3Q25 Presentation

October 14, 2025

© 2025 Wells Fargo Bank, N.A. All rights reserved.

Firm Update

© 2025 Wells Fargo Bank, N.A. All rights reserved.

Wells Fargo is a U.S. focused bank and benefits from the strength of the U.S. economy

U.S. continues to be the most attractive market

U.S. focused with select international capabilities

Well positioned to serve U.S. companies operating globally and global companies operating in the U.S.

>95% Revenue is U.S.-Based (2024)

Wells Fargo does well when the U.S. economy does well and our stable legal and regulatory system supports well functioning banking and capital markets

Endnotes are presented starting on page 28.

Scale matters and we have it in all of our businesses

2024

Endnotes are presented starting on page 28.

We simplified our businesses to better serve our customers and improve our earnings profile

Business Sales, Exits and Reductions

• Sold (2019-2025)
• Institutional Retirement & Trust
• Real estate investment banking business
• Asset Management
• Corporate Trust Services
• Canadian Direct Equipment Finance
• Student Lending portfolio
• Norwest Equity Partners and Mezzanine Partners funds
• Non-agency commercial mortgage servicing
• Announced sale of rail car leasing business
• Exited direct auto lending and international wealth management
• Simplification of Home Lending including exiting correspondent channel

Key Investments

We have made progress diversifying our revenue mix and growing fee income streams

2025 YTD through September 30, 2025.

We have made significant progress on reducing expenses

Noninterest Expense ($B) ▼ (6%)

Headcount (000's) ▼ (~24%)

Professional and Outside Services Expense ($B) ▼ (31%)

Gross Expense Saves ($B) ~$15B (2021 – Full Year 2025E)

Non-Branch Real Estate ▼ (26%) Square feet (2019–2Q25)

We have made progress improving returns, with a goal to achieve best in class returns for each segment over time

Return on Tangible Common Equity (ROTCE)¹ Progress

Return on Equity (ROE) of 7% for 4Q20 and 12% for 2025 YTD.

각 사업부(CBL, WIM, CB, CIB)는 2024 실적 대비 Best in Class² 수준 달성을 목표로 하고 있음.

Endnotes are presented starting on page 28.

Removal of asset cap provides additional opportunities for growth

Consumer Banking and Lending & Wealth and Investment Management

Recent Progress:

Integrated businesses with breadth, scale, and nationwide physical and digital presence with the opportunity to accelerate growth

Commercial Banking & Corporate and Investment Banking

Investments in talent and technology while leveraging relationships and deploying capital strategically

Endnotes are presented starting on page 28.

We are now targeting a 17-18% ROTCE; managing CET1 ratio down to 10-10.5%

ROTCE¹ Progress on Higher Returns

Progress on Higher Returns

• In 4Q20 we laid out a path to generate higher returns and have made significant progress on this goal
• We believe we have additional opportunities to improve our returns and are targeting an ROTCE of 17 – 18% over the medium-term, driven by:
• Realizing returns on our investments and capitalizing on revenue growth opportunities across the company
• Incremental efficiencies across all our businesses and functions
• Completing the transformation and simplification of our Home Lending business
• Improving profitability across our operating segments
• Optimizing capital
• Managing our CET1 ratio² down to 10 – 10.5% after having been at or above 11% in each of the last nine quarters
• ROTCE performance and capital levels will ultimately be determined by a variety factors including macroeconomic factors such as interest rates, as well as the evolving regulatory landscape

ROE of 7% for 4Q20 and 12% for 2025 YTD. Endnotes are presented starting on page 28.

We are a different company today than we were five years ago and have significant opportunities ahead

Substantial progress since 2019...

...with opportunities ahead

• Maintain risk and control infrastructure
• Grow revenue through scale of franchise and breadth and quality of products and capabilities
• Continue to execute on efficiency initiatives
• Invest in higher returning businesses – Credit Card, Wealth Management, CIB
• Focus on capital optimization and managing our CET1 ratio down to 10–10.5%

> Targeting a 17-18% ROTCE over the medium-term

3Q25 Financial Results

© 2025 Wells Fargo Bank, N.A. All rights reserved.

3Q25 results

Financial Results

ROE: 12.8% | ROTCE: 15.2%¹ | Efficiency ratio: 65%²

• Net income of $5.6 billion, or $1.66 per diluted common share, included:
• $(296) million, or $(0.07) per share, of severance expense
• Revenue of $21.4 billion, up 5%
• Net interest income of $12.0 billion, up 2%
• Noninterest income of $9.5 billion, up 9%
• Noninterest expense of $13.8 billion, up 6%
• Pre-tax pre-provision profit³ of $7.6 billion, up 4%
• Effective income tax rate of 18.9%
• Average loans of $928.7 billion, up 2%
• Average deposits of $1.3 trillion, down slightly

Credit Quality

• Provision for credit losses⁴ of $681 million
• Total net loan charge-offs of $942 million, down $169 million, with net loan charge-offs of 0.40% of average loans (annualized)
• Allowance for credit losses for loans of $14.3 billion, down 3%

Capital and Liquidity

CET1 ratio: 11.0%⁵ | LCR: 121%⁶ | TLAC ratio: 24.6%⁷

• Common Equity Tier 1 (CET1) capital⁵ of $136.6 billion
• CET1 ratio⁵ of 11.0% under the Standardized Approach
• Liquidity coverage ratio (LCR)⁶ of 121%

Comparisons in the bullet points are for 3Q25 versus 3Q24, unless otherwise noted. Endnotes are presented starting on page 29.

3Q25 earnings

Endnotes are presented starting on page 29.

Net interest income

Net Interest Income ($ in millions)

• Net interest income up $260 million, or 2%, from 3Q24 driven by fixed rate asset repricing, improved results in our Markets business, and higher investment securities and loan balances, partially offset by deposit mix changes
• Net interest income up $242 million, or 2%, from 2Q25 driven by one additional day in the quarter, higher loan and investment securities balances, and fixed rate asset repricing, partially offset by deposit mix changes
• NIM of 2.61% down 7 bps predominantly due to growth in lower-yielding Markets trading assets

Endnotes are presented starting on page 29.

Loans and deposits

Average Loans Outstanding ($ in billions)

Period-End Loans Outstanding ($ in billions)

Average Deposits ($ in billions)

Period-End Deposits ($ in billions)

• Average loans up $18.4 billion, or 2%, year-over-year (YoY) as higher commercial and industrial loans, securities-based loans in WIM, credit card loans, and auto loans were partially offset by declines in commercial real estate and residential mortgage loans; up $12.0 billion, or 1%, from 2Q25 driven by higher commercial and industrial, auto, and credit card loans
• Total average loan yield of 5.97%, down 44 bps YoY reflecting the impact of lower interest rates; up 2 bps from 2Q25
• Period-end loans up $33.4 billion YoY and up $18.7 billion from 2Q25
• Average deposits down $1.8 billion YoY predominantly driven by a reduction in higher cost CDs issued by Corporate Treasury; up $8.2 billion, or 1%, from 2Q25
• Period-end deposits up $17.8 billion YoY and up $26.7 billion from 2Q25

Noninterest income

Noninterest Income ($ in millions)

• Noninterest income up $810 million, or 9%, from 3Q24
• Investment advisory fees and brokerage commissions¹ up $202 million, or 6%, driven by higher asset-based fees reflecting higher market valuations
• Investment banking fees up $168 million, or 25%, on higher debt capital markets, advisory, and equity underwriting fees
• Card fees² up $127 million, or 12%, on higher merchant processing card fees, as well as increased consumer credit card activity
• All other³ up $286 million as 3Q24 included $447 million of net losses due to a repositioning of the investment securities portfolio, partially offset by lower net gains from equity securities
• Noninterest income up $372 million, or 4%, from 2Q25
• Investment advisory fees and brokerage commissions¹ up $202 million, or 6%, driven by higher asset-based fees reflecting higher market valuations, as well as higher retail brokerage commissions on higher transactional activity
• Net gains from trading activities up $196 million, or 15%, on higher revenue in commodities and equities
• Investment banking fees up $144 million, or 21%, on higher debt capital markets and equity underwriting fees
• All other³ down $272 million from a 2Q25 which included a $253 million gain associated with the merchant services joint venture acquisition

Endnotes are presented starting on page 29.

Noninterest expense

Noninterest Expense ($ in millions)

Headcount (Period-end, '000s)

• Noninterest expense up $779 million, or 6%, from 3Q24
• Personnel expense up $430 million driven by $296 million of severance expense, as well as higher revenue-related compensation expense predominantly in Wealth and Investment Management, partially offset by the impact of efficiency initiatives
• Non-personnel expense up $357 million, or 9%, and included higher technology and equipment, advertising and promotion, and professional and outside services expense, partially offset by the impact of efficiency initiatives
• Noninterest expense up $467 million, or 3%, from 2Q25
• Personnel expense up $312 million on higher severance expense and higher revenue-related compensation expense predominantly in Wealth and Investment Management
• Non-personnel expense up $181 million, or 4%, and included higher professional and outside services, technology and equipment, and advertising and promotion expense, partially offset by the impact of efficiency initiatives

Endnotes are presented starting on page 29.

Credit quality: net loan charge-offs

Provision for Credit Losses¹ and Net Loan Charge-offs ($ in millions)

• Commercial net loan charge-offs up $3 million to 18 bps of average loans (annualized) as higher commercial real estate (CRE) and lease financing net loan charge-offs were largely offset by lower commercial and industrial net loan charge-offs
• CRE net loan charge-offs of $107 million, or 32 bps of average loans (annualized), up $46 million
• Consumer net loan charge-offs down $58 million to 73 bps of average loans (annualized) as lower credit card and residential mortgage net loan charge-offs were partially offset by higher auto net loan charge-offs
• Nonperforming assets of $7.8 billion, down $132 million, or 2%, predominantly driven by a decline in commercial real estate nonaccrual loans

Comparisons in the bullet points are for 3Q25 versus 2Q25. Endnotes are presented starting on page 29.

Credit quality: allowance for credit losses for loans

Allowance for Credit Losses for Loans ($ in millions)

• Allowance for credit losses (ACL) for loans down $257 million reflecting improved credit performance and lower commercial real estate loan balances, partially offset by higher commercial & industrial, auto, and credit card loan balances
• Allowance coverage for total loans down 10 bps from 3Q24 and down 6 bps from 2Q25
• CRE office ACL of $1.8 billion, down $209 million
• CRE office ACL as a % of loans of 7.5%, down from 7.9%
• Corporate and Investment Banking (CIB) CRE office ACL as a % of loans of 10.8%, down from 11.1%
• CRE nonaccrual loans of $3.3 billion, down $222 million, or 6%, and included an $82 million decrease in CRE office nonaccrual loans as payoffs/paydowns outpaced migration to nonaccrual loans

CRE Allowance for Credit Losses (ACL) and Nonaccrual Loans, as of 9/30/25

Comparisons in the bullet points are for 3Q25 versus 2Q25, unless otherwise noted.

Capital and liquidity

Common Equity Tier 1 Ratio under the Standardized Approach¹

→ 8.5% Regulatory Minimum and Buffers², effective 10/1/25

Capital Position

• Common Equity Tier 1 (CET1) ratio¹ of 11.0% at September 30, 2025
• CET1 ratio down 36 bps from 3Q24 and down 15 bps from 2Q25
• As of 10/1/25, the Company's stress capital buffer (SCB) decreased to 2.5% resulting in a CET1 regulatory minimum and buffers² of 8.5%

Capital Return

• $6.1 billion in gross common stock repurchases, or 74.6 million shares, in 3Q25; period-end common shares outstanding down 196.6 million, or 6%, from 3Q24
• 3Q25 common stock dividend increased to $0.45 per share, up from $0.40 per share in 2Q25; $1.4 billion in common stock dividends paid

Total Loss Absorbing Capacity (TLAC)

• As of September 30, 2025, our TLAC as a percentage of total risk-weighted assets³ was 24.6% compared with the required minimum of 21.5%

Liquidity Position

• Strong liquidity position with a 3Q25 LCR⁴ of 121% which remained above the regulatory minimum of 100%

Endnotes are presented starting on page 29.

Consumer Banking and Lending (CBL)

Summary Financials

Selected Metrics and Average Balances

Other Selected Metrics

• Total revenue up 6% YoY and up 5% from 2Q25
• CSBB up 6% YoY driven by lower deposit pricing and higher deposit and loan balances, including the impact of the transfer of certain business customers³; up 4% from 2Q25
• Home Lending up 3% YoY and up 6% from 2Q25 on higher mortgage banking fees including gains on the sales of mortgage servicing rights
• Credit Card up 13% YoY and included higher loan balances and higher card fees
• Auto down 6% YoY on loan spread compression; up 6% from 2Q25 driven by higher loan balances
• Personal Lending down 7% YoY driven by lower loan balances
• Noninterest expense up 6% YoY reflecting higher operating costs, higher advertising expense, and the impact of the transfer of certain business customers³, partially offset by the impact of efficiency initiatives

Endnotes are presented starting on page 29.

Commercial Banking (CB)

Summary Financials

Selected Metrics

• Total revenue down 9% YoY and up 4% from 2Q25
• Net interest income down 15% YoY and 2% from 2Q25 driven by the impact of lower interest rates and lower deposit and loan balances, including the impact of the transfer of certain business customers¹, partially offset by lower deposit pricing
• Noninterest income up 5% YoY and 15% from 2Q25 on higher revenue from tax credit investments and equity investments
• Noninterest expense down 2% YoY and 5% from 2Q25 due to the impact of the transfer of certain business customers¹, as well as the impact of efficiency initiatives

Endnotes are presented starting on page 29.