provision (reversal of provision) for credit losses	92				28			134			(28	)		26
Noninterest income	2,560				2,530			2,577			2,187			2,578
Noninterest expense	3,889				3,882			3,838			4,025			3,935
Income before income tax expense	2,961				3,155			3,139			2,929			3,343
Income tax expense	315				365			369			253			475
Net income before noncontrolling interests	2,646				2,790			2,770			2,676			2,868
Less: Net income from noncontrolling interests	2				1			—			5			17
Segment net income	$	2,644			2,789			2,770			2,671			2,851
Average loans	$	474.3			474.0			476.4			470.2			462.8
Average assets	869.2				852.2			844.5			839.1			827.2
Average deposits	422.0				410.4			409.8			421.6			413.6
WEALTH AND INVESTMENT MANAGEMENT
Net interest income (2)	$	989			1,037			1,101			1,116			1,102
Provision (reversal of provision) for credit losses	3				(1	)		4			(3	)		6
Noninterest income	4,152				3,013			2,978			2,841			3,124
Noninterest expense	3,431				3,246			3,303			3,044			3,243
Income before income tax expense	1,707				805			772			916			977
Income tax expense	426				201			192			231			244
Net income before noncontrolling interests	1,281				604			580			685			733
Less: Net income (loss) from noncontrolling interests	1				2			3			(4	)		1
Segment net income	$	1,280			602			577			689			732
Average loans	$	75.9			75.0			74.4			75.2			74.6
Average assets	84.7				83.8			83.2			83.6			83.8
Average deposits	142.4				143.5			153.2			155.5			159.8
OTHER (3)
Net interest income (2)	$	(515	)		(543	)		(572	)		(551	)		(594	)
Provision (reversal of provision) for credit losses	(8		)		(3	)		(3	)		18			1
Noninterest income	(797		)		(793	)		(759	)		(813	)		(811	)
Noninterest expense	(887		)		(891	)		(914	)		(762	)		(882	)
Loss before income tax benefit	(417		)		(442	)		(414	)		(620	)		(524	)
Income tax benefit	(104		)		(110	)		(104	)		(155	)		(132	)
Net loss before noncontrolling interests	(313		)		(332	)		(310	)		(465	)		(392	)
Less: Net income from noncontrolling interests	—				—			—			—			—
Other net loss	$	(313	)		(332	)		(310	)		(465	)		(392	)
Average loans	$	(59.4	)		(59.2	)		(59.0	)		(58.8	)		(58.8	)
Average assets	(60.4		)		(60.2	)		(60.0	)		(59.6	)		(59.6	)
Average deposits	(62.7		)		(62.5	)		(66.5	)		(67.6	)		(67.9	)
CONSOLIDATED COMPANY
Net interest income (2)	$	11,625			12,095			12,311			12,644			12,572
Provision for credit losses	695				503			845			521			580
Noninterest income	10,385				9,489			9,298			8,336			9,369
Noninterest expense	15,199				13,449			13,916			13,339			13,763
Income before income tax expense	6,116				7,632			6,848			7,120			7,598
Income tax expense	1,304				1,294			881			966			1,512
Net income before noncontrolling interests	4,812				6,338			5,967			6,154			6,086
Less: Net income from noncontrolling interests	202				132			107			90			79
Wells Fargo net income	$	4,610			6,206			5,860			6,064			6,007
Average loans	$	949.8			947.5			950.0			946.3			939.5
Average assets	1,927.4				1,900.6			1,883.1			1,879.0			1,876.3
Average deposits	1,291.4				1,269.0			1,262.1			1,268.9			1,266.4

(1)	The management accounting process measures the performance of the operating segments based on our management structure and is not necessarily comparable with other similar information for other financial services companies. We define our operating segments by product type and customer segment.

(2)

Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets as well as interest credits for any funding of a segment available to be provided to other segments. The cost of liabilities includes actual interest expense on segment liabilities as well as funding charges for any funding provided from other segments.

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

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING

	Quarter ended
(in millions)	Sep 30, 2019				Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
MSRs measured using the fair value method:
Fair value, beginning of quarter	$	12,096			13,336			14,649			15,980			15,411
Servicing from securitizations or asset transfers (1)	538				400			341			449			502
Sales and other (2)	(4		)		(1	)		(281	)		(64	)		(2	)
Net additions	534				399			60			385			500
Changes in fair value:
Due to changes in valuation model inputs or assumptions:
Mortgage interest rates (3)	(718		)		(1,153	)		(940	)		(874	)		582
Servicing and foreclosure costs (4)	13				(22	)		12			763			(9	)
Discount rates (5)	188				(109	)		100			(821	)		(9	)
Prepayment estimates and other (6)	(445		)		206			(63	)		(314	)		(33	)
Net changes in valuation model inputs or assumptions	(962		)		(1,078	)		(891	)		(1,246	)		531
Changes due to collection/realization of expected cash flows over time	(596		)		(561	)		(482	)		(470	)		(462	)
Total changes in fair value	(1,558		)		(1,639	)		(1,373	)		(1,716	)		69
Fair value, end of quarter	$	11,072			12,096			13,336			14,649			15,980

(1)	Includes impacts associated with exercising cleanup calls on securitizations as well as our right to repurchase delinquent loans from Government National Mortgage Association (GNMA) loan securitization pools. Total reported MSRs may increase upon repurchase due to servicing liabilities associated with these delinquent GNMA loans.

(2)	Includes sales and transfers of MSRs, which can result in an increase of total reported MSRs if the sales or transfers are related to nonperforming loan portfolios or portfolios with servicing liabilities.

(3)	Includes prepayment speed changes as well as other valuation changes due to changes in mortgage interest rates (such as changes in estimated interest earned on custodial deposit balances).

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

(5)	Reflects discount rate assumption change, excluding portion attributable to changes in mortgage interest rates.

(6)	Represents changes driven by other valuation model inputs or assumptions including prepayment speed estimation changes and other assumption updates. Prepayment speed estimation changes are influenced by observed changes in borrower behavior and other external factors that occur independent of interest rate changes.

	Quarter ended
(in millions)	Sep 30, 2019				Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
Amortized MSRs:
Balance, beginning of quarter	$	1,407			1,427			1,443			1,414			1,407
Purchases	25				16			24			45			42
Servicing from securitizations or asset transfers	33				33			26			52			33
Amortization	(68		)		(69	)		(66	)		(68	)		(68	)
Balance, end of quarter	$	1,397			1,407			1,427			1,443			1,414
Fair value of amortized MSRs:
Beginning of quarter	$	1,897			2,149			2,288			2,389			2,309
End of quarter	1,813				1,897			2,149			2,288			2,389

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING (CONTINUED)

		Quarter ended
(in millions)		Sep 30, 2019				Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
Servicing income, net:
Servicing fees (1)		$	806			830			841			925			890
Changes in fair value of MSRs carried at fair value:
Due to changes in valuation model inputs or assumptions (2)	(A)	(962		)		(1,078	)		(891	)		(1,246	)		531
Changes due to collection/realization of expected cash flows over time		(596		)		(561	)		(482	)		(470	)		(462	)
Total changes in fair value of MSRs carried at fair value		(1,558		)		(1,639	)		(1,373	)		(1,716	)		69
Amortization		(68		)		(69	)		(66	)		(68	)		(68	)
Net derivative gains (losses) from economic hedges (3)	(B)	678				1,155			962			968			(501	)
Total servicing income, net		$	(142	)		277			364			109			390
Market-related valuation changes to MSRs, net of hedge results (2)(3)	(A)+(B)	$	(284	)		77			71			(278	)		30

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

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

(3)	Represents results from economic hedges used to hedge the risk of changes in fair value of MSRs.

(in billions)	Sep 30, 2019				Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
Managed servicing portfolio (1):
Residential mortgage servicing:
Serviced for others	$	1,083			1,107			1,125			1,164			1,184
Owned loans serviced	346				340			331			334			337
Subserviced for others	3				5			26			4			5
Total residential servicing	1,432				1,452			1,482			1,502			1,526
Commercial mortgage servicing:
Serviced for others	551				548			552			543			529
Owned loans serviced	122				123			122			121			121
Subserviced for others	9				9			9			9			9
Total commercial servicing	682				680			683			673			659
Total managed servicing portfolio	$	2,114			2,132			2,165			2,175			2,185
Total serviced for others	$	1,634			1,655			1,677			1,707			1,713
Ratio of MSRs to related loans serviced for others	0.76		%		0.82			0.88			0.94			1.02
Weighted-average note rate (mortgage loans serviced for others)	4.29				4.33			4.34			4.32			4.29

(1)	The components of our managed servicing portfolio are presented at unpaid principal balance for loans serviced and subserviced for others and at book value for owned loans serviced.

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Wells Fargo & Company and Subsidiaries

SELECTED FIVE QUARTER RESIDENTIAL MORTGAGE PRODUCTION DATA

		Quarter ended
		Sep 30, 2019				Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
Net gains on mortgage loan origination/sales activities (in millions):
Residential	(A)	$	461			322			232			245			324
Commercial		106				83			47			65			75
Residential pipeline and unsold/repurchased loan management (1)		41				76			65			48			57
Total		$	608			481			344			358			456
Application data (in billions):
Wells Fargo first mortgage quarterly applications		$	85			90			64			48			57
Refinances as a percentage of applications		50		%		44			44			30			26
Wells Fargo first mortgage unclosed pipeline, at quarter end		$	44			44			32			18			22
Residential real estate originations:
Purchases as a percentage of originations		60		%		68			70			78			81
Refinances as a percentage of originations		40				32			30			22			19
Total		100		%		100			100			100			100
Wells Fargo first mortgage loans (in billions):
Retail		$	27			26			14			16			18
Correspondent		30				27			18			21			27
Other (2)		1				—			1			1			1
Total quarter-to-date		$	58			53			33			38			46
Held-for-sale	(B)	$	38			33			22			28			33
Held-for-investment		20				20			11			10			13
Total quarter-to-date		$	58			53			33			38			46
Total year-to-date		$	144			86			33			177			139
Production margin on residential held-for-sale mortgage originations	(A)/(B)	1.21		%		0.98			1.05			0.89			0.97

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

(2)	Consists of home equity loans and lines.

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Exhibit 99.2 3Q19 Quarterly Supplement October 15, 2019 © 2019 Wells Fargo Bank, N.A. All rights reserved.

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Table of contents 3Q19 Results Appendix 3Q19 Earnings Pages 2 Sale of Institutional Retirement and Trust (IRT) business 27 3Q19 Highlights 3 Real estate 1-4 family mortgage portfolio 28 Year-over-year results 4 Consumer credit card portfolio 29 Balance Sheet and credit overview (linked quarter) 5 Auto portfolios 30 Income Statement overview (linked quarter) 6 Student lending portfolio 31 Average loans 7 Deferred compensation plan investment results 32 Period-end loans 8 Trading-related revenue 33 Commercial loan trends 9 Noninterest expense analysis (reference for slides 16-17) 34 Consumer loan trends 10 Common Equity Tier 1 (Fully Phased-In) 35 Average deposit trends and costs 11 Period-end deposit trends 12 Forward-looking statements 36 Net interest income 13 Noninterest income 14 Noninterest expense and efficiency ratio 15 Noninterest expense – linked quarter 16 Noninterest expense – year over year 17 2019 expense target 18 Community Banking 19 Community Banking metrics 20-21 Wholesale Banking 22 Wealth and Investment Management 23 Credit quality 24 Capital 25 Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, 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 3Q19 Supplement 1

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3Q19 Earnings . Earnings of $4.6 billion included: Wells Fargo Net Income ($ in millions, except EPS) - $1.9 billion of operating losses predominantly reflecting litigation accruals for a variety of matters, 6,206 6,007 6,064 including a $1.6 billion discrete litigation accrual (not 5,860 tax deductible) for previously disclosed retail sales practices matters (recognized in operating losses) - $1.1 billion gain from the previously announced sale of 4,610 our Institutional Retirement and Trust (IRT) business (other noninterest income) - $302 million of gains on the sales of $510 million of consumer real estate first lien mortgage PCI loans $1.30 (other noninterest income) $1.21 $1.20 - $(244) million mortgage servicing rights (MSR) $1.13 valuation adjustments driven predominantly by higher prepayment rate estimates (mortgage banking servicing $0.92 income, net) - $105 million impairment of capitalized software (equipment expense) - $50 million reserve build (1) (provision for credit losses) 3Q18 4Q18 1Q19 2Q19 3Q19 Diluted earnings per common share . Diluted earnings per common share (EPS) of $0.92 included: – The partial redemption of our Series K Preferred Stock, which reduced EPS by $0.05 per share as a result of the elimination of the purchase accounting discount (1) Reserve build represents the amount by which the provision for credit losses exceeds net recorded on these shares at the time of the Wachovia charge-offs, while reserve release represents the amount by which net charge-offs exceed the acquisition (preferred stock dividends) provision for credit losses. Wells Fargo 3Q19 Supplement 2

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3Q19 Highlights . Net income of $4.6 billion and diluted EPS of $0.92 included the impact of a $1.6 billion, Earnings or $(0.35) per share, discrete litigation accrual (not tax deductible), and a $1.1 billion, or $0.20 per share, gain from the previously announced sale of our IRT business . Positive business momentum with strong customer activity - Year-over-year (YoY) and linked quarter (LQ) growth in loans and deposits - ‘Customer Loyalty’ and ‘Overall Satisfaction with Most Recent Visit’ branch survey scores in September reached highest levels in more than 3 years - Primary consumer checking customers (1) up 1.5% YoY, with the 4Q18 sale of 52 branches reducing the growth rate by 0.4%; the 8th consecutive quarter of YoY growth - Strong debit and credit card usage YoY • Debit card point-of-sale (POS) purchase volume (2) up 6% and consumer general purpose credit card POS purchase volume up 5% Highlights - Higher loan originations in first mortgage and auto YoY • First mortgage loan originations held-for-investment of $19.3 billion, up 62% • Consumer auto originations of $6.9 billion, up 45% . Continued strong credit performance - Net charge-off rate of 27 bps was near historic lows - Nonaccrual loans as a % of total loans of 58 bps; lowest level in over 10 years . Returned $9.0 billion to shareholders through common stock dividends and net share repurchases, up from $8.9 billion in 3Q18 - Quarterly common stock dividend of $0.51 per share, up 19% YoY - Period-end common shares outstanding down 442.4 million shares, or 9% YoY (1) Customers who actively use their checking account with transactions such as debit card purchases, online bill payments, and direct deposit; reported on a one-month lag from reported quarter- end so as of August 2019 compared with August 2018. (2) Combined consumer and business debit card purchase volume dollars. Wells Fargo 3Q19 Supplement 3

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Year-over-year results Revenue Noninterest Expense Common Equity Tier 1 Ratio (CET1) ($ in billions) ($ in billions) (fully phased-in) (1) 21.9 22.0 11.9% 11.6% 15.2 13.8 3Q18 3Q19 3Q18 3Q19 3Q18 3Q19 Net Interest Income ($ in billions) Net Charge-offs ($ in millions) Period-end Common Shares and Net Interest Margin (%) and Net Charge-off Rate (%) Outstanding (shares in millions) 4,711.6 12.6 680 645 11.6 9% 4,269.1 2.94% 0.29% 0.27% 2.66% 3Q18 3Q19 3Q18 3Q19 3Q18 3Q19 (1) 3Q19 capital ratio is a preliminary estimate. Fully phased-in capital ratios are calculated assuming the full phase-in of the Basel III capital rules. See page 35 for additional information regarding the Common Equity Tier 1 capital ratio. Wells Fargo 3Q19 Supplement 4

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Balance Sheet and credit overview (linked quarter) Loans . Up $5.0 billion - Commercial loans stable as growth in commercial and industrial loans, and lease financing was offset by lower commercial real estate loans - Consumer loans up $5.0 billion on growth in first mortgage loans, auto loans and credit card loans Cash and short-term . Down $24.8 billion on growth in loans, debt and equity securities, and trading assets investments Debt and equity securities . Trading assets up $12.1 billion reflecting a higher inventory of U.S. Treasuries . Debt securities (AFS and HTM) up $12.6 billion as purchases were partially offset by run-off and sales; ~$29.6 billion of gross purchases in 3Q19, largely federal agency mortgage-backed securities (MBS) in the AFS portfolio, vs. ~$15.9 billion in 2Q19 Deposits . Up $20.1 billion on higher consumer and small business, commercial, and mortgage escrow deposits Short-term borrowings . Up $8.6 billion on higher repurchase balances Long-term debt . Down $10.8 billion as $19.2 billion of redemptions and maturities were partially offset by $7.1 billion of issuances Total stockholders’ equity . Down $5.7 billion to $193.3 billion reflecting higher net share repurchases and lower preferred stock - Preferred stock down 6% reflecting the partial redemption of our Series K Preferred Stock . Common shares outstanding down 150.4 million shares, or 3%, on net share repurchases of $6.8 billion Credit . Net charge-offs of $645 million, or 27 bps of average loans (annualized), down $8 million, or 1 bp . Nonperforming assets of $6.0 billion, down $317 million predominantly driven by declines in consumer real estate, and commercial and industrial nonaccruals . $50 million reserve build Period-end balances. All comparisons are 3Q19 compared with 2Q19. Wells Fargo 3Q19 Supplement 5

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Income Statement overview (linked quarter) Total revenue . Revenue of $22.0 billion Net interest income . NII down $470 million, and NIM down 16 bps to 2.66% largely reflecting balance sheet repricing driven by the impact of the lower interest rate environment, as well as higher MBS premium amortization on higher prepayments, partially offset by the benefit of one additional day in the quarter and favorable balance sheet growth and mix Noninterest income . Noninterest income up $896 million - Other income up $784 million and included the $1.1 billion gain from the sale of our IRT business, and $302 million of gains from the sales of Pick-a-Pay PCI loans and other consumer real estate first mortgage PCI loans - Market sensitive revenue (1) up $364 million on higher net gains from equity securities driven by gains from our affiliated venture capital and private equity partnerships, as well as higher net gains on trading reflecting increased customer activity . Please see pages 32-33 for additional information on deferred compensation and net trading gains - Mortgage banking down $292 million as $127 million higher gains on mortgage origination activity on increases in originations and a higher residential HFS production margin were more than offset by a $419 million decline in net servicing income largely due to the impact of higher prepayment rate estimates on the valuation of our residential mortgage servicing rights asset - Trust and investment fees down $9 million reflecting lower fees due to the sale of our IRT business, largely offset by higher asset based fees in retail brokerage and asset management, as well as higher investment banking fees Noninterest expense . Noninterest expense up $1.8 billion - Operating losses up $1.7 billion predominantly reflecting litigation accruals for a variety of matters, including a $1.6 billion discrete litigation accrual for previously disclosed retail sales practices matters - Personnel expense up $120 million on higher salaries, revenue-based incentive compensation and severance expense Income tax expense . 22.1% effective income tax rate included net discrete income tax expense of $443 million predominantly related to the non-tax deductible treatment of a $1.6 billion discrete litigation accrual . Currently expect the effective income tax rate for 4Q19 to be ~17.5%, excluding the impact of any unanticipated discrete items All comparisons are 3Q19 compared with 2Q19. (1) Consists of net gains from trading activities, debt securities and equity securities. Wells Fargo 3Q19 Supplement 6

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Average loans Average Loans Outstanding . Total average loans of $949.8 billion, up $10.3 billion ($ in billions) YoY and $2.3 billion LQ - Commercial loans down $494 million LQ on lower 939.5 946.3 950.0 947.5 949.8 commercial real estate loans - Consumer loans up $2.8 billion LQ as growth in first mortgage loans, auto loans and credit card loans was partially offset by declines in junior lien mortgage loans, as well as lower other revolving credit and installment loans . Total average loan yield of 4.61%, down 19 bps LQ and 11 bps YoY reflecting the repricing impacts of lower interest rates and continued loan mix changes 4.84% 4.80% 4.72% 4.79% 4.61% 3Q18 4Q18 1Q19 2Q19 3Q19 Total average loan yield Wells Fargo 3Q19 Supplement 7

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Period-end loans Period-end Loans Outstanding . Total period-end loans of $954.9 billion, up $12.6 billion, ($ in billions) or 1%, YoY as growth in commercial and industrial loans, first mortgage loans, credit card loans, and auto loans was 954.9 942.3 953.1 948.2 949.9 partially offset by declines in commercial real estate loans, junior lien mortgage loans, and other revolving credit and installment loans - Strategic sales of PCI loans, predominantly Pick-a-Pay, and the transfer of first mortgage loans to held for sale (HFS) totaled $7.4 billion from 4Q18 – 3Q19 . Total period-end loans up $5.0 billion LQ as growth in first mortgage loans, commercial and industrial loans, auto loans, and credit card loans was partially offset by declines in commercial real estate loans and junior lien mortgage loans - Strategic sales of $510 million of consumer real estate first mortgage PCI loans in 3Q19 - Purchase of $1.0 billion of first mortgage loans as a result 3Q18 4Q18 1Q19 2Q19 3Q19 of exercising servicer cleanup calls to terminate over 20 pre-2008 securitizations Commercial Consumer - Please see pages 9 and 10 for additional information . 6-quarter trend of strategic consumer loan sales and transfers to held for sale (HFS) ($ in billions) 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 Strategic consumer loan sales and transfers to HFS Consumer real estate PCI loan sales $ 1.3 1.7 1.6 1.6 1.9 0.5 Reliable consumer auto loans (transferred to HFS prior to sale) 0.4 First mortgage loans transferred to HFS 1.8 Wells Fargo 3Q19 Supplement 8

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Commercial loan trends Commercial loans up $10.4 billion YoY and stable LQ: ($ in billions, Period-end balances) B= billion, MM = million 370 Commercial and Industrial Commercial and industrial (C&I) loans up $2.0B LQ 350 Including growth of . $2.7B in Corporate & Investment Banking driven by growth in trade finance, and 330 loans to the tech, media and telecomm, and energy sectors, as well as growth in asset-backed finance 310 . $1.6B in the Credit Investment Portfolio primarily due to purchases of collateralized loan obligations (CLOs) in loan form 290 . $832MM in Commercial Real Estate credit facilities to REITs and other non- depository financial institutions 270 …partially offset by declines of 250 . $2.1B in Commercial Banking predominantly on lower Government and Institutional 3Q18 2Q19 3Q19 Banking, and middle market lending . $948MM in Commercial Capital driven by seasonally lower Commercial Distribution Finance dealer floor plan loans Commercial Real Estate 150 Commercial real estate loans down $2.2B LQ 145 . CRE construction down $1.1B reflecting market liquidity and increased refinance 140 activity 135 . CRE mortgage down $1.1B reflecting liquidity in the commercial mortgage-backed 130 securities (CMBS) market, as well as continued credit discipline, which was partially 125 offset by origination growth 120 Lease financing up $276MM LQ primarily driven by growth in Equipment Finance 115 110 105 100 3Q18 2Q19 3Q19 Wells Fargo 3Q19 Supplement 9

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Consumer loan trends Consumer loans up $2.2 billion YoY after the impact of $5.6 billion of strategic sales and $1.8 billion of first mortgage loans transferred to held for sale; up $5.0 billion LQ on growth in first mortgage loans, auto loans and credit card loans ($ in billions, Period-end balances) B= billion, MM = million Consumer Real Estate 1-4 . First mortgage loans up $6.3B YoY . Credit card up $1.8B Credit Card Family First & Junior Lien and $4.2B LQ 40 YoY on purchase - LQ increase driven by $19.3B of volume growth, and up 300 Mortgage originations and the purchase of 36 $809MM LQ on 250 $1.0B of loans resulting from the seasonality exercise of servicer cleanup calls, 32 200 partially offset by paydowns and 150 $510MM of PCI loan sales; 28 $576MM of originations directed 100 to held for sale for future 24 50 securitizations 0 . Junior lien mortgage loans down 20 3Q18 2Q19 3Q19 $4.5B YoY and $1.2B LQ as 3Q18 2Q19 3Q19 1-4 Family First continued paydowns more than Junior Lien offset new originations Other Revolving Credit and Automobile . Auto loans up $663MM YoY . Other revolving credit 40 Installment 50 and $1.1B LQ and installment loans . Originations of auto loans up 36 down $2.2B YoY largely 45 45% YoY and 9% LQ reflecting a driven by lower margin renewed emphasis on growing 32 loans and security- 40 auto loans following the based lending, and up restructuring of the business 28 $120MM LQ 35 24 30 20 3Q18 2Q19 3Q19 3Q18 2Q19 3Q19 Wells Fargo 3Q19 Supplement 10

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Average deposit trends and costs Average Deposits and Rates . Average deposits of $1.3 trillion, up $25.0 billion, or 2% ($ in billions) YoY as higher Wholesale Banking and retail banking deposits were partially offset by lower Wealth and Investment Management (WIM) deposits as customers 1,266.4 1,269.0 1,291.4 allocated more cash into higher yielding liquid alternatives . Average deposit cost of 71 bps, up 24 bps YoY, reflecting 359.0 341.4 344.5 increases in Wholesale Banking and WIM deposit rates, unfavorable deposit mix shifts, and retail banking deposit campaign pricing for new deposits . Average deposits up $22.4 billion, or 2%, LQ on higher 907.4 927.6 946.9 Wholesale Banking deposits, higher retail banking deposits reflecting continued promotional rates and 0.70% 0.71% offers, as well as higher mortgage escrow deposits 0.47% - Noninterest-bearing deposits down $14.5 billion, or 4%, YoY and up $3.1 billion, or 1%, LQ - Interest-bearing deposits up $39.5 billion, or 4%, YoY and 3Q18 2Q19 3Q19 up $19.3 billion, or 2%, LQ Noninterest-bearing deposits Interest-bearing deposits . Average deposit cost up 1 bp LQ driven by continued retail banking deposit campaign pricing for new deposits Average deposit cost and influenced by deposit mix shifts Wells Fargo 3Q19 Supplement 11

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Period-end deposit trends Period-end Deposits . Period-end deposits of $1.3 trillion, up $41.9 billion, or ($ in billions) 3%, YoY . Period-end deposits up $20.1 billion, or 2%, LQ 1,308.5 1,266.6 1,288.4 - Wholesale Banking deposits up $6.6 billion, or 2%, on growth in Middle Market Banking and Business Banking deposits reflecting seasonality, as well as higher 436.7 419.1 430.1 Commercial Real Estate deposits - Corporate Treasury deposits including brokered CDs down 82.9 86.7 84.2 $2.5 billion, or 3% 24.0 25.1 29.2 - Mortgage escrow deposits up $4.1 billion, or 16%, largely reflecting higher mortgage payoffs - Consumer and small business banking deposits (1) of $758.4 740.6 746.5 758.4 billion, up $11.9 billion, or 2%, and included: • Higher retail banking deposits including growth in high-yield savings and CDs • Higher WIM deposits as clients’ reallocation of cash into higher yielding liquid alternatives slowed during the quarter 3Q18 2Q19 3Q19 Wholesale Banking Corporate Treasury including brokered CDs Mortgage Escrow Consumer and Small Business Banking Deposits(1) (1) Total deposits excluding mortgage escrow and wholesale deposits (Wholesale Banking, and Corporate Treasury including brokered CDs). Wells Fargo 3Q19 Supplement 12

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Net interest income Net Interest Income . Net interest income decreased $947 million, or 8%, YoY and ($ in millions) $470 million, or 4%, LQ; linked quarter decrease reflected declines from: 12,572 12,644 12,311 12,095 - Balance sheet repricing including the impact of a lower interest 11,625 rate environment - $133 million higher MBS premium amortization resulting from higher prepays (3Q19 MBS premium amortization was $371 million); currently expect 4Q19 MBS premium amortization to increase from 3Q19, though at a slower pace than 3Q19 - Lower variable income and the impact of hedge ineffectiveness accounting results (2) - Partially offset by favorable balance sheet growth and mix, and one additional day in the quarter 2.94% 2.94% 2.91% 2.82% . Average earning assets up $20.9 billion LQ: 2.66% - Debt securities up $9.4 billion - Mortgage loans held for sale up $4.2 billion - Loans up $2.3 billion - Equity securities up $1.9 billion 3Q18 4Q18 1Q19 2Q19 3Q19 . NIM of 2.66% down 16 bps LQ and included: Net Interest Margin (NIM) - ~(11) bps from balance sheet mix and repricing Average rates 3Q18 4Q18 1Q19 2Q19 3Q19 - ~(3) bps from MBS premium amortization 1 Month LIBOR 2.11 % 2.35 % 2.50 % 2.44 % 2.17 % - ~(2) bps from variable income and hedge ineffectiveness 3 Month accounting results LIBOR 2.34 2.62 2.69 2.51 2.20 Fed Funds Target Rate 2.01 2.29 2.50 2.50 2.29 10 Year (1) CMT = Constant Maturity Treasury rate. CMT (1) 2.92 3.04 2.65 2.33 1.79 (2) Total hedge ineffectiveness accounting (including related economic hedges) of $16 million in the quarter included $35 million in net interest income and $(19) million in other income. In 2Q19 total hedge ineffectiveness accounting (including related economic hedges) was $82 million and included $89 million in net interest income and $(7) million in other income. Wells Fargo 3Q19 Supplement 13

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Noninterest income vs vs . Deposit service charges up $13 million LQ reflecting higher consumer ($ in millions) 3Q19 2Q19 3Q18 deposit service charges Noninterest income - Consumer (61% of total) was up largely driven by seasonality Service charges on deposit accounts $ 1,219 1 % 1 - Commercial (39% of total) was down on lower Treasury Management Trust and investment fees: • Earnings credit rate (ECR) offset (results in lower fees for commercial customers) was up $2 million LQ, and $21 million YoY Brokerage advisory, commissions . Trust and investment fees down $9 million and other fees 2,346 1 1 - Brokerage advisory, commissions and other fees up $28 million as Trust and investment management 729 (8) (13) higher retail brokerage advisory fees (priced at the beginning of the Investment banking 484 6 5 quarter) were partially offset by lower brokerage transaction revenue Card fees 1,027 - 1 - Trust and investment management fees down $66 million as lower Other fees 858 7 1 trust fees due to the sale of our IRT business were partially offset by Mortgage banking 466 (39) (45) higher asset-based fees in asset management Insurance 91 (2) (13) - Investment banking fees up $29 million largely driven by higher loan Net gains from trading activities 276 21 75 syndications and advisory fees Net gains on debt securities 3 (85) (95) . Other fees up $58 million substantially all driven by higher Net gains from equity securities 956 54 130 commercial real estate brokerage commissions Lease income 402 (5) (11) . Mortgage banking down $292 million Other 1,528 105 141 - Net gains on mortgage loan originations up $127 million on higher origination volumes reflecting lower mortgage loan interest rates, a Total noninterest income $ 10,385 9 % 11 higher residential HFS production margin, and higher commercial mortgage banking gains 10,385 - Servicing income down $419 million largely due to the impact of 9,369 9,298 9,489 higher prepayment rate estimates on the valuation of our residential MSRs 8,336 . Trading gains up $47 million as increased volatility drove higher volumes (Please see page 33 for additional information) . Net gains from equity securities up $334 million on higher gains from our affiliated venture capital and private equity partnerships, partially offset by $91 million lower deferred compensation gains (P&L neutral) (Please see page 32 for additional information) . Other income up $784 million and included a $1.1 billion gain on the sale of our IRT business, $302 million of gains on the sales of PCI loans compared with a $721 million gain in 2Q19, and a $94 million expense reimbursement related to the IRT transition services 3Q18 4Q18 1Q19 2Q19 3Q19 agreement (Please see page 27 for additional information) Wells Fargo 3Q19 Supplement 14

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Noninterest expense and efficiency ratio (1) vs vs . Noninterest expense up $1.8 billion LQ ($ in millions) 3Q19 2Q19 3Q18 - Personnel expense up $120 million Noninterest expense • Salaries up $154 million reflecting one additional payroll day, Salaries $ 4,695 3 % 5 staffing mix changes, and higher severance expense Commission and incentive compensation 2,735 5 13 Employee benefits 1,164 (13) (15) • Commission and incentive compensation up $138 million and included higher revenue-related incentive compensation in Equipment 693 14 9 investment banking and retail brokerage Net occupancy 760 6 6 Core deposit and other intangibles 27 - (90) • Employee benefits expense down $172 million and included $109 million lower deferred compensation expense (P&L FDIC and other deposit assessments 93 (35) (72) neutral) (Please see page 32 for additional information) Outside professional services (2) 823 - 8 Operating losses (2) 1,920 n.m. n.m. - Equipment expense up $86 million driven by a $105 million Other (2) 2,289 (5) 5 impairment of capitalized software reflecting a reevaluation of software under development Total noninterest expense $ 15,199 13 % 10 - FDIC and other deposit assessments down $51 million from an elevated 2Q19 15,199 - Operating losses (2) up $1.7 billion predominantly reflecting 13,763 13,916 litigation accruals for a variety of matters, including a $1.6 13,339 13,449 billion discrete litigation accrual for previously disclosed retail sales practices matters (2) 69.1% - Other expense down $121 million and included: • $63 million lower advertising and promotion from an 64.4% 63.6% elevated 2Q19 which included higher campaign volumes 62.7% 62.3% and increased brand advertising • $48 million lower charitable donations expense 3Q18 4Q18 1Q19 2Q19 3Q19 • $39 million lower operating lease expense Efficiency Ratio • $25 million higher contract services (1) Efficiency ratio defined as noninterest expense divided by total revenue (net interest income plus noninterest income). (2) The sum of Outside professional services expense, Operating losses and Other expense equals Other noninterest expense in the Consolidated Statement of Income, pages 19 and 20 of the press release. Wells Fargo 3Q19 Supplement 15

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Noninterest expense – linked quarter ($ in millions) $16,000 $125 $1,614 $15,199 $15,000 Infrastructure ($89) Higher equipment “Running the expense on a Business” – software $14,000 Discretionary: impairment and $13,449 $83 $19 Lower advertising higher occupancy and promotion expense Compensation & ($2) Third Party “Running the expense, and $13,000 Benefits: Revenue- Services: Business” – Non lower travel and Higher salaries related Higher Discretionary: entertainment expense primarily Higher revenue- contract Higher operating expense driven by one related incentive services losses, partially additional day in offset by lower $12,000 compensation expense the quarter, a more than offset FDIC expense and change in staffing by lower charitable mix, and higher operating lease donations severance expense expense $11,000 expense, partially offset by lower deferred compensation $10,000 expense $9,000 $8,000 2Q19 3Q19 For analytical purposes, we have grouped our noninterest expense into these six categories. Please see page 34 for additional information. Wells Fargo 3Q19 Supplement 16

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Noninterest expense – year over year ($ in millions) $17,000 $16,000 $102 $15,199 $888 $38 $15,000 Infrastructure: “Running the Higher equipment Business” – expense and higher $109 $119 Discretionary: $180 occupancy expense $14,000 $13,763 “Running the Higher advertising Third Party Revenue- Business” – Non and promotion Services: Compensation & related: Discretionary: expense Higher outside Benefits: Higher Higher operating professional $13,000 Higher salaries commissions losses, partially services expense expense on and incentive offset by lower and higher staffing mix compensation FDIC expense and contract services changes, annual in Wholesale lower core deposit expense $12,000 salary increase, and Banking, Home and other one additional Lending and intangibles payroll day, WIM amortization partially offset by $11,000 lower FTE $10,000 $9,000 $8,000 3Q18 3Q19 For analytical purposes, we have grouped our noninterest expense into these six categories. Please see page 34 for additional information. Wells Fargo 3Q19 Supplement 17

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2019 expense target . We currently expect 2019 noninterest expense to be Total Noninterest Expense ~$53 billion, which is at the top end of the $52.0-$53.0 YTD 2019 Actual (1) and 2019 Target billion expense target range, as expense efficiencies are ($ in billions) being offset by higher ongoing investment spend . Our 2019 expense target excludes: 52.0 – 53.0 – Annual operating losses in excess of $600 million, such as 42.6 litigation and remediation accruals and penalties 0.5 – Deferred compensation expense, which is subject to 2.0 market fluctuations and is P&L neutral ($476 million expense YTD 2019 (1) vs. $242 million benefit in FY18) . Factors impacting expenses include: 40.1 – Investments in risk management including regulatory compliance and operational risk, as well as data and technology, have exceeded expectations and are anticipated to continue – Elevated revenue-related expenses due to, among other (1) YTD 2019 Actual 2019 Target things, strength in mortgage originations and in the capital markets. We don’t want to forgo revenue to manage to an 2019 target excludes annual operating losses in excess of $600 expense target Represents operating losses million, such as litigation and in excess of $450 million for YTD remediation accruals and penalties, 2019 and excludes deferred Represents deferred compensation compensation expense expense ($476 million YTD 2019) (1) YTD 2019 = year to date 2019 results through September 30. Please see page 32 for additional information on deferred compensation. Wells Fargo 3Q19 Supplement 18

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Community Banking vs vs . Net income of $999 million, down 65% YoY and 68% LQ ($ in millions) 3Q19 2Q19 3Q18 predominantly due to higher operating losses reflecting Net interest income $ 6,769 (4) % (8) higher litigation accruals Noninterest income 4,470 (6) - Key metrics Provision for credit losses 608 27 11 . See pages 20 and 21 for additional information Noninterest expense 8,766 22 17 . 5,393 retail bank branches reflects 52 branch Income tax expense 667 (20) (28) consolidations in 3Q19 Segment net income $ 999 (68) % (65) . Consumer auto originations of $6.9 billion, up 9% LQ ($ in billions) and 45% YoY reflecting a renewed emphasis on growing Avg loans, net $ 459.0 - - auto loans following the restructuring of the business Avg deposits 789.7 2 4 . Mortgage originations of $58 billion (held-for-sale = $38 billion and held-for-investment = $20 billion), up 9% 3Q19 2Q19 3Q18 LQ and 26% YoY Key Metrics: - 60% of originations were for purchases, compared with 68% in 2Q19 and 81% in 3Q18 Total Retail Banking branches 5,393 5,442 5,663 - 1.21% residential held for sale production margin (1), up 23 bps LQ ($ in billions) 3Q19 2Q19 3Q18 Auto originations $ 6.9 6.3 4.8 Home Lending Applications $ 85 90 57 Application pipeline 44 44 22 Originations 58 53 46 (1) Residential HFS production margin 1.21 % 0.98 % 0.97 (1) Production margin represents net gains on residential mortgage loan origination/sales activities divided by total residential held for sale mortgage originations. Wells Fargo 3Q19 Supplement 19

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Community Banking metrics Customers and Active Accounts (in millions) 3Q19 2Q19 1Q19 4Q18 3Q18 vs. 2Q19 vs. 3Q18 Digital (online and mobile) Active Customers (1) (2) 30.2 30.0 29.8 29.2 29.0 0% 4% Mobile Active Customers (1) (2) 24.2 23.7 23.3 22.8 22.5 2% 7% Primary Consumer Checking Customers (1) (3) 24.3 24.3 23.9 23.9 24.0 0.3% 1.5% Consumer General Purpose Credit Card Active Accounts (4)(5) 8.1 8.0 7.8 8.0 7.9 1% 3% . Digital (online and mobile) active customers (1) (2) of 30.2 million, up modestly LQ and up 4% YoY reflecting improvements in user experience and increased customer awareness of digital services – Mobile active customers (1) (2) of 24.2 million, up 2% LQ and 7% YoY . Primary consumer checking customers (1) (3) of 24.3 million, up 0.3% LQ and 1.5% YoY. The sale of 52 branches in 4Q18 reduced the YoY growth rate by 0.4% . Consumer general purpose credit card active accounts (4) (5) of 8.1 million, up 1% LQ and 3% YoY driven by growth in direct mail and digital channels Customer Experience Survey Scores with Branch (period-end) 3Q19 2Q19 1Q19 4Q18 3Q18 vs. 2Q19 vs. 3Q18 Customer Loyalty 66.0% 65.1% 64.1% 60.2% 58.5% 90 bps 752 Overall Satisfaction with Most Recent Visit 81.4% 80.9% 80.2% 78.7% 77.9% 49 355 . ‘Customer Loyalty’ and ‘Overall Satisfaction with Most Recent Visit’ branch survey scores in September reached highest levels in more than 3 years (1) Metrics reported on a one-month lag from reported quarter-end; for example, 3Q19 data as of August 2019 compared with August 2018. (2) Digital and mobile active customers is the number of consumer and small business customers who have logged on via a digital or mobile device in the prior 90 days. (3) Customers who actively use their checking account with transactions such as debit card purchases, online bill payments, and direct deposit. (4) Accounts having at least one POS transaction, including POS reversal, during the period. (5) Credit card metrics shown in the table are for general purpose cards only. Wells Fargo 3Q19 Supplement 20

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Community Banking metrics Balances and Activity (in millions, except where noted) 3Q19 2Q19 1Q19 4Q18 3Q18 vs. 2Q19 vs. 3Q18 Consumer and Small Business Banking Deposits (Average) ($ in billions) $ 749.5 742.7 739.7 736.3 743.5 1% 1% Teller and ATM Transactions (1) 324.3 327.3 313.8 334.8 343.6 -1% -6% Consumer and Small Business Digital Payment Transactions (2) 146.2 145.8 138.2 135.5 137.0 0% 7% [Purchase] Volume ?? #DIV/0! Debit Cards (3) POS Transactions 2,344 2,336 2,165 2,249 2,235 0% 5% POS Purchase Volume (billions) $ 92.6 93.2 86.6 89.8 87.5 -1% 6% Consumer General Purpose Credit Cards (4) ($ in billions) POS Purchase Volume $ 20.4 20.4 18.3 20.2 19.4 0% 5% Outstandings (Average) 31.7 30.9 30.7 30.2 29.3 3% 8% . Average consumer and small business banking deposit balances up 1% both LQ and YoY . Teller and ATM transactions (1) of 324.3 million in 3Q19, down 1% LQ on seasonality, and down 6% YoY due to continued customer migration to digital channels . Consumer and small business digital payment transactions (2) of 146.2 million, up modestly LQ and up 7% YoY reflecting improvements in user experience and increased customer awareness of digital services . Debit cards (3) and consumer general purpose credit cards (4): - Point-of-sale (POS) debit card transactions flat LQ, and up 5% YoY on stronger usage per account - POS debit card purchase volume down 1% LQ, and up 6% YoY on higher transaction volume - POS consumer general purpose credit card purchase volume flat LQ, and up 5% YoY on higher transaction volume - Consumer general purpose credit card average balances of $31.7 billion, up 3% LQ and up 8% YoY driven by purchase volume growth (1) Teller and ATM transactions reflect customer transactions completed at a branch teller line or ATM and does not include customer interactions with a branch banker. Management uses this metric to help monitor customer traffic trends within the Company’s Retail Banking business. (2) Metrics reported on a one-month lag from reported quarter-end; for example, 3Q19 data includes June 2019, July 2019 and August 2019. (3) Combined consumer and business debit card activity. (4) Credit card metrics shown in the table are for general purpose cards only. Wells Fargo 3Q19 Supplement 21

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Wholesale Banking . vs vs Net income of $2.6 billion, down 7% YoY and 5% LQ on ($ in millions) 3Q19 2Q19 3Q18 lower net interest income . Net interest income down 3% LQ as the impact of the Net interest income $ 4,382 (3) % (7) lower interest rate environment was partially offset by Noninterest income 2,560 1 (1) higher trading-related income and higher deposit Provision for credit losses 92 n.m. n.m. balances Noninterest expense 3,889 - (1) . Noninterest income up 1% LQ on higher commercial real Income tax expense 315 (14) (34) estate brokerage fees, market sensitive revenue, investment banking fees, and mortgage banking fees Segment net income $ 2,644 (5) % (7) . Provision for credit losses increased $64 million LQ ($ in billions) from a 2Q19 which included a reserve release Avg loans, net $ 474.3 - 2 . Noninterest expense stable LQ Avg deposits 422.0 3 2 Lending-related vs vs . Unfunded lending commitments up 3% YoY and 2% LQ ($ or # in billions) 3Q19 2Q19 3Q18 . Total assets under lease stable LQ as growth in Key Metrics: Equipment Finance loans was largely offset by lower Lending-related operating leases included in Other Assets Unfunded lending commitments $ 332 2 % 3 Assets under lease 28 - (3) Treasury Management Commercial mortgage servicing - 3rd party . Treasury management revenue down 1% YoY and down unpaid principal balance 560 1 4 3% LQ on seasonally lower 3Q volumes Treasury Management . ACH payment transactions originated (1) up 14% YoY ACH payment transactions originated (#) (1) 1.9 2 14 and 2% LQ (2) Commercial card spend volume (2) $ 8.8 1 6 . Commercial card spend volume of $8.8 billion, up 6% Investment Banking (3) YoY on increased transaction volumes, and up 1% LQ Total U.S. market share (YTD %) 3.5 20 bps High grade U.S. market share (YTD %) 7.4 (10) bps Investment Banking Loan syndications U.S. market share (YTD %) 4.4 80 bps . YTD 2019 U.S. investment banking market share of 3.5% (3) vs. YTD 2018 of 3.3% (3) and full year 2018 of 3.2% (3) on higher market share in loan syndications (1) Includes ACH payment transactions originated by the entire company. (2) Includes commercial card volume for the entire company. (3) Year-to-date (YTD) through September. Source: Dealogic U.S. investment banking fee market share. Wells Fargo 3Q19 Supplement 22

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Wealth and Investment Management vs vs . Net income of $1.3 billion, up 75% YoY and 113% LQ ($ in millions) 3Q19 2Q19 3Q18 predominantly driven by a $1.1 billion gain on the sale of our IRT business (Please see page 27 for additional information) Net interest income $ 989 (5) % (10) . Net interest income down 5% LQ primarily due to the lower Noninterest income 4,152 38 33 interest rate environment and lower average deposits Provision for credit losses 3 n.m. (50) . Noninterest income up 38% LQ largely driven by the gain on the Noninterest expense 3,431 6 6 sale of our IRT business, partially offset by lower net gains from equity securities on decreased deferred compensation plan Income tax expense 426 n.m. 75 investments (P&L neutral) Segment net income $ 1,280 113 % 75 . Noninterest expense up 6% LQ, primarily due to higher equipment expense including a $103 million impairment of ($ in billions) capitalized software, as well as higher operating losses, partially Avg loans, net $ 75.9 1 2 offset by lower employee benefits expense from decreased Avg deposits 142.4 (1) (11) deferred compensation plan expense (P&L neutral) vs vs ($ in billions, except where noted) 3Q19 2Q19 3Q18 WIM Segment Highlights Key Metrics: . WIM total client assets of $1.9 trillion, down 1% YoY (1) WIM Client assets ($ in trillions) $ 1.9 - % (1) . 3Q19 closed referred investment assets (referrals resulting from Retail Brokerage the WIM/Community Banking partnership) of $2.6 billion were Client assets ($ in trillions) 1.6 1 (1) down 6% LQ and up 3% YoY Advisory assets 569 1 2 Retail Brokerage IRA assets 415 - (1) . Advisory assets of $569 billion, up 2% YoY primarily driven by Financial advisors 13,723 (1) (2) higher market valuations, partially offset by net outflows Wealth Management Wells Fargo Asset Management Client assets $ 230 - (4) . Total AUM (2) of $503 billion, up 4% YoY as money market fund Wells Fargo Asset Management net inflows and higher market valuations were partially offset by Total AUM (2) 503 2 4 equity and fixed income net outflows Wells Fargo Funds AUM 217 5 8 (1) WIM Client Assets reflect Brokerage & Wealth assets, including Wells Fargo Funds holdings and deposits. (2) Wells Fargo Asset Management Total AUM not held in Brokerage & Wealth client assets excluded from WIM Client Assets. Wells Fargo 3Q19 Supplement 23

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Credit quality Provision Expense and Net Charge-offs . Net charge-offs of $645 million, down $8 million LQ ($ in millions) on lower commercial losses . 0.27% net charge-off rate, down 1 bp LQ 845 - Commercial losses of 11 bps, down 2 bps LQ on higher 721 695 695 680 653 645 recoveries 580 521 503 - Consumer losses of 46 bps, up 1 bp LQ on lower recoveries as well as higher auto losses reflecting seasonality . NPAs decreased $317 million LQ 0.29% 0.30% 0.30% 0.28% 0.27% - Nonaccrual loans (1) decreased $377 million on a $219 3Q18 4Q18 1Q19 2Q19 3Q19 million decline in consumer nonaccruals reflecting Provision Expense Net Charge-offs Net Charge-off Rate improvement in all asset classes, as well as a $158 million decline in commercial nonaccruals on lower commercial and industrial, and real estate mortgage nonaccruals Nonperforming Assets ($ in billions) - Foreclosed assets up $60 million predominantly driven by one CRE property 7.2 7.0 7.3 6.3 . $50 million reserve build 0.5 0.5 0.4 6.0 0.4 0.5 . Allowance for credit losses = $10.6 billion - Allowance covered 4.1x annualized 3Q19 6.7 6.5 6.9 5.9 5.5 net charge-offs 3Q18 4Q18 1Q19 2Q19 3Q19 Nonaccrual loans (1) Foreclosed assets (1) Financial information for periods prior to December 31, 2018, has been revised to exclude mortgage loans held for sale, loans held for sale and loans held at fair value of $339 million at September 30, 2018. Wells Fargo 3Q19 Supplement 24

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Capital Common Equity Tier 1 Ratio Capital Position (Fully Phased-In) (1) . Common Equity Tier 1 ratio (fully phased-in) of 11.6% at 9/30/19 (1) was well above both the regulatory 11.9% 11.9% 12.0% minimum of 9% and our current internal target of 10% 11.7% 11.6% Capital Return . Period-end common shares outstanding down 150.4 million shares, or 3%, LQ - Settled 159.1 million common share repurchases - Issued 8.6 million common shares . Capital levels well above regulatory requirements and internal targets, enabling significant capital returns to shareholders - Returned $9.0 billion to shareholders in 3Q19, up 2% YoY • Net share repurchases of $6.8 billion • Quarterly common stock dividend of $0.51 per share, up 19% YoY Preferred Stock 3Q18 4Q18 1Q19 2Q19 3Q19 . Redeemed 1.55 million shares of our Series K Preferred Estimated Stock on 9/16/19 resulting in a 6% LQ reduction in period-end preferred stock outstanding Total Loss Absorbing Capacity (TLAC) Update . As of 9/30/19, our eligible external TLAC as a percentage of total risk-weighted assets was 23.3% (2) compared with the required minimum of 22.0% (1) 3Q19 capital ratio is a preliminary estimate. Fully phased-in capital ratios are calculated assuming the full phase-in of the Basel III capital rules. See page 35 for additional information regarding the Common Equity Tier 1 capital ratio. (2) 3Q19 TLAC ratio is a preliminary estimate. Wells Fargo 3Q19 Supplement 25

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Appendix

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Sale of Institutional Retirement and Trust (IRT) business . We closed the previously announced sale of our IRT business on July 1, 2019, and recognized a pre-tax gain of $1.1 billion in the third quarter . We will continue to administer client assets at the direction of the buyer for up to 24 months from the closing date pursuant to a transition services agreement – The buyer will receive post-closing revenue from the client assets and will pay us a fee for certain costs that we incur to administer the client assets during the transition period. The transition services fee will be recognized as other noninterest income, and the expenses we incur will be recognized in the same manner as they were prior to the close of the sale . AUM and assets under administration (AUA) associated with the IRT business totaled $21 billion and $912 billion at September 30, 2019, respectively . Pursuant to the transition services agreement, in 3Q19 we recognized transition services fee income of $94 million associated with the reimbursement by the buyer of certain costs we incurred to administer the client assets . Revenue generated and direct expenses incurred prior to the sale are summarized in the table below (indirect expenses are not included) 2018 2019 1H19 (1) 2018 2018 Direct 1H19 (1) Direct ($ in millions) Revenue Expense Revenue Expense Net interest income $ 91 46 Trust and investment fees 398 188 Total revenue $ 490 234 Personnel expense $ 186 94 Equipment and occupancy expense 13 6 Other noninterest expense 57 29 Total direct expense $ 256 130 (1) 1H19 is first half of 2019 results through June 30, 2019. Wells Fargo 3Q19 Supplement 27

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Real estate 1-4 family mortgage portfolio ($ in millions) 3Q19 2Q19 3Q18 Linked Quarter Change Year-over-Year Change Real estate 1-4 family first mortgage loans: $ 290,604 286,427 284,273 $ 4,177 1 % $ 6,331 2 % Nonaccrual loans 2,261 2,425 3,267 (164) (7) (1,006) (31) as % of loans 0.78 % 0.85 % 1.15 % (7) bps (37) bps Net charge-offs/(recoveries) $ (5) (30) (25) $ 25 (83) $ 20 (80) as % of average loans (0.01) % (0.04) % (0.04) % 3 bps 3 bps Real estate 1-4 family junior lien mortgage loans: $ 30,838 32,068 35,330 $ (1,230) (4) $ (4,492) (13) Nonaccrual loans 819 868 983 (49) (6) (164) (17) as % of loans 2.66 % 2.71 % 2.78 % (5) bps (12) bps Net charge-offs/(recoveries) $ (22) (19) (9) $ (3) 16 % $ (13) n.m. % as % of average loans (0.28) % (0.24) % (0.10) % (4) bps (18) bps . First mortgage loans up $4.2 billion LQ as $19.3 billion . Pick-a-Pay portfolio decreased $1.0 billion LQ to $9.5 of originations, and the purchase of $1.0 billion of loans billion resulting from the exercise of servicer cleanup calls, were - Non-PCI loans of $8.9 billion, down $465 million, or 5%, largely offset by paydowns and $510 million of PCI loan LQ primarily reflecting loans paid-in-full sales ($302 million gain) - PCI loans of $551 million, down $560 million LQ driven by - Net charge-offs up $25 million on lower recoveries $508 million of loan sales - Nonaccrual loans decreased $164 million, or 7%, LQ • $231 million reclassified from nonaccretable to - First lien home equity lines of $10.7 billion, down $337 accretable yield in 3Q19 million • 3Q19 accretable yield percentage of 12.24% expected to decrease to ~11.69% in 4Q19 . Junior lien mortgage loans down $1.2 billion, or 4%, LQ as paydowns more than offset new originations Loan balances as of period-end. Wells Fargo 3Q19 Supplement 28

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Consumer credit card portfolio ($ in millions, except where noted) 3Q19 2Q19 3Q18 Linked Quarter Change Year-over-Year Change Credit card outstandings $ 39,629 38,820 37,812 $ 809 2 % $ 1,817 5 % Net charge-offs 319 349 299 (30) (9) 20 7 as % of avg loans 3.22 % 3.68 % 3.22 % (46) bps - bps 30+ days past due $ 997 895 941 $ 102 11 $ 56 6 as % of loans 2.52 % 2.31 % 2.49 21 bps 3 bps Key Metrics: Purchase volume $ 22,533 22,459 21,481 $ 74 - $ 1,052 5 POS transactions (millions) 337 329 319 8 2 18 6 New accounts (1) (thousands) 469 498 539 (29) (6) (70) (13) POS active accounts (thousands) (2) 8,985 8,832 8,779 153 2 % 206 2 % . Credit card outstandings up 2% LQ reflecting seasonal spend and payment activity, and up 5% YoY on purchase volume growth - General purpose credit card outstandings up 2% LQ and up 6% YoY - Purchase dollar volume flat LQ, and up 5% YoY on higher transaction volume - New accounts (1) down 6% LQ as we continue to optimize our digital channel, and down 13% YoY which includes the launch of our Propel American Express® card in July 2018 • 40% of general purpose credit card new accounts were originated through digital channels, down from 48% in 2Q19 and 44% in 3Q18 • 21% of general purpose credit card new accounts were originated through direct mail channels, up from 16% in 2Q19 and 14% in 3Q18 . Net charge-offs down $30 million, or 46 bps, LQ primarily driven by seasonality, but up $20 million YoY largely driven by portfolio growth of $1.8 billion . 30+ days past due were up $102 million LQ and $56 million YoY Loan balances as of period-end. (1) Includes consumer general purpose credit card as well as certain co-brand and private label relationship new account openings. (2) Accounts having at least one POS transaction, including POS reversal, during the period. Wells Fargo 3Q19 Supplement 29

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Auto portfolios ($ in millions) 3Q19 2Q19 3Q18 Linked Quarter Change Year-over-Year Change Consumer: Auto outstandings $ 46,738 45,664 46,075 $ 1,074 2 % $ 663 1 % Indirect outstandings 46,004 44,785 44,952 1,219 3 1,052 2 Direct outstandings 734 879 1,123 (145) (16) (389) (35) Nonaccrual loans 110 115 118 (5) (4) (8) (7) as % of loans 0.24 % 0.25 % 0.26 (1) bps (2) bps Net charge-offs $ 76 52 130 $ 24 46 $ (54) (42) as % of avg loans 0.65 % 0.46 % 1.10 19 bps (45) bps 30+ days past due $ 1,101 1,048 1,383 $ 53 5 $ (282) (20) as % of loans 2.36 % 2.30 % 3.00 6 bps (64) bps Commercial: Auto outstandings $ 10,562 10,973 10,647 $ (411) (4) $ (85) (1) Nonaccrual loans 14 16 30 (2) (13) (16) (53) as % of loans 0.13 % 0.15 % 0.28 (2) bps (15) bps Net charge-offs $ 1 2 1 $ (1) (50) % $ - - % as % of avg loans 0.05 % 0.06 % 0.05 (1) bps - bps Consumer Portfolio Commercial Portfolio . Auto outstandings of $46.7 billion, up 2% LQ and 1% YoY . Loans of $10.6 billion, down 4% LQ on seasonally - 3Q19 originations of $6.9 billion, up 9% LQ and 45% YoY reflecting a lower dealer floor plan utilization and down 1% YoY renewed emphasis on growing auto loans following the restructuring of the business . Nonaccrual loans down $5 million LQ on seasonality and $8 million YoY . Net charge-offs up $24 million LQ on seasonality, and down $54 million YoY predominantly driven by lower early losses from higher quality originations . 30+ days past due increased $53 million LQ and decreased $282 million YoY largely driven by higher quality originations Loan balances as of period-end. Wells Fargo 3Q19 Supplement 30

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Student lending portfolio ($ in millions) 3Q19 2Q19 3Q18 Linked Quarter Change Year-over-Year Change Private outstandings $ 10,827 10,860 11,463 $ (33) - % $ (636) (6) % Net charge-offs 29 32 27 (3) (9) 2 7 as % of avg loans 1.07 % 1.16 % 0.92 (9) bps 15 bps 30+ days past due $ 175 148 182 $ 27 18 % $ (7) (4) % as % of loans 1.62 % 1.36 % 1.59 26 bps 3 bps . $10.8 billion private loan outstandings, stable LQ and down 6% YoY on higher paydowns - Average FICO of 761 and 80% of the total outstandings have been co-signed - Originations increased 12% YoY driven by higher originations for student loan consolidations . Net charge-offs decreased $3 million LQ due to seasonality of repayments and increased $2 million YoY on lower recoveries . 30+ days past due increased $27 million LQ due to seasonality and decreased $7 million YoY on lower loan balances Loan balances as of period-end. Wells Fargo 3Q19 Supplement 31

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Deferred compensation plan investment results . Wells Fargo’s deferred compensation plan allows eligible team members the opportunity to defer receipt of current compensation to a future date . Certain team members within Wholesale Banking, and Wealth and Investment Management have mandatory deferral plans as part of their incentive compensation plans . To neutralize the impact of market fluctuations resulting from team member elections, which are recognized in employee benefits expense, we enter into economic hedges through the use of equity securities and the offsetting revenue is recognized in net interest income and net gains from equity securities ($ in millions) 3Q19 2Q19 1Q19 4Q18 3Q18 vs 2Q19 vs 3Q18 Net interest income $ 13 18 13 23 14 $ (5) (1) Net gains (losses) from equity securities (4) 87 345 (452) 118 (91) (122) Total revenue (losses) from deferred compensation plan investments 9 105 358 (429) 132 (96) (123) Employee benefits expense (1) 5 114 357 (428) 129 (109) (124) Income (loss) before income tax expense $ 4 (9) 1 (1) 3 $ 13 1 . FY18 employee benefits expense was a $242 million benefit . YTD 2019 (2) employee benefits expense was a $476 million expense (1) Represents change in deferred compensation plan liability. (2) Year-to-date (YTD) through September. Wells Fargo 3Q19 Supplement 32

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Trading-related revenue ($ in millions) 3Q19 2Q19 3Q18 Linked Quarter Change Year-over-Year Change Trading-related revenue Net interest income $ 838 776 764 $ 62 8 % $ 74 10 % Net gains on trading activities 276 229 158 47 21 118 75 Trading-related revenue $ 1,114 1,005 922 $ 109 11 % $ 192 21 % . Fixed income, currencies and commodity trading (FICC) generated 84% of total trading-related revenue in 3Q19 . Trading-related revenue of $1.1 billion was up $109 million, or 11%, LQ: - Net interest income increased $62 million, or 8%, largely driven by higher average trading assets reflecting increases in residential mortgage-backed securities (RMBS) - Net gains on trading activities up $47 million, or 21%, primarily driven by higher equity, rates and commodities, and credit trading, partially offset by losses in asset-backed trading . Trading-related revenue was up $192 million, or 21%, YoY: - Net interest income increased $74 million, or 10%, largely driven by higher average trading assets predominantly reflecting increased customer demand for U.S. Treasury and agency bonds, as well as RMBS - Net gains on trading activities up $118 million, or 75%, reflecting increased trading in rates and commodities, credit trading, and equities, as well as lower losses in asset-backed trading Wells Fargo 3Q19 Supplement 33

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Noninterest expense analysis (reference for slides 16-17) For analytical purposes, we have grouped our noninterest expense into six categories: Compensation & Benefits: Salaries, benefits and non-revenue-related incentive compensation Revenue-related: Incentive compensation directly tied to generating revenue; businesses with expenses directly tied to revenue (operating leases, insurance) Third Party Services: Expenses related to the use of outside parties, such as legal and consultant costs “Running the Business” – Non Discretionary: Expenses that are costs of doing business, including foreclosed asset expense and FDIC assessments “Running the Business” – Discretionary: Travel, advertising, postage, etc. Infrastructure: Equipment, occupancy, etc. Wells Fargo 3Q19 Supplement 34

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Common Equity Tier 1 (Fully Phased -In) Wells Fargo & Company and Subsidiaries COMMON EQUITY TIER 1 UNDER BASEL III (FULLY PHASED-IN) (1) Estimated Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, (in billions, except ratio) 2019 2019 2019 2018 2018 Total equity $ 194.4 200.0 198.7 197.1 199.7 Adjustments: Preferred stock (21.5 ) (23.0) (23.2 ) (23.2 ) (23.5) Additional paid-in capital on ESOP preferred stock (0.1 ) (0.1) (0.1 ) (0.1 ) (0.1) Unearned ESOP shares 1.1 1.3 1.5 1.5 1.8 Noncontrolling interests (1.1 ) (1.0) (0.9 ) (0.9 ) (0.9) Total common stockholders' equity 172.8 177.2 176.0 174.4 177.0 Adjustments: Goodwill (26.4 ) (26.4) (26.4 ) (26.4 ) (26.4) Certain identifiable intangible assets (other than MSRs) (0.5 ) (0.5) (0.5 ) (0.6 ) (0.8) Other assets (2) (2.3 ) (2.3) (2.1 ) (2.2 ) (2.1) Applicable deferred taxes (3) 0.8 0.8 0.8 0.8 0.8 Investment in certain subsidiaries and other 0.3 0.4 0.3 0.4 0.4 Common Equity Tier 1 (Fully Phased-In) under Basel III (A) 144.7 149.2 148.1 146.4 148.9 Total risk-weighted assets (RWAs) anticipated under Basel III (4)(5) (B) $ 1,245.8 1,246.7 1,243.1 1,247.2 1,250.2 Common Equity Tier 1 to total RWAs anticipated under Basel III (Fully Phased-In) (5) (A)/(B) 11.6 % 12.0 11.9 11.7 11.9 (1) Basel III capital rules, adopted by the Federal Reserve Board on July 2, 2013, revised the definition of capital, increased minimum capital ratios, and introduced a minimum Common Equity Tier 1 (CET1) ratio. The rules are being phased in through the end of 2021. Fully phased-in capital amounts, ratios and RWAs are calculated assuming the full phase-in of the Basel III capital rules. Beginning January 1, 2018, the requirements for calculating CET1 and tier 1 capital, along with RWAs, became fully phased-in. (2) Represents goodwill and other intangibles on nonmarketable equity securities, which are included in other assets. (3) Applicable deferred taxes relate to goodwill and other intangible assets. They were 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) The final Basel III capital rules provide for two capital frameworks: the Standardized Approach, which replaced Basel I, and the Advanced Approach applicable to certain institutions. Under the final rules, we are subject to the lower of our CET1 ratio calculated under the Standardized Approach and under the Advanced Approach in the assessment of our capital adequacy. Because the final determination of our CET1 ratio and which approach will produce the lower CET1 ratio as of September 30, 2019, is subject to detailed analysis of considerable data, our CET1 ratio at that date has been estimated using the Basel III definition of capital under the Basel III Standardized Approach RWAs. The capital ratio for June 30 and March 31, 2019, and December 31 and September 30, 2018, was calculated under the Basel III Standardized Approach RWAs. (5) The Company’s September 30, 2019, RWAs and capital ratio are preliminary estimates. Wells Fargo 3Q19 Supplement 35

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Forward-looking statements This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, we may make forward-looking statements in our other documents filed or furnished with the SEC, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company, including our outlook for future growth; (ii) our noninterest expense and efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses and allowance levels; (iv) the appropriateness of the allowance for credit losses; (v) our expectations regarding net interest income and net interest margin; (vi) loan growth or the reduction or mitigation of risk in our loan portfolios; (vii) future capital or liquidity levels or targets and our estimated Common Equity Tier 1 ratio under Basel III capital standards; (viii) the performance of our mortgage business and any related exposures; (ix) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (x) future common stock dividends, common share repurchases and other uses of capital; (xi) our targeted range for return on assets, return on equity, and return on tangible common equity; (xii) the outcome of contingencies, such as legal proceedings; and (xiii) 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 third quarter 2019 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, 2018. Wells Fargo 3Q19 Supplement 36

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Attachment: XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT

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Attachment: XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT

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Attachment: XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT

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Attachment: XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT