Exhibit 99.1

News Release | July 14, 2020

Wells Fargo Reports Second Quarter 2020 Net Loss of $2.4 Billion, which Included an $8.4 Billion Increase in the Credit Loss Reserve Driven by Current and Forecasted Economic Conditions

Board of Directors intends to reduce third quarter 2020 common stock dividend to $0.10 per share

• Financial results:

◦ Net loss of $2.4 billion and diluted loss per share of $0.66

◦ Revenue of $17.8 billion, down from $21.6 billion in second quarter 2019

▪ Net interest income of $9.9 billion, down$2.2 billion

▪ Noninterest income of $8.0 billion, down$1.5 billion

◦ Noninterest expense of $14.6 billion, up$1.1 billion from second quarter 2019

▪ Second quarter 2020 included:

• Operating losses of $1.2 billion, primarily due to customer remediation accruals

• Personnel, occupancy, and technology expense of $382 million related to the COVID-19 pandemic

◦ Average loans of $971.3 billion, up$23.8 billion, or 3%, from second quarter 2019; period-end loans of $935.2 billion, down $74.7 billion, or 7%, from first quarter 2020

◦ Average deposits of $1.4 trillion, up$117.7 billion, or 9%, from second quarter 2019; period-end deposits of $1.4 trillion, up $34.2 billion, or 2%, from first quarter 2020

• Credit quality:

◦ Provision expense of $9.5 billion, up$9.0 billion from second quarter 2019

▪ Net charge-offs of $1.1 billion, up$462 million

• Net loan charge-offs of 0.46% of average loans (annualized), up from 0.28%

▪ Increase in the allowance for credit losses of $8.4 billion

◦ Nonaccrual loans of $7.6 billion, up$1.7 billion, or 28%

• Strong liquidity and capital positions:

◦ Liquidity coverage ratio¹ (LCR) of 129%, which continued to exceed the regulatory minimum of 100%

◦ Common Equity Tier 1 (CET1) ratio of 10.9%², up from 10.7% in first quarter 2020; the CET1 ratio continued to exceed both the regulatory minimum of 9% and our current internal target of 10%

¹ Liquidity coverage ratio (LCR) is calculated as high-quality liquid assets divided by projected net cash outflows, as each is defined under the LCR rule. LCR is a preliminary estimate.

² See table on page 38 for more information on Common Equity Tier 1. Common Equity Tier 1 is a preliminary estimate.

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◦ On June 25, 2020, the Federal Reserve Board (FRB) released the results of the 2020 Dodd-Frank stress test and related Comprehensive Capital Analysis and Review (CCAR). The Company expects its stress capital buffer (SCB) to be 2.5%, which is the lowest possible SCB

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 June 30, 2020, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.

Selected Financial Information

				Quarter ended
	Jun 30, 2020			Mar 31, 2020	Jun 30, 2019
Earnings
Diluted earnings (loss) per common share	$	(0.66	)	0.01	1.30
Wells Fargo net income (loss) (in billions)	(2.38		)	0.65	6.21
Return on assets (ROA)	(0.49		)%	0.13	1.31
Return on equity (ROE)	(6.63		)	0.10	13.26
Return on average tangible common equity (ROTCE) (a)	(8.00		)	0.12	15.78
Asset Quality
Net loan charge-offs (annualized) as a % of average total loans	0.46		%	0.38	0.28
Allowance for credit losses for loans as a % of total loans	2.19			1.19	1.12
Allowance for credit losses for loans as a % of annualized net loan charge-offs	457			329	405
Other
Revenue (in billions)	$	17.8		17.7	21.6
Efficiency ratio (b)	81.6		%	73.6	62.3
Average loans (in billions)	$	971.3		965.0	947.5
Average deposits (in billions)	1,386.7			1,338.0	1,269.0
Net interest margin	2.25		%	2.58	2.82

(a) Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on page 37.

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

SAN FRANCISCO –July 14, 2020 – Wells Fargo & Company (NYSE:WFC) reported a net loss of $2.4 billion, or $0.66 per diluted common share, for second quarter 2020, compared with net income of $6.2 billion, or $1.30 per share, for second quarter 2019, and $653 million, or $0.01 per share, for first quarter 2020.

The Company also announced that it expects to reduce its third quarter 2020 common stock dividend to $0.10 per share from $0.51 per share, subject to approval by the Company's Board of Directors at the customary time at the end of July.

Chief Executive Officer Charlie Scharf said, “We are extremely disappointed in both our second quarter results and our intent to reduce our dividend. Our view of the length and severity of the economic downturn has deteriorated considerably from the assumptions used last quarter, which drove the $8.4 billion addition to our credit loss reserve in the second quarter. While the negative impact of the pandemic is unprecedented and many of our business drivers were negatively impacted, our franchise should perform better, and we will make changes to improve our performance regardless of the operating environment.

“Though our income performance was weak, our capital and liquidity continues to be extremely strong with both our CET1 ratio and LCR increasing from the end of the prior quarter. However, it is critical in these uncertain times that our common stock dividend reflects current earnings capacity assuming a continued difficult operating environment, evolving regulatory guidance, and protects our capital position if economic conditions were to further deteriorate. Given this, we believe it is prudent to be extremely cautious until we see a clear path to broad economic

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improvement. We are confident that this eventual economic improvement combined with our actions to increase our margins will support a higher dividend in the future,” Scharf added.

“I’m proud of the hard work and dedication of our employees through these challenging times to support our customers, communities, and each other. Our regulatory commitments remain our top priority and while we have more work ahead of us, we continue to devote all necessary resources to this effort,” Scharf concluded.

Chief Financial Officer John Shrewsberry said, “Wells Fargo reported a $2.4 billion net loss in the second quarter and a diluted loss per share of $0.66. In addition to the higher reserve, net interest income declined linked quarter primarily due to the impact of significantly lower market interest rates. Our second quarter results also included $1.2 billion of operating losses, primarily due to customer remediation accruals. Additionally, we had higher personnel and occupancy expense due to COVID-19. With respect to the balance sheet, loans declined as commercial customers paid down loans that were drawn late in the first quarter during the market turbulence at the outset of the pandemic, while consumer deposit balances increased reflecting unprecedented government stimulus programs, lower spending, and customers’ preferences for liquidity.”

Net Interest Income

Net interest income in the second quarter was $9.9 billion, down$1.4 billion from first quarter 2020; and the net interest margin was 2.25%, down33 basis points from the prior quarter. These results were due to balance sheet repricing driven by the impact of the lower interest rate environment, less favorable hedge ineffectiveness accounting results, and higher mortgage-backed securities (MBS) premium amortization, partially offset by a shift to a lower-cost mix of funding.

Noninterest Income

Noninterest income in the second quarter was $8.0 billion, up$1.6 billion from first quarter 2020. Second quarter noninterest income included higher market sensitive revenue³, partially offset by lower other income, service charges on deposit accounts, and trust and investment fees.

• Service charges on deposit accounts were $930 million, down from $1.2 billion in first quarter 2020, due to the impact of the COVID-19 pandemic, which resulted in reduced debit card transaction volume and higher fee waivers, as well as customers carrying higher average balances.

• Trust and investment fees were $3.4 billion, down from $3.6 billion in first quarter 2020, driven by lower asset-based fees on retail brokerage advisory assets reflecting lower market valuations at March 31, 2020, partially offset by higher investment banking revenue.

• Mortgage banking income was $317 million, down from $379 million in first quarter 2020. The decline in mortgage banking income reflected a lower valuation of our mortgage servicing rights asset as a result of assumption updates, including higher prepayment assumptions and higher expected servicing costs due to higher projected defaults. Additionally, net servicing fees were lower due to payment deferrals and fee waivers instituted in response to the COVID-19 pandemic. These declines were partially offset by higher net gains on mortgage loan production activities. The production margin on residential held-for-sale mortgage loan

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

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originations⁴ increased to 2.04% from 1.08% in the first quarter. Residential held-for-sale mortgage loan originations increased in the second quarter to $43 billion from $33 billion in the first quarter, primarily due to lower mortgage loan interest rates in the second quarter.

• Market sensitive revenue³ was $1.6 billion, up from a loss of $(1.1) billion in first quarter 2020, predominantly due to a $1.9 billion increase in net gains from equity securities, which included $967 million of higher deferred compensation plan investment results (largely offset by higher employee benefits expense) and an $844 million decrease in impairment of securities from a first quarter that included $950 million of impairments. Additionally, net gains on trading activities increased $743 million on strong fixed income trading results.

• Other income was $97 million, down $370 million from the prior quarter. Second quarter 2020 included a $261 million gain from the sale of $469 million of residential mortgage loans. First quarter 2020 included a $463 million gain from the sale of $709 million of residential mortgage loans.

Noninterest Expense

Noninterest expense in the second quarter was $14.6 billion, up $1.5 billion from the prior quarter. Operating losses in the second quarter increased $755 million from the first quarter on increased customer remediation accruals for a variety of matters and higher litigation accruals. Higher personnel expense in the second quarter included $947 million of higher deferred compensation expense (largely offset in revenue by higher net gains from equity securities), as well as COVID-19 related expense including additional payments to front-line employees and back-up childcare expense. The increase in personnel expense was partially offset by seasonally lower payroll tax and 401(k) expense and lower commission expense on lower revenue. In addition, occupancy expense increased $156 million from first quarter 2020 and included higher cleaning costs due to the COVID-19 pandemic. Technology and equipment, travel and entertainment, and advertising and promotion expense all declined compared with the prior quarter.

Income Taxes

The Company’s effective income tax rate was 62.2% for second quarter 2020, reflecting the impact of annual income tax benefits, primarily tax credits, driven by the reported pre-tax loss, and included net discrete income tax benefits of $98 million predominantly related to the resolution of prior period U.S. federal income tax matters. The effective income tax rate in first quarter 2020 was 19.5% and included net discrete income tax expense of $141 million driven by the accounting for stock compensation activity, the net impact of accounting for uncertain tax positions, and the outcome of U.S. federal income tax examinations. The Company currently expects the effective income tax rate for the remainder of 2020 to be approximately 26%, excluding the impact of discrete items.

Loans

Average loans were $971.3 billion in the second quarter, up $6.2 billion from the first quarter. Period-end loan balances were $935.2 billion at June 30, 2020, down$74.7 billion from March 31, 2020. Commercial loans were down $54.5 billion compared with March 31, 2020, predominantly due to a $54.9 billion decline in commercial and industrial loans driven by repayment of revolving lines that were drawn in March at the outset of the COVID-19 pandemic. Consumer loans decreased $20.1 billion from the prior quarter driven by a $16.7 billion decrease in real

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 43 for more information.

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estate 1-4 family first and junior lien mortgage loans, as originations and draws of existing lines were more than offset by paydowns and a reclassification of $10.4 billion to held for sale, as well as a $2.6 billion decrease in credit card loans.

Period-End Loan Balances

(in millions)	Jun 30, 2020			Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019
Commercial	$	513,187		567,735	515,719	512,332	512,245
Consumer	421,968			442,108	446,546	442,583	437,633
Total loans	$	935,155		1,009,843	962,265	954,915	949,878
Change from prior quarter	$	(74,688	)	47,578	7,350	5,037	1,629

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 $472.6 billion at June 30, 2020, down $29.0 billion from the first quarter driven by a $23.2 billion decrease in debt securities available-for-sale and held-to-maturity, as purchases of approximately $16.8 billion, largely federal agency MBS, were more than offset by runoff and sales.

Net unrealized gains on available-for-sale debt securities were $4.4 billion at June 30, 2020, compared with $3.0 billion at March 31, 2020, predominantly due to tighter credit spreads.

Equity securities include marketable and nonmarketable equity securities, as well as equity securities held for trading. Period-end equity securities were $52.5 billion at June 30, 2020, down$1.6 billion from the first quarter.

Deposits

Period-end deposits were $1.4 trillion at June 30, 2020, up $34.2 billion from March 31, 2020. Total average deposits for second quarter 2020 were $1.4 trillion, up $48.7 billion from the prior quarter driven by growth in consumer deposits, partially offset by a decline in commercial deposits. The average deposit cost for second quarter 2020 was 17 basis points, down 35 basis points from the prior quarter and down 53 basis points from a year ago.

Capital

The Company's CET1 ratio was 10.9%² and continued to exceed both the regulatory minimum of 9% and our current internal target of 10%. In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators in March 2020 related to the impact of the current expected credit loss (CECL) accounting standard on regulatory capital. The impact of the CECL transition provision on our regulatory capital at June 30, 2020, was an increase in capital of $1.9 billion and an increase in the CET1 ratio of 14 basis points.

The Company expects to decrease its third quarter 2020 common stock dividend to $0.10 per share from $0.51 per share, subject to approval by the Company's Board of Directors at the customary time at the end of July.

On June 25, 2020, the FRB released the results of the 2020 Dodd-Frank stress test and related CCAR. The Company expects its SCB to be 2.5%, the lowest possible SCB, which will keep the regulatory minimum for our CET1 ratio at 9%.

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As of June 30, 2020, our eligible external total loss absorbing capacity (TLAC) as a percentage of total risk-weighted assets was 25.3%⁵, compared with the required minimum of 22.0%.

Credit Quality

Net Loan Charge-offs

The quarterly loss rate as a percentage of average loans in the second quarter was 0.46% (annualized), up from 0.38% in the prior quarter and 0.28% a year ago. Commercial and consumer losses were 0.44% and 0.48%, respectively. Total credit losses were $1.1 billion in second quarter 2020, up$204 million from first quarter 2020. Commercial losses increased$278 million driven by continued weakness in the oil and gas portfolio and higher losses in commercial real estate, as the effect of the COVID-19 pandemic on market conditions impacted our customers.

Net Loan Charge-Offs

	Quarter ended
	June 30, 2020					March 31, 2020					June 30, 2019
($ 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	$	521		0.55	%	$	333		0.37	%	$	159		0.18	%
Real estate mortgage	67			0.22		(2		)	(0.01	)	4			0.01
Real estate construction	(1		)	(0.02	)	(16		)	(0.32	)	(2		)	(0.04	)
Lease financing	15			0.33		9			0.19		4			0.09
Total commercial	602			0.44		324			0.25		165			0.13
Consumer:
Real estate 1-4 family first mortgage	2			—		(3		)	—		(30		)	(0.04	)
Real estate 1-4 family junior lien mortgage	(12		)	(0.17	)	(5		)	(0.07	)	(19		)	(0.24	)
Credit card	327			3.60		377			3.81		349			3.68
Automobile	106			0.88		82			0.68		52			0.46
Other revolving credit and installment	88			1.09		134			1.59		136			1.56
Total consumer	511			0.48		585			0.53		488			0.45
Total	$	1,113		0.46	%	$	909		0.38	%	$	653		0.28	%

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

⁵ The TLAC ratio is a preliminary estimate.

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Nonperforming Assets

Nonperforming assets increased$1.4 billion, or 22%, from first quarter 2020 to $7.8 billion, and nonaccrual loans increased$1.4 billion from first quarter 2020 to $7.6 billion predominantly due to a $1.4 billion increase in commercial nonaccrual loans driven by the oil and gas and commercial real estate portfolios. Consumer nonaccrual loans increased$39 million driven by the residential real estate and automobile portfolios.

Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)

	June 30, 2020				March 31, 2020				June 30, 2019
($ 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	$	2,896	0.83	%	$	1,779	0.44	%	$	1,634		0.47	%
Real estate mortgage	1,217		0.98		944		0.77		737			0.60
Real estate construction	34		0.16		21		0.10		36			0.17
Lease financing	138		0.79		131		0.68		63			0.33
Total commercial	4,285		0.83		2,875		0.51		2,470			0.48
Consumer:
Real estate 1-4 family first mortgage	2,393		0.86		2,372		0.81		2,425			0.85
Real estate 1-4 family junior lien mortgage	753		2.81		769		2.70		868			2.71
Automobile	129		0.26		99		0.20		115			0.25
Other revolving credit and installment	45		0.14		41		0.12		44			0.13
Total consumer	3,320		0.79		3,281		0.74		3,452			0.79
Total nonaccrual loans	7,605		0.81		6,156		0.61		5,922			0.62
Foreclosed assets:
Government insured/guaranteed	31				43				68
Non-government insured/guaranteed	164				209				309
Total foreclosed assets	195				252				377
Total nonperforming assets	$	7,800	0.83	%	$	6,408	0.63	%	$	6,299		0.66	%
Change from prior quarter:
Total nonaccrual loans	$	1,449			$	810			$	(983	)
Total nonperforming assets	1,392				759				(1,042		)

Allowance for Credit Losses for Loans

At June 30, 2020, the allowance for credit losses (ACL) for loans, including the allowance for unfunded commitments, totaled $20.4 billion, up$8.4 billion from March 31, 2020. The increase in the ACL reflects forecasted credit deterioration due to the COVID-19 pandemic, including a $6.4 billion increase for commercial loans, mainly in the commercial real estate and commercial and industrial portfolios, and a $2.0 billion increase for consumer loans, mainly in the residential real estate portfolio. The allowance coverage for total loans was 2.19%, compared with 1.19% in first quarter 2020. The allowance covered 4.6 times annualized second quarter net charge-offs, compared with 3.3 times in the prior quarter. The allowance coverage for nonaccrual loans was 269% at June 30, 2020, compared with 195% at March 31, 2020.

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Business Segment Performance

Wells Fargo defines its operating segments by product type and customer segment. On February 11, 2020, we announced a new organizational structure with five principal lines of business: Consumer and Small Business Banking; Consumer Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. This new organizational structure is intended to help drive operating, control, and business performance. The Company is currently in the process of transitioning to this new organizational structure, including aligning management reporting and allocation methodologies. These changes will not impact the consolidated financial results of the Company, but are expected to result in changes to our operating segments. We plan to update our operating segment disclosures, including comparative financial results, in third quarter 2020 when the Company is managed in accordance with the new organizational structure.

Segment net income (loss) for each of the three current business segments was:

	Quarter ended
(in millions)	Jun 30, 2020			Mar 31, 2020	Jun 30, 2019
Community Banking	$	(331	)	155	3,147
Wholesale Banking	(2,143		)	311	2,789
Wealth and Investment Management	180			463	602

Community Bankingoffers a complete line of diversified financial products and services for consumers and small businesses with annual sales generally up to $5 million in which the owner generally is the financial decision maker. These financial products and services include checking and savings accounts, credit and debit cards, 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 other segments and results of investments in our affiliated venture capital and private equity partnerships.

Selected Financial Information

	Quarter ended
(in millions)	Jun 30, 2020			Mar 31, 2020	Jun 30, 2019
Total revenue	$	8,766		9,496	11,805
Provision for credit losses	3,378			1,718	479
Noninterest expense	8,346			7,116	7,212
Segment net income (loss)	(331		)	155	3,147
(in billions)
Average loans	449.3			462.6	457.7
Average assets	1,059.8			1,039.2	1,024.8
Average deposits	848.5			798.6	777.6

Second Quarter 2020 vs. First Quarter 2020

• Net loss of $331 million, down from net income of $155 million

• Revenue of $8.8 billion, down$730 million, or 8%, driven by lower net interest income, service charges on deposit accounts, mortgage banking revenue, card fees, trust and investment fees, and lower gains from the sale of residential mortgage loans, partially offset by higher market sensitive revenue³ including higher deferred compensation plan investment results (largely offset by higher employee benefits expense)

• Noninterest expense of $8.3 billionincreased$1.2 billion, or 17%, driven by higher operating losses reflecting increased customer remediation accruals for a variety of matters, and higher personnel expense reflecting increased benefits expense related to the COVID-19 pandemic and increased deferred compensation expense (largely offset in revenue by higher net gains from equity securities). The increase in noninterest expense was partially offset by lower travel and entertainment, advertising and promotion, and technology and equipment expense

• Provision for credit losses increased$1.7 billion to $3.4 billion, predominantly due to a $2.8 billion increase in the allowance for credit losses in second quarter 2020 driven by current and forecasted economic conditions due to the COVID-19 pandemic

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Second Quarter 2020 vs. Second Quarter 2019

• Net loss of $331 million, down from net income of $3.1 billion

• Revenue decreased$3.0 billion, or 26%, driven by lower net interest income, mortgage banking revenue, service charges on deposit accounts, card fees, trust and investment fees, and lower gains from the sale of residential mortgage loans, partially offset by higher market sensitive revenue³ reflecting higher deferred compensation plan investment results (largely offset by higher employee benefits expense)

• Noninterest expense increased$1.1 billion, or 16%, largely due to higher operating losses reflecting increased customer remediation accruals for a variety of matters, and higher personnel expense due to increased salary and benefits expense related to the COVID-19 pandemic, as well as increased deferred compensation expense (largely offset in revenue by higher net gains from equity securities). The increase in noninterest expense was partially offset by lower advertising and promotion, and travel and entertainment expense

• Provision for credit losses increased $2.9 billion, predominantly due to a $2.8 billion increase in the allowance for credit losses in second quarter 2020 driven by current and forecasted economic conditions due to the COVID-19 pandemic

Business Metrics and Highlights

• Primary consumer checking customers^6,7 of 24.3 million, up 0.4% from a year ago

• Debit card point-of-sale purchase volume⁸ of $93.1 billion in the second quarter, flat compared with the prior year

• General purpose credit card point-of-sale purchase volume of $15.8 billion in the second quarter, down 23% from second quarter 2019

• 31.1 million digital (online and mobile) active customers, including 25.2 million mobile active customers⁹

• 5,300 retail bank branches as of the end of second quarter 2020, reflecting 30 branch consolidations in the quarter

• Home Lending

◦ Originations of $59 billion in second quarter 2020, up from $48 billion in first quarter 2020, driven primarily by lower mortgage interest rates

▪ Originations of loans held-for-sale and loans held-for-investment were $43 billion and $16 billion, respectively

◦ Production margin on residential held-for-sale mortgage loan originations⁴ of 2.04% in second quarter 2020, up from 1.08% in first quarter 2020

◦ Applications of $84 billion in second quarter 2020, down from $108 billion in first quarter 2020, as we actively managed our pipeline

◦ Unclosed application pipeline of $50 billion at quarter end, down from $62 billion at March 31, 2020, as we actively managed our pipeline

• Automobile originations of $5.6 billion in the second quarter, down 13% from first quarter 2020, reflecting the economic impact of the COVID-19 pandemic

• #1 in U.S. debit card transaction and purchase volume¹⁰

⁶ Customers who actively use their checking account with transactions such as debit card purchases, online bill payments, and direct deposit. Management uses this metric to help monitor trends in checking customer engagement with the Company.

⁷ Data as of May 2020, comparisons with May 2019.

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 Source: Nilson report, Top Debit Card Issuers in the U.S. 2019 (April 2020). Reflects total 2019 debit and prepaid card transaction volume for consumers and small businesses.

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Wholesale Bankingprovides financial solutions to businesses with annual sales generally in excess of $5 million and to financial institutions globally. 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)	Jun 30, 2020			Mar 31, 2020	Jun 30, 2019
Total revenue	$	6,563		5,817	7,065
Provision for credit losses	6,028			2,288	28
Noninterest expense	3,963			3,763	3,882
Segment net income (loss)	(2,143		)	311	2,789
(in billions)
Average loans	504.3			484.5	474.0
Average assets	863.2			885.0	852.2
Average deposits	441.2			456.6	410.4

Second Quarter 2020 vs. First Quarter 2020

• Net loss of $2.1 billion, down from net income of $311 million

• Revenue of $6.6 billion, up$746 million, or 13%, driven by higher market sensitive revenue³ and investment banking fees, partially offset by lower net interest income

• Noninterest expense of $4.0 billionincreased$200 million, or 5%, predominantly due to higher operating losses reflecting higher litigation accruals

• Provision for credit losses increased $3.7 billion, predominantly due to a $5.5 billion increase in the allowance for credit losses in second quarter 2020, driven by current and forecasted economic conditions due to the COVID-19 pandemic and higher charge-offs in the oil and gas and commercial real estate portfolios

Second Quarter 2020 vs. Second Quarter 2019

• Net loss of $2.1 billion, down from net income of $2.8 billion

• Revenue decreased$502 million, or 7%, driven by lower net interest income, as well as declines in a variety of other income categories including other noninterest income, lease income, and commercial real estate brokerage fees (due to the sale of Eastdil). These decreases were partially offset by higher market sensitive revenue³ and investment banking fees

• Noninterest expense increased$81 million, or 2%, reflecting higher operating losses driven by higher litigation accruals, partially offset by lower personnel expense

• Provision for credit losses increased$6.0 billion, predominantly due to a $5.5 billion increase in the allowance for credit losses in second quarter 2020, driven by current and forecasted economic conditions due to the COVID-19 pandemic and higher charge-offs in the oil and gas and commercial real estate portfolios

Business Metrics and Highlights

• Commercial card spend volume¹¹ of $5.8 billion in second quarter 2020, down 34% from second quarter 2019, primarily driven by reduced business travel and other purchase activity due to the COVID-19 pandemic

• 2.1 billion ACH payment transactions originated¹² in second quarter 2020, up 11% from second quarter 2019

• U.S. investment banking market share of 3.8% for year-to-date 2020¹³, compared with 3.5% for year-to-date 2019¹³ 

¹¹ Includes commercial card volume for the entire company.

¹² Includes ACH payment transactions originated by the entire company.

¹³ Year-to-date through June 30. 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)	Jun 30, 2020		Mar 31, 2020	Jun 30, 2019
Total revenue	$	3,660	3,715	4,050
Provision (reversal of provision) for credit losses	257		8	(1	)
Noninterest expense	3,153		3,103	3,246
Segment net income	180		463	602
(in billions)
Average loans	78.7		78.5	75.0
Average assets	87.7		88.1	83.8
Average deposits	171.8		151.4	143.5

Second Quarter 2020 vs. First Quarter 2020

• Net income of $180 million, down$283 million, or 61%

• Revenue of $3.7 billion, down$55 million, or 1%, predominantly due to lower asset-based fees on retail brokerage advisory assets reflecting lower market valuations at March 31, 2020, lower net interest income, and lower brokerage transactional revenue, partially offset by higher net gains from equity securities driven by a $413 million increase in deferred compensation plan investment results (largely offset by higher employee benefits expense)

• Noninterest expense of $3.2 billionincreased$50 million, or 2%, predominantly due to higher employee benefits expense driven by a $401 million increase in deferred compensation expense (largely offset in revenue by higher net gains from equity securities) and higher regulatory, risk, and technology expense, partially offset by lower broker commissions, lower other personnel expenses which were seasonally higher in the first quarter, and lower equipment expense related to the continued evaluation of technology projects

• Provision for credit losses of $257 million, up $249 million, predominantly due to a $255 million increase in the allowance for credit losses in second quarter 2020 driven by current and forecasted economic conditions due to the COVID-19 pandemic

Second Quarter 2020 vs. Second Quarter 2019

• Net income decreased$422 million, or 70%

• Revenue decreased$390 million, or 10%, predominantly due to lower net interest income, asset-based fees, and brokerage transactional revenue, partially offset by higher net gains from equity securities driven by a $118 million increase in deferred compensation plan investment results (largely offset by higher employee benefits expense)

• Noninterest expense decreased$93 million, or 3%, predominantly due to lower equipment expense related to the continued evaluation of technology projects, as well as lower broker commissions and other personnel expenses, partially offset by higher regulatory, risk, and technology expense, as well as higher employee benefits expense driven by a $107 million increase in deferred compensation expense (largely offset in revenue by higher net gains from equity securities)

• Provision for credit losses increased $258 million, predominantly due to a $255 million increase in the allowance for credit losses in second quarter 2020 driven by current and forecasted economic conditions due to the COVID-19 pandemic

- 12 -

Business Metrics and Highlights

Total WIM Segment

• WIM total client assets of $1.8 trillion, down 4% from a year ago, primarily driven by net outflows in the Correspondent Clearing business

• Average loan balances up 5% compared with a year ago

• Average deposit balances up 20% compared with a year ago, primarily due to growth in brokerage clients’ cash balances

• Second quarter 2020 closed referred investment assets (referrals resulting from the WIM/Community Banking partnership) down 43% compared with second quarter 2019, reflecting lower referral activity due to the COVID-19 pandemic

Retail Brokerage

• Client assets of $1.6 trillion, down 4% from the prior year, primarily driven by net outflows in the Correspondent Clearing business

• Advisory assets of $569 billion, up 1% from a year ago, primarily driven by higher market valuations, partially offset by net outflows in the Correspondent Clearing business

• IRA assets of $415 billion, flat compared with the prior year

Wealth Management

• Client assets of $224 billion, down 3% from the prior year

Asset Management

• Total assets under management of $578 billion, up 17% from the prior year, primarily driven by money market net inflows and higher market valuations, partially offset by equity net outflows

Conference Call

The Company will host a live conference call on Tuesday, July 14, 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 athttps://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and

https://engage.vevent.com/rt/wells_fargo_ao/index.jsp?seid=518.

A replay of the conference call will be available beginning at approximately 12:00 p.m. PT (3:00 p.m. ET) on Tuesday, July 14 through Tuesday, July 28. Please dial 855-859-2056 (U.S. and Canada) or 404-537-3406 (International) and enter Conference ID #8246467. 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/index.jsp?seid=518.

- 13 -

Forward-Looking Statements

This document contains forward-looking statements. In addition, we may make forward-looking statements in our other documents filed or furnished with the 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 our allowance for credit losses; (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, ratios or targets; (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) expectations regarding our effective income tax rate; (xiii) the outcome of contingencies, such as legal proceedings; and (xiv) the Company’s plans, objectives and strategies.

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

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

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

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

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

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

- 14 -

• 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;

• 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;

• changes to U.S. tax guidance and regulations, as well as the effect of discrete items on our effective income tax rate;

• our ability to develop and execute effective business plans and strategies; and

• the other risk factors and uncertainties described under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020.

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

For 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, 2019 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, 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.

- 15 -

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.97 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 7,300 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2020 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

# # #

- 16 -

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	34
Allocation of the Allowance for Credit Losses	36
Equity
Tangible Common Equity	37
Common Equity Tier 1 Under Basel III	38
Operating Segments
Operating Segment Results	39
Other
Mortgage Servicing and other related data	41

- 17 -

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA

	Quarter ended					% Change Jun 30, 2020 from				Six months ended
($ in millions, except per share amounts)	Jun 30, 2020			Mar 31, 2020	Jun 30, 2019	Mar 31, 2020		Jun 30, 2019		Jun 30, 2020			Jun 30, 2019	% Change
For the Period
Wells Fargo net income (loss)	$	(2,379	)	653	6,206	NM		NM		$	(1,726	)	12,066	NM
Wells Fargo net income (loss) applicable to common stock	(2,694		)	42	5,848	NM		NM		(2,652		)	11,355	NM
Diluted earnings (loss) per common share	(0.66		)	0.01	1.30	NM		NM		(0.65		)	2.50	NM
Profitability ratios (annualized):
Wells Fargo net income (loss) to average assets (ROA)	(0.49		)%	0.13	1.31	NM		NM		(0.18		)%	1.29	NM
Wells Fargo net income (loss) applicable to common stock to average Wells Fargo common stockholders’ equity (ROE)	(6.63		)	0.10	13.26	NM		NM		(3.23		)	12.99	NM
Return on average tangible common equity (ROTCE)(1)	(8.00		)	0.12	15.78	NM		NM		(3.89		)	15.47	NM
Efficiency ratio (2)	81.6			73.6	62.3	11		31		77.6			63.4	22
Total revenue	$	17,836		17,717	21,584	1		(17	)	$	35,553		43,193	(18	)
Pre-tax pre-provision profit (PTPP)(3)	3,285			4,669	8,135	(30	)	(60	)	7,954			15,828	(50	)
Dividends declared per common share	0.51			0.51	0.45	—		13		1.02			0.90	13
Average common shares outstanding	4,105.5			4,104.8	4,469.4	—		(8	)	4,105.2			4,510.2	(9	)
Diluted average common shares outstanding (4)	4,105.5			4,135.3	4,495.0	(1	)	(9	)	4,105.2			4,540.1	(10	)
Average loans	$	971,266		965,046	947,460	1		3		$	968,156		948,728	2
Average assets	1,948,939			1,950,659	1,900,627	—		3		1,949,799			1,891,907	3
Average total deposits	1,386,656			1,337,963	1,268,979	4		9		1,362,309			1,265,539	8
Average consumer and small business banking deposits (5)	857,943			779,521	742,671	10		16		819,791			741,171	11
Net interest margin	2.25		%	2.58	2.82	(13	)	(20	)	2.42		%	2.86	(15	)
At Period End
Debt securities	$	472,580		501,563	482,067	(6	)	(2	)	$	472,580		482,067	(2	)
Loans	935,155			1,009,843	949,878	(7	)	(2	)	935,155			949,878	(2	)
Allowance for loan losses	18,926			11,263	9,692	68		95		18,926			9,692	95
Goodwill	26,385			26,381	26,415	—		—		26,385			26,415	—
Equity securities	52,494			54,047	61,537	(3	)	(15	)	52,494			61,537	(15	)
Assets	1,968,766			1,981,349	1,923,388	(1	)	2		1,968,766			1,923,388	2
Deposits	1,410,711			1,376,532	1,288,426	2		9		1,410,711			1,288,426	9
Common stockholders' equity	159,322			162,654	177,235	(2	)	(10	)	159,322			177,235	(10	)
Wells Fargo stockholders’ equity	179,386			182,718	199,042	(2	)	(10	)	179,386			199,042	(10	)
Total equity	180,122			183,330	200,037	(2	)	(10	)	180,122			200,037	(10	)
Tangible common equity (1)	131,329			134,787	148,864	(3	)	(12	)	131,329			148,864	(12	)
Common shares outstanding	4,119.6			4,096.4	4,419.6	1		(7	)	4,119.6			4,419.6	(7	)
Book value per common share (6)	$	38.67		39.71	40.10	(3	)	(4	)	$	38.67		40.10	(4	)
Tangible book value per common share (1)(6)	31.88			32.90	33.68	(3	)	(5	)	31.88			33.68	(5	)
Team members (active, full-time equivalent)	266,300			262,800	262,800	1		1		266,300			262,800	1

(1) Tangible common equity, return on average tangible common equity, and tangible book value per common share are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on page 37.

(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) In second quarter 2020, diluted average common shares outstanding equaled average common shares outstanding because our securities convertible into common shares had an anti-dilutive effect.

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

(6) 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.

- 18 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER SUMMARY FINANCIAL DATA

	Quarter ended
($ in millions, except per share amounts)	Jun 30, 2020			Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019
For the Quarter
Wells Fargo net income (loss)	$	(2,379	)	653	2,873	4,610	6,206
Wells Fargo net income (loss) applicable to common stock	(2,694		)	42	2,546	4,037	5,848
Diluted earnings (loss) per common share	(0.66		)	0.01	0.60	0.92	1.30
Profitability ratios (annualized):
Wells Fargo net income (loss) to average assets (ROA)	(0.49		)%	0.13	0.59	0.95	1.31
Wells Fargo net income (loss) applicable to common stock to average Wells Fargo common stockholders’ equity (ROE)	(6.63		)	0.10	5.91	9.00	13.26
Return on average tangible common equity (ROTCE)(1)	(8.00		)	0.12	7.08	10.70	15.78
Efficiency ratio (2)	81.6			73.6	78.6	69.1	62.3
Total revenue	$	17,836		17,717	19,860	22,010	21,584
Pre-tax pre-provision profit (PTPP)(3)	3,285			4,669	4,246	6,811	8,135
Dividends declared per common share	0.51			0.51	0.51	0.51	0.45
Average common shares outstanding	4,105.5			4,104.8	4,197.1	4,358.5	4,469.4
Diluted average common shares outstanding (4)	4,105.5			4,135.3	4,234.6	4,389.6	4,495.0
Average loans	$	971,266		965,046	956,536	949,760	947,460
Average assets	1,948,939			1,950,659	1,941,843	1,927,415	1,900,627
Average total deposits	1,386,656			1,337,963	1,321,913	1,291,375	1,268,979
Average consumer and small business banking deposits (5)	857,943			779,521	763,169	749,529	742,671
Net interest margin	2.25		%	2.58	2.53	2.66	2.82
At Quarter End
Debt securities	$	472,580		501,563	497,125	503,528	482,067
Loans	935,155			1,009,843	962,265	954,915	949,878
Allowance for loan losses	18,926			11,263	9,551	9,715	9,692
Goodwill	26,385			26,381	26,390	26,388	26,415
Equity securities	52,494			54,047	68,241	63,884	61,537
Assets	1,968,766			1,981,349	1,927,555	1,943,950	1,923,388
Deposits	1,410,711			1,376,532	1,322,626	1,308,495	1,288,426
Common stockholders' equity	159,322			162,654	166,669	172,827	177,235
Wells Fargo stockholders’ equity	179,386			182,718	187,146	193,304	199,042
Total equity	180,122			183,330	187,984	194,416	200,037
Tangible common equity (1)	131,329			134,787	138,506	144,481	148,864
Common shares outstanding	4,119.6			4,096.4	4,134.4	4,269.1	4,419.6
Book value per common share (6)	$	38.67		39.71	40.31	40.48	40.10
Tangible book value per common share (1)(6)	31.88			32.90	33.50	33.84	33.68
Team members (active, full-time equivalent)	266,300			262,800	259,800	261,400	262,800

(1) Tangible common equity, return on average tangible common equity, and tangible book value per common share are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on page 37.

(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) In second quarter 2020, diluted average common shares outstanding equaled average common shares outstanding because our securities convertible into common shares had an anti-dilutive effect.

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

(6) 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.

- 19 -

Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME

	Quarter ended June 30,				%		Six months ended June 30,				%
(in millions, except per share amounts)	2020			2019	Change		2020			2019	Change
Interest income
Debt securities	$	2,946		3,781	(22	)%	$	6,418		7,722	(17	)%
Mortgage loans held for sale	230			195	18		427			347	23
Loans held for sale	7			20	(65	)	19			44	(57	)
Loans	8,448			11,316	(25	)	18,513			22,670	(18	)
Equity securities	116			236	(51	)	322			446	(28	)
Other interest income	54			1,438	(96	)	829			2,760	(70	)
Total interest income	11,801			16,986	(31	)	26,528			33,989	(22	)
Interest expense
Deposits	585			2,213	(74	)	2,327			4,239	(45	)
Short-term borrowings	(17		)	646	NM		274			1,242	(78	)
Long-term debt	1,237			1,900	(35	)	2,477			3,827	(35	)
Other interest expense	116			132	(12	)	258			275	(6	)
Total interest expense	1,921			4,891	(61	)	5,336			9,583	(44	)
Net interest income	9,880			12,095	(18	)	21,192			24,406	(13	)
Provision (reversal of provision) for credit losses:
Debt securities	(31		)	—	NM		141			—	NM
Loans	9,565			503	NM		13,398			1,348	894
Net interest income after provision for credit losses	346			11,592	(97	)	7,653			23,058	(67	)
Noninterest income
Service charges on deposit accounts	930			1,206	(23	)	2,139			2,300	(7	)
Trust and investment fees	3,351			3,568	(6	)	6,925			6,941	—
Card fees	797			1,025	(22	)	1,689			1,969	(14	)
Other fees	578			800	(28	)	1,210			1,570	(23	)
Mortgage banking	317			758	(58	)	696			1,466	(53	)
Net gains from trading activities	807			229	252		871			586	49
Net gains on debt securities	212			20	960		449			145	210
Net gains (losses) from equity securities	533			622	(14	)	(868		)	1,436	NM
Lease income	334			424	(21	)	686			867	(21	)
Other (1)	97			837	(88	)	564			1,507	(63	)
Total noninterest income	7,956			9,489	(16	)	14,361			18,787	(24	)
Noninterest expense
Personnel (1)	8,911			8,474	5		17,225			17,682	(3	)
Technology and equipment (1)	562			641	(12	)	1,268			1,335	(5	)
Occupancy	871			719	21		1,586			1,436	10
Core deposit and other intangibles	22			27	(19	)	45			55	(18	)
FDIC and other deposit assessments	165			144	15		283			303	(7	)
Other (1)	4,020			3,444	17		7,192			6,554	10
Total noninterest expense	14,551			13,449	8		27,599			27,365	1
Income (loss) before income tax expense (benefit)	(6,249		)	7,632	NM		(5,585		)	14,480	NM
Income tax expense (benefit)	(3,917		)	1,294	NM		(3,758		)	2,175	NM
Net income (loss) before noncontrolling interests	(2,332		)	6,338	NM		(1,827		)	12,305	NM
Less: Net income (loss) from noncontrolling interests	47			132	(64	)	(101		)	239	NM
Wells Fargo net income (loss)	$	(2,379	)	6,206	NM		$	(1,726	)	12,066	NM
Less: Preferred stock dividends and other	315			358	(12	)	926			711	30
Wells Fargo net income (loss) applicable to common stock	$	(2,694	)	5,848	NM		$	(2,652	)	11,355	NM
Per share information
Earnings (loss) per common share	$	(0.66	)	1.31	NM		$	(0.65	)	2.52	NM
Diluted earnings (loss) per common share (2)	(0.66		)	1.30	NM		(0.65		)	2.50	NM
Average common shares outstanding	4,105.5			4,469.4	(8	)	4,105.2			4,510.2	(9	)
Diluted average common shares outstanding (2)	4,105.5			4,495.0	(9	)	4,105.2			4,540.1	(10	)

NM - Not meaningful

(1) In second quarter 2020, insurance income was moved to other noninterest income, personnel-related expenses were combined into a single line item, and expenses for cloud computing services were moved from contract services expense to technology and equipment expense. Prior period balances have been revised to conform with the current period presentation.

(2) In second quarter 2020, diluted earnings per common share equaled earnings per common share because our securities convertible into common shares had an anti-dilutive effect.

- 20 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED STATEMENT OF INCOME

	Quarter ended
(in millions, except per share amounts)	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019