Q1 2024 presentation

1Q24 Financial Results

April 12, 2024

© 2024 Wells Fargo Bank, N.A. All rights reserved.

1Q24 results

• Net income of $4.6 billion, or $1.20 per diluted common share, included:
• • ($284) million, or ($0.06) per share, of additional expense for the estimated Federal Deposit Insurance Corporation (FDIC) special assessment3

Comparisons in the bullet points are for 1Q24 versus 1Q23, unless otherwise noted. Endnotes are presented starting on page 17.

Net interest income

Net Interest Income ($ in millions)

Net Interest Margin (NIM) on a taxable-equivalent basis1

Endnotes are presented starting on page 17.

Noninterest income

Noninterest Income ($ in millions)

Endnotes are presented starting on page 17. 1Q24 Financial Results

• Noninterest income increased $1.2 billion, or 17%, from 1Q23
• • Investment advisory fees and brokerage commissions1up $224 million, or 8%, as higher market valuations drove higher asset-based fees
  • Deposit and lending-related fees up $93 million, or 6%, driven by higher treasury management fees and one additional business day
  • Net gains from trading activities up$112 million, or 8%, reflecting market conditions, as well as investments in our Markets business
  • Investment banking fees up $301 million, or 92%, on increased activity across all products
  • All other2up $485 million primarily driven by higher net gains from equity securities on improved results in our affiliated venture capital business on lower impairments
• Noninterest income up $929 million, or12%, from 4Q23
• • Investment advisory fees and brokerage commissions1up $169 million, or 6%, as higher market valuations drove higherasset-basedfees
  • Net gains from trading activities up $384 million, or 36%, on higher trading activity across most asset classes
  • Investment banking fees up $172 million, or 38%,on increased activity across most products
  • All other2 up $141 million

6

Noninterest expense

Noninterest Expense ($ in millions)

Headcount (Period-end, '000s)

Endnotes are presented starting on page 17. 1Q24 Financial Results

• Noninterest expense up $662 million, or 5%, from 1Q23
• • Operating losses up $366 million driven bycustomer remediation accruals for historical matters
  • 1Q24 FDIC special assessment2 expense of $284 million
  • Personnel expense up $77 million predominantly reflecting higher revenue-related compensation expense predominantly in Wealth and Investment Management, partially offset by the impact of efficiency initiatives
  • Non-personnelexpense down $65 million, or 2%, driven by lower professional and outside services expense
• Noninterest expense down $1.4 billion, or 9%, from 4Q23
• • Operating lossesup $278 million driven by customer remediation accruals
  • 1Q24 FDIC special assessment2 expense of $284 million, compared with $1.9 billion in 4Q23
  • Personnel expense up $311 million on seasonal personnel expense, higher incentive compensation and annual merit increases, partially offset by lower severance expense
  • Non-personnelexpense down $390 million, or 9%, with declines driven by lower professional and outside services expense and lower advertising and promotion expense
• 2024 noninterest expense is expected to be ~$52.6 billion, unchanged from prior guidance
• • Excludes the 1Q24 FDIC special assessment2 expense of $284 million
  • Equity markets have outperformed our expectations and if they remain at current levels we would expect higher revenue-related compensation expense
  • As previously disclosed, we have outstanding litigation, regulatory, and customer remediation matters that could impact operating losses

7

Credit quality: net loan charge-offs

Comparisons in the bullet points are for 1Q24 versus 4Q23. Endnotes are presented starting on page 17.

Credit quality: allowance for credit losses for loans

Allowance for Credit Losses for Loans ($ in millions)

• Allowance for credit losses for loans (ACL) down modestly driven by a lower ACL for commercial real estate loans and auto loans, partially offset by a higher ACL for credit card loans

Comparisons in the bullet points are for 1Q24 versus 4Q23. Endnotes are presented starting on page 17.

Endnotes are presented starting on page 17.